Document:

SINO-GLOBAL
      SHIPPING AMERICA, LTD.

    

    WARRANT
      AGREEMENT

     

    _________________
      ___, _____

    

    Anderson
      & Strudwick, Incorporated

    707
      East
      Main Street

    20th
      Floor

    Richmond,
      Virginia 23219

    

    Ladies
      and Gentlemen:

    

    Sino-Global
      Shipping America, Ltd., a Virginia corporation (the “Company”), agrees to issue
      and sell to you a warrant (the “Warrant”) to purchase the number of shares of
      common stock, of the Company set forth herein, subject to the terms and
      conditions contained herein.

    

    1. Issuance
      of Warrant; Exercise Price.
      The
      Warrant, which shall be in the form attached hereto as Exhibit
      A,
      shall
      be issued to you concurrently with the execution hereof in consideration of
      the
      payment by you to the Company of the sum of US $0.001 cash per share of common
      stock subject to the Warrant, the receipt and sufficiency of which are hereby
      acknowledged. The Warrant shall provide that you and such other holder(s) of
      the
      Warrant, as such may be assigned in accordance herewith, shall have the right
      to
      purchase an aggregate of up to __________ shares of common stock for an exercise
      price equal to $_____ per share (the “Exercise Price”), as described more fully
      herein. The number, character and Exercise Price of such shares are subject
      to
      adjustment as hereinafter provided, and the term “shares” shall mean, unless the
      context otherwise requires, the shares of common stock and other securities
      and
      property receivable upon exercise of the Warrant. The term “Exercise Price”
shall mean, unless the context otherwise requires, the price per share
      purchasable under the Warrant as set forth in this Section 1, as adjusted from
      time to time pursuant to Section 5.

    

    2. Notices
      of Record Date.
      In the
      event of (i) any taking by the Company of a record date with respect to the
      holder(s) of any class of securities of the Company for purposes of determining
      which of such holder(s) are entitled to dividends or other distributions, or
      any
      right to subscribe for, purchase or otherwise acquire shares of stock of any
      class or any other securities or property, or to receive any other right,
      (ii) any capital reorganization of the Company, or reclassification or
      recapitalization of capital stock of the Company or any transfer in one or
      more
      related transactions of all or a majority of the assets or revenue or income
      generating capacity of the Company to, or consolidation or merger of the Comany
      with or into, any other entity or person, or (iii) any voluntary or
      involuntary dissolution or winding up of the Company, then and in each such
      event the Company will mail or cause to be mailed to each holder of a Warrant
      at
      the time outstanding a notice specifying, as the case may be, (a) the date
      on which any such record is to be taken for the purpose of such dividend,
      distribution or right, and stating the amount and character of such dividend,
      distribution or right; or (b) the date on which any such reorganization,
      reclassification, recapitalization, transfer, consolidation, merger, conveyance,
      dissolution, liquidation or winding-up is to take place and the time, if any
      is
      to be fixed, as of which the holders of record of shares (or any other class
      of
      stock or securities of the Company, or another issuer pursuant to Section 5,
      receivable upon the exercise of the Warrant) shall be entitled to exchange
      their
      shares (or such other stock or securities) for securities or other property
      deliverable upon such event. Any such notice shall be deposited in the United
      States mail, postage prepaid, at least ten (10) days prior to the date therein
      specified, and the holder(s) of the Warrant(s) may exercise the Warrant(s)
      and
      participate in such event as a registered holder of shares, upon exercise of
      the
      Warrant(s) so held, within the ten (10) day period from the date of mailing
      such
      notice.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    3. No
      Impairment.
      The
      Company shall not, by amendment of its organizational documents or through
      any
      reorganization, transfer of assets, consolidation, merger, dissolution, issue
      or
      sale of securities, or any other action, avoid or seek to avoid the observance
      or performance of any other action, avoid or seek to avoid the observance or
      performance of any of the terms of this Agreement or of the Warrant, but will
      at
      all times in good faith take any and all action as may be necessary in order
      to
      protect the rights of the holder(s) of the Warrant against impairment. Without
      limiting the generality of the foregoing, the Company (a) will at all times
      reserve and keep available, solely for issuance and delivery upon exercise
      of
      the Warrant, shares issuable from time to time upon exercise of the Warrant,
      (b)
      will not increase the par value of any shares of stock receivable upon exercise
      of the Warrant above the amount payable in respect thereof upon such exercise,
      and (c) will take all such action as may be necessary or appropriate in order
      that the Company may validly and legally issue fully paid and non-assessable
      stock upon the exercise of the Warrant, or any portion of it.

    

    4. Exercise
      of Warrant.

    

    (a) Exercise
      for Cash.
      At any
      time and from time to time on and after one hundred eighty (180) days after
      the
      closing of the initial public offering of the Company’s common stock (the “IPO”)
      and expiring on ____________
      ___, ____
      at 11:59
      p.m., Richmond, Virginia time (the “Exercise Period”), the Warrant may be
      exercised as to all or any portion of the whole number of shares covered by
      the
      Warrant by the holder thereof by surrender of the Warrant, accompanied by a
      subscription for shares to be purchased in the form attached hereto as
Exhibit
      B
      and by a
      check payable to the order of the Company in the amount required for purchase
      of
      the shares as to which the Warrant is being exercised, delivered to the Company
      at its principal office at 36-09 Main Street, Suite 9C-2, Flushing, New York
      11354, Attention: President. 

    

    (b) Cashless
      Exercise.
      In
      addition, during the Exercise Period and to the extent that the Company has
      failed to register the shares issuable hereunder in accordance with Section
      7
      hereof within 90 days of the notification of the Company of the exercise of
      such
      demand registration right, the Warrant may be exercised as to all or any portion
      of the whole number of shares covered by the Warrant by the holder thereof
      by
      surrender of Warrant together with irrevocable instructions to the Company
      to
      issue in exchange for the Warrant the number of shares equal to the product
      of
      (i) the number of shares as to which the Warrant is being exercised multiplied
      by (ii) a fraction the numerator of which is the Current Value of an share
      less
      the Exercise Price therefor and the denominator of which is such Current Value.
      In the case of the purchase of less than all the shares purchasable under the
      Warrant, the Company shall cancel such Warrant and shall execute and deliver
      a
      new Warrant of like tenor for the unexercised balance. For the purposes hereof,
      “Exercise Date” shall mean the date on which all deliveries required to be made
      to the Company upon exercise of the Warrant pursuant to this Section 4 shall
      have been made.

     

    
      
         

      

      
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    (c) Issuance
      of Certificates.
      Upon
      the exercise of a Warrant in whole or in part, the Company will within five
      (5)
      days thereafter, at its expense (including the payment by the Company of any
      applicable issue or transfer taxes), cause to be issued in the name of and
      delivered to the Warrant holder a certificate or certificates for the number
      of
      fully paid and non-assessable shares to which such holder is entitled upon
      exercise of the Warrant. In the event such holder is entitled to a fractional
      share, in lieu thereof such holder shall be paid a cash amount equal to such
      fraction, multiplied by the Current Value of one full share on the date of
      exercise. Certificates for shares issuable by reason of the exercise of the
      Warrant shall be dated and shall be effective as of the date of the surrendering
      of the Warrant for exercise, notwithstanding any delays in the actual execution,
      issuance or delivery of the certificates for the shares so purchased. In the
      event the Warrant is exercised as to less than the aggregate amount of all
      shares issuable upon exercised as to less than the aggregate amount of all
      shares issuable upon exercise of the Warrant held by such person, the Company
      shall issue a new Warrant to the holder of the Warrant so exercised covering
      the
      aggregate number of shares as to which the Warrant remains unexercised. In
      addition to the foregoing, should the Company fail to issue the stock
      certificate or certificates within the time limits referenced in the first
      sentence of this Section 4(c), if and to the extent not already utilized as
      to
      the Warrant or the shares underlying the Warrant, the holder may utilize the
      cashless exercise contained in Section 4(b) hereof.

    

    (d) Current
      Value.
      For
      purposes of this section, “Current Value” is defined (i) in the case for which a
      public market exists for the shares at the time of such exercise, at a price
      per
      share equal to (A) the average of the means between the closing bid and asked
      prices of the shares in the over-the-counter market for 20 consecutive business
      days commencing 30 business days before the date of such notice, (B) if the
      shares are quoted on the Nasdaq Capital Market, at the average of the means
      of
      the daily closing bid and asked prices of the shares for 20 consecutive business
      days commencing 30 business days before the date of such notice, or (C) if
      the
      shares are listed on any national securities exchange or The Nasdaq National
      Market, at the average of the daily closing prices of the shares for 20
      consecutive business days commencing 30 business days before the date of such
      notice, and (ii) in the case no public market exists at the time of such
      exercise, at the Appraised Value. For the purposes of this Agreement, “Appraised
      Value” is the value determined in accordance with the following procedures. For
      a period of five (5) days after the date of an event (a “Valuation Event”)
      requiring determination of Current Value at a time when no public market exists
      for the shares (the “Negotiation Period”), each party to this Agreement agrees
      to negotiate in good faith to reach agreement upon the Appraised Value of the
      securities or property at issue, as of the date of the Valuation Event, which
      will be the fair market value of such securities or property, without premium
      for control or discount for minority interests, illiquidity or restrictions
      on
      transfer. In the event that the parties are unable to agree upon the Appraised
      Value of such securities or other property by the end of the Negotiation Period,
      then the Appraised Value of such securities or property will be determined
      for
      purposes of this Agreement by a recognized appraisal or investment banking
      firm
      mutually agreeable to the holder(s) of the Warrant and the Company (the
“Appraiser”). If the holder(s) of the Warrant and the Company cannot agree on an
      Appraiser within two (2) business days after the end of the Negotiation Period,
      the Company, on the one hand, and the holder(s) of the Warrant, on the other
      hand, will each select an Appraiser within ten (10) business days after the
      end
      of the Negotiation Period and those Appraisers will determine the fair market
      value of such securities or property, without premium for control or discount
      for minority interests. Such independent Appraiser(s) will be directed to
      determine fair market value of such securities or property as soon as
      practicable, but in no event later than thirty (30) days from the date of its
      selection. The determination by Appraiser(s) of the fair market value will
      be
      conclusive and binding on all parties to this Agreement. If there are two
      Appraisers, and they do not agree as to fair market value, then fair market
      value shall be determined to be the average of the fair market values as
      determined by each Appraiser. Appraised Value of each share at a time when
      (i)
      the Company is not a reporting company under the Securities Exchange Act of
      1934
      and (ii) the shares are not traded in the organized securities markets, will,
      in
      all cases, be calculated by determining the Appraised Value of the entire
      Company taken as a whole and dividing that value by the number of shares then
      outstanding, without premium for control or discount for minority interests,
      illiquidity or restrictions on transfer. The costs of the Appraiser(s) will
      be
      borne by the Company. In no event will the Appraised Value of the shares be
      less
      than the per share consideration received or receivable with respect to the
      shares or securities or property of the same class in connection with a pending
      transaction involving a sale, merger, recapitalization, reorganization,
      consolidation, or share exchange, dissolution of the Company, sale or transfer
      of all or a majority of its assets or revenue or income generating capacity,
      or
      similar transaction.

