Document:

Unassociated Document

    Exhibit
4.3

     

    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.

     

    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 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:ex44tos1a207107_04112008.htm

    Exhibit 4.4

     

    
       

      [Form of Unit Purchase Option]

       

       

      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) DEUTSCHE BANK SECURITIES INC. OR AN UNDERWRITER OR A SELECTED DEALER IN
CONNECTION WITH THE OFFERING (DEFINED BELOW), OR (II) A BONA FIDE OFFICER OR
PARTNER OF DEUTSCHE BANK SECURITIES INC. OR OF ANY SUCH UNDERWRITER OR SELECTED
DEALER. THIS PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO THE LATER OF (I) THE
CONSUMMATION BY OPEN ACQUISITION CORP. (“COMPANY”) OF A
MERGER, CAPITAL STOCK EXCHANGE, ASSET OR STOCK ACQUISITION OR OTHER SIMILAR
BUSINESS COMBINATION (“BUSINESS
COMBINATION”) (AS DESCRIBED MORE FULLY IN THE COMPANY’S REGISTRATION
STATEMENT (DEFINED BELOW)) AND (II) _______, 2009. VOID AFTER 5:00 P.M., NEW
YORK CITY LOCAL TIME, _______, 2014.

       

      UNIT
PURCHASE OPTION

       

      FOR THE
PURCHASE OF

       

      625,000
UNITS

       

      OF

       

      OPEN
ACQUISITION CORP.

       

      1.           Purchase
Option.

       

      THIS
CERTIFIES THAT, in consideration of $100.00 duly paid by or on behalf of
Deutsche Bank Securities Inc. or its designees (each, a “Holder”), as
registered owner of this Purchase Option (“Purchase Option”), to
the Company, Holder is entitled, at any time or from time to time upon the later
of the consummation of a Business Combination or _______, 2009 (“Commencement Date”),
and at or before 5:00 p.m., New York City local time, _______, 2014 (“Expiration Date”),
but not thereafter, to subscribe for, purchase and receive, in whole or in part,
up to six hundred twenty-five thousand (625,000) 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”) expiring
five (5) 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”),
except that the exercise price, the price per share at which Common Stock may be
purchased at the time a Warrant is exercised, of each Warrant is $9.00 per share
(such exercise price, as it may be adjusted hereunder, the “Underwriter Warrant
Price”). If the Expiration Date is a day on which banking institutions
are authorized by law to close in New York City, 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 $12.00 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 per Unit or the adjusted exercise price per
Unit, depending on the context.

       

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

      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           Cashless
Exercise.

       

      2.2.1.                      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 (“Conversion Right”) as
follows: upon exercise of the Conversion Right, the Company shall deliver to the
Holder (without payment by the Holder of any of the Exercise Price in cash) that
number of 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) of a Unit. 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)
(i) the Current Market Value of a Unit multiplied by (ii) 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) (i) the exercise price of the Warrants multiplied by (ii) 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, (x) if the Units are listed on a national securities exchange
or quoted on the Nasdaq Global Market, Nasdaq Capital Market or the FINRA 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 FINRA OTC Bulletin Board, as the case may be, on the last trading day
preceding the date in question; or (y) if the Units are not listed on a national
securities exchange or quoted on the Nasdaq Global Market, Nasdaq Capital Market
or the FINRA OTC Bulletin Board (or successor exchange), but are 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 

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      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/are listed on a national securities exchange or quoted on
the Nasdaq Global Market, Nasdaq Capital Market or the FINRA 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 Global Market, Nasdaq Capital Market or the FINRA OTC
Bulletin Board, 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/are not listed on a national securities exchange or quoted on the Nasdaq
Global Market, Nasdaq Capital Market or the FINRA 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 2.2 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.

       

      2.2.2.                      Mechanics of Cashless
Exercise.  The cashless exercise right described in this
Section 2.2 (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.

