Document:

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SPECIMEN WARRANT CERTIFICATE                                         Exhibit 4.3

NUMBER                      (SEE REVERSE FOR LEGEND)                    WARRANTS

                (THIS WARRANT WILL BE VOID IF NOT EXERCISED PRIOR
                TO 5:00 P.M. NEW YORK CITY TIME, __________, 2010

                     CONFLUENCE ACQUISITION PARTNERS I, INC.

                                                              CUSIP 20715Y 11 7

                                     WARRANT

THIS CERTIFIES THAT, for value received ____________ is the registered holder
("Registered Holder") of a Warrant or Warrants expiring ________, 2010 (the
"Warrant") to purchase one fully paid and non-assessable share of Common Stock,
par value $.01 per share ("Shares"), of Confluence Acquisition Partners I, Inc.,
a Delaware corporation (the "Company") for each Warrant evidenced by this
Warrant Certificate. The Warrant entitles the Registered Holder thereof to
purchase from the Company, commencing on the later of (i) the consummation by
the Company of a merger, capital stock exchange, asset acquisition or other
similar business combination or (ii) __________, 2006, such number of Shares of
the Company at the price of $5.00 per share, upon surrender of this Warrant
Certificate and payment of the Warrant Price at the office or agency of the
Warrant Agent, Continental Stock Transfer & Trust Company (such payment to be
made by check made payable to the Warrant Agent), but only subject to the
conditions set forth herein and in the Warrant Agreement between the Company and
Continental Stock Transfer & Trust Company. The Warrant Agreement provides that
upon the occurrence of certain events the Warrant Price and the number of Shares
purchasable hereunder, set forth on the face hereof, may, subject to certain
conditions, be adjusted. The term Warrant Price as used in this Warrant
Certificate refers to the price per Share at which Shares may be purchased at
the time the Warrant is exercised.

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

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

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

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Warrant Certificates of like tenor and evidencing in the aggregate a like number
of Warrants.

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

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

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

      The Company reserves the right to call the Warrant with the prior consent
of Dawson James Securities, Inc. and Roth Capital Partners, LLC at any time
prior to its exercise, with a notice of call in writing to the Warrant holders
of record, giving 30 days' notice of such call at any time after the Warrant
becomes exercisable if the last sale price of the Shares has been at least $8.50
per share on each of 20 trading days within any 30 trading day period ending on
the third business day prior to the date on which notice of such call is given.
The call price of the Warrants is to be $.01 per Warrant. Any Warrant either not
exercised, or tendered back to the Company by the end of the date specified in
the notice of call, shall be canceled on the books of the Company and have no
further value except for the $.01 call price.

By:

___________________________________          ___________________________________
President                                    Secretary

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

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

            _______________________________________________________
                     (PLEASE TYPE OR PRINT NAME AND ADDRESS)

            _______________________________________________________

            _______________________________________________________

            _______________________________________________________
                 (SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)

                               and be delivered to

            _______________________________________________________
                     (PLEASE PRINT OR TYPE NAME AND ADDRESS)

            _______________________________________________________

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

Dated: _____________________                ____________________________________
                                            (SIGNATURE)

                                            ____________________________________
                                            (ADDRESS)

                                            ____________________________________
                                            (TAX IDENTIFICATION NUMBER)

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

For Value Received, ___________________ hereby sell, assign, and transfer unto

           _________________________________________________________
                     (PLEASE TYPE OR PRINT NAME AND ADDRESS)

           _________________________________________________________

           _________________________________________________________

           _________________________________________________________
                 (SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)

                               and be delivered to

           _________________________________________________________
                     (PLEASE PRINT OR TYPE NAME AND ADDRESS)

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

Dated: _____________________                ____________________________________
                                            (SIGNATURE)

THE SIGNATURE TO THE ASSIGNMENT OF THE SUBSCRIPTION FORM MUST CORRESPOND TO THE
NAME WRITTEN UPON THE FACE OF THIS WARRANT CERTIFICATE IN EVERY PARTICULAR,
WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE
GUARANTEED BY A COMMERCIAL BANK OR TRUST COMPANY OR A MEMBER FIRM OF THE
AMERICAN STOCK EXCHANGE, NEW YORK STOCK EXCHANGE, PACIFIC STOCK EXCHANGE OR
CHICAGO STOCK EXCHANGE.<PAGE>
                                                                     EXHIBIT 4.4

THE REGISTERED HOLDER OF THIS UNIT 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 UNIT PURCHASE OPTION
FOR A PERIOD OF ONE YEAR FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE
OTHER THAN (I) AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE
OFFERING, OR (II) A BONA FIDE OFFICER OR PARTNER OF ANY SUCH UNDERWRITER OR
SELECTED DEALER.

THIS UNIT PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO THE LATER OF (I) THE
CONSUMMATION BY CONFLUENCE ACQUISITION PARTNERS I, INC. ("COMPANY") OF A MERGER,
CAPITAL STOCK EXCHANGE, ASSET ACQUISITION OR OTHER SIMILAR BUSINESS COMBINATION
AS DESCRIBED MORE FULLY IN THE COMPANY'S REGISTRATION STATEMENT (DEFINED
HEREIN)) AND (II) ______________, 2006. VOID AFTER 5:00 P.M. EASTERN TIME,
_________, 2010.

                              UNIT PURCHASE OPTION

                               FOR THE PURCHASE OF

                         ________ UNITS [400,000 TOTAL]

                                       OF

                    CONFLUENCE ACQUISITION PARTNERS, I, INC.

