Document:

NUMBER
                ______-

            	
              (SEE
                REVERSE SIDE FOR LEGEND)

              THIS
                WARRANT WILL BE VOID IF NOT EXERCISED PRIOR TO

              5:00
                P.M. NEW YORK CITY TIME, __________, 2011

            	
              WARRANTS

            
	 	 	 
	 	
              COLUMBUS
                ACQUISITION CORP.

            	 

    

    CUSIP________

     

    WARRANT

     

    THIS
      CERTIFIES THAT, for value received

     

    is
      the
      registered holder of a Warrant or Warrants expiring _________, 2011 (the
“Warrant”) to purchase one fully paid and non-assessable share of Common Stock,
      par value $.0001 per share (“Shares”), of Columbus Acquisition Corp., a Delaware
      corporation (the “Company”), for each Warrant evidenced by this Warrant
      Certificate. The Warrant entitles the holder thereof to purchase from the
      Company, commencing on the later of (i) the Company’s completion of a merger,
      capital stock exchange, asset acquisition or other similar business combination
      and (ii) _________, 2008, such number of Shares of the Company at the price
      of
      $6.00 per share, 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, but only subject to the conditions set forth
      herein and in the Warrant Agreement between the Company and Continental Stock
      Transfer & Trust Company. The Warrant Agreement provides that upon the
      occurrence of certain events the Warrant Price and the number of Shares
      purchasable hereunder, set forth on the face hereof, 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 may be purchased
      at
      the time the Warrant is exercised.

     

    No
      fraction of a Share will be issued upon any exercise of a Warrant. If the holder
      of a Warrant would be entitled to receive a fraction of a Share upon any
      exercise of a Warrant, the Company shall, upon such exercise, round up to the
      nearest whole number the number of Shares to be issued to such
      holder.

     

    Upon
      any
      exercise of the Warrant for less than the total number of full Shares provided
      for herein, there shall be issued to the registered holder hereof or the
      registered holder’s assignee a new Warrant Certificate covering the number of
      Shares 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.

     

    The
      Company reserves the right to redeem the Warrant at any time prior to its
      exercise, with a notice of redemption in writing to the holder of record of
      the
      Warrant, giving 30 days’ notice of such redemption at any time after the Warrant
      becomes exercisable and
      prior
      to its expiration
      if the
      last sale price of the Shares has been at least $11.50 per share on each of
      20
      trading days within any 30 trading day period ending on the third business
      day
      prior to the date on which notice of such redemption is given. The redemption
      price of the Warrants is to be $.01 per Warrant. 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 $.01 redemption price.

     

    By

    
      	 	 	 
	
              Secretary

            	 	
              Chairman
                of the Board

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SUBSCRIPTION
      FORM

     

     

    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)

            

    

    

    ASSIGNMENT

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

     

    For
      Value
      Received, _______________________ hereby sell, assign, and transfer
      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.THE
        REGISTERED HOLDER OF THIS PURCHASE OPTION BY ITS ACCEPTANCE HEREOF, AGREES
        THAT
        IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE OPTION EXCEPT AS HEREIN
        PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE OPTION AGREES THAT IT
        WILL
        NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE OPTION FOR
        A
        PERIOD OF ONE YEAR FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE
        OTHER
        THAN (I) LADENBURG THALMANN & CO. INC. (“LADENBURG”)
        OR A
        SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER
        OR
        PARTNER OF LADENBURG OR OF ANY SUCH SELECTED DEALER.

      

      THIS
        PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO THE LATER OF THE CONSUMMATION
        BY
        COLUMBUS ACQUISITION CORP. (“COMPANY”)
        OF A
        MERGER, CAPITAL STOCK EXCHANGE, ASSET ACQUISITION OR OTHER SIMILAR BUSINESS
        COMBINATION (“BUSINESS
        COMBINATION”)(AS
        DESCRIBED MORE FULLY IN THE COMPANY’S REGISTRATION STATEMENT (DEFINED HEREIN))
        OR _____________, 2008. VOID AFTER 5:00 P.M. NEW YORK CITY LOCAL TIME,
        ___________, 2012.

      

      UNIT
        PURCHASE OPTION

      

      FOR
        THE
        PURCHASE OF

      

      __________
        UNITS

      

      OF

      

      COLUMBUS
        ACQUISITION CORP.

      

      1. Purchase
        Option.

      

      THIS
        CERTIFIES THAT, in consideration of $100.00 duly paid by or on behalf of
        ____________ (“Holder”),
        as
        registered owner of this Purchase Option, to Columbus Acquisition Corp.
        (“Company”),
        Holder is entitled, at any time or from time to time upon the later of the
        consummation of a Business Combination or ___________ __, 2008 (“Commencement
        Date”),
        and
        at or before 5:00 p.m., New York City local time, ________ __, 2012
        (“Expiration
        Date”),
        but
        not thereafter, to subscribe for, purchase and receive, in whole or in part,
        up
        to __________ (________) units (“Units”)
        of the
        Company, each Unit consisting of one share of common stock of the Company,
        par
        value $0.0001 per share (“Common
        Stock”),
        and
        one warrant (“Warrant(s)”)
        expiring four years from the effective date (“Effective
        Date”)
        of the
        registration statement (“Registration
        Statement”)
        pursuant to which Units are offered for sale to the public (“Offering”).
        Each
        Warrant is the same as the warrants included in the Units being registered
        for
        sale to the public by way of the Registration Statement (“Public
        Warrants”).
        If
        the Expiration Date is a day on which banking institutions are authorized
        by law
        to close, then this Purchase Option may be exercised on the next succeeding
        day
        which is not such a day in accordance with the terms herein. During the period
        ending on the Expiration Date, the Company agrees not to take any action
        that
        would terminate the Purchase Option. This Purchase Option is initially
        exercisable at $____ per Unit so purchased; provided, however, that upon
        the
        occurrence of any of the events specified in Section 6 hereof, the rights
        granted by this Purchase Option, including the exercise price per Unit and
        the
        number of Units (and shares of Common Stock and Warrants) to be received
        upon
        such exercise, shall be adjusted as therein specified. The term “Exercise Price”
shall mean the initial exercise price or the adjusted exercise price, depending
        on the context.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      2. Exercise.

