Document:

ex45tos1a207107_04112008.htm

    
      Exhibit 4.5

       

       

       

      [Form of Warrant Agreement]

       

        
          

        

      

      

    

     

     

     

     

    WARRANT
AGREEMENT

     

    by
and between

     

    OPEN
ACQUISITION CORP.

     

    and

     

    CONTINENTAL
STOCK TRANSFER & TRUST COMPANY

     

     

     

     

     

     

    
      	 
      	 
      	 
      
	 
      	
              Dated
      as [   ], 2008

            	 
      
	 
      	 
      	 
      

    

     

     

     

     

     

     

     

     

      
        

      

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      TABLE OF
CONTENTS

       

      
        
          	 
      	
                  Page

                
	 
      	 
      
	
                  ARTICLE I APPOINTMENT OF WARRANT AGENT

                	
                  2

                
	 
      	 
      
	
                  ARTICLE II WARRANTS

                	
                  2

                
	
                  2.1

                	  	
                  Form of Warrant

                	
                  2

                
	
                  2.2

                	  	
                  Effect of Countersignature

                	
                  2

                
	
                  2.3

                	  	
                  Registration

                	
                  2

                
	
                  2.4

                	  	
                  Detachability of Warrants

                	
                  3

                
	
                  2.5

                	  	
                  Private Warrants

                	
                  4

                
	 
      	 
      
	
                  ARTICLE III TERMS AND EXERCISE OF
    WARRANTS

                	
                  5

                
	
                  3.1

                	  	
                  Warrant Price

                	
                  5

                
	
                  3.2

                	  	
                  Duration of Warrants

                	
                  5

                
	
                  3.3

                	  	
                  Exercise of Warrants

                	
                  6

                
	
                  3.4

                	  	
                  No Cash Settlement

                	
                  9

                
	 
      	 
      
	
                  ARTICLE IV ADJUSTMENTS

                	
                  9

                
	
                  4.1

                	  	
                  Stock Dividends; Split-Ups

                	
                  9

                
	
                  4.2

                	  	
                  Aggregation of Shares

                	
                  10

                
	
                  4.3

                	  	
                  Adjustments in Warrant Price

                	
                  10

                
	
                  4.4

                	  	
                  Replacement of Securities upon Reorganization,
      etc.

                	
                  10

                
	
                  4.5

                	  	
                  Extraordinary Dividends

                	
                  10

                
	
                  4.6

                	  	
                  Notices of Changes in Warrant

                	
                  11

                
	
                  4.7

                	  	
                  No Fractional Shares

                	
                  11

                
	
                  4.8

                	  	
                  Form of Warrant

                	
                  11

                
	
                  4.9

                	  	
                  Notice of Certain Transactions

                	
                  11

                
	 
      	 
      
	
                  ARTICLE V TRANSFER AND EXCHANGE OF
    WARRANTS

                	
                  12

                
	
                  5.1

                	  	
                  Transfer of Warrants

                	
                  12

                
	
                  5.2

                	  	
                  Registration of Transfer

                	
                  12

                
	
                  5.3

                	  	
                  Procedure for Surrender of Warrants

                	
                  12

                
	
                  5.4

                	  	
                  Fractional Warrants

                	
                  13

                
	
                  5.5

                	  	
                  Service Charges

                	
                  13

                
	
                  5.6

                	  	
                  Warrant Execution and Countersignature

                	
                  13

                
	 
      	 
      
	
                  ARTICLE VI REDEMPTION

                	
                  13

                
	
                  6.1

                	  	
                  Redemption

                	
                  14

                
	
                  6.2

                	  	
                  Date Fixed for, and Notice of, Redemption

                	
                  14

                
	
                  6.3

                	  	
                  Exercise After Notice of Redemption

                	
                  14

                
	
                  6.4

                	  	
                  Outstanding Warrants Only

                	
                  14

                

        

         

         

        
          
            
            

          

          
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          TABLE OF
CONTENTS

          (Continued)

        

         

        
          	 
      	
                  Page

                
	
                  ARTICLE VII OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS
      OF WARRANTS

                	
                  14

                
	
                  7.1

                	  	
                  No Rights as Stockholder

                	
                  14

                
	
                  7.2

                	  	
                  Lost, Stolen, Mutilated, or Destroyed
    Warrants

                	
                  15

                
	
                  7.3

                	  	
                  Reservation of Common Stock

                	
                  15

                
	
                  7.4

                	  	
                  Registration of Common Stock

                	
                  15

                
	 
      	 
      
	
                  ARTICLE VIII CONCERNING THE WARRANT AGENT AND OTHER
      MATTERS

                	
                  15

                
	
                  8.1

                	  	
                  Payment of Taxes

                	
                  15

                
	
                  8.2

                	  	
                  Resignation, Consolidation, or Merger of Warrant
      Agent

                	
                  15

                
	
                  8.3

                	  	
                  Fees and Expenses of Warrant Agent

                	
                  16

                
	
                  8.4

                	  	
                  Liability of Warrant Agent

                	
                  17

                
	
                  8.5

                	  	
                  Acceptance of Agency

                	
                  17

                
	
                  8.6

                	  	
                  Waiver

                	
                  18

                
	 
      	 
      
	
                  ARTICLE IX MISCELLANEOUS PROVISIONS

                	
                  18

                
	
                  9.1

                	  	
                  Successors

                	
                  18

                
	
                  9.2

                	  	
                  Notices

                	
                  18

                
	
                  9.3

                	  	
                  Applicable Law

                	
                  18

                
	
                  9.4

                	  	
                  Persons Having Rights under this Agreement

                	
                  19

                
	
                  9.5

                	  	
                  Examination of the Warrant Agreement

                	
                  19

                
	
                  9.6

                	  	
                  Counterparts

                	
                  19

                
	
                  9.7

                	  	
                  Effect of Headings

                	
                  19

                
	
                  9.8

                	  	
                  Amendments

                	
                  19

                
	
                  9.9

                	  	
                  Severability

                	
                  20

                
	
                  9.10

                	  	
                  Entire Agreement

                	
                  20

                

        

      

    

     

     

     

    
      
        
        

      

      
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    WARRANT
AGREEMENT

     

    This
WARRANT AGREEMENT (this “Agreement”) is made
as of [   ], 2008, by and between Open Acquisition Corp., a
Delaware corporation (the “Company”), and
Continental Stock Transfer & Trust Company, a New York corporation, as
warrant agent (the “Warrant
Agent”).

     

    WHEREAS,
in connection with its formation, the Company has issued and sold to Open Acq,
LLC, a Delaware limited liability company (the “Sponsor”), an
aggregate of 3,593,750 units (the “Sponsor Units”), each
consisting of one share of common stock, par value $0.0001 per share, of the
Company (“Common
Stock”) and one warrant entitling the holder thereof to purchase one
share of Common Stock for $7.50, subject to adjustment (such warrants, the
“Initial Sponsor
Warrants”);

     

    WHEREAS,
the Sponsor is the Registered Holder of a majority of the outstanding Warrants
and has consented to the amendments reflected in this Agreement on the signature
page hereto;

     

    WHEREAS,
the Company has filed a registration statement (the “Registration
Statement”) on Form S-1 under the Securities Act of 1933, as amended (the
“Securities
Act”) with the Securities and Exchange Commission in connection with an
initial public offering (the “Initial Public
Offering”) of 12,500,000 units (or up to 14,375,000 units if and to the
extent that the underwriters exercise their over-allotment option) (the “Public Units”), each
consisting of one share of Common Stock and one warrant entitling the holder
thereof to purchase one share of Common Stock for $7.50, subject to adjustment
as described herein (such warrants, the “Public
Warrants”);

     

    WHEREAS,
the Sponsor has agreed to purchase from the Company an aggregate of 3,500,000
additional warrants at a price of $1.00 per warrant in a private placement that
will occur immediately prior to the Initial Public Offering, each such Warrant
entitling the holder thereof to purchase one share of Common Stock for $7.50,
subject to adjustment as described herein (such warrants, the “Sponsor Warrants” and
together with the Initial Sponsor Warrants, the “Private
Warrants”);

     

    WHEREAS,
the Company has agreed to sell to the Underwriters for $100, as additional
compensation, an option to purchase up to a total of 625,000 units at $12.00 per
unit (the “Underwriter
Units”), commencing on the later of the consummation of a Business
Combination and one year from the date of the final prospectus that forms a part
of the Registration Statement (the “Prospectus”) and
expiring five years from the date of the Prospectus, and the warrants included
in the option have an exercise price of $9.00 (the “Underwriters’
Warrants” and, together with the Public Warrants and the Private
Warrants, the “Warrant(s)”);

     

    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, exercise and cancellation of the
Warrants;

     

     

    
      
        
        

      

      
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    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 that 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:

     

    ARTICLE I

    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.

     

    ARTICLE II

    WARRANTS

     

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

     

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

     

    2.3           Registration.

     

    (a)           Warrant Register.  The
Warrant Agent shall maintain books (the “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 such 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.  All of
the Public Warrants and the Underwriters’ Warrants shall initially be
represented by one or more book-entry certificates (“Book-Entry Warrant
Certificates”) deposited with the Depository Trust Company (the “Depository”) and

     

     

    
      
        
        

      

      
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    registered
in the name of Cede & Co., a nominee of the Depository.  Ownership
of beneficial interests in the Public Warrants and the Underwriters’ Warrants
shall be shown on, and the transfer of such ownership shall be effected through,
records maintained by (i) the Depository or its nominee for each Book-Entry
Warrant Certificate, or (ii) institutions that have accounts with the
Depository (such institution, with respect to a Public Warrant or an
Underwriters’ Warrant in its account, a “Participant”).

     

    If the
Depository subsequently ceases to make its book-entry settlement system
available for the Public Warrants and the Underwriters’ Warrants, the Company
may instruct the Warrant Agent regarding making other arrangements for
book-entry settlement.  In the event that the Public Warrants and the
Underwriters’ Warrants are not eligible for, or it is no longer necessary to
have the Public Warrants and the Underwriters’ Warrants available in, book-entry
form, the Warrant Agent shall provide written instructions to the Depository to
deliver to the Warrant Agent for cancellation each Book-Entry Warrant
Certificate, and the Company shall instruct the Warrant Agent to deliver to the
Depository definitive certificates representing the Warrants (“Definitive Warrant
Certificates”).

     

    (b)           Beneficial Owner; Registered
Holder.  The term
“beneficial
owner” shall mean, on or after the Detachment Date (as defined below),
any person in whose name ownership of a beneficial interest in the Public
Warrants and the Underwriters’ Warrants evidenced by a Book-Entry Warrant
Certificate is recorded in the records maintained by the Depository or its
nominee, and prior to the Detachment Date, the person in whose name the Public
Unit and the Underwriters’ Unit of which such Public Warrant or the
Underwriters’ Warrants or part thereof was originally part of, as registered
upon the register relating to such Public Units or the Underwriters’
Units.  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 (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.

     

                   
(a)           Public
Units.  The securities comprising the Public Units will not be
separately transferable until five Business Days (as defined below) (or as
soon as practicable thereafter) following the earlier to occur of (i) the
expiration or termination of the underwriters’ over-allotment option or (ii) its
exercise in full (the “Detachment Date”),
subject in either case to the Company having filed a Current Report on
Form 8-K with the Securities and Exchange Commission containing an audited
balance sheet reflecting the 

     

     

    
      
        
        

      

      
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    receipt
by the Company of the gross proceeds of the Initial Public Offering including
the proceeds received by the Company from the exercise of the underwriters’
over-allotment option, and having issued a press release announcing when the
separate trading of such securities will begin.  For purposes of this
Agreement, “Business
Day” shall mean any day on which the Depository is open for
trading.

     

                   
(b)           Sponsor Units and
Underwriter Units.  The securities comprising the Sponsor Units
and Underwriter Units will be separately transferable at any time, subject to
the transfer restrictions on the Underwriter Units and the Initial Sponsor
Warrants described below in Section
2.5.

     

                   
2.5           Private Warrants.  The
Private Warrants shall have the same terms and be in the same form as the Public
Warrants and the Underwriters’ Warrants, except that:

     

    (i)           
the Initial Sponsor Warrants may not be exercised unless and until the last
sales price of the Common Stock exceeds $14.25 per share, as such price may be
adjusted pursuant to Section 4.3 (the
“Floor Price”),
for any 20 trading days within a 30 trading day period beginning 90 days after
the consummation by the Company of a Business Combination (as defined
below);

     

    (ii)           the
Private Warrants will be non-redeemable as long as they are held by the Sponsor
or its Permitted Transferees, other than as part of a redemption of Sponsor
Units if and to the extent the underwriters’ over-allotment option is not
exercised in full;

     

    (iii)           the
Private Warrants may be exercised at the option of the holder on a cash or
cashless basis;

     

    (iv)           the
Initial Sponsor Warrants may not be (and the Common Stock issuable upon exercise
of such Warrants may not be) transferred, assigned or sold, directly or
indirectly, other than to a Permitted Transferee, until 180 days after the
consummation by the Company of a Business Combination; and

     

    (v)           the
Sponsor Warrants may not be (and the Common Stock issuable upon exercise of such
Warrants may not be) transferred, assigned or sold, directly or indirectly,
other than to a Permitted Transferee, until after the consummation by the
Company of a Business Combination.