1. Unit Purchase Option.

         THIS CERTIFIES THAT, in consideration of $____ [$100 total] duly paid
by or on behalf of ______________________________ ("Holder"), as registered
owner of this Unit Purchase Option, to Confluence Acquisition Partners I, Inc.
("Company"), Holder is entitled, at any time or from time to time upon the later
of (i) the consummation of a merger, capital stock exchange, asset acquisition
or other similar business combination ("Business Combination") as described more
fully in the Company's Registration Statement (as defined herein) and (ii)
__________, 2006 ("Commencement Date"), and at or before 5:00 p.m., Eastern
Time, ___________, 2010 ("Expiration Date"), but not thereafter, to subscribe
for, purchase and receive, in whole or in part, up to ____________ (_____) units
("Units") of the Company, each Unit consisting of one share of common stock of
the Company, par value $.01 per share ("Common Stock"), and two redeemable
warrants ("Warrants"). Each Warrant is the same as the warrants ("Public
Warrants") included in the Units being offered for sale to the public
("Offering") by way of a registration statement (SEC File No. 333-126467) (the
"Registration Statement") except that the Warrants have an exercise price of
$6.25 per share. If the Expiration Date is a day on which banking institutions
are authorized by law to close, then this Unit Purchase Option may be exercised
on the next succeeding day which is not such a day in accordance with the terms
herein. This Unit Purchase Option is initially exercisable at $7.50 per Unit so
purchased; provided, however, that upon the occurrence of any of the events
specified in Section 8 hereof, the rights granted by this Unit 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. This Unit
Purchase Option is one of several identical Unit Purchase Options covering an

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aggregate of 400,000 Units that were issued on the consummation of the Offering
(collectively, the "Unit Purchase Options") to the persons identified therein
(collectively, the "Holders").

2. Exercise.

         2.1 Exercise Form. In order to exercise this Unit Purchase Option, the
exercise form attached hereto must be duly executed and completed and delivered
to the Company, together with this Unit 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., Eastern time, on the Expiration
Date this Unit 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
Unit Purchase Option shall bear a legend substantially as follows unless such
securities have been registered under the Securities Act of 1933, as amended
("Act"):

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

         2.3 Cashless Exercise.

         2.3.1 Determination of Amount. In lieu of the payment of the Exercise
Price multiplied by the number of Units for which this Purchase Option is
exercisable (and in lieu of being entitled to receive Common Stock and Warrants)
in the manner required by Section 2.1, each Holder shall have the right (but not
the obligation) to convert any exercisable but unexercised portion of this
Purchase Option held by such Holder into Units (the "Conversion Right") as
follows: Upon exercise of the Conversion Right, the Company shall deliver to
such Holder (without payment by such Holder of any of the Unit Exercise Price in
cash) that number of Units equal to the quotient obtained by dividing (x) the
Total Value (as defined below) of the Units issuable upon exercise of the
portion of the Purchase Option being converted (the "Total Units") by (y) the
Value (as defined below) of one Unit. As use herein, the term "Total Value"
shall equal the Total Units multiplied by the Cashless Value (as defined below)
of each Unit. As used herein, the term "Cashless Value" of each Unit at any date
means 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, multiplied by the Current Market Price (as defined below) minus the sum of
(i) the then exercise price of the Purchase Option (initially $7.50) plus the
then exercise price of each Warrant included in one Unit (initially $6.25 per
share). The "Value" of each Unit shall equal the number of shares of Common
Stock underlying one Unit, which shall include the shares Common Stock
underlying the Warrants included in such Unit, multiplied by the Current Market
Price minus the then exercise price of each Warrant included in one Unit
(initially $6.25 per share). The "Current Market Price" of a share of Common
Stock shall mean (i) if the Common Stock is listed on a national securities
exchange or quoted on the Nasdaq National Market, Nasdaq SmallCap Market or the
OTC Bulletin Board (or successor such as the Bulletin Board Exchange), the
average sale price of the Common Stock in the principal trading market for the
Common Stock as reported by the exchange or Nasdaq, as the case may be for the
five trading days ending one trading day prior to the date of exercise; (ii) if
the Common Stock is not listed on a national securities exchange or quoted on
the Nasdaq National Market, Nasdaq SmallCap Market or the OTC Bulletin Board (or
successor such as the Bulletin Board Exchange), but is traded in the residual
over-the-counter market, the average closing bid price for the Common Stock for

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the five trading days ending one trading day prior to the date of exercise 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.

         2.3.2 Mechanics of Cashless Exercise. The Cashless Exercise Right may
be exercised by the Holder on any business day on or after the Commencement Date
and not later than the Expiration Date by delivering the Unit 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.

3. Transfer.

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

         4.1 Partial Exercise or Transfer. Subject to the restrictions in
Section 3 hereof, this Unit 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 Unit Purchase Option for cancellation, together
with the duly executed exercise or assignment form and funds sufficient to pay
any Exercise Price and/or transfer tax, the Company shall cause to be delivered
to the Holder without charge a new Unit Purchase Option of like tenor to this
Unit 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
Unit 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 Unit
Purchase Option and of reasonably satisfactory

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indemnification or the posting of a bond, the Company shall execute and deliver
a new Unit Purchase Option of like tenor and date. Any such new Unit 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.

