Document:

Exhibit
      4.4

    

    FORM
      OF WARRANT AGREEMENT

    

    This
      Warrant Agreement (this “Agreement”) made as of _____, 2006, by and between
      Pinpoint Advance Corp., a Delaware corporation, with offices at 4 Maskit
      Street

    Herzeliya,
      Israel 46700 (“Company”), and American Stock Transfer & Trust Company, a New
      York corporation, with offices at 59 Maiden Lane, New York, New York 10038
      (“Warrant Agent”).

    

    WHEREAS,
      the Company is engaged in a public offering (“Public Offering”) of Units
      (“Units”) and, in connection therewith, has determined to issue and deliver up
      to [_______] Warrants (the “Public Warrants”) to the public investors, each of
      such Public Warrants evidencing the right of the holder thereof to purchase
      one
      share of common stock, par value $.0001 per share, of the Company’s Common Stock
      (“Common Stock”) for $6.00, subject to adjustment as described herein;
      and

    

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

    

    WHEREAS,
      the Company desires the Warrant Agent to act on behalf of the Company, and
      the
      Warrant Agent is willing to so act, in connection with the issuance,
      registration, transfer, exchange, redemption and exercise of the Public Warrants
      and [______] warrants issued in connection with a Regulation S private placement
      prior to the consummation of the Public Offering (collectively, the “Warrants”);
      and

    

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

    

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

    

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

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

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

    

    2.    Warrants.

    

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

    

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

    

    2.3    Registration.

    

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

    

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

    

    2.4    Detachability
      of Warrants.
      The
      securities comprising the Units will begin to trade separately on the
      20th
      trading
      day after the earlier to occur of the expiration of the Underwriters’
over-allotment option or its exercise in full, provided that in no event may
      the
      separate trading of the securities comprising the Units occur until the Company
      files a Current Report on Form 8-K, which includes an audited balance sheet
      reflecting the receipt by the Company of the gross proceeds of the Public
      Offering.

    

    3.    Terms
      and
      Exercise of Warrants.

    

    3.1    Warrant
      Price.
      Each
      Warrant shall, when countersigned by the Warrant Agent, entitle the registered
      holder thereof, subject to the provisions of such Warrant and of this Warrant
      Agreement, to purchase from the Company the number of shares of Common Stock
      stated therein, at the price of $6.00 per whole share, subject to the
      adjustments provided in Section 4 hereof and in the last sentence of this
      Section 3.1. The term “Warrant Price” as used in this Warrant Agreement refers
      to the price per share at which Common Stock may be purchased at the time a
      Warrant is exercised. The Company in its sole discretion may lower the Warrant
      Price at any time prior to the Expiration Date for a period of not less than
      ten
      business days , provided that any such reduction shall be identical among all
      of
      the Warrants.

    

    
      
         

      

      
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    3.2    Duration
      of Warrants.
      A
      Warrant may be exercised only during the period (“Exercise Period”) commencing
      on the later of the consummation by the Company of a merger, capital stock
      exchange, asset acquisition or other similar business combination (as described
      more fully in the Registration Statement, “Business Combination”) or [______],
      2007 and terminating at 5:00 p.m., New York City time on the earlier to occur
      of
      (i) [______], 2010 or (ii) the date fixed for redemption of the Warrants as
      provided in Section 6 of this Agreement (“Expiration Date”). Except with respect
      to the right to receive the Redemption Price (as set forth in Section 6
      hereunder), each Warrant not exercised on or before the Expiration Date shall
      become void, and all rights thereunder and all rights in respect thereof under
      this Agreement shall cease at the close of business on the Expiration Date.
      The
      Company in its sole discretion may extend the duration of the Warrants by
      delaying the Expiration Date; provided, however, that the Company will provide
      notice to registered holders of the Warrants of such extension of not less
      than
      20 days and, further provided that any such extension shall be identical in
      duration among all of the Warrants. Notwithstanding the foregoing, a Warrant
      can
      expire unexercised regardless of whether a registration statement is current
      under the Act with respect to the Common Stock issuable upon exercise of the
      Warrants.