      

      2.1 Exercise
        Form.
        In
        order to exercise this Purchase Option, the exercise form attached hereto
        must
        be duly executed and completed and delivered to the Company, together with
        this
        Purchase Option and payment of the Exercise Price for the Units being purchased
        payable in cash or by certified check or official bank check. If the
        subscription rights represented hereby shall not be exercised at or before
        5:00
        p.m., New York City local time, on the Expiration Date this Purchase Option
        shall become and be void without further force or effect, and all rights
        represented hereby shall cease and expire.

      

      2.2 Legend.
        Each
        certificate for the securities purchased under this Purchase Option shall
        bear a
        legend as follows unless such securities have been registered under the
        Securities Act of 1933, as amended (“Act”):

      

      “The
        securities represented by this certificate have not been registered under
        the
        Securities Act of 1933, as amended (“Act”) or applicable state law. The
        securities may not be offered for sale, sold or otherwise transferred except
        pursuant to an effective registration statement under the Act, or pursuant
        to an
        exemption from registration under the Act and applicable state
        law.”

      

      2.3 Cashless
        Exercise.

      

      2.3.1 Determination
        of Amount.
        In
        lieu
        of the payment of the Exercise Price multiplied by the number of Units for
        which
        this Purchase Option is exercisable (and in lieu of being entitled to receive
        Common Stock and Warrants) in the manner required by Section 2.1, the Holder
        shall have the right (but not the obligation) to convert any exercisable
        but
        unexercised portion of this Purchase Option into Units (“Cashless
        Exercise Right”)
        as
        follows: upon exercise of the Cashless Exercise Right, the Company shall
        deliver
        to the Holder (without payment by the Holder of any of the Exercise Price
        in
        cash) that number of Units (or that number of shares of Common Stock and
        Warrants comprising that number of Units) equal to the quotient obtained
        by
        dividing (x) the “Value” (as defined below) of the portion of the Purchase
        Option being converted by (y) the Current Market Value (as defined below).
        The
“Value” of the portion of the Purchase Option being converted shall equal the
        remainder derived from subtracting (a) (i) the Exercise Price multiplied
        by (ii)
        the number of Units underlying the portion of this Purchase Option being
        converted from (b) the Current Market Value of a Unit multiplied by the number
        of Units underlying the portion of the Purchase Option being converted. As
        used
        herein, the term “Current Market Value” per Unit at any date means: (A) in the
        event that neither the Units nor Public Warrants are still trading, the
        remainder derived from subtracting (x) the exercise price of the Warrants
        multiplied by the number of shares of Common Stock issuable upon exercise
        of the
        Warrants underlying one Unit from (y) (i) the Current Market Price of the
        Common
        Stock multiplied by (ii) the number of shares of Common Stock underlying
        one
        Unit, which shall include the shares of Common Stock underlying the Warrants
        included in such Unit; (B) in the event that the Units, Common Stock and
        Public
        Warrants are still trading, (i) if the Units are listed on a national securities
        exchange or quoted on the Nasdaq National Market, Nasdaq SmallCap Market
        or NASD
        OTC Bulletin Board (or successor exchange), the last sale price of the Units
        in
        the principal trading market for the Units as reported by the exchange, Nasdaq
        or the NASD, as the case may be, on the last trading day preceding the date
        in
        question; or (ii) if the Units are not listed on a national securities exchange
        or quoted on the Nasdaq National Market, Nasdaq SmallCap Market or the NASD
        OTC
        Bulletin Board (or successor exchange), but is traded in the residual
        over-the-counter market, the closing bid price for Units on the last trading
        day
        preceding the date in question for which such quotations are reported by
        the
        Pink Sheets, LLC or similar publisher of such quotations; and (C) in the
        event
        that the Units are not still trading but the Common Stock and Public Warrants
        underlying the Units are still trading, the Current Market Price of the Common
        Stock plus the product of (x) the Current Market Price of the Public Warrants
        and (y) the number of shares of Common Stock underlying the Warrants included
        in
        one Unit. The “Current Market Price” shall mean (i) if the Common Stock (or
        Public Warrants, as the case may be) is listed on a national securities exchange
        or quoted on the Nasdaq National Market, Nasdaq SmallCap Market or NASD OTC
        Bulletin Board (or successor exchange), the last sale price of the Common
        Stock
        (or Public Warrants) in the principal trading market for the Common Stock
        as
        reported by the exchange, Nasdaq or the NASD, as the case may be, on the
        last
        trading day preceding the date in question; (ii) if the Common Stock (or
        Public
        Warrants, as the case may be) is not listed on a national securities exchange
        or
        quoted on the Nasdaq National Market, Nasdaq SmallCap Market or the NASD
        OTC
        Bulletin Board (or successor exchange), but is traded in the residual
        over-the-counter market, the closing bid price for the Common Stock (or Public
        Warrants) on the last trading day preceding the date in question for which
        such
        quotations are reported by the Pink Sheets, LLC or similar publisher of such
        quotations; and (iii) if the fair market value of the Common Stock cannot
        be
        determined pursuant to clause (i) or (ii) above, such price as the Board
        of
        Directors of the Company shall determine, in good faith. In the event the
        Public
        Warrants have expired and are no longer exercisable, no “Value” shall be
        attributed to the Warrants underlying this Purchase Option. Additionally,
        in the
        event that this Purchase Option is exercised pursuant to this Section 2.3
        and
        the Public Warrants are still trading, the “Value” shall be reduced by the
        difference between the Warrant Exercise Price and the exercise price of the
        Public Warrants multiplied by the number of Warrants underlying the Units
        included in the portion of this Purchase Option being converted.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

