Document:

Unassociated Document

    REGISTRATION
      RIGHTS AGREEMENT

     

    THIS
      REGISTRATION RIGHTS AGREEMENT (this “Agreement”)
      is
      entered into as of the
      [                   
 ] day of
      [                    ],
      2008, by and among Lambert’s Cove Acquisition Corporation, a Delaware
      corporation (the “Company”),
      and
      the undersigned listed under Investor on the signature page hereto
      (“Investor”).

     

    WHEREAS,
      the Investor currently holds an aggregate of 2,875,000 units (the “Founders
      Units”)
      of the
      Company, each Founders Unit consisting of one share of Common Stock (as defined
      below) (each a “Founders
      Share”)
      and
      one warrant (each a “Founders
      Warrant”)
      exercisable into one share of Common Stock (each a “Founders
      Warrant Share”
and
      the
      Founders Warrants and the Founders Warrant Shares shall collectively be referred
      to herein as the “Founders
      Warrant Securities”),
      up to
      375,000 of which Founders Units are subject to forfeiture in the event the
      underwriters’ over-allotment is not exercised in full as described in the
      Company’s registration statement on Form S-1 (File No. 333-149812) (the
“IPO
      Registration Statement”)
      relating to the Company’s initial public offering (the “IPO”)
      of
      units (the “Public
      Units”),
      each
      Public Unit consisting of one share of Common Stock and one warrant (each a
      “Public
      Warrant”)
      exercisable into one share of Common Stock;

     

    WHEREAS,
      the Investor currently holds an aggregate of 3,050,000 warrants (the
“Insider
      Warrants”),
      exercisable into an aggregate of 3,050,000 shares of Common Stock (the
“Insider
      Warrant Shares,”
the
      Insider Warrants and the Insider Warrant Shares shall collectively be referred
      to herein as the “Insider
      Warrant Securities”
and
      the
      Founders Warrant Securities and the Insider Warrant Securities shall
      collectively be referred to herein as the “Warrant
      Securities”);
      and

     

    WHEREAS,
      the Investor and the Company desire to enter into this Agreement to provide
      the
      Investor with certain rights relating to the registration of the Founder Shares
      and the Warrant Securities held by it.

     

    NOW,
      THEREFORE, in consideration of the mutual covenants and agreements set forth
      herein, and for other good and valuable consideration, the receipt and
      sufficiency of which are hereby acknowledged, the parties hereto agree as
      follows:

     

    1. DEFINITIONS.
      The
      following capitalized terms used herein have the following
      meanings:

     

    “Agreement”
means
      this Agreement, as amended, restated, supplemented, or otherwise modified from
      time to time.

     

    “Business
      Combination”
means
      the initial acquisition of one or more operating businesses or assets with
      a
      fair market value of at least 80.0% of the Company’s net assets held in the
      trust account (as described in the IPO Registration Statement) at the time
      the
      Company enters into a definitive agreement with respect to such acquisition
      through a merger, capital stock exchange, asset or stock acquisition,
      exchangeable share transaction, joint venture or other similar business
      combination.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “Commission”
means
      the Securities and Exchange Commission, or any other federal agency then
      administering the Securities Act or the Exchange Act.

     

    “Common
      Stock”
means
      the Company’s common stock, par value $0.0001 per share.

     

    “Company”
is
      defined in the preamble to this Agreement.

     

    “Demand
      Registration”
is
      defined in Section 2.1.1.

     

    “Demanding
      Holder”
is
      defined in Section 2.1.1.

     

     ”Exchange
      Act”
means
      the Securities Exchange Act of 1934, as amended, and the rules and regulations
      of the Commission promulgated thereunder, all as the same shall be in effect
      at
      the time.

     

     ”Form
      S-3”
is
      defined in Section 2.2.4.

     

     ”Founders
      Shares”
is
      defined in the preamble to this Agreement.

     

     ”Founders
      Units”
is
      defined in the preamble to this Agreement.

     

     ”Founders
      Warrants”
is
      defined in the preamble to this Agreement.

     

     ”Founders
      Warrant Securities”
is
      defined in the preamble to this Agreement.

     

     ”Founders
      Warrant Shares”
is
      defined in the preamble to this Agreement.

     

     ”4.2
      Indemnified Party”
is
      defined in Section 4.2.

     

     ”Indemnified
      Party”
is
      defined in Section 4.3.

     

     ”Indemnifying
      Party”
is
      defined in Section 4.3.

     

     ”Insider
      Warrants”
is
      defined in the preamble to this Agreement.

     

     ”Insider
      Warrant Shares”
is
      defined in the preamble to this Agreement.

     

     ”Insider
      Warrant Securities”
is
      defined in the preamble to this Agreement.

     

     ”Investor”
is
      defined in the preamble to this Agreement.

     

     ”Investor
      Indemnified Party”
is
      defined in Section 4.1.

     

     ”IPO”
is
      defined in the preamble to this Agreement.

     

     ”IPO
      Registration Statement”
is
      defined in the preamble of this Agreement. 

     

     ”Maximum
      Number of Securities”
is
      defined in Section 2.1.4.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

     ”New
      York Court”
is
      defined in Section 6.11.

     

     ”Notices”
is
      defined in Section 6.3.

     

     ”Piggyback
      Registration”
is
      defined in Section 2.2.1.

     

     ”Public
      Units”
is
      defined in the preamble to this Agreement.

     

     ”Public
      Warrants”
is
      defined in the preamble to this Agreement.

     

     ”Register,”
      “registered”
and
      “registration”
mean
      a
      registration with respect to the Registrable Securities effected by preparing
      and filing a registration statement or similar document in compliance with
      the
      requirements of the Securities Act, and the applicable rules and regulations
      promulgated thereunder, and such registration statement becoming
      effective.

     

     ”Registrable
      Securities”
mean
      the 2,875,000 Founders Shares, 2,875,000 Founders Warrants, 2,875,000
      Founders Warrant Shares, 3,050,000 Insider Warrants and 3,050,000 Insider
      Warrant Shares owned or held by Investor prior to the consummation of the IPO,
      in each case that are eligible for registration under the Securities Act and
      the
      terms of the Securities Escrow Agreement. Registrable Securities include any
      warrants, shares of capital stock or other securities of the Company issued
      as a
      dividend or other distribution with respect to or in exchange for or in
      replacement of such shares of Common Stock. As to any particular Registrable
      Securities, such securities shall cease to be Registrable Securities when:
      (a) a
      Registration Statement with respect to the sale of such securities shall have
      become effective under the Securities Act and such securities shall have been
      sold, transferred, disposed of or exchanged in accordance with such Registration
      Statement; (b) such securities shall have been otherwise transferred, new
      certificates for them not bearing a legend restricting further transfer shall
      have been delivered by the Company and subsequent public distribution of them
      shall not require registration under the Securities Act; (c) such securities
      shall have ceased to be outstanding, or (d) the Securities and Exchange
      Commission makes a definitive determination to the Company that the Registrable
      Securities are saleable under Rule 144.