       

      2.3           Limitations.  Notwithstanding
the foregoing, the Company shall not be obligated to deliver any securities
pursuant to the exercise of a Purchase Option and shall have no obligation to
settle the Purchase Option exercise unless a registration statement under the
Securities Act of 1933, as amended (the “Securities Act”),
with respect to the securities underlying the Purchase Option is effective and a
current prospectus is on file with the Securities and Exchange Commission (the
“Commission”).
In the event that a registration statement with respect to the securities
underlying a Purchase Option is not effective under the Securities Act or a
current prospectus is not on file with the Commission, the holder of such
Purchase Option shall not be entitled to exercise such Purchase Option.
Notwithstanding anything to the contrary in this Purchase Option, under no
circumstances will the Company be required to net cash settle the Purchase
Option exercise. Purchase Options may not be exercised by, or securities
underlying such Purchase Option issued to, any registered holder in any state in
which such exercise or issuance would be unlawful. For the avoidance of doubt,
as a result of this Section 2.3, any or all of the Purchase Option may expire
unexercised. In no event shall the registered Holder of this Purchase Option be
entitled to receive any monetary damages if the securities underlying this
Purchase Option have not been registered by the Company pursuant to an effective
registration statement or if a current prospectus is not on file with the
Commission.

       

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      3.           Transfer.

       

      3.1           General
Restrictions.

       

      3.1.1  The
registered Holder of this Purchase Option, by its acceptance hereof, agrees that
it will not sell, transfer, assign, pledge or hypothecate, or enter into any
hedging, short sale, derivative, put, or call transaction that would result in
the effective economic disposition of, this Purchase Option for a period of one
year following the Effective Date to anyone other than (i) Deutsche Bank
Securities Inc. or an underwriter or a selected dealer in connection with the
Offering, or (ii) a bona fide officer or partner of Deutsche Bank Securities
Inc. 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.

       

      3.1.2  The
registered Holder of this Purchase Option, by its acceptance hereof, agrees that
pursuant to Rule 2710(g)(1) of the Financial Industry Regulatory Authority’s
NASD Conduct Rules (“FINRA’s NASD Conduct
Rules”) it will not sell, transfer, assign, pledge or hypothecate, or
enter into any hedging, short sale, derivative, put, or call transaction that
would result in the effective economic disposition of this Purchase Option or
the securities underlying this Purchase Option for a period of 180 days
from  _______, 2008.

       

      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 Securities 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
Olshan Grundman Frome Rosenzweig & Wolosky 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
Commission and compliance with applicable state securities law has been
established.

       

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      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, except in the case of an exercise of this Purchase Option
contemplated by Section 2.2 hereof, 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 50.1% of the Purchase Options
and/or the underlying Units and/or the underlying securities (“Majority Holders”),
agrees to use its reasonable best efforts to register (the “Demand Registration”)
under the Securities Act on one occasion, all 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 file a registration
statement for use in an offering of the Registrable Securities from time-to-time
or a post-effective amendment to the Registration Statement covering all of the
Registrable Securities that will permit an offering of the Registrable
Securities from time-to-time within sixty days after receipt of the Initial
Demand Notice and use its reasonable 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 intended method(s) of distribution of the Registrable Securities.
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

          
            

          

        

        
          
          

        

      

       

      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 all or
any portion of the Registrable Securities pursuant to such Demand Registration
shall be in the form of one underwritten offering. 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 or advise 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
pursuant to the underwritten offering, 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 that want to participate in such underwritten offering
(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 _______, 2008 (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.

       

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      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 such registration shall not count as a Demand Registration
provided for in Section 5.1, provided that the majority-in-interest of the
Demanding Holders electing to so withdraw from the offering pays all reasonable
costs and expenses incurred by the Company in connection with such withdrawn
Demand Registration.

       

      5.1.6.                      Terms.  The
Company shall bear all fees and expenses attendant to registering the
Registrable Securities, including the reasonable expenses of one 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. 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 reasonable best efforts to cause any registration statement or
post-effective amendment filed pursuant to the demand right granted under
Section 5.1.1 to remain effective until the expiration of the Warrants in
accordance with the terms and conditions of that certain Warrant Agreement,
dated as of _______, 2008, between the Company and Continental Stock Transfer
& Trust Company.

       

      5.1.7.                      Permitted
Delays.  The Company shall be entitled to postpone the filing
of any registration statement under this Section 5.1, if (i) at any time prior
to the filing of such registration statement the Company’s Board of Directors
determines, in its good faith business judgment, that such registration and
offering would materially and adversely affect any financing, acquisition,
corporate reorganization, or other material transaction involving the Company,
and (ii) the Company delivers to the Demanding Holders written notice thereof
within five (5) business days of the date of receipt by the Company of a request
for Demand Registration; provided that all such periods of postponement may not
exceed 45 days during any 365 day period.