         (a) Grant of Right. The Company, upon the delivery of the Initial
Demand Notice (defined below) of Holder(s)(collectively, the "Demanding
Holders") holding at least 25% of the aggregate Registrable Securities (as
defined below) subject to the Unit Purchase Options (such percentage to be
calculated based upon the total number of shares of Common Stock, directly or
indirectly, underlying the Unit Purchase Options), agrees to register on no more
than two occasions, all or any portion of the Registrable Securities requested
by the Demanding Holders in the Initial Demand Notice. The term "Registrable
Securities" shall mean all of the securities underlying the Unit Purchase
Options, including the Units, Common Stock, the Warrants and the Common Stock
underlying the Warrants. As to any particular Registrable Securities, such
securities shall cease to be Registrable Securities when: (A) a registration
statement with respect to the sale of such securities shall have become
effective under the Act and such securities shall have been sold, transferred,
disposed of or exchanged in accordance with such registration statement; (B)
such securities shall have been otherwise transferred, new certificates for them
not bearing a legend restricting further transfer shall have been delivered by
the Company and subsequent public distribution of them shall not require
registration under the Securities Act; or (C) such securities shall have ceased
to be outstanding. In addition, the term Registrable Securities shall not
include any securities held by any Holder if such securities are then saleable
under Rule 144 in the opinion of counsel to the Company. With respect to such
registration request, the Company will use its commercially reasonable efforts
to file a registration statement or a post-effective amendment to the Company's
Registration Statement covering the Registrable Securities as soon as reasonably
practicable but no later than forty-five (45) days after the Initial Demand
Notice unless extended by Dawson James Securities, Inc. ("Dawson James") as
representative of the Holders for no more than forty-five (45) days and, upon
filing, use its commercially reasonable efforts to have such registration
statement or post-effective amendment declared effective as soon as possible
thereafter; provided, that the Company shall be deemed to have complied with its
obligation hereunder so long as it has made such commercially reasonable
efforts. Notwithstanding the foregoing, if the Company provides the Demanding
Holders notice of a Blackout Period within seven (7) business days after it
receives the Initial Demand Notice, then: (i) the Company's obligation to take
any action pursuant to this Section 5.1, including to file a registration
statement covering the Registrable Securities, shall be suspended during the
Blackout Period; and (ii) the Initial Demand Notice shall thereupon be deemed to
have been received, for purposes of determining the timing of any obligation of
the Company under this Section 5.1 to register the Registrable Securities, on
the first business day immediately following the termination of the Blackout
Period. An Initial Demand Notice shall be effective only if it is received by
the Company during the period beginning on the effective date of the
Registration Statement (the "Effective Date") and ending on the fifth
anniversary thereof. The Company shall give written notice of its receipt of any
Initial Demand Notice from any Holder(s) to all other registered Holders of the
Registrable Securities within ten (10) business days from the date of receipt of
any such Initial Demand Notice. Once made, a request for registration pursuant
to an Initial Demand Notice provided in accordance with this Section 5.1 may not
be revoked by the Demanding Holders, except that such a request for registration
pursuant to an Initial Demand Notice may be revoked (and shall not be deemed to
have been made for purposes of determining the rights of the Holders under this
Section 5.1) by the Demanding Holders if (i) the Demanding Holders have received
a notice of a Blackout Period from the Company and (ii) the Demanding Holders
provide

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written notice to the Company within ten (10) business days of receipt of any
such notice of a Blackout Period requesting such revocation for the purpose of
preserving the right to request registration pursuant to an Initial Demand
Notice at a time subsequent thereto. For the avoidance of doubt, the Company may
not delay the ability of the Demanding Holders to exercise their registration
rights under this Unit Purchase Option by way of giving notice of a Blackout
Period more than once during any 12 month period, and any notice of a Blackout
Period given by the Company to the Demanding Holders shall not be made within
four months of any previous Blackout Period notice given by the Company.

         For purposes of this Section 5, "Blackout Period" means the period:

         (i) In the event that the Company expects to file a registration
statement for a public offering (other than a registration statement relating to
any employee benefit plan, or a registration statement related solely to stock
issued upon conversion of debt securities) beginning upon the earlier of (A) the
Company's execution of a letter of intent, term sheet or other form of agreement
in principle with the contemplated underwriter for the public offering or (B) in
the event no letter of intent, term sheet or other form of agreement in
principle is executed, beginning upon the date following the board of directors'
approval of the primary terms of the public offering. Such Blackout Period shall
continue in either such event until the earlier of (I) termination in writing of
the letter of intent or (II) the board of directors' determination not to
proceed with the public offering or (III) in the event such a registration
statement is filed by the Company, ending on the last day of the distribution
(as contemplated in Regulation M under the Securities Exchange Act of 1934, as
amended) of such public offering of securities.

         (ii) In the event the Company's board of directors determines that it
would be materially detrimental to the Company and its stockholders for such
registration statement or post-effective amendment to the registration statement
to be effected at such time, beginning on the date following the determination
of the Company's board of directors and ending on the earlier of (A) sixty (60)
days thereafter or (B) the date on which the Company's board of directors
determines that it would no longer be materially detrimental to the Company and
its stockholders for such registration to be effected at such time.

         (b) Effective Registration. A registration will not count as a Demand
Registration until the registration statement filed with the Commission with
respect to such Demand Registration has been declared effective and the Company
has complied with all of its obligations under this Agreement with respect
thereto.