     

    “Business Combination”
means the Company’s initial acquisition of one or more assets or operating
businesses with a fair market value of at least 80% of our net assets held in
trust (net of taxes and amounts disbursed to the Company for working capital
purposes and excluding the amount of the Underwriters’ deferred discount) at the
time of the acquisition (or, if the Company’s stockholders have voted to extend
the period to complete an acquisition, at the time of the extension vote)
through a merger, capital stock exchange, asset or stock 

     

     

    
      
        
        

      

      
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    acquisition
or other similar business combination, which may be consummated only if a
majority of the shares of common stock voted by the public stockholders are
voted in favor of the acquisition and less than 40% of the public stockholders
both vote against the proposed acquisition and exercise their conversion
rights.

     

    “Permitted Transferee”
means (i) the Company, any of the Company’s officers, directors and
employees, any Affiliates or Family Members of such individuals, the Sponsor,
any Affiliates of the Company or the Sponsor and any officers, directors,
members and employees of the Sponsor or such Affiliates, (ii) any charitable
organization, (iii) any individual pursuant to a qualified domestic relations
order, (iv) if the transferor is a corporation, partnership or limited liability
company, any stockholder, partner or member of the transferor, and (v) any
individual or entity by virtue of laws or agreements governing descent or
distribution upon the death or dissolution of the transferor; provided, that, any such
transferees agree in writing to become subject to the same transfer restrictions
as the transferor.

     

    The term
“Affiliate” has
the meaning set forth in Rule 405 under the Securities Act (in effect on the
date hereof).

     

    “Family Member” of a
person means such person’s present spouse and/or domestic partner, parents,
lineal ascendants or descendants or any siblings of any of the foregoing, any
descendants of any sibling of such person, or any estate planning vehicle formed
primarily for the benefit of such person or any of the foregoing
persons.

     

    ARTICLE III

    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 Agreement, to
purchase from the Company the number of shares of Common Stock stated therein,
at the price of $7.50 per whole share in the case of the Private Warrants and
Public Warrants and $9.00 per whole share in the case of the Underwriters’
Warrants, subject to the adjustments provided in Article IV
hereof and in the last sentence of this Section 3.1.  The
term “Warrant
Price” as used in this Agreement refers to the price per share at which
Common Stock 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 (as defined below) for a period of not less than 20 Business
Days; provided,
however, that any such reduction
shall be identical in percentage terms among all of the Warrants.

     

    3.2           Duration of
Warrants.  A Warrant may be exercised only during the period
(the “Exercise
Period”) commencing on the later of the consummation by the Company of a
Business Combination and the first anniversary of the date of the final
prospectus that forms a part of the Registration Statement, and terminating at
5:00 p.m., New York time on the earlier to occur of (i) the fifth
anniversary of the date of the Prospectus and (ii) the date fixed for
redemption of the Warrants as provided in Article VI of
this Agreement (“Expiration Date”);
provided, however, that, (i) the Warrants
shall not be exercisable and the Company shall not be obligated to issue Common
Stock in respect thereof unless, at the time a holder seeks to exercise such
Warrants, a prospectus relating to the Common Stock issuable upon exercise of
the Warrants is current and the issuance of such Common Stock has been
registered or qualified or deemed to be exempt under the securities laws of the
state of residence of the holder of such Warrants and (ii) in addition to
the exercise conditions set forth in this Section 3.2, the
Initial Sponsor Warrants may not be exercised unless and until the last sales
price of the Common Stock exceeds the Floor Price for 

     

     

    
      
        
        

      

      
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    any 20
trading days within a 30 trading day period beginning 90 days after the
consummation by the Company of a Business Combination.  Except with
respect to the right to receive the Redemption Price (as set forth in Article VI
hereunder), each Warrant not exercised on or before the Expiration Date shall
become void, and all rights thereunder and all rights in respect thereof under
this Agreement shall cease at the close of business on the Expiration
Date.  The Company in its sole discretion may extend the duration of
the Warrants by delaying the Expiration Date; provided, however, that any
extension of the duration of the Warrants must apply equally to all of the
Warrants.  Should the Company wish to extend the Expiration Date of
the Warrants, the Company shall provide advance notice to any stock exchange on
which the Warrants are listed in accordance with the requirements of such
exchange.

     

    3.3           Exercise of Warrants.

     

    (a)           Payment.  Subject
to the provisions of the Warrant and this Agreement, a Warrant, when
countersigned by the Warrant Agent, may be exercised by the Registered Holder
thereof by delivering, not later than 5:00 p.m., New York time, on any
Business Day during the Exercise Period (the “Exercise Date”) to
the Warrant Agent at the office of the Warrant Agent, or at the office of its
successor as Warrant Agent (i) the Definitive Warrant Certificate
evidencing the Warrants to be exercised, or in the case of a Book-Entry Warrant
Certificate, the Warrants to be exercised (the “Book-Entry Warrants”)
on the records of the Depositary to an account of the Warrant Agent at the
Depositary designated for such purpose in writing by the Warrant Agent to the
Depository from time to time, (ii) an election to purchase in the form
attached hereto as part of Exhibit A, Exhibit B or
Exhibit C as
applicable, the shares of Common Stock underlying the Warrants to be exercised,
properly completed and executed, or in the case of a Book-Entry Warrant
Certificate, properly delivered by the Participant in accordance with the
Depository’s procedures and (iii) the Warrant Price for each full share of
Common Stock as to which the Warrants are exercised and any and all applicable
taxes due in connection with the exercise of the Warrants, the exchange of the
Warrants for the Common Stock, and the issuance of the Common Stock in full, in
lawful money of the United States, by cash, by bank wire transfer in immediately
available funds or by certified check or bank draft payable to the Company;
provided, however, that the
holders of the Initial Sponsor Warrants and the Sponsor Warrants may pay the
Warrant Price by surrendering such Warrants for that number of shares of Common

     

     

    
      
        
        

      

      
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    Stock
equal to the quotient obtained by dividing (x) the product of the number of
shares of Common Stock underlying the Warrant, multiplied by the difference
between the Fair Market Value and the Warrant Price by (y) the Fair Market
Value.  The “Fair Market Value”
means the average last sales price of the Common Stock in the principal trading
market for the Common Stock as reported by any national securities exchange or
quoted on the FINRA OTC Bulletin Board (or successor exchange), as the case may
be, for the 10 consecutive trading days ending on the third trading day
preceding the date the Initial Sponsor Warrants or the Sponsor Warrants, as
applicable, are exercised.

     

    (i)           If
any of (A) the Definitive Warrant Certificate or the Book-Entry Warrant
Certificate, (B) the Election to Purchase or (C) the Warrant Price
therefor, is received by the Warrant Agent after 5:00 p.m., New York
time, on a specified day or if such day is not a Business Day, the Warrants will
be deemed to be received and exercised on, and the applicable Exercise Date
shall be the Business Day next succeeding such day.  If the Warrants
are received or deemed to be received after the Expiration Date, the exercise
thereof will be null and void and any funds delivered to the Warrant Agent will
be returned to the Registered Holder or the Participant, as the case may be, as
soon as practicable.  In no event will interest accrue on funds
deposited with the Warrant Agent in respect of an exercise or attempted exercise
of Warrants.  The validity of any exercise of Warrants will be
determined by the Company in its sole discretion and such determination will be
final and binding upon the Registered Holder and the Warrant
Agent.  Neither the Company nor the Warrant Agent shall have any
obligation to inform a Registered Holder of the invalidity of any exercise of
Warrants.

     

    (ii)           The
Warrant Agent shall deposit all funds received by it in payment of the Warrant
Price in the account of the Company maintained with the Warrant Agent for such
purpose and shall advise the Company at the end of each Business Day on which
funds for the exercise of the Warrants are received and of the amount so
deposited to its account.  The Warrant Agent shall promptly confirm
such telephonic advice to the Company in writing.

     

    (iii)           The
Warrant Agent shall, by 11:00 a.m. New York time on the Business Day
following the Exercise Date of any Warrant, advise the Company and the transfer
agent and registrar in respect of (a) the shares of Common Stock (the
“Shares”)
issuable upon such exercise in accordance with the terms and conditions of this
Agreement, (b) the instructions of each Registered Holder or Participant,
as the case may be, with respect to delivery of the Shares issuable upon such
exercise, and the delivery of Definitive Warrant Certificates, as appropriate,
evidencing the balance, if any, of the Warrants remaining after such exercise,
(c) in case of a Book-Entry Warrant Certificate, the notation that shall be
made to the records maintained by the Depository, its nominee for each
Book-Entry Warrant Certificate, or a Participant, as appropriate, evidencing the
balance, if any, of the Warrants remaining after such exercise and (d) such
other information as the Company or such transfer agent and registrar shall
reasonably require.

     

     

    
      
        
        

      

      
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    (iv)           The
Company shall, by 5:00 p.m., New York time, on the third Business Day
next succeeding the Exercise Date of any Warrant and the clearance of the funds
in payment of the Warrant Price, execute, issue and deliver to the Warrant
Agent, the Shares to which such Registered Holder or Participant, as the case
may be, is entitled, in fully registered form, registered in such name or names
as may be directed by such Registered Holder or the Participant, as the case may
be.  Upon receipt of such Shares, the Warrant Agent shall, by
5:00 p.m., New York time, on the fifth Business Day next succeeding
such Exercise Date, transmit such Shares to or upon the order of the Registered
Holder or the Participant, as the case may be.

     

    (v)           In
lieu of delivering physical certificates representing the Shares issuable upon
exercise, provided the Company’s transfer agent is participating in the
Depository Fast Automated Securities Transfer program, the Company shall use its
reasonable efforts to cause its transfer agent to electronically transmit the
Shares issuable upon exercise to the Registered Holder or the Participant by
crediting the account of the Registered Holder’s prime broker with the
Depository or of the Participant through its Deposit Withdrawal Agent Commission
system. The time periods for delivery described in the immediately preceding
paragraph shall apply to the electronic transmittals described
herein.

     

    (vi)           The
accrual of dividends, if any, on the Shares issued upon the valid exercise of
any Warrant will be governed by the terms generally applicable to the
Shares.  Starting with the Exercise Date, the former holder of the
Warrants exercised will be entitled to the benefits generally available to other
holders of Shares and such former holder’s right to receive payments of
dividends and any other amounts payable in respect of the Shares shall be
governed by, and shall be subject to, the terms and provisions generally
applicable to such Shares.

     

    (vii)           Subject
to Section 4.7,
Warrants may be exercised only in whole numbers of Shares.  If fewer
than all of the Warrants evidenced by a Warrant Certificate are exercised, a new
Warrant Certificate for the number of unexercised Warrants remaining shall be
executed by the Company and countersigned by the Warrant Agent as provided in
Article II
hereof, and delivered to the holder of this Warrant Certificate at the address
specified on the books of the Warrant Agent or as otherwise specified by such
Registered Holder.  If fewer than all the Warrants evidenced by a
Book-Entry Warrant Certificate are exercised, a notation shall be made to the
records maintained by the Depository, its nominee for each Book-Entry Warrant
Certificate, or a Participant, as appropriate, evidencing the balance of the
Warrants remaining after such exercise.

     

    (b)           Issuance of
Certificates.  Notwithstanding the foregoing, and subject to
Section 7.4 of
this Agreement, the Company shall not be obligated to deliver any securities
pursuant to the exercise of a Warrant unless (i) a registration statement
under the Securities Act with respect to the issuance of Common Stock upon
exercise of the Warrant is effective or (ii) in the opinion of counsel to
the Company, the issuance of the Common Stock upon the exercise of the Warrants
is exempt from the registration requirements of the Securities Act and such
securities are qualified for sale or exempt from qualification under applicable
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    Registered
Holders reside. Warrants may not be exercised by, or securities issued to, any
Registered Holder in any state in which such exercise would be
unlawful.  As a result of the provisions of this Section 3.3(b),
any or all of the Warrants may expire unexercised.  In no event shall
the Registered Holder of a Warrant be entitled to receive any monetary damages
if the issuance of the shares of Common Stock underlying the Warrants has not
been registered by the Company pursuant to an effective registration statement
or if a current prospectus is not available for delivery by the Warrant Agent;
provided, that the Company has
fulfilled its obligation to use its best efforts to effect such registration,
maintain an effective registration statement and ensure a current prospectus is
available for delivery by the Warrant Agent; provided further, that the Company has
fulfilled its obligation to use its best efforts to register the shares of
common stock underlying the Warrants under the blue sky laws of the states of
residence of the Warrant holders, to the extent an exemption is not
available.

