Document:

WARRANT
AGREEMENT

    

    Agreement made as of ________, 2009
between GSME Acquisition Partners I, a Cayman Islands limited life exempted
company, with offices at 762 West Beijing Road, Shanghai, PRC 200041
(“Company”), and Continental Stock Transfer & Trust Company, a New York
corporation, with offices at 17 Battery Place, New York, New York 10004
(“Warrant Agent”).

    

    WHEREAS, the Company has received a
binding commitment from Eli D. Scher, Larry Wizel and MCK Capital Co., Limited
(the “Insiders”), to purchase an aggregate of 3,600,000 warrants (“Insider
Warrants”) pursuant to a Subscription Agreement dated as of _______ __, 2009
(the “Subscription Agreement”); and

    

    WHEREAS, the Company is engaged in a
public offering (“Public Offering”) of units, each unit comprised of one
Ordinary Share (as defined below) and one Public Warrant (as defined below) (the
“Units”) and, in connection therewith, has determined to issue and deliver up to
(i) 4,140,000 Warrants (“Public Warrants”) to the public investors, and (ii)
360,000 Warrants to Cohen & Company Securities, LLC (“Cohen & Company”)
or its designees (“Representative’s Warrants” and, together with the Public
Warrants and Insider Warrants, the “Warrants”), each of such Warrants evidencing
the right of the holder thereof to purchase one ordinary share of the Company,
par value $.001 per share (“Ordinary Share”), for $11.50, subject to adjustment
as described herein; and

    

    WHEREAS, the Company has filed with the
Securities and Exchange Commission a Registration Statement on Form F-1, No.
333-______ (“Registration Statement”), for the registration, under the
Securities Act of 1933, as amended (“Act”) of, among other securities, the
Warrants and the Ordinary Shares issuable upon exercise of the 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,
shall be in substantially the form of Exhibit A hereto, the provisions of which
are incorporated herein and shall be signed by, or bear the facsimile signature
of, the Chairman of the Board or President and 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.

     

    
      
         

      

      
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    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.

    

    2.4.         Detachability of
Warrants.  The securities comprising the Units will not be
separately transferable until 10 days after the date hereof unless Cohen &
Company informs the Company of its decision to allow earlier separate trading,
but in no event will Cohen & Company allow separate trading of the
securities comprising the Units until the Company files a Report of Foreign
Private Issuer on Form 6-K which includes an audited balance sheet reflecting
the receipt by the Company of the gross proceeds of the Public Offering and
issuing a press release announcing the same; provided, however, that in no event
shall separate trading occur prior to the exercise in full, or expiration, of
the underwriters’ over-allotment option in the Public Offering.

     

    
      
         

      

      
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    2.5         Warrant
Attributes.

     

    2.5.1         Insider
Warrants.  The
Insider Warrants will be issued in the same form as the Public Warrants but they
(i) will not be transferable or salable until 60 days after the Company
completes a business combination, (ii) will be exercisable on a cashless basis
so long as they are held by the Insiders or their affiliates, (iii) will not be
redeemable by the Company so long as they are held by the Insiders or their
affiliates and (iv) may be exercised for unregistered shares if a registration
statement relating to the Ordinary Shares issuable upon exercise of the Warrants
is not effective and current.

    2.5.2.        Representative’s
Warrants.  The Representative’s Warrants shall have the same
terms and be in the same form as the Public Warrants.

    

    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 of this Warrant Agreement, to purchase from the Company the number
of Ordinary Shares stated therein, at the price of $11.50 per whole share,
subject to the adjustments provided in Section 4 hereof and in the last sentence
of this Section 3.1.  The term “Warrant Price” as used in this Warrant
Agreement refers to the price per share at which Ordinary Shares may be
purchased at the time a Warrant is exercised.  The Company in its sole
discretion may lower the Warrant Price at any time prior to the Expiration
Date.

    

    3.2.         Duration of
Warrants.  A Warrant may be exercised only during the period
(“Exercise Period”) commencing on the consummation by the Company of a merger,
capital stock exchange, asset acquisition or other similar business combination
(“Business Combination”) (as described more fully in the Registration
Statement), and terminating at 5:00 p.m., New York City time on the earlier to
occur of (i) __________, 2014 and (ii) the Redemption Date as provided in
Section 6.2 of this Agreement (“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.

     

    
      
         

      

      
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    3.3.         Exercise of
Warrants.

    

    3.3.1.       Payment.  Subject
to the provisions of the Warrant 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, and by paying in full the Warrant Price for each
full Ordinary Share as to which the Warrant is exercised and any and all
applicable taxes due in connection with the exercise of the Warrant, as
follows:

    

    (a)           in
cash, good certified check or good bank draft payable to the order of the
Company (or as otherwise agreed to by the Company);

    

    (b)           in
the event of redemption pursuant to Section 6 hereof in which the Company’s
management has elected to force all holders of Warrants to exercise such
Warrants on a “cashless basis,” by surrendering the Warrants for that number of
Ordinary Shares equal to the quotient obtained by dividing (x) the product of
the number of Ordinary Shares underlying the Warrants, multiplied by the
difference between the Warrant Price and the “Fair Market Value” (defined below)
by (y) the Fair Market Value. Solely for purposes of this Section 3.3.1(b), the
“Fair Market Value” shall mean the average reported last sale price of the
Ordinary Shares for the 10 trading days ending on the third trading day prior to
the date on which the notice of redemption is sent to holders of Warrant
pursuant to Section 6 hereof; or

    

    (c)           with
respect to any Insider Warrants, so long as such Insider Warrants are held by
the Insiders or their affiliates, by surrendering the Warrants for that number
of Ordinary Shares equal to the quotient obtained by dividing (x) the product of
the number of Ordinary Shares underlying the Warrants, multiplied by the
difference between the Warrant Price and the “Fair Market Value” (defined below)
by (y) the Fair Market Value. Solely for purposes of this Section 3.3.1(c), the
“Fair Market Value” shall mean the average reported last sale price of the
Ordinary Shares for the 5 trading days ending on the trading day prior to the
date of exercise.

     

    
      
         

      

      
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    3.3.2.       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 Ordinary Shares to which he 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 and
shall have no obligation to settle such Warrant exercise unless a registration
statement under the Act with respect to the Ordinary Shares is effective,
subject to the Company’s satisfying its obligations under Section 7.4. In the
event that a registration statement with respect to the Ordinary Shares
underlying a Warrant is not effective under the Act, the holder of such Warrant
shall not be entitled to exercise such Warrant and such Warrant may have no
value and expire worthless. In no event will the Company be required to net cash
settle the Warrant exercise.  Warrants may not be exercised by, or
securities issued to, any registered holder in any state in which such exercise
would be unlawful. In the event that a registration statement is not effective
for the exercised Public Warrants and Representative’s Warrants, the purchaser
of a Unit containing such Warrants will have paid the full purchase price for
the Unit solely for the Ordinary Share included in such Unit.

    

    3.3.3.       Valid
Issuance.  All Ordinary Shares issued upon the proper exercise
of a Warrant in conformity with this Agreement shall be validly issued, fully
paid and nonassessable.