         (c) Underwritten Offering. If a majority-in-interest of the Demanding
Holders so elect and such Holders so advise the Company as part of their written
demand for a Demand Registration, the offering of such Registrable Securities
pursuant to such Demand Registration shall be in the form of an underwritten
offering. In such event, the right of any Holder to include its Registrable
Securities in such registration shall be conditioned upon such Holder's
participation in such underwriting and the inclusion of such Holder's
Registrable Securities in the underwriting to the extent provided herein. All
Demanding Holders shall enter into an underwriting agreement in customary form
with the underwriter or underwriters selected for such underwriting by a
majority-in-interest of the Holders initiating the Demand Registration.

         (d) Reduction of Offering. If the managing underwriter or underwriters
for a Demand Registration that is to be an underwritten offering advises the
Company and the Demanding Holders in writing that the dollar amount or number of
shares of Registrable Securities which the Demanding Holders desire to sell,
taken together with all other shares of Common Stock or other securities which
the Company desires to sell and the shares of Common Stock, if any, as to which
registration has been

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requested pursuant to written contractual piggy-back registration rights held by
other shareholders of the Company who desire to sell, exceeds the maximum dollar
amount or maximum number of shares that can be sold in such offering without
adversely affecting the proposed offering price, the timing, the distribution
method, or the probability of success of such offering (such maximum dollar
amount or maximum number of shares, as applicable, the "Maximum Number of
Shares"), then the Company shall include in such registration: (A) first, the
Registrable Securities as to which Demand Registration has been requested by the
Demanding Holders (pro rata in accordance with the number of shares of
Registrable Securities which such Demanding Holder has requested be included in
such registration, regardless of the number of shares of Registrable Securities
held by each Demanding Holder) that can be sold without exceeding the Maximum
Number of Shares; (B) second, to the extent that the Maximum Number of Shares
has not been reached under the foregoing clause (A), the shares of Common Stock
or other securities that the Company desires to sell that can be sold without
exceeding the Maximum Number of Shares; (C) third, to the extent that the
Maximum Number of Shares has not been reached under the foregoing clauses (A)
and (B), the shares of Common Stock for the account of other persons that the
Company is obligated to register pursuant to written contractual arrangements
with such persons and that can be sold without exceeding the Maximum Number of
Shares; and (D) fourth, to the extent that the Maximum Number of Shares have not
been reached under the foregoing clauses (A), (B), and (C), the shares of Common
Stock that other security holders desire to sell that can be sold without
exceeding the Maximum Number of Shares.

         (e) Withdrawal. If a majority-in-interest of the Demanding Holders
disapprove of the terms of any underwriting or are not entitled to include all
of their Registrable Securities in any offering, such majority-in-interest of
the Demanding Holders may elect to withdraw from such offering by giving written
notice to the Company and the underwriter or underwriters of their request to
withdraw prior to the effectiveness of the registration statement filed with the
Commission with respect to such Demand Registration. If the majority-in-interest
of the Demanding Holders withdraws from a proposed offering relating to a Demand
Registration, then such registration shall not count as a Demand Registration
provided for in this Section 5.1.

         5.2 "Piggy-Back" Registration.

         (a) Grant of Piggy-Back Rights. If at any time during the five years
commencing on the Effective Date the Company proposes to file a registration
statement under the Securities Act with respect to an offering of equity
securities, or securities or other obligations exercisable or exchangeable for,
or convertible into, equity securities, by the Company for its own account or
for shareholders of the Company for their account (or by the Company and by
shareholders of the Company including, without limitation, pursuant to Section
5.1), other than a registration statement (A) filed in connection with any
employee stock option or other benefit plan, (B) for an exchange offer or
offering of securities solely to the Company's existing shareholders, (C) for an
offering of debt that is convertible into equity securities of the Company or
(D) for a dividend reinvestment plan, then the Company shall (E) give written
notice of such proposed filing to the Holders of Registrable Securities as soon
as practicable but in no event less than ten business days before the
anticipated filing date, which notice shall describe the amount and type of
securities to be included in such offering, the intended method(s) of
distribution, and the name of the proposed managing underwriter or underwriters,
if any, of the offering, and (F) offer to the Holders of Registrable Securities
in such notice the opportunity to register the sale of such number of shares of
Registrable Securities as such Holders may request in writing within five
business days following receipt of such notice (a "Piggy-Back Registration").
The Company shall cause such Registrable Securities to be included in such
registration and shall use its commercially reasonable efforts to cause the
managing underwriter or underwriters of a proposed underwritten offering to
permit the Registrable Securities requested to be included in a Piggy-Back
Registration to be included on the same terms and conditions as

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any similar securities of the Company and to permit the sale or other
disposition of such Registrable Securities in accordance with the intended
method(s) of distribution thereof. All Holders of Registrable Securities
proposing to distribute their securities through a Piggy-Back Registration that
involves an underwriter or underwriters shall enter into an underwriting
agreement in customary form with the underwriter or underwriters selected for
such Piggy-Back Registration.

         (b) Reduction of Offering. If the managing underwriter or underwriters
for a Piggy-Back Registration that is to be an underwritten offering advises the
Company and the Holders of Registrable Securities in writing that the dollar
amount or number of shares of Common Stock which the Company desires to sell,
taken together with shares of Common Stock, if any, as to which registration has
been demanded pursuant to written contractual arrangements with persons other
than the Holders of Registrable Securities hereunder, the Registrable Securities
as to which registration has been requested under this Section 5(b), and the
shares of Common Stock, if any, as to which registration has been requested
pursuant to the written contractual piggy-back registration rights of other
shareholders of the Company, exceeds the Maximum Number of Shares, then the
Company shall include in any such registration:

         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.

