Document:

EXHIBIT
      4.4

     

    WARRANT
      AGREEMENT

     

    This
      Warrant Agreement (this “Agreement”) is made as of May [ ], 2007, by and between
      Camden Learning Corporation, a Delaware corporation having its principal place
      of business at 500 East Pratt Street, Suite 1200, Baltimore, MD 21202
      (“Company”), and Continental Stock Transfer & Trust Company, a New York
      corporation with offices at 17 Battery Place, New York, New York 10004 (the
      “Warrant Agent”).

     

    WHEREAS,
      the Company is engaged in a public offering (the “Public Offering”) of Units
      (“Units”) and, in connection therewith, has determined to issue and deliver up
      to (i) 5,175,000 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
      (ii) 450,000 Warrants to Morgan Joseph & Co. Inc. (“Morgan Joseph”) as
      representative of the underwriters (the “Underwriters”) or its designees (the
“Underwriter’s Warrants”), with each of such Underwriter’s Warrants evidencing
      the right of the holder thereof to purchase one share of Common Stock for $6.00,
      subject to adjustment as described herein;

     

    WHEREAS,
      immediately prior to the completion of the Public Offering, the Company shall
      sell and issue 2,500,000 Warrants in a private placement (the “Private
      Warrants”) pursuant to that certain Subscription Agreement dated May [ ], 2007
      (the “Subscription Agreement”), each of such Private Warrants evidencing the
      right of the holder thereof to purchase one share of Common Stock (the Public
      Warrants, the Underwriter’s Warrants and the Private Warrants are collectively
      referred to herein as the “Warrants”);

     

    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, the Underwriter’s Warrants and the
      Common Stock issuable upon exercise of each of the Public Warrants and the
      Underwriter’s 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 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. The Public Warrants and the
      Underwriter’s Warrants shall be in substantially the form of Exhibit
      A
      hereto
      and the Private Warrants shall be in substantially the form of Exhibit
      B
      hereto,
      the provisions of each 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 Public Warrants.
      The
      securities comprising the Units will begin to trade separately on the 90th
      trading day after the effective date of the Registration Statement unless Morgan
      Joseph informs the Company of its decision to allow earlier trading (the
“Detachment Date”), provided that in no event will Morgan Joseph allow the
      separate trading of the securities comprising the Units until (i) the Company
      files with the SEC 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
      sale of the Private Warrants and the Public Offering, including the proceeds
      received by the Company from the exercise of the Underwriters' over-allotment
      option, if the over-allotment option is exercised on the date of the effective
      date of the Registration Statement, (ii) the Company issues a press release
      and
      files with the SEC a Current Report on Form 8-K announcing when such separate
      trading will begin, and (iii) the date on which separate trading begins is
      a
      business day following the earlier to occur of the exercise of the Underwriters’
over-allotment option or its exercise in full (as described more fully in the
      Registration Statement).

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    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 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 this Section 3.1 and Section 4 hereof. 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. The Private
      Warrants may be exercised on a “cashless” basis provided that at the time of
      exercise they are held by the original purchaser thereof, or their permitted
      assigns. In the event the Private Warrants are exercised on a “cashless” basis
      the holder thereof shall surrender his or her Private 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 Private Warrant,
      multiplied by the difference between the Warrant Price and the Fair Market
      Value
      (as 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
      exercise is received by the Company.

     

    3.2 Duration
      of Warrants.
      

    