      

      2.4 No
        Obligation to Net Cash Settle.
        Notwithstanding anything to the contrary contained in this Purchase Option,
        if
        the
        Company is unable to deliver any securities pursuant to the exercise of this
        Purchase Option, the Purchase Option and underlying securities may expire
        unexercised or unredeemed if there is no effective registration statement
        covering the securities underlying the Purchase Option. In no event will
        the
        Company be obligated to pay the registered Holder of the Purchase Option
        any
        cash or otherwise “net cash settle” the Purchase Option or the Warrants
        underlying the Purchase Option.

      

      3. Transfer.

      

      3.1 General
        Restrictions.
        The
        registered Holder of this Purchase Option, by its acceptance hereof, agrees
        that
        it will not sell, transfer, assign, pledge or hypothecate this Purchase Option
        for a period of one year following the Effective Date to anyone other than
        (i) Ladenburg or an underwriter or selected dealer in connection with the
        Offering, or (ii) a bona fide officer or partner of Ladenburg or of any
        such underwriter or selected dealer. On and after the first anniversary of
        the
        Effective Date, transfers to others may be made subject to compliance with
        or
        exemptions from applicable securities laws. In order to make any permitted
        assignment, the Holder must deliver to the Company the assignment form attached
        hereto duly executed and completed, together with the Purchase Option and
        payment of all transfer taxes, if any, payable in connection therewith. The
        Company shall within five business days transfer this Purchase Option on
        the
        books of the Company and shall execute and deliver a new Purchase Option
        or
        Purchase Options of like tenor to the appropriate assignee(s) expressly
        evidencing the right to purchase the aggregate number of Units purchasable
        hereunder or such portion of such number as shall be contemplated by any
        such
        assignment.

      

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

      

      4. New
        Purchase Options to be Issued.

      

      4.1 Partial
        Exercise or Transfer.
        Subject
        to the restrictions in Section 3 hereof, this Purchase Option may be exercised
        or assigned in whole or in part. In the event of the exercise or assignment
        hereof in part only, upon surrender of this Purchase Option for cancellation,
        together with the duly executed exercise or assignment form and funds sufficient
        to pay any Exercise Price and/or transfer tax, the Company shall cause to
        be
        delivered to the Holder without charge a new Purchase Option of like tenor
        to
        this Purchase Option in the name of the Holder evidencing the right of the
        Holder to purchase the number of Units purchasable hereunder as to which
        this
        Purchase Option has not been exercised or assigned.

      

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

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      5. Registration
        Rights.

      

      5.1 Demand
        Registration.

      

      5.1.1 Grant
        of Right.
        The
        Company, upon written demand (“Initial
        Demand Notice”)
        of the
        Holder(s) of at least 51% of the Purchase Options and/or the underlying Units
        and/or the underlying securities (“Majority
        Holders”),
        agrees to use its best efforts to register (the “Demand
        Registration”)
        under
        the Act on one occasion, all or any portion of the Purchase Options requested
        by
        the Majority Holders in the Initial Demand Notice and all of the securities
        underlying such Purchase Options, including the Units, Common Stock, the
        Warrants and the Common Stock underlying the Warrants (collectively, the
        “Registrable
        Securities”).
        On
        such occasion, the Company will use its best efforts to file a registration
        statement or a post-effective amendment to the Registration Statement covering
        the Registrable Securities within sixty days after receipt of the Initial
        Demand
        Notice and use its best efforts to have such registration statement or
        post-effective amendment declared effective as soon as possible thereafter.
        The
        demand for registration may be made at any time during a period of five years
        beginning on the Effective Date. The Initial Demand Notice shall specify
        the
        number of shares of Registrable Securities proposed to be sold and the intended
        method(s) of distribution thereof. The Company will notify all holders of
        the
        Purchase Options and/or Registrable Securities of the demand within ten days
        from the date of the receipt of any such Initial Demand Notice. Each holder
        of
        Registrable Securities who wishes to include all or a portion of such holder’s
        Registrable Securities in the Demand Registration (each such holder including
        shares of Registrable Securities in such registration, a “Demanding
        Holder”)
        shall
        so notify the Company within fifteen (15) days after the receipt by the holder
        of the notice from the Company. Upon any such request, the Demanding Holders
        shall be entitled to have their Registrable Securities included in the Demand
        Registration, subject to Section 5.1.4.