    

    3.3    Exercise
      of Warrants.

    

    3.3.1    Payment.
      Subject
      to the provisions of the Warrant and this Warrant Agreement, a Warrant, when
      countersigned by the Warrant Agent, may be exercised by the registered holder
      thereof by surrendering it, at the office of the Warrant Agent, or at the office
      of its successor as Warrant Agent, in the Borough of Manhattan, City and State
      of New York, with the subscription form, as set forth in the Warrant, duly
      executed, and (i) by paying in full, in lawful money of the United States,
      in cash, good certified check or good bank draft payable to the order of the
      Company, the Warrant Price for each full share of Common Stock as to which
      the
      Warrant is exercised and any and all applicable taxes due in connection with
      the
      exercise of the Warrant, the exchange of the Warrant for the Common Stock,
      and
      the issuance of the Common Stock or if the Warrants have been called for
      redemption (ii) by surrendering his or her Warrant 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 Warrant, multiplied by the
      difference between the Warrant Price and the “Fair Market Value” (defined below)
      by (y) the Fair Market Value. The “Fair Market Value” shall mean the average
      reported last sale price of the Common Stock for the 10 trading days ending
      on
      the third business day prior to the date on which notice of redemption is sent
      to holders of the Warrant pursuant to Section 6 hereof.

    

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

    

    
      
         

      

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

    

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

    

    3.3.5    Warrant
      Solicitation and Warrant Solicitation Fee.

    

    (a)    The
      Company has engaged Maxim Group LLC (“Maxim”), on a non-exclusive basis, as its
      agent for the solicitation of the exercise of the Warrants. The Company, at
      its
      cost, will (i) assist Maxim with respect to such solicitation, if requested
      by
      Maxim, and (ii) provide Maxim, and direct the Company’s transfer agent and the
      Warrant Agent to deliver to Maxim, lists of the record and, to the extent known,
      beneficial owners of the Company’s Warrants. The Company hereby instructs the
      Warrant Agent to cooperate with Maxim in every respect in connection with
      Maxim’s solicitation activities, including, but not limited to, providing to
      Maxim, at the Company’s cost, a list of record and beneficial holders of the
      Warrants and circulating a prospectus or offering circular disclosing the
      compensation arrangements referenced in Section 3.3.5(b) below to holders of
      the
      Warrants at the time of exercise of the Warrants. In addition to the conditions
      set forth in Section 3.3.5(b), Maxim shall accept payment of the warrant
      solicitation fee provided in Section 3.3.5(b) only if it has provided bona
      fide
      services to the Company in connection with the exercise of the Warrants and
      only
      to the extent that an investor who exercises his Warrants specifically
      designates, in writing, that Maxim solicited his, her or its exercise. In
      addition to soliciting, either orally or in writing, the exercise of Warrants
      by
      a Warrant holder, such services may also include disseminating information,
      either orally or in writing, to Warrant holders about the Company or the market
      for the Company’s securities, or assisting in the processing of the exercise of
      Warrants.

    

    
      
         

      

      
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    (b)    In
      each
      instance in which a Warrant is exercised, the Warrant Agent shall promptly
      give
      written notice of such exercise to the Company and Maxim (“Warrant Agent’s
      Exercise Notice”). If, upon the exercise of any Warrant more than one year from
      the effective date of the Registration Statement, (i) the market price of the
      Company’s Common Stock is greater than the Warrant Price, (ii) disclosure of
      compensation arrangements between the Company and Maxim with respect to the
      solicitation of the exercise of the Warrants was made both at the time of the
      Public Offering and at the time of exercise (by delivery of the Prospectus
      or as
      otherwise required by applicable law, rule or regulation), (iii) the holder
      of
      the Warrant confirms in writing that the exercise of the Warrant was solicited
      by Maxim, (iv) the Warrant was not held in a discretionary account, and (v)
      the
      solicitation of the exercise of the Warrant was not in violation of Regulation
      M
      (as such rule or any successor rule may be in effect as of such time of
      exercise) promulgated under the Securities Exchange Act of 1934, as amended,
      then the Warrant Agent, simultaneously with the distribution of the Common
      Stock
      underlying the Warrants so exercised in accordance with the instructions from
      the Company following receipt of the proceeds to the Company received upon
      exercise of such Warrant(s), shall, on behalf of the Company, pay (A) in the
      case of a cash exercise of the Warrant, a fee of 5% of the Warrant Price to
      Maxim; or (B) in the case of exercise of the Warrant on a cashless basis, a
      fee
      of 5% of the fair market value of each share issued upon such exercise payable
      either in cash or shares of Common Stock (the method of payment to be at the
      Company’s option),  provided that Maxim delivers to the Warrant Agent
      within ten (10) business days from the date on which Maxim has received the
      Warrant Agent’s Exercise Notice, a certificate that the conditions set forth in
      the preceding clauses (iii), (iv) and (v) have been satisfied. Notwithstanding
      the foregoing, no fee will be paid to Maxim with respect to the exercise by
      the
      Underwriters or their affiliates or the Company’s officers or directors of
      Warrants purchased by it or them and still held by them for its or their own
      account. Maxim and the Company may, at any time during business hours, examine
      the records of the Warrant Agent, including its ledger of original Warrant
      certificates returned to the Warrant Agent upon exercise of
      Warrants.

