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Exhibit 4.4    
    

 
  WARRANT AGREEMENT    
    

        This Warrant Agreement (this "Agreement") is made as
of                        , 2008, by and between Education Media, Inc., a Delaware corporation having its
principal place of business at 1700 Pennsylvania Ave NW, Suite 900, Washington, DC 20007 ("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) 11,500,000 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 $7.50, subject to adjustment as described herein and (ii) 300,000 Warrants to Ferris, Baker Watts, Incorporated ("Ferris,
Baker Watts") 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 $7.50, subject to adjustment as described herein; 

        WHEREAS,
immediately prior to the completion of the Public Offering, the Company shall sell and issue 3,125,000 Warrants in a private placement (the "Private Warrants") pursuant to that
certain Subscription Agreement dated                        , 2008 (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 which are incorporated herein, and shall be signed by, or bear the facsimile signature of, the Chief
Executive Officer and Chief Financial Officer, 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. All of the Warrants shall initially be represented by one or more book-entry certificates (each a "Book-Entry Warrant
Certificate"). 

        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. All of the Warrants shall initially be represented by one or more
Book-Entry Warrant Certificates deposited with the Depository Trust Company (the "Depository") and registered in the name of Cede & Co., a nominee of the Depository. Ownership of
beneficial interests in the Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained by (i) the Depository or its nominee for each
Book-Entry Warrant Certificate, or (ii) institutions that have accounts with the Depository (such institution, with respect to a Warrant in its account, a "Participant"). 

        If
the Depository subsequently ceases to make its book-entry settlement system available for the Warrants, the Company may instruct the Warrant Agent regarding making other
arrangements for book-entry settlement. In the event that the Warrants are not eligible for, or it is no longer necessary to have the Warrants available in, book-entry form,
the Warrant Agent shall provide written instructions to the Depository to deliver to the Warrant Agent for cancellation each Book-Entry Warrant Certificate, and the Company shall instruct
the Warrant Agent to deliver to the Depository definitive Warrant Certificates in physical form evidencing such Warrants. Such definitive Warrant Certificates shall be in the form annexed hereto as  Exhibit A with appropriate insertions, modifications and omissions, as provided above. 

        2.3.2    Beneficial Owner; Registered Holder.    The term "beneficial owner" shall mean, on or after the Detachment
Date (as defined below), any person in whose name ownership of a beneficial interest in the Warrants evidenced by a Book-Entry Warrant Certificate is recorded in the records maintained by
the Depository or its nominee, and prior to the Detachment Date(as defined below), the person in whose name the Unit to which such Warrant Certificate was initially attached as registered upon the
register relating to such Units. 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 Ferris, Baker Watts informs the Company of its decision to allow earlier trading (the "Detachment Date"), provided that
in no event will Ferris, Baker Watts 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). 

        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 $7.50 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) [    ], 2009, and terminating at 5:00 p.m., New York City time on the earlier to occur of (x) [    ], 2013
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. 

        3.2.2    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) [    ], 2013 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 advance notice to the American
Stock Exchange as required by the American Stock Exchange, 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    Method of Exercise.    A Registered Holder may exercise a Warrant by delivering, not later than
5:00 P.M., New York time, on any business day during the applicable Exercise Period (the "Exercise Date") to the Warrant Agent at its corporate trust department (i) the Warrant
Certificate evidencing the Warrants to be exercised, or, in the case of a Book-Entry Warrant Certificate, the Warrants to be exercised (the "Book-Entry Warrants") free on the
records of the Depository to an account of the Warrant Agent at the Depository designated for such purpose in writing by the Warrant Agent to the Depository from time to time, (ii) an election
to purchase ("Election to Purchase") any shares of Common Stock pursuant to the exercise of a Warrant (the "Shares"), properly completed and executed by the Registered Holder on the reverse of the
Warrant Certificate or, in the case of a Book-Entry Warrant Certificate, properly delivered by the Participant in accordance with the Depository's procedures, and (iii) the Warrant
Price for each Warrant to be exercised in lawful money of the United States of America by certified or official bank check or by bank wire transfer in immediately available funds;  provided, however, that solely with respect to the
Private Warrants so long as such Warrants are held by their original purchaser or its permitted transferees the holder thereof may, in lieu of payment of the Warrant Price, surrender its Private
Warrants for that number of Shares equal to the quotient obtained by dividing (x) the product of the number of Shares underlying the surrendered Private Warrants multiplied by the difference
between the Fair Market Value (defined below) and the Warrant Price by (y) the Fair Market Value. For avoidance of doubt, in no event may a Registered Holder expect or compel the Company to
deliver any consideration under a Warrant other than Shares as described immediately above. "Fair Market Value" shall mean the average reported last sale price of the Common Stock for the 10 trading
days ending on the third trading day prior to the date on which the Election to Purchase by a holder of Private Warrants is sent to the Warrant Agent. 

        If
any of (A) the Warrant Certificate or the Book-Entry Warrants, (B) the Election to Purchase, or (C) the Warrant Price therefor, is received by the
Warrant Agent after 5:00 P.M., New York time, on the specified Exercise Date, the Warrants will be deemed to be received and exercised on the Business Day next succeeding the Exercise Date. If
the date specified as the Exercise Date is not a Business Day, the Warrants will be deemed to be received and exercised on the next succeeding day that is a Business Day. If the Warrants are received
or deemed to be received after the Expiration Date, the exercise thereof will be null and void and any funds delivered to the Warrant Agent will be returned to the Registered Holder or Participant, as
the case may be, as soon as practicable. In no event will interest accrue on funds deposited with the Warrant Agent in respect of an exercise or attempted exercise of Warrants. The validity of any
exercise of Warrants will be determined by the Company in its sole discretion and such determination will be final and binding upon the Registered Holder and the Warrant Agent. Neither the Company nor
the Warrant Agent shall have any obligation to inform a Registered Holder of the invalidity of any exercise of Warrants. 

        The
Warrant Agent shall deposit all funds received by it in payment of the Warrant Price in the account of the Company maintained with the Warrant Agent for such purpose and shall advise
the Company at the end of each day on which funds for the exercise of the Warrants are received of the amount so deposited to its account. The Warrant Agent shall promptly confirm such telephonic
advice to the Company in writing. 

        The
Warrant Agent shall, by 11:00 A.M. Eastern Time on the Business Day following the Exercise Date of any Warrant, advise the Company and the transfer agent and registrar in
respect of (a) the Shares issuable upon such exercise as to the number of Warrants exercised in accordance with the terms and conditions of this Agreement, (b) the instructions of each
Registered Holder or Participant, as the case may be, with respect to delivery of the Shares issuable upon such exercise, and the delivery of definitive Warrant Certificates, as appropriate,
evidencing the balance, if any, of the Warrants remaining after such exercise, (c) in case of a Book-Entry Warrant Certificate, the notation that shall be made to the records
maintained by the Depository, its nominee for each Book-Entry Warrant Certificate, or a Participant, as appropriate, evidencing the balance, if any, of the Warrants remaining after such
exercise and (d) such other information as the Company or such transfer agent and registrar shall reasonably require. 