     

    
      
         

      

      
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    5. Protection
      Against Dilution.
      The
      Exercise Price for the shares and number of shares issuable upon exercise of
      the
      Warrant, in whole or in part, is subject to adjustment from time to time as
      described in this Section 5. Notwithstanding the foregoing, nothing in this
      Warrant Agreement is intended or may be construed to violate any NASD Conduct
      Rule. In particular, the anti-dilution provisions of this Warrant Agreement
      shall be interpreted in compliance with Rule 2710(f)(2)(H)(vi) and (vii) of
      the
      NASD Conduct Rules. 

    

    (a) Stock
      Dividends, Subdivisions, Reclassifications, Etc.
      In case
      at any time or from time to time after the date of execution of this Agreement,
      the Company shall (i) take a record of the holders of shares for the purpose
      of
      entitling them to receive a dividend or a distribution on shares payable in
      shares or other class of securities, (ii) subdivide or reclassify its
      outstanding shares of shares into a greater number shares, or (iii) combine
      or
      reclassify its outstanding shares into a smaller number of shares, then, and
      in
      each such case, the Exercise Price in effect at the time of the record date
      for
      such dividend or distribution or the effective date of such subdivision,
      combination or reclassification shall be adjusted in such a manner that the
      Exercise Price for the shares issuable upon exercise of the Warrant immediately
      after such event shall bear the same ratio to the Exercise Price in effect
      immediately prior to any such event as the total number of shares outstanding
      immediately prior to such event shall bear to the total number of shares
      outstanding immediately after such event.

    

    (b) Adjustment
      of Number of Shares Purchasable.
      When
      any adjustment is required to be made in the Exercise Price under this Section
      5, (i) the number of shares issuable upon exercise of the Warrant, in whole
      or
      in part, shall be changed (upward to the nearest full share) to the number
      of
      shares determined by dividing (x) an amount equal to the number of shares
      issuable pursuant to the exercise of the Warrant immediately prior to the
      adjustment, multiplied by the Exercise Price in effect immediately prior to
      the
      adjustment, by (y) the Exercise Price in effect immediately after such
      adjustment, and (ii) upon exercise of the Warrant, the holder will be entitled
      to receive the number of shares of other securities referred to in Section
      5(a)
      that such holder would have received had the Warrant been exercised prior to
      the
      events referred to in Section 5(a).

     

    
      
         

      

      
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    (c) Adjustment
      for Reorganization, Consolidation, Merger, Etc.
      In case
      of any reorganization or consolidation of the Company with, or any merger of
      the
      Company with or into, another entity (other than a consolidation or merger
      in
      which the Company is the surviving corporation) or in case of any sale or
      transfer to another entity of the majority of assets of the Company, the entity
      resulting from such reorganization or consolidation or surviving such merger
      or
      to which such sale or transfer shall be made, as the case may be, shall make
      suitable provision (which shall be fair and equitable to each holder of a
      Warrant) and shall assume the obligations of the Company hereunder (by written
      instrument executed and mailed to each holder of a Warrant then outstanding)
      pursuant to which, upon exercise of the Warrant, at any time after the
      consummation of such reorganization, consolidation, merger or conveyance, the
      holder shall be entitled to receive the stock or other securities or property
      that such holder would have been entitled to upon consummation if such holder
      had exercised the Warrant immediately prior thereto, all subject to further
      adjustment as provided in this Section 5.

    

    (d) Certificate
      as to Adjustments.
      In the
      event of adjustment as herein provided in paragraphs of this Section 5, the
      Company shall promptly mail to each Warrant holder a certificate setting forth
      the Exercise Price and number of shares issuable upon exercise after such
      adjustment and setting forth a brief statement of facts requiring such
      adjustment. Such certificate shall also set forth the kind and amount of stock
      or other securities or property into which the Warrant shall be exercisable
      after any adjustment of the Exercise Price as provided in this
      Agreement.

    

    (e) Minimum
      Adjustment.
      Notwithstanding the foregoing, no certificate as to adjustment of the Exercise
      Price hereunder shall be made if such adjustment results in a change in the
      Exercise Price then in effect of less than five cents ($0.05) and any adjustment
      of less than five cents ($0.05) of any Exercise Price shall be carried forward
      and shall be made at the time of and together with any subsequent adjustment
      that, together with any subsequent adjustment that, together with the adjustment
      or adjustments so carried forward, amounts to five cents ($0.05) or more;
      provided however, that upon the exercise of a Warrant, the Company shall have
      made all necessary adjustments (to the nearest cent) not theretofore made to
      the
      Exercise Price up to and including the date upon which such Warrant is
      exercised.

    

    7. Registration
      Rights.

    

    (a) Demand
      Registration Under the Securities Act of 1933.
      To the
      extent that sufficient shares have not been registered to permit exercise of
      the
      Warrant, then at any time commencing after the closing of the IPO, through
      and
      including ____________
      ___, ____,
      parties
      who collectively hold a majority of the shares issued or issuable upon the
      exercise of the Warrant shall have the right, exercisable by written notice
      to
      the Company, to have the Company prepare and file with the Securities and
      Exchange Commission (the “Commission”), on one occasion, a registration
      statement and such other documents, including a prospectus, as may be necessary
      in the opinion of both counsel for the Company and counsel for you and any
      other
      holder of a Warrant, in order to comply with the provisions of the Act, so
      as to
      permit a public offering and sale of their respective Warrant, the shares
      underlying the Warrant or other securities held as a result of any adjustment
      made pursuant to Section 5 hereof (collectively, the “Registrable Securities”).
      The Company shall notify each holder of a Warrant and the shares underlying
      the
      Warrant of any such demand registration request within ten (10) days of receipt
      of such request. The notified holder(s) may participate in such demand
      registration by notifying the Company within ten (10) days after receiving
      the
      Company’s notification.

     

    
      
         

      

      
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    (b) Notice
      to Be Delivered.
      The
      Company covenants and agrees to give written notice of any registration request
      under Section 7(a) by you or any holder(s) to you and to all other holder(s)
      of
      a Warrant or the shares underlying a Warrant within ten (10) days from the
      date
      of the receipt of any such registration request.

    

    (c) Covenants
      of the Company With Respect to Registration.
      In
      connection with any registration under Section 7(a) hereof, the Company
      covenants and agrees as follows:

    

    (i) The
      Company shall use its best efforts to file a registration statement within
      forty-five (45) days of receipt of any demand therefor in accordance with
      Section 7(a), shall use its best efforts to have any registration statement
      declared effective at the earliest practicable time, and shall furnish you
      and
      each holder desiring to sell the Registrable Securities held by you or the
      other
      holder(s) as a result of any adjustment made pursuant to the provisions of
      Section 5 hereof, such number of prospectuses as shall reasonably be
      requested.

     

    (ii) The
      Company shall pay all costs (excluding fees and expenses of counsel for you
      and
      any other holder(s) and any underwriting or selling commissions), fees and
      expenses in connection with all registration statements filed pursuant to
      Section 7(a) hereof including, without limitation, the Company’s legal and
      accounting fees, printing expenses, and blue sky fees and expenses. If the
      Company shall fail to comply with the provisions of Section 7(d), the Company
      shall, in addition to any other equitable or other relief available to you
      and
      any other holder(s), be liable for any or all actual damages (which may include
      damages due to a loss of profit).

    

    (iii) The
      Company will take all necessary action which may be required in qualifying
      or
      registering the Registrable Securities included in a registration statement
      for
      offering and sale under the securities or blue sky laws of such states as
      reasonably are requested by you and any other holder(s), provided that the
      Company shall not be obligated to execute or file any general consent to service
      of process or to qualify as a foreign corporation to do business under the
      laws
      of any such jurisdiction.

    

    (iv) The
      Company shall indemnify you and any other holder(s) of the Registrable
      Securities to be sold pursuant to any registration statement and each person,
      if
      any, who controls you or any other holder(s) within the meaning of Section
      15 of
      the Act or Section 20(a) of the Securities Exchange Act of 1934, as amended
      (the
“1934 Act”), against all loss, claim, damage, expense or liability (including
      all expenses reasonably incurred in investigating, preparing or defending
      against any claim whatsoever) to which any of them may become subject under
      the
      Act, the 1934 Act or otherwise, arising from such registration statement to
      the
      same extent and with the same effect as the provisions pursuant to which the
      Company has agreed to indemnify you in the Underwriting Agreement to be entered
      into by and between you and the Company (the “Underwriting Agreement”) and to
      provide for just and equitable contribution as set forth in the Underwriting
      Agreement.