    3.2.1
      Public Warrants and Underwriter’s Warrants. A Public Warrant or Underwriter’s
      Warrant may be exercised only during the period commencing on the later of:
      (i)
      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 (ii)
      [      ], 2008, and terminating at 5:00 p.m., New York
      City time on the earlier to occur of (x) [      ], 2011
      or (y) the date fixed for redemption of the Warrants as provided in Section
      6 of
      this Agreement. Notwithstanding the foregoing, no Public Warrant or
      Underwriter’s Warrant shall be exercisable unless, at the time of exercise, a
      registration statement relating to the Common Stock issuable upon the exercise
      of such Public Warrant or Underwriter’s Warrant is effective and current and a
      prospectus is available for use by the holders thereof and the Common Stock
      has
      been qualified or deemed to be exempt under the securities laws of the state
      of
      residence of the holder of such Public Warrants or Underwriter’s
      Warrants.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    3.2.2 Private
      Warrants. A Private Warrant may be exercised only during the period following
      consummation of a Business Combination by the Company and terminating at 5:00
      p.m., New York City time on the earlier to occur of (x) [ ], 2011 or (y) the
      date fixed for redemption of the Warrants as provided in Section 6 of this
      Agreement. The Private Warrants are not subject to redemption so long as they
      are held by their initial purchasers or their permitted designees.

     

    3.2.3 General.
      The period during which a Warrant may be exercised shall be deemed the “Exercise
      Period” and the termination of such Exercise Period shall be deemed the
“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,
      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. 

     

    3.3 Exercise
      of Warrants.

     

    3.3.1 Payment.
      Subject
      to the provisions of the Warrants 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 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. 

     

    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 Company be required to provide the registered
      holder of a warrant with a net-cash settlement or other consideration 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.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    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.

     

    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.

     

    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.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    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.

     

    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 Transfer
      of Warrants.
      Prior
      to the Detachment Date, the Public Warrants may be transferred or exchanged
      only
      together with the Unit in which such Warrant is included, and only for the
      purpose of effecting, or in conjunction with, a transfer or exchange of such
      Unit. Furthermore, each transfer of a Unit on the register relating to such
      Units shall operate also to transfer the Warrants included in such Unit. From
      and after the Detachment Date this Section 5.1 will have no further force and
      effect.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    5.2 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.

     

    5.3 Procedure
      for Surrender of Warrants.
      Warrants may be surrendered to the Warrant Agent, together with a written
      request for exchange or transfer, and thereupon the Warrant Agent shall issue
      in
      exchange therefor one or more new Warrants as requested by the registered holder
      of the Warrants so surrendered, representing an equal aggregate number of
      Warrants; provided, however, in the event 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 such transfer may be made and
      indicating whether the new Warrants must also bear a restrictive
      legend.

     

    5.4 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.

     

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

     

    5.6 Warrant
      Execution and Countersignature.
      The
      Warrant Agent is hereby authorized to countersign and 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.

     

    5.7 Private
      Warrants.
      Notwithstanding anything herein to the contrary, the Warrant Agent shall not
      register for transfer any Private Warrants until the 90th day after the
      consummation of the Company’s initial business combination, except for (a)
      transfers of Private Warrants resulting from the death of any of the holders
      thereof, (b) transfers by operation of law, (c) any transfer for estate planning
      purposes to persons immediately related to the transferor by blood, marriage
      or
      adoption, or (d) transfers to any trust solely for the benefit of such
      transferor and/or the persons described in the preceding clause, on condition
      that prior to such registration for transfer, the Warrant Agent shall be
      presented with written documentation pursuant to which each permitted transferee
      or the trustee or legal guardian for each permitted transferee agrees to be
      bound by the terms of the Subscription Agreement.

     

    6. Redemption.

     

    6.1 Redemption.
      Not
      less than all of the outstanding Public Warrants and the Underwriter’s 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 Morgan Joseph. The Private Warrants are not subject to this
      Section 6 provided they are held by the initial purchasers thereof, or their
      permitted designees.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    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.

     

    6.4 Outstanding
      Warrants Only.
      The
      Company understands that the redemption rights provided for by this Section
      6
      apply only to outstanding Warrants. To the extent a person holds rights to
      purchase Warrants, such purchase rights shall not be extinguished by redemption.
      However, once such purchase rights are exercised, the Company may redeem the
      Warrants issued upon such exercise provided that the criteria for redemption
      are
      met, including the opportunity of the Warrant holder to exercise prior to
      redemption pursuant to Section 6.3. The provisions of this Section 6.4 may
      not
      be modified, amended or deleted without the prior written consent of Morgan
      Joseph.