     

     ”Registration
      Statement”
means
      a
      registration statement filed by the Company with the Commission in compliance
      with the Securities Act and the rules and regulations promulgated thereunder
      for
      a public offering and sale of Common Stock (other than a registration statement
      on Form S-4 or Form S-8, or any successor forms, or any registration statement
      covering only securities proposed to be issued in exchange for securities or
      assets of another entity).

     

     ”Release
      Date I”
means
      the date on which Founders Units, Founders Shares, Founders Warrants and
      Founders Warrant Shares are disbursed from escrow pursuant to Section 3 of
      the
      Securities Escrow Agreement.

     

     ”Release
      Date II”
means
      the date on which Insider Warrants and Insider Warrant Shares are disbursed
      from
      escrow pursuant to Section 3 of the Securities Escrow Agreement.

     

     ”Securities
      Act”
means
      the Securities Act of 1933, as amended, and the rules and regulations of the
      Commission promulgated thereunder, all as the same shall be in effect at the
      time.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

     ”Securities
      Escrow Agreement”
means
      that certain Securities Escrow Agreement dated as of
      [             
 ], 2008 by and among the parties hereto and Continental Stock Transfer
& Trust Company.

     

     ”Underwriter”
means
      a
      securities dealer who purchases any Registrable Securities as principal in
      an
      underwritten offering and not as part of such dealer’s market-making
      activities.

     

     ”Warrant
      Securities”
is
      defined in the preamble to this Agreement.

     

    2.  REGISTRATION
      RIGHTS.

     

    2.1 Demand
      Registration.

     

    2.1.1.  Request
      for Registration.
      At any
      time and from time to time beginning on or after each of Release Date I as
      it
      relates to the 2,875,000 Founders Shares and the 2,875,000 Founders Warrant
      Securities and Release Date II as it relates to the 3,050,000 Insider Warrant
      Securities, the holders of a majority-in-interest of the 2,875,000 Founders
      Shares or the 5,925,000 Warrant Securities, as the case may be, held by the
      Investor or the permitted transferees of the Investor, may make a written demand
      for registration under the Securities Act of all or part of their Registrable
      Securities (a “Demand
      Registration”).
      Any
      demand for a Demand Registration shall specify the number and type of
      Registrable Securities proposed to be sold and the intended method(s) of
      distribution thereof. The Company will notify all holders of Registrable
      Securities of the demand within ten (10) days from the receipt of the Demand
      Registration, and 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 Registrable Securities in such a Demand
      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 2.1.4 and the provisos set forth in Section
      3.1.1. The Company shall not be obligated to effect more than an aggregate
      of
      two (2) Demand Registrations with respect to the 2,875,000 Founders Shares
      and
      two (2) Demand Registrations with respect to the 5,925,000 Warrant Securities
      under this Section 2.1.1 in respect of Registrable Securities. 

     

    2.1.2. 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 or otherwise with respect thereto; provided,
      however,
      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,
      the
      Company shall not be obligated to file a second Registration Statement until
      a
      Registration Statement that has been filed is counted as a Demand Registration
      or is terminated.

     

    
      
        
        

      

      
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    2.1.3. Underwritten
      Offering.
      If a
      majority-in-interest of the Demanding Holders so elect and such holders so
      advise the Company as part of their written demand for a Demand Registration,
      the offering of such Registrable Securities pursuant to such Demand Registration
      shall be in the form of an underwritten offering. In such event, the right
      of
      any holder to include its Registrable Securities in such registration shall
      be
      conditioned upon such holder’s participation in such underwriting and the
      inclusion of such holder’s Registrable Securities in the underwriting to the
      extent provided herein. All Demanding Holders 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 a majority-in-interest of the holders initiating the Demand
      Registration.

     

    2.1.4. 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 Registrable Securities which the Demanding
      Holders desire to sell, taken together with all other shares of Common Stock
      or
      other securities which the Company desires to sell and the shares of Common
      Stock or other securities, if any, as to which registration has been requested
      pursuant to contractual piggyback registration rights held by other security
      holders of the Company who desire to sell, exceeds the maximum dollar amount
      or
      maximum number of securities 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 securities, as applicable, the “Maximum
      Number of Securities”),
      then
      the Company shall include in such registration: (i) first, the Registrable
      Securities as to which Demand Registration has been requested by the Demanding
      Holders (pro
      rata
      in
      accordance with the number of Registrable Securities which such Demanding
      Holders have requested be included in such registration, regardless of the
      number of Registrable Securities held by each Demanding Holder) that can be
      sold
      without exceeding the Maximum Number of Securities; (ii) second, to the
      extent that the Maximum Number of Securities has not been reached under the
      foregoing clause (i), the shares of Common Stock or other securities that the
      Company desires to sell that can be sold without exceeding the Maximum Number
      of
      Securities; (iii) third, to the extent that the Maximum Number of Securities
      has
      not been reached under the foregoing clauses (i) and (ii), the shares of Common
      Stock 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 Securities;
      and (iv) fourth, to the extent that the Maximum Number of Securities have not
      been reached under the foregoing clauses (i), (ii), and (iii), the shares of
      Common Stock or other securities that any other securitiy holders desire to
      sell
      that can be sold without exceeding the Maximum Number of
      Securities.

     

    2.1.5.  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 other investors.
      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 2.1.1, provided that
      the
      majority-in-interest of the Demanding Holders electing to so withdraw from
      the
      offering pays all costs and expenses incurred by the Company in connection
      with
      such withdrawn Demand Registration. If the majority-in-interest of the Demanding
      Holders does not pay all costs and expenses incurred by the Company in
      connection with such withdrawn Demand Registration, then it shall count as
      a
      Demand Registration provided for in Section 2.1.1.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    2.1.6.
       Permitted
      Delays.
      The
      Company shall be entitled to postpone, for up to sixty (60) days, the filing
      of
      any Registration Statement under this Section 2.1, if (a) at any time prior
      to
      the filing of such Registration Statement the Company’s Board of Directors
      determines, in its good faith business judgment, that such registration and
      offering would materially and adversely affect any financing, acquisition,
      corporate reorganization, or other material transaction involving the Company,
      and (b) the Company delivers to the Demanding Holders written notice thereof
      within five (5) business days of the date of receipt of such request for Demand
      Registration.