     

    
      
         

      

      
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    3.3.4.       Date of
Issuance.  Each person in whose name any such certificate for
Ordinary Shares 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 share 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 share 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 Ordinary Shares is increased by
a stock dividend payable in Ordinary Shares, or by a split up of Ordinary
Shares, or other similar event, then, on the effective date of such stock
dividend, split up or similar event, the number of Ordinary Shares issuable on
exercise of each Warrant shall be increased in proportion to such increase in
outstanding Ordinary Shares.

    

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

    

    4.3         Adjustments in Exercise
Price.  Whenever the number of Ordinary Shares 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 Ordinary Shares purchasable upon the
exercise of the Warrants immediately prior to such adjustment, and (y) the
denominator of which shall be the number of Ordinary Shares so purchasable
immediately thereafter.

     

    
      
         

      

      
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    4.4.         Replacement of Securities
upon Reorganization, etc.  In case of any reclassification or
reorganization of the outstanding Ordinary Shares (other than a change covered
by Section 4.1 or 4.2 hereof or that solely affects the par value of such
Ordinary Shares), 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 Ordinary Shares), 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 Ordinary
Shares 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
Ordinary Shares 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 upon 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 each 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.

     

    
      
         

      

      
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    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 or down to the nearest whole number
the number of the Ordinary Shares to be issued to the Warrant
holder.

    

    4.7.         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.         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.

     

    
      
         

      

      
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    5.2.         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, that in the event that
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
that such transfer may be made and indicating whether the new Warrants must also
bear a restrictive legend.

    

    5.3.         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.

    

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

    

    5.5.         Warrant Execution and
Countersignature.  The Warrant Agent is hereby authorized to
countersign and to 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.

    

    6.           Redemption.

    

    6.1.         Redemption.  Subject
to Section 6.4 hereof, not less than all of the outstanding Warrants may be
redeemed, at the option of the Company, with the prior consent of Cohen &
Company (which consent shall not unreasonably be withheld), at any time while
they are exercisable and prior to their expiration, at the office of the Warrant
Agent, upon the notice referred to in Section 6.2, at the price of $.01 per
Warrant (“Redemption Price”), provided that the last sales price of the Ordinary
Shares has been at least $17.50 per share (subject to adjustment in accordance
with Section 4 hereof), 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.  The provisions of this Section
6.1 may not be modified, amended or deleted without the prior written consent of
Cohen & Company.

     

    
      
         

      

      
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    6.2.         Date Fixed for, and Notice
of, Redemption.  In the event the Company shall elect to redeem
all of the Warrants, the Company shall fix a date for the redemption (the
“Redemption Date”).  Notice of redemption shall be mailed by first
class mail, postage prepaid, by the Company not less than 30 days prior to the
Redemption Date to the registered holders of the Warrants to be redeemed at
their last addresses as they shall appear on the registration
books.  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 Warrants may be exercised, for cash (or on a
“cashless basis” in accordance with Section 3 of this 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 Redemption Date.  In the event the
Company determines to require all holders of Warrants to exercise their Warrants
on a “cashless basis” pursuant to Section 3, the notice of redemption will
contain the information necessary to calculate the number of Ordinary Shares to
be received upon exercise of the Warrants, including the “Fair Market Value” in
such case. On and after the Redemption Date, the record holder of the Warrants
shall have no further rights except to receive, upon surrender of the Warrants,
the Redemption Price.

    

    6.4         Outstanding Warrants
Only. The Company understands that the redemption rights provided by this
Section 6 apply only to outstanding Warrants. To the extent a person holds
rights to purchase Warrants, such purchase rights shall not be extinguished by
redemption of the Warrants by the Company. However, once such purchase rights
are exercised, the Company may redeem the Warrants issued upon such exercise,
provided that the criteria for redemption are met, including the opportunity of
the Warrant holder to exercise its Warrants 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 Cohen & Company.

     

    
      
         

      

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

    

    7.1.         No Rights as
Shareholder.  A Warrant does not entitle the registered holder
thereof to any of the rights of a shareholder 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 shareholders in
respect of the meetings of shareholders 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.

    

    7.3.         Reservation of Ordinary
Shares.  The Company shall at all times reserve and keep
available a number of its authorized but unissued Ordinary Shares that will be
sufficient to permit the exercise in full of all outstanding Warrants issued
pursuant to this Agreement.

    

    7.4.         Registration of Ordinary
Shares.  The Company agrees that prior to the commencement of
the Exercise Period, it shall use its best efforts to file with the Securities
and Exchange Commission a post-effective amendment to the Registration
Statement, or a new registration statement, for the registration, under the Act,
of, and it shall use its best efforts to take such action as is necessary to
qualify for sale, in those states in which the Warrants were initially offered
by the Company, the Ordinary Shares issuable upon exercise of the
Warrants.  In either case, the Company will use its best efforts to
cause the same to become effective and to maintain the effectiveness of such
registration statement until the expiration of the Warrants in accordance with
the provisions of this Agreement.  The provisions of this Section 7.4
may not be modified, amended or deleted without the prior written consent of
Cohen & Company.

     

    
      
         

      

      
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    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 Ordinary Shares 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 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 at the Company’s cost.  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 Ordinary Shares 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 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 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 Agreement.

     

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    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 President or
Chairman of the Board 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
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 Agreement except as a result of the Warrant
Agent’s negligence, willful misconduct, or bad faith.

    

    8.4.3.       Exclusions.  The
Warrant Agent shall have no responsibility with respect to the validity of this
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 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
Ordinary Shares to be issued pursuant to this Agreement or any Warrant or as to
whether any Ordinary Shares 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 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
Ordinary Shares through the exercise of Warrants.

     

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    9.           Miscellaneous
Provisions.

    

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

    

    GSME
Acquisition Partners I

    762 West
Beijing Road

    Shanghai,
PRC 200041

    Attn:  Chief
Executive Officer

    

    Any
notice, statement or demand authorized by this 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 within 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:

    

    Continental
Stock Transfer & Trust Company

    17
Battery Place

    New York,
New York 10004

    Attn:  Compliance
Department

     

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

    with a
copy in each case to:

    

    Graubard
Miller

    The
Chrysler Building

    405
Lexington Avenue

    New York,
New York 10174

    Attn:  David
Alan Miller, Esq.

    

    and

    

    Ellenoff
Grossman & Schole LLP

    150 East
42nd
Street

    New York,
NY 10017

    Attn:  Douglas
S. Ellenoff, Esq.

     

    and

    

    Cohen
& Company Securities, LLC

    135 East
57th
Street

    New York,
New York 10022

    Attn:  Chairman

    

    9.3.         Applicable
Law.  The validity, interpretation, and performance of this
Agreement and of the Warrants shall be governed in all respects by the laws of
the State of New York, without giving effect to conflicts of law principles that
would result in the application of the substantive laws of another
jurisdiction.  The Company hereby agrees that any action, proceeding
or claim against it arising out of or relating in any way to this 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 inconvenience
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.