     

    
      
         

      

      
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    (v) You
      and
      any other holder(s) of the Registrable Securities to be sold pursuant to a
      registration statement, and their successors and assigns, shall severally,
      and
      not jointly, indemnify the Company, its officers and directors and each person,
      if any, who controls the Company within the meaning of Section 15 of the Act
      or
      Section 20(a) of the 1934 Act, against all loss, claim, damage or expense or
      liability (including all expenses reasonably incurred in investigating,
      preparing or defending against any claim whatsoever) to which they may become
      subject under the Act, the 1934 Act or otherwise, arising from information
      furnished by or on behalf of such holder(s), or their successors or assigns,
      for
      specific inclusion in such registration statement to the same extent and with
      the same effect as the provisions contained in the Underwriting Agreement
      pursuant to which you have agreed to indemnify the Company and to provide for
      just and equitable contribution as set forth in the Underwriting
      Agreement.

    

    (vi) Nothing
      contained in this Agreement shall be construed as requiring you or any other
      holder(s) to exercise any portion of their Warrant prior to the initial filing
      of any registration statement or the effectiveness thereof.

    

    (vii) The
      Company shall deliver promptly to you and any other holder(s) of the Registrable
      Securities participating in the offering copies of all correspondence between
      the Commission and the Company, its counsel or auditors and all memoranda
      relating to discussions with the Commission or its staff with respect to the
      registration statement and permit you and the other holder(s) of the Registrable
      Securities to do such investigation, upon reasonable advance notice, with
      respect to information contained in or omitted from the registration statement
      as it deems reasonably necessary to comply with applicable securities laws
      or
      rules of the Financial Industry Regulatory Authority (“FINRA”); provided that
      you and each such holder of the Registrable Securities agree not to disclose
      such information without the prior consent of the Company. Such investigation
      shall include access to books, records and properties and opportunities to
      discuss the business of the Company with its officers and independent auditors,
      all to such reasonable extent and at such reasonable times and as often as
      you
      and any other holder(s) of the Registrable Securities shall reasonably
      request.

    

    (viii) If
      required by the underwriters in connection with an underwritten offering which
      includes Registrable Securities pursuant to this Section 7, the Company shall
      enter into an underwriting agreement with one or more underwriters selected
      for
      such underwriting. Such underwriting agreement shall be satisfactory in form
      and
      substance to the Company, you and each other holder of the Registrable
      Securities, and shall contain such representations, warranties and covenants
      by
      the Company and such other terms as are customarily contained in agreements
      of
      that type used by the underwriters. If required by the underwriters, you and
      the
      other holder(s) of the Registrable Securities shall be parties to any
      underwriting agreement relating to an underwritten sale of their Registrable
      Securities and may, at their option, require that any or all the representations
      and warranties of the Company to or for the benefit of such underwriters shall,
      to the extent that they may be applicable, also be made to and for the benefit
      of you and the other holder(s) of the Registrable Securities. You and the other
      holder(s) of the Registrable Securities shall not be required to make any
      representations or warranties to or agreements with the Company or the
      underwriters except as they may relate to you and the other holder(s) of the
      Registrable Securities and their intended methods of distribution.

     

    
      
         

      

      
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    (ix) In
      connection with any registration statement filed pursuant to Section 7 hereof,
      the Company shall furnish, or cause to be furnished, to you and each holder
      participating in any underwritten offering and to each underwriter, a signed
      counterpart, addressed to you, such holder(s) or underwriter, of (i) an opinion
      of counsel to the Company, dated the effective date of such registration
      statement (and, if such registration includes an underwritten public offering,
      an opinion dated the date of the closing under the underwriting agreement),
      and
      (ii) a “cold comfort” letter, dated the effective date of such registration
      statement (and, if such registration includes an underwritten public offering,
      a
      letter dated the date of the closing under the underwriting agreement), signed
      by the independent public accountants who have issued a report on the Company’s
      financial statements included in such registration statement, in each case
      covering substantially the same matters with respect to such registration
      statement (and the prospectus included therein) and, in the case of such
      accountants’ letter, with respect to events subsequent to the date of such
      financial statements, as are customarily covered in opinions of issuer’s counsel
      and in accountants’ letters delivered to underwriters in underwritten public
      offerings of securities.

     

    (x) The
      Company shall promptly notify you and each holder of the Registrable Securities
      covered by such registration statement, at any time when a prospectus relating
      thereto is required to be delivered under the Act, upon the Company’s discovery
      that, or upon the happening of any event as a result of which, the prospectus
      included in such registration statement, as then in effect, includes an untrue
      statement of a material fact or omits to state any material fact required to
      be
      stated therein or necessary to make the statements therein not misleading in
      the
      light of the circumstances under which they were made, and upon receipt of
      such
      notice you and each holder shall not effect any sale of securities and shall
      immediately cease utilizing or distributing such prospectus. At the request
      of
      you or any such holder(s), the Company shall promptly prepare and furnish to
      you
      or such holder(s) and each underwriter, if any, a reasonable number of copies
      of
      a supplement to or an amendment of such prospectus as may be necessary so that,
      as thereafter delivered to the purchasers of such securities, such prospectus
      shall not include an untrue statement of a material fact or omit to state a
      material fact required to be stated therein or necessary to make the statements
      therein not misleading in the light of the circumstances under which they were
      made.

    

    (xi) For
      purposes of this Agreement, the term “majority” in reference to you and the
      other holder(s) of a Warrant or the shares underlying an unexercised Warrant,
      shall mean in excess of fifty percent (50%) of the shares underlying the then
      outstanding Warrant(s) that have not been resold to the public pursuant to
      Rule
      144 under the Act or a registration statement filed with the Commission under
      the Act.

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    

    8. Stock
      Exchange Listing.
      In the
      event the Company lists its shares on any national securities exchange or
      market, the Company will, at its expense, also list on such exchange, upon
      exercise of a Warrant, all shares issuable pursuant to such
      Warrant.

    

    9. Restrictive
      Legend.
      Executed copies of this Agreement shall be filed in the principal office of
      the
      Company. Instruments evidencing all or part of the Warrant shall contain the
      legend shown on Exhibit
      A
      until
      one hundred eighty (180) days after the closing of the IPO, after which time
      such legend may be removed at the request of the holder thereof.

    

    10. Successors
      and Assigns; Binding Effect.
      This
      Agreement shall be binding upon and inure to the benefit of you and the Company
      and their respective successors and permitted assigns.

    

    11. Notices.
      Any
      notice hereunder shall be given by registered or certified mail, if to the
      Company, at its principal office referred to in Section 5 and, if to a holder,
      to the holder’s address shown in the Warrant ledger of the Company, provided
      that any holder may at any time on three (3) days’ written notice to the Company
      designate or substitute another address where notice is to be given. Notice
      shall be deemed given and received after a certified or registered letter,
      properly addressed with postage prepaid, is deposited in the U.S.
      mail.

    

    12. Severability.
      Every
      provision of this Agreement is intended to be severable. If any term or
      provision hereof is illegal or invalid for any reason whatsoever, such
      illegality or invalidity shall not affect the remainder of this
      Agreement.

    

    13. Assignment;
      Replacement of Warrant.
      The
      Warrant and the shares underlying the Warrant may be sold, transferred,
      assigned, pledged or hypothecated by you prior to one hundred eighty (180)
      days
      after the closing of the IPO only to bona
      fide
      officers
      of Anderson & Strudwick, Incorporated, who in turn shall be subject to the
      same restriction. Any assignment shall be effected in accordance with the Form
      of Assignment attached hereto as Exhibit
      C.
      If the
      Warrant is assigned, in whole or in part, the Warrant shall be surrendered
      at
      the principal office of the Company, and thereupon, in the case of a partial
      assignment, a new Warrant shall be issued to the holder thereof covering the
      number of shares not assigned, and the assignee shall be entitled to receive
      a
      new Warrant covering the number of shares so assigned. Upon receipt of evidence
      reasonably satisfactory to the Company of the loss, theft, destruction or
      mutilation of any Warrant and appropriate bond or indemnification protection,
      the Company shall issue a new Warrant of like tenor.

    

    14. Rights
      of Shareholders.
      Until
      exercised, the Warrant shall not entitle the holder thereof to any of the rights
      of a shareholder of the Company.

    

    15. Governing
      Law.
      This
      Agreement shall be governed and construed in accordance with the laws of the
      Commonwealth of Virginia without giving effect to the principles of choice
      of
      laws thereof.

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    

    16. Definition.
      All
      references to the word “you” in this Agreement shall be deemed to apply with
      equal effect to any persons or entities to whom a Warrant has been transferred
      in accordance with the terms hereof, and, where appropriate, to any persons
      or
      entities holding shares issuable upon exercise of a Warrant.

    

    17. Headings.
      The
      headings herein are for purposes of reference only and shall not limit or
      otherwise affect the meaning of any of the provisions hereof.

    
      	 	 	 
	 	Very truly yours,
	 	 
	 	SINO-GLOBAL SHIPPING AMERICA,
              LTD.
	 	 
	 	By:
              ______________________________________
	 	 
	 	Title:
              _____________________________________
	 	 
	 	Date:
              _____________________________________

     

    Accepted
      as of the ____ day of _____________, _____________.

    
      	
            	 
	ANDERSON & STRUDWICK,
              INCORPORATED	 
	 	 
	By: ______________________________________	
            
	 	 
	Title: _____________________________________	
            
	 	 
	Date: _____________________________________	
            

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    EXHIBIT
      A

    

    No.
      ____

    ___________
      Shares

    (as
      may
      be adjusted pursuant to the terms of the Warrant Agreement)

    

    SINO-GLOBAL
      SHIPPING AMERICA, LTD.

    COMMON
      STOCK PURCHASE WARRANT

    

    THIS
      IS
      TO CERTIFY that ANDERSON & STRUDWICK, INCORPORATED or its assigns as
      permitted in that certain Warrant Agreement (the “Warrant Agreement”) dated
      ____________ ___, ____ between the Company (as hereafter defined) and Anderson
      & Strudwick, Incorporated is entitled to purchase at any time or from time
      to time on or after the closing of the initial public offering of the Company’s
      common stock and before ____________ ___, ____, _____ shares of the common
      stock
      of Sino-Global Shipping America, Ltd., a Virginia corporation (the “Company”),
      for an exercise price per share as set forth in the Warrant Agreement referred
      to herein. This Warrant is issued pursuant to the Agreement, and all rights
      of
      the holder of this Warrant are further governed by, and subject to the terms
      and
      provisions of such Warrant Agreement, copies of which are available upon request
      to the Company. The holder of this Warrant and the shares issuable upon the
      exercise hereof shall be entitled to the benefits, rights and privileges and
      subject to the obligations, duties and liabilities provided in the Warrant
      Agreement.