     

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

     

    (d)           Date of Issuance.  Each
person in whose name any such certificate for shares of Common Stock is issued
shall for all purposes be deemed to have become the holder of record of such
shares on the Exercise Date in accordance with Section 3.3(a),
irrespective of the date of delivery of such certificate to the holder, except
that, if delivery of the items set forth in Section 3.3(a)
occurs after 5:00 p.m., New York time, on any Business Day during the
Exercise Period, such person shall be deemed to have become the holder of such
shares at the close of business on the next succeeding Business
Day.

     

    3.4           No Cash
Settlement.  Notwithstanding anything to the contrary contained
in this Agreement, under no circumstances will the Company be required to net
cash settle the exercise of the Warrants.

     

    ARTICLE IV

    ADJUSTMENTS

     

    4.1           Stock Dividends;
Split-Ups.  If after the date hereof, and subject to the
provisions of Section 4.7, the
number of outstanding shares of Common Stock is increased by a stock dividend
payable in shares of Common Stock, or by a split up of shares of Common Stock,
or other similar event, then, on the effective date of such stock dividend,
split up or similar event, the number of shares of Common Stock issuable on
exercise of each Warrant shall be increased in proportion to such increase in
outstanding shares of Common Stock.

     

     

    
      
        
        

      

      
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    4.2           Aggregation of Shares.  If
after the date hereof, and subject to the provisions of Section 4.7, the
number of outstanding shares of Common Stock is decreased by a consolidation,
combination, reverse stock split or reclassification of shares of Common Stock
or other similar event, then, on the effective date of such consolidation,
combination, reverse stock split, reclassification or similar event, the number
of shares of Common Stock issuable on exercise of each Warrant shall be
decreased in proportion to such decrease in outstanding shares of Common
Stock.

     

    4.3           Adjustments in Warrant
Price.  Whenever the number of shares of Common Stock
purchasable upon the exercise of the Warrants is adjusted, as provided in Sections 4.1 and
4.2 above, each
of the Warrant Price and the Floor Price shall be adjusted (to the nearest cent)
by multiplying such Warrant Price and Floor Price, as the case may be,
immediately prior to such adjustment by a fraction (x) the numerator of
which shall be the number of shares of Common Stock purchasable upon the
exercise of the Warrants immediately prior to such adjustment and (y) the
denominator of which shall be the number of shares of Common Stock so
purchasable immediately thereafter; provided, that, with respect to
any adjustment occurring prior to the consummation of the Initial Public
Offering, the Company may determine (with the consent of the Sponsor) not to
adjust the Warrant Price and the Floor Price.

     

          
 4.4           Replacement of Securities
upon Reorganization, etc.  In
case of any reclassification or reorganization of the outstanding shares of
Common Stock (other than a change covered by Section 4.1 or
4.2 hereof or
that solely affects the par value of such shares of Common Stock), or in the
case of any merger or consolidation of the Company with or into another
corporation (other than a consolidation or merger in which the Company is the
continuing corporation and that does not result in any reclassification or
reorganization of the outstanding shares of Common Stock), or in the case of any
sale or conveyance to another corporation or entity of the assets or other
property of the Company as an entirety or substantially as an entirety in
connection with which the Company is dissolved, the Registered Holders shall
thereafter have the right to purchase and receive, upon the basis and upon the
terms and conditions specified in the Warrants and in lieu of the shares of
Common Stock of the Company immediately theretofore purchasable and receivable
upon the exercise of the rights represented thereby, the kind and amount of
shares of stock or other securities or property (including cash) receivable upon
such reclassification, reorganization, merger or consolidation, or upon a
dissolution following any such sale or transfer, by a Registered Holder of the
number of shares of Common Stock of the Company obtainable upon exercise of the
Warrants immediately prior to such event; and if any reclassification also
results in a change in shares of Common Stock covered by Sections 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           Extraordinary Dividends.  If
the Company, at any time during the Exercise Period, shall pay a dividend or
make a distribution in cash, securities or other assets to the holders of Common
Stock (or other shares of the Company’s capital stock into which the Warrants
are convertible), other than (i) as described in Sections 4.1,
4.2 or 4.4,
(ii) regular quarterly or other periodic dividends, (iii) in
connection with the conversion rights of the holders of Common Stock upon
consummation by the Company of a Business Combination or (iv) in connection
with the Company’s liquidation and the distribution of its assets upon its
failure to consummate a Business Combination (any such non-excluded event being
referred to herein as an “Extraordinary
Dividend”), then the Warrant Price and the Floor Price shall be decreased
(other than with respect to the Underwriters’ Warrants), effective immediately
after the effective date of such Extraordinary Dividend, by the amount of cash
and/or the fair market value (as determined by the Company’s Board of Directors,
in good faith) of any securities or other assets paid on each share of Common
Stock (or other shares of the Company’s capital stock into which the Warrants
are convertible) in respect of such Extraordinary Dividend.

     

     

    
      
        
        

      

      
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    4.6           Notices of Changes in
Warrant.  Upon every adjustment of the Warrant Price, Floor
Price or the number of shares issuable on exercise of a Warrant, the Company
shall give written notice thereof to the Warrant Agent, which notice shall state
the Warrant Price or Floor 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, 4.4 or 4.5, then, in any
such event, the Company shall give written notice to each Registered Holder, at
the last address set forth for such holder in the Warrant Register, of the
record date or the effective date of the event.  Failure to give such
notice, or any defect therein, shall not affect the legality or validity of such
event.

     

    4.7           No Fractional
Shares.  Notwithstanding any provision contained in this
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 Article IV or by
reason of any cashless exercise pursuant to Sections 3.3(a) or
6.1, the
Registered Holder would be entitled, upon the exercise of such Warrant, to
receive a fractional interest in a share, the Company shall, upon such exercise,
round up to the nearest whole number the number of the shares of Common Stock to
be issued to the Registered Holder.

     

    4.8           Form of Warrant.  The forms
of Warrants need not be changed because of any adjustment pursuant to this Article IV, 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.

     

    4.9           Notice of Certain
Transactions.  In the event that the Company shall propose to
(a) offer the holders of its Common Stock rights to subscribe for or to
purchase any securities convertible into shares of Common Stock or shares of
stock of any class or any other securities, rights or options, (b) issue
any rights, options or warrants entitling the holders of Common Stock to
subscribe for shares of Common Stock or (c) make a tender offer, redemption
offer or exchange offer with respect to the Common Stock, the Company shall send
to the Registered Holders a notice of such proposed action or offer. Such notice
shall be mailed to the Registered Holders at their addresses as they appear in
the Warrant Register, which shall specify the record date for the purposes of
such dividend, distribution or rights, or the date such issuance or event is to
take place and the date of participation therein by the holders of Common Stock,
if any such date is to be fixed, and shall briefly indicate the effect of such
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    kind of
any other shares of stock and on other property, if any, and the number of
shares of Common Stock and other property, if any, issuable upon exercise of
each Warrant and the Warrant Price or Floor Price after giving effect to any
adjustment pursuant to this Article IV that
would be required as a result of such action. Such notice shall be given as
promptly as practicable after the Company’s Board of Directors has determined to
take any such action and (x) in the case of any action covered by clause
(a) or (b) above at least 10 days prior to the record date for
determining the holders of the Common Stock for purposes of such action or
(y) in the case of any other such action at least 20 days prior to the date
of the taking of such proposed action or the date of participation therein by
the holders of Common Stock, whichever shall be the earlier.

     

    ARTICLE V

    TRANSFER
AND EXCHANGE OF WARRANTS

     

    5.1           Transfer of Warrants.  Prior
to the Detachment Date, the Public Warrants may be transferred or exchanged only
as part of the Public Units in which such Warrants are included, and only for
the purpose of effecting, or in conjunction with, a transfer or exchange of such
Public Unit.  For the avoidance of doubt, each transfer of a Public
Unit on the register relating to such Public Units shall operate also to
transfer the Warrants included in such Public Unit.

     

    5.2           Registration of
Transfer.  Subject to Section 5.3
below, the Warrant Agent shall register the transfer, from time to time, of any
outstanding Warrant upon the Warrant Register, upon surrender of such Warrant
for transfer, properly endorsed with signatures properly guaranteed and
accompanied by appropriate instructions for transfer.  Upon any such
transfer, a new Warrant representing an equal aggregate number of Warrants shall
be issued and the old Warrant shall be cancelled by the Warrant
Agent.  The Warrants so cancelled shall be delivered by the Warrant
Agent to the Company from time to time upon request.

     

    5.3           Procedure for Surrender of
Warrants.  Warrants may be surrendered to the Warrant Agent,
together with a written request for exchange or transfer, and thereupon the
Warrant Agent shall issue in exchange therefor one or more new Warrants as
requested by the Registered Holder of the Warrants so surrendered, representing
an equal aggregate number of Warrants; provided, however, that except
as otherwise provided herein or in any Book-Entry Warrant Certificate, each
Book-Entry Warrant Certificate may be transferred only in whole and only to the
Depository, to another nominee of the Depository, to a successor depository, or
to a nominee of a successor depository; provided further,

     

     

    
      
        
        

      

      
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    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. Upon any such registration of
transfer, the Company shall execute, and the Warrant Agent shall countersign and
deliver, in the name of the designated transferee a new Warrant certificate or
Warrant certificates of any authorized denomination evidencing in the aggregate
a like number of unexercised Warrants.

     

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

     

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

     

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

     

    ARTICLE VI

    REDEMPTION

     

    6.1           Redemption.  Subject to
Section 6.4
hereof, not less than all of the outstanding Warrants (other than any Private
Warrants that are held by the Sponsor or any Permitted Transferees) may be
redeemed, at the option of the Company, at any time after they become
exercisable and prior to their expiration, at the office of the Warrant Agent,
upon the notice referred to in Section 6.2, at
the price of $0.01 per Warrant (the “Redemption Price”);
provided, however, that the
last sales price of the Common Stock has been equal to or greater than the Floor
Price on each of 20 trading days within any 30 trading day period ending three
Business Days prior to the date on which notice of redemption is given; and
provided, further that the Warrants
(and the Common Stock issuable upon the exercise of such Warrants) are covered
by an effective registration statement from the date of notice of redemption
through the date fixed for redemption.  If the foregoing conditions
are satisfied, and such Warrants are called for redemption, each Registered
Holder will be entitled to exercise their Warrants prior to the date scheduled
for redemption.  In the event the Company calls any such Warrants for
redemption pursuant to this Section 6.1, the
Company shall have the option to require all (but not part) of the holders of
those Warrants who elect to exercise their Warrants prior to the date scheduled
for redemption to exercise the Warrants on a cashless basis.  If the
Company requires the Registered Holders of such Warrants to exercise on a
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    Price by
surrendering such Warrants for that number of shares of Common Stock equal to
the quotient obtained by dividing (x) the product of the number of shares
of Common Stock underlying the Warrants, multiplied by the difference between
the Redemption Fair Market Value and the Warrant Price of the Warrants by
(y) the Redemption Fair Market Value.  The “Redemption Fair Market
Value” shall mean the average reported last sales price of the Common
Stock in the principal trading market for the Common Stock as reported by any
national securities exchange or quoted on the FINRA OTC Bulletin Board (or
successor exchange), as the case may be, for the 10 consecutive trading days
ending on the third trading day prior to the date on which the notice of
redemption is sent to the Registered Holders of such Warrants.

     

    6.2           Date Fixed for, and Notice of,
Redemption.  In the event the Company shall elect to redeem all
of the outstanding Warrants (other than any Initial Sponsor Warrants or Sponsor
Warrants that are held by the Sponsor or any Permitted Transferees) pursuant to
Section 6.1 (the
“Redeemable
Warrants”), the Company shall fix a date for the
redemption.  Notice of redemption shall be mailed by first class mail,
postage prepaid, by the Company not less than 30 days prior to the date fixed
for redemption to the Registered Holders of the Redeemable Warrants at their
last addresses as they shall appear in the Warrant Register.  Any
notice mailed in the manner herein provided shall be conclusively presumed to
have been duly given on the date sent whether or not the Registered Holder
received such notice.

     

    6.3           Exercise After Notice of
Redemption.  The Redeemable Warrants may be exercised, for cash
or, if required by the Company, on a cashless basis, in accordance with Section 6.1 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 time and date fixed for redemption.  On and
after the redemption date, the Registered Holder of the Redeemable Warrants
shall have no further rights except to receive the Redemption Price upon
surrender of the Redeemable Warrants.