     

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

    9.4.         Persons Having Rights under
this Agreement.  Nothing in this 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 and 9.2 hereof, Cohen & Company, any
right, remedy, or claim under or by reason of this Warrant Agreement or of any
covenant, condition, stipulation, promise, or agreement hereof.  Cohen
& Company shall be deemed to be a third-party beneficiary of this Agreement
with respect to Sections 6.1, 6.4, 7.4 and 9.2 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
Cohen & Company with respect to the Sections 6.1, 6.4, 7.4 and 9.2 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
Agreement may be executed in any number of original or facsimile 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
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 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 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 pursuant
to Sections 3.1 and 3.2, respectively, without the consent of the registered
holders.

     

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

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

     

    
      
        
          
            	 
      	
                    GSME
      ACQUISITION PARTNERS I

                  
	 
      	 
      	 
      
	 
      	
                    By:

                  	 
      
	 
      	 
      	
                          
                      Name:

                    

                  
	 
      	 
      	
                    Title:

                  
	 
      	 
      	 
      
	 
      	
                    CONTINENTAL
      STOCK TRANSFER

                  
	 
      	
                     
      & TRUST COMPANY

                  
	 
      	 
      	 
      
	 
      	
                    By:

                  	 
      
	 
      	 
      	
                    Name:

                  
	 
      	 
      	
                    Title:

                  

          

        

      

    

     

    
      
         

      

      
        19Unassociated Document

    THE
REGISTERED HOLDER OF THIS PURCHASE OPTION, BY ITS ACCEPTANCE HEREOF, AGREES THAT
IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE OPTION, EXCEPT AS HEREIN
PROVIDED, AND THE REGISTERED HOLDER OF THIS PURCHASE OPTION AGREES THAT IT WILL
NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE OPTION FOR A
PERIOD OF SIX MONTHS FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE
OTHER THAN (I) THE REPRESENTATIVE (AS DEFINED HEREIN) OR ITS AFFILIATES OR AN
UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING (DEFINED
HEREIN), OR (II) A BONA FIDE OFFICER, PARTNER OR EMPLOYEE OF A REPRESENTATIVE OR
OF ANY SUCH REPRESENTATIVE, UNDERWRITER OR SELECTED DEALER.

     

    THIS
PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO THE LATER OF: (I) __________ __,
2010 AND (II) THE CONSUMMATION BY GSME ACQUISITION PARTNERS I (THE “COMPANY”) OF
A MERGER, CAPITAL STOCK EXCHANGE, ASSET ACQUISITION OR OTHER SIMILAR BUSINESS
COMBINATION (A “BUSINESS COMBINATION”) (AS DESCRIBED MORE FULLY IN THE COMPANY’S
REGISTRATION STATEMENT (AS DEFINED HEREIN)).  THIS PURCHASE OPTION
SHALL BE VOID AFTER 5:00 P.M, NEW YORK CITY LOCAL TIME, ON ___________ __,
2014.

     

    

    UNIT
PURCHASE OPTION

    

    FOR
THE PURCHASE OF

    

    360,000
UNITS

    

    OF

    

    GSME
ACQUISITION PARTNERS I

    

    1.           Purchase
Option.

    

    THIS CERTIFIES THAT, in
consideration of $100 duly paid by or on behalf of
________________________________, as registered owner of this Unit Purchase
Option (the “Holder”
and, together with all other holders of any portion of this Unit Purchase Option
(as the context herein requires, the “Holders”), to GSME ACQUISITION
PARTNERS I, a company formed under the laws of the Cayman Islands (the “Company”), Holder is entitled,
at any time or from time to time after the closing of the Offering (as defined
below) and during the period commencing (the “Commencement Date”) on the
later of: (i) the consummation of a Business Combination and (ii) __________ __,
2010, and expiring (the “Expiration Date”) at or before
5:00 p.m., New York City local time, ________ __, 2014, but not thereafter, to
subscribe for, purchase and receive, in whole or in part, up to [Three Hundred Sixty
Thousand (360,000) units] (the “Units”) of the Company, each
Unit consisting of one ordinary share of the Company, par value $0.001 per share
(the “Ordinary Shares”),
and one warrant (the “Warrant”) to purchase one
Ordinary Share expiring five years from the effective date (the “Effective Date”) of the
registration statement (the “Registration Statement”)
pursuant to which Units are offered for sale to the public (the “Offering”).  Each
Warrant is on the same terms and conditions as the warrants underlying the Units
being registered for sale to the public by way of the Registration
Statement.  If the Expiration Date is a day on which banking
institutions are authorized by law to close, then this Purchase Option shall
expire on the next succeeding day that is not such a day in accordance with the
terms herein. During the period ending on the Expiration Date, the Company
agrees not to take any action that would terminate the Purchase Option. This
Purchase Option is initially exercisable at $15.00 per Unit (the “Exercise
Price”).  The number of Units purchasable hereunder and the
Exercise Price are subject to adjustment as provided in this Purchase
Option.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    2.           Exercise.

    

    2.1           Exercise.  This
Purchase Option may be exercised by the Holder in whole or in part at any time
or in part from time to time on or after the Commencement Date and before the
Expiration Date by: (x) surrendering this Purchase Option to the Company, (y)
delivering a subscription form in the attached hereto as Annex I (duly executed
by the Holder) and (z) making payment of the Exercise Price in cash, certified
or official bank check payable to the order of the Company or wire transfer of
immediately available funds (to an account designated by the Company), in any
case in an amount obtained by multiplying (a) the number of Units designated by
the Holder in the subscription form by (b) the Exercise Price then in
effect.  In the event of a partial exercise or assignment hereof, the
Company shall issue and deliver to or upon the order of the Holder a new
Purchase Option of like tenor, in the name of the Holder or as the Holder (upon
payment by the Holder of applicable transfer taxes) may request, evidencing the
right to purchase the aggregate number of Units for which such Purchase Option
may still be exercised.  If the subscription rights represented hereby
shall not be exercised at or before 5:00 p.m., New York City local time on the
Expiration Date, this Purchase Option automatically shall become and be void,
without further force or effect, and all rights represented hereby shall cease
and expire.

    

    2.2           Legend. Each
certificate for the Units issued upon exercise of this Purchase Option and each
certificate representing the underlying Ordinary Shares and Warrants and the
Ordinary Shares issuable upon exercise of the underlying Warrants (the “Warrant Shares”) shall bear a
legend as follows, unless such Units, Ordinary Shares, Warrants and/or Warrant
Shares (collectively, the “Securities”) have been
registered under the Securities Act of 1933, as amended (the “Act”):

    

    “THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND
NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD,
TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR SUCH LAWS OR AN EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT AND SUCH LAWS WHICH, IN THE OPINION
OF COUNSEL FOR THIS CORPORATION, IS AVAILABLE.”