        The
Company shall, by 5:00 P.M., New York time, on the third Business Day next succeeding the Exercise Date of any Warrant and the clearance of the funds in payment of the Warrant
Price, execute, issue and deliver to the Warrant Agent, the Shares to which such Registered Holder or Participant, as
the case may be, is entitled, in fully registered form, registered in such name or names as may be directed by such Registered Holder or the Participant, 

as
the case may be. Upon receipt of such Shares, the Warrant Agent shall, by 5:00 P.M., New York time, on the fifth Business Day next succeeding such Exercise Date, transmit such Shares to or
upon the order of the Registered Holder or Participant, as the case may be. 

        In
lieu of delivering physical certificates representing the Shares issuable upon exercise, provided the Company's transfer agent is participating in the Depository Fast Automated
Securities Transfer program, the Company shall use its reasonable best efforts to cause its transfer agent to electronically transmit the Shares issuable upon exercise to the Registered Holder or the
Participant by crediting the account of the Registered Holder's prime broker with the Depository or of the Participant through its Deposit Withdrawal Agent Commission system. The time periods for
delivery described in the immediately preceding paragraph shall apply to the electronic transmittals described herein. 

        Notwithstanding
the foregoing, the Company shall not be obligated to deliver any securities pursuant to the exercise of any of the Warrants unless a registration statement under the Act
with respect to the Common Stock issuable upon exercise of the Public Warrants is effective and the prospectus contained therein is available for use by the holders of the Public Warrants. Warrants
may not be exercised by, or securities issued to, any Registered Holder in any state in which such exercise would be unlawful. The exercise of the Warrants may only be settled by delivery of Shares
and the Registered Holders shall not be entitled to payment of cash in lieu of Shares (net cash settlement) upon exercise of the Warrants pursuant to the terms of this Agreement or the Warrants
regardless of whether the Common Stock underlying the Warrants is registered pursuant to an effective registration statement and a prospectus relating to those Shares is available for use by the
holders of the Public Warrants. 

        The
accrual of dividends, if any, on the Shares issued upon the valid exercise of any Warrant will be governed by the terms generally applicable to the Shares. From and after the
issuance of such Shares, the former holder of the Warrants exercised will be entitled to the benefits generally available to other holders of Shares and such former holder's right to receive payments
of dividends and any other amounts payable in respect of the Shares shall be governed by, and shall be subject to, the terms and provisions generally applicable to such Shares. 

        Warrants
may be exercised only in whole numbers of Shares. No fractional Shares are to be issued upon the exercise of the Warrant, but rather the number of Shares to be issued shall be
rounded up to the nearest whole number. If fewer than all of the Warrants evidenced by a Warrant Certificate are exercised, a new Warrant Certificate for the number of unexercised Warrants remaining
shall be executed by the Company and countersigned by the Warrant Agent as provided in Section 2 of this
Agreement, and delivered to the holder of this Warrant Certificate at the address specified on the books of the Warrant Agent or as otherwise specified by such Registered Holder. If fewer than all the
Warrants evidenced by a Book-Entry Warrant Certificate are exercised, a notation shall be made to the records maintained by the Depository, its nominee for each Book-Entry
Warrant Certificate, or a Participant, as appropriate, evidencing the balance of the Warrants remaining after such exercise. 

        The
Company shall not be required to pay any stamp or other tax or governmental charge required to be paid in connection with any transfer involved in the issue of the Shares upon the
exercise of Warrants; and in the event that any such transfer is involved, the Company shall not be required to issue or deliver any Shares until such tax or other charge shall have been paid or it
has been established to the Company's satisfaction that no such tax or other charge is due. 

        3.3.2    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. 

        3.3.3    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. 

        3.3.4    Limitations.    Notwithstanding the foregoing, the Company shall not be obligated to deliver any Shares and
shall have no obligation to settle the Warrant exercise unless a registration statement under the Securities Act, with respect to the Shares is effective and a current prospectus is on file with the
Commission. In the event that a registration statement with respect to the Shares underlying a Warrant is not effective under the Securities Act or a current Prospectus is not on file with the
Commission, the holder of such Warrant shall not be entitled to exercise such Warrant. Notwithstanding anything to the contrary in this Warrant Agreement, and other than with respect to the cashless
exercise provisions applicable to the Private Warrants, under no circumstances will the Company be required to net cash settle the Warrant exercise. Warrants may not be exercised by, or Shares issued
to, any Registered Holder in any state in which such exercise or issuance would be unlawful. For the avoidance of doubt, as a result of this Section 3.3.4, any or all of the Warrants may expire
unexercised. In no event shall the Registered Holder of a Warrant be entitled to receive any monetary damages if the Common Stock underlying the Warrants have not been registered by the Company
pursuant to an effective registration statement or if a current prospectus is available for delivery by the Warrant Agent, provided the Company has
fulfilled its obligation to use its best efforts to effect such registration and ensure a current prospectus is available for delivery by the Warrant Agent. 

        3.3.5    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. 

        3.3.6    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 4.7
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    Extraordinary Dividend.    If the Company, at any time while the Warrants are 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 into which the Warrants are convertible), other
than (a) as described in Sections 4.1, 4.3 or 4.5, (b) regular quarterly or other periodic dividends, (c) in connection with the 

conversion
rights of the holders of Common Stock upon consummation of the Company's initial Business Combination, or (d) 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 Warrant 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. 

        4.3    Aggregation of Shares.    If after the date hereof, and subject to the provisions of Section 4.7, 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. 

        4.4    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 4.3 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. 

        4.5    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 4.3 hereof or that solely affects the par value of such shares of Common Stock), or in the case of any merger
or consolidation of the Company with or into another corporation (other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any
reclassification or reorganization of the outstanding shares of Common Stock), or in the case of any sale or conveyance to another corporation or entity of the 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 4.3, then such adjustment shall be made pursuant
to Sections 4.1, 4.3, 4.4 and this Section 4.5. The provisions of this Section 4.5 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations,
sales or other transfers. 

        4.6    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, 4.3, 4.4 or 4.5, 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. 

        4.7    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. 

        4.8    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. 

        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 on the American Stock Exchange, or other principal market on which the Common Stock may be
traded, has been equal to or greater than $13.75 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 Ferris, Baker Watts. The Private Warrants are not subject to
this Section 6 provided they are held by the initial purchasers thereof, or their permitted designees. 

        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 Ferris, Baker Watts. 

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

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

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

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

        7.4    Registration of Common Stock.    The Company agrees that prior to the commencement of the Exercise Period, it
shall file with the SEC a post-effective amendment to the Registration Statement, or a new registration statement, for the registration, under the Act, of 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. The provisions
of this Section 7.4 may not be modified, amended or deleted without the prior written consent of Ferris, Baker Watts. 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. 

        7.5    Delivery of Prospectus or Notice.    Upon the exercise of any Warrant, if the Company requests, the Warrant
Agent shall deliver to the Holder of such Warrant, prior to or concurrently with the delivery of the Shares issued upon such exercise, in accordance with the Company's request, either (a) a
prospectus
relating to the Shares deliverable upon exercise of Warrants and complying in all material respects with the Securities Act, or (ii) the notice referred to in Rule 173 under the
Securities Act. 

        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. 

        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. 

        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: 

Education
Media, Inc.