      

      5.1.2 Effective
        Registration.
        A
        registration will not count as a Demand Registration until the registration
        statement filed with the Commission with respect to such Demand Registration
        has
        been declared effective and the Company has complied with all of its obligations
        under this Agreement with respect thereto; provided, however, that if, after
        such registration statement has been declared effective, the offering of
        Registrable Securities pursuant to a Demand Registration is interfered with
        by
        any stop order or injunction of the Commission or any other governmental
        agency
        or court, the registration statement with respect to such Demand Registration
        will be deemed not to have been declared effective, unless and until,
        (i) such stop order or injunction is removed, rescinded or otherwise
        terminated, and (ii) a majority-in-interest of the Demanding Holders
        thereafter elect to continue the offering.

      

      5.1.3 Underwritten
        Offering.
        If the
        Majority Holders so elect and such holders so advise the Company as part
        of the
        Initial Demand Notice, the offering of such Registrable Securities pursuant
        to
        such Demand Registration shall be in the form of an underwritten offering.
        In
        such event, the right of any holder to include its Registrable Securities
        in
        such registration shall be conditioned upon such holder’s participation in such
        underwriting and the inclusion of such holder’s Registrable Securities in the
        underwriting to the extent provided herein. All Demanding Holders proposing
        to
        distribute their securities through such underwriting shall enter into an
        underwriting agreement in customary form with the underwriter or underwriters
        selected for such underwriting by the Majority Holders.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      5.1.4 Reduction
        of Offering.
        If the
        managing underwriter or underwriters for a Demand Registration that is to
        be an
        underwritten offering advises the Company and the Demanding Holders in writing
        that the dollar amount or number of shares of Registrable Securities which
        the
        Demanding Holders desire to sell, taken together with all other shares of
        Common
        Stock or other securities which the Company desires to sell and the shares
        of
        Common Stock, if any, as to which registration has been requested pursuant
        to
        written contractual piggy-back registration rights held by other stockholders
        of
        the Company who desire to sell, exceeds the maximum dollar amount or maximum
        number of shares that can be sold in such offering without adversely affecting
        the proposed offering price, the timing, the distribution method, or the
        probability of success of such offering (such maximum dollar amount or maximum
        number of shares, as applicable, the “Maximum
        Number of Shares”),
        then
        the Company shall include in such registration: (i) first, the Registrable
        Securities as to which Demand Registration has been requested by the Demanding
        Holders (pro rata in accordance with the number of shares that each such
        Person
        has requested be included in such registration, regardless of the number
        of
        shares held by each such Person (such proportion is referred to herein as
        “Pro
        Rata”))
        that
        can be sold without exceeding the Maximum Number of Shares; (ii) second, to
        the extent that the Maximum Number of Shares has not been reached under the
        foregoing clause (i), the shares of Common Stock or other securities that
        the
        Company desires to sell that can be sold without exceeding the Maximum Number
        of
        Shares; (iii) third, to the extent that the Maximum Number of Shares has
        not been reached under the foregoing clauses (i) and (ii), the shares of
        Common Stock or other securities registrable pursuant to the terms of the
        Registration Rights Agreement between the Company and the initial investors
        in
        the Company, dated as of _____________ __, 2007 (the “Registration
        Rights Agreement”
and
        such registrable securities, the “Investor
        Securities”)
        as to
        which “piggy-back” registration has been requested by the holders thereof, Pro
        Rata, that can be sold without exceeding the Maximum Number of Shares; and
        (iv) fourth, to the extent that the Maximum Number of Shares have not been
        reached under the foregoing clauses (i), (ii), and (iii), the shares of
        Common Stock or other securities for the account of other persons that the
        Company is obligated to register pursuant to written contractual arrangements
        with such persons and that can be sold without exceeding the Maximum Number
        of
        Shares.

      

      5.1.5 Withdrawal.
        If a
        majority-in-interest of the Demanding Holders disapprove of the terms of
        any
        underwriting or are not entitled to include all of their Registrable Securities
        in any offering, such majority-in-interest of the Demanding Holders may elect
        to
        withdraw from such offering by giving written notice to the Company and the
        underwriter or underwriters of their request to withdraw prior to the
        effectiveness of the registration statement filed with the Commission with
        respect to such Demand Registration. If the majority-in-interest of the
        Demanding Holders withdraws from a proposed offering relating to a Demand
        Registration, then the Company does not have to continue its obligations
        under
        Section 5.1 with respect to such proposed offering.

      

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

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      5.2 Piggy-Back
        Registration.