     

    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.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    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 the Common
      Stock issuable upon exercise of the Warrants, 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 use its best efforts to maintain the effectiveness of such registration
      statement until the expiration of the Warrants in accordance with the provisions
      of this Warrant Agreement; provided, however, the Company shall not be obligated
      to deliver Common Stock and shall not have penalties for failure to deliver
      Common Stock if a registration statement is not effective at the time of
      exercise by the holder. 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 Morgan Joseph. 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. 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 C 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.

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    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.

     

    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.

     

    8.6 Waiver.
      The
      Warrant Agent hereby waives any and all right, title, interest or claim of
      any
      kind (“Claim”) in or to any distribution of the Trust Account (as defined in
      that certain Investment Management Trust Agreement, dated as of the date hereof,
      by and between the Company and the Warrant Agent as trustee thereunder), and
      hereby agrees not to seek recourse, reimbursement, payment or satisfaction
      for
      any Claim against the Trust Account for any reason whatsoever.

     

    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:

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    Camden
      Learning Corporation

    500
      East
      Pratt Street, Suite 1200

    Baltimore,
      Maryland 21202

    Attn:
       David L. Warnock, 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:

    

    Continental
      Stock Transfer & Trust Company

    17
      Battery Place

    New
      York,
      New York 10004

    Attn:
      [        ]

     

    with
      a
      copy in each case to:

     

    McDermott
      Will & Emery LLP

    340
      Madison Avenue

    New
      York,
      New York 10173

    Attn:
       Joel L. Rubinstein, Esq.

     

    and

     

    Ellenoff
      Grossman & Schole LLP

    370
      Lexington Avenue

    New
      York,
      New York 10017

    Attn:
        Douglas Ellenoff, Esq.

     

    and

     

    Morgan
      Joseph & Co. Inc.

    600
      Fifth
      Avenue, 19th
      floor

    New
      York,
      New York 10020

    Attn:
      Gordon Pollock, 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.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    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 6.1, 6.4,
      7.4, 9.2 and 9.8 hereof, Morgan Joseph, any right, remedy, or claim under or
      by
      reason of this Warrant Agreement or of any covenant, condition, stipulation,
      promise, or agreement hereof. Morgan Joseph shall be deemed to be a third-party
      beneficiary of this Warrant Agreement with respect to Sections 6.1, 6.4, 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 Morgan Joseph with respect to
      the
      Sections 6.1, 6.4, 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.

     

    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 Morgan Joseph 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:_____________________________	
              CAMDEN
                LEARNING CORPORATION

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              David
                L. Warnock

              President

            
	 	 

    

     

    
      	 	 	 
	 
              
              Attest:_____________________________

            	
              CONTINENTAL
                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 ONE YEAR FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE OTHER
      THAN (I) MORGAN JOSEPH & CO. INC (“MORGAN JOSEPH”), OR AN UNDERWRITER OR A
      SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER
      OR
      PARTNER OF MORGAN JOSEPH OR OF ANY SUCH UNDERWRITER OR SELECTED
      DEALER.

     

    THIS
      PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO THE LATER OF THE CONSUMMATION BY
      CAMDEN LEARNING CORPORATION (“COMPANY”) OF A SHARE CAPITAL EXCHANGE, ASSET
      ACQUISITION OR OTHER SIMILAR BUSINESS COMBINATION WITH ONE OR MORE OPERATING
      BUSINESSES (“BUSINESS COMBINATION”) (AS DESCRIBED MORE FULLY IN THE COMPANY’S
      REGISTRATION STATEMENT (DEFINED HEREIN)) OR
      ,        , 2008. VOID AFTER 5:00 P.M. NEW
      YORK CITY LOCAL TIME,      , 2012. 