    

    2.3           Cashless
Exercise.  In lieu of the payment of the Exercise Price
multiplied by the number of Units for which this Purchase Option is exercisable
(and in lieu of being entitled to receive Ordinary Shares and Warrants) in the
manner required by Section 2.1, the Holder shall have the right (but not the
obligation) to convert any exercisable but unexercised portion of this Purchase
Option into Units (the “Conversion Right”) as follows:
upon exercise of the Conversion Right, the Company shall deliver to the Holder
(without payment by the Holder of any of the Exercise Price in cash) that number
of Ordinary Shares and Warrants comprising that number of Units equal to the
quotient obtained by dividing (x) the Value (as defined below) of the portion of
the Purchase Option being converted by (y) the Current Market Value (as defined
below) of the portion of the Purchase Option being converted. The “Value” of the portion of the
Purchase Option being converted shall equal the remainder derived from
subtracting (a) (i) the Exercise Price multiplied by (ii) the number of Units
underlying the portion of this Purchase Option being converted from (b) the
Current Market Value (as defined below) of a Unit multiplied by the number of
Units underlying the portion of the Purchase Option being converted. As used
herein, the term “Current
Market Value” per Unit at any date means: (A) in the event that neither
the Units nor Warrants are still trading, the remainder derived from subtracting
(x) the exercise price of the Warrants multiplied by the number of Ordinary
Shares issuable upon exercise of the Warrants underlying one Unit from (y) (i)
the Current Market Price of the Ordinary Shares multiplied by (ii) the number of
Ordinary Shares underlying one Unit, which shall include the Ordinary Shares
underlying the Warrants included in such Unit less the Exercise Price for the
Unit plus the current Market Price of the Ordinary Shares underlying the Unit;
(B) in the event the Units, Ordinary Shares and Warrants are still trading, (i)
if the Units are listed on a national securities exchange or quoted on the
Nasdaq Global Market, Nasdaq Capital Market or OTC Bulletin Board (or
successor), the average of the last sale price of the Units in the principal
trading market for the Units as reported by the exchange, Nasdaq or OTC Bulletin
Board, as the case may be, for the ten trading days ending on the third business
day prior to exercise; or (ii) if the Units are not listed on a national
securities exchange or quoted on the Nasdaq Global Market, Nasdaq Capital Market
or OTC Bulletin Board (or successor exchange), but is traded in the residual
over-the-counter market, the average of the closing bid price for Units for the
ten trading days ending on the third business day prior to exercise for which
such quotations are

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    reported
by the Pink Sheets, LLC or similar publisher of such quotations; and (C) in the
event that the Units are not still trading but the Ordinary Shares and Warrants
underlying the Units are still trading, the Current Market Price of the Ordinary
Shares plus the product of (x) the Current Market Price of the Warrants and (y)
the number of Ordinary Shares underlying the Warrants included in one Unit. The
“Current Market Price”
shall mean (i) if the Ordinary Shares (or Warrants, as the case may be) is
listed on a national securities exchange or quoted on the Nasdaq Global Market,
Nasdaq Capital Market or OTC Bulletin Board (or successor such as the Bulletin
Board Exchange), the average of the sale price of the Ordinary Shares (or
Warrants) in the principal trading market for the Ordinary Shares as reported by
the exchange, Nasdaq or the OTC Bulletin Board, as the case may be, for the ten
trading days ending on the third business day prior to exercise; (ii) if the
Ordinary Shares (or Warrants, as the case may be) is not listed on a national
securities exchange or quoted on the Nasdaq Global Market, Nasdaq Capital Market
or the OTC Bulletin Board (or successor exchange), but is traded in the residual
over-the-counter market, the closing bid price for the Ordinary Shares (or
Warrants) on the last trading day preceding the date in question for which such
quotations are reported by the Pink Sheets, LLC or similar publisher of such
quotations; and (iii) if the fair market value of the Ordinary Shares cannot be
determined pursuant to clause (i) or (ii) above, such price as the Board of
Directors of the Company shall determine, in good faith.

    

    2.4           Mechanics of Cashless
Exercise. The cashless exercise right set forth herein may be exercised
by the Holder on any business day on or after the Commencement Date and not
later than the Expiration Date by delivering the Purchase Option with the duly
executed exercise form attached hereto with the cashless exercise section
completed to the Company, exercising the cashless exercise right and specifying
the total number of Units the Holder will purchase pursuant to such
right.

    

    2.5           No Cash
Settlement.                                           Notwithstanding
anything to the contrary contained in this Purchase Option, under no
circumstances will the Company be required to net cash settle the exercise of
the Purchase Option or the Warrants underlying the Purchase Option.

    

    2.6           Effective Registration
Statement.  The Warrants underlying this Purchase Option are
exercisable only during those periods of time in which the Company maintains the
effectiveness of the Registration Statement.  If the Company fails to
maintain the effectiveness of the Registration Statement, the Warrants
underlying this Purchase Option may expire worthless.

    

    3.           Transfer.

    

    3.1           General Restrictions.
Holder agrees that, pursuant to FINRA Rule 5110(g)(1), it will not sell this
Purchase Option during the Company’s Offering, nor shall such Holder sell,
transfer, assign, pledge, hypothecate or otherwise dispose of this Purchase
Option (including the Securities hereunder) or cause this Purchase Option or the
Securities hereunder to be the subject of any hedging, short sale, derivative,
put or call transaction that would result in the effective economic disposition
of this Purchase Option or the Securities hereunder, except as provided for in
FINRA Rule 5110(g)(2).

    

    3.2           Restrictions Imposed by the
Act. The Securities evidenced by this Purchase Option shall not be
transferred unless and until (i) the Company has received the opinion of counsel
for the Holder that the Securities may be transferred pursuant to an exemption
from registration under the Act and applicable state securities laws, the
availability of which is established to the reasonable satisfaction of the
Company (the Company hereby agreeing that the opinion of Ellenoff, Grossman
& Schole LLP shall be deemed satisfactory evidence of the availability of an
exemption), or (ii) a registration statement or a post-effective amendment to
the Registration Statement relating to such Securities has been filed by the
Company and declared effective by the Securities and Exchange Commission (the
“SEC”) and compliance
with applicable state securities law has been established.

    

    4.           New Purchase Options to be
Issued.

    

    4.1           Partial Exercise or
Transfer. Subject to the restrictions in Section 3 hereof, this Purchase
Option may be exercised or assigned in whole or in part. In order to make any
permitted assignment or transfer, the Holder must deliver to the Company the
assignment form attached hereto as Annex II duly executed and completed,
together with the Purchase Option and payment of all transfer taxes, if any,
payable in connection therewith. The Company shall within five (5) business days
transfer this Purchase Option on the books of the Company and shall execute and
deliver a new Purchase Option or Purchase Options of like tenor to the
appropriate assignee(s) expressly evidencing the right to purchase the aggregate
number of Units purchasable hereunder or such portion of such number as shall be
contemplated by any such assignment or transfer.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    

    4.2           Lost Certificate.
Upon receipt by the Company of evidence satisfactory to it of the loss, theft,
destruction or mutilation of this Purchase Option and of reasonably satisfactory
indemnification or the posting of a bond, the Company shall execute and deliver
a new Purchase Option of like tenor and date. Any such new Purchase Option
executed and delivered as a result of such loss, theft, mutilation or
destruction shall constitute a substitute contractual obligation on the part of
the Company.