      

      5.2.1 Piggy-Back
        Rights.
        If at
        any time during the seven year period commencing on the Effective Date the
        Company proposes to file a registration statement under the Act with respect
        to
        an offering of equity securities, or securities or other obligations exercisable
        or exchangeable for, or convertible into, equity securities, by the Company
        for
        its own account or for stockholders of the Company for their account (or
        by the
        Company and by stockholders of the Company including, without limitation,
        pursuant to Section 5.1), other than a registration statement (i) filed in
        connection with any employee stock option or other benefit plan, (ii) for
        an exchange offer or offering of securities solely to the Company’s existing
        stockholders, (iii) for an offering of debt that is convertible into equity
        securities of the Company or (iv) for a dividend reinvestment plan, then
        the Company shall (x) give written notice of such proposed filing to the
        holders
        of Registrable Securities as soon as practicable but in no event less than
        ten
        (10) days before the anticipated filing date, which notice shall describe
        the
        amount and type of securities to be included in such offering, the intended
        method(s) of distribution, and the name of the proposed managing underwriter
        or
        underwriters, if any, of the offering, and (y) offer to the holders of
        Registrable Securities in such notice the opportunity to register the sale
        of
        such number of shares of Registrable Securities as such holders may request
        in
        writing within five (5) days following receipt of such notice (a “Piggy-Back
        Registration”).
        The
        Company shall cause such Registrable Securities to be included in such
        registration and shall use its best efforts to cause the managing underwriter
        or
        underwriters of a proposed underwritten offering to permit the Registrable
        Securities requested to be included in a Piggy-Back Registration on the same
        terms and conditions as any similar securities of the Company and to permit
        the
        sale or other disposition of such Registrable Securities in accordance with
        the
        intended method(s) of distribution thereof. All holders of Registrable
        Securities proposing to distribute their securities through a Piggy-Back
        Registration that involves an underwriter or underwriters shall enter into
        an
        underwriting agreement in customary form with the underwriter or underwriters
        selected for such Piggy-Back Registration.

       

      5.2.2 Reduction
        of Offering.
        If the
        managing underwriter or underwriters for a Piggy-Back Registration that is
        to be
        an underwritten offering advises the Company and the holders of Registrable
        Securities in writing that the dollar amount or number of shares of Common
        Stock
        which the Company desires to sell, taken together with shares of Common Stock,
        if any, as to which registration has been demanded pursuant to written
        contractual arrangements with persons other than the holders of Registrable
        Securities hereunder, the Registrable Securities as to which registration
        has
        been requested under this Section 5.2, and the shares of Common Stock, if
        any,
        as to which registration has been requested pursuant to the written contractual
        piggy-back registration rights of other stockholders of the Company, exceeds
        the
        Maximum Number of Shares, then the Company shall include in any such
        registration:

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      (a) If
        the
        registration is undertaken for the Company’s account: (A) first, the shares
        of Common Stock or other securities that the Company desires to sell that
        can be
        sold without exceeding the Maximum Number of Shares; (B) second, to the
        extent that the Maximum Number of Shares has not been reached under the
        foregoing clause (A), the shares of Common Stock or other securities, if
        any, comprised of Registrable Securities and Investor Securities, as to which
        registration has been requested pursuant to the applicable written contractual
        piggy-back registration rights of such security holders, Pro Rata, that can
        be
        sold without exceeding the Maximum Number of Shares; and (C) third, to the
        extent that the Maximum Number of shares has not been reached under the
        foregoing clauses (A) and (B), the shares of Common Stock or other
        securities for the account of other persons that the Company is obligated
        to
        register pursuant to written contractual piggy-back registration rights with
        such persons and that can be sold without exceeding the Maximum Number of
        Shares; 

      

      (b) If
        the
        registration is a “demand” registration undertaken at the demand of holders of
        Investor Securities, (A) first, the shares of Common Stock or other
        securities for the account of the demanding persons, Pro Rata, that can be
        sold
        without exceeding the Maximum Number of Shares; (B) second, to the extent
        that the Maximum Number of Shares has not been reached under the foregoing
        clause (A), the shares of Common Stock or other securities that the Company
        desires to sell that can be sold without exceeding the Maximum Number of
        Shares;
        (C) third, to the extent that the Maximum Number of Shares has not been
        reached under the foregoing clauses (A) and (B), the shares of Registrable
        Securities, Pro Rata, as to which registration has been requested pursuant
        to
        the terms hereof, that can be sold without exceeding the Maximum Number of
        Shares; and (D) fourth, to the extent that the Maximum Number of Shares has
        not been reached under the foregoing clauses (A), (B) and (C), the shares
        of Common Stock or other securities for the account of other persons that
        the
        Company is obligated to register pursuant to written contractual arrangements
        with such persons, that can be sold without exceeding the Maximum Number
        of
        Shares; and

      

      (c) If
        the
        registration is a “demand” registration undertaken at the demand of persons
        other than either the holders of Registrable Securities or of Investor
        Securities, (A) first, the shares of Common Stock or other securities for
        the
        account of the demanding persons that can be sold without exceeding the Maximum
        Number of Shares; (B) second, to the extent that the Maximum Number of Shares
        has not been reached under the foregoing clause (A), the shares of Common
        Stock
        or other securities that the Company desires to sell that can be sold without
        exceeding the Maximum Number of Shares; (C) third, to the extent that the
        Maximum Number of Shares has not been reached under the foregoing clauses
        (A)
        and (B), collectively the shares of Common Stock or other securities comprised
        of Registrable Securities and Investor Securities, Pro Rata, as to which
        registration has been requested pursuant to the terms hereof and of the
        Registration Rights Agreement, as applicable, that can be sold without exceeding
        the Maximum Number of Shares; and (D) fourth, to the extent that the Maximum
        Number of Shares has not been reached under the foregoing clauses (A), (B)
        and
        (C), the shares of Common Stock or other securities for the account of other
        persons that the Company is obligated to register pursuant to written
        contractual arrangements with such persons, that can be sold without exceeding
        the Maximum Number of Shares.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      5.2.3 Withdrawal.
        Any
        holder of Registrable Securities may elect to withdraw such holder’s request for
        inclusion of Registrable Securities in any Piggy-Back Registration by giving
        written notice to the Company of such request to withdraw prior to the
        effectiveness of the registration statement. The Company (whether on its
        own
        determination or as the result of a withdrawal by persons making a demand
        pursuant to written contractual obligations) may withdraw a registration
        statement at any time prior to the effectiveness of the registration statement.
        Notwithstanding any such withdrawal, the Company shall pay all expenses incurred
        by the holders of Registrable Securities in connection with such Piggy-Back
        Registration as provided in Section 5.2.4.