     

    UNIT
      PURCHASE OPTION

    FOR
      THE PURCHASE OF

    450,000
      UNITS

    OFCAMDEN
      LEARNING CORPORATION

     

    1. Purchase
      Option.

     

    THIS
      CERTIFIES THAT, in consideration of $100.00 duly paid by or on behalf of Morgan
      Joseph or registered assigns (the “Holder”), as registered owner of this
      Purchase Option, to Camden Learning Corporation (the “Company”), the Holder is
      entitled, at any time or from time to time upon the later of the consummation
      of
      a Business Combination or , 2008 (“Commencement Date”), and at or before 5:00
      p.m., New York City local time, , 2012 (“Expiration Date”), but not thereafter,
      to subscribe for, purchase and receive, in whole or in part, up to 450,000
      units
      (“Units”) of the Company, each Unit consisting of one share of common stock of
      the Company, par value $0.0001 per share (“Common Share(s)”), and one warrant
      (“Warrant(s)”) expiring four years
      from the effective date (“Effective Date”) of the registration statement
      (“Registration Statement”) pursuant to which Units are offered for sale to the
      public (“Offering”). Each Warrant is the same as the warrants included in the
      Units being registered for sale to the public by way of the Registration
      Statement (“Public Warrants”). If the Expiration Date is a day on which banking
      institutions are authorized by law to close, then this Purchase Option may
      be
      exercised on the next succeeding day which is not such a day in accordance
      with
      the terms herein. During the period ending on the Expiration Date, the Company
      agrees not to take any action that would terminate the Purchase Option. This
      Purchase Option is initially exercisable at $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 Common Shares and Warrants)
      to be received upon such exercise, shall be adjusted as therein specified.
      The
      term “Exercise Price” shall mean the initial exercise price or the adjusted
      exercise price, depending on the context.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    2. Exercise.

     

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

     

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

     

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

     

    2.3 Cashless
      Exercise.

     

    2.3.1 Determination
      of Amount.
      In lieu
      of the payment of the Exercise Price multiplied by the number of Units for
      which
      this Purchase Option is exercisable (and in lieu of being entitled to receive
      Common Shares 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 Common Shares 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 Common Shares issuable upon exercise of the Warrants underlying
      one Unit from (y) (i) the Current Market Price of the Common Shares multiplied
      by (ii) the number of Common Shares underlying one Unit, which shall include
      the
      Common Shares underlying the Warrants included in such Unit; (B) in the event
      that the Units, Common Shares and Warrants are still trading, (i) if the Units
      are listed on a national securities exchange or quoted on the 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 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 Shares and Warrants underlying the Units are
      still trading, the Current Market Price of the Common Shares plus the product
      of
      (x) the Current Market Price of the Warrants and (y) the number of Common Shares
      underlying the Warrants included in one Unit. The “Current Market Price” shall
      mean (i) if the Common Shares (or Warrants, as the case may be) are listed
      on a
      national securities exchange or quoted on the 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 Shares (or Warrants) in
      the
      principal trading market for the Common Shares 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 Shares (or Warrants, as the case may be)
      are not listed on a national securities exchange or quoted on the Nasdaq Global
      Market, Nasdaq Capital Market or the NASD OTC Bulletin Board (or successor
      exchange), but are traded in the residual over-the-counter market, the closing
      bid price for the Common Shares (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 Shares 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-

        
          

        

      

      
        
        

      

    

     

    2.3.2 Mechanics
      of Cashless Exercise.
      The
      Conversion 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
      Conversion Right
      and
      specifying the total number of Units the Holder will purchase pursuant to such
      Cashless Exercise Right.

     

    2.3.3 Warrant
      Exercise.
      Any
      warrants underlying the Units shall be issued pursuant to and subject to the
      terms and conditions set forth in the Warrant Agreement, dated as of
      ______________, 2007, between the Company and Continental Stock Transfer &
Trust Company, acting as Warrant Agent (the “Warrant Agreement”); provided, that
      the exercise price of the Warrants shall be as set forth herein.