     

    6.4           Outstanding Warrants
Only.  The Company understands that the redemption rights
provided for by this Article VI apply
only to outstanding Redeemable Warrants.  To the extent a person holds
rights to purchase Redeemable Warrants, such purchase rights shall not be
extinguished by redemption.  However, once such purchase rights are
exercised, the Company may redeem the Redeemable Warrants issued upon such
exercise, provided that the criteria for
redemption are met, including the opportunity of the Redeemable Warrant holders
to exercise prior to redemption pursuant to Section 6.3.

     

    ARTICLE VII

    OTHER
PROVISIONS RELATING TO

    RIGHTS
OF HOLDERS OF WARRANTS

     

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

     

     

    
      
        
        

      

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

     

    7.4           Registration of Common
Stock.  If the Company consummates an Initial Public Offering,
the Company agrees that prior to the commencement of the Exercise Period, it
shall 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 Securities Act of, and it shall take such action as
may be necessary to qualify for sale, in those states in which the Warrants were
initially offered by the Company, the issuance of the Common Stock issuable upon
exercise of the Warrants.  In either case, the Company shall use its
best efforts to (i) cause the same to become effective on or prior to the
commencement of the Exercise Period and to maintain the effectiveness of such
registration statement until the expiration of the Warrants in accordance with
the provisions of this Agreement, and (ii) register the shares of Common Stock
underlying the Warrants under the blue sky laws of the states of residence of
the existing Warrant holders, to the extent an exemption is not
available.

     

    ARTICLE VIII

    CONCERNING
THE WARRANT AGENT AND OTHER MATTERS

     

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

     

    8.2           Resignation, Consolidation, or Merger of
Warrant Agent.

     

    (a)           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 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 any Registered Holder (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
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    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.

     

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

     

    (c)           Merger or Consolidation of
Warrant Agent.  Any corporation or other entity 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.

     

    (a)           Remuneration.  The
Company agrees to pay the Warrant Agent reasonable remuneration for its services
as such Warrant Agent hereunder and shall reimburse the Warrant Agent upon
written demand for all reasonable expenditures that the Warrant Agent may
reasonably incur in the execution of its duties hereunder.

     

    (b)           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.

     

     

    
      
        
        

      

      
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    8.4           Liability of Warrant
Agent.

     

    (a)           Reliance on Company
Statement.  Whenever in the performance of its duties under
this 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 Chairman of the
Board of Directors, Vice Chairman, President, Chief Financial Officer,
Treasurer, Chief Legal Officer, Secretary or Assistant Secretary 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.

     

    (b)           Indemnity.

     

    (i)           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.

     

    (ii)           In
case any action arising out of this Agreement is brought against the Warrant
Agent, the Company will be entitled to participate therein and, to the extent
that it may wish, to assume the defense thereof, and after notice from the
Company to the Warrant Agent of its election so to assume the defense, the
Company will not be liable to the Warrant Agent under this Section 8.4(b)
for any legal or other expenses subsequently incurred by the Warrant Agent in
connection with the defense thereof.  The Warrant Agent shall not,
without the prior written consent of the Company, effect any settlement of any
pending or threatened action hereunder.

     

    (c)           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 Article IV
hereof or responsible for the manner, method, or amount of any such adjustment
or the ascertaining of the existence of facts that would require any such
adjustment; nor shall it by any act hereunder be deemed to make any
representation or warranty as to the authorization or reservation of any shares
of Common Stock to be issued pursuant to this Agreement or any Warrant or as to
whether any shares of Common Stock will when issued be valid and fully paid and
nonassessable.

     

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

     

     

    
      
        
        

      

      
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    8.6           Waiver.  The Warrant Agent
hereby waives any and all right or set-off of any and all title, interest or
claim of any kind (“Claim”) in or to any
distribution of the Trust Account (as defined in that certain Investment
Management Trust Agreement to be entered into by and between the Company and
Wilmington Trust Company as trustee thereunder), and hereby agrees not to seek
recourse, reimbursement, payment or satisfaction for any Claim against the funds
in the Trust Account for any reason whatsoever including, without limitation,
pursuant to Section 8.4(b)
hereunder, and to pursue any such Claims solely against the
Company.

     

    ARTICLE IX

    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 Agreement to be given or made by the
Warrant Agent or by any Registered Holder 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:

     

    Open
Acquisition Corp.

    70 East
Sunrise Highway

    Valley
Stream, New York 11851

    Attn:  Chief
Executive Officer

     

    Any
notice, statement or demand authorized by this Agreement to be given or made by
any Registered Holder 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

    [
]

    Attn: [
]

     

    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 conflict of laws.  The Company and the
Warrant Agent hereby agree 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 and the Warrant Agent hereby waive any
objection to such exclusive jurisdiction and that 

     

     

    
      
        
        

      

      
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    such
courts represent an inconvenient forum.  Any such process or summons
to be served upon the Company or the Warrant Agent 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; provided, that, such service
shall not preclude any other manner of service permitted by law.

     

    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, any right, remedy or
claim under or by reason of this Agreement or of any covenant, condition,
stipulation, promise or agreement hereof.  All covenants, conditions,
stipulations, promises and agreements contained in this Agreement shall be for
the sole and exclusive benefit of the parties hereto 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 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
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 in
accordance with Sections 3.1 and
3.2,
respectively, without such consent.

     

     

    
      
        
        

      

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

     

    9.10           Entire
Agreement.  This Agreement constitutes the entire understanding
of the parties and supersedes all prior agreements (including the Amended
Warrant Agreement), understandings, arrangements, promises and commitments,
whether written or oral, express or implied, relating to the subject matter
hereof, and all such prior agreements, understandings, arrangements, promises
and commitments are hereby canceled and terminated.

     

    [Signature page
follows]

     

     

    
      
        
        

      

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

     

    

    
      

       

      
        	
                OPEN
      ACQUISITION CORP.

              
	 
      	 
      
	 
      	 
      
	
                By:

              	 
      
	 
      	
                Name:

              
	 
      	
                Title:

              

      

      

      

      
        	
                CONTINENTAL
      STOCK TRANSFER & TRUST
      COMPANY

              
	 
      	 
      
	 
      	 
      
	
                By:

              	 
      
	 
      	
                Name:

              
	 
      	
                Title:

              

      

      

       

     

    

     

    The
undersigned, being the holder of 3,593,750 Initial Sponsor Warrants and
3,500,000 Sponsor Warrants, hereby consents to the execution and delivery of
this Agreement:

     

    
      	
              OPEN
      ACQ LLC

            
	 
      
	 
      
	
              By:

            	 
      
	 
      	
              Name:

            
	 
      	
              Title:

            

    

     

     

    
      
        
        

      

      
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    EXHIBIT A

     

    Form of Public
Warrant

     

    SPECIMEN
WARRANT CERTIFICATE

    
    

     

    
      	NUMBER	
               ____________
      WARRANTS

            
	____________- 	 

    

     

    THIS
WARRANT WILL BE VOID IF NOT EXERCISED PRIOR TO 5:00 p.m.
NEW YORK
CITY TIME, ON THE EXPIRATION DATE

     

    OPEN
ACQUISITION CORP.

     

    CUSIP
68371F112

     

    WARRANT

     

    THIS
CERTIFIES THAT, for value received

     

    is the
Registered Holder of such number of Warrants set forth above (the “Warrants”), each such
Warrant expiring on the fifth anniversary of the date of the final prospectus
that forms a part of the Registration Statement (unless earlier redeemed in
accordance with the terms hereof) and entitling the holder thereof to purchase
one fully paid and non-assessable share of Common Stock, par value $0.0001 per
share (“Common
Stock”), of Open Acquisition Corp., a Delaware corporation (the “Company”).  The
Warrant entitles the holder thereof to purchase from the Company, commencing on
the later of (i) the consummation by the Company of a Business Combination
or (ii) the first anniversary of the date of the final prospectus that
forms a part of the Registration Statement, such number of shares of Common
Stock of the Company at the price of $7.50 per share (as such price may be
adjusted), upon surrender of this Warrant Certificate and payment of the Warrant
Price at the office or agency of the Warrant Agent, Continental Stock Transfer
& Trust Company (such payment to be made to the Warrant Agent in lawful
money of the United States, by cash, by bank wire transfer in immediately
available funds, or by certified check or bank draft payable to the Company or
on a cashless basis at the option of the Company as described below), but only
subject to the conditions set forth herein and in the Warrant
Agreement.  The Warrant Agreement provides that upon the occurrence of
certain events the Warrant Price, the Floor Price and the number of shares of
Common Stock purchasable upon the exercise of each Warrant may, subject to
certain conditions, be adjusted.  The term Warrant Price as used in
this Warrant Certificate refers to the price per share at which shares of Common
Stock may be purchased at the time the Warrant is exercised.

     

    Notwithstanding
the foregoing, and subject to Section 7.4 of
the Warrant Agreement, no Warrant may be exercised unless (i) a
registration statement under the Securities Act of 1933, as amended (the “Securities Act”),
with respect to the issuance of Common Stock upon exercise of the Warrant is
effective or (ii) in the opinion of counsel to the Company, the issuance of
the Common Stock upon the exercise of the Warrants is exempt from the
registration requirements of the Securities Act.

     

     

    
      
        
        

      

      
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    No
fraction of a share will be issued upon any exercise of a
Warrant.  If, upon exercise of a Warrant, a holder would be entitled
to receive a fractional interest in a share of Common Stock, the Company shall,
upon exercise, round up to the nearest whole number the number of shares of
Common Stock to be issued to the warrant holder.

     

    Upon any
exercise of the Warrant for less than the total number of full shares of Common
Stock provided for herein, there shall be issued to the Registered Holder hereof
or his assignee a new Warrant Certificate covering the number of shares of
Common Stock for which the Warrant has not been exercised.

     

    Warrant
Certificates, when surrendered at the office or agency of the Warrant Agent by
the Registered Holder hereof in person or by attorney duly authorized in
writing, may be exchanged in the manner and subject to the limitations provided
in the Warrant Agreement, but without payment of any service charge, for another
Warrant Certificate or Warrant Certificates of like tenor and evidencing in the
aggregate a like number of Warrants.

     

    Upon due
presentment for registration of transfer of the Warrant Certificate at the
office or agency of the Warrant Agent, a new Warrant Certificate or Warrant
Certificates of like tenor and evidencing in the aggregate a like number of
Warrants shall be issued to the transferee in exchange for this Warrant
Certificate, subject to the limitations provided in the Warrant Agreement,
without charge except for any applicable tax or other governmental
charge.

     

    The
Company and the Warrant Agent may deem and treat the Registered Holder as the
absolute owner of this Warrant Certificate (notwithstanding any notation of
ownership or other writing hereon made by anyone), for the purpose of any
exercise hereof, of any distribution to the Registered Holder, and for all other
purposes, and neither the Company nor the Warrant Agent shall be affected by any
notice to the contrary.

     

    This
Warrant does not entitle the Registered Holder to any of the rights of a
stockholder of the Company.

     

    Subject
to Section 6.4 of
the Warrant Agreement, the Company may redeem all, but not less than all, of the
Public Warrants and the Underwriters’ Warrants, at the option of the Company, at
any time after such Warrants become exercisable and prior to their expiration,
at the office of the Warrant Agent, upon the notice referred to in Section 6.2 of
the Warrant Agreement, at the price of $0.01 per Warrant (the “Redemption Price”);
provided, however, that the
last sales price of the Common Stock has been equal to or greater than the Floor
Price on each of 20 trading days within any 30 trading day period ending three
Business Days prior to the date on which notice of redemption is given; and
provided, further that with respect to
the Public Warrants and the Underwriters’ Warrants such Warrants (and the Common
Stock issuable upon the exercise of such Warrants) are covered by an

     

     

    
      
        
        

      

      
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    effective
registration statement from the date of notice of redemption through the date
fixed for redemption.  If the foregoing conditions are satisfied, and
the Warrants are called for redemption, each Registered Holder will be entitled
to exercise their Warrants prior to the date scheduled for
redemption.  In the event the Company calls the Warrants for
redemption pursuant to Section 6.1 of
the Warrant Agreement, the Company shall have the option to require all (but not
part) of the holders of those Warrants who elect to exercise their Warrants
prior to the date scheduled for redemption to exercise the Warrants on a
cashless basis.  If the Company requires holders of the Warrants to
exercise the Warrants on a cashless basis, the holder of such Warrants shall pay
the Warrant Price by surrendering such Warrants for that number of shares of
Common Stock equal to the quotient obtained by dividing (x) the product of
the number of shares of Common Stock underlying the Warrants, multiplied by the
difference between the Redemption Fair Market Value and the Warrant Price of the
Warrants by (y) the Redemption Fair Market Value.  Any Warrant
either not exercised or tendered back to the Company by the end of the date
specified in the notice of redemption shall be canceled on the books of the
Company and have no further value except for the $0.01 redemption
price.