     

    2.2 Piggyback
      Registration.

     

    2.2.1. Piggyback
      Rights.
      If at
      any time on or after each of Release Date I as it relates to the 2,875,000
      Founders Shares and the 2,875,000 Founders Warrant Securities and Release Date
      II as it relates to the 3,050,000 Insider Warrant Securities, the Company
      proposes to file a Registration Statement under the Securities Act with respect
      to an offering of equity securities, or securities or other obligations
      exercisable or exchangeable for, or convertible into, equity securities, by
      the
      Company for its own account or for security holders of the Company for their
      account (or by the Company and by security holders of the Company including,
      without limitation, pursuant to Section 2.1), other than a Registration
      Statement (i) filed in connection with any employee stock option or other
      benefit plan, (ii) for an exchange offer or offering of securities solely to
      the
      Company’s existing security holders, (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 Registrable Securities as such holders
      may
      request in writing within five (5) days following receipt of such notice (a
      “Piggyback
      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 Piggyback Registration to be included
      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
      Piggyback Registration that involves an Underwriter or Underwriters shall enter
      into an underwriting agreement in customary form with the Underwriter or
      Underwriters selected for such Piggyback Registration.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    2.2.2. Reduction
      of Offering.
      If the
      managing Underwriter or Underwriters for a Piggyback Registration that is to
      be
      an underwritten offering advises the Company and the holders of Registrable
      Securities in writing that the dollar amount or number of shares of Common
      Stock
      or other securities which the Company desires to sell, taken together with
      the
      shares of Common Stock or other securities, if any, as to which registration
      has
      been demanded pursuant to written contractual arrangements with persons other
      than the holders of Registrable Securities hereunder, the Registrable Securities
      as to which registration has been requested under this Section 2.2, and the
      shares of Common Stock or other securities, if any, as to which registration
      has
      been requested pursuant to the written contractual piggyback registration rights
      of other security holders of the Company, exceeds the Maximum Number of
      Securities, then the Company shall include in any such
      registration:

     

    (i) If
      the
      registration is undertaken for the Company’s account: (A) first, the shares
      of Common Stock or other securities that the Company desires to sell that can
      be
      sold without exceeding the Maximum Number of Securities; (B) second, to the
      extent that the Maximum Number of Securities has not been reached under the
      foregoing clause (A), the shares of Common Stock or other securities, if any,
      including the Registrable Securities, as to which registration has been
      requested pursuant to the applicable written contractual piggyback registration
      rights of such security holders (pro
      rata
      in
      accordance with the number of shares of Common Stock or other securities which
      each such person has actually requested to be included in such registration,
      regardless of the number of shares of Common Stock or other securities with
      respect to which such persons have the right to request such inclusion) that
      can
      be sold without exceeding the Maximum Number of Securities; and (C) third,
      to
      the extent that the Maximum Number of Securities has not been reached under
      the
      foregoing clauses (A) and (B), the shares of Common Stock or other securities
      for the account of other persons that the Company is obligated to register
      pursuant to written contractual piggyback registration rights with such persons
      (pro
      rata
      in
      accordance with the number of shares of Common Stock or other securities which
      each such person has actually requested to be included in such registration,
      regardless of the number of shares of Common Stock or other securities with
      respect to which such persons have the right to request such inclusion) that
      can
      be sold without exceeding the Maximum Number of Securities; and

     

    (ii) If
      the
      registration is a “demand” registration undertaken at the demand of persons
      other than the holders of Registrable Securities pursuant to written contractual
      arrangements with such persons, (A) first, the shares of Common Stock or other
      securities for the account of the demanding persons that can be sold without
      exceeding the Maximum Number of Securities; (B) second, to the extent that
      the
      Maximum Number of Securities has not been reached under the foregoing clause
      (A), the shares of Common Stock or other securities that the Company desires
      to
      sell that can be sold without exceeding the Maximum Number of Securities; (C)
      third, to the extent that the Maximum Number of Securities has not been reached
      under the foregoing clauses (A) and (B), the Registrable Securities as to which
      registration has been requested under this Section 2.2 (pro
      rata
      in
      accordance with the number of Registrable Securities which each holder has
      actually requested to be included in such registration, regardless of the number
      of shares of Common Stock and other securities with respect to which such holder
      has a right to request such inclusion); and (D) fourth, to the extent that
      the
      Maximum Number of Securities has not been reached under the foregoing clauses
      (A), (B) and (C), the shares of Common Stock or other securities for the account
      of other persons that the Company is obligated to register, if any, as to which
      registration has been requested pursuant to written contractual arrangements
      with such persons that can be sold without exceeding the Maximum Number of
      Securities.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    2.2.3. Withdrawal.
      Any
      holder of Registrable Securities may elect to withdraw such holder’s request for
      inclusion of Registrable Securities in any Piggyback 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 also elect to withdraw a
      registration statement at any time prior to the effectiveness of the
      Registration Statement. Notwithstanding any such withdrawal, the Company shall
      pay all expenses incurred by the holders of Registrable Securities in connection
      with such Piggyack Registration as provided in Section 3.3.

     

    2.2.4.  Registrations
      on Form S-3.
      The
      holders of Registrable Securities may at any time and from time to time
      beginning on or after the applicable Release Date, request in writing that
      the
      Company register the resale of any or all of such Registrable Securities on
      Form
      S-3 or any similar short-form registration which may be available at such time
      (“Form
      S-3”);
      provided,
      however,
      that
      the Company shall not be obligated to effect such request through an
      underwritten offering. Upon receipt of such written request, the Company will
      promptly give written notice of the proposed registration to all other holders
      of Registrable Securities, and, as soon as practicable thereafter, effect the
      registration of all or such portion of such holder’s or holders’ Registrable
      Securities as are specified in such request, together with all or such portion
      of the Registrable Securities of any other holder or holders joining in such
      request as are specified in a written request given within fifteen (15) days
      after receipt of such written notice from the Company; provided,
      however,
      that
      the Company shall not be obligated to effect any such registration pursuant
      to
      this Section 2.2.4: (i) if Form S-3 is not available for such offering; or
      (ii)
      if the holders of the Registrable Securities, together with the holders of
      any
      other securities of the Company entitled to inclusion in such registration,
      propose to sell Registrable Securities and such other securities (if any) at
      any
      aggregate price to the public of less than $500,000. Registrations effected
      pursuant to this Section 2.2.4 shall not be counted as Demand Registrations
      effected pursuant to Section 2.1.

     

    2.2.5.
      Permitted
      Delays.
      The
      Company shall be entitled to postpone, for up to sixty (60) days, the filing
      of
      any Registration Statement under this Section 2.2, if (a) at any time prior
      to
      the filing of such Registration Statement the Company’s Board of Directors
      determines, in its good faith business judgment, that such registration and
      offering would materially and adversely affect any financing, acquisition,
      corporate reorganization, or other material transaction involving the Company,
      and (b) the Company delivers to the holder of the Registrable Securities
      requesting a Piggyback Registration or registration pursuant to 2.2.4, written
      notice thereof within five (5) business days of the date of receipt of such
      request for Piggyback Registration or registration pursuant to
      2.2.4.

     

    2.3 No
      Net
      Cash Settlement Value.
      In
      connection with the exercise of the Founders Warrants and the Insider Warrants,
      the Company will not be obligated to deliver securities, and there are no
      contractual penalties for failure to deliver securities, if a registration
      statement is not effective at the time of exercise; provided however, the
      Company may satisfy its obligation by delivering unregistered shares of Common
      Stock.  In no event will the Company be required to net cash settle an
      exercise of a Founders Warrant
      or
      Insider Warrant.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    3. REGISTRATION
      PROCEDURES.