     

    3. Transfer.

     

    3.1 General
      Restrictions.
      The
      Holder of this Purchase Option, by its acceptance hereof, agrees that it will
      not sell, transfer, assign, pledge or hypothecate this Purchase Option or its
      underlying shares for a period of one year following the Effective Date to
      anyone other than (i) Morgan Joseph or an underwriter or a selected dealer
      in
      connection with the Offering, or (ii) a bona fide officer or partner of Morgan
      Joseph or of any such underwriter or selected dealer in accordance with the
      National Association of Securities Dealers, Inc. (“NASD”) Conduct Rule
      2710(g)(1). On and after the first anniversary of the Effective Date, transfers
      to others may be made subject to compliance with or exemptions from applicable
      securities laws. In order to make any permitted assignment, the Holder must
      deliver to the Company the assignment form attached hereto duly executed and
      completed, together with the Purchase Option and payment of all transfer taxes,
      if any, payable in connection therewith. The Company shall within five business
      days transfer this Purchase Option on the books of the Company and shall execute
      and deliver a new Purchase Option or Purchase Options of like tenor to the
      appropriate assignee(s) expressly evidencing the right to purchase the aggregate
      number of Units purchasable hereunder or such portion of such number as shall
      be
      contemplated by any such assignment.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    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 McDermott Will & Emery LLP shall be deemed
      satisfactory evidence of the availability of an exemption), or (ii) a
      registration statement or a post-effective amendment to the Registration
      Statement relating to such securities has been filed by the Company and declared
      effective by the Securities and Exchange Commission (the “Commission”) and
      compliance with applicable state securities law has been
      established.

     

    4. New
      Purchase Options to be Issued.

     

    4.1 Partial
      Exercise or Transfer.
      Subject
      to the restrictions in Section 3 hereof, this Purchase Option may be exercised
      or assigned in whole or in part. In the event of the exercise or assignment
      hereof in part only, upon surrender of this Purchase Option for cancellation,
      together with the duly executed exercise or assignment form and 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 (“Initial Demand Notice”) of the Holder(s) of a
      majority in interest of the Purchase Options and/or the underlying Units and/or
      the underlying securities (“Majority Holders”), agrees to register (the “Demand
      Registration”) under the Act, 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 Shares,
      the Warrants and the Common Shares underlying the Warrants (collectively, the
      “Registrable Securities”). On such occasion, the Company will 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 (10) days from the date of the receipt of any such Initial Demand
      Notice. Each holder of Registrable Securities who wishes to include all or
      a
      portion of such holder’s Registrable Securities in the Demand Registration (each
      such holder including shares of Registrable Securities in such registration, a
“Demanding Holder”) shall so notify the Company within fifteen (15) days after
      the receipt by the holder of the notice from the Company. Upon any such request,
      the Demanding Holders shall be entitled to have their Registrable Securities
      included in the Demand Registration, subject to Section 5.1.4. The Company
      shall
      not be obligated to effect more than an aggregate of two Demand Registrations
      under this Section 5.1 in respect of the Registrable Securities. In no event
      shall a registration statement that has been filed with respect to the Warrants
      be declared effective until the Company has completed a Business
      Combination.

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

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

     

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

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

     

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

     

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

     

    5.1.6 State
      Securities Laws Compliance.
      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 Holders; 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
      shareholders of the Company to be obligated to escrow their shares of share
      capital of the Company. 

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

     

    5.1.7 Period
      of Effectiveness.
      The
      Company shall cause any registration statement filed pursuant to the Demand
      Registration to remain effective until the first to occur of (i) sale or
      transfer of all the Registrable Securities included in such registration
      statement and (ii) nine months from the effective date of such registration
      statement, which period shall be extended by the number of days in such period
      that the Company has advised the Demanding Holders cannot sell their Registrable
      Securities under the registration statement.

     

    5.2 Piggy-Back
      Registration.

     