       

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      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 Securities 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, (iv) on Form S-4 filed in
connection with an acquisition transaction or (v) 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 reasonable 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 or advise
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;

       

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

      (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.

       

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

      5.2.4.                      Terms.  The
Company shall bear all fees and expenses attendant to registering the
Registrable Securities, including the reasonable expenses of one 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 to the Holders of outstanding
Registrable Securities a written notice not less than fifteen days 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 reasonable best efforts to
cause any registration statement filed pursuant to the above “piggy-back” 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           General
Terms.

       

      5.3.1.                      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 Securities 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 Securities 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 8 of the Underwriting
Agreement between the Company, Deutsche Bank Securities Inc. 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 Securities 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 litigation, commenced or
threatened, or claim whatsoever whether arising out of any action between the
underwriters and the Company or between the Company and any third party or
otherwise) to which they may become subject under the Securities 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 8 of the Underwriting Agreement pursuant to
which the underwriters have agreed to indemnify the Company.

       

      5.3.2.                      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.

       

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

      5.3.3.                      Documents Delivered to
Holders.  The Company shall furnish to 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 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 the Holders, to do
such investigation, upon reasonable advance notice, with respect to information
contained in or omitted from the registration statement as it deems reasonably
necessary to comply with applicable securities laws or rules of the Financial
Industry Regulatory Authority (“FINRA”). Such
investigation shall include access to books, records and properties and
opportunities to discuss the business of the Company with its officers and
independent auditors, all to such reasonable extent and at such reasonable times
and as often as the Holders shall reasonably request. The Company shall not be
required to disclose any confidential information or other records to 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           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.

       

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      5.4.1.                      Rule 144
Sale.  Notwithstanding anything contained in this Section 5 to
the contrary, the Company shall have no obligation pursuant to Sections 5.1 or
5.2 for the registration of Registrable Securities held by any Holder (i) where
such Holder would be entitled to sell under Rule 144 promulgated under the
Securities Act (“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).

       

      5.4.2.                      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 supplemented 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 6.3 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 $12.00 per whole Unit (each Warrant
underlying the Units is exercisable for $9.00 per share), upon effectiveness of
the dividend, this Purchase Option will be adjusted to allow for the purchase of
one Unit at $12.00 per Unit, each Unit entitling the holder to receive two
shares of Common Stock and two Warrants (each Warrant exercisable for $4.50 per
share).

       

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

      6.1.2.                      Extraordinary
Dividends.  If the Company, at any time while this Purchase
Option is outstanding and unexpired, 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 receivable upon exercise of the Purchase
Option), other than (i) as described in Sections 6.1.1, 6.1.3 or 6.1. 4, (ii)
regular quarterly or other periodic dividends, (iii) in connection with the
conversion rights of the holders of Common Stock upon consummation of the
Company’s 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 Exercise Price shall be decreased, 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 in respect of such Extraordinary
Dividend.

       

      6.1.3.                      Aggregation of
Shares.  If after the date hereof, 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, and subject to the provisions of Section 6.3, 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 underlying the Warrants that underlie
each of the Units purchasable hereunder, and the exercise price applicable
thereto, shall be adjusted in accordance with the terms of the
Warrants.

       

      6.1.4.                      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 6.1.1 or 6.1.3 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 6.1.3, then such
adjustment shall be made pursuant to Sections 6.1.1, 6.1.3 and this Section
6.1.4. The provisions of this Section 6.1.4 shall similarly apply to successive
reclassifications, reorganizations, mergers or consolidations, sales or other
transfers.

       

      6.1.5.                      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.

       

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

       

      6.1.6.                      Adjustments of
Warrants.  To the extent the Underwriter Warrant Price is
lowered pursuant to Section [3.1] of the Warrant Agreement, dated _______, 2008,
between the Company and Continental Stock Transfer & Trust Company (the
“Warrant
Agreement”) the Underwriter Warrant Price shall be reduced on identical
terms (except that the Underwriter Warrant Price shall always remain at 120% of
the exercise price for the Public Warrants), subject to any limitations and
conditions that may be imposed by FINRA pursuant to Rule 2710 of FINRA’s NASD
Conduct Rules and any such reduction must remain in effect for at least twenty
(20) business days. To the extent that the duration of the Warrants is extended
pursuant to Section [3.2] of the Warrant Agreement, the duration of the Warrants
underlying the Purchase Option shall be extended on identical terms, subject to
any limitations that may be imposed by FINRA pursuant to the NASD Conduct
Rules.