     

    3.1  Filings;
      Information.
      Whenever the Company is required to effect the registration of any Registrable
      Securities pursuant to Section 2, the Company shall use its commercially
      reasonable best efforts to effect the registration and sale of such Registrable
      Securities in accordance with the intended method(s) of distribution thereof
      as
      expeditiously as practicable; provided
      that,
      under
      no circumstances shall the Company effect registration of the Founders Warrants
      , the Insider Warrants, the Founders Warrant Shares or the Insider Warrant
      Shares pursuant to Section 2 unless at the time of such registration, a
      registration statement relating to the shares of Common Stock issuable upon
      exercise of the Public Warrants sold in the IPO is effective and a current
      prospectus relating to such shares is available for use by the Public Warrant
      holders. In connection with any such request:

     

    3.1.1. Filing
      Registration Statement.
      The
      Company shall, as expeditiously as possible and in any event within sixty (60)
      days after receipt of a request for a Demand Registration pursuant to Section
      2.1, prepare and file with the Commission a Registration Statement on any form
      for which the Company then qualifies or which counsel for the Company shall
      deem
      appropriate and which form shall be available for the sale of all Registrable
      Securities to be registered thereunder in accordance with the intended method(s)
      of distribution thereof, and shall use its best efforts to cause such
      Registration Statement to become and remain effective for the period required
      by
      Section 3.1.3; provided,
      however
      , that
      the Company shall have the right to defer any Demand Registration for up to
      thirty (30) days, and any Piggyback Registration for such period as may be
      applicable to deferment of any demand registration to which such Piggyback
      Registration relates, in each case if the Company shall furnish to the holders
      a
      certificate signed by the Chief Executive Officer of the Company stating that,
      in the good faith judgment of the Board of Directors of the Company, it would
      be
      materially detrimental to the Company and its stockholders for such Registration
      Statement to be effected at such time; provided
      further,
      however
      , that
      the Company shall not have the right to exercise the right set forth in the
      immediately preceding proviso more than once in any 365-day period in respect
      of
      a Demand Registration hereunder.

     

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

     

    3.1.3. Amendments
      and Supplements.
      The
      Company shall prepare and file with the Commission such amendments, including
      post-effective amendments, and supplements to such Registration Statement and
      the prospectus used in connection therewith as may be necessary to keep such
      Registration Statement effective and in compliance with the provisions of the
      Securities Act until all Registrable Securities and other securities covered
      by
      such Registration Statement have been disposed of in accordance with the
      intended method(s) of distribution set forth in such Registration Statement
      (which period shall not exceed the sum of one hundred eighty (180) days plus
      any
      period during which any such disposition is interfered with by any stop order
      or
      injunction of the Commission or any governmental agency or court) or such
      securities have been withdrawn.

     

    
      
        
        

      

      
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    3.1.4. Notification.
      After
      the filing of a Registration Statement, the Company shall promptly, and in
      no
      event more than two (2) business days after such filing, notify the holders
      of
      Registrable Securities included in such Registration Statement of such filing,
      and shall further notify such holders promptly and confirm such advice in
      writing in all events within two (2) business days of the occurrence of any
      of
      the following: (i) when such Registration Statement becomes effective; (ii)
      when
      any post-effective amendment to such Registration Statement becomes effective;
      (iii) the issuance or threatened issuance by the Commission of any stop order
      (and the Company shall take all actions required to prevent the entry of such
      stop order or to remove it if entered); and (iv) any request by the Commission
      for any amendment or supplement to such Registration Statement or any prospectus
      relating thereto or for additional information or of the occurrence of an event
      requiring the preparation of a supplement or amendment to such prospectus so
      that, as thereafter delivered to the purchasers of the securities covered by
      such Registration Statement, such prospectus will not contain an untrue
      statement of a material fact or omit to state any material fact required to
      be
      stated therein or necessary to make the statements therein not misleading,
      and
      promptly make available to the holders of Registrable Securities included in
      such Registration Statement any such supplement or amendment; except that before
      filing with the Commission a Registration Statement or prospectus or any
      amendment or supplement thereto, including documents incorporated by reference,
      the Company shall furnish to the holders of Registrable Securities included
      in
      such Registration Statement and to the legal counsel for any such holders,
      copies of all such documents proposed to be filed sufficiently in advance of
      filing to provide such holders and legal counsel with a reasonable opportunity
      to review such documents and comment thereon, and the Company shall not file
      any
      Registration Statement or prospectus or amendment or supplement thereto,
      including documents incorporated by reference, to which such holders or their
      legal counsel shall reasonably object.

     

    3.1.5. State
      Securities Laws Compliance.
      The
      Company shall use its best efforts to (i) register or qualify the Registrable
      Securities covered by the Registration Statement under such securities or “blue
      sky” laws of such jurisdictions in the United States as the holders of
      Registrable Securities included in such Registration Statement (in light of
      their intended plan of distribution) may request and (ii) take such action
      necessary to cause such Registrable Securities covered by the Registration
      Statement to be registered with or approved by such other governmental
      authorities as may be necessary by virtue of the business and operations of
      the
      Company and do any and all other acts and things that may be necessary or
      advisable to enable the holders of Registrable Securities included in such
      Registration Statement to consummate the disposition of such Registrable
      Securities in such jurisdictions; provided,
      however,
      the
      Company shall not be required to qualify generally to do business in any
      jurisdiction where it would not otherwise be required to qualify but for this
      Section 3.1.5 or subject itself to taxation in any such
      jurisdiction.

     

    
      
        
        

      

      
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    3.1.6. Agreements
      for Disposition.
      The
      Company shall enter into customary agreements (including, if applicable, an
      underwriting agreement in customary form) and take such other actions as are
      reasonably required in order to expedite or facilitate the disposition of such
      Registrable Securities. The representations, warranties and covenants of the
      Company in any underwriting agreement which are made to or for the benefit
      of
      any Underwriters, to the extent applicable, shall also be made to and for the
      benefit of the holders of Registrable Securities included in such registration
      statement. No holder of Registrable Securities included in such registration
      statement shall be required to make any representations or warranties in the
      underwriting agreement except, if applicable, with respect to such holder’s
      organization, good standing, authority, title to Registrable Securities, lack
      of
      conflict of such sale with such holder’s material agreements and organizational
      documents, and with respect to written information relating to such holder
      that
      such holder has furnished in writing expressly for inclusion in such
      Registration Statement. Holders of Registrable Securities shall agree to such
      covenants and indemnification and contribution obligations for selling security
      holders as are customarily contained in agreements of that type. Further, such
      holders shall cooperate fully in the preparation of the registration statement
      and other documents relating to any offering in which they include securities
      pursuant to Section 2 hereof. Each holder shall also furnish to the Company
      such
      information regarding itself, the Registrable Securities held by such holder
      and
      the intended method of disposition of such securities as shall be reasonably
      required to effect the registration of the Registrable Securities.