    

    5.             Registration
Rights.

    

    5.1           Demand
Registration.

    

    5.1.1           Grant of Right. The
Company, upon written demand (an “Demand Notice”) of the
Holder(s) of at least 51% (the “Majority Holders”) of the
Purchase Options and/or the underlying Units and/or the underlying Securities,
agrees to register all or any portion of the Purchase Option and the underlying
Securities (collectively, the “Registrable Securities”) as
requested by the Majority Holders. The Company will file a registration
statement or a post-effective amendment to the Registration Statement covering
the Registrable Securities within sixty (60) days after receipt of the Initial
Demand Notice and use its commercially reasonable efforts to have such
registration statement or post-effective amendment declared effective as soon as
possible thereafter, subject to compliance with review by the SEC. The demand
for registration may be made at any time beginning on the Commencement Date. The
Company covenants and agrees to give written notice of its receipt of any Demand
Notice by any Holder(s) to all other registered Holders of the Purchase Options
and/or the Registrable Securities within ten (10) days from the date of the
receipt of any such Demand Notice.

    

    5.1.2           Terms.  The
Company shall bear all fees and expenses attendant to registering the
Registrable Securities, including the expenses of one legal counsel selected by
the Majority Holders to represent them in connection with the registration of
the Registrable Securities, but the Holders shall pay any and all underwriting
commissions.  The Company agrees to use its reasonable best efforts to
qualify or register the Registrable Securities in such States as are reasonably
requested by the Majority Holder(s); provided, however, that in no
event shall the Company be required to register the Registrable Securities in a
State in which such registration would cause (i) the Company to be obligated to
qualify to do business in such State, or would subject the Company to taxation
as a foreign corporation doing business in such jurisdiction or (ii) the
principal stockholders of the Company to be obligated to escrow their shares of
capital stock of the Company. The Company shall cause any registration statement
or post-effective amendment filed pursuant to the demand rights granted under
Section 5.1.1 to remain effective for a period of the later of (1) the exercise
period of the Warrants or two (2) years from the effective date of such
registration statement or post-effective amendment.

    

    5.2           “Piggy-Back”
Registration.

    

    5.2.1           Grant of Right. If at
any time during a period of seven (7) years commencing on the Effective Date
when there is not an effective registration statement covering all of the
Registrable Securities, the Company shall determine to prepare and file with the
SEC a registration statement relating to an offering under the Act of any of its
securities, other than pursuant to SEC Form S-4 or S-8 or any equivalent form,
the Company, upon the request of any Holder, as described below, shall cause the
registration under the Act of the Registrable Securities as part of any such
registration statement filed by the Company; provided, however, that if,
in the written opinion of the Company’s managing underwriter or underwriters, if
any, for such offering, the inclusion of the Registrable Securities, when added
to the securities being registered by the Company or the selling stockholder(s),
will exceed the maximum amount of the Company’s securities (the “Maximum Number of Shares”)
which can be marketed (i) at a price reasonably related to their then current
market value, and (ii) without materially and adversely affecting the entire
offering, then the Company shall include in any such registration:

    

    (i)           If
the registration is undertaken for the Company’s account: (A) first, the
Ordinary Shares or other securities that the Company desires to sell that can be
sold without exceeding the Maximum Number of Shares; (B) second, to the extent
that the Maximum Number of Shares has not been reached under the foregoing
clause (A), the Ordinary Shares, if any, including the Registrable Securities,
as to which registration has been requested pursuant to written contractual
piggy-back registration rights of security holders that are in effect on the
date hereof (pro rata in accordance with the number of Ordinary Shares which
each such person has actually requested to be included in such registration,
regardless of the number of Ordinary Shares with respect to which such persons
have the right to request such inclusion) that can be sold without exceeding the
Maximum Number of Shares; and

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    (ii)           If
the registration is a “demand” registration undertaken at the demand of persons
other than the holders of Registrable Securities pursuant to written contractual
arrangements with such persons, (A) first, the Ordinary Shares for the account
of the demanding persons that can be sold without exceeding the Maximum Number
of Shares; (B) second, to the extent that the Maximum Number of Shares has not
been reached under the foregoing clause (A), the Ordinary Shares or other
securities that the Company desires to sell that can be sold without exceeding
the Maximum Number of Shares; and (C) third, to the extent that the Maximum
Number of Shares has not been reached under the foregoing clauses (A) and (B),
the Registrable Securities as to which registration has been requested under
this Section 5.2 (pro rata in accordance with the number of shares of
Registrable Securities held by each such holder); and (D) fourth, to the extent
that the Maximum Number of Shares has not been reached under the foregoing
clauses (A), (B) and (C), the Ordinary Shares, if any, as to which registration
has been requested pursuant to written contractual piggy-back registration
rights which other shareholders desire to sell that can be sold without
exceeding the Maximum Number of Shares.

    

    5.2.2           Terms. The Company
shall bear all reasonable fees and expenses attendant to registering the
Registrable Securities, including the reasonable expenses of one legal counsel
selected by the Majority Holders to represent them in connection with the
registration of the Registrable Securities (such fees and expenses of legal
counsel not to exceed $25,000) but the Holders shall pay any and all
underwriting commissions related to the Registrable Securities.  In
the event of such a proposed registration, the Company shall furnish the then
Holders of outstanding Registrable Securities with not less than fifteen (15)
days’ written notice prior to the proposed date of filing of such registration
statement. Such notice to the Holders shall continue to be given for each
applicable registration statement filed (during the period in which the Purchase
Option is exercisable) by the Company until such time as all of the Registrable
Securities have been registered and sold. The holders of the Registrable
Securities shall exercise the “piggy-back” rights provided for herein by giving
written notice, within ten days of the receipt of the Company’s notice of its
intention to file a registration statement. The Company shall cause any
registration statement filed pursuant to the above “piggyback” rights to remain
effective for at least nine months from the date that the Holders of the
Registrable Securities are first given the opportunity to sell all of such
securities.  The Company agrees, at its sole expense, to use its
reasonable best efforts to qualify or register the Registrable Securities in
such States as are reasonably requested by the Majority Holder(s); provided,
however, that in no event shall the Company be required to register the
Registrable Securities in a State in which such registration would cause (i) the
Company to be obligated to qualify to do business in such State, or would
subject the Company to taxation as a foreign corporation doing business in such
jurisdiction or (ii) the principal stockholders of the Company to be obligated
to escrow their shares of capital stock of the Company.