    

    (c)    The
      provisions of this Section 3.3.5. may not be modified, amended or deleted
      without the prior written consent of Maxim.

    

    4.    Adjustments.

    

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

    

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

    

    
      
         

      

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

    

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

    

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

    

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

    

    
      
         

      

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

    

    5.    Transfer
      and Exchange of Warrants.

    

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

    

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

    

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

    

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

    

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

    

    6.    Redemption.

    

    6.1    Redemption.
      Not
      less than all of the outstanding Warrants may be redeemed, at the option of
      the
      Company, at any time after they become exercisable and prior to their
      expiration, at the office of the Warrant Agent, upon the notice referred to
      in
      Section 6.3, at the price of $.01 per Warrant (“Redemption Price”), provided
      that the last sales price of the Common Stock has been equal to or greater
      than
      $11.50 per share, on each of twenty (20) trading days within any thirty (30)
      trading day period ending on the third business day prior to the date on which
      notice of redemption is given. Notwithstanding the foregoing, the Registration
      Statement must be current in order for the Company to exercise its redemption
      rights pursuant to this Section 6. The provisions of this Section 6.1 may not
      be
      modified, amended or deleted without the prior written consent of
      Maxim.

    

    
      
         

      

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

    

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

    

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

    

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

    

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

    

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

    

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

    

    
      
         

      

      
        8

        
          

        

      

      
         

      

       

    

    8.    Concerning
      the Warrant Agent and Other Matters.

    

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

    

    8.2    Resignation,
      Consolidation, or Merger of Warrant Agent.

    

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

    

    
      
         

      

      
        9

        
          

        

      

      
         

      

       

    

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

    

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

    

    8.3    Fees
      and Expenses of Warrant Agent.

    

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

    

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

    

    8.4    Liability
      of Warrant Agent.

    

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

    

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

    

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

    

    
      
         

      

      
        10

        
          

        

      

      
         

      

       

    

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

    

    9.    Miscellaneous
      Provisions.

    

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

    

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

    

    Pinpoint
      Advance Corp.

    4
      Maskit
      Street

    Herzeliya,
      Israel 46700

    Attn:
        Adiv Baruch 

    President

    

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

    

    American
      Stock Transfer & Trust Company

    59
      Maiden
      Lane, Plaza Level

    New
      York,
      New York 10038

    Attn:
      Herb Lemmer, Vice President

    

    with
      a
      copy in each case to:

    

    Richardson
      & Patel LLP

    405
      Lexington Avenue

    New
      York,
      New York 10174

    Attn:
       Jody R. Samuels

    

    
      
         

      

      
        11

        
          

        

      

      
         

      

       

    

    and

    Ellenoff
      Grossman & Schole LLP

    370
      Lexington Avenue

    New
      York,
      New York 10017

    Attn:
        Douglas Ellenoff, Esq.

    

    and

    Maxim
      Group LLC

    405
      Lexington Avenue

    New
      York,
      New York 10174

    Attn:
      Clifford A. Teller, Managing Director

    

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

    

    9.4    Persons
      Having Rights under this Warrant Agreement.
      Nothing
      in this Warrant Agreement expressed and nothing that may be implied from any
      of
      the provisions hereof is intended, or shall be construed, to confer upon, or
      give to, any person or corporation other than the parties hereto and the
      registered holders of the Warrants and, for the purposes of Sections 3.3.5,
      6.1,
      7.4, 9.2 and 9.8 hereof, Maxim, any right, remedy, or claim under or by reason
      of this Warrant Agreement or of any covenant, condition, stipulation, promise,
      or agreement hereof. Maxim shall be deemed to be a third-party beneficiary
      of
      this Warrant Agreement with respect to Sections 3.3.5, 6.1, 7.4, 9.2 and 9.8
      hereof. All covenants, conditions, stipulations, promises, and agreements
      contained in this Warrant Agreement shall be for the sole and exclusive benefit
      of the parties hereto (and Maxim with respect to the Sections 3.3.5, 6.1, 7.4,
      9.2 and 9.8 hereof) and their successors and assigns and of the registered
      holders of the Warrants.