     

    The
securities represented by this Warrant Certificate (including the securities
issuable upon the exercise of the Warrant) are subject to the terms and
conditions set forth in the Warrant Agreement dated as of [   ],
2008, by and between the Company and the Warrant Agent (the “Warrant
Agreement”).  Copies of such agreement may be obtained by the
holder hereof at the Warrant Agent’s principal place of business without
charge.  Capitalized terms used herein but not defined shall have the
meaning set forth in the Warrant Agreement.

     

     

    
      
        	
                OPEN
      ACQUISITION CORP.

              
	 
      	 
      
	 
      	 
      
	
                By:

              	 
      
	 
      	
                Name:

              
	 
      	
                Title:

              

      

      

      

      
        	
                CONTINENTAL
      STOCK TRANSFER & TRUST
      COMPANY

              
	 
      	 
      
	 
      	 
      
	
                By:

              	 
      
	 
      	
                Name:

              
	 
      	
                Title:

              

      

       

       

      
        
          
          

        

        
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    ELECTION
TO PURCHASE

     

    To Be
Executed by the Registered Holder in Order to Exercise Warrants

     

    The
undersigned Registered Holder irrevocably elects to exercise
_______________________ Warrants represented by this Warrant Certificate, and to
purchase the shares of Common Stock issuable upon the exercise of such Warrants,
and requests that Certificates for such shares shall be issued in the name
of

     

    
       

      
         

        
          	
                   

                  (PLEASE TYPE OR
      PRINT NAME AND ADDRESS)

                   

                

        

         

      

       

       

      

    

     

    (SOCIAL
SECURITY OR TAX IDENTIFICATION NUMBER)

     

    and be
delivered to

    
 

    
      	
              (PLEASE PRINT OR
      TYPE NAME AND ADDRESS)

            

    

     

    and, if
such number of Warrants shall not be all the Warrants evidenced by this Warrant
Certificate, that a new Warrant Certificate for the balance of such Warrants be
registered in the name of, and delivered to, the Registered Holder at the
address stated below:

     

    
      
        	
                Dated:

              	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                (SIGNATURE)

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                (ADDRESS)

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                (TAX
      IDENTIFICATION NUMBER)

              

      

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
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    ASSIGNMENT

     

    To Be
Executed by the Registered Holder in Order to Assign Warrants

     

    For Value
Received, __________________________________ hereby sells, assigns, and
transfers unto

     

    
      
        
          
            
              	
                       

                      (PLEASE TYPE OR
      PRINT NAME AND ADDRESS)

                       

                    

            

             

          

           

           

          

        

         

        (SOCIAL
SECURITY OR TAX IDENTIFICATION NUMBER)

         

        and be
delivered to

        
 

        
          	
                  (PLEASE PRINT OR
      TYPE NAME AND ADDRESS)

                

        

         

      

    

    ___________________________________
of the Warrants represented by this Warrant Certificate, and hereby irrevocably
constitute and appoint
__________________________________________________________ Attorney to transfer
this Warrant Certificate on the books of the Company, with full power of
substitution in the premises.

     

    
      
        
          	
                  Dated:

                	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                  (SIGNATURE)

                

        

      

       

    

    The
signature to the assignment of the subscription form must correspond to the name
written upon the face of this warrant certificate in every particular, without
alteration or enlargement or any change whatsoever, and must be guaranteed by a
commercial bank or trust company or a member firm of the American Stock
Exchange, New York Stock Exchange, Pacific Stock Exchange or Chicago Stock
Exchange.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
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      EXHIBIT B

    

     

    Form of Private
Warrant

     

    The
securities represented by this Warrant Certificate (including the securities
issuable upon exercise of the Warrant) have not been registered under the
Securities Act of 1933, as amended.  The securities may not be sold,
offered for sale, pledged or hypothecated in the absence of an effective
registration statement as to the securities under the Securities Act or an
opinion of counsel satisfactory to the Company that such registration statement
is not required.

     

    The
securities represented by this Warrant Certificate (including the securities
issuable upon the exercise of the Warrant) are subject to the terms and
conditions, including certain restrictions on transfer, set forth in the Warrant
Agreement dated as of [   ], 2008, by and between the Company and
the Warrant Agent (the “Warrant
Agreement”).  Copies of such agreement may be obtained by the
holder hereof at the Warrant Agent’s principal place of business without
charge.

     

    SPECIMEN
WARRANT CERTIFICATE

    
       

      
        	NUMBER	
                 ____________
      WARRANTS

              
	____________- 	 

      

    

     

    THIS
WARRANT WILL BE VOID IF NOT EXERCISED PRIOR TO 5:00 p.m.

    NEW YORK
CITY TIME, ON THE EXPIRATION DATE

     

    OPEN
ACQUISITION CORP.

     

    CUSIP
68321F112

     

     [INITIAL
SPONSOR] [SPONSOR]

    WARRANT

    

    THIS
CERTIFIES THAT, for value received

     

    is the
Registered Holder of such number of Warrants set forth above (the “Warrants”), each such
Warrant expiring on the fifth anniversary of the date of the final prospectus
that forms a part of the Registration Statement (unless earlier redeemed in
accordance with the terms hereof) and entitling the holder thereof to purchase
one fully paid and non-assessable share of Common Stock, par value $0.0001 per
share (“Common
Stock”), of Open Acquisition Corp., a Delaware corporation (the “Company”).  The
Warrant entitles the holder thereof to purchase from the Company, commencing on
the later of (i) the consummation by the Company of a Business Combination
or (ii) the first anniversary of the date of the final prospectus that
forms a part of the Registration Statement, such number of shares of Common
Stock of the Company at the price of $7.50 per share (as such price may be
adjusted), upon surrender of this Warrant Certificate and payment of the Warrant
Price at the office or agency of the Warrant Agent, Continental Stock Transfer
& Trust Company (such payment to be made to 

     

     

    
      
        
        

      

      
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    the
Warrant Agent in lawful money of the United States, by cash, by bank wire
transfer in immediately available funds, or by certified check or bank draft
payable to the Company or, with respect to the Initial Sponsor Warrants and the
Sponsor Warrants, on a cashless basis as described in Section 3.3(a)
of the Warrant Agreement and below), but only subject to the conditions set
forth herein and in the Warrant Agreement; provided, that the Initial
Sponsor Warrants may not be exercised unless and until the last sales price of
the Common Stock exceeds the Floor Price for any 20 trading days within a 30 day
trading period beginning 90 days after a Business Combination.  The
Warrant Agreement provides that upon the occurrence of certain events the
Warrant Price, the Floor Price and the number of shares of Common Stock
purchasable upon the exercise of each Warrant, may, subject to certain
conditions, be adjusted.  The term Warrant Price as used in this
Warrant Certificate refers to the price per share at which shares of Common
Stock may be purchased at the time the Warrant is exercised.

     

    Notwithstanding
the foregoing, and subject to Section 7.4 of
the Warrant Agreement, no Warrant may be exercised unless (i) a
registration statement under the Securities Act of 1933, as amended (the “Securities Act”),
with respect to the issuance of Common Stock upon exercise of the Warrant is
effective or (ii) in the opinion of counsel to the Company, the issuance of
the Common Stock upon the exercise of the Warrants is exempt from the
registration requirements of the Securities Act.

     

    No
fraction of a share of Common Stock will be issued upon any exercise of a
Warrant.  If, upon exercise of a Warrant, a holder would be entitled
to receive a fractional interest in a share of Common Stock, the Company shall,
upon exercise, round up to the nearest whole number the number of shares to be
issued to the Warrant holder.

     

    Upon any
exercise of the Warrant for less than the total number of full shares of Common
Stock provided for herein, there shall be issued to the Registered Holder hereof
or his assignee a new Warrant Certificate covering the number of shares of
Common Stock for which the Warrant has not been exercised.

     

    Warrant
Certificates, when surrendered at the office or agency of the Warrant Agent by
the Registered Holder hereof in person or by attorney duly authorized in
writing, may be exchanged in the manner and subject to the limitations provided
in the Warrant Agreement, but without payment of any service charge, for another
Warrant Certificate or Warrant Certificates of like tenor and evidencing in the
aggregate a like number of Warrants.

     

    Upon due
presentment for registration of transfer of the Warrant Certificate at the
office or agency of the Warrant Agent, a new Warrant Certificate or Warrant
Certificates of like tenor and evidencing in the aggregate a like number of
Warrants shall be issued to the transferee in exchange for this Warrant
Certificate, subject to the limitations provided in the Warrant Agreement,
without charge except for any applicable tax or other governmental
charge.

     

     

    
      
        
        

      

      
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    The
Company and the Warrant Agent may deem and treat the Registered Holder as the
absolute owner of this Warrant Certificate (notwithstanding any notation of
ownership or other writing hereon made by anyone), for the purpose of any
exercise hereof, of any distribution to the Registered Holder, and for all other
purposes, and neither the Company nor the Warrant Agent shall be affected by any
notice to the contrary.

     

    This
Warrant does not entitle the Registered Holder to any of the rights of a
stockholder of the Company.

     

    Subject
to Section 6.4 of
the Warrant Agreement, the Company may redeem all, but not less than all, of the
Private Warrants that are not held by the Sponsor or any Permitted Transferees,
at the option of the Company, at any time after the Warrants become exercisable
and prior to their expiration, at the office of the Warrant Agent, upon the
notice referred to in Section 6.2 of
the Warrant Agreement, at the price of $0.01 per Warrant (the “Redemption Price”);
provided, however, that the
last sales price of the Common Stock has been equal to or greater than the Floor
Price on each of 20 trading days within any 30 trading day period ending three
Business Days prior to the date on which notice of redemption is given; and
provided further that the
Warrants (and the Common Stock issuable upon exercise of such Warrants) are
covered by an effective registration statement from the date of notice of
redemption through the date fixed for redemption.  If the foregoing
conditions are satisfied, and the Warrants are called for redemption, each
Registered Holder will be entitled to exercise their Warrants prior to the date
scheduled for redemption.  In the event the Company calls the Warrants
for redemption pursuant to Section 6.1 of
the Warrant Agreement, the Company shall have the option to require all (but not
part) of the holders of those Warrants who elect to exercise their Warrants
prior to the date scheduled for redemption to exercise the Warrants on a
cashless basis.  If the Company requires holders of the Warrants to
exercise the Warrants on a cashless basis, the holder of such Warrants shall pay
the Warrant Price by surrendering such Warrants for that number of shares of
Common Stock equal to the quotient obtained by dividing (x) the product of
the number of shares of Common Stock underlying the Warrants, multiplied by the
difference between the Redemption Fair Market Value and the Warrant Price of the
Warrants by (y) the Redemption Fair Market Value.  Any Warrant
either not exercised or tendered back to the Company by the end of the date
specified in the notice of redemption shall be canceled on the books of the
Company and have no further value except for the $0.01 redemption
price.

     

    The
securities represented by this Warrant Certificate (including the securities
issuable upon the exercise of the Warrant) are subject to the terms and
conditions set forth in the Warrant Agreement dated as of [   ],
2008, by and between the Company and the Warrant Agent (the “Warrant
Agreement”).  Copies of such agreement may be obtained by the
holder hereof at the Warrant Agent’s principal place of business without
charge.  Capitalized terms used herein but not defined shall have the
meaning set forth in the Warrant Agreement.

     

     

    
      
        
        

      

      
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                  OPEN
      ACQUISITION CORP.