         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 and any Shares as to
which registration has been requested pursuant to written contractual piggy-back
registration rights which other security holders desire to sell that can be sold
without exceeding the Maximum Number of Shares (pro rata in accordance with the
number of shares of Registrable Securities held by each such Holder).

         (c) Withdrawal. Any Holder of Registrable Securities may elect to
withdraw such Holder's request for inclusion of Registrable Securities in any
Piggy-Back Registration by giving written notice to the Company of such request
to withdraw prior to the effectiveness of the registration statement. The
Company may also elect to withdraw a registration statement at any time prior to
the effectiveness of the registration statement. Notwithstanding any such
withdrawal, the Company shall pay all expenses incurred by the Holders of
Registrable Securities in connection with such Piggy-Back Registration as
provided in Section 6.13.

                                       7
<PAGE>

         6. Registration Procedures.

         6.1 Limitations. Notwithstanding anything herein to the contrary, the
Company shall not be obligated to effect any registration pursuant to Section
5.1 of this Agreement if the Holders of the Registrable Securities, together
with the Holders of any other securities of the Company entitled to inclusion in
such registration, propose to sell Registrable Securities and such other
securities (if any) at an aggregate price to the public of less than $500,000;
provided, further, that the Company shall not be obligated to file a second
registration statement until a registration statement that has been filed is
counted as a Demand Registration or is terminated or withdrawn.

         6.2 Copies. The Company shall, prior to filing a registration statement
or prospectus, or any amendment or supplement thereto, furnish without charge to
the Holders of Registrable Securities included in such registration, and such
Holders' legal counsel, copies of such registration statement as proposed to be
filed, each amendment and supplement to such registration statement (in each
case including all exhibits thereto and documents incorporated by reference
therein), the prospectus included in such registration statement (including each
preliminary prospectus), and such other documents as the Holders of Registrable
Securities included in such registration or legal counsel for any such Holders
may request in order to facilitate the disposition of the Registrable Securities
owned by such Holders.

         6.3 Amendments and Supplements. Subject to the provisions of Section
6.12, the Company shall use its commercially reasonable efforts to prepare and
file with the Commission such amendments, including post-effective amendments,
and supplements to such registration statement and the prospectus used in
connection therewith as may be necessary to keep such registration statement
effective and in compliance with the provisions of the Securities Act until all
Registrable Securities and other securities covered by such registration
statement have been disposed of in accordance with the intended method(s) of
distribution set forth in such registration statement (which period shall not
exceed the sum of 180 days plus any period during which any such disposition is
interfered with by any stop order or injunction of the Commission or any
governmental agency or court and, any period of suspension pursuant to Section
6.12) or such securities have been withdrawn from such registration.

         6.4 Notification. After the filing of a registration statement, the
Company shall promptly, and in no event more than two business days after such
filing, notify the Holders of Registrable Securities included in such
registration statement of such filing, and shall further notify such Holders
promptly and confirm such advice in writing in all events within two business
days of the occurrence of any of the following: (i) when such registration
statement becomes effective; (ii) when any post-effective amendment to such
registration statement becomes effective; (iii) the issuance or threatened
issuance by the Commission of any stop order (and the Company shall take all
actions required to prevent the entry of such stop order or to remove it if
entered); and (iv) any request by the Commission for any amendment or supplement
to such registration statement or any prospectus relating thereto or for
additional information or of the occurrence of an event requiring the
preparation of a supplement or amendment to such prospectus so that, as
thereafter delivered to the purchasers of the securities covered by such
registration statement, such prospectus will not contain an untrue statement of
a material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein not misleading, and promptly make
available to the Holders of Registrable Securities included in such registration
statement any such supplement or amendment; except that before filing with the
Commission a registration statement or prospectus or any amendment or supplement
thereto, including documents incorporated by reference, the Company shall
furnish to the Holders of Registrable Securities included in such registration
statement and to the legal counsel for any such Holders, copies of all such
documents proposed to be filed sufficiently in advance of filing to provide such
Holders and legal counsel with a reasonable opportunity to review such documents
and comment thereon, and the Company shall not file any registration statement
or prospectus or amendment or supplement thereto, including documents
incorporated by reference, to which such Holders or their legal counsel shall
object.

                                       8
<PAGE>

         6.5 State Securities Laws Compliance. The Company shall use its
commercially reasonable efforts to (i) register or qualify the Registrable
Securities covered by the registration statement under such securities or "blue
sky" laws of such jurisdictions in the United States as the Holders of
Registrable Securities included in such registration statement (in light of
their intended plan of distribution) may request and (ii) take such action
necessary to cause such Registrable Securities covered by the registration
statement to be registered with or approved by such other Governmental
Authorities as may be necessary by virtue of the business and operations of the
Company and do any and all other acts and things that may be necessary or
advisable to enable the Holders of Registrable Securities included in such
registration statement to consummate the disposition of such Registrable
Securities in such jurisdictions; provided, however, that the Company shall not
be required to qualify generally to do business in any jurisdiction where it
would not otherwise be required to qualify but for this Section 6.5 or subject
itself to taxation in any such jurisdiction.