    5.2.1 Piggy-Back
      Rights.
      If at
      any time during the seven year period commencing on the Effective Date the
      Company proposes to file a registration statement under the Act with respect
      to
      an offering of equity securities, or securities or other obligations exercisable
      or exchangeable for, or convertible into, equity securities, by the Company
      for
      its own account or for 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 (i) filed in
      connection with any employee share option or other benefit plan, (ii) for an
      exchange offer or offering of securities solely to the Company’s existing
      shareholders, (iii) for an offering of debt that is convertible into equity
      securities of the Company or (iv) for a dividend reinvestment plan, then the
      Company shall (x) give written notice of such proposed filing to the holders
      of
      Registrable Securities as soon as practicable but in no event less than ten
      (10)
      days before the anticipated filing date, which notice shall describe the amount
      and type of securities to be included in such offering, the intended method(s)
      of distribution, and the name of the proposed managing underwriter or
      underwriters, if any, of the offering, and (y) offer to the holders of
      Registrable Securities in such notice the opportunity to register the sale
      of
      such number of shares of Registrable Securities as such holders may request
      in
      writing within fifteen (15) days following receipt of such notice (a “Piggy-Back
      Registration”). The Company shall cause such Registrable Securities to be
      included in such registration and shall use its best efforts to cause the
      managing underwriter or underwriters of a proposed underwritten offering to
      permit the Registrable Securities requested to be included in a Piggy-Back
      Registration on the same terms and conditions as any similar securities of
      the
      Company and to permit the sale or other disposition of such Registrable
      Securities in accordance with the intended method(s) of distribution thereof.
      All holders of Registrable Securities proposing to distribute their securities
      through a Piggy-Back Registration that involves an underwriter or underwriters
      shall enter into an underwriting agreement in customary form with the
      underwriter or underwriters selected for such Piggy-Back
      Registration.

     

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

     

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

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

     

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

     

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

     

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

     

    5.2.3 Withdrawal.
      Any
      holder of Registrable Securities may elect to withdraw such holder’s request for
      inclusion of Registrable Securities in any Piggy-Back Registration by giving
      written notice to the Company of such request to withdraw prior to the
      effectiveness of the Registration Statement. The Company (whether on its own
      determination or as the result of a withdrawal by persons making a demand
      pursuant to written contractual obligations) may withdraw a registration
      statement at any time prior to the effectiveness of the registration statement.
      Notwithstanding any such withdrawal, the Company shall pay all expenses incurred
      by the holders of Registrable Securities in connection with such Piggy-Back
      Registration as provided in Section 5.4.1.

     

    5.3 No
      Net-Cash Settlement or Damages Upon Failure of Registration.
      In no
      event shall the registered holder of this Purchase Option and the Warrants
      underlying the Purchase Option be entitled to (i) net-cash settlement of this
      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, or (ii) receive any
      damages if any or all of the Registrable Securities have not been registered
      by
      the Company pursuant to an effective registration statement, subject to the
      requirement that the Company use its best efforts to have a registration
      statement or post-effective amendment filed pursuant to this Section declared
      effective as soon as possible after receiving the Initial Demand Notice. In
      the
      event there is no effective registration statement related to the issuance
      or
      exercise of the Warrants contained within the Units, that portion of the Units
      may not be exercised by the holder and therefore may expire and be
      worthless.

     

    5.4 General
      Terms.

     

    5.4.1 Registration
      Expenses.
      The
      Company shall bear all costs and expenses incurred in connection with any Demand
      Registration or any Piggy-Back Registration, and all expenses incurred in
      performing or complying with its other obligations under this Agreement, whether
      or not the Registration Statement becomes effective or whether any or all
      Demanding Holders of Registrable Securities withdraw from any Registration
      Statement, 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; (vi) NASD fees;
      (vii)
      fees and disbursements of counsel for the Company and 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; (viii) the fees and expenses of any special experts retained by the
      Company in connection with such registration and (ix) the fees and expenses
      of
      one legal counsel selected by the holders of a majority-in-interest of the
      Registrable Securities included in 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.

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

     

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

     

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

     

    5.4.4 Documents
      Delivered to Holders.
      The
      Company shall furnish Morgan Joseph, 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 Morgan Joseph, 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 Morgan Joseph, 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 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 Morgan Joseph, as representative of the Holders, shall
      reasonably request. The Company shall not be required to disclose any
      confidential information or other records to Morgan Joseph, 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.