    

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

    

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

    

    
      
         

      

      
        12

        
          

        

      

      
         

      

       

    

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

    

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

    

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

    

    [remainder
      of document continued on next page]

    

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    

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

    

    

    
      	
              Attest:_____________________________

               

               

               

               

               

            	
              PINPOINT
                ADVANCE CORP.

               

              By:
                __________________________________

              Adiv
                Baruch

              President

            
	
              Attest:_____________________________

               

               

               

            	
              AMERICAN
                STOCK TRANSFER & TRUST COMPANY

               

              By:
                __________________________________

              Name:

              Title:Exhibit
      4.5

    

    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 SIXTH MONTHS FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE
      OTHER THAN (I) MAXIM GROUP LLC AND ITS AFFILIATES ("MAXIM") OR AN UNDERWRITER
      OR
      A SELECTED DEALER IN CONNECTION WITH THE OFFERING (DEFINED HEREIN), OR (II)
      A
      BONA FIDE OFFICER, PARTNER OR EMPLOYEE OF MAXIM OR OF ANY SUCH UNDERWRITER
      OR
      SELECTED DEALER.

    

    THIS
      PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO THE LATER OF (I) THE CONSUMMATION
      BY
      PINPOINT ADVANCE 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
      HEREIN)) AND (II) ______________, 2007. THIS PURCHASE OPTION SHALL BE VOID
      AFTER
      5:00 P.M. EASTERN TIME, _____________, 2011.

    

    

    UNIT
      PURCHASE OPTION

    

    FOR
      THE
      PURCHASE OF

    

    156,250
      UNITS

    

    OF

    

    PINPONT
      ADVANCE CORP.

     

     

    1.
      Purchase Option.

    

    THIS
      CERTIFIES THAT, in consideration of $100 duly paid by or on behalf of Maxim
      Group LLC (collectively, with its successors and permitted assigns and/or
      transferees, the "Holder"), as registered owner of this Purchase Option, to
      Pinpoint Advance Corp. (the "Company"), Holder is entitled, at any time or
      from
      time to time upon the later of (i) the consummation of a Business Combination
      and (ii) ____________, 2007 ("Commencement Date"), and at or before 5:00 p.m.,
      Eastern Time, ____________, 2011 ("Expiration Date"), but not thereafter, to
      subscribe for, purchase and receive, in whole or in part, up to One Hundred
      and
      Fifty Six Thousand Two Hundred Fifty (156,250) units (the "Units") of the
      Company, each Unit consisting of one share of common stock of the Company,
      par
      value $0.0001 per share (the "Common Stock"), and one warrant (the "Warrant")
      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 (the "Offering"). Each Warrant contains the
      same
      terms and conditions as the warrants included in the Units being registered
      for
      sale to the public by way of the Registration Statement (the "Public Warrants"),
      including that the Warrants underlying the Units comprising this Purchase Option
      have an exercise price of $6.00 per share. 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 $8.80 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 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 (the "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, IN WHOLE OR IN PART, 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. 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 (the "Conversion Right") as follows: upon exercise of the Conversion
      Right, the Company shall deliver to the Holder (without payment by the Holder
      of
      any of the Exercise Price in cash) that number of 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
      the
      portion of the Purchase Option being converted. The "Value" of the portion
      of
      the Purchase Option being converted shall equal the remainder derived from
      subtracting (a) (i) the Exercise Price multiplied by (ii) the number of
Units
      underlying the portion of this Purchase Option being converted from (b) the
      Current Market Value of a Unit multiplied by the number of Units underlying
      the
      portion of the Purchase Option being converted. As used herein, the term
      "Current Market Value" per Unit at any date means: (A) in the event that neither
      the Units nor Warrants are still trading, the remainder derived from subtracting
      (x) the exercise price of the Warrants multiplied by the number of 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
      Global Select Market, Nasdaq Global Market, Nasdaq Capital Market or NASD OTC
      Bulletin Board (or successor such as the Bulletin Board 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 Global Select Market,
      Nasdaq Global Market, Nasdaq Capital 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 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 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 Warrants, as the case may be)
      is
      listed on a national securities exchange or quoted on the Nasdaq Global Select
      Market, Nasdaq Global Market, Nasdaq Capital Market or NASD OTC Bulletin Board
      (or successor such as the Bulletin Board Exchange), the last sale price of
      the
      Common Stock (or 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
      Warrants, as the case may be) is not listed on a national securities exchange
      or
      quoted on the Nasdaq Global Select Market, Nasdaq Global Market, Nasdaq Capital
      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 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.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    2.4
      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.