         6.6 Agreements for Disposition. The Company shall enter into customary
agreements (including, if applicable, an underwriting agreement in customary
form) and take such other actions as are reasonably required in order to
expedite or facilitate the disposition of such Registrable Securities. The
representations, warranties and covenants of the Company in any underwriting
agreement which are made to or for the benefit of any underwriters, to the
extent applicable, shall also be made to and for the benefit of the Holders of
Registrable Securities included in such registration statement. No Holder of
Registrable Securities included in such registration statement shall be required
to make any representations or warranties in the underwriting agreement except,
if applicable, with respect to such Holder's organization, good standing,
authority, title to Registrable Securities, lack of conflict of such sale with
such Holder's material agreements and organizational documents, and with respect
to written information relating to such Holder that such Holder has furnished in
writing expressly for inclusion in such registration statement.

         6.7 Cooperation. The principal executive officer of the Company, the
principal financial officer of the Company, the principal accounting officer of
the Company and all other officers and members of the management of the Company
shall cooperate fully in any offering of Registrable Securities hereunder, which
cooperation shall include, without limitation, the preparation of the
registration statement with respect to such offering and all other offering
materials and related documents, and participation in meetings with
underwriters, attorneys, accountants and potential Holders.

         6.8 Records. The Company shall make available for inspection by the
Holders of Registrable Securities included in such registration statement, any
underwriter participating in any disposition pursuant to such registration
statement and any attorney, accountant or other professional retained by any
Holder of Registrable Securities included in such registration statement or any
underwriter, all financial and other records, pertinent corporate documents and
properties of the Company, as shall be necessary to enable them to exercise
their due diligence responsibility, and cause the Company's officers, directors
and employees to supply all information requested by any of them in connection
with such registration statement.

         6.9 Delivery of Opinions and Other Documents. The Company shall to each
of 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

                                       9
<PAGE>

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.

         6.10 Earnings Statement. The Company shall comply with all applicable
rules and regulations of the Commission and the Securities Act, and make
available to its shareholders, as soon as practicable, an earnings statement
covering a period of 12 months, beginning within three months after the
effective date of the registration statement, which earnings statement shall
satisfy the provisions of Section 11(a) of the Securities Act and Rule 158
thereunder.

         6.11 Listing. The Company shall use its commercially reasonable efforts
to cause all Registrable Securities included in any registration statement to be
listed on such exchanges or otherwise designated for trading in the same manner
as similar securities issued by the Company are then listed or designated or, if
no such similar securities are then listed or designated, in a manner
satisfactory to the Holders of a majority of the Registrable Securities included
in such registration.

         6.12 Obligation to Suspend Distribution.If after a registration
statement relating to the registration of Registrable Securities under Section 5
has been declared effective ("Effective Registration Statement"), upon the good
faith determination by the Board of Directors of the Company that it is
reasonably necessary to suspend the use of such Effective Registration Statement
or sales of Registrable Securities by Holders under such Effective Registration
Statement, the Company may, upon written notice (the "Suspension Notice") to
Dawson James, as representative of the Holders, direct the Holders to suspend
the use of or sales under such Effective Registration Statement. Upon the
occurrence of any such suspension, the Company shall use its commercially
reasonable efforts to take or cause to be taken such action as is necessary to
permit resumed use of such Effective Registration Statement promptly following
the cessation of the Suspension Event giving rise to such suspension so as to
permit the Holders to resume use of and sales under such Effective Registration
Statement as soon as practicable thereafter. Upon cessation of the Suspension
Event giving rise to such suspension, the Company shall promptly provide Dawson
James with prompt written notice that the Suspension Event has ceased (the "End
of Suspension Notice"). The Holders shall not effect any sales of the
Registrable Securities pursuant to such Effective Registration Statement at any
time after it has received a Suspension Notice from the Company and prior to
receipt of an End of Suspension Notice. If so directed by the Company in a
Suspension Notice, each Holder will deliver to the Company (at the expense of
the Company) all copies, other than permanent file copies then in such Holder's
possession, of any prospectuses covering the Registrable Securities at the time
of receipt of such Suspension Notice.

         6.13 Registration Expenses. The Company shall bear all costs and
expenses incurred by the Company in connection with any Demand Registration
pursuant to Section 5.1, any Piggy-Back Registration pursuant to Section 5.2,
and any registration on Form S-3 effected pursuant to Section 5.3, and all
expenses incurred in performing or complying with its other obligations under
this Agreement, whether or not the registration statement becomes effective,
including, without limitation: (i) all registration and filing fees; (ii) fees
and expenses of compliance with securities or "blue sky" laws (including fees
and disbursements of counsel in connection with blue sky qualifications of the
Registrable Securities); (iii) printing expenses; (iv) the Company's internal
expenses (including, without limitation, all salaries and expenses of its
officers and employees); (v) the fees and expenses incurred in connection with
the listing of the Registrable Securities as required by Section 6.11; (vi)
National Association of Securities Dealers, Inc. fees; (vii) fees and
disbursements of counsel for the Company and

                                       10
<PAGE>

fees and expenses for independent certified public accountants retained by the
Company (including the expenses or costs associated with the delivery of any
opinions or comfort letters requested pursuant to Section 6.9) and (viii) the
fees and expenses of any special experts retained by the Company in connection
with such registration. The Company shall have no obligation to pay any
underwriting discounts or selling commissions attributable to the Registrable
Securities being sold by the Holders thereof, which underwriting discounts or
selling commissions shall be borne by such Holders. Additionally, in an
underwritten offering, all selling shareholders and the Company shall bear the
expenses of the underwriter pro rata in proportion to the respective amount of
shares each is selling in such offering. The Holders of Registrable Securities
shall bear all costs and expenses incurred by them in connection with any such
registration, except to the extent specifically provided in this Section 6.13.