     

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

     

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

     

    3.1.9. Opinions
      and Comfort Letters.
      The
      Company shall furnish to each holder of Registrable Securities included in
      any
      Registration Statement a signed counterpart, addressed to such holder, of (i)
      any opinion of counsel to the Company delivered to any Underwriter and (ii)
      any
      comfort letter from the Company’s independent public accountants delivered to
      any Underwriter. In the event no legal opinion is delivered to any Underwriter,
      the Company shall furnish to each holder of Registrable Securities included
      in
      such Registration Statement, at any time that such holder elects to use a
      prospectus, an opinion of counsel to the Company to the effect that the
      Registration Statement containing such prospectus has been declared effective
      and that no stop order is in effect.

     

    
      
        
        

      

      
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    3.1.10. Earnings
      Statement.
      The
      Company shall comply with all applicable rules and regulations of the Commission
      and the Securities Act, and make available to its stockholders, as soon as
      practicable, an earnings statement covering a period of twelve (12) months,
      beginning within three (3) months after the effective date of the registration
      statement, which earnings statement shall satisfy the provisions of Section
      11(a) of the Securities Act and Rule 158 thereunder.

     

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

     

    3.2 Obligation
      to Suspend Distribution.
      Upon
      receipt of any notice from the Company of the happening of any event of the
      kind
      described in Section 3.1.4(iv), or, in the case of a resale registration on
      Form
      S-3 pursuant to Section 2.2.4 hereof, upon any suspension by the Company,
      pursuant to a written insider trading compliance program adopted by the
      Company’s Board of Directors, of the ability of all “insiders” covered by such
      program to transact in the Company’s securities because of the existence of
      material non-public information, each holder of Registrable Securities included
      in any registration shall immediately discontinue disposition of such
      Registrable Securities pursuant to the Registration Statement covering such
      Registrable Securities until such holder receives the supplemented or amended
      prospectus contemplated by Section 3.1.4(iv) or the restriction on the ability
      of “insiders” to transact in the Company’s securities is removed, as applicable,
      and, if so directed by the Company, each such holder will deliver to the Company
      all copies, other than permanent file copies then in such holder’s possession,
      of the most recent prospectus covering such Registrable Securities at the time
      of receipt of such notice.

     

    3.3 Registration
      Expenses.
      The
      Company shall bear all costs and expenses incurred in connection with any Demand
      Registration pursuant to Section 2.1, any Piggyback Registration pursuant to
      Section 2.2, and any registration on Form S-3 effected pursuant to Section
      2.2.4, 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 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 as required by Section 3.1.11; (vi) Financial
      Industry Regulatory Authority 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 requested pursuant to Section 3.1.9); (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 solely by such holders. Additionally, in an
      underwritten offering, all selling security holders and the Company shall bear
      the expenses of the underwriter pro
      rata
      in
      proportion to the respective dollar amount of securities each is selling in
      such
      offering.

     

    
      
        
        

      

      
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    3.4 Information.
      The
      holders of Registrable Securities shall provide such information as may
      reasonably be requested by the Company, or the managing Underwriter, if any,
      in
      connection with the preparation of any Registration Statement, including
      amendments and supplements thereto, in order to effect the registration of
      any
      Registrable Securities under the Securities Act pursuant to Section 2 and in
      connection with the Company’s obligation to comply with federal and applicable
      state securities laws.

     

    3.5 Holder
      Obligations.
      No
      holder of Registrable Securities may participate in any underwritten offering
      pursuant to this Section 3 unless such holder (i) agrees to sell only such
      holder’s Registrable Securities on the basis reasonably provided in any
      underwriting agreement, and (ii) completes, executes and delivers any and all
      questionnaires, powers of attorney, custody agreements, indemnities,
      underwriting agreements and other documents reasonably required by or under
      the
      terms of any underwriting agreement or as reasonably requested by the
      Company.

     

    4. INDEMNIFICATION
      AND CONTRIBUTION.

     

    4.1 Indemnification
      by the Company.
      The
      Company agrees to indemnify and hold harmless each Investor and each other
      holder of Registrable Securities, and each of their respective officers,
      employees, affiliates, directors, partners, members, attorneys and agents,
      and
      each person, if any, who controls an Investor and each other holder of
      Registrable Securities (within the meaning of Section 15 of the Securities
      Act
      or Section 20 of the Exchange Act) (each, an “Investor
      Indemnified Party”),
      from
      and against any expenses, losses, judgments, claims, damages or liabilities,
      whether joint or several, arising out of or based upon any untrue statement
      (or
      allegedly untrue statement) of a material fact contained in any Registration
      Statement under which the sale of such Registrable Securities was registered
      under the Securities Act, any preliminary prospectus, final prospectus or
      summary prospectus contained in the Registration Statement, or any amendment
      or
      supplement to such Registration Statement, or arising out of or based upon
      any
      omission (or alleged omission) to state a material fact required to be stated
      therein or necessary to make the statements therein not misleading, or any
      violation by the Company of the Securities Act or any rule or regulation
      promulgated thereunder applicable to the Company and relating to action or
      inaction required of the Company in connection with any such registration;
      and
      the Company shall promptly reimburse the Investor Indemnified Party for any
      legal and any other expenses reasonably incurred by such Investor Indemnified
      Party in connection with investigating and defending any such expense, loss,
      judgment, claim, damage, liability or action; provided,
      however,
      that
      (a) the Company will not be liable in any such case to the extent that any
      such
      expense, loss, claim, damage or liability arises out of or is based upon (i)
      any
      untrue statement or allegedly untrue statement or omission or alleged omission
      made in such Registration Statement, preliminary prospectus, final prospectus,
      or summary prospectus, or any such amendment or supplement, in reliance upon
      and
      in conformity with information furnished to the Company, in writing, by such
      Investor or other holder of Registrable Securities expressly for use therein
      or
      (ii) the use by any Investor Indemnified Party of a prospectus in violation
      of
      any stop order or other suspension of the Registration Statement of which the
      Company made the Investor or other holder of Registrable Securities aware;
      and
      (b) the foregoing indemnity shall not inure to the benefit of any Investor
      Indemnified Party if a copy of the prospectus (as then amended or supplemented
      if the Company shall have furnished any amendments or supplements thereto)
      was
      not sent or given by or on behalf of the applicable Investor or other holder
      of
      Registrable Securities to the person asserting such expense, loss, claim, damage
      or liability who purchased the Registrable Securities from such Investor or
      holder, if required by law so to have been delivered at or prior to the written
      confirmation of the sale of the Registrable Securities to such person, and
      if
      the prospectus (as so amended or supplemented) would have cured the defect
      giving rise to such expense, loss, claim, damage or liability, unless such
      failure is the result of noncompliance by the Company with Section 3.1.3 hereof.
      The Company also shall indemnify any Underwriter of the Registrable Securities,
      their officers, employees, affiliates, directors, partners, members and agents
      and each person who controls such Underwriter on substantially the same basis
      as
      that of the indemnification provided above in this Section 4.1.