1700 Pennsylvania Avenue NW

Suite 900

Washington, DC 20006

Attn: Peter Kirsch, CEO 

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: Richard Kretz 

with
a copy in each case to: 

Kalbian
Hagerty LLP

888 17th Street NW, Suite 1000

Washington, DC 20006

Attn: John F. McCarthy III, Esq. 

and

Gersten
Savage LLP

600 Lexington Avenue

9th Floor

New York, NY 10022

Attn: Arthur S. Marcus, Esq.

and 

Ferris,
Baker Watts, Incorporated

100 Light Street, 8th Floor

Baltimore, MD 21202

Attn: Scott T. Bass 

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

        9.4    Persons Having Rights under this Warrant Agreement.    Nothing in this Warrant Agreement expressed and nothing
that may be implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the Registered Holders
of the Warrants and, for the purposes of Sections 6.1, 6.4, 7.4, 9.2 and 9.8 hereof, Ferris, Baker Watts, any right, remedy, or claim under or by reason of this Warrant Agreement or of any covenant,
condition, stipulation, promise, or agreement hereof. Ferris, Baker Watts 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 Ferris, Baker Watts
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 Ferris, Baker Watts 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. 

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

	Attest:	 	
	 	EDUCATION MEDIA, INC.
	

 	
 	

 	
 	

By:	
 	

	 	 	 	 	Name:	 	Peter A. Kirsch
	 	 	 	 	Title:	 	Chief Executive Officer
	

Attest:	
 	

	
 	

CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	

 	
 	

 	
 	

By:	
 	

	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 

EXHIBIT A 

FORM
OF PUBLIC WARRANT 

SUBJECT
TO THE TERMS SET FORTH HEREIN, THIS WARRANT CERTIFICATE (I) CANNOT BE TRANSFERRED OR EXCHANGED UNTIL FIVE (5) TRADING DAYS AFTER THE EARLIER TO OCCUR OF THE TERMINATION OF THE
UNDERWRITERS' OVER-ALLOTMENT OPTION TO PURCHASE UP TO 1,500,000 ADDITIONAL UNITS TO COVER OVER-ALLOTMENTS OR THE EXERCISE IN FULL BY THE UNDERWRITERS OF SUCH OPTION (THE
"DETACHMENT DATE") UNLESS INCLUDED WITH A SHARE OF COMMON STOCK OF EDUCATION MEDIA, INC. AS PART OF A UNIT AND (II) CANNOT BE EXERCISED IN
WHOLE OR IN PART UNTIL THE LATER OF THE COMPANY'S CONSUMMATION OF A BUSINESS COMBINATION OR [                        ], 2009.

EXERCISABLE
ONLY IF COUNTERSIGNED BY THE WARRANT

AGENT AS PROVIDED HEREIN. 

Warrant
Certificate evidencing 

Warrants
to Purchase Common Stock, par value $.0001, as described herein. 

 
 

EDUCATION MEDIA, INC.    
    

	No.            	 	CUSIP No. 28140C 113

VOID AFTER 5:00 P.M., NEW YORK CITY TIME, ON [                    ], 2013,

OR UPON EARLIER REDEMPTION (IF APPLICABLE)  

        This certifies that                        , or its registered
assigns, is the registered holder of                        warrants to purchase certain securities (each a
"Warrant"). Each Warrant entitles the holder thereof, subject to the provisions contained herein and in the Warrant Agreement (as defined below), to
purchase from Education Media, Inc.., a Delaware corporation (the "Company"), one (1) share of the Company's Common Stock (each a
"Share"), at the Exercise Price set forth below. The exercise price of each Warrant (the "Exercise
Price") shall be $7.50 initially, subject to adjustments as set forth in the Warrant Agreement. 

        Subject
to the terms of the Warrant Agreement (as defined below), each Warrant evidenced hereby may be exercised in whole, but not in part, at any time, as specified herein, on any
Business Day (as defined below) occurring during the period (the "Exercise Period") commencing on the later of the Company's consummation of a Business
Combination (as defined below) or [                        ], 2009 and ending at 5:00 P.M., New York City time, on the
earlier to occur of
[                        ], 2013 or the Redemption Date, if applicable (the "Expiration
Date"). Each Warrant remaining unexercised after
5:00 P.M., New York City time on the Expiration Date shall become void, and all rights of the holder of this Warrant Certificate evidencing such Warrant shall cease. 

        The
holder of the Warrants represented by this Warrant Certificate may exercise any Warrant evidenced hereby by delivering, not later than 5:00 P.M., New York City time, on any
Business Day during the Exercise Period (the "Exercise Date") to Continental Stock Transfer & Trust Company (the "Warrant
Agent", which term includes any successor warrant agent under the Warrant Agreement described below) at its corporate trust department at 17 Battery Place, New York, NY 10004,
(i) this Warrant Certificate, (ii) an election to purchase ("Election to Purchase"), properly executed by the holder hereof on the reverse
of this Warrant Certificate (the "Participant") substantially in the form included on the reverse of this Warrant, as applicable and (iii) the
Exercise Price for each Warrant to be exercised in lawful money of the United States of America by certified or official bank check or by bank wire transfer in immediately available funds. If any of
(a) this Warrant Certificate, (b) the Election to Purchase, or (c) the Exercise Price therefor, is received by the Warrant Agent after 5:00 P.M., New York City 

time,
the Warrants will be deemed to be received and exercised on the Business Day next succeeding the date such items are received and such date shall be the Exercise Date for purposes hereof. If the
date such items are received is not a Business Day, the Warrants will be deemed to be received and exercised on the next succeeding day which is a Business Day and such date shall be the Exercise
Date. If the Warrants to be exercised are received or deemed to be received after the Expiration Date, the exercise thereof will be null and void and any funds delivered to the Warrant Agent will be
returned to the holder as soon as practicable. In no event will interest accrue on funds deposited with the Warrant Agent in respect of an exercise or attempted exercise of Warrants. The validity of
any exercise of Warrants will be determined by the Warrant Agent in its sole discretion and such determination will be final and binding upon the holder of the Warrants and the Company. Neither the
Warrant Agent nor the Company shall have any obligation to inform a holder of Warrants of the invalidity of any exercise of Warrants. 

        As
used herein, the term "Business Day" means any day that is not a Saturday or Sunday and is not a United States federal holiday or a day
on which banking institutions generally are authorized or obligated by law or regulation to close in New York City. 

        As
used herein, the term "Business Combination" shall mean the initial acquisition by the Company of one or more operating businesses
through a merger, capital stock exchange, stock purchase, asset acquisition or other similar business combination having collectively, a fair market value (as calculated in accordance with the
Company's Second Amended and Restated Certificate of Incorporation, as the same may be amended from time to time) of at least 80% of the amount in the trust account established by the Company at the
completion of its initial public offering (excluding the Underwriters' (as defined in the Warrant Agreement) deferred discount) at the time of such acquisition. 

        Warrants
may be exercised only in whole numbers of Warrants. No fractional shares of Common Stock are to be issued upon the exercise of any Warrant, but rather the number of shares of
Common Stock to be issued shall be rounded up to the nearest whole number. If fewer than all of the Warrants evidenced by this Warrant Certificate are exercised, a new Warrant Certificate for the
number of Warrants remaining unexercised shall be executed by the Company and countersigned by the Warrant Agent as provided in Section 2 of the Warrant Agreement, and delivered to the holder
of this Warrant Certificate at the address specified on the books of the Warrant Agent or as otherwise specified by such Registered Holder. 