    

    UNTIL
      ONE
      HUNDRED EIGHTY (180) DAYS AFTER THE CLOSING OF THE INITIAL PUBLIC OFFERING
      OF
      THE COMMON STOCK OF SINO-GLOBAL SHIPPING AMERICA, LTD., NEITHER ANDERSON &
STRUDWICK, INCORPORATED NOR ANY ASSIGNEE OF ALL OR A PORTION OF THE RIGHTS
      PURSUANT TO THIS WARRANT MAY SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE
      ANY
      OF ITS RIGHTS PURSUANT TO THIS WARRANT OTHER THAN TO BONA FIDE OFFICERS OF
      ANDERSON & STRUDWICK, INCORPORATED.

    

    Subject
      to the provisions of the Securities Act of 1933, of the Warrant Agreement and
      of
      this Warrant, this Warrant and all rights hereunder are transferable, in whole
      or in part, only to the extent expressly permitted in such documents and then
      only at the office of the Company at Sino-Global Shipping America, Ltd., 36-09
      Main Street, Suite 9C-2, Flushing, New York 11354, Attention: President, by
      the
      holder hereof or by a duly authorized attorney-in-fact, upon surrender of this
      Warrant duly endorsed, together with the Assignment hereof duly endorsed. Until
      transfer hereof on the books of the Company, the Company may treat the
      registered holder hereof as the owner hereof for all purposes.

    

    IN
      WITNESS WHEREOF, the Company has caused this Warrant to be executed and its
      corporate seal to be hereunto affixed by its proper corporate officers thereunto
      duly authorized.

    
      	 	 	 
	 	SINO-GLOBAL SHIPPING AMERICA, LTD.
	 
 	 
 	 
 
	
            	By:  	
                                                                                     (SEAL)

            
	 	
              

              Cao
                Lei, President

            

    

    
      	 	 	 	 
	ATTEST:	 	 	 
	 	 	 	 
	
            	 	 	
            
	
              
Zhang
              Mingwei, Secretary	 	 	
            

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    EXHIBIT
      B

    

    FORM
      OF SUBSCRIPTION

    

    To
      Sino-Global Shipping America, Ltd.

    

    The
      undersigned, the holder of Warrant Number ______, hereby irrevocably elects
      to
      exercise the purchase right represented by such Warrant, and to purchase
      thereunder _________* shares of common stock of Sino-Global Shipping America,
      Ltd.

    

    As
      payment therefor, the undersigned (mark one):

    

    ______
      herewith makes a payment in cash or by check of U.S. $___________, or

    

    ______
      requests to utilize the cashless exercise provision in Section 4(b) of the
      Warrant Agreement.

    

    Further,
      the undersigned requests that the certificate or certificates for such shares
      be
      issued in the name of and delivered to the undersigned. The undersigned
      acknowledges and agrees that shares to be received by the undersigned are
      subject to the restrictions on transfer set forth in the Warrant.

    
      	 	 	 	 
	
            	 	 	
            
	
            	 	 	
              
(Signature)
	
            	 	 	
            
	 	 	 	
               

              
                

              

            
	 	 	 	 
	 	 	 	
              
 (Address)

     

    Dated:
      __________________     

    

    *Insert
      here the number of shares set forth on the face of the Warrant (or, in the
      case
      of a partial exercise, the portion thereof as to which the Warrant is being
      exercised), in either case without making any adjustment (which adjustment
      will
      be made in the issuance of such shares, other stock, securities, property,
      or
      cash) for additional shares or any other stock or other securities or property
      or cash that, pursuant to the adjustment provisions of the Warrant, is
      deliverable upon exercise.

    

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    EXHIBIT
      C

    

    FORM
      OF ASSIGNMENT

    (To
      be
      signed only upon transfer of Warrant)

    

    For
      value
      received, the undersigned hereby sells, assigns and transfers unto
      ________________ the right represented by Warrant Number 1 to purchase
      _______________ shares of common stock of Sino-Global Shipping America, Ltd.
      to
      which the attached Warrant relates, and appoints ______________ as
      Attorney-in-Fact to transfer such right on the books of Sino-Global Shipping
      America, Ltd. with the full power of substitution in the premises. At the
      conclusion of the Assignment, the undersigned and _______________ will receive
      Warrants reflecting the separate rights to purchase ______________ shares of
      common stock of Sino-Global Shipping America, Ltd.

    

    The
      undersigned represents and warrants that the transfer of the attached Warrant
      is
      permitted by the terms of the Warrant Agreement pursuant to which the attached
      Warrant has been issued, and the transferee hereof, by acceptance of this
      Assignment, agrees to be bound by the terms of the Warrant Agreement with the
      same force and effect as if a signatory thereto. 

    
      
        	 	 	 	 
	
              	 	 	
              
	
              	 	 	
                
(Signature)
	
              	 	 	
              
	 	 	 	
                 

                
                  

                

              
	 	 	 	 
	 	 	 	
                
 (Address)

       

      Dated:
        __________________Unassociated Document

     

    
      WARRANT
        AGREEMENT

      

      This
        Warrant Agreement (the “Agreement”),
        made
        as of _________, 2008, between Corporate Acquirers, Inc., a Delaware
        corporation, with offices at 126 East 56th
        Street,
        New York, New York 10022 (the “Company”)
        and
        American Stock Transfer & Trust Company, a New York corporation, with
        offices at 59 Maiden Lane, Plaza Level, New York, New York 10038 (the
“Warrant
        Agent”).

       

      WHEREAS,
        the
        Company is engaged in a public offering (the “Public
        Offering”)
        of
        Units (the “Units”)
        and,
        in connection therewith, has determined to issue and deliver up to (i)
        10,000,000 Warrants (the “Public
        Warrants”)
        to the
        public investors, each of such Public Warrants evidencing the right of the
        holder thereof to purchase one share of common stock, par value $.0001 per
        share, of the Company (the “Common
        Stock”)
        for
        $7.50 per share, subject to adjustment as described herein and (ii) 500,000
        Warrants (the “Underwriters’
        Warrants”)
        to
        Deutsche Bank Securities Inc. (“Deutsche
        Bank”)
        and
        Pali Capital, Inc. (“Pali”,
        together with Deutsche Bank, hereinafter referred to as the “Underwriters”),
        with
        each of such Underwriters’ Warrants evidencing the right of the holder thereof
        to purchase one share of Common Stock for $9.00 per share, subject to adjustment
        as described herein;

       

      WHEREAS,
        immediately prior to the completion of the Public Offering, the Company sold
        and
        issued 3,000,000 Warrants in a private placement (the “Private
        Warrants”)
        pursuant to that certain Subscription Agreement, dated as of  February 3,
        2008, by and between the Company and Corporate Acquirers, LLC (the “Subscription
        Agreement”),
        each
        of such Private Warrants evidencing the right of the holder thereof (the
        “Initial
        Purchaser”
or
        “Initial
        Holder”)
        to
        purchase one share of Common Stock for $7.50 per share, subject to adjustment
        as
        described herein (the Public Warrants, the Underwriters’ Warrants and the
        Private Warrants are collectively referred to herein as the “Warrants”);

       

      WHEREAS,
        the
        Company has filed with the Securities and Exchange Commission (the “SEC”)
        a
        registration statement, No. 333-149037 on Form S-1 (the “Registration
        Statement”)
        for
        the registration under the Securities Act of 1933, as amended (the “Act”)
        of,
        among other securities, the Public Warrants, the Underwriters’ Warrants and the
        Common Stock issuable upon exercise of each of the Public Warrants and the
        Underwriters’ Warrants; and

       

      WHEREAS,
        the
        Company desires the Warrant Agent to act on behalf of the Company, and the
        Warrant Agent is willing to so act, in connection with the issuance,
        registration, transfer, exchange, redemption and exercise of the Warrants;
        and

       

      WHEREAS,
        the
        Company desires to provide for the form and provisions of the Warrants, the
        terms upon which they shall be issued and exercised, and the respective rights,
        limitation of rights, and immunities of the Company, the Warrant Agent and
        the
        holders of the Warrants; and

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      WHEREAS,
        all
        acts and things have been done and performed which are necessary to make
        the
        Warrants, when executed on behalf of the Company and countersigned by or
        on
        behalf of the Warrant Agent, as provided herein, the valid, binding and legal
        obligations of the Company, and to authorize the execution and delivery of
        this
        Agreement.

       

      NOW,
        THEREFORE,
        in
        consideration of the mutual agreements herein contained, the parties hereto
        agree as follows:

       

      1. Appointment
        of Warrant Agent. The Company hereby appoints the Warrant Agent to act as
        agent for the Company for the Warrants, and the Warrant Agent hereby accepts
        such appointment and agrees to perform the same in accordance with the terms
        and
        conditions set forth in this Agreement.

       

      2. Warrants.

       

      2.1 Form
        of Warrant.
        Each
        Warrant shall be issued in registered form only. The Public Warrants and
        the
        Underwriters’ Warrants shall be in substantially the form of Exhibit
        A
        hereto
        and the Private Warrants shall be in substantially the form of Exhibit
        B
        hereto,
        the provisions of each of which are incorporated herein, and shall be signed
        by,
        or bear the facsimile signature of, the Chief Executive Officer or President
        and
        Chief Financial Officer, Treasurer, Secretary or Assistant Secretary of the
        Company and shall bear a facsimile of the Company’s seal. In the event the
        person whose facsimile signature has been placed upon any Warrant shall have
        ceased to serve in the capacity in which such person signed the Warrant before
        such Warrant is issued, it may be issued with the same effect as if he or
        she
        had not ceased to be such at the date of issuance.

       

      2.2 Effect
        of Countersignature.
        Unless
        and until countersigned by the Warrant Agent pursuant to this Agreement,
        a
        Warrant shall be invalid and of no effect and may not be exercised by the
        holder
        thereof.