      

      5.2.4 Terms.
        The
        Company shall bear all fees and expenses attendant to registering the
        Registrable Securities, including the expenses of any legal counsel selected
        by
        the Holders to represent them in connection with the sale of the Registrable
        Securities but the Holders shall pay any and all underwriting commissions
        related to the Registrable Securities. In the event of such a proposed
        registration, the Company shall furnish the then Holders of outstanding
        Registrable Securities with not less than fifteen days written notice prior
        to
        the proposed date of filing of such registration statement. Such notice to
        the
        Holders shall continue to be given for each applicable registration statement
        filed (during the period in which the Purchase Option is exercisable) by
        the
        Company until such time as all of the Registrable Securities have been
        registered and sold. The Holders of the Registrable Securities shall exercise
        the “piggy-back” rights provided for herein by giving written notice, within ten
        days of the receipt of the Company’s notice of its intention to file a
        registration statement. The Company shall use its best efforts to cause any
        registration statement filed pursuant to the above “piggyback” rights to remain
        effective for at least nine months from the date that the Holders of the
        Registrable Securities are first given the opportunity to sell all of such
        securities.

      

      5.3 Intentionally
        Omitted.

      

      5.4 General
        Terms.

      

      5.4.1 Indemnification.
        The
        Company shall indemnify the Holder(s) of the Registrable Securities to be
        sold
        pursuant to any registration statement hereunder and each person, if any,
        who
        controls such Holders within the meaning of Section 15 of the Act or Section
        20(a) of the Securities Exchange Act of 1934, as amended (“Exchange
        Act”),
        against all loss, claim, damage, expense or liability (including all reasonable
        attorneys’ fees and other expenses reasonably incurred in investigating,
        preparing or defending against litigation, commenced or threatened, or any
        claim
        whatsoever whether arising out of any action between the underwriter and
        the
        Company or between the underwriter and any third party or otherwise) to which
        any of them may become subject under the Act, the Exchange Act or otherwise,
        arising from such registration statement but only to the same extent and
        with
        the same effect as the provisions pursuant to which the Company has agreed
        to
        indemnify the underwriters contained in Section 5 of the Underwriting Agreement
        between the Company, Ladenburg and the other underwriters named therein dated
        the Effective Date. The Holder(s) of the Registrable Securities to be sold
        pursuant to such registration statement, and their successors and assigns,
        shall
        severally, and not jointly, indemnify the Company, its officers and directors
        and each person, if any, who controls the Company within the meaning of Section
        15 of the Act or Section 20(a) of the Exchange Act, against all loss, claim,
        damage, expense or liability (including all reasonable attorneys’ fees and other
        expenses reasonably incurred in investigating, preparing or defending against
        any claim whatsoever) to which they may become subject under the Act, the
        Exchange Act or otherwise, arising from information furnished by or on behalf
        of
        such Holders, or their successors or assigns, in writing, for specific inclusion
        in such registration statement to the same extent and with the same effect
        as
        the provisions contained in Section 5 of the Underwriting Agreement pursuant
        to
        which the underwriters have agreed to indemnify the Company.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

      