    
      
        
        

      

      
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    4.2  Indemnification
      by Holders of Registrable Securities.
      Each
      selling holder of Registrable Securities will, in the event that any
      registration is being effected under the Securities Act pursuant to this
      Agreement of any Registrable Securities held by such selling holder, indemnify
      and hold harmless the Company, each of its directors and officers, each
      Underwriter (if any), each other selling holder and each other person, if any,
      who controls another selling holder or such Underwriter or the Company within
      the meaning of the Securities Act or Section 20 of the Exchange Act (each,
      a
“4.2
      Indemnified Party”),
      against any losses, claims, judgments, damages or liabilities, whether joint
      or
      several, insofar as such losses, claims, judgments, damages or liabilities
      (or
      actions in respect thereof) arise out of or are based upon any untrue statement
      or allegedly untrue statement of a material fact contained in any Registration
      Statement under which the sale of such Registrable Securities was registered
      under the Securities Act, any preliminary prospectus, final prospectus or
      summary prospectus contained in the Registration Statement, or any amendment
      or
      supplement to the Registration Statement, or arise out of or are based upon
      any
      omission or the alleged omission to state a material fact required to be stated
      therein or necessary to make the statement therein not misleading, if the
      statement or omission was made in reliance upon and in conformity with
      information furnished in writing to the Company by such selling holder expressly
      for use therein or for the use by any Investor Indemnified Party of a prospectus
      in violation of any stop order or other suspension of the Registration
      Statement, and shall reimburse the 4.2 Indemnified Party for any legal or other
      expenses reasonably incurred by such 4.2 Indemnified Party in connection with
      investigating or defending any such loss, claim, damage, liability or action.
      Each selling holder’s indemnification obligations hereunder shall be several and
      not joint and shall be limited to the amount of any net proceeds actually
      received by such selling holder in connection with the sale of the Registrable
      Securities by such selling holder pursuant to the Registration Statement,
      preliminary prospectus, final prospectus, summary prospectus, amendment or
      supplement containing such untrue statement.

     

    
      
        
        

      

      
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    4.3 Conduct
      of Indemnification Proceedings.
      Promptly after receipt by any person of any notice of any loss, claim, damage
      or
      liability or any action in respect of which indemnity may be sought pursuant
      to
      Section 4.1 or 4.2, such person (the “Indemnified
      Party”)
      shall,
      if a claim in respect thereof is to be made against any other person for
      indemnification hereunder, notify such other person (the “Indemnifying
      Party”)
      in
      writing of the loss, claim, judgment, damage, liability or action; provided,
      however,
      that
      the failure by the Indemnified Party to notify the Indemnifying Party shall
      not
      relieve the Indemnifying Party from any liability which the Indemnifying Party
      may have to such Indemnified Party hereunder, except and solely to the extent
      the Indemnifying Party is actually prejudiced by such failure. If the
      Indemnified Party is seeking indemnification with respect to any claim or action
      brought against the Indemnified Party, then the Indemnifying Party shall be
      entitled to participate in such claim or action, and, to the extent that it
      elects, jointly with all other Indemnifying Parties, to assume control of the
      defense thereof with counsel satisfactory to the Indemnified Party. After notice
      from the Indemnifying Party to the Indemnified Party of its election to assume
      control of the defense of such claim or action, the Indemnifying Party shall
      not
      be liable to the Indemnified Party for any legal or other expenses subsequently
      incurred by the Indemnified Party in connection with the defense thereof other
      than reasonable costs of investigation; provided, however, that in any action
      in
      which both the Indemnified Party and the Indemnifying Party are named as
      defendants, the Indemnified Party shall have the right to employ separate
      counsel (but no more than one such separate counsel) to represent the
      Indemnified Party and its controlling persons who may be subject to liability
      arising out of any claim in respect of which indemnity may be sought by the
      Indemnified Party against the Indemnifying Party, with the fees and expenses
      of
      such counsel to be paid by such Indemnifying Party if, based upon the written
      opinion of counsel of such Indemnified Party, representation of both parties
      by
      the same counsel would be inappropriate due to actual or potential differing
      interests between them. No Indemnifying Party shall, without the prior written
      consent of the Indemnified Party, consent to entry of judgment or effect any
      settlement of any claim or pending or threatened proceeding in respect of which
      the Indemnified Party is or could have been a party and indemnity could have
      been sought hereunder by such Indemnified Party, unless such judgment or
      settlement includes an unconditional release of such Indemnified Party from
      all
      liability arising out of such claim or proceeding.

     

    4.4 Contribution.

     

    4.4.1.  If
      the
      indemnification provided for in the foregoing Sections 4.1, 4.2 and 4.3 is
      unavailable to any Indemnified Party in respect of any loss, claim, damage,
      liability or action referred to herein, then each such Indemnifying Party,
      in
      lieu of indemnifying such Indemnified Party, shall contribute to the amount
      paid
      or payable by such Indemnified Party as a result of such loss, claim, damage,
      liability or action in such proportion as is appropriate to reflect the relative
      fault of the Indemnified Parties and the Indemnifying Parties in connection
      with
      the actions or omissions which resulted in such loss, claim, damage, liability
      or action, as well as any other relevant equitable considerations. The relative
      fault of any Indemnified Party and any Indemnifying Party shall be determined
      by
      reference to, among other things, whether the untrue or alleged untrue statement
      of a material fact or the omission or alleged omission to state a material
      fact
      relates to information supplied by such Indemnified Party or such Indemnifying
      Party and the parties’ relative intent, knowledge, access to information and
      opportunity to correct or prevent such statement or omission.

     

    
      
        
        

      

      
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    4.4.2. The
      parties hereto agree that it would not be just and equitable if contribution
      pursuant to this Section 4.4 were determined by pro
      rata
      allocation or by any other method of allocation which does not take account
      of
      the equitable considerations referred to in the immediately preceding Section
      4.4.1. The amount paid or payable by an Indemnified Party as a result of any
      loss, claim, damage, liability or action referred to in the immediately
      preceding paragraph shall be deemed to include, subject to the limitations
      set
      forth above, any legal or other expenses incurred by such Indemnified Party
      in
      connection with investigating or defending any such action or claim.
      Notwithstanding the provisions of this Section 4.4, no holder of Registrable
      Securities shall be required to contribute any amount in excess of the dollar
      amount of the net proceeds (after payment of any underwriting fees, discounts,
      commissions or taxes) actually received by such holder from the sale of
      Registrable Securities which gave rise to such contribution obligation. No
      person guilty of fraudulent misrepresentation (within the meaning of Section
      11(f) of the Securities Act) shall be entitled to contribution from any person
      who was not guilty of such fraudulent misrepresentation.