                
	 
      	 
      
	 
      	 
      
	
                  By:

                	 
      
	 
      	
                  Name:

                
	 
      	
                  Title:

                

        

        

        

        
          	
                  CONTINENTAL
      STOCK TRANSFER & TRUST
      COMPANY

                
	 
      	 
      
	 
      	 
      
	
                  By:

                	 
      
	 
      	
                  Name:

                
	 
      	
                  Title:

                

        

         

         

        
          
            
            

          

          
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    ELECTION
TO PURCHASE

     

    To Be
Executed by the Registered Holder in Order to Exercise Warrants

     

    The
undersigned Registered Holder irrevocably elects to exercise _________________
Warrants represented by this Warrant Certificate, and to purchase the shares of
Common Stock issuable upon the exercise of such Warrants, and requests that
Certificates for such shares shall be issued in the name of

    
      
         

        
          
            
              
                
                  	
                           

                          (PLEASE TYPE OR
      PRINT NAME AND ADDRESS)

                           

                        

                

                 

              

               

               

              

            

             

            (SOCIAL
SECURITY OR TAX IDENTIFICATION NUMBER)

             

            and be
delivered to

            
 

            
              	
                      (PLEASE PRINT OR
      TYPE NAME AND ADDRESS)

                    

            

             

          

        
and, if
such number of Warrants shall not be all the Warrants evidenced by this Warrant
Certificate, that a new Warrant Certificate for the balance of such Warrants be
registered in the name of, and delivered to, the Registered Holder at the
address stated below:

    

     

    
      
        
          	
                  Dated:

                	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                  (SIGNATURE)

                
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                  (ADDRESS)

                
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                  (TAX
      IDENTIFICATION NUMBER)

                

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            Table of Contents

          

        

      

       

    

    ASSIGNMENT

     

    To Be
Executed by the Registered Holder in Order to Assign Warrants

     

    For Value
Received, __________________________________ hereby sells, assigns, and
transfers unto 

    
      
         

        
          
            
              
                
                  	
                           

                          (PLEASE TYPE OR
      PRINT NAME AND ADDRESS)

                           

                        

                

                 

              

               

               

              

            

             

            (SOCIAL
SECURITY OR TAX IDENTIFICATION NUMBER)

             

            and be
delivered to

            
 

            
              	
                      (PLEASE PRINT OR
      TYPE NAME AND ADDRESS)

                    

            

             

          

        

      

    

    ___________________________________
of the Warrants represented by this Warrant Certificate, and hereby irrevocably
constitute and appoint
__________________________________________________________ Attorney to transfer
this Warrant Certificate on the books of the Company, with full power of
substitution in the premises.

    
       

      
        
          
            	
                    Dated:

                  	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                    (SIGNATURE)

                  

          

        

         

      

    

    The
signature to the assignment of the subscription form must correspond to the name
written upon the face of this warrant certificate in every particular, without
alteration or enlargement or any change whatsoever, and must be guaranteed by a
commercial bank or trust company or a member firm of the American Stock
Exchange, New York Stock Exchange, Pacific Stock Exchange or Chicago Stock
Exchange.

     

    

    
      
        
        

      

      
        A-1

        
          

        

      

      
        Table of Contents

      

       

    

    EXHIBIT C

     

    Form of Underwriters’
Warrantex103tos1a207107_04112008.htm

    Exhibit
10.3

     

     

     

    
      [
FORM OF INVESTMENT MANAGEMENT TRUST AGREEMENT]

       

      This
Agreement is made as of [•], 2008 by and between Open Acquisition Corp., with
its principal executive offices at 70 East Sunrise Highway, Suite 411, Valley
Stream, New York  11581 (the “Company”) and Continental Stock Transfer
& Trust Company, located at 17 Battery Place, New York, New York 10312 (the
“Trustee”).

       

      WHEREAS,
the Company’s Registration Statement on Form S-1 under the Securities Act of
1933, as amended, No. 333-148921 (together with any registration statement filed
pursuant to Rule 462(b), the “Registration Statement”), for
its initial public offering of securities (the “IPO”) has been declared
effective as of the date hereof (the “Effective Date”) by the
Securities and Exchange Commission;

       

      WHEREAS,
Deutsche Bank Securities Inc. (“Deutsche Bank”) is acting as
the representative of the underwriters in the IPO (the “Underwriters”);

       

      WHEREAS,
the Company has agreed to issue and sell an aggregate of 3,500,000 warrants (the
“Insider Warrants”) to
Open Acq LLC (the “Sponsor”) and the Sponsor has
agreed to purchase from the Company such Insider Warrants at the price of $1.00
per warrant in a private placement that will occur on or prior to the
consummation of the IPO (the “Private
Placement”);

       

      WHEREAS,
as described in the Registration Statement, and in accordance with the Company’s
Amended and Restated Certificate of Incorporation (“Certificate of
Incorporation”), an aggregate of $122,500,000 ($140,500,000 if the
Underwriters’ over-allotment option is exercised in full), which is comprised of
(i) the net proceeds of the IPO; (ii) the $3,500,000 received by the Company in
exchange for its Insider Warrants pursuant to the Private Placement; and (iii)
an additional $3,750,000 (or $4,312,500, if the Underwriters’ over-allotment
option is exercised in full) of the proceeds of the IPO, representing a portion
of the Underwriters’ deferred discount (the “Deferred Discount”) which Deutsche
Bank has agreed to deposit in the Trust Account (as defined below) until such
time as the Company consummates a Business Combination (as defined in the
Certificate of Incorporation), will be delivered to the Trustee to be deposited
and held in the Trust Account for the benefit of the Company and the holders of
the Company’s common stock, par value $0.0001 per share, included in the units
of the Company’s securities issued in the IPO and Deutsche Bank.  The
amount to be delivered to the Trustee will be referred to herein as the “Property,” the stockholders
for whose benefit the Trustee shall hold the Property will be referred to as the
“Public Stockholders,”
and the Public Stockholders, Deutsche Bank and the Company will be referred to
together as the “Beneficiaries”);
and

       

      WHEREAS,
the Company and the Trustee desire to enter into this Agreement to set forth the
terms and conditions pursuant to which the Trustee shall hold the
Property.

       

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

       

      
        	
                1.

              	
                Agreements and
      Covenants of Trustee.  The Trustee hereby agrees and
      covenants to:

              

      

       

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

      (a)           Hold
the Property in trust for the Beneficiaries in accordance with the terms of this
Agreement, in a segregated trust account (the “Trust Account”) established by
the Trustee at a branch of [   ];

       

      (b)           Manage,
supervise and administer the Trust Account subject to the terms and conditions
set forth herein;

       

      (c)           In
a timely manner, upon the written instruction of the Company, invest and
reinvest the Property in United States “government securities” within the
meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended
(the “1940 Act”), having
a maturity date of 180 days or less, or in any open ended investment company
registered under the 1940 Act selected by the Company that holds itself out as a
money market fund meeting the conditions of paragraphs (c)(2), (c)(3) and (c)(4)
under Rule 2a-7 promulgated under the 1940 Act, as determined by the
Company;

       

      (d)           Collect
and receive, when due, all principal and income arising from the Property, which
shall become part of the “Property,” as such term is used herein;

       

      (e)           Promptly
notify the Company of all communications received by it with respect to any
Property requiring action by the Company;

       

      (f)           Promptly
supply any necessary information or documents as may be requested by the Company
in connection with the Company’s preparation of the tax returns relating to the
Property held in the Trust Account or otherwise relating to the Trust
Account;

       

      (g)           Participate
in any plan or proceeding for protecting or enforcing any right or interest
arising from the Property if, as and when instructed by the Company and/or
Deutsche Bank to do so;

       

      (h)           Render
to the Company, and to such other persons as the Company may instruct, monthly
written statements of the activities of and amounts in the Trust Account
reflecting all receipts and disbursements of the Trust Account; and

       

      (i)           Commence
liquidation of the Trust Account only upon receipt of and only in accordance
with the terms of a letter (the “Termination Letter”), in a
form substantially similar to that attached hereto as Exhibit A or Exhibit B,
signed on behalf of the Company by its Chairman of the Board and Chief Executive
Officer, and complete the liquidation of the Trust Account and distribute the
Property in the Trust Account only as directed in the Termination Letter; provided, however, that in the
event that a Termination Letter has not been received by [•], 2010 or, if an
extension is approved in accordance with the terms of the Certificate of
Incorporation, the last day of the Extension Period (as defined therein) (the
“Termination Date”), the
Trust Account shall be liquidated and distributed in accordance with the
procedures set forth in the Termination Letter attached as Exhibit B hereto and
the documents referred to therein.  The Trustee, upon consultation
with and receipt of written instruction from the Company and Deutsche Bank,
shall deliver a notice to Public 

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      Stockholders
of record as of the Termination Date, by U.S. mail or via the Depository Trust
Company (“DTC”), within
five days of the Termination Date, to notify the Public Stockholders of such
event and take such other actions as the Company and Deutsche Bank may direct to
inform the Beneficiaries. Thereafter, the Trustee shall deliver to each Public
Stockholder its ratable share of the Property against satisfactory evidence of
delivery of the stock certificates by the Public Stockholders to the Company
through DTC, its Deposit Withdraw Agent Commission (DWAC) system or as otherwise
presented to the Trustee.  The Trustee understands and agrees that,
except as provided in this section and Section 2 hereof, disbursements from the
Trust Account shall be made only pursuant to a duly executed Termination Letter,
together with the other documents referenced herein, including, without
limitation, an independently certified oath and report of inspector of election
in respect of the stock vote in favor of the Business Combination.

       

      
        	
                2.

              	
                Limited Distributions
      of Income on Property.

              

      

       

      (a)           Taxes. If there is
any income or other federal, state or local tax obligation relating to the
Property in the Trust Account as determined by the Company, then, from time to
time, upon receipt by the Trustee of a written request signed on behalf of the
Company by its Chairman of the Board and Chief Executive Officer (a “Tax Disbursement Letter”), the
Trustee shall distribute such funds from the Trust Account as directed in the
Tax Disbursement Letter and any other documents referred therein; to the extent
there is not sufficient cash in the Trust Account to pay such tax obligation,
the Trustee shall promptly, at the written instruction of the Company, liquidate
such assets held in the Trust Account and disburse to the Company by wire transfer, out of the Property in the Trust Account,
the amount requested by the Company in the Tax Disbursement
Letter.  It is understood and agreed that the only duty of the Trustee
with regard to this section is to follow the written instruction of the
Company.

       

      (b)           Working Capital. Upon
written request from the Company in a form substantially similar to that
attached hereto as Exhibit C, signed on behalf of the Company by its Chairman of
the Board and Chief Executive Officer, from time to time, the Trustee shall
distribute to the Company amounts necessary to fund the Company’s working
capital requirements; provided that any
amounts requested shall not exceed the aggregate amount of income earned on the
Property through the last day of the month immediately preceding the Company’s
request, net of taxes payable in respect of such income and amounts previously
disbursed pursuant to Section 2(a) and this Section 2(b); and provided further that the
total amount of disbursement made pursuant to this Section 2(b) shall not exceed
$2,100,000 in the aggregate.

       

      (c)           Satisfaction of Stockholder
Conversion Rights. Upon the written request of the Company, the Trustee
shall distribute to the paying agent designated by the Company amounts requested
by the Company to satisfy the exercise of stockholder conversion rights in
accordance with Section 6.6 of the Company’s Certificate of Incorporation in
connection with an approval of an Extension Period to consummate a Business
Combination.

       

      (d)           Liquidation and Creditor
Expenses. Upon receipt by the Trustee of a written instruction from the
Company signed by its Chairman of the Board and Chief Executive Officer
requesting distributions from the Trust Account in connection with a plan of
dissolution and distribution, the Trustee shall distribute to the Company from
the Property an amount up to $75,000 to pay for actual expenses incurred
or, where known with reasonable certainty, imminently to be incurred by the
Company in connection with its dissolution and 

       

       

      
        
          
          

        

        
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      distribution;
provided that
the Company shall certify to the Trustee that such amount does not exceed the
aggregate amount of income earned on the Property through the last day of the
month immediately preceding the Company’s request, net of taxes payable in
respect of such income and amounts previously disbursed pursuant to Sections
2(a) and 2(b); and provided further
that, at the time of making such request, the Company shall certify to the
Trustee that it does not otherwise have available outside the Trust Account
funds necessary to pay the expenses of liquidation and dissolution.

      

      (e)           No Other
Distributions. Except as provided in Section 1(i) and Sections 2(a), 2(b)
2(c) and 2(d), no other distributions from the Trust Account shall be
permitted.

      

      
        	
                3.