       

      2.3 Registration.

       

      2.3.1 Warrant
        Register.
        The
        Warrant Agent shall maintain books (“Warrant
        Register”)
        for
        the registration of original issuance and the registration of transfer of
        the
        Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall
        issue and register the Warrants in the names of the respective holders thereof
        in such denominations and otherwise in accordance with instructions delivered
        to
        the Warrant Agent by the Company.

       

      2.3.2 Registered
        Holder.
        Prior
        to due presentment for registration of transfer of any Warrant, the Company
        and
        the Warrant Agent may deem and treat the person in whose name such Warrant
        shall
        be registered upon the Warrant Register (“Registered
        Holder”),
        as
        the absolute owner of such Warrant and of each Warrant represented thereby
        (notwithstanding any notation of ownership or other writing on the Warrant
        Certificate made by anyone other than the Company or the Warrant Agent),
        for the
        purpose of any exercise thereof, and for all other purposes, and neither
        the
        Company nor the Warrant Agent shall be affected by any notice to the
        contrary.

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      2.4 Detachability
        of Public Warrants.
        The
        securities comprising the Units will begin to trade separately on the date
        (the
“Detachment
        Date”)
        that
        is the fifth day following the earlier to occur of: (i) the expiration of
        the
        Underwriters’ over-allotment option (the “Over-allotment
        Option”),
        or
        (ii) the Underwriters’ exercise of the over-allotment option in full (as
        described more fully in the Registration Statement), or (iii) the Underwriters’
notice to the Company of their intention not to exercise all or any
        remaining portion of the Over-allotment Option, or (iv) the Underwriters
        inform
        the Company of their decision to allow earlier trading, provided that in no
        event will the Underwriters allow the separate trading of the securities
        comprising the Units until (x) the Company files with the SEC a Current Report
        on Form 8-K, which includes an audited balance sheet reflecting the receipt
        by
        the Company of the gross proceeds of the sale of the Private Warrants and
        the
        Public Offering, including the proceeds received by the Company from the
        exercise of the Underwriters' Over-allotment Option, if the Over-allotment
        Option is exercised prior to the filing of the Form 8-K, and (y) the Company
        issues a press release and files with the SEC a Current Report on Form 8-K
        announcing when such separate trading will begin.

       

      3. Terms
        and Exercise of Warrants.

       

      3.1 Warrant
        Price.
        Each
        Warrant shall, when countersigned by the Warrant Agent, entitle the registered
        holder thereof, subject to the provisions of such Warrant and this Warrant
        Agreement, to purchase from the Company the number of shares of Common Stock
        stated therein, at the price of $7.50 per whole share (or $9.00 per whole
        share
        with respect to the Underwriters’ Warrants), subject to the adjustments provided
        in this Section 3.1 and Section 4 hereof. The term “Warrant Price” as used in
        this Warrant Agreement refers to the price per share at which Common Stock
        may
        be purchased at the time a Warrant is exercised, respectively. The Company
        in
        its sole discretion may lower the Warrant Price at any time prior to the
        Expiration Date for a period of not less than ten business days, provided
        that
        any such reduction shall be identical among all of the Warrants.

       

      3.2 Duration
        of Warrants.
        

      

      3.2.1
        Public
        Warrants and Underwriters’ Warrants.
        A
        Public Warrant or Underwriters’ Warrant may be exercised only during the period
        commencing on the later of: (i) the consummation by the Company of a merger,
        capital stock exchange, asset or stock acquisition or other similar business
        combination (as described more fully in the Registration Statement,
“Business
        Combination”),
        or
        (ii) [ ], 2009 (one year from the effective date of the Registration Statement),
        and terminating at 5:00 p.m., New York City time on the earlier to occur
        of (x)
        [ ], 2012 (four years from the effective date of the Registration Statement)
        or
        (y) the date fixed for redemption of the Warrants as provided in Section
        6 of
        this Agreement. Notwithstanding the foregoing, no Public Warrant or
        Underwriters’ Warrant shall be exercisable unless, at the time of exercise, a
        registration statement relating to the Common Stock issuable upon the exercise
        of such Public Warrant or Underwriters’ Warrant is effective and current and a
        prospectus is available for use by the holders thereof and the Common Stock
        has
        been qualified or deemed to be exempt under the securities laws of the state
        of
        residence of the holder of such Public Warrants or Underwriters’
Warrants.

       

      3.2.2 Private
        Warrants.
        A
        Private Warrant may be exercised only during the period commencing one business
        day following the consummation of a Business Combination by the Company and
        terminating at 5:00 p.m., New York City time on the earlier to occur of (x)
        [ ],
        2012 (four years from the effective date of the Registration Statement) or
        (y)
        the date fixed for redemption of the Warrants as provided in Section 6 of
        this
        Agreement. Notwithstanding the foregoing, no Private Warrant shall be
        exercisable unless, at the time of exercise, a registration statement relating
        to the Common Stock issuable upon the exercise of the Public Warrants is
        effective and current. The Private Warrants are not subject to redemption
        so
        long as they are held by their Initial Purchaser or its permitted designees.
        The
        Private Warrants may not be sold, assigned or transferred until the day
        following consummation of a Business Combination.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      3.2.3 General.
        The
        period during which a Warrant may be exercised shall be deemed the “Exercise
        Period”
and
        the
        termination of such Exercise Period shall be deemed the “Expiration
        Date”.
        Except
        with respect to the right to receive the Redemption Price (as set forth in
        Section 6 hereunder), each Warrant not exercised on or before the Expiration
        Date shall become void, and all rights thereunder and all rights in respect
        thereof under this Agreement shall cease at the close of business on the
        Expiration Date. The Company in its sole discretion may extend the duration
        of
        the Warrants by delaying the Expiration Date; provided, however, the Company
        will provide notice to registered holders of the Warrants of such extension
        of
        not less than twenty (20) days and, further provided that any such extension
        shall be identical in duration among all of the Warrants. In the event the
        Company desires to extend the Expiration Date, the Company shall provide
        advance
        notice of at least twenty (20) days to the American Stock Exchange as required
        by the American Stock Exchange. 

       

      3.3 Exercise
        of Warrants.

       

      3.3.1 Payment.
        Subject
        to the provisions of the Warrants and this Warrant Agreement, a Warrant,
        when
        countersigned by the Warrant Agent, may be exercised by the Registered Holder
        thereof by surrendering it at the office of the Warrant Agent, or at the
        office
        of its successor as Warrant Agent, in the Borough of Manhattan, City and
        State
        of New York, with the subscription form, as set forth in the Warrant, duly
        executed by paying in full, in lawful money of the United States, in cash,
        good certified check or good bank draft payable to the order of the Company,
        the
        Warrant Price for each full share of Common Stock as to which the Warrant
        is
        exercised and any and all applicable taxes due in connection with the exercise
        of the Warrant, the exchange of the Warrant for the Common Stock and the
        issuance of the Common Stock. 

       

      3.3.2 Cash
        or Cashless Exercise of Private Warrants.
        Exercise of the Private Warrants is subject to the provisions set out in
        Section
        3.3.1. Notwithstanding anything contained herein to the contrary, the Private
        Warrants may, at any time, provided that at the time of exercise they are
        held
        by the Initial Purchaser thereof or its permitted assigns, be exercised by
        means
        of a “net exercise” by which the holder shall be entitled to receive a
        certificate for the number of shares of Common Stock underlying such
        Private Warrants (the “Warrant
        Shares”)
        equal
        to the quotient obtained by dividing [(A-B)(X)] by (A), where: (A) = the
        average
        reported last sale price of the Company’s Common Stock for the 10 trading days
        ending on the third business day prior to the date on which notice of exercise
        is received by the Company; (B) = the Exercise Price of such Private Warrant,
        as
        adjusted; and (X) = the number of Warrant Shares issuable upon exercise of
        such
        Private Warrant in accordance with the terms of such Private Warrant by means
        of
        a cash exercise rather than a cashless exercise. 

      
         

        3.3.3 Issuance
          of Certificates.
          As soon
          as practicable after the exercise of any Warrant and the clearance of the
          funds
          in payment of the Warrant Price, the Company shall issue to the Registered
          Holder of such Warrant a certificate or certificates for the number of
          full
          shares of Common Stock to which he, she or it is entitled, registered in
          such
          name or names as may be directed by him, her or it, and if such Warrant
          shall
          not have been exercised in full, a new countersigned Warrant for the number
          of
          shares as to which such Warrant shall not have been exercised. Notwithstanding
          the foregoing, the Company shall not be obligated to deliver any securities
          pursuant to the exercise of a Warrant unless: (i) a registration statement
          under
          the Act with respect to the Common Stock issuable upon such exercise is
          effective or (ii) in the opinion of counsel to the Company, the exercise
          of the
          Warrants is exempt from the registration requirements of the Act and such
          securities are qualified for sale or exempt from qualification under applicable
          securities laws of the states or other jurisdictions in which the registered
          holders reside. Warrants may not be exercised by, or securities issued
          to, any
          registered holder in any state in which such exercise or issuance would
          be
          unlawful. In no event will the Company be required to provide the registered
          holder of a Warrant with a net-cash settlement or other consideration in
          lieu of
          physical settlement in shares of Common Stock, regardless of whether the
          Common
          Stock underlying the Warrants is registered pursuant to an effective
          registration statement. Accordingly, the Warrants may expire unexercised
          and
          worthless if a current registration statement covering the Common Stock
          is not
          effective at the time such Warrant is exercised.

      

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      3.3.4 Valid
        Issuance.
        All
        shares of Common Stock issued upon the proper exercise of a Warrant in
        conformity with this Agreement shall be validly issued, fully paid and
        nonassessable.

       

      3.3.5 Date
        of Issuance.
        Each
        person in whose name any such certificate for shares of Common Stock is issued
        shall for all purposes be deemed to have become the holder of record of such
        shares on the date on which the Warrant was surrendered and payment of the
        Warrant Price was made, irrespective of the date of delivery of such
        certificate, except that, if the date of such surrender and payment is a
        date
        when the stock transfer books of the Company are closed, such person shall
        be
        deemed to have become the holder of such shares at the close of business
        on the
        next succeeding date on which the stock transfer books are open.

