Document:

EX-10.5

 

Exhibit 10.5

SPONSOR’S CO-INVESTMENT UNITS SUBSCRIPTION AGREEMENT

To the Board of Directors of

Global Consumer Acquisition Corp.:

     The
undersigned hereby subscribes for and agrees to purchase 2,500,000 co-investment units
(“Committed Co-Investment Units”) of Global Consumer Acquisition Corp. (the
“Corporation”) at $10.00 per unit, consisting of
2,500,000 shares of the Corporation’s Common
Stock (the “Committed Co-Investment Common Stock”)
and 2,500,000 warrants, each to purchase
one share of the Corporation’s Common Stock (the “Committed Co-Investment Warrants”) at
$7.50 per share, for an aggregate purchase price of TWENTY-FIVE MILLION DOLLARS ($25,000,000) (the
“Committed Co-Investment Unit Purchase Price”).

     At any time prior to the consummation of the Business Combination (as defined below), the
undersigned shall have the option (the “Option”), in its sole discretion, to purchase up to
an additional 2,500,000 co-investment units (the “Option Co-Investment Units” and, together
with the Committed Co-Investment Units, the “Co-Investment Units”) at $10.00 per unit,
consisting of 2,500,000 shares of the Corporation’s Common Stock (the “Option Co-Investment Common
Stock” and, together with the Committed Co-Investment Common Stock, the “Co-Investment
Common Stock”) and 2,500,000 warrants, each to purchase one share of the Corporation’s Common
Stock (the “Option Co-Investment Warrants” and, together with the Committed Co-Investment
Warrants, the “Co-Investment Warrants”) at $7.50 per share, for an aggregate purchase price
of up to TWENTY-FIVE MILLION DOLLARS ($25,000,000) (the “Option Co-Investment Unit Purchase
Price”).

     The payment and issuance of the Co-Investment Units shall occur immediately prior to the
consummation of the Corporation’s initial acquisition of one or more assets or operating businesses
with a transaction value of at least 80% of our net assets held in trust (net of taxes and amounts
disbursed for working capital purposes and excluding the amount held in the trust account
representing a portion of the underwriters’ discount) at the time of the acquisition through a
merger, capital stock exchange, asset or stock acquisition, exchangeable share transaction, joint
venture or other similar business combination, pursuant to which we will require that a majority of
the shares of common stock of the Corporation voted by the public stockholders are voted in favor
of the acquisition and less than 30% of the public stockholders both exercise their conversion
rights and vote against the proposed acquisition (the “Business Combination”).

     Immediately prior to the consummation of a Business Combination, the undersigned shall deliver
the Committed Co-Investment Unit Purchase Price and Option Co-Investment Unit Purchase Price, if
applicable, to the Corporation. In the event that the Company fails to (i) consummate it is initial
public offering (“IPO”) within one (1) year from the date hereof or (ii) consummate a
Business Combination within 24 months from the consummation of its IPO, the

 

 

undersigned’s obligation to purchase the Co-Investment Units shall be null and void and of no
further force and effect.

     The undersigned represents and warrants that it has been advised that the Co-Investment Units
(including the Co-Investment Common Stock, Co-Investment Warrants and underlying shares of common
stock) have not been registered under the Securities Act; that it is acquiring each of the
Co-Investment Units (including the Co-Investment Common Stock, Co-Investment Warrants and
underlying shares of common stock) for its account for investment purposes only; that it has no
present intention of selling or otherwise disposing of any of the Co-Investment Units (including
the Co-Investment Common Stock, Co-Investment Warrants and underlying shares of common stock) in
violation of the securities laws of the United States; that it is an “accredited investor” as
defined by Rule 501 of Regulation D promulgated under the Securities Act of 1933, as amended; and
that it is familiar with the proposed business, management, financial condition and affairs of the
Corporation.

     This Agreement shall be governed by and construed in accordance with the laws of the State of
New York without regard to the principles of conflicts of law thereof.

     This Agreement constitutes the entire agreement between the parties with respect to the
subject matter hereof and supersedes and merges all prior agreements or understandings, whether
written or oral. This Agreement may not be amended, modified or revoked, in whole or in part,
except by an agreement in writing signed by each of the parties hereto.

* * * *

-2- 

 

     The undersigned hereby represents and warrants that it will execute all documents that are
necessary or desirable in connection with the Corporation’s initial public offering.

	 	 	 	 	 
	 	HAYGROUND COVE ASSET

MANAGEMENT, LLC

 	 
	 	By:  	 	 
	 	 	Name:  	Jason N. Ader 	 
	Dated: July 20, 2007 	 	Title:  	Authorized Person 	 
	 

Accepted and Agreed on this

20th day of July 2007:

GLOBAL CONSUMER ACQUISITION CORP.