         6.14 Information. The Holders of Registrable Securities shall provide
such information as may reasonably be requested by the Company, or the managing
underwriter, if any, in connection with the preparation of any registration
statement, including amendments and supplements thereto, in order to effect the
registration of any Registrable Securities under the Securities Act pursuant to
Section 5 and in connection with the Company's obligation to comply with federal
and applicable state securities laws.

         7. Miscellaneous Registration Rights Provisions.

         7.1 Indemnification. The Company shall indemnify the Holders of the
Registrable Securities to be sold pursuant to any registration statement
hereunder and each person, if any, who controls such Holders within the meaning
of Section 15 of the Act or Section 20(a) of the Securities Exchange Act of
1934, as amended ("Exchange Act"), against all loss, claim, damage, expense or
liability (including all reasonable attorneys' fees and other expenses
reasonably incurred in investigating, preparing or defending against litigation,
commenced or threatened, or any claim whatsoever whether arising out of any
action between the underwriter of any offering covered by a registration
statement subject to Sections 5.1 or 5.2 hereof and the Company or between any
such 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
pursuant to which the Company has agreed, pursuant to Section 5 of the
Underwriting Agreement (the "Underwriting Agreement among the Company, the
representatives of the underwriters and the other underwriters named therein
dated the Effective Date. The Holders 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 thereunder have agreed to indemnify the Company.

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

         7.3 Underwriting Agreement. The Company shall enter into an
underwriting agreement with the managing underwriter(s), if any, selected by any
Holders whose Registrable

                                       11
<PAGE>

Securities are being registered pursuant to Section 5.1, 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 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.

         8. Adjustments.

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

         (a) Stock Dividends - Split-Ups. If after the date hereof, and subject
to the provisions of Section 8.3 below, the number of outstanding shares of
Common Stock is increased by a stock dividend payable in shares of Common Stock
or by a split-up of shares of Common Stock or other similar event, then, on the
effective date thereof, the number of shares of Common Stock underlying each of
the Units purchasable hereunder shall be increased in proportion to such
increase in outstanding shares. In such case, the number of shares of Common
Stock, and the exercise price applicable thereto, underlying the Warrants
underlying each of the Units purchasable hereunder shall be adjusted in
accordance with the terms of the Warrants. For example, if the Company declares
a two-for-one stock dividend and at the time of such dividend this Unit Purchase
Option is for the purchase of one Unit at $7.50 per whole Unit (and each Warrant
underlying the Units is exercisable for $5.00 per share), upon effectiveness of
the dividend, this Unit Purchase Option will be adjusted to allow for the
purchase of one Unit at $7.50 per Unit, each Unit entitling the holder to
receive two shares of Common Stock and two Warrants each to purchase two shares
of Common Stock (for $2.50 per share).

         (b) Aggregation of Shares. If after the date hereof, and subject to the
provisions of Section 8.3, 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.

                                       12
<PAGE>

         (c) 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 8.1(a) or 8.1(b) 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 Unit Purchase Option shall have the right
thereafter (until the expiration of the right of exercise of this Unit 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 Unit
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 8.1(a) or 8.1(b), then such adjustment shall be made pursuant
to Sections 8.1(a) or 8.1(b) and this Section 8.1(c). The provisions of this
Section 8.1(c) shall similarly apply to successive reclassifications,
reorganizations, mergers or consolidations, sales or other transfers.

         (d) Changes in Form of Unit Purchase Option. This form of Unit Purchase
Option need not be changed because of any change pursuant to this Section, and
Unit Purchase Options issued after such change may state the same Exercise Price
and the same number of Units as are stated in the Unit Purchase Options
initially issued pursuant to this Agreement. The acceptance by any Holder of the
issuance of new Unit 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.

         8.2 Substitute Unit 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 Unit Purchase Option providing that the Holder of each
Unit Purchase Option then outstanding or to be outstanding shall have the right
thereafter (until the stated expiration of such Unit Purchase Option) to
receive, upon exercise of such Unit 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 Unit Purchase Option might have been exercised
immediately prior to such consolidation, merger, sale or transfer. Such
supplemental Unit 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.

         8.3 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 Unit Purchase Option, nor shall it be
required to issue scrip or pay cash in lieu of any fractional interests, it
being the intent of the parties that all fractional interests shall be
eliminated by rounding any fraction up to the nearest whole number of Warrants,
shares of Common Stock or other securities, properties or rights.

         9. 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 Unit

                                       13
<PAGE>
Purchase Options or the Warrants underlying the Unit 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 Unit 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 Unit
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 Unit 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 Unit Purchase
Options, (iii) Warrants issuable upon exercise of the Unit Purchase Options and
(iv) shares of Common Stock issuable upon exercise of the Warrants included in
the Units issuable upon exercise of the Unit Purchase Option to be listed
(subject to official notice of issuance) on all securities exchanges (or, if
applicable on the NASDAQ National Market, SmallCap Market, OTC Bulletin Board or
any successor trading market) on which the Units, the Common Stock or the Public
Warrants issued to the public in connection herewith may then be listed and/or
quoted.

         10. Certain Notice Requirements.

         10.1 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 Unit 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 stockholders of the Company at the same time and in the same manner that
such notice is given to the stockholders.