       

      4. Adjustments.

       

      4.1 Stock
        Dividends - Split Ups.
        If
        after the date hereof, and subject to the provisions of Section 4.6 below,
        the
        number of outstanding shares of Common Stock is increased by a stock dividend
        payable in shares of Common Stock, or by a split up of shares of Common Stock,
        or other similar event, then, on the effective date of such stock dividend,
        split up or similar event, the number of shares of Common Stock issuable
        on
        exercise of each Warrant shall be increased in proportion to such increase
        in
        outstanding shares of Common Stock.

       

      4.2 Aggregation
        of Shares.
        If
        after the date hereof, and subject to the provisions of Section 4.6, the
        number
        of outstanding shares of Common Stock is decreased by a consolidation,
        combination, reverse stock split or reclassification of shares of Common
        Stock
        or other similar event, then, on the effective date of such consolidation,
        combination, reverse stock split, reclassification or similar event, the
        number
        of shares of Common Stock issuable on exercise of each Warrant shall be
        decreased in proportion to such decrease in outstanding shares of Common
        Stock.

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      4.3 Adjustments
        in Exercise Price.
        Whenever the number of shares of Common Stock purchasable upon the exercise
        of
        the Warrants is adjusted, as provided in Section 4.1 and 4.2 above, the Warrant
        Price shall be adjusted (to the nearest cent) by multiplying such Warrant
        Price
        immediately prior to such adjustment by a fraction (x) the numerator of which
        shall be the number of shares of Common Stock purchasable upon the exercise
        of
        the Warrants immediately prior to such adjustment, and (y) the denominator
        of
        which shall be the number of shares of Common Stock so purchasable immediately
        thereafter.

       

      4.4 Replacement
        of Securities upon Reorganization, etc.
        In case
        of any reclassification or reorganization of the outstanding shares of Common
        Stock (other than a change covered by Section 4.1 or 4.2 hereof or that solely
        affects the par value of such shares of Common Stock), or in the case of
        any
        merger or consolidation of the Company with or into another corporation (other
        than a consolidation or merger in which the Company is the continuing
        corporation and that does not result in any reclassification or reorganization
        of the outstanding shares of Common Stock), or in the case of any sale or
        conveyance to another corporation or entity of the assets or other property
        of
        the Company as an entirety or substantially as an entirety in connection
        with
        which the Company is dissolved, the Warrant holders shall thereafter have
        the
        right to purchase and receive, upon the basis and upon the terms and conditions
        specified in the Warrants and in lieu of the shares of Common Stock of the
        Company immediately theretofore purchasable and receivable upon the exercise
        of
        the rights represented thereby, the kind and amount of shares of stock or
        other
        securities or property (including cash) receivable upon such reclassification,
        reorganization, merger or consolidation, or upon a dissolution following
        any
        such sale or transfer, that the Warrant holder would have received if such
        Warrant holder had exercised his, her or its Warrant(s) immediately prior
        to
        such event; and if any reclassification also results in a change in shares
        of
        Common Stock covered by Section 4.1 or 4.2, then such adjustment shall be
        made
        pursuant to Sections 4.1, 4.2, 4.3 and this Section 4.4. The provisions of
        this Section 4.4 shall similarly apply to successive reclassifications,
        reorganizations, mergers or consolidations, sales or other
        transfers.

       

      4.5 Notices
        of Changes in Warrant.
        Upon
        every adjustment of the Warrant Price or the number of shares issuable on
        exercise of a Warrant, the Company shall give written notice thereof to the
        Warrant Agent, which notice shall state the Warrant Price resulting from
        such
        adjustment and the increase or decrease, if any, in the number of shares
        purchasable at such price upon the exercise of a Warrant, setting forth in
        reasonable detail the method of calculation and the facts upon which such
        calculation is based. Upon the occurrence of any event specified in Sections
        4.1, 4.2, 4.3 or 4.4, then, in any such event, the Company shall give written
        notice to the Warrant holder, at the last address set forth for such holder
        in
        the Warrant Register, of the record date or the effective date of the event.
        Failure to give such notice, or any defect therein, shall not affect the
        legality or validity of such event.

       

      4.6 No
        Fractional Shares.
        Notwithstanding any provision contained in this Warrant Agreement to the
        contrary, the Company shall not issue fractional shares upon exercise of
        Warrants. If, by reason of any adjustment made pursuant to this Section 4,
        the
        holder of any Warrant would be entitled, upon the exercise of such Warrant,
        to
        receive a fractional interest in a share, the Company shall, upon such exercise,
        round up to the nearest whole number the number of the shares of Common Stock
        to
        be issued to the Warrant holder.

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      4.7 Extraordinary
        Dividend.
        If the
        Company, at any time while the Warrants are outstanding and unexpired (other
        than with respect to the Underwriters’ Warrants), shall pay a dividend in cash
        or securities to the holders of the Common Stock (or shares of the Company’s
        capital stock into which such Warrants are convertible), then upon the exercise
        of such Warrants, the registered holder shall be entitled to a proportionate
        share of any such dividend as if the shares of Common Stock purchased upon
        exercise hereof by such registered holder had been purchased and outstanding
        on
        the record date fixed for the determination of the holders of the Common
        Stock
        entitled to receive such dividend.

       

      4.8 Form
        of Warrant.
        The
        form of Warrant need not be changed because of any adjustment pursuant to
        this
        Section 4, and Warrants issued after such adjustment may state the same Warrant
        Price and the same number of shares as is stated in the Warrants initially
        issued pursuant to this Agreement. However, the Company may at any time in
        its
        sole discretion make any change in the form of Warrant that the Company may
        deem
        appropriate and that does not affect the substance thereof, and any Warrant
        thereafter issued or countersigned, whether in exchange or substitution for
        an
        outstanding Warrant or otherwise, may be in the form as so changed.

       

      5. Transfer
        and Exchange of Warrants.

       

      5.1 Transfer
        of Warrants.
        Prior
        to the Detachment Date, the Public Warrants may be transferred or exchanged
        only
        together with the Unit in which such Warrant is included, and only for the
        purpose of effecting, or in conjunction with, a transfer or exchange of such
        Unit. Furthermore, each transfer of a Unit on the register relating to such
        Units shall operate also to transfer the Warrants included in such Unit.
        From
        and after the Detachment Date this Section 5.1 will have no further force
        and
        effect.

       

      5.2 Registration
        of Transfer.
        The
        Warrant Agent shall register the transfer, from time to time, of any outstanding
        Warrant upon the Warrant Register, upon surrender of such Warrant for transfer,
        properly endorsed with signatures properly guaranteed and accompanied by
        appropriate instructions for transfer. Upon any such transfer, a new Warrant
        representing an equal aggregate number of Warrants shall be issued and the
        old
        Warrant shall be cancelled by the Warrant Agent. The Warrants so cancelled
        shall
        be delivered by the Warrant Agent to the Company from time to time upon
        request.

       

      5.3 Procedure
        for Surrender of Warrants.
        Warrants may be surrendered to the Warrant Agent, together with a written
        request for exchange or transfer, and thereupon the Warrant Agent shall issue
        in
        exchange therefor one or more new Warrants as requested by the registered
        holder
        of the Warrants so surrendered, representing an equal aggregate number of
        Warrants; provided, however, in the event a Warrant surrendered for transfer
        bears a restrictive legend, the Warrant Agent shall not cancel such Warrant
        and
        issue new Warrants in exchange therefor until the Warrant Agent has received
        an
        opinion of counsel for the Company stating such transfer may be made and
        indicating whether the new Warrants must also bear a restrictive
        legend.

       

      5.4 Fractional
        Warrants.
        The
        Warrant Agent shall not be required to effect any registration of transfer
        or
        exchange which will result in the issuance of a warrant certificate for a
        fraction of a warrant.

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      5.5 Service
        Charges.
        No
        service charge shall be made for any exchange or registration of transfer
        of
        Warrants.

       

      5.6 Warrant
        Execution and Countersignature.
        The
        Warrant Agent is hereby authorized to countersign and deliver, in accordance
        with the terms of this Agreement, the Warrants required to be issued pursuant
        to
        the provisions of this Section 5, and the Company, whenever required by the
        Warrant Agent, will supply the Warrant Agent with Warrants duly executed
        on
        behalf of the Company for such purpose.

       

      5.7 Private
        Warrants.
        Notwithstanding anything herein to the contrary, the Warrant Agent shall
        not
        register for transfer any Private Warrants until the business day following
        the
        consummation of the initial Business Combination, except (i) upon the
        dissolution and liquidation of the Initial Holder and the distribution of
        assets
        to its members, (ii) by gift to an immediate family member of the Initial
        Holder’s members or to a trust, the beneficiary of which is a member of the
        Initial Holder or a member of the immediate family of the Initial Holder's
        members, (iii) by virtue of the laws of descent and distribution upon death
        of any
        member of the Initial Holder, (iv) pursuant to a qualified domestic relations
        order, (v) in the event of the Company’s liquidation prior to completion of its
        initial Business Combination or (vi) in the event of the Company’s consummation
        of a liquidation, merger, stock exchange or other similar transaction which
        results in all of the Company’s stockholders having the right to exchange their
        shares of Common Stock for cash, securities or other property subsequent
        to the
        Company’s consummation of an initial Business Combination, the Warrant Agent
        shall be presented with written documentation pursuant to which each permitted
        transferee or the trustee or legal guardian for each permitted transferee
        agrees
        to be bound by the terms of the Subscription Agreement.