    

    5.3           General
Terms.

    

    5.3.1           Indemnification. The
Company shall, notwithstanding any termination of this Purchase Option,
indemnify and hold harmless each Holder, the officers, directors, agents,
brokers, investment advisors and employees of each of them and each person, if
any, who controls such Holders within the meaning of Section 15 of the Act or
Section 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the
officers, directors, agents and employees of such controlling person, to the
fullest extent permitted by applicable law, from and against all loss, claim,
damage, expense or liability (including all reasonable attorneys’ fees and other
expenses reasonably incurred in investigating, preparing or defending against
litigation, commenced or threatened, or any claim whatsoever whether arising out
of any action between the underwriter and the Company or between the underwriter
and any third party or otherwise) to which any of them may become subject under
the Act, the Exchange Act or otherwise, arising out of or relating to such
registration statement filed pursuant to this Section 5 and any prospectus
contained in the registration statement or in any amendment or supplement
thereto, except only to the same extent and with the same effect as the
provisions pursuant to which the Company has agreed to indemnify the
underwriters contained in Section 5.1 of the Underwriting Agreement (the “Underwriting Agreement”)
between the Company and Cohen & Company Securities, LLC, (the “Representative”) and the other
underwriters named therein, dated the Effective Date.  Each Holder of
the Registrable Securities to be sold pursuant to such 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
Exchange Act, against all loss, claim, damage, expense or liability (including
all reasonable attorneys’ fees and other expenses reasonably incurred in
investigating, preparing or defending against any claim whatsoever) to which
they may become subject under the Act, the Exchange Act or otherwise, arising
from information furnished by or on behalf of such Holders, or their successors
or assigns, in writing, for specific inclusion in such registration statement to
the same extent and with the same effect as the provisions contained in Section
5.2 of the Underwriting Agreement pursuant to which the underwriters have agreed
to indemnify the Company.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

    5.3.2           Exercise of Purchase
Options. Nothing contained in this Purchase Option shall be construed as
requiring any Holder to exercise their Purchase Options or Warrants underlying
such Purchase Options prior to or after the filing of any registration statement
or the effectiveness thereof.

    

    5.3.3           Documents Delivered to
Holders. The Company shall furnish to Cohen & Company Securities,
LLC, as representative of the Holders participating in any of the foregoing
offerings, a signed counterpart, addressed to the participating Holders, 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 any underwriting
agreement related thereto), 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. The Company shall
also deliver promptly to Cohen & Company Securities, LLC, as representative
of the Holders participating in the offering, the correspondence and memoranda
described below and 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 Cohen & Company Securities, LLC, as representative of the Holders, 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, Inc. (“FINRA”).  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 Cohen & Company Securities, LLC, as representative of the
Holders, shall reasonably request.  The Company shall not be required
to disclose any confidential information or other records to Cohen & Company
Securities, LLC, as representative of the Holders, or to any other person, until
and unless such persons shall have entered into reasonable confidentiality
agreements (in form and substance reasonably satisfactory to the Company), with
the Company with respect thereto.

    

    5.3.4           Documents to be Delivered by
Holders(s).  Each Holder participating in any of the foregoing
offerings shall furnish to the Company a completed and executed questionnaire
provided by the Company requesting information customarily sought of selling
securityholders.

    

    5.3.5           Underwriting
Agreement. The Company shall enter into an underwriting agreement with
the managing underwriter(s), if any, selected by any Holders, whose Registrable
Securities are being registered pursuant to this Section 5, which managing
underwriter shall be reasonably acceptable to the Company. Such agreement shall
be reasonably satisfactory in form and substance to the Company and its legal
counsel, each Holder and such managing underwriters, 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 managing
underwriter. The Holders 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, warranties and covenants of
the Company to or for the benefit of such underwriters shall also be made to and
for the benefit of such Holders. Such Holders 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 such Holders and their intended
methods of distribution. Such Holders, however, shall agree to such covenants
and indemnification and contribution obligations for selling stockholders as are
customarily contained in agreements of that type used by the managing
underwriter. Further, such Holders shall execute appropriate custody agreements
and otherwise cooperate fully in the preparation of the registration statement
and other documents relating to any offering in which they include securities
pursuant to this Section 5. Each Holder shall also furnish to the Company such
information regarding itself, the Registrable Securities held by it, and the
intended method of disposition of such securities as shall be reasonably
required to effect the registration of the Registrable
Securities.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    

    5.3.6           Rule 144
Sale.  Notwithstanding anything contained in this Section 5 to
the contrary, the Company shall have no obligation pursuant to Sections 5.1 or
5.2 for the registration of Registrable Securities held by any Holders (i) where
such Holders would then be entitled to sell under Rule 144 within any three
month period (or such other period prescribed under Rule 144 as may be provided
by amendment thereof) all of the Registrable Securities held by such Holders,
and (ii) where the number of Registrable Securities held by such Holders is
within the volume limitations under paragraph (e) of Rule 144 (calculated as if
such Holders were an affiliate within the meaning of  Rule
144).

    

    5.3.7           Supplemental
Prospectus. Each Holder agrees, that upon receipt of any notice from the
Company of the happening of any event as a result of which the prospectus
included in the Registration Statement, as then in effect, includes an untrue
statement of a material fact or omits to state a material fact required to be
stated therein or necessary to make the statements therein not misleading in
light of the circumstances then existing, such Holders will immediately
discontinue disposition of Registrable Securities pursuant to the Registration
Statement covering such Registrable Securities until such Holders’s receipt of
the copies of a supplemental or amended prospectus, and, if so desired by the
Company, such Holders shall deliver to the Company (at the expense of the
Company) or destroy (and deliver to the Company a certificate of such
destruction) all copies, other than permanent file copies then in such Holders’s
possession, of the prospectus covering such Registrable Securities current at
the time of receipt of such notice.

    

    6.           Adjustments.

    

    6.1           Adjustments to Exercise
Price and Number of Securities. The Exercise Price and the number of
Units underlying the Purchase Option shall be subject to adjustment from time to
time as hereinafter set forth:

    

    6.1.1           Stock Dividends -
Split-Ups.  If after the date hereof, the number of outstanding
Ordinary Shares is increased by a stock dividend payable in Ordinary Shares or
by a split-up of Ordinary Shares or other similar event, then, on the effective
date thereof, the number of Ordinary Shares underlying each of the Units
purchasable hereunder shall be increased in proportion to such increase in
outstanding shares. In such case, the number of Ordinary Shares, and the
exercise price applicable thereto, underlying the Warrants underlying each of
the Units purchasable hereunder shall be adjusted in accordance with the terms
of the Warrants. For example, if the Company declares a two-for-one stock
dividend and at the time of such dividend this Purchase Option is for the
purchase of one Unit at $15.00 whole Unit (each Warrant underlying the Units is
exercisable for $11.50 per share), upon effectiveness of the dividend, this
Purchase Option will be adjusted to allow for the purchase of one Unit at $15.00
per Unit, each Unit entitling the holder to receive two Ordinary Shares and two
Warrants (each Warrant exercisable for $6.25 per share).

    

    6.1.2           Aggregation of
Shares. If after the date hereof, the number of outstanding Ordinary
Shares is decreased by a consolidation, combination or reclassification of
Ordinary Shares or other similar event, then, on the effective date thereof, the
number of Ordinary Shares underlying each of the Units purchasable hereunder
shall be decreased in proportion to such decrease in outstanding shares. In such
case, the number of Ordinary Shares, and the exercise price applicable thereto,
underlying the Warrants underlying each of the Units purchasable hereunder shall
be adjusted in accordance with the terms of the Warrants.