	 	 	 	 	 
	By:

	 	 	 	 
	 

	 	 	 	 
	 

	 	Name: Andrew Nelson

Title: Treasurer, Controller, Assistant SecretaryEX-10.6

 

Exhibit 10.6

AMENDMENT NO. 1 

TO 

GLOBAL CONSUMER ACQUISITION CORP.

WARRANT SUBSCRIPTION AGREEMENT

THIS AMENDMENT TO SUBSCRIPTION AGREEMENT (the “Amendment”) is made this 1st day of August,
2007, by and between Global Consumer Acquisition Corp., a Delaware corporation (“Company”) and
Hayground Cove Asset Management, LLC, a Delaware limited liability company (“Purchaser”).

     WHEREAS, Company and Purchaser entered into a Subscription Agreement, dated July 19, 2007
(hereinafter as the “Subscription Agreement”); and

     WHEREAS, Company and Purchaser desire to amend the Subscription Agreement as hereinafter
provided.

     NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the mutual receipt and legal sufficiency of which are hereby acknowledged, Company
and Purchaser agree as follows:

     1. Definitions. Capitalized terms used in this Amendment and not otherwise defined have the
meaning ascribed to them in the Subscription Agreement.

     2. No Other Amendments. Each of Company and Purchaser represent and warrant to the other
that, as of the date hereof, there are no amendments, modifications, written instruments or other
oral or written amendments which amend or modify the provisions of the Subscription Agreement in
any manner.

     3. Amendments and Modifications.

          (a) Paragraph 1 of the Subscription Agreement is hereby deleted and the following is
substituted in lieu thereof:

1. Commitment To Purchase Warrants. Subject to and immediately prior to the
consummation of the Company’s initial public offering (the “IPO”), Purchaser
hereby agrees to subscribe for and purchase from the Company, and the Company hereby
agrees to issue and sell to Purchaser, five million (5,000,000) Warrants (the
“Warrants”) at a purchase price of $1.00 per Warrant for an aggregate
purchase price of $5,000,000. Each Warrant shall entitle the holder thereof to
purchase one share of common stock, par value $0.0001 per share, of the Company
(“Common Stock”) at an exercise price of $7.50 and in accordance with other
terms to be reasonably agreed upon by and between the Company and Continental Stock
Transfer & Trust Company, as warrant agent, and set forth in a warrant agreement
between such parties prior to the consummation of the IPO (the “Warrant 

 

 

Agreement”). The closing of the purchase and sale of the Warrants hereunder,
including payment for and delivery of the Warrants, shall occur at the offices of the
Company immediately prior to, and subject to consummation of, the IPO.

          (b) Paragraph 7 of the Subscription Agreement is hereby amended to include the following:

(j) The Company has informed Purchaser that the net proceeds from the IPO will be
held in a trust account (the “Trust Account”) for the benefit of the holders of
securities sold in the IPO. The Purchaser hereby agrees that it does not have any
right, title, interest or claim of any kind in or to any monies in the Trust Account
(the “Claim”) and hereby waives any Claim it may have in the future as a result of,
or arising out of, any negotiations, contracts or agreements with the Company and
will not seek recourse against the Trust Account for any reason whatsoever.

     4. Miscellaneous.

          (a) All future references to the Subscription Agreement shall mean and refer to the
Subscription Agreement, as hereby modified and amended. In the event of any conflict between the
terms of the Subscription Agreement and the terms of this Amendment, the terms of this Amendment
shall govern.

          (b) This Amendment may be executed by facsimile signatures and such facsimile signatures shall
be deemed to be original signatures.

          (c) This Amendment may be executed in one or more counterparts, each of which so executed and
delivered shall be deemed an original, and all of which taken together shall constitute but one and
the same instrument.

          (d) This Amendment shall not be binding upon or enforceable against Company or Purchaser
unless and until each of Company and Purchaser shall have executed the same and delivered to an
executed counterpart of this Amendment to the other party.

          (e) This Amendment may not be modified, amended or terminated, nor any of its provisions
waived, except by an amendment in writing signed by the party against whom enforcement of any
modification, amendment or waiver is sought.

          (f) This Amendment shall be construed, governed and enforced in accordance with the laws of
the State of New York.

          (g) The covenants, amendments, terms, provisions and conditions contained in this Amendment
shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns.

[Signature page follows]

 

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first above written.

	 	 	 	 	 
	 	 	COMPANY:
	 
	 	 	 	 
	 	 	GLOBAL CONSUMER ACQUISITION CORP.
	 
	 	 	 	 
	 

	 	By:
	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	 	 	PURCHASER:
	 
	 	 	 	 
	 	 	HAYGROUND COVE ASSET MANAGEMENT, LLC
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:

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