         10.2 Events Requiring Notice. The Company shall be required to give the
notice described in this Section 10 in connection with one or more of the
following events: (i) if the Company shall take a record of the holders of its
shares of Common Stock for the purpose of entitling them to receive a dividend
or distribution payable otherwise than in cash, or a cash dividend or
distribution payable otherwise than out of retained earnings, as indicated by
the accounting treatment of such dividend or distribution on the books of the
Company, or (ii) the Company shall offer to all the holders of its Common Stock
any additional shares of capital stock of the Company or securities convertible
into or exchangeable for shares of capital stock of the Company, or any option,
right or warrant to subscribe therefor, or (iii) a dissolution, liquidation or
winding up of the Company (other than in connection with a consolidation or
merger) or a sale of all or substantially all of its property, assets and
business shall be proposed.

         10.3 Notice of Change in Exercise Price. The Company shall, promptly
after an event requiring a change in the Exercise Price pursuant to Section 8
hereof, send notice to the Holders of such event and change ("Price Notice").
The Price Notice shall describe the event causing the change and the method of
calculating same and shall be certified as being true and accurate by the
Company's President and Chief Financial Officer.

                                       14
<PAGE>
         10.4 Transmittal of Notices. All notices, requests, consents and other
communications under this Unit Purchase Option, other than as expressly provided
for in Section 5.1, shall be in writing and shall be deemed to have been duly
made when hand delivered, or mailed by overnight express mail or overnight
private courier service: (i) if to the registered Holder of the Unit Purchase
Option, except as otherwise expressly provided for in Section 6.9, to the
address of such Holder as shown on the books of the Company, or (ii) if to the
Company, to the following address or to such other address as the Company may
designate by notice to the Holders:

                     Confluence Acquisition Partners I, Inc.

                     12444 Powerscourt Drive
                     Suite 225
                     St Louis, MO 63131
                     Attn:   John J. Klobnak, President

                     With a copy to:

                     Dilworth Paxson LLP
                     1818 N Street, N.W., Suite 400
                     Washington, DC 20036
                     Attn:  Kathleen L. Cerveny, Esq.

         11. Miscellaneous.

         11.1 Amendments. The Company and Dawson James may from time to time
supplement or amend this Unit 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 Dawson James may deem necessary or
desirable and that the Company and Dawson James 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.

         11.2 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 Unit
Purchase Option.

         11.3 Entire Agreement. This Unit Purchase Option (together with the
other agreements and documents being delivered pursuant to or in connection with
this Unit 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.

         11.4 Binding Effect. This Unit 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 Unit Purchase
Option or any provisions herein contained.

         11.5 Governing Law; Submission to Jurisdiction. This Unit Purchase
Option shall be governed by and construed and enforced in accordance with the
laws of the State of Delaware, without giving effect to conflict of laws. The
Company hereby agrees that any action, proceeding or claim

                                       15
<PAGE>

against it arising out of, or relating in any way to this Unit Purchase Option
shall be brought and enforced in the courts of the State of Delaware or of the
United States of America for the state of Delaware, and irrevocably submits to
such jurisdiction, which jurisdiction shall be exclusive. The Company hereby
waives any objection to such exclusive jurisdiction and that such courts
represent an inconvenient forum. Any process or summons to be served upon the
Company may be served by transmitting a copy thereof by registered or certified
mail, return receipt requested, postage prepaid, addressed to it at the address
set forth in Section 10. 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.

         11.6 Waiver, Etc. The failure of the Company or the Holder to at any
time enforce any of the provisions of this Unit 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 Unit Purchase Option or any provision hereof or the
right of the Company or any Holder to thereafter enforce each and every
provision of this Unit Purchase Option. No waiver of any breach, non-compliance
or non-fulfillment of any of the provisions of this Unit 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.

         11.7 Execution in Counterparts. This Unit 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.

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

         11.9 Underlying Warrants. At any time after exercise by the Holder of
this Unit Purchase Option, the Holder may exchange its Warrants (with a
$________ exercise price) for Public Warrants (with a $5.00 exercise price) upon
payment to the Company of the difference between the exercise price of his
Warrant and the exercise price of the Public Warrants; provided, however, that
such exchange may only be made subject to compliance with applicable federal and
state securities law.

                   [Balance of Page Intentionally Left Blank]

                                       16
<PAGE>

                  IN WITNESS WHEREOF, the Company has caused this Unit Purchase
Option to be signed by its duly authorized officer as of the ___ day of
________, 2005.

                                         CONFLUENCE ACQUISITION PARTNERS I, INC.

                                         By:
                                            ------------------------------------
                                           Name:
                                           Title:

                                       17
<PAGE>
                Form to be used to exercise Unit Purchase Option:

Confluence Acquisition Partners I, Inc.
12444 Powerscourt Drive
Suite 225
St Louis, MO 63131

Date:_________________, 200__

                  The undersigned hereby elects irrevocably to exercise all or a
portion of the within Unit Purchase Option and to purchase ____ Units of
Confluence Acquisition Partners I, Inc. 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 Unit 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 Unit Purchase Option
by surrender of the unexercised portion of the attached Unit Purchase Option
(with a "Value" based of $_______ based on a "Market Price" of $_______). Please
issue the securities comprising the Series __ Units as to which this Unit
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 UNIT 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.

                                       18
<PAGE>
                 Form to be used to assign Unit Purchase Option:

                                   ASSIGNMENT

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

                  FOR VALUE RECEIVED,___________________________________________
does hereby sell, assign and transfer unto______________________________________
the right to purchase __________ Units of Confluence Acquisition Partners I,
Inc. ("Company") evidenced by the within Unit 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 UNIT 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.

                                       19

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