    

    6.1.3           Replacement of Securities
upon Reorganization, etc. In case of any reclassification or
reorganization of the outstanding Ordinary Shares other than a change covered by
Section 6.1.1 or 6.1.2 hereof or that solely affects the par value of such
Ordinary Shares, 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 Ordinary Shares), or in
the case of any sale or conveyance to another corporation or entity of the
property of the Company as an entirety or substantially as an entirety in
connection with which the Company is dissolved, the Holders of this Purchase
Option shall have the right thereafter (until the expiration of the right of
exercise of this Purchase Option) to receive upon the exercise hereof, for the
same aggregate Exercise Price payable hereunder immediately prior to such event,
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, by
a Holders of the number of Ordinary Shares of the Company obtainable upon
exercise of this Purchase Option and the underlying Warrants immediately prior
to such event; and if any reclassification also results in a change in Ordinary
Shares covered by Section 6.1.1 or 6.1.2, then such adjustment shall be made
pursuant to Sections 6.1.1, 6.1.2 and this Section 6.1.3. The provisions of this
Section 6.1.3 shall similarly apply to successive reclassifications,
reorganizations, mergers or consolidations, sales or other transfers.

    

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    

    6.1.4           Changes in Form of Purchase
Option. This form of Purchase Option need not be changed because of any
change pursuant to this Section, and the Purchase Options issued after such
change may state the same Exercise Price and the same number of Units as are
stated in the Purchase Options initially issued pursuant to this Agreement. The
acceptance by any Holders of the issuance of new Purchase Options reflecting a
required or permissive change shall not be deemed to waive any rights to an
adjustment occurring after the Commencement Date or the computation
thereof.

    

    6.2           Substitute Purchase
Option. In case of any consolidation of the Company with, or merger of
the Company with, or merger of the Company into, another corporation (other than
a consolidation or merger which does not result in any reclassification or
change of the outstanding Ordinary Shares), the corporation formed by such
consolidation or merger shall execute and deliver to the Holders a supplemental
Purchase Option providing that the holder of each Purchase Option then
outstanding or to be outstanding shall have the right thereafter (until the
stated expiration of such Purchase Option) to receive, upon exercise of such
Purchase Option, the kind and amount of shares of stock and other securities and
property receivable upon such consolidation or merger, by a holder of the number
of Ordinary Shares of the Company for which such Purchase Option might have been
exercised immediately prior to such consolidation, merger, sale or transfer.
Such supplemental Purchase Option shall provide for adjustments which shall be
identical to the adjustments provided in Section 6. The above provision of this
Section shall similarly apply to successive consolidations or
mergers.

    

    6.3           Elimination of Fractional
Interests. The Company shall not be required to issue certificates
representing fractions of Ordinary Shares or Warrants upon the exercise of the
Purchase Option, nor shall it be required to issue scrip or pay cash in lieu of
any fractional interests, it being the intent of the parties that all fractional
interests shall be eliminated by rounding any fraction up or down to the nearest
whole number of Warrants, Ordinary Shares or other securities, properties or
rights.

    

    7.           Reservation and
Listing. The Company shall at all times reserve and keep available out of
its authorized Ordinary Shares, solely for the purpose of issuance upon exercise
of the Purchase Options or the Warrants underlying the Purchase Option, such
number of Ordinary Shares or other securities, properties or rights as shall be
issuable upon the exercise thereof. The Company covenants and agrees that, upon
exercise of the Purchase Options and payment of the Exercise Price therefor, all
Ordinary Shares and other securities issuable upon such exercise shall be duly
and validly issued, fully paid and non-assessable and not subject to preemptive
rights of any stockholder. The Company further covenants and agrees that upon
exercise of the Warrants underlying the Purchase Options and payment of the
respective Warrant exercise price therefor, all Ordinary Shares and other
securities issuable upon such exercise shall be duly and validly issued, fully
paid and non-assessable and not subject to preemptive rights of any stockholder.
As long as the Purchase Options shall be outstanding, the Company shall use its
best efforts to cause all (i) Units and Ordinary Shares issuable upon exercise
of the Purchase Options, (ii) Warrants issuable upon exercise of the Purchase
Options and (iii) Ordinary Shares issuable upon exercise of the Warrants
included in the Units issuable upon exercise of the Purchase Option to be listed
(subject to official notice of issuance) on all securities exchanges (or, if
applicable on the Nasdaq Global Market, Nasdaq Capital Market, OTC Bulletin
Board or any successor trading market) on which the Units, the Ordinary Shares
or the Warrants may then be listed and/or quoted.

    

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    

    8.           Certain Notice
Requirements.

    

    8.1           Holder’s Right to Receive
Notice. Nothing herein shall be construed as conferring upon the Holders
the right to vote or consent as a stockholder for the election of directors or
any other matter, or as having any rights whatsoever as a stockholder of the
Company. If, however, at any time prior to the expiration of the Purchase
Options and their exercise, any of the events described in Section 8.2 shall
occur, then, in one or more of said events, the Company shall give written
notice of such event at least fifteen (15) days prior to the date fixed as a
record date or the date of closing the transfer books for the determination of
the stockholders entitled to such dividend, distribution, conversion or exchange
of securities or subscription rights, or entitled to vote on such proposed
dissolution, liquidation, winding up or sale. Such notice shall specify such
record date or the date of the closing of the transfer books, as the case may
be. Notwithstanding the foregoing, the Company shall deliver to each Holder a
copy of each notice given to the other stockholders of the Company at the same
time and in the same manner that such notice is given to the
stockholders.

    

    8.2           Events Requiring
Notice. The Company shall be required to give the notice described in
this Section 8 upon one or more of the following events: (i) if the Company
shall take a record of the holders of its Ordinary Shares for the purpose of
entitling them to receive a dividend or distribution, or (ii) the Company shall
offer to all the holders of its Ordinary Shares any additional shares of capital
stock of the Company or securities convertible into, exercisable for or
exchangeable for shares of capital stock of the Company, or any option, right or
warrant to subscribe therefor, or (iii) a dissolution, liquidation or winding up
of the Company (other than in connection with a consolidation or merger) or a
sale of all or substantially all of its property, assets and business or a
merger of the Company wherein the separate existence of the Company shall cease
shall be proposed.

    

    8.3           Notice of Change in Exercise
Price. The Company shall, promptly after an event requiring a change in
the Exercise Price pursuant to Section 6 hereof, send notice to the Holders of
such event and change (a “Price
Notice”). The Price Notice shall describe the event causing the change
and the method of calculating same and shall be certified as being true and
accurate by the Company’s President and Chief Financial Officer.