     

    5.  UNDERWRITING
      AND DISTRIBUTION.

     

    5.1 Rule
      144.
      The
      Company covenants that it shall file any reports required to be filed by it
      under the Securities Act and the Exchange Act and shall take such further action
      as the holders of Registrable Securities may reasonably request, all to the
      extent required from time to time to enable such holders to sell Registrable
      Securities without registration under the Securities Act within the limitation
      of the exemptions provided by Rule 144 under the Securities Act, as such Rules
      may be amended from time to time, or any similar Rule or regulation hereafter
      adopted by the Commission.

     

    6. MISCELLANEOUS.

     

    6.1 Other
      Registration Rights.
      The
      Company represents and warrants that no person, other than a holder of the
      Registrable Securities currently has any right to require the Company to
      register any shares of the Company’s capital stock for sale or to include shares
      of the Company’s capital stock in any registration filed by the Company for the
      sale of shares of capital stock for its own account or for the account of any
      other person.

     

    6.2 Assignment;
      No Third Party Beneficiaries.
      This
      Agreement and the rights, duties and obligations of the Company hereunder may
      not be assigned or delegated by the Company in whole or in part. This Agreement
      and the rights, duties and obligations of the holders of Registrable Securities
      hereunder may be freely assigned or delegated by such holder of Registrable
      Securities in conjunction with and to the extent of any transfer of Registrable
      Securities by any such holder in accordance with applicable law. This Agreement
      and the provisions hereof shall be binding upon and shall inure to the benefit
      of each of the parties, and their respective successors and the permitted
      assigns of the Investor or other holder of Registrable Securities or of any
      assignee of the Investor or other holder of Registrable Securities. This
      Agreement is not intended to confer any rights or benefits on any persons that
      are not party hereto other than as expressly set forth in Article 4 and this
      Section 6.2.

     

    
      
        
        

      

      
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    6.3 Notices.
      All
      notices, demands, requests, consents, approvals or other communications
      (collectively, “Notices”)
      required or permitted to be given hereunder or which are given with respect
      to
      this Agreement shall be in writing and shall be personally served, delivered
      by
      reputable air courier service with charges prepaid, or transmitted by hand
      delivery, telegram, telex or facsimile, addressed as set forth below, or to
      such
      other address as such party shall have specified most recently by written notice
      provided in accordance with this Section 6.3. Notice shall be deemed given
      on
      the date of service or transmission if personally served or transmitted by
      telegram, telex or facsimile; provided, that if such service or transmission
      is
      not on a business day or is after normal business hours, then such notice shall
      be deemed given on the next business day. Notice otherwise sent as provided
      herein shall be deemed given on the next business day following timely delivery
      of such notice to a reputable air courier service with an order for next-day
      delivery.

    

    
      	
                To
                the Company:

            	
              Lambert’s
                Cove Acquisition Corporation 

              817
                West Peachtree, Suite 550

              Atlanta,
                GA 30308

              Attn:
                Jeffrey C. Levy, Chief Executive Officer

               

            	
               

              ;
                or

            
	
               with
                a copy to:

            	
              Ellenoff
                Grossman & Schole LLP

              150
                East 42nd
                Street

              New
                York, New York 10017

              Attn:
                Douglas S. Ellenoff, Esq.

               

            	
              ;
                or

            
	
              To
                the Investor, to:

            	
              Lambert’s
                Cove Holdings, LLC

              817
                West Peachtree, Suite 550

              Atlanta,
                GA 30308

              Attn:
                Jeffrey C. Levy, Co-Managing Member

            	 

    

     

    6.4 Severability.
      This
      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 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 Agreement a provision as similar
      in
      terms to such invalid or unenforceable provision as may be possible and be
      valid
      and enforceable.

     

    6.5  Counterparts;
      Facsimile Signatures.
      This
      Agreement may be executed in multiple counterparts, each of which shall be
      deemed an original, and all of which taken together shall constitute one and
      the
      same instrument. Facsimile signatures shall be deemed to be original signatures
      for all purposes of this Agreement.

     

    6.6  Entire
      Agreement.
      This
      Agreement (including all agreements entered into pursuant hereto and all
      certificates and instruments delivered pursuant hereto and thereto) constitutes
      the entire agreement of the parties with respect to the subject matter hereof
      and supersede all prior and contemporaneous agreements, representations,
      understandings, negotiations and discussions between the parties, whether oral
      or written.

     

    6.7 Modifications
      and Amendments.
      No
      amendment, modification or termination of this Agreement shall be binding upon
      any party unless executed in writing by such party.

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    6.8 Titles
      and Headings.
      Titles
      and headings of sections of this Agreement are for convenience only and shall
      not affect the construction of any provision of this Agreement.

     

    6.9 Waivers
      and Extensions.
      Any
      party to this Agreement may waive any right, breach or default which such party
      has the right to waive, provided that such waiver will not be effective against
      the waiving party unless it is in writing, is signed by such party, and
      specifically refers to this Agreement. Waivers may be made in advance or after
      the right waived has arisen or the breach or default waived has occurred. Any
      waiver may be conditional. No waiver of any breach of any agreement or provision
      herein contained shall be deemed a waiver of any preceding or succeeding breach
      thereof nor of any other agreement or provision herein contained. No waiver
      or
      extension of time for performance of any obligations or acts shall be deemed
      a
      waiver or extension of the time for performance of any other obligations or
      acts.

     

    6.10 Remedies
      Cumulative.
      In the
      event that the Company fails to observe or perform any covenant or agreement
      to
      be observed or performed under this Agreement, the Investor or any other holder
      of Registrable Securities may proceed to protect and enforce its rights by
      suit
      in equity or action at law, whether for specific performance of any term
      contained in this Agreement or for an injunction against the breach of any
      such
      term or in aid of the exercise of any power granted in this Agreement or to
      enforce any other legal or equitable right, or to take any one or more of such
      actions, without being required to post a bond. None of the rights, powers
      or
      remedies conferred under this Agreement shall be mutually exclusive, and each
      such right, power or remedy shall be cumulative and in addition to any other
      right, power or remedy, whether conferred by this Agreement or now or hereafter
      available at law, in equity, by statute or otherwise.

     

    6.11 Governing
      Law.
      This
      Agreement shall be governed by, interpreted under, and construed in accordance
      with the internal laws of the State of New York applicable to agreements made
      and to be performed within the State of New York, without giving effect to
      any
      choice-of-law provisions thereof that would compel the application of the
      substantive laws of any other jurisdiction. Each of the parties hereby agrees
      that any action, proceeding or claim against it arising out of or relating
      in
      any way to this 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 (each, a “New
      York Court”),
      and
      irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive.
      Each of the parties hereby waives any objection to such exclusive jurisdiction
      and that such courts represent an inconvenient forum.