      5.4.3 Documents
        Delivered to Holders.
        The
        Company shall furnish Ladenburg, as representative of the Holders participating
        in any of the foregoing offerings, a signed counterpart, addressed to the
        participating Holders, of (i) an opinion of counsel to the Company, dated
        the
        effective date of such registration statement (and, if such registration
        includes an underwritten public offering, an opinion dated the date of the
        closing under any underwriting agreement related thereto), and (ii) a “cold
        comfort” letter dated the effective date of such registration statement (and, if
        such registration includes an underwritten public offering, a letter dated
        the
        date of the closing under the underwriting agreement) signed by the independent
        public accountants who have issued a report on the Company’s financial
        statements included in such registration statement, in each case covering
        substantially the same matters with respect to such registration statement
        (and
        the prospectus included therein) and, in the case of such accountants’ letter,
        with respect to events subsequent to the date of such financial statements,
        as
        are customarily covered in opinions of issuer’s counsel and in accountants’
letters delivered to underwriters in underwritten public offerings of
        securities. The Company shall also deliver promptly to Ladenburg, as
        representative of the Holders participating in the offering, the correspondence
        and memoranda described below and copies of all correspondence between the
        Commission and the Company, its counsel or auditors and all memoranda relating
        to discussions with the Commission or its staff with respect to the registration
        statement and permit Ladenburg, as representative of the Holders, to do such
        investigation, upon reasonable advance notice, with respect to information
        contained in or omitted from the registration statement as it deems reasonably
        necessary to comply with applicable securities laws or rules of the National
        Association of Securities Dealers, Inc. (“NASD”).
        Such
        investigation shall include access to books, records and properties and
        opportunities to discuss the business of the Company with its officers and
        independent auditors, all to such reasonable extent and at such reasonable
        times
        and as often as Ladenburg, as representative of the Holders, shall reasonably
        request. The Company shall not be required to disclose any confidential
        information or other records to Ladenburg, as representative of the Holders,
        or
        to any other person, until and unless such persons shall have entered into
        reasonable confidentiality agreements (in form and substance reasonably
        satisfactory to the Company), with the Company with respect
        thereto.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      5.4.4 Underwriting
        Agreement.
        The
        Company shall enter into an underwriting agreement with the managing
        underwriter(s), if any, selected by any Holders whose Registrable Securities
        are
        being registered pursuant to this Section 5, which managing underwriter shall
        be
        reasonably acceptable to the Company. Such agreement shall be reasonably
        satisfactory in form and substance to the Company, each Holder and such managing
        underwriters, and shall contain such representations, warranties and covenants
        by the Company and such other terms as are customarily contained in agreements
        of that type used by the managing underwriter. The Holders shall be parties
        to
        any underwriting agreement relating to an underwritten sale of their Registrable
        Securities and may, at their option, require that any or all the
        representations, warranties and covenants of the Company to or for the benefit
        of such underwriters shall also be made to and for the benefit of such Holders.
        Such Holders shall not be required to make any representations or warranties
        to
        or agreements with the Company or the underwriters except as they may relate
        to
        such Holders and their intended methods of distribution. Such Holders, however,
        shall agree to such covenants and indemnification and contribution obligations
        for selling stockholders as are customarily contained in agreements of that
        type
        used by the managing underwriter. Further, such Holders shall execute
        appropriate custody agreements and otherwise cooperate fully in the preparation
        of the registration statement and other documents relating to any offering
        in
        which they include securities pursuant to this Section 5. Each Holder shall
        also
        furnish to the Company such information regarding itself, the Registrable
        Securities held by it, and the intended method of disposition of such securities
        as shall be reasonably required to effect the registration of the Registrable
        Securities.

      

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

      

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

      

      6. Adjustments.

      

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

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      6.1.1 Stock
        Dividends - Split-Ups.
        If
        after the date hereof, and subject to the provisions of Section 6.4 below,
        the
        number of outstanding shares of Common Stock is increased by a stock dividend
        payable in shares of Common Stock or by a split-up of shares of Common Stock
        or
        other similar event, then, on the effective date thereof, the number of shares
        of Common Stock underlying each of the Units purchasable hereunder shall
        be
        increased in proportion to such increase in outstanding shares. In such case,
        the number of shares of Common Stock, and the exercise price applicable thereto,
        underlying the Warrants underlying each of the Units purchasable hereunder
        shall
        be adjusted in accordance with the terms of the Warrants. For example, if
        the
        Company declares a two-for-one stock dividend and at the time of such dividend
        this Purchase Option is for the purchase of one Unit at $6.00 per whole Unit
        (each Warrant underlying the Units is exercisable for $5.00 per share), upon
        effectiveness of the dividend, this Purchase Option will be adjusted to allow
        for the purchase of one Unit at $6.00 per Unit, each Unit entitling the holder
        to receive two shares of Common Stock and four Warrants (each Warrant
        exercisable for $2.50 per share).

      

      6.1.2 Aggregation
        of Shares.
        If
        after the date hereof, and subject to the provisions of Section 6.4, the
        number
        of outstanding shares of Common Stock is decreased by a consolidation,
        combination or reclassification of shares of Common Stock or other similar
        event, then, on the effective date thereof, the number of shares of Common
        Stock
        underlying each of the Units purchasable hereunder shall be decreased in
        proportion to such decrease in outstanding shares. In such case, the number
        of
        shares of Common Stock, and the exercise price applicable thereto, underlying
        the Warrants underlying each of the Units purchasable hereunder shall be
        adjusted in accordance with the terms of the Warrants.

      

      6.1.3 Replacement
        of Securities upon Reorganization, etc.
        In case
        of any reclassification or reorganization of the outstanding shares of Common
        Stock other than a change covered by Section 6.1.1 or 6.1.2 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 property of the Company
        as an
        entirety or substantially as an entirety in connection with which the Company
        is
        dissolved, the Holder of this Purchase Option shall have the right thereafter
        (until the expiration of the right of exercise of this Purchase Option) to
        receive upon the exercise hereof, for the same aggregate Exercise Price payable
        hereunder immediately prior to such event, the kind and amount of shares
        of
        stock or other securities or property (including cash) receivable upon such
        reclassification, reorganization, merger or consolidation, or upon a dissolution
        following any such sale or transfer, by a Holder of the number of shares
        of
        Common Stock of the Company obtainable upon exercise of this Purchase Option
        and
        the underlying Warrants immediately prior to such event; and if any
        reclassification also results in a change in shares of Common Stock covered
        by
        Section 6.1.1 or 6.1.2, then such adjustment shall be made pursuant to Sections
        6.1.1, 6.1.2 and this Section 6.1.3. The provisions of this Section 6.1.3
        shall
        similarly apply to successive reclassifications, reorganizations, mergers
        or
        consolidations, sales or other transfers.