       

      6. Redemption.

       

      6.1 Redemption.
        Not
        less than all of the outstanding Public Warrants and the Underwriters’ Warrants
        may be redeemed, at the option of the Company, at any time after they become
        exercisable and prior to their expiration, at the office of the Warrant Agent,
        upon the notice referred to in Section 6.3, at the price of $.01 per Warrant
        (“Redemption
        Price”),
        provided that the last sales price of the Common Stock has been equal to
        or
        greater than $14.25 per share, on each of twenty (20) trading days within
        any
        thirty (30) trading day period ending on the third business day prior to
        the
        date on which notice of redemption is given. Upon any redemption, the Company
        may require all holders that wish to exercise Warrants to do so on a cashless
        basis. In such event, each holder would pay the exercise price by surrendering
        the Warrants for that number of shares of Common Stock equal to the quotient
        obtained by dividing (x) the product of the number of shares of Common Stock
        underlying the Warrants, multiplied by the difference between the exercise
        price
        of the Warrants and the fair market value (as defined below) by (y) the fair
        market value. The “fair market vale” shall mean the average reported last sale
        price of the Common Stock for the ten trading days ending on the third trading
        day prior to the date on which the notice of redemption is sent to the holders
        of Warrants. Notwithstanding the foregoing, the Registration Statement must
        be
        effective and current in order for the Company to exercise its redemption
        rights
        pursuant to this Section 6. The provisions of this Section 6.1 may not be
        modified, amended or deleted without the prior written consent of Deutsche
        Bank.
        The Private Warrants are not subject to this Section 6 provided they are
        held by
        the Initial Purchaser thereof, or its permitted assigns.

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

      6.2 Date
        Fixed for, and Notice of, Redemption.
        In the
        event the Company shall elect to redeem all of the Public Warrants, the Company
        shall fix a date for the redemption. Notice of redemption shall be mailed
        by
        first class mail, postage prepaid, by the Company not less than 30 days prior
        to
        the date fixed for redemption to the registered holders of the Public Warrants
        to be redeemed at their last addresses as they shall appear on the Warrant
        Register. Any notice mailed in the manner herein provided shall be conclusively
        presumed to have been duly given whether or not the registered holder received
        such notice.

       

      6.3 Exercise
        After Notice of Redemption.
        The
        Public Warrants may be exercised in accordance with Section 3 of this Warrant
        Agreement at any time after notice of redemption shall have been given by
        the
        Company pursuant to Section 6.2 hereof and prior to the time and date fixed
        for
        redemption. On and after the redemption date, the record holder of the Public
        Warrants shall have no further rights except to receive, upon surrender of
        the
        Public Warrants, the Redemption Price.

       

      6.4 Outstanding
        Warrants Only.
        The
        Company understands the redemption rights provided for by this Section 6
        apply
        only to outstanding Public Warrants. To the extent a person holds rights
        to
        purchase Public Warrants, such purchase rights shall not be extinguished
        by
        redemption. However, once such purchase rights are exercised, the Company
        may
        redeem the Public Warrants issued upon such exercise provided that the criteria
        for redemption are met, including the opportunity of the Public Warrant holder
        to exercise prior to redemption pursuant to Section 6.3. The provisions of
        this
        Section 6.4 may not be modified, amended or deleted without the prior written
        consent of Deutsche Bank.

       

      6.5 Exclusion
        of Private Warrants.
        The
        Company understands that the redemption rights provided for by this Section
        6 do
        not apply to the Private Warrants if at the time of redemption such warrants
        continue to be held by the Initial Purchaser or its permitted assigns. However,
        once such Private Warrants are transferred other than to any permitted assign,
        the Company may redeem the Private Warrants, provided that the criteria for
        redemption are met, including the opportunity of the Private Warrant holder
        to
        exercise prior to redemption pursuant to Section 6.3.

       

      7. Other
        Provisions Relating to Rights of Holders of Warrants.

       

      7.1 No
        Rights as Stockholder.
        A
        Warrant does not entitle the registered holder thereof to any of the rights
        of a
        stockholder of the Company, including, without limitation, the right to receive
        dividends, or other distributions, exercise any preemptive rights to vote
        or to
        consent or to receive notice as stockholders in respect of the meetings of
        stockholders or the election of directors of the Company or any other
        matter.

       

      7.2 Lost,
        Stolen, Mutilated, or Destroyed Warrants.
        If any
        Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant
        Agent may on such terms as to indemnity or otherwise as they may in their
        discretion impose (which shall, in the case of a mutilated Warrant, include
        the
        surrender thereof), issue a new Warrant of like denomination, tenor, and
        date as
        the Warrant so lost, stolen, mutilated, or destroyed. Any such new Warrant
        shall
        constitute a substitute contractual obligation of the Company, whether or
        not
        the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any
        time
        enforceable by anyone.

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

      7.3 Reservation
        of Common Stock.
        The
        Company shall at all times reserve and keep available a number of its authorized
        but unissued shares of Common Stock sufficient to permit the exercise in
        full of
        all outstanding Warrants issued pursuant to this Warrant Agreement.

       

      7.4 Registration
        of Common Stock.
        The
        Company agrees that prior to the commencement of the Exercise Period, it
        shall
        file with the SEC a post-effective amendment to the Registration Statement,
        or a
        new registration statement, for the registration, under the Act, of the Common
        Stock issuable upon exercise of the Public Warrants, and it shall take such
        action as is necessary to qualify for sale, in those states in which the
        Public
        Warrants were initially offered by the Company, the Common Stock issuable
        upon
        exercise of the Public Warrants. In either case, the Company will use its
        best
        efforts to cause the same to become effective on or prior to the commencement
        of
        the Exercise Period and to use its best efforts to maintain the effectiveness
        of
        such registration statement until the expiration of the Public Warrants in
        accordance with the provisions of this Warrant Agreement; provided, however,
        the
        Company shall not be obligated to deliver Common Stock and shall not have
        penalties for failure to deliver Common Stock if a registration statement
        is not
        effective at the time of exercise by the holder. In addition, the Company
        agrees
        to use its reasonable efforts to register such securities under the blue
        sky
        laws of the states of residence of the exercising warrant holders to the
        extent
        an exemption is not available. The provisions of this Section 7.4 may not
        be
        modified, amended or deleted without the prior written consent of Deutsche
        Bank.
        Notwithstanding the foregoing, a Warrant can expire unexercised regardless
        of
        whether a registration statement is current under the Act with respect to
        the
        Common Stock issuable upon exercise of the Warrants. In no event will the
        registered holder of a warrant be entitled to receive a net-cash settlement
        or
        shares of Common Stock or other consideration as of result of the Company's
        non-compliance with this Section 7.4.

       

      8. Concerning
        the Warrant Agent and Other Matters.

       

      8.1 Payment
        of Taxes.
        The
        Company will from time to time promptly pay all taxes and charges that may
        be
        imposed upon the Company or the Warrant Agent in respect of the issuance
        or
        delivery of shares of Common Stock upon the exercise of Warrants, but the
        Company shall not be obligated to pay any transfer taxes in respect of the
        Warrants or such shares.

       

      8.2 Resignation,
        Consolidation, or Merger of Warrant Agent.

       

      8.2.1 Appointment
        of Successor Warrant Agent.
        The
        Warrant Agent, or any successor to it hereafter appointed, may resign its
        duties
        and be discharged from all further duties and liabilities hereunder after
        giving
        sixty (60) days’ notice in writing to the Company. If the office of the Warrant
        Agent becomes vacant by resignation or incapacity to act or otherwise, the
        Company shall appoint in writing a successor Warrant Agent in place of the
        Warrant Agent. If the Company shall fail to make such appointment within
        a
        period of thirty (30) days after it has been notified in writing of such
        resignation or incapacity by the Warrant Agent or by the holder of the Warrant
        (who shall, with such notice, submit his Warrant for inspection by the Company),
        then the holder of any Warrant may apply to the Supreme Court of the State
        of
        New York for the County of New York for the appointment of a successor Warrant
        Agent. Any successor Warrant Agent, whether appointed by the Company or by
        such
        court, shall be a corporation organized and existing under the laws of the
        State
        of New York, in good standing and having its principal office in the Borough
        of
        Manhattan, City and State of New York, and authorized under such laws to
        exercise corporate trust powers and subject to supervision or examination
        by
        federal or state authority. After appointment, any successor Warrant Agent
        shall
        be vested with all the authority, powers, rights, immunities, duties, and
        obligations of its predecessor Warrant Agent with like effect as if originally
        named as Warrant Agent hereunder, without any further act or deed; but if
        for
        any reason it becomes necessary or appropriate, the predecessor Warrant Agent
        shall execute and deliver, at the expense of the Company, an instrument
        transferring to such successor Warrant Agent all the authority, powers, and
        rights of such predecessor Warrant Agent hereunder; and upon request of any
        successor Warrant Agent the Company shall make, execute, acknowledge, and
        deliver any and all instruments in writing for more fully and effectually
        vesting in and confirming to such successor Warrant Agent all such authority,
        powers, rights, immunities, duties, and obligations.

       

      
        
          
          

        

        
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      8.2.2 Notice
        of Successor Warrant Agent.
        In the
        event a successor Warrant Agent shall be appointed, the Company shall give
        notice thereof to the predecessor Warrant Agent and the transfer agent for
        the
        Common Stock not later than the effective date of any such
        appointment.

       

      8.2.3 Merger
        or Consolidation of Warrant Agent.
        Any
        corporation into which the Warrant Agent may be merged or with which it may
        be
        consolidated or any corporation resulting from any merger or consolidation
        to
        which the Warrant Agent shall be a party shall be the successor Warrant Agent
        under this Warrant Agreement without any further act.

       

      8.3 Fees
        and Expenses of Warrant Agent.

       

      8.3.1 Remuneration.
        The
        Company agrees to pay the Warrant Agent reasonable remuneration for its services
        as such Warrant Agent hereunder as set forth on Exhibit C
        hereto,
        and will reimburse the Warrant Agent upon demand for all expenditures that
        the
        Warrant Agent may reasonably incur in the execution of its duties
        hereunder.

       

      8.3.2 Further
        Assurances.
        The
        Company agrees to perform, execute, acknowledge, and deliver or cause to
        be
        performed, executed, acknowledged, and delivered all such further and other
        acts, instruments, and assurances as may reasonably be required by the Warrant
        Agent for the carrying out or performing of the provisions of this Warrant
        Agreement.