              	
                Agreements and
      Covenants of the Company.  The Company hereby agrees and
      covenants:

              

      

       

      (a)           Instructions. To
provide all instructions to the Trustee hereunder in writing, signed by the
Company’s Chairman of the Board and Chief Executive Officer.  In
addition, except with respect to its duties under Sections  2(a),
2(b), 2(c) and 2(d) above, the Trustee shall be entitled to rely on, and shall
be protected in relying on, any verbal or telephonic advice or instruction which
it in good faith believes to be given by any one of the persons authorized above
to give written instructions, provided that the Company and/or Deutsche Bank
shall promptly confirm such instructions in writing;

       

      (b)           Indemnity. To hold
the Trustee harmless and indemnify the Trustee from and against, any and all
expenses, including reasonable counsel fees and disbursements, or loss suffered
by the Trustee in connection with any action, suit or other proceeding brought
against the Trustee involving any claim, or in connection with any claim or
demand which in any way arises out of or relates to this Agreement, the services
of the Trustee hereunder, or the Property or any income earned from investment
of the Property, except for expenses and losses resulting from the Trustee’s
gross negligence, willful misconduct or bad faith.  Promptly after the
receipt by the Trustee of notice of demand or claim or the commencement of any
action, suit or proceeding, pursuant to which the Trustee intends to seek
indemnification under this section, it shall notify the Company in writing of
such claim (hereinafter referred to as the “Indemnified
Claim”).  The Trustee shall have the right to conduct and
manage the defense against such Indemnified Claim, provided that the Trustee
shall obtain the consent of the Company with respect to the selection of
counsel, which consent shall not be unreasonably withheld. The Trustee may not
agree to settle any Indemnified Claim without the prior written consent of the
Company, which consent shall not be unreasonably withheld.  The
Company may participate in such action with its own counsel;

       

      (c)           Fees. To pay the
Trustee an initial acceptance fee, an annual fee and a transaction processing
fee for each disbursement made pursuant to Sections 2(a), 2(b), 2(c) and 2(d) as
set forth on Schedule A hereto, which fees shall be subject to modification by
mutual agreement by the parties from time to time.  It is expressly
understood that the Property shall not be used to pay such fees and further
agreed that said transaction processing fees shall be deducted by the Trustee
from the disbursements made to the Company pursuant to 

       

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      Section
2.  The Company shall pay the Trustee the initial acceptance fee and
first year’s fee at the consummation of the IPO and thereafter on the
anniversary of the Effective Date.  The Trustee shall refund to the
Company the annual fee (on a pro rata basis) with respect to any period after
the liquidation of the Trust Fund.  The Company shall not be
responsible for any other fees or charges of the Trustee, except as set forth in
this Section 3(c) and as may be provided in Section 3(b) hereof (it being
expressly understood that the Property shall not be used to make any payments to
the Trustee under such Sections);

       

      (d)           Inspector of
Election.  In the event that the Company consummates a Business
Combination and the Trust Account is liquidated in accordance with
Section 1(i) hereof, an independent party designated by Deutsche Bank shall
act as the inspector of election to certify the results of the stockholder
vote;

       

      (e)           Stockholder
Vote.  In connection with any vote of the Company’s
stockholders regarding a Business Combination, to provide to the Trustee an
affidavit or certificate of a firm not affiliated with the Company regularly
engaged in the business of soliciting proxies and tabulating stockholder votes
verifying the vote of the Company’s stockholders regarding such Business
Combination;

       

      (f)           Deferred Discount
Notice.  Within five business days after Deutsche Bank’s
over-allotment option (or any unexercised portion thereof) expires or is
exercised in full, to provide the Trustee notice in writing (with a copy to
Deutsche Bank) of the total amount of the Deferred Discount, which shall in no
event be less than $3,750,000; and

       

      (g)           Liquidation.  In
connection with any liquidation of the Trust Account, not to direct the Trustee,
as paying agent, to make any payment not specifically permitted under this
Agreement.

       

      
        	
                4.

              	
                Limitations of
      Liability.  The Trustee shall have no responsibility or
      liability to:

              

      

       

      (a)           Imply obligations, perform
duties, inquire or otherwise be subject to the provisions of any agreement or
document other than this Agreement and that which is expressly set forth
herein;

       

      (b)           Take
any action with respect to the Property, other than as directed in Sections 1
and 2 hereof and the Trustee shall have no liability to any party except for
liability arising out of its own gross negligence, willful misconduct or bad
faith;

       

      (c)           Institute
any proceeding for the collection of any principal and income arising from, or
institute, appear in or defend any proceeding of any kind with respect to, any
of the Property unless and until it shall have received written instructions
from the Company given as provided herein to do so and the Company shall have
advanced or guaranteed to it funds sufficient to pay any expenses incident
thereto;

       

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      (d)           Change
the investment of any Property, other than in compliance with Section
1(c);

       

      (e)           Refund
any depreciation in principal of any Property;

       

      (f)           Assume
that the authority of any person designated by the Company and/or Deutsche Bank
to give written instructions hereunder shall not be continuing unless provided
otherwise in such designation, or unless the Company and/or Deutsche Bank shall
have delivered a written revocation of such authority to the
Trustee;

       

      (g)           The
Company or to anyone else for any action taken or omitted by it, or any action
suffered by it to be taken or omitted, in good faith and in the exercise of its
own best judgment, except for its gross negligence or willful
misconduct.  The Trustee may rely conclusively on, and shall be
protected in acting upon, any order, judgment, instruction, notice, demand,
certificate, opinion or advice of counsel (including counsel chosen by the
Trustee), statement, instrument, report or other paper or document (not only as
to its due execution and the validity and effectiveness of its provisions, but
also as to the truth and acceptability of any information therein contained)
which is believed by the Trustee, in good faith, to be genuine and to be signed
or presented by the proper person or persons.  The Trustee shall not
be bound by any notice or demand, or any waiver, modification, termination or
rescission of this Agreement or any of the terms hereof, unless evidenced by a
written instrument delivered to the Trustee signed by the proper party or
parties and, if the duties or rights of the Trustee are affected, unless it
shall give its prior written consent thereto;

       

      (h)           Verify
the correctness of the information set forth in the Registration Statement or to
confirm or assure that any acquisition made by the Company or any other action
taken by it is as contemplated by the Registration Statement, unless an officer
of the Trustee has actual knowledge thereof, written notice of such event is
sent to the Trustee or as otherwise required under Section 1(i)
hereof;

       

      (i)           Prepare,
execute and file tax reports, income or other tax returns and pay any taxes with
respect to income and activities relating to the Trust Account, regardless of
whether such tax is payable by the Trust Account or the Company (including but
not limited to income tax obligations), it being expressly understood that as
set forth in Section 2(a), if there is any income or other tax obligation
relating to the Trust Account or the Property in the Trust Account, as
determined from time to time by the Company and regardless of  whether
such tax is payable by the Company or the Trust, at the written instruction of
the Company, the Trustee shall make funds available in cash from the Property in
the Trust Account in an amount specified by the Company as owing to the
applicable taxing authority, which amount shall be paid directly to the Company
by electronic funds transfer, account debit or other method of payment, and the
Company shall forward such payment to the taxing authority; and

       

      (j)           Verify
calculations, qualify or otherwise approve Company requests for distributions
pursuant to Sections 2(a), 2(b), 2(c) and 2(d) above.

       

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      
        	
                5.

              	
                Certain Rights Of
      Trustee.

              

      

       

      (a)           Before
the Trustee acts or refrains from acting, it may require an opinion of
counsel.  The Trustee shall not be liable for any action it takes or
omits to take in good faith in reliance on such opinion of
counsel.  The Trustee may consult with counsel and the advice of such
counsel or any opinion of counsel shall be full and complete authorization and
protection from liability in respect of any action taken, suffered or omitted by
it hereunder in good faith and in reliance thereon;

       

      (b)           The
Trustee may act through its attorneys and agents and shall not be responsible
for the misconduct or negligence of any agent appointed with due
care;

       

      (c)           The
Trustee shall not be liable for any action it takes or omits to take in good
faith that it believes to be authorized or within the rights or powers conferred
upon it by this Agreement; and

       

      (d)           The
Trustee shall not be responsible for and makes no representation as to the
validity or adequacy of this Agreement, and it shall not be accountable for the
Company’s use of the proceeds from the Trust Account.  Notwithstanding
the effective date of this Agreement or anything to the contrary contained in
this Agreement, the Trustee shall have no liability or responsibility for any
act or event relating to this Agreement or the transactions related thereto
which occurs prior to the date of this Agreement, and shall have no contractual
obligations to the Beneficiaries until the date of this Agreement.

       

      6.           Waiver of Claims against
Trust Account.  The Trustee waives any right of set-off or any
and all right, title, interest or claim of any kind (the “Claim”) that the Trustee may
have against the Property held in the Trust Account, and hereby agrees not to
seek recourse, reimbursement, set-off, payment or satisfaction for any Claim
against the Trust Account for any reason whatsoever.  In the event
that the Trustee has a Claim against the Company under this Agreement,
including, without limitation, under Section 3(b), the Trustee will pursue such
Claim solely against the Company and not against the property held in the Trust
Account.

       

      
        	
                7.

              	
                Termination.  This
      Agreement shall terminate as
follows:

              

      

       

      (a)           If
the Trustee gives written notice to the Company that it desires to resign under
this Agreement, the Company shall use its reasonable efforts to locate a
successor trustee during which time the Trustee shall continue to act in
accordance with the terms of this Agreement.  At such time that the
Company notifies the Trustee that a successor trustee has been appointed by the
Company and has agreed to become subject to the terms of this Agreement, the
Trustee shall transfer the management of the Trust Account to the successor
trustee, including but not limited to the transfer of copies of the reports and
statements relating to the Trust Account, whereupon this Agreement shall
terminate; provided, however, 

       

       

      
        
          
          

        

        
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      that, in
the event that the Company does not locate a successor trustee within ninety
days of receipt of the resignation notice from the Trustee, the Trustee may
submit an application to have the Property deposited with the United States
District Court for the Southern District of New York and, upon such deposit, the
Trustee shall be immune from any liability whatsoever that arises due to any
actions or omissions to act by any party after such deposit; or

       

      (b)           At
such time that the Trustee has completed the liquidation of the Trust Account in
accordance with the provisions of Section 1(i) hereof, and distributed the
Property in accordance with the provisions of the Termination Letter, this
Agreement shall terminate except with respect to Section 3(b)
hereof.

       

      
        	
                8.

              	
                Miscellaneous.

              

      

       

      (a)           Procedures for Funds
Transfer.  The Company and the Trustee each acknowledge and
agree that the Trustee will follow the security procedures set forth below with
respect to funds transferred from the Trust Account.  The Company and
the Trustee will each restrict access to confidential information relating to
such security procedures to authorized persons.  Each party must
notify the other party immediately if it has reason to believe unauthorized
persons may have obtained access to such information, or of any change in its
authorized personnel.  In executing funds transfers, the Trustee will
rely upon all identifying information supplied to it by the Company, including
account numbers or other identifying numbers of a Beneficiary, Beneficiary’s
bank or intermediary bank and the Trustee shall not be liable for any loss,
liability or expense resulting from any error in an account number or other
identifying number.

       

      (b)           Governing
Law.  This Agreement shall be governed by and construed and
enforced in accordance with the law of the State of New York, for agreements
made and to be wholly performed within such state, without giving effect to
conflict of law principles that would result in the application of the
substantive laws of another jurisdiction.

       

      (c)           Counterparts.  This
Agreement may be executed in two or more counterparts (which may include
counterparts delivered by email or facsimile), each of which shall be deemed an
original, but all of which together shall constitute one and the same
instrument.

       

      (d)           Headings.  The
headings herein are included for convenience of reference only and are not
intended to be part of, or to affect the meaning or interpretation of, this
Agreement.

       

      (e)           Complete Agreement;
Amendment; Waiver of Trial by Jury.  This Agreement contains
the entire agreement and understanding of the parties hereto with respect to the
subject matter hereof.  This Agreement or any provision hereof may
only be changed, amended or modified by a writing signed by each of the parties
hereto; provided that such action shall not materially adversely affect the
interests of the Public Stockholders.  Any other change, waiver,
amendment or modification to this Agreement shall be subject to approval by a
majority of the Public Stockholders.  As to any claim, cross-claim or
counterclaim in any way relating to this Agreement, each party waives the right
to trial by jury.

       

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

      (f)           
Consent to
Jurisdiction.  The parties hereto consent to the jurisdiction
and venue of any state or federal court located in the State and County of New
York for purposes of resolving any disputes hereunder.  The parties
hereto irrevocably submit to such jurisdiction, which jurisdiction shall be
exclusive, and hereby waive any objection to such exclusive jurisdiction and
that such courts represent an inconvenient forum.

       

      (g)           Notice; Consent;
Requests.  Any notice, consent or request to be given in
connection with any of the terms or provisions of this Agreement shall be in
writing and shall be sent by express mail or similar private courier service, by
certified mail (return receipt requested), by hand delivery or by facsimile
transmission:

       

      if to the
Trustee, to:

       

      Continental
Stock Transfer & Trust Company

      17
Battery Place, 8th Floor

      New York,
New York 10004

      Attn:
Steven G. Nelson

      Fax:  212-509
5150

      

      if to the
Company, to:

       

      Open
Acquisition Corp.

      70 East
Sunrise Highway, Suite 411

      Valley
Stream, New York  11581

      Attn:
Michael S. Liebowitz

      Fax:
[•]

       

      

      In either case with a copy
to:

       

      Olshan
Grundman Frome Rosenzweig & Wolosky LLP

      Park
Avenue Tower

      65 E.
55th Street

      New York,
New York 10022

      Attn:
Robert L. Frome, Esq.

      Fax:
212-451-2222

       

      and:

      Deutsche
Bank Securities Inc.

      60 Wall
Street

      New York,
New York 10005

      
        Attn:
Syndicate Manager

        
          Fax:
212-797-9344

           

        

      

      and:

      Deutsche Bank Securities
Inc.