        Notwithstanding
the foregoing, the Company shall not be obligated to deliver any Shares pursuant to the exercise of a Warrant and shall have no obligation to settle a Warrant exercise
unless a registration statement under the Securities Act of 1933, as amended (the "Securities Act"), with respect to the Shares is effective and a
current prospectus is on file with the Commission. In the event that a registration statement with respect to the Shares underlying a Warrant is not effective under the
Securities Act or a current prospectus is not on file with the Commission, the holder of such Warrant shall not be entitled to exercise such Warrant. Notwithstanding anything to the contrary in the
Warrant Agreement (as defined below) and this Warrant Certificate, under no circumstances will the Company be required to net cash settle a Warrant exercise. Warrants may not be exercised by, or
Shares issued to, any registered holder in any state in which such exercise or issuance would be unlawful. For the avoidance of doubt, as a result of Section 3.3.4 of the Warrant Agreement and
the foregoing, any or all of the Warrants may expire unexercised. 

        This
Warrant Certificate is issued under and in accordance with the Warrant Agreement, dated as of [            ], 2008 (the "Warrant
Agreement"), between the Company and the Warrant Agent and is subject to the terms and provisions contained in the Warrant Agreement, to all of which terms and provisions the
holder of this Warrant Certificate and the beneficial owners of the Warrants represented by this Warrant Certificate consent by acceptance hereof. Copies of the Warrant Agreement are on file and can
be inspected at the above-mentioned office of the Warrant Agent and at the office of the Company at 1700 Pennsylvania Ave. N.W., Suite 900, Washington, DC 20007. 

        At
any time during the Exercise Period, the Company may, at its option, redeem all (but not part) of the then outstanding Warrants upon giving notice in accordance with the terms of the
Warrant Agreement (the "Redemption Notice"), at the price of $0.01 per Warrant (the "Redemption Price");  provided, that the last sales 

price
of the Common Stock on the American Stock Exchange, or other principal market on which the Common Stock may be traded, equals or exceeds $13.75 per share (subject to adjustment as provided in
the Warrant Agreement) for any 20 trading days within a 30 trading day period ending three business days prior to the date on which the Redemption Notice is given, and a registration statement under
the Securities Act relating to shares of Common Stock issuable upon exercise of the Warrants is effective and expected to remain effective to and including the Redemption Date (as defined below) and a
prospectus relating to the shares of Common Stock issuable upon exercise of the Warrants is available for use to and including the Redemption Date. In the event the Company shall elect to redeem all
of the then outstanding Warrants, the Company shall fix a date for such redemption (the "Redemption Date");  provided, that such date shall occur prior to
the expiration of the Exercise Period. The Warrants may be exercised in accordance with the terms of this
Agreement at any time after a Redemption Notice shall have been given by the Company; provided, however,
that no Warrants may be exercised subsequent to the expiration of the Exercise Period; provided,  further, that all rights whatsoever with respect to the
Warrants shall cease on the Redemption Date, other than to the right to receive the Redemption
Price. 

        The
accrual of dividends, if any, on the Shares issued upon the valid exercise of any Warrant will be governed by the terms generally applicable to such Shares. From and after the
issuance of such Shares, the former holder of the Warrants exercised will be entitled to the benefits generally available to other
holders of Shares and such former holder's right to receive payments of dividends and any other amounts payable in respect of the Shares shall be governed by, and shall be subject to, the terms and
provisions generally applicable to such Shares. 

        The
Exercise Price and the number of Shares purchasable upon the exercise of each Warrant shall be subject to adjustment as provided pursuant to Section 4 of the Warrant
Agreement. 

        Prior
to the Detachment Date, the Warrants represented by this Warrant Certificate may be exchanged or transferred only together with the Shares to which such Warrant is attached
(together, a "Unit"), and only for the purpose of effecting, or in conjunction with, an exchange or transfer of such Unit. Additionally, prior to the
Detachment Date, each transfer of such Unit on the register of the Units shall operate also to transfer the Warrants included in such Units. From and after the Detachment Date, the above provisions
shall be of no further force and effect. Upon due presentment for registration of transfer or exchange of this Warrant Certificate at the stock transfer division of the Warrant Agent, the Company
shall execute, and the Warrant Agent shall countersign and deliver, as provided in Section 5 of the Warrant Agreement, in the name of the designated transferee one or more new Warrant
Certificates of any authorized denomination evidencing in the aggregate a like number of unexercised Warrants, subject to the limitations provided in the Warrant Agreement. 

        Neither
this Warrant Certificate nor the Warrants evidenced hereby shall entitle the holder hereof or thereof to any of the rights of a holder of the Shares, including, without
limitation, the right to receive dividends, if any, or payments upon the liquidation, dissolution or winding up of the Company or to exercise voting rights, if any. 

        The
Warrant Agreement and this Warrant Certificate may be amended as provided in the Warrant Agreement including, under certain circumstances described therein, without the consent of
the holder of this Warrant Certificate or the Warrants evidenced hereby. 

        THIS WARRANT CERTIFICATE AND ALL RIGHTS HEREUNDER AND UNDER THE WARRANT AGREEMENT SHALL BE GOVERNED BY AND INTERPRETED AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS FORMED AND TO BE PERFORMED ENTIRELY WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW PROVISIONS THEREOF TO THE EXTENT SUCH
PRINCIPLES OR RULES WOULD REQUIRE OR PERMIT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

        This
Warrant Certificate shall not be entitled to any benefit under the Warrant Agreement or be valid or obligatory for any purpose, and no Warrant evidenced hereby may be exercised,
unless this Warrant Certificate has been countersigned by the manual or facsimile signature of the Warrant Agent. 

        IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

Dated
as of                        , 2008 

	 	 	Education Media, Inc.
	

 	
 	

By:	

 Authorized Officer
	Continental Stock Transfer & Trust Company,

as Warrant Agent	 	 	 

	

By:	

 Authorized Officer	
 	

 

[REVERSE]

Instructions
for Exercise of Warrant 

        To
exercise the Warrants evidenced hereby, the holder or Participant must, by 5:00 P.M., New York City time, on the specified Exercise Date, deliver to the Warrant Agent at the
office of the Warrant Agent, or at the office of its successor as Warrant Agent, in the Borough of Manhattan, City of New York cash, a certified or official bank check or a wire transfer in
immediately available funds, in each case payable to the Warrant Agent at Account No.            , in an amount equal to the Exercise Price in full for the Warrants exercised. In addition,
the
Warrant holder or Participant must provide the information required below and deliver this Warrant Certificate to the Warrant Agent at the address set forth below. The Warrant Certificate and this
Election to Purchase must be received by the Warrant Agent by 5:00 P.M., New York time, on the specified Exercise Date. 