    

    2.5
      Net
      Cash Settlements. In no event will the Company be required to net cash settle
      the exercise of the Purchase Option or the Warrants underlying the Purchase
      Option, regardless of whether any or all of the Registrable Securities have
      been
      registered by the Company pursuant to an effective registration statement.
      The
      holder of the Purchase Option and the Warrants
      underlying the Purchase Option will not be entitled to exercise the Purchase
      Option or the Warrants underlying such Purchase Option unless a registration
      statement is effective, or an exemption from the registration requirements
      is
      available at such time and, if the holder is not able to exercise the Purchase
      Option or underlying Warrants, the Purchase Option and/or the underlying
      Warrants, as applicable, will expire worthless.

    

    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 six months following the
      Effective Date to anyone other than (i) Maxim or an underwriter or a selected
      dealer in connection with the Offering, or (ii) a bona fide
      officer or partner of Maxim or of any such underwriter or selected dealer.
      On
      and after the six month 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
      Richardson & Patel 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 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, except in the case of an exercise of this Purchase Option
      contemplated by Section 2.3 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 (an "Initial Demand Notice")
      of
      the holder(s) of at least an aggregate of 51% of all outstanding Purchase
      Options issued by the Company and/or the underlying Units and/or the underlying
      securities (the "Majority Holders"), agrees to use its best efforts to register
      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.

    

    5.1.2
      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 two (2) years from the effective date of such registration
      statement or post-effective amendment.

    

    5.2
      "Piggy-Back" Registration.

    

    5.2.1
      Grant of Right. In addition to the demand right of registration, the Holders
      of
      the Purchase Options shall have the right for a period of seven years commencing
      on the Effective Date, to include the Registrable Securities as part of any
      other registration of securities filed by the Company (other than in connection
      with a transaction contemplated by Rule 145(a) promulgated under the Act or
      pursuant to Form S-8); provided, however, that if, in the written opinion of
      the
      Company's managing underwriter or underwriters, if any, for such offering,
      the
      inclusion of the Registrable Securities, when added to the securities being
      registered by the Company or the selling stockholder(s), will exceed the maximum
      amount of the Company's securities (the "Maximum Number of Shares") which can
      be
      marketed (i) at a price reasonably related to their then current market value,
      and (ii) without materially and adversely affecting the entire offering, then
      the Company shall

    include
      in any such registration:

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (i)
      If
      the registration is undertaken for the Company's account: (A) first, the 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, if any, including the Registrable
      Securities, as to which registration has been requested pursuant to written
      contractual piggy-back registration rights of security holders (pro rata in
      accordance with the number of shares of Common Stock
      which each such person has actually requested to be included in such
      registration, regardless of the number of shares of Common Stock with respect
      to
      which such persons have the right to request such inclusion) that can be sold
      without exceeding the Maximum Number of Shares; and

    

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

     

    5.2.2
      Terms. The Company shall bear all 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. The Company agrees, at its sole expenses, to use its reasonable
      best
      efforts to qualify or register the Registrable Securities in such States as
      are
      reasonably requested by the Majority Holder(s); provided, however,
      that in no event shall the Company be required to register the Registrable
      Securities in a State in which such registration would cause (i) the Company
      to
      be obligated to qualify to do business in such State, or would subject the
      Company to taxation as a foreign corporation doing business in such jurisdiction
      or (ii) the principal stockholders of the Company to be obligated to escrow
      their shares of capital stock of the Company.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    5.3
      General Terms.

    

    5.3.1
      Indemnification. The Company shall 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
      (the
      "Exchange Act"), and any of their
      respective heirs, successors, permitted assigns and transfers, and agents and
      representatives, 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 6 of
      the
      Underwriting Agreement between the Company, Maxim 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.

    

    5.3.2
      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.