       

      6.2           Substitute Purchase
Option.  In case of any consolidation of the Company with, or
merger of the Company with, or merger of the Company into, another corporation
(other than a consolidation or merger which does not result in any
reclassification or change of the outstanding 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 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.

       

      6.3           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 stock 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 reasonable best efforts
to cause all (i) Units and shares of Common Stock issuable upon exercise of the
Purchase Options, (ii) Warrants issuable upon exercise of the Purchase Options
and (iii) 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 Global Market, Nasdaq Capital Market, FINRA 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.

       

       

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

       

      8.           Certain Notice
Requirements.

       

      8.1           Holders’ 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 the change in the Exercise Price and shall be certified as being
true and accurate by the Company’s President and Chief Financial
Officer.

       

       

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

       

      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:

       

      Open
Acquisition Corp.

      70 East
Sunrise Highway, Suite 411

      Valley
Stream, New York 11581

      Attn:
Chief Executive Officer

      

      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.

      

      9.           Miscellaneous.

       

      9.1           Amendments.  The
Company 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 may deem necessary or
desirable and that the Company, in the exercise of reasonable judgment,
determines that it 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.

       

       

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

       

      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 law principles thereof. 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 the United States District Court for the
Southern District of New York, and irrevocably submits to such jurisdiction,
which jurisdiction shall be exclusive. The Company hereby waives any objection
to such exclusive jurisdiction and that such courts represent an inconvenient
forum. Any process or summons to be served upon the Company may be served by
transmitting a copy thereof by registered or certified mail, return receipt
requested, postage prepaid, addressed to it at the address set forth in Section
8 hereof. Such mailing shall be deemed personal service and shall be legal and
binding upon the Company in any action, proceeding or claim. The Company and the
Holders agree that the prevailing party(ies) in any such action shall be
entitled to recover from the other party(ies) all of its reasonable attorneys’
fees and expenses relating to such action or proceeding and/or incurred in
connection with the preparation therefor.

       

      9.6           Waiver,
Etc.  The failure of the Company or the 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 have been signed by each of the parties hereto and
delivered to each of the other parties hereto.

       

      9.8           Underlying
Warrants.  At any time after exercise by the Holder of this
Purchase Option, the Holder may exchange his Warrants (with an initial exercise
price of $9.00) for Public Warrants (with an initial exercise price of $7.50)
upon payment to the Company of the difference between the exercise price of his
Warrant and the exercise price of the Public Warrants. Any such Public Warrants
and the Common Stock underlying such Public Warrants shall constitute
Registrable Securities.

       

       

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

       

      IN
WITNESS WHEREOF, the Company has caused this Purchase Option to be signed by its
duly authorized officer as of the _______ day of _______, 2008.

       

      
        	
                OPEN
      ACQUISITION CORP.

              
	 
      
	 
      
	
                By:

              	 
      
	
                Name:  Michael
      S. Liebowitz

              
	
                Title:  Chief
      Executive Officer

              

      

      

       

      Agreed to
and accepted as

       

      of the
date referred to above.

       

      
        	
                DEUTSCHE
      BANK SECURITIES INC.

              
	 
      
	
                By:

              	 
      
	 
      	
                Name:

              
	 
      	
                Title:

              
	 
      
	
                By:

              	 
      
	 
      	
                 Name:

              
	 
      	
                Title:

              

      

       

       

      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

       

       

      Form to be used to exercise
Purchase Option

       

      Open
Acquisition Corp.

      70 East
Sunrise Highway, Suite 411

      Valley
Stream, New York 11581

      Attn:
Chief Executive Officer

       

      Date:
__________, 20__

       

      The
undersigned hereby elects irrevocably to exercise all or a portion of the within
Purchase Option and to purchase Units of Open 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” 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 exercise notice must correspond with the name as written
upon the face of the Purchase Option in every particular, without alteration 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

       

       

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

       

      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 Open 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 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).

         

        

        
          
            
            

          

          
            20

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}]]