ELECTION
TO PURCHASE

TO BE EXECUTED IF WARRANT HOLDER DESIRES

TO EXERCISE THE WARRANTS EVIDENCED HEREBY 

        The
undersigned hereby irrevocably elects to exercise, on                        ,
            (the "Exercise Date"),
                        
Warrants, evidenced by this Warrant Certificate, to purchase,                        of the shares of Common Stock (each a
"Share") of Education
Media, Inc.., a Delaware corporation (the "Company"), and represents that, on or before the Exercise Date, such holder has tendered payment for
such Shares by cash, certified or official bank check or bank wire transfer in immediately available funds to the order of the Company c/o Continental Stock Transfer & Trust Company, 17 Battery
Place, New York, New York 10004, in the amount of $                        in accordance with the terms hereof. The undersigned
requests that said number of Shares be in fully registered form, registered in
such names and delivered, all as specified in accordance with the instructions set forth below. 

        If
said number of Shares is less than all of the Shares purchasable hereunder, the undersigned requests that a new Warrant Certificate evidencing the remaining balance of the Warrants
evidenced hereby be issued and delivered to the holder of the Warrant Certificate unless otherwise specified in the instructions below. 

	 	 	Dated: __________________, _______
	 	 	Name:	 	

	 	 	(Please Print)
	

 	
 	

            -            -         

(Insert Social Security or Other Identifying Number of Holder)
	 	 	Address:	 	

	

 	
 	

 	
 	

	

 	
 	

 Signature

        This
Warrant may only be exercised by presentation to the Warrant Agent at one of the following locations: 

	By hand at:	 	
[                                        ]

	By mail at:	 	
[                                        ]

        The
method of delivery of this Warrant Certificate is at the option and risk of the exercising holder and the delivery of this Warrant Certificate will be deemed to be made only when
actually received by the Warrant Agent. If delivery is by mail, registered mail with return receipt requested, properly insured, is recommended. In all cases, sufficient time should be allowed to
assure timely delivery. 

(Instructions
as to form and delivery of Shares and/or Warrant Certificates) 

	Name in which Shares are to be registered if other than in the name of the registered holder of this Warrant Certificate:	 	 
	

Address to which Shares are to be mailed if other than to the address of the registered holder of this Warrant Certificate as shown on the books of the Warrant Agent:	
 	

 (Street Address)
 (City and State) (Zip Code)
	

Name in which Warrant Certificate evidencing unexercised Warrants, if any, are to be registered if other than in the name of the registered holder of this Warrant Certificate:	
 	

 
	

Address to which certificate representing unexercised Warrants, if any, are to be mailed if other than to the address of the registered holder of this Warrant Certificate as shown on the books of the Warrant Agent:	
 	

 (Street Address)
 (City and State) (Zip Code)
	

Dated:            	
 	

 Signature
	

 	
 	
Signature must conform in all respects to the name of the holder as specified on the face of this Warrant Certificate. If Shares, or a Warrant Certificate evidencing unexercised Warrants, are to be issued in a name
other than that of the registered holder hereof or are to be delivered to an address other than the address of such holder as shown on the books of the Warrant Agent, the above signature must be guaranteed by an Eligible Guarantor Institution (as
that term is defined in Rule 17Ad-15 of the Securities Exchange Act of 1934, as amended).

	SIGNATURE GUARANTEE	 	 	 	 
	

Name of Firm	
 	

	
 	

 
	Address	 	
	 	 
	Area Code and Number	 	
	 	 
	Authorized Signature	 	
	 	 
	Name	 	
	 	 
	Title	 	
	 	 
	Dated:	 	
	 	, 20	 	
	 	 

ASSIGNMENT

(FORM
OF ASSIGNMENT TO BE EXECUTED IF WARRANT HOLDER

DESIRES TO TRANSFER WARRANTS EVIDENCED HEREBY) 

FOR
VALUE RECEIVED,            hereby sell(s), assign(s) and Transfer(s) unto 

	
 (Please print name and address including zip code of assignee)	 	
 (Please insert social security or other identifying number of assignee)
	

the rights represented by the within Warrant Certificate and does hereby irrevocably constitute and appoint            Attorney to transfer said Warrant Certificate on the books of the
Warrant Agent with full power of substitution in the premises.	
 	

 
	

Dated:	
 	

	
 	

 Signature
	

 	
 	

 	
 	
Signature must conform in all respects to the name of the holder as specified on the face of this Warrant Certificate. If Shares, or a Warrant Certificate evidencing unexercised Warrants, are to be issued in a name
other than that of the registered holder hereof or are to be delivered to an address other than the address of such holder as shown on the books of the Warrant Agent, the above signature must be guaranteed by an Eligible Guarantor Institution (as
that term is defined in Rule 17Ad-15 of the Securities Exchange Act of 1934, as amended).

	SIGNATURE GUARANTEE	 	 	 	 
	

Name of Firm	
 	

	
 	

 
	Address	 	
	 	 
	Area Code and Number	 	
	 	 
	Authorized Signature	 	
	 	 
	Name	 	
	 	 
	Title	 	
	 	 
	Dated:	 	
	 	, 20	 	
	 	 

EXHIBIT B 

FORM
OF PRIVATE WARRANT 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR
OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. SUBJECT TO THE TERMS SET
FORTH HEREIN, THIS WARRANT CERTIFICATE CANNOT BE EXERCISED OR TRANSFERRED IN WHOLE OR IN PART UNTIL NINETY DAYS AFTER THE COMPANY'S CONSUMMATION OF A BUSINESS COMBINATION.EXCEPT TO A PERMITTED
TRANSFEREE (AS DEFINED IN SECTION 9 OF THE PRIVATE PLACEMENT WARRANT PURCHASE AGREEMENT) WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS. 

EXERCISABLE
ONLY IF COUNTERSIGNED BY THE WARRANT

AGENT AS PROVIDED HEREIN. 

Warrant
Certificate evidencing 

Warrants
to Purchase Common Stock, par value $.0001, as described herein. 

 
 

EDUCATION MEDIA, INC.    
    

	No.            	 	CUSIP No. 28140C 113

 
 

VOID AFTER 5:00 P.M., NEW YORK CITY TIME, ON [                    ], 2013,
  OR UPON EARLIER REDEMPTION (IF
APPLICABLE)    
    

        This certifies that                        , or its registered
assigns, is the registered holder of                        warrants to purchase certain securities (each a
"Warrant"). Each Warrant entitles the holder thereof, subject to the provisions contained herein and in the Warrant Agreement (as defined below), to
purchase from Education Media, Inc.., a Delaware corporation (the "Company"), one (1) share of the Company's Common Stock (each a
"Share"), at the Exercise Price set forth below. The exercise price of each Warrant (the "Exercise
Price") shall be $7.50 initially, subject to adjustments as set forth in the Warrant Agreement. 

        Subject
to the terms of the Warrant Agreement (as defined below), each Warrant evidenced hereby may be exercised in whole, but not in part, at any time, as specified herein, on any
Business Day (as defined below) occurring during the period (the "Exercise Period") commencing on the later of the Company's consummation of a Business
Combination (as defined below) or [                        ], 2009 and ending at 5:00 P.M., New York City time, on the
earlier to occur of
[                        ], 2013 or the Redemption Date, if applicable (the "Expiration
Date"). Each Warrant remaining unexercised after
5:00 P.M., New York City time on the Expiration Date shall become void, and all rights of the holder of this Warrant Certificate evidencing such Warrant shall cease. 