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

     

    5.4.5 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 shareholders as are customarily contained in agreements of that
      type
      used by the managing underwriter. Further, such Holders shall execute
      appropriate custody agreements and otherwise cooperate fully in the preparation
      of the registration statement and other documents relating to any offering
      in
      which they include securities pursuant to this Section 5. Each Holder shall
      also
      furnish to the Company such information regarding itself, the Registrable
      Securities held by it, and the intended method of disposition of such securities
      as shall be reasonably required to effect the registration of the Registrable
      Securities.

     

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

     

    5.4.7 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.

     

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

     

    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 Share
      Dividends - Split-Ups.
      If
      after the date hereof, and subject to the provisions of Section 6.3 below,
      the
      number of outstanding Common Shares is increased by a share dividend payable
      in
      Common Shares or by a split-up of Common Shares or other similar event, then,
      on
      the effective date thereof, the number of Common Shares underlying each of
      the
      Units purchasable hereunder shall be increased in proportion to such increase
      in
      outstanding shares. In such case, the number of Common Shares, 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 share dividend
      and
      at the time of such dividend this Purchase Option is for the purchase of one
      Unit at $8.80 per whole Unit (each Warrant underlying the Units 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 Common Shares and two Warrants (each
      Warrant exercisable for $3.00 per share).

     

    6.1.2 Extraordinary
      Dividend.
      If the
      Company, at any time while this Purchase Option is outstanding and unexpired,
      shall pay a dividend or make a distribution in cash, securities or other assets
      to the holders of Common Stock (or other shares of the Company’s capital stock
      receivable upon exercise of the Purchase Option), other than (i) as described
      in
      Sections 6.1.1, 6.1.3 or 6.1.4, (ii) regular quarterly or other periodic
      dividends, (iii) in connection with the redemption rights of the holders of
      Common Stock upon consummation of the Company’s initial Business Combination or
      (iv) in connection with the Company’s liquidation and the distribution of its
      assets upon its failure to consummate a Business Combination (any such
      non-excluded event being referred to herein as an “Extraordinary Dividend”),
      then the Exercise Price shall be decreased, effective immediately after the
      effective date of such Extraordinary Dividend, by the amount of cash and/or
      the
      fair market value (as determined by the Company’s Board of Directors, in good
      faith) of any securities or other assets paid on each share of Common Stock
      in
      respect of such Extraordinary Dividend.

     

    6.1.3 Aggregation
      of Shares.
      If
      after the date hereof, and subject to the provisions of Section 6.3, the number
      of outstanding Common Shares is decreased by a consolidation, combination or
      reclassification of Common Shares or other similar event, then, on the effective
      date thereof, the number of Common Shares underlying each of the Units
      purchasable hereunder shall be decreased in proportion to such decrease in
      outstanding shares. In such case, the number of Common Shares, 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-

        
          

        

      

      
        
        

      

    

     

    6.1.4 Replacement
      of Securities Upon Reorganization, Etc.
      In case
      of any reclassification or reorganization of the outstanding Common Shares
      other
      than a change covered by Section 6.1.1 or 6.1.3 hereof or that solely affects
      the par value of such Common Shares, 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 Common Shares), 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 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 Common Shares 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 Common Shares covered by Section 6.1.1 or 6.1.3, then such adjustment
      shall be made pursuant to Sections 6.1.1, 6.1.3 and this Section 6.1.4. The
      provisions of this Section 6.1.4 shall similarly apply to successive
      reclassifications, reorganizations, mergers or consolidations, sales or other
      transfers.

     

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

     

    6.1.6 Adjustments
      of Warrants.
      To the
      extent the price of the Warrants are lowered pursuant to Section 3.1 of the
      Warrant Agreement, the price of the Warrants underlying the Purchase Option
      shall be reduced on identical percentage terms. To the extent the duration
      of
      the Warrants is extended pursuant to Section 3.2 of the Warrant Agreement,
      the
      duration of the Warrants underlying the Purchase Option shall be extended on
      identical terms.

     

    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 Shares), 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 and other securities and property receivable upon such
      consolidation or merger, by a holder of the number of Common Shares 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.

     

    
      
        
        

      

      
        -13-

        
          

        

      

      
        
        

      

    

     

    6.3 Elimination
      of Fractional Interests.
      The
      Company shall not be required to issue certificates representing fractions
      of
      Common Shares 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, Common Shares or other securities, properties or rights.