      

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

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      6.2 [Intentionally
        Omitted]

      

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

      

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

      

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

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      8. Certain
        Notice Requirements.

      

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

      

      8.2 Events
        Requiring Notice.
        The
        Company shall be required to give the notice described in this Section 8
        upon
        one or more of the following events: (i) if the Company shall take a record
        of
        the holders of its shares of Common Stock for the purpose of entitling them
        to
        receive a dividend or distribution payable otherwise than in cash, or a cash
        dividend or distribution payable otherwise than out of retained earnings,
        as
        indicated by the accounting treatment of such dividend or distribution on
        the
        books of the Company, or (ii) the Company shall offer to all the holders
        of its
        Common Stock any additional shares of capital stock of the Company or securities
        convertible into or exchangeable for shares of capital stock of the Company,
        or
        any option, right or warrant to subscribe therefor, or (iii) a dissolution,
        liquidation or winding up of the Company (other than in connection with a
        consolidation or merger) or a sale of all or substantially all of its property,
        assets and business shall be proposed.

      

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

      

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

      

      
        	 	 	 	
                Columbus
                  Acquisition Corp.

              

        	 	 	 	
                153
                  East 53rd
                  Street, 58th
                  Floor

                New
                  York, New York 10022 
                  Attn: Chairman

                

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      9. Miscellaneous.

      

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

      

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

      

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

      

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

      

      9.5 Governing
        Law; Submission to Jurisdiction.
        This
        Purchase Option shall be governed by and construed and enforced in accordance
        with the laws of the State of New York, without giving effect to conflict
        of
        laws. The Company hereby agrees that any action, proceeding or claim against
        it
        arising out of, or relating in any way to this Purchase Option shall be brought
        and enforced in the courts of the State of New York or of the United States
        of
        America for the Southern District of New York, and irrevocably submits to
        such
        jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives
        any objection to such exclusive jurisdiction and that such courts represent
        an
        inconvenient forum. Any process or summons to be served upon the Company
        may be
        served by transmitting a copy thereof by registered or certified mail, return
        receipt requested, postage prepaid, addressed to it at the address set forth
        in
        Section 8 hereof. Such mailing shall be deemed personal service and shall
        be
        legal and binding upon the Company in any action, proceeding or claim. The
        Company and the Holder agree that the prevailing party(ies) in any such action
        shall be entitled to recover from the other party(ies) all of its reasonable
        attorneys’ fees and expenses relating to such action or proceeding and/or
        incurred in connection with the preparation therefor.

      

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

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      9.7 Execution
        in Counterparts.
        This
        Purchase Option may be executed in one or more counterparts, and by the
        different parties hereto in separate counterparts, each of which shall be
        deemed
        to be an original, but all of which taken together shall constitute one and
        the
        same agreement, and shall become effective when one or more counterparts
        has
        been signed by each of the parties hereto and delivered to each of the other
        parties hereto.

      

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

      

      9.9 Intentionally
        Omitted.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      IN
        WITNESS WHEREOF, the Company has caused this Purchase Option to be signed
        by its
        duly authorized officer as of the ____ day of _________, 2007.

       

       

      
        	 	 	 
	 	COLUMBUS
                ACQUISITION CORP.
	 
 	 
 	 
 
	 	By:  	
              
	 	
                
Name:

	 	Title:
                

      

       

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      Form
        to
        be used to exercise Purchase Option:

      

      Columbus
        Acquisition Corp.

      153
        East
        53rd
        Street,
        58th
        Floor

      New
        York,
        New York 10022

      
 

      Date:_________________,
        200__

      

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

      

      or

      

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

      

      

      _______________________________________

      NOTICE:
        The signature to this assignment must correspond with the name as written
        upon
        the face of the purchase option in every particular, without alteration or
        enlargement or any change whatever.

      

      Signature(s)
        Guaranteed:

      

      ___________________________________________________________________________________________________

      THE
        SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS,
        STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP
        IN
        AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE
        17Ad-15).

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      INSTRUCTIONS
        FOR REGISTRATION OF SECURITIES

      

      
        	Name 	 
	 	 
	 	
                (Print
                  in Block Letters)

              
	 	 
	Address 	 
	 	 

      

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      Form
        to
        be used to assign Purchase Option:

      

      ASSIGNMENT

      

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

      

      FOR
        VALUE
        RECEIVED,______________________________________________ does hereby sell,
        assign
        and transfer unto___________________________________________ the right to
        purchase __________ Units of Columbus Acquisition Corp. (“Company”)
        evidenced by the within Purchase Option and does hereby authorize the Company
        to
        transfer such right on the books of the Company.

      

      Dated:___________________,
        200_

      

      ___________________________

      Signature

      

      

      

      ___________________________

      NOTICE:
        The signature to this assignment must correspond with the name as written
        upon
        the face of the purchase option in every particular, without alteration or
        enlargement or any change whatever.

      

      Signature(s)
        Guaranteed:

      

      __________________________________________________________________________________________________

      THE
        SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS,
        STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP
        IN
        AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE
        17Ad-15).

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}]]