      60 Wall Street

      New York,
New York 10005

      Attn:
General Counsel

      Fax: 212-797-4561

      
 

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

         

      

      and:

      
        Cleary
Gottlieb Steen & Hamilton LLP

        
          One
Liberty Plaza

          
            New York,
New York 10006

            
              Attn:
Raymond B. Check, Esq.

              
                Fax:
212-225-3999

              

            

          

        

      

       

      (h)           This
Agreement may not be assigned by the Trustee without the prior written consent
of the Company and Deutsche Bank.  This agreement may be assigned by
the Company to a wholly-owned subsidiary of the Company upon written notice to
the Trustee.

       

      (i)           
Each of the Trustee and the Company hereby represents that it has the full right
and power and has been duly authorized to enter into this Agreement and to
perform its respective obligations as contemplated hereunder.

       

      (j)           
The Trustee hereby consents to the inclusion of information relating to it in
the Registration Statement and other materials relating to the IPO.

       

      (k)           Each
of the Company and the Trustee hereby acknowledges that Deutsche Bank is a third
party beneficiary of this Agreement.

       

      

       

      [Signature page to
follow.]

       

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

      IN
WITNESS WHEREOF, the parties have duly executed this Investment Management Trust
Agreement as of the date first written above.

       

      
        	 
      	
                CONTINENTAL
      STOCK TRANSFER & TRUST COMPANY, as Trustee

              
	 	 
	 
      	
                By:

              	
                 

              
	 
      	
                Name:

              	
                Steven
      G. Nelson

              
	 
      	
                Title:

              	
                President,
      Chairman of the Board

              
	 
      	 
      	 
      
	 	 	 
	 
      	
                OPEN
      ACQUISITION CORP.

              
	 	 
	 	 
	 
      	
                By:

              	
                 

              
	 
      	
                Name:

              	
                Michael
      S. Liebowitz

              
	 
      	
                Title:

              	
                Chief
      Executive Officer

              

      

       

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
A

       

      [LETTERHEAD
OF COMPANY]

       

      [INSERT
DATE]

       

      Continental
Stock Transfer & Trust Company

      
        	
                 
      

              	
                17
      Battery Place, 8th Floor

              
	 	New
      York, New York 10004

      

      
      

      Attn:
Steven G. Nelson

      Fax:  212-509
5150

       

      Re:           Trust
Account No. [___________]  Termination Letter

      

      Ladies
and Gentlemen:

       

      Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Open
Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust
Company (the “Trustee”), dated as of [_____________], 2008 (the “Trust
Agreement”), this is to advise you that the Company has entered into an
agreement (the “Business Agreement”) with __________________ (the “Target
Business”) to consummate a business combination with Target Business (a
“Business Combination”) on or about [INSERT DATE].  The Company shall
notify you at least 48 hours in advance of the actual date of the consummation
of the Business Combination (the “Consummation Date”).  Capitalized
terms used herein and not otherwise defined shall have the meaning ascribed to
them in the Trust Agreement.

       

      In
accordance with Section 6.4 of the Amended and Restated Certificate of
Incorporation of the Company, a majority of the outstanding shares of common
stock issued in the Company’s IPO of securities (the “IPO Shares”) have voted
for approval of such Business Combination, and Public Stockholders owning less
than 40% of the IPO Shares have voted against the Business Combination and given
notice of exercise of their conversion rights described in Section 6.6 of the
Amended and Restated Certificate of Incorporation of the Company.  In
accordance with the terms of the Trust Agreement, we hereby authorize you to
commence liquidation of Trust Account No. ________________ (the “Trust Account”)
to the effect that, on the Consummation Date, all of funds held in the Trust
Account will be immediately available for transfer to the account or accounts
that the Company and Deutsche Bank shall direct in writing.

       

      On the
Consummation Date, (i) counsel for the Company shall deliver to you written
notification that all of the conditions to closing of the Business Combination
have been satisfied and the Business Combination has been consummated or will,
concurrently with your transfer of funds to the accounts as directed by the
Company, be consummated, and; (ii) the Company shall deliver along with the oath
and report of inspector of election certified by an independent inspector
appointed by Deutsche Bank (collectively, the “Report”); and (iii) the Company
and Deutsche Bank shall deliver to you joint written instructions with respect
to the transfer of the funds, including the Deferred Discount and funds to be
paid to Public Stockholders who exercised their conversion rights in connection
with the Business Combination, held in the Trust Account
(“Instructions”).  You are hereby directed and authorized to transfer
the funds held in the Trust Account immediately upon your receipt of counsel’s
letter, the Report, and the Instructions in accordance with the terms of the
Instructions.  In the 

       

       

      
        
          
          

        

        
          A-1

          
            

          

        

        
          
          

        

      

       

      event
that certain deposits held in the Trust Account may not be liquidated by the
Consummation Date without penalty, you will notify the Company and Deutsche Bank
of the same and Deutsche Bank and the Company shall issue joint written
instructions directing you as to whether such funds should remain in the Trust
Account and be distributed after the Consummation Date to the Company and/or
Deutsche Bank.  Upon the distribution of all the funds in the Trust
Account pursuant to the terms hereof, the Trust Agreement shall be
terminated.

       

      In the
event that the Business Combination is not consummated on the Consummation Date
described in the notice thereof and we have not notified you on or before the
original Consummation Date of a new Consummation Date, then, upon your receipt
of written instruction signed by the Company and Deutsche Bank, the funds held
in the Trust Account shall be reinvested as provided in the Trust Agreement on
the business day immediately following the Consummation Date as set forth in the
notice.

       

      
        	 
      	
                Very
      truly yours,

              
	 
      	 
      
	 
      	
                OPEN
      ACQUISITION CORP.

              
	 
      	 
      
	 
      	 
      
	 
      	
                By:

              	
                 

              
	 
      	 
      	
                Howard
      M. Lorber

                Chairman
      of the Board

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                By:

              	
                 

              
	 
      	 
      	
                Michael
      S. Liebowitz

                Chief
      Executive Officer

              

      

      

       

      

       

      cc:
Deutsche Bank Securities Inc.

       

       

      
        
          
          

        

        
          A-2

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
B

       

      [Letterhead
of Company]

       

      [Insert
date]

       

      Continental
Stock Transfer & Trust Company

      17
Battery Place, 8th Floor

      New York,
New York 10004

      Attn:
Steven G. Nelson

      Fax:  212-509-5150

       

      Re:           Trust
Account No. [___________] Termination Letter

       

      Ladies
and Gentlemen:

       

      Pursuant
to Section 1(j) of the Investment Management Trust Agreement between Open
Acquisition Corp. (“Company”) and Continental Stock Transfer & Trust Company
(“Trustee”), dated as of ___________, 2008 (“Trust Agreement”), this is to
advise you that the Company has been unable to effect a Business Combination
with a target company prior to the Termination Date.  Capitalized
terms used but not defined herein shall have the meanings set forth in the Trust
Agreement.

      

       

      In
accordance with the terms of the Trust Agreement, we hereby authorize you, to
commence liquidation of the Trust Account as promptly as practicable pro ratably
to stockholders of record on the Termination Date.  You will notify
the Company in writing as to when all of the funds in the Trust Account will be
available for immediate transfer (“Transfer Date”) in accordance with the terms
of the Trust Agreement and the Certificate of Incorporation.  You
shall commence distribution of such funds in accordance with the terms of the
Trust Agreement and you shall oversee the distribution of the
funds.  Upon the distribution of all the funds in the Trust Account,
your obligations under the Trust Agreement shall be terminated.

       

      
        	 
      	
                Very
      truly yours,

              
	 
      	 
      
	 
      	
                OPEN
      ACQUISITION CORP.

              
	 
      	 
      
	 
      	 
      
	 
      	
                By:

              	
                 

              
	 
      	 
      	
                Howard
      M. Lorber

                Chairman
      of the Board

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                By:

              	
                 

              
	 
      	 
      	
                Michael
      S. Liebowitz

                Chief
      Executive Officer

              

      

       

       

      
        	
                 
      

              	
                cc:
      Deutsche Bank Securities Inc.

              

      

       

       

      
        
          
          

        

        
          B-1

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
C

       

      [LETTERHEAD
OF COMPANY]

       

      [Insert
Date]

       

       

      
        Continental
Stock Transfer & Trust Company

        17
Battery Place, 8th Floor

        New York,
New York 10004

        Attn:
Cynthia Jordan and Francine West

        Fax:  212-616
7620

        
          Re: Trust
Account No.
[                    ]
— Distribution of Income on Property

           

        

      

      Ladies
and Gentlemen:

       

      Pursuant
to Section 2(b) of the Investment Management Trust Agreement between Open
Acquisition Corp. (“Company”) and Continental Stock Transfer & Trust Company
(“Trustee”), dated as of ________, 2008 (“Trust Agreement”), we are requesting
for our working capital purposes that you deliver to us $______________
representing income earned and collected on the Property from ___________ to
___________.  In accordance with the terms of the Trust Agreement, you
are hereby directed and authorized to transfer said amount, less any fees due
the Trustee pursuant to Section 3(c) of the Trust Agreement, immediately upon
your receipt of this letter to the Company’s operating account at:

       

      
        	
                Bank:

              	
                [_______________]

              
	
                ABA
      #:

              	
                [_______________]

              
	
                Account
      Name:

              	
                  

              
	
                Account
      Number:

              	
                [_______________]

              
	
                Reference:

              	
                Distribution
      request

              

      

      

       

      
        	 
      	
                Very
      truly yours,

              
	 	 
	 
      	
                OPEN
      ACQUISITION CORP.

              
	 
      	 
      
	 
      	 
      
	 
      	
                By:

              	
                 

              
	 
      	 
      	
                Howard
      M. Lorber

                Chairman
      of the Board

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                By:

              	
                 

              
	 
      	 
      	
                Michael
      S. Liebowitz

                Chief
      Executive Officer

              

      

       

      cc:
Deutsche Bank Securities Inc.

       

      

      
        
          
          

        

        
          C-1

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
D

       

      
        	 	
                AUTHORIZED
      INDIVIDUAL(S)

                FOR
      TELEPHONE CALL BACK

                 

              	 	
                AUTHORIZED

                TELEPHONE
      NUMBER(S)

              
	 	
                Company:

                Open
      Acquisition Corp.

                70
      East Sunrise Highway, Suite 411

                Valley
      Stream, New York  11581

                Attn:
      [•]

                 

                 

              	 	
                 

                212-451-2300

              
	 	
                Deutsche
      Bank Securities Inc.

                60
      Wall Street

                New
      York, New York 10005

                Attn:
      Syndicate Manager

                 

                 

              	 	
                 

                212-250-2500

              
	 	
                Trustee:

                Continental
      Stock Transfer & Trust Company

                17
      Battery Place, 8th Floor

                New
      York, N. Y. 10004

                Attn:  Frank
      Di Paolo

                 

              	 	
                 

                212-845-3270

              

      

       

       

      
        
          
          

        

        
          D-1

          
            

          

        

        
          
          

        

         

      

      SCHEDULE
A

      

      Schedule
of fees pursuant to Section 3(c) of Investment Management Trust
Agreement

      

      between
Open Acquisition Corp. and

      Continental
Stock Transfer & Trust Company

      

      
        
          	 	
                  Fee
      Item

                	 	
                  Time
      and method of payment

                	 	
                  Amount

                
	 	
                  Initial
      acceptance fee

                	 	
                  Initial
      closing of IPO by wire transfer

                	 	
                  $1,000

                
	 	
                  Annual
      fee

                	 	
                  First
      year, initial closing of IPO by wire transfer; thereafter on the
      anniversary of the effective date of the IPO by wire transfer or
      check

                	 	
                  $3,000

                
	 	
                  Transaction
      processing fee for disbursements to Company under Sections 2(a), 2(b),
      2(c) and 2(d)

                	 	
                  Deduction
      by Trustee from disbursement made to Company under Section
    2

                	 	
                  $250

                

        

      

                                                                                

      
        	 	
                 Agreed:

              
	 Dated:  [•],
      2008	 
	 	 
	 	 
	 
      	
                OPEN
      ACQUISITION CORP.

              
	 
      	 
      
	 
      	 
      
	 
      	
                By:

              	
                 

              
	 
      	 
      	
                Name:
      Howard M. Lorber

                Title:
      Chairman of the Board

              
	 
      	 
      	 
      
	 
      	
                By:

              	
                 

              
	 
      	 
      	
                Name:
      Michael S. Liebowitz

                Title:
      Chief Executive Officer

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                CONTINENTAL
      STOCK TRANSFER & TRUST COMPANY

              
	 
      	 
      	 
      
	 
      	
                By:

              	 
      
	 
      	 
      	
                Name:

              
	 
      	 
      	
                Title:

              

      

      

      

    
      
        
        

      

      
        S-1

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