        The
holder of the Warrants represented by this Warrant Certificate may exercise any Warrant evidenced hereby by delivering, not later than 5:00 P.M., New York City time, on any
Business Day during the Exercise Period (the "Exercise Date") to Continental Stock Transfer & Trust Company (the "Warrant
Agent", which term includes any successor warrant agent under the Warrant Agreement described below) at its corporate trust department at 17 Battery Place, New York, NY 10004,
(i) this Warrant Certificate, (ii) an election to purchase ("Election to Purchase"), properly executed by the holder hereof on the reverse
of this Warrant Certificate (the "Participant") substantially in the form included on the reverse of this Warrant, as applicable and (iii) the
Exercise Price for each Warrant to be exercised in lawful money of the United States of America by certified or official bank check or by 

bank
wire transfer in immediately available funds; provided, however, that with respect to Warrants
issued and sold in a private placement prior to the completion of the Company's Initial Public Offering (as defined in the Warrant Agreement), so long as any such Warrants are held by their original
purchaser or its permitted transferrees, the holder of this Warrant Certificate may, in lieu of payment of the Exercise Price, surrender its Warrants for that number of shares of Common Stock equal to
the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the surrendered Warrants, multiplied by the difference between the Fair Market Value
(defined below) and the Exercise Price 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 3rd trading day prior to the date on which the Election to Purchase is sent to the Warrant Agent. If any of (a) this Warrant Certificate,
(b) the Election to Purchase, or (c) the Exercise Price therefor [or surrendered
Warrants], is received by the Warrant Agent after 5:00 P.M., New York City time, the Warrants will be deemed to be received and
exercised on the Business Day next succeeding the date such items are received and such date shall be the Exercise Date for purposes hereof. If the date such items are received is not a Business Day,
the Warrants will be deemed to be received and exercised on the next succeeding day which is a Business Day and such date shall be the Exercise Date. If the Warrants to be exercised are received or
deemed to be received after the Expiration Date, the exercise thereof will be null and void and any funds delivered to the Warrant Agent will be returned to the holder as soon as practicable. In no
event will interest accrue on funds deposited with the Warrant Agent in respect of an exercise or attempted exercise of Warrants. The validity of any exercise of Warrants will be determined by the
Warrant Agent in its sole discretion and such determination will be final and binding upon the holder of the Warrants and the Company. Neither the Warrant Agent nor the Company shall have any
obligation to inform a holder of Warrants of the invalidity of any exercise of Warrants. 

        As
used herein, the term "Business Day" means any day that is not a Saturday or Sunday and is not a United States federal holiday or a day
on which banking institutions generally are authorized or obligated by law or regulation to close in New York City. 

        As
used herein, the term "Business Combination" shall mean the initial acquisition by the Company of one or more operating businesses
through a merger, capital stock exchange, stock purchase, asset acquisition or other similar business combination having collectively, a fair market value (as calculated in accordance with the
Company's Second Amended and Restated Certificate of Incorporation, as the same may be amended from time to time) of at least 80% of the amount in the trust account established by the Company at the
completion of its initial public offering (excluding the Underwriters' (as defined in the Warrant Agreement) deferred discount) at the time of such acquisition. 

        Warrants
may be exercised only in whole numbers of Warrants. No fractional shares of Common Stock are to be issued upon the exercise of any Warrant, but rather the number of shares of
Common Stock to be issued shall be rounded up to the nearest whole number. If fewer than all of the Warrants evidenced by this Warrant Certificate are exercised, a new Warrant Certificate for the
number of Warrants remaining unexercised shall be executed by the Company and countersigned by the Warrant Agent as provided in Section 2 of the Warrant Agreement, and delivered to the holder
of this Warrant Certificate at the address specified on the books of the Warrant Agent or as otherwise specified by such Registered Holder. 

        Notwithstanding
the foregoing, the Company shall not be obligated to deliver any Shares pursuant to the exercise of a Warrant and shall have no obligation to settle a Warrant exercise
unless a registration statement under the Securities Act of 1933, as amended (the "Securities Act"), with respect to the Shares is effective and a
current prospectus is on file with the Commission. In the event that a registration statement with respect to the Shares underlying a Warrant is not effective under the Securities Act or a current
prospectus is not on file with the Commission, the holder of such Warrant shall not be entitled to exercise such Warrant. Notwithstanding anything to the contrary in the Warrant Agreement (as defined
below) and this Warrant Certificate, under no circumstances will the Company be required to net cash settle a Warrant exercise. Warrants may not be exercised by, or Shares issued to, any registered
holder in any state in which such exercise or issuance would be unlawful. For the avoidance of doubt, as a result of Section 3.3.4 of the Warrant Agreement and the foregoing, any or all of the
Warrants may expire unexercised. 

        This
Warrant Certificate is issued under and in accordance with the Warrant Agreement, dated as of [            ], 2008 (the "Warrant
Agreement"), between the Company and the Warrant Agent and is subject to the terms and provisions contained in the Warrant Agreement, to all of which terms and provisions the
holder of this Warrant Certificate and the beneficial owners of the Warrants represented by this Warrant Certificate consent by acceptance hereof. Copies of the Warrant Agreement are on file and can
be inspected at the above-mentioned office of the Warrant Agent and at the office of the Company at 1700 Pennsylvania Ave. N.W., Suite 900, Washington, DC 20007. 

        At
any time during the Exercise Period, the Company may, at its option, redeem all (but not part) of the then outstanding Warrants upon giving notice in accordance with the terms of the
Warrant Agreement (the "Redemption Notice"), at the price of $0.01 per Warrant (the "Redemption Price");  provided, that the last sales price of the Common Stock on the American Stock Exchange, or other principal market on which the Common Stock may be
traded, equals or exceeds $13.75 per share (subject to adjustment as provided in the Warrant Agreement) for any 20 trading days within a 30 trading day period ending three business days prior to the
date on which the Redemption Notice is given, and a registration statement under the Securities Act relating to shares of Common Stock issuable upon exercise of the Warrants is effective and expected
to remain effective to and including the Redemption Date (as defined below) and a prospectus relating to the shares of Common Stock issuable upon exercise of the Warrants is available for use to and
including the Redemption Date. In the event the Company shall elect to redeem all of the then outstanding Warrants, the Company shall fix a date for such redemption (the
"Redemption Date"); provided, that such date shall occur prior to the expiration of the Exercise Period.
The Warrants may be exercised in accordance with the terms of this Agreement at any time after a Redemption Notice shall have been given by the Company;  provided, however, that no Warrants may be exercised subsequent to the expiration of the Exercise
Period; provided, further, that all rights whatsoever with respect to the Warrants shall cease on the
Redemption Date, other than to the right to receive the Redemption Price. 

        The
accrual of dividends, if any, on the Shares issued upon the valid exercise of any Warrant will be governed by the terms generally applicable to such Shares. From and after the
issuance of such Shares, the former holder of the Warrants exercised will be entitled to the benefits generally available to other holders of Shares and such former holder's right to receive payments
of dividends and any other amounts payable in respect of the Shares shall be governed by, and shall be subject to, the terms and provisions generally applicable to such Shares. 