       

      8.4 Liability
        of Warrant Agent.

       

      8.4.1 Reliance
        on Company Statement.
        Whenever in the performance of its duties under this Warrant Agreement, the
        Warrant Agent shall deem it necessary or desirable that any fact or matter
        be
        proved or established by the Company prior to taking or suffering any action
        hereunder, such fact or matter (unless other evidence in respect thereof
        be
        herein specifically prescribed) may be deemed to be conclusively proved and
        established by a statement signed by the Chief Executive Officer or Chief
        Operating Officer of the Company and delivered to the Warrant Agent. The
        Warrant
        Agent may rely upon such statement for any action taken or suffered in good
        faith by it pursuant to the provisions of this Warrant Agreement.

       

      8.4.2 Indemnity.
        The
        Warrant Agent shall be liable hereunder only for its own negligence, willful
        misconduct or bad faith. The Company agrees to indemnify the Warrant Agent
        and
        save it harmless against any and all liabilities, including judgments, costs
        and
        reasonable counsel fees, for anything done or omitted by the Warrant Agent
        in
        the execution of this Warrant Agreement except as a result of the Warrant
        Agent’s negligence, willful misconduct, or bad faith.

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      8.4.3 Exclusions.
        The
        Warrant Agent shall have no responsibility with respect to the validity of
        this
        Warrant Agreement or with respect to the validity or execution of any Warrant
        (except its countersignature thereof); nor shall it be responsible for any
        breach by the Company of any covenant or condition contained in this Warrant
        Agreement or in any Warrant; nor shall it be responsible to make any adjustments
        required under the provisions of Section 4 hereof or responsible for the
        manner,
        method, or amount of any such adjustment or the ascertaining of the existence
        of
        facts that would require any such adjustment; nor shall it by any act hereunder
        be deemed to make any representation or warranty as to the authorization
        or
        reservation of any shares of Common Stock to be issued pursuant to this Warrant
        Agreement or any Warrant or as to whether any shares of Common Stock will
        when
        issued be valid and fully paid and nonassessable.

       

      8.5 Acceptance
        of Agency.
        The
        Warrant Agent hereby accepts the agency established by this Warrant Agreement
        and agrees to perform the same upon the terms and conditions herein set forth
        and among other things, shall account promptly to the Company with respect
        to
        Warrants exercised and concurrently account for, and pay to the Company,
        all
        moneys received by the Warrant Agent for the purchase of shares of the Company’s
        Common Stock through the exercise of Warrants.

       

      8.6 Waiver.
        The
        Warrant Agent hereby waives any and all right, title, interest or claim of
        any
        kind (“Claim”)
        in or
        to any distribution of the Trust Account (as defined in that certain Investment
        Management Trust Agreement, dated as of the date hereof, by and between the
        Company and the Warrant Agent as trustee thereunder), and hereby agrees not
        to
        seek recourse, reimbursement, payment or satisfaction for any Claim against
        the
        Trust Account for any reason whatsoever.

       

      9. Miscellaneous
        Provisions.

       

      9.1 Successors.
        All the
        covenants and provisions of this Warrant Agreement by or for the benefit
        of the
        Company or the Warrant Agent shall bind and inure to the benefit of their
        respective successors and assigns.

       

      9.2 Notices.
        Any
        notice or other communication required or which may be given hereunder shall
        be
        in writing and either be delivered personally or by private national courier
        service, or be mailed, certified or registered mail, return receipt requested,
        postage prepaid, and shall be deemed given when so delivered personally or,
        if
        sent by private national courier service, on the next business day after
        delivery to the courier, or, if mailed, two business days after the date
        of
        mailing, as follows:

      

      Corporate
        Acquirers, Inc.

      126
        East
        56th
        Street

      New
        York,
        NY 10022

      Attn:
         G. Richard Thoman, Chairman, Chief Executive Officer and
        President

       

      
        
          
          

        

        
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      Any
        notice, statement or demand authorized by this Warrant Agreement to be given
        or
        made by the holder of any Warrant or by the Company to or on the Warrant
        Agent
        shall be sufficiently given when so delivered if by hand or overnight delivery
        or if sent by certified mail or private courier service five days after deposit
        of such notice, postage prepaid, addressed (until another address is filed
        in
        writing by the Warrant Agent with the Company), as follows:

      

      American
        Stock Transfer & Trust Company

      59
        Maiden
        Lane, Plaza Level

      New
        York,
        New York 10038

      Attn:
        [        
        ]

       

      with
        a
        copy in each case to:

      

      Lowenstein
        Sandler PC

      65
        Livingston Avenue

      Roseland,
        New Jersey 07068

      Attn:
        Steven Skolnick, Esq.

       

      and

      Ellenoff
        Grossman & Schole LLP

      150
        East
        42nd
        Street

      New
        York,
        New York 10017

      Attn:
          Douglas Ellenoff, Esq.

      

      and

      

      Deutsche
        Bank Securities Inc.

      60
        Wall
        Street

      New
        York,
        New York 10005

      Attn:
          Equity Capital Markets - Syndicate Desk

      

      and

      

      Pali
        Capital, Inc.

      650
        Fifth
        Avenue, 6th
        floor

      New
        York,
        New York 10019

      Attn:
        Mike Powell, Managing Director

       

      9.3 Applicable
        law.
        The
        validity, interpretation, and performance of this Warrant Agreement and of
        the
        Warrants shall be governed in all respects by the laws of the State of New
        York,
        without giving effect to conflict of laws. The Company hereby agrees that
        any
        action, proceeding or claim against it arising out of or relating in any
        way to
        this Warrant Agreement shall be brought and enforced in the courts of the
        State
        of New York or the United States District Court for the Southern District
        of New
        York, and irrevocably submits to such jurisdiction, which jurisdiction shall
        be
        exclusive. The Company hereby waives any objection to such exclusive
        jurisdiction and that such courts represent an inconvenient forum. Any such
        process or summons to be served upon the Company may be served by transmitting
        a
        copy thereof by registered or certified mail, return receipt requested, postage
        prepaid, addressed to it at the address set forth in Section 9.2 hereof.
        Such
        mailing shall be deemed personal service and shall be legal and binding upon
        the
        Company in any action, proceeding or claim.

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

       

      9.4 Persons
        Having Rights under this Warrant Agreement.
        Nothing
        in this Warrant Agreement expressed and nothing that may be implied from
        any of
        the provisions hereof is intended, or shall be construed, to confer upon,
        or
        give to, any person or corporation other than the parties hereto and the
        registered holders of the Warrants and, for the purposes of Sections 6.1,
        6.4,
        7.4, 9.2 and 9.8 hereof, the Underwriters, any right, remedy, or claim under
        or
        by reason of this Warrant Agreement or of any covenant, condition, stipulation,
        promise, or agreement hereof. The Underwriters shall be deemed to be a
        third-party beneficiaries of this Warrant Agreement with respect to Sections
        6.1, 6.4, 7.4, 9.2 and 9.8 hereof. All covenants, conditions, stipulations,
        promises, and agreements contained in this Warrant Agreement shall be for
        the
        sole and exclusive benefit of the parties hereto (and the Underwriters with
        respect to the Sections 6.1, 6.4, 7.4, 9.2 and 9.8 hereof) and their successors
        and assigns and of the registered holders of the Warrants.

       

      9.5 Examination
        of the Warrant Agreement.
        A copy
        of this Agreement shall be available at all reasonable times at the office
        of
        the Warrant Agent in the Borough of Manhattan, City and State of New York,
        for
        inspection by the registered holder of any Warrant. The Warrant Agent may
        require any such holder to submit his Warrant for inspection by it.

       

      9.6 Counterparts.
        This
        Warrant Agreement may be executed in any number of counterparts and each
        of such
        counterparts shall for all purposes be deemed to be an original, and all
        such
        counterparts shall together constitute but one and the same
        instrument.

       

      9.7 Effect
        of Headings.
        The
        Section headings herein are for convenience only and are not part of this
        Warrant Agreement and shall not affect the interpretation thereof.

       

      9.8 Amendments.
        This
        Warrant Agreement may be amended by the parties hereto without the consent
        of
        any registered holder for the purpose of curing any ambiguity, or of curing,
        correcting or supplementing any defective provision contained herein or adding
        or changing any other provisions with respect to matters or questions arising
        under this Warrant Agreement as the parties may deem necessary or desirable
        and
        that the parties deem shall not adversely affect the interest of the registered
        holders. All other modifications or amendments, including any amendment to
        increase the Warrant Price or shorten the Exercise Period, shall require
        the
        written consent of each of Deutsche Bank and the registered holders of a
        majority of the then outstanding Warrants. Notwithstanding the foregoing,
        the
        Company may lower the Warrant Price or extend the duration of the Exercise
        Period in accordance with Sections 3.1 and 3.2, respectively, without such
        consent.

       

      
        9.9 Severability.
          This
          Warrant Agreement shall be deemed severable, and the invalidity or
          unenforceability of any term or provision hereof shall not affect the validity
          or enforceability of this Warrant Agreement or of any other term or provision
          hereof. Furthermore, in lieu of any such invalid or unenforceable term
          or
          provision, the parties hereto intend that there shall be added as a part
          of this
          Warrant Agreement a provision as similar in terms to such invalid or
          unenforceable provision as may be possible and be valid and
          enforceable.

         

        [remainder
          of document continued on next page]

      

       

      
        
          
          

        

        
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        IN
          WITNESS WHEREOF, this Warrant Agreement has been duly executed by the parties
          hereto as of the day and year first above written.

         

        
          	
                   

                  Attest:_____________________________

                   

                   

                   

                   

                   

                   

                   

                   

                	
                   

                  CORPORATE
                    ACQUIRERS, INC.

                   

                   

                   

                  By:
                    __________________________________

                  G.
                    Richard Thoman

                  Chairman,
                    Chief Executive Officer and President

                
	
                  Attest:_____________________________

                   

                   

                	
                  AMERICAN
                    STOCK TRANSFER & TRUST COMPANY

                   

                  By:
                    __________________________________

                  Name:

                  Title:

                

        

         

      

      
        
          
          

        

        
          15

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