    

     

    8.4           Transmittal of
Notices. All notices, requests, consents and other communications under
this Purchase Option shall be in writing and shall be deemed to have been duly
made when hand delivered, mailed by express mail or private courier service, or
sent by facsimile transmission, with confirmation of receipt: (i) If to the
registered Holders of the Purchase Option, to the address and/or fax number of
such Holders as shown on the books of the Company, or (ii) if to the Company, to
the following address or fax number or to such other address or and fax number
as the Company may designate by notice to the Holders:

    

    GSME
ACQUISITION PARTNERS I

    762 West
Beijing Road

    Shanghai,
PRC 200041

    Fax:
[                                  ]

    

    9.           Miscellaneous.

    

    9.1           Amendments.  The
Company and Cohen & Company Securities, LLC may from time to time supplement
or amend this Purchase Option without the approval of any of the Holders in
order to cure any ambiguity, to correct or supplement any provision contained
herein that may be defective or inconsistent with any other provisions herein,
or to make any other provisions in regard to matters or questions arising
hereunder that the Company and the Representative may deem necessary or
desirable and that the Company and the Representative deem shall not adversely
affect the interest of the Holders.  All other modifications or
amendments shall require the written consent of and be signed by the party
against whom enforcement of the modification or amendment is
sought.

    

    9.2           Headings. The
headings contained herein are for the sole purpose of convenience of reference,
and shall not in any way limit or affect the meaning or interpretation of any of
the terms or provisions of this Purchase Option.

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    

    9.3.           Entire Agreement.
This Purchase Option (together with the other agreements and documents being
delivered pursuant to or in connection with this Purchase Option) constitutes
the entire agreement of the parties hereto with respect to the subject matter
hereof, and supersedes all prior agreements and understandings of the parties,
oral and written, with respect to the subject matter hereof.

    

    9.4           Binding Effect. This
Purchase Option shall inure solely to the benefit of and shall be binding upon,
the Holders and the Company and their permitted assignees, respective
successors, legal representative and assigns, and no other person shall have or
be construed to have any legal or equitable right, remedy or claim under or in
respect of or by virtue of this Purchase Option or any provisions herein
contained.

    

    9.5           Governing Law; Submission to
Jurisdiction. This Purchase Option shall be governed by and construed and
enforced in accordance with the laws of the State of New York, without giving
effect to conflict of laws.  Each of the Company and the Holder agree
that any action, proceeding or claim against it arising out of, or relating in
any way to this Purchase Option shall be brought and enforced in the courts of
the State of New York located in New York County or of the United States of
America for the Southern District of New York, and irrevocably submits to such
jurisdiction, which jurisdiction shall be exclusive.  Each of the
Company and the Holder hereby waives any objection to such exclusive
jurisdiction and that such courts represent an inconvenient forum. Any 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 8 hereof. Such
mailing shall be deemed personal service and shall be legal and binding upon the
Company in any action, proceeding or claim. The Company and the Holders agree
that the prevailing party(ies) in any such action shall be entitled to recover
from the other party(ies) all of its reasonable attorneys’ fees and expenses
relating to such action or proceeding and/or incurred in connection with the
preparation therefor.

    

    9.6           Waiver, Etc. The
failure of the Company or the Holders to at any time enforce any of the
provisions of this Purchase Option shall not be deemed or construed to be a
waiver of any such provision, nor to in any way affect the validity of this
Purchase Option or any provision hereof or the right of the Company or any
Holders to thereafter enforce each and every provision of this Purchase Option.
No waiver of any breach, non-compliance or non-fulfillment of any of the
provisions of this Purchase Option shall be effective unless set forth in a
written instrument executed by the party or parties against whom or which
enforcement of such waiver is sought; and no waiver of any such breach,
non-compliance or non-fulfillment shall be construed or deemed to be a waiver of
any other or subsequent breach, non-compliance or non-fulfillment.

    

    9.7           Execution. It is
agreed that deliver of the Company’s signature hereon by facsimile or other
electronic method of delivery shall constitute a valid signature and
delivery.

    

    9.8           Exchange Agreement.
As a condition of the Holder’s receipt and acceptance of this Purchase Option,
Holder agrees that, at any time prior to the complete exercise of this Purchase
Option by Holders, if the Company and Cohen & Company Securities, LLC, as
representative of the Holder, enter into an agreement (an “Exchange Agreement”) pursuant
to which they agree that all outstanding Purchase Options will be exchanged for
securities or cash or a combination of both, then Holder shall agree to such
exchange and become a party to the Exchange Agreement.

     

    9.9           [Reserved]

    

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    

    

    IN
WITNESS WHEREOF, the Company has caused this Purchase Option to be signed by its
duly authorized officer as of the _____ day of _____, 2009.

    

    

    GSME
ACQUISITION PARTNERS I

    

    

    

    By:
_________________________________

          Name:                      

          Title:

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    Annex
I

    

    Form to
be used to exercise Purchase Option

    

    GSME
ACQUISITION PARTNERS I

    _________________________

    _________________________

    

    Date:_________________,
200__

    

    The
undersigned hereby elects irrevocably to exercise all or a portion of the within
Purchase Option and to purchase ____ Units of GSME ACQUISITION PARTNERS I and
hereby makes payment of $____________ (at the rate of $_________ per Unit) in
payment of the Exercise Price pursuant thereto. Please issue the Ordinary Shares
and Warrants as to which this Purchase Option is exercised in accordance with
the instructions given below.

    

    or

    

    The
undersigned hereby elects irrevocably to convert its right to purchase _________
Units purchasable under the within Purchase Option by surrender of the
unexercised portion of the attached Purchase Option (with a “Value” based of
$_______ based on a “Market Price” of $_______). Please issue the securities
comprising the Units as to which this Purchase Option is exercised in accordance
with the instructions given below.

    

    ________________________

    Signature

    

    ________________________

    Signature
Guaranteed

    

    

    INSTRUCTIONS
FOR REGISTRATION OF SECURITIES

    

    

    Name_____________________________________________________________

    (Print in
Block Letters)

    

    Address__________________________________________________________

    

    

    NOTICE:
THE SIGNATURE TO THIS FORM MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE
FACE OF THE WITHIN PURCHASE OPTION IN EVERY PARTICULAR WITHOUT ALTERATION OR
ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE GUARANTEED BY A BANK, OTHER
THAN A SAVINGS BANK, OR BY A TRUST COMPANY OR BY A FIRM HAVING MEMBERSHIP ON A
REGISTERED NATIONAL SECURITIES EXCHANGE.

    
      
         

      

      
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    Annex
II

    

    Form to
be used to assign Purchase Option

    

    

    ASSIGNMENT

    

    

    (To be
executed by the registered Holders to effect a transfer of the within Purchase
Option):

    

    FOR VALUE
RECEIVED,___________________________________________ does hereby sell, assign
and transfer unto______________________________________ the right to purchase
__________ Units of GSME ACQUISITION PARTNERS I (the “Company”) evidenced by the
within Purchase Option and does hereby authorize the Company to transfer such
right on the books of the Company.

    

    Dated:___________________,
200_

    

    

    ______________________

    Signature

    

    

    ______________________

    Signature
Guaranteed

    

    

    

    NOTICE:
THE SIGNATURE TO THIS FORM MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE
FACE OF THE WITHIN PURCHASE OPTION IN EVERY PARTICULAR WITHOUT ALTERATION OR
ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE GUARANTEED BY A BANK, OTHER
THAN A SAVINGS BANK, OR BY A TRUST COMPANY OR BY A FIRM HAVING MEMBERSHIP ON A
REGISTERED NATIONAL SECURITIES EXCHANGE.

    

     

    

    

    

    
      
         

      

      
        13

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