    

    5.3.3
      Documents Delivered to Holders. The Company shall furnish Maxim, 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 Maxim,
      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 Maxim, 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. (the "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 Maxim, as
      representative of the Holders, shall reasonably request. The Company shall
      not
      be required to disclose any confidential information or other records to Maxim,
      as representative of the Holders, or to any other person, until and unless
      such
      persons shall have entered into reasonable confidentiality agreements (in form
      and substance reasonably satisfactory to the Company), with the Company with
      respect thereto.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    5.3.4
      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.

    

    5.3.5
      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 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).

    

    5.3.6
      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 $8.80 per whole Unit (the
      Warrant underlying the Unit is exercisable for $6.00 per share), upon
      effectiveness of the dividend, this Purchase Option will be adjusted to allow
      for the purchase of one Unit at $8.80 per Unit, each Unit entitling the holder
      to receive two shares of Common Stock and two Warrants (each Warrant exercisable
      for $3.00 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
      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.

    

    6.3
      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 scrip
      or
      pay cash in lieu of any fractional interests, it being the intent of the parties
      that all fractional interests shall be eliminated
      by rounding any fraction up or down to the nearest whole number of Warrants,
      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, (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 Select Market, Nasdaq Global Market, Nasdaq Capital Market, OTC Bulletin
      Board or any successor trading market) on which the Units, the Common Stock
      or
      the Warrants 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, 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 or a merger of
      the
      Company wherein the separate existence of the Company shall cease shall be
      proposed.

    

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

    

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

    the
      Holders:

    

    Pinpoint
      Advance Corp.

    4
      Maskit
      Street

    Herzeliya,
      Israel 46700

    Attn:
      Adiv Baruch, Chief Executive Officer

    Fax
      No.:
      +972-957-0894

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    9.
      Miscellaneous.

    

    9.1
      Amendments. The Company and Maxim 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 Maxim may deem necessary or desirable and that the Company and Maxim 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.

    

    10.
      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.

    

    10.1
      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.

    

    10.2
      Governing Law; Submission to Jurisdiction. This Purchase Option shall be
      governed by and construed and enforced in accordance with the laws of the State
      of New York, without giving effect to conflict of laws. Each of the Company
      and
      Maxim agree that any action, proceeding or claim against it arising out of,
      or
      relating in any way to this Purchase Option shall be brought and enforced in
      the
      courts of the State of New York located in New York County or of the United
      States of America for the Southern District of New York, and irrevocably submits
      to such jurisdiction, which jurisdiction shall be exclusive. Each of the Company
      and Maxim 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.

    

    10.3
      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, non-compliance or
      non-fulfillment.

    

    10.4
      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.

    

    10.5
      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 Maxim enter
      into
      an agreement (an "Exchange Agreement") pursuant to which they agree that all
      outstanding Purchase Options will be exchanged for securities or cash or a
      combination of both, then Holder shall agree to such exchange and become a
      party
      to the Exchange Agreement.

    

    [Remainder
      of Page Intentionally Left Blank]

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Company has caused this Purchase Option to be signed by
      its
      duly authorized officer as of the ___ day of __________, 2006.

    
      	 	 	 
	 	PINPOINT
              ADVANCE
              CORP.
	 
 	 
 	 
 
	 	By:  	 
	 	Name: Adiv Baruch 
	 	Title: Chief Executive
              Officer 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Form
      to
      be used to exercise Purchase Option

    

    Pinpoint
      Advance Corp.

    4
      Maskit
      Street

    Herzeliya,
      Israel 46700

    

    Date:_________________,
      200__

    

    The
      undersigned hereby elects irrevocably to exercise all or a portion of the within
      Purchase Option and to purchase ____ Units of Pinpoint Advance 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.

    

    
      	 	 	 	 
	 	 	Signature 	 
	 	 	 	 
	 	 	 	 
	 	 	Signature Guaranteed 	 

    

    

    INSTRUCTIONS
      FOR REGISTRATION OF SECURITIES

    

    

    Name____________________________________________________________

    (Print
      in
      Block Letters)

    

    Address__________________________________________________________

    

    

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

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    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 Pinpoint Advance Corp. (the "Company") evidenced by the
      within Purchase Option and does hereby authorize the Company to transfer such
      right on the books of the Company.

    

    Dated:___________________,
      200_

     

    
      	 	 	 	 
	 	 	Signature 	 
	 	 	 	 
	 	 	 	 
	 	 	Signature Guaranteed 	 

    

    

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

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