        The
Exercise Price and the number of Shares purchasable upon the exercise of each Warrant shall be subject to adjustment as provided pursuant to Section 4 of the Warrant
Agreement. 

        Neither
this Warrant Certificate nor the Warrants evidenced hereby shall entitle the holder hereof or thereof to any of the rights of a holder of the Shares, including, without
limitation, the right to receive dividends, if any, or payments upon the liquidation, dissolution or winding up of the Company or to exercise voting rights, if any. 

        The
Warrant Agreement and this Warrant Certificate may be amended as provided in the Warrant Agreement including, under certain circumstances described therein, without the consent of
the holder of this Warrant Certificate or the Warrants evidenced hereby. 

        THIS WARRANT CERTIFICATE AND ALL RIGHTS HEREUNDER AND UNDER THE WARRANT AGREEMENT SHALL BE GOVERNED BY AND INTERPRETED AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS FORMED AND TO BE PERFORMED ENTIRELY WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW PROVISIONS THEREOF TO THE EXTENT SUCH
PRINCIPLES OR RULES WOULD REQUIRE OR PERMIT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

        This
Warrant Certificate shall not be entitled to any benefit under the Warrant Agreement or be valid or obligatory for any purpose, and no Warrant evidenced hereby may be exercised,
unless this Warrant Certificate has been countersigned by the manual or facsimile signature of the Warrant Agent. 

        IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

        Dated
as of                        , 2008 

	 	 	Education Media, Inc.
	

 	
 	

By:	

 Authorized Officer
	Continental Stock Transfer & Trust Company,

as Warrant Agent	 	 	 

	

By:	

 Authorized Officer	
 	

 

[REVERSE]

Instructions
for Exercise of Warrant 

        To
exercise the Warrants evidenced hereby, the holder or Participant must, by 5:00 P.M., New York City time, on the specified Exercise Date, deliver to the Warrant Agent at the
office of the Warrant Agent, or at the office of its successor as Warrant Agent, in the Borough of Manhattan, City of New York cash, a certified or official bank check or a wire transfer in
immediately available funds, in each case payable to the Warrant Agent at Account No.            , in an amount equal to the Exercise Price in full for the Warrants exercised;  provided, however, that the holder of this Warrant Certificate may, in lieu of payment of the Exercise
Price for the Warrants, surrender its Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock
underlying the surrendered Warrants, multiplied by the difference between the Fair Market Value and the Exercise Price by (y) the Fair Market Value. In addition, the Warrant holder or
Participant must provide the information required below and deliver this Warrant Certificate to the Warrant Agent at the address set forth below. The Warrant Certificate and this Election to Purchase
must be received by the Warrant Agent by 5:00 P.M., New York time, on the specified Exercise Date. 

ELECTION
TO PURCHASE

TO BE EXECUTED IF WARRANT HOLDER DESIRES

TO EXERCISE THE WARRANTS EVIDENCED HEREBY 

        The
undersigned hereby irrevocably elects to exercise, on                        ,
            (the "Exercise Date"),
                        
Warrants, evidenced by this Warrant Certificate, to purchase,                        of the shares of Common Stock (each a
"Share") of Education
Media, Inc.., a Delaware corporation (the "Company"), and represents that, on or before the Exercise Date, such holder has tendered payment for
such Shares by cash, certified or official bank check or bank wire transfer in immediately available funds to the order of the Company c/o Continental Stock Transfer & Trust Company, 17 Battery
Place, New York, New York 10004, in the amount of $                        in accordance with the terms hereof or, at the election
of the holder, so long as such holder is the original purchaser of such
Warrants or its permitted transferees, the holder (in lieu of payment of the Exercise Price for the Warrants) has surrendered Warrants for that number of shares of Common Stock equal to the quotient
obtained by dividing (x) the product of the number of shares of Common Stock underlying the surrendered Warrants, multiplied by the difference between the Fair Market Value and the Exercise
Price by (y) the Fair Market Value in accordance with the terms hereof. The undersigned requests that said number of Shares be in fully registered form, registered in such names and delivered,
all as specified in accordance with the instructions set forth below. 

        If
said number of Shares is less than all of the Shares purchasable hereunder, the undersigned requests that a new Warrant Certificate evidencing the remaining balance of the Warrants
evidenced hereby be issued and delivered to the holder of the Warrant Certificate unless otherwise specified in the instructions below. 

	 	 	Dated: __________________, _______
	 	 	Name:	 	

	 	 	(Please Print)
	

 	
 	

             -              -            

(Insert Social Security or Other Identifying Number of Holder)
	 	 	Address:	 	

	

 	
 	

 	
 	

	

 	
 	

 Signature

        This
Warrant may only be exercised by presentation to the Warrant Agent at one of the following locations: 

	By hand at:	 	
[                                        ]

	By mail at:	 	
[                                        ]

        The
method of delivery of this Warrant Certificate is at the option and risk of the exercising holder and the delivery of this Warrant Certificate will be deemed to be made only when
actually received by the Warrant Agent. If delivery is by mail, registered mail with return receipt requested, properly insured, is recommended. In all cases, sufficient time should be allowed to
assure timely delivery. 

(Instructions
as to form and delivery of Shares and/or Warrant Certificates) 

	Name in which Shares are to be registered if other than in the name of the registered holder of this Warrant Certificate:	 	 
	

Address to which Shares are to be mailed if other than to the address of the registered holder of this Warrant Certificate as shown on the books of the Warrant Agent:	
 	

 (Street Address)

 (City and State) (Zip Code)
	

Name in which Warrant Certificate evidencing unexercised Warrants, if any, are to be registered if other than in the name of the registered holder of this Warrant Certificate:	
 	

 
	

Address to which certificate representing unexercised Warrants, if any, are to be mailed if other than to the address of the registered holder of this Warrant Certificate as shown on the books of the Warrant Agent:	
 	

 (Street Address)

 (City and State) (Zip Code)
	

Dated:            	
 	

 Signature
	

 	
 	
Signature must conform in all respects to the name of the holder as specified on the face of this Warrant Certificate. If Shares, or a Warrant Certificate evidencing unexercised Warrants, are to be issued in a name
other than that of the registered holder hereof or are to be delivered to an address other than the address of such holder as shown on the books of the Warrant Agent, the above signature must be guaranteed by an Eligible Guarantor Institution (as
that term is defined in Rule 17Ad-15 of the Securities Exchange Act of 1934, as amended).

	SIGNATURE GUARANTEE	 	 	 	 
	

Name of Firm	
 	

	
 	

 
	Address	 	
	 	 
	Area Code and Number	 	
	 	 
	Authorized Signature	 	
	 	 
	Name	 	
	 	 
	Title	 	
	 	 
	Dated:	 	
	 	, 20	 	
	 	 

ASSIGNMENT

(FORM
OF ASSIGNMENT TO BE EXECUTED IF WARRANT HOLDER

DESIRES TO TRANSFER WARRANTS EVIDENCED HEREBY) 

FOR
VALUE RECEIVED,                        hereby sell(s), assign(s) and Transfer(s) unto 

	(Please print name and address including zip code of assignee)	 	
 (Please insert social security or other identifying number of assignee)
	

the rights represented by the within Warrant Certificate and does hereby irrevocably constitute and appoint            Attorney to transfer said Warrant Certificate on the books of the
Warrant Agent with full power of substitution in the premises.	
 	