     

    7. Reservation
      and Listing.
      The
      Company shall at all times reserve and keep available out of its authorized
      Common Shares, solely for the purpose of issuance upon exercise of the Purchase
      Options or the Warrants underlying the Purchase Option, such number of Common
      Shares 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 Common Shares
      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 shareholder. 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 Common Shares 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 shareholder. As
      long
      as the Purchase Options shall be outstanding, the Company shall use its best
      efforts to cause all (i) Units and Common Shares issuable upon exercise of
      the
      Purchase Options, (iii) Warrants issuable upon exercise of the Purchase Options
      and (iv) Common Shares issuable upon exercise of the Warrants included in the
      Units issuable upon exercise of the Purchase Option to be listed (subject to
      official notice of issuance) on all securities exchanges (or, if applicable
      on
      the Nasdaq Global Market, Capital Market, OTC Bulletin Board or any successor
      trading market) on which the Units, the Common Shares or the Public Warrants
      issued to the public in connection herewith may then be listed and/or
      quoted.

     

    8. 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 shareholder for the election of directors or any other matter,
      or
      as having any rights whatsoever as a shareholder 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 shareholders 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 shareholders of the Company at the same time and in the same manner
      that such notice is given to the shareholders.

     

    
      
        
        

      

      
        -14-

        
          

        

      

      
        
        

      

    

     

    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 Common Shares 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 Shares
      any additional shares of share capital of the Company or securities convertible
      into or exchangeable for shares of share capital of the Company, or any option,
      right or warrant to subscribe therefor, or (iii) a dissolution, liquidation
      or
      winding up of the Company (other than in connection with a consolidation or
      merger) or a sale of all or substantially all of its property, assets and
      business shall be proposed.

     

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

     

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

     

    Camden
      Learning Corporation

    500
      East
      Pratt Street, Suite 1200

    Baltimore,
      Maryland 21202

    Attn:
      David L. Warnock, President

    

    

    9. Miscellaneous.

     

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

     

    
      
        
        

      

      
        -15-

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        -16-

        
          

        

      

      
        
        

      

    

     

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

     

    
      
        
        

      

      
        -17-

        
          

        

      

      
        
        

      

    

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

     

    
      	 	 	 
	 	
              CAMDEN
                LEARNING CORPORATION

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              
                Name:

              

              Title:

            
	 	 

    

     

    
      
        
        

      

      
        -18-

        
          

        

      

      
        
        

      

    

    Form
      to
      be used to exercise Purchase Option:

     

    Camden
      Learning Corporation

    500
      East
      Pratt Street, Suite 1200

    Baltimore,
      Maryland 21202

    Attn:
      David L. Warnock, President

    

    Date:     
       , 20 

    

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

     

    or

     

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

     

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

    

      
        	 	 	 
	
                Signature(s)
                  Guaranteed:

              	 	 

      

    

    

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

     

    INSTRUCTIONS
      FOR REGISTRATION OF SECURITIES

    

      
        	
                Name

              	 	 
	 	 	 
	 	 	 
	
                (Print
                  in Block Letters)

              	 	 
	 	 	 
	
                Address

              	 	 
	 	 	 

      

    

     

    
      
        
        

      

      
        -19-

        
          

        

      

      
        
        

      

    

     

    Form
      to
      be used to assign Purchase Option:

     

    ASSIGNMENT

     

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

     

    FOR
      VALUE
      RECEIVED, does hereby sell, assign and transfer unto the right to purchase
      Units
      of Camden Learning Corporation (“COMPANY”) evidenced by the within Purchase
      Option and does hereby authorize the Company to transfer such right on the
      books
      of the Company.

    

      
        	
                Dated:
                  

              	, 20	 	 
	 	 	 	 
	
                Signature

              	 	 	 

      

    

    

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

    

      
        	 	 	 
	
                Signature(s)
                  Guaranteed:

              	 	 

      

    

    

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

     

    
      
        
        

      

      
        -20-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}]]