 
	

Dated:	
 	

	
 	

	 	 	Signature	 	 
	

 	
 	

 	
 	
Signature must conform in all respects to the name of the holder as specified on the face of this Warrant Certificate. If Shares, or a Warrant Certificate evidencing unexercised Warrants, are to be issued in a name
other than that of the registered holder hereof or are to be delivered to an address other than the address of such holder as shown on the books of the Warrant Agent, the above signature must be guaranteed by an Eligible Guarantor Institution (as
that term is defined in Rule 17Ad-15 of the Securities Exchange Act of 1934, as amended).

	SIGNATURE GUARANTEE	 	 	 	 
	

Name of Firm	
 	

	
 	

 
	Address	 	
	 	 
	Area Code and Number	 	
	 	 
	Authorized Signature	 	
	 	 
	Name	 	
	 	 
	Title	 	
	 	 
	Dated:	 	
	 	, 20	 	
	 	 

QuickLinks

Exhibit 4.4

WARRANT AGREEMENT

EDUCATION MEDIA, INC.

EDUCATION MEDIA, INC.

VOID AFTER 5:00 P.M., NEW YORK CITY TIME, ON [ ], 2013, OR UPON EARLIER REDEMPTION (IF APPLICABLE)QuickLinks
 -- Click here to rapidly navigate through this document

 
 

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) FERRIS, BAKER WATTS, INCORPORATED ("FERRIS, BAKER WATTS") OR AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR PARTNER OF
FERRIS, BAKER WATTS OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER. 

THIS
PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO THE LATER OF THE CONSUMMATION BY EDUCATION MEDIA, INC. ("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,            , 2009. VOID
AFTER
5:00 P.M. NEW YORK CITY LOCAL TIME,    , 2013. 

UNIT PURCHASE OPTION

FOR THE PURCHASE OF

300,000 UNITS

OF EDUCATION MEDIA, INC.  

1.     Purchase Option.  

        THIS CERTIFIES THAT, in consideration of $100.00 duly paid by or on behalf of Ferris, Baker Watts or its permitted assigns (the "Holder"), as registered owner of
this Purchase Option, to Education Media, Inc. (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,, 2013 ("Expiration
Date"), but not thereafter, to subscribe for, purchase and receive, in whole
or in part, up to 300,000 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 five 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 $12.50 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 (including, without limitation, the American Stock 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 are traded in the residual over-the-counter market, the closing bid price for Units on the last trading day preceding the date in question for which such
quotations are reported by the Pink Sheets, LLC or similar publisher of such quotations; and (C) in the event that the Units are not still trading but the Common 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. 

        2.3.2    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 

2

 

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) Ferris, Baker Watts or
an underwriter or a selected dealer participating in the Offering or (ii) a bona fide officer or partner of
Ferris, Baker Watts 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. 

        3.2    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 Gersten Savage 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. 

3

 

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. 

        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. 

        5.1.4    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 number of Registrable Securities as to which Demand Registration has been requested by 

4

 

the
Demanding Holders and 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 and that can be sold without exceeding the Maximum Number of Shares; and (iii) third, to the extent
that the Maximum Number of Shares has not been reached under the foregoing clauses (i) and (ii), 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") as follows: (x) 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, and that can be sold without
exceeding the Maximum Number of Shares; and (y) 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    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) twelve 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 that they 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 sevenyear 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

 

        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 (i) 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; (ii) the Registrable Securities as to which registration has been requested under this Section 5.2; and (iii) 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; and (B) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (A), (x) 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, and (y) 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, Pro Rata, and that can be sold without exceeding the Maximum Number of Shares. 

        (b)   If
the registration is a "demand" registration undertaken at the demand of holders of Investor Securities, (A) first, the 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), the shares of Registrable Securities,, 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, 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. 

        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. 

6

 

        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. 

        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 underwriter contained in Section 5 of the Underwriting Agreement between the Company and
Ferris, Baker Watts dated the Effective Date (the "Underwriting Agreement"). 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. 

7

 

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

        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). 

8

 

        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 the
Registrable Securities pursuant to the registration statement covering such Registrable Securities until such Holder's receipt of the copies of a supplemental or amended prospectus, and, if so desired
by the Company, such Holder shall deliver to the Company (at the expense of the Company) or destroy (and deliver to the Company a certificate of such destruction) all copies, other than permanent file
copies then in such Holder's possession, of the prospectus covering such Registrable Securities current at the time of receipt of such notice. 

6.     Adjustments.  

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

        6.1.1    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
$12.50 per whole Unit (each Warrant underlying the Units is exercisable for $7.50 per share), upon effectiveness of the dividend, this Purchase Option will be adjusted to allow for the purchase of one
Unit at $12.50 per Unit, each Unit entitling the holder to receive two Common Shares and two Warrants (each Warrant exercisable for $3.75 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. 

        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 

9

 

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 6, 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 between the Company and Continental Stock Transfer & Trust Company, dated the Effective Date (the "Underwriting 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 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 this Section 6. The above provision of this Section
shall similarly apply to successive consolidations or mergers. 

        6.3    Elimination of Fractional Interests.    The Company shall not be required to issue certificates representing
fractions of 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 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 

10

 

its
best efforts to cause all (i) Units and Common Shares issuable upon exercise of the Purchase Options, (ii) Warrants issuable upon exercise of the Purchase Options; and
(iii) 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. 

        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: 

Education
Media, Inc.

1700 Pennsylvania Avenue, NW, Suite 900

Washington, DC 20006

Attn: Peter A. Kirsch, CEO 

9.     Miscellaneous.  

        9.1    Amendments.    The Company and Ferris, Baker Watts 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 Ferris, Baker Watts may deem necessary or desirable and that the Company and
Ferris, Baker Watts deem shall not adversely 

11

 

affect
the interest of the Holders. All other modifications or amendments shall require the written consent of and be signed by the party against whom enforcement of the modification or amendment is
sought. 

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

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

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

        9.5    Governing Law; Submission to Jurisdiction.    This Purchase Option shall be governed by and construed and
enforced in accordance with the laws of the State of Maryland, 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 Maryland or of the United States of America for the Southern District of Maryland, 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, non-compliance or
non-fulfillment. 

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

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

        [Remainder of page intentionally left blank]

12

 

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

	 	 	EDUCATION MEDIA, INC.
	

 	
 	

By:	

 Peter Kirsch

Chief Executive Officer

13

 
Form
to be used to exercise Purchase Option: 

Education
Media, Inc.

1700 Pennsylvania Avenue, NW, Suite 900

Washington, DC 20006

Attn: Peter A. Kirsch, CEO 

Date:                        ,
20    

        The
undersigned hereby elects irrevocably to exercise all or a portion of the within Purchase Option and to purchase            Units of Education Media, Inc. 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	
 	

 
	

	
 	

 
	

	
 	

 

14

 
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
Education Media, Inc. (the "Company")
evidenced by the within Purchase Option and does hereby authorize the Company to transfer such right on the books of the Company. 

Dated:            ,
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). 

15

QuickLinks

Exhibit 4.5

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