     

    6.12 Waiver
      of Trial by Jury.
      Each
      party hereby irrevocably and unconditionally waives the right to a trial by
      jury
      in any action, suit, counterclaim or other proceeding (whether based on
      contract, tort or otherwise) arising out of, connected with or relating to
      this
      Agreement, the transactions contemplated hereby, or the actions of the Investor
      in the negotiation, administration, performance or enforcement
      hereof.

     

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK]

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    

     

     IN
      WITNESS WHEREOF, the parties have caused this Registration Rights Agreement
      to
      be executed and delivered by their duly authorized representatives as of the
      date first written above.

     

    
      	 	 	 
	 	
              LAMBERT’S
                COVE ACQUISITION CORPORATION

            
	 
 	 
 	 
 
	 	By:  	/s/ 
	 	
              

              Name:
                Jeffrey C. Levy 

            
	 	
              Title:  
                Chief Executive Officer

            

    

     

    
      	 	 	 
	 	
              INVESTOR:

               

              LAMBERT’S
                COVE HOLDINGS, LLC

            
	 
 	 
 	 
 
	 	By:  	/s/ 
	 	 	
              

              Name:
                Jeffrey C. Levy

              Title:  
                Co-Managing Member

            
	 	 	 
	 	Address:
              817
              West Peachtree, Suite 550
              Atlanta,
                GA 30308

            

    

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    

    SCHEDULE
      OF BUYERS

     

    

    
      	
               

              Investor

            	
              Investor’s
                Address

              and
                Facsimile Number

            
	 	 
	
              LAMBERT’S
                COVE HOLDINGS, LLC

               

              Number
                of Founders Shares: 2,875,000

              Number
                of Founders Warrants: 2,875,000

              Number
                of Insider Warrants: 3,050,000

            	
              817
                West Peachtree, Suite 550

              Atlanta,
                GA 30308

              Facsimile
                ( )

            

    

     

    

    
      
        
        

      

      
        20Unassociated Document

     

    [Form
      of
      Letter Agreement for
      Lambert’s Cove Holdings, LLC]

     

     

    [date]

     

    Lambert’s
      Cove Acquisition Corporation

    817
      West
      Peachtree, Suite 550

    Atlanta,
      GA 30308

     

    UBS
      Securities LLC

    299
      Park
      Avenue

    New
      York,
      NY 10171

     

    Morgan
      Joseph & Co. Inc.

    600
      Fifth
      Avenue, 19th Floor

    New
      York,
      NY 10020

     

    
      	Re:	
              Initial
                Public Offering of Lambert’s Cove Acquisition
                Corporation

            

    

     

    Ladies
      and Gentlemen:

     

    This
      letter is being delivered to you in accordance with the Underwriting Agreement
      (the “Underwriting
      Agreement”)
      entered into by and among Lambert’s Cove Acquisition Corporation, a Delaware
      corporation (the “Company”),
      and
      UBS Securities LLC and Morgan Joseph & Co. Inc. as the representatives
      (collectively, the “Representatives”)
      of the
      underwriters named in Schedule A thereto (collectively, the “Underwriters”),
      relating to an underwritten initial public offering (the “IPO”)
      of the
      Company’s units (the “Units”),
      each
      composed of one share of the Company’s common stock, par value $0.0001 per share
      (the “Common
      Stock”),
      and
      one warrant, which is exercisable for one share of Common Stock (the
“Warrants”).
      Certain capitalized terms used herein are defined in Section 19
      hereof.

     

    In
      order
      to induce the Company and the Underwriters to enter into the Underwriting
      Agreement and to proceed with the IPO, and in recognition of the benefit that
      such IPO will confer upon the undersigned security holder of the Company, and
      for other good and valuable consideration, the receipt and sufficiency of which
      are hereby acknowledged, the undersigned hereby agrees with the Company as
      follows:

     

    1.  In
      the
      event that the Company fails to consummate a Business Combination within 24
      months (or 36 months if the Extended Period is approved by the Company’s
      stockholders) from the date of the Company’s final prospectus relating to the
      IPO (the “Prospectus”),
      the
      undersigned will take all reasonable actions within its power to (a) cause
      the
      Trust Account to be liquidated and distributed to the holders of the IPO Shares
      as promptly as practicable and (b) cause the Company to liquidate as promptly
      as
      practicable (the earliest date on which the conditions in clauses (a) and (b)
      are both satisfied being the “Liquidation
      Date”).
      

     

    2.  Neither
      the undersigned nor any Affiliate of the undersigned will be entitled to
      receive, and no such person will accept, any finder’s fee, consulting fee,
      reimbursement or cash payment or any other form of compensation, including
      the
      issuance of the Company’s securities, from the Company for services rendered to
      the Company prior to or in connection with the consummation of a Business
      Combination, other than (subject to the following sentence) (a) repayment
      of that certain Promissory Note in the amount of $125,000 made to the Company
      by
      the undersigned to cover offering expenses; (b) a payment of an aggregate of
      $10,000 per month to the undersigned, for office space and certain general
      and
      administrative services, including but not limited to receptionist, secretarial
      and general office services; (c) reimbursement for any out-of-pocket
      expenses or advances related to: (i) the IPO or (ii) identifying,
      investigating and consummating a Business Combination; or (d) other expenses
      or
      advances that the Company is permitted to incur. The undersigned acknowledges
      that the Company’s Audit Committee (or the Company’s Board of Directors, with
      any interested director abstaining from such review and approval, in the case
      of
      a director who is a member of the Company’s Audit Committee) will review and
      approve all payments made to the undersigned, the Company’s officers and
      directors and the Company’s or their Affiliates, other than the $10,000 per
      month payment described in the immediately preceding sentence.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    3.  Neither
      the undersigned, nor any Affiliate of the undersigned, will accept a finder’s
      fee, consulting fee or any other compensation or fees from any person or other
      entity in connection with a Business Combination, other than compensation or
      fees that may be received for any services provided following such Business
      Combination.

     

    4.  The
      undersigned acknowledges and agrees that the Company will not enter into
      any transaction with any of the Company’s officers or directors or any of the
      Company’s or their respective Affiliates, including loans by the Company’s
      officers and directors and any forgiveness of loans, (a) without the prior
      approval by a majority of the Company’s disinterested, “independent” (as defined
      below) directors or the members of the Company’s Board of Directors who do not
      have an interest in the transaction, in either case who had access, at the
      Company’s expense, to the Company’s attorneys or independent legal counsel, and
      (b) unless the Company’s disinterested, “independent” directors determine
      that the terms of such transaction are no less favorable to the Company than
      those that would be available to the Company with respect to such a transaction
      from unaffiliated third parties. As used herein “independent” means a director
      who qualifies as (a) an “independent director” under Section 121 of
      the American Stock Exchange’s “AMEX” Company Guide and (b) independent
      under Rule 10A-3 under the Securities Exchange Act of 1934, as amended.

     

    5.  In
      order
      to minimize potential conflicts of interest which may arise from multiple
      affiliations, the undersigned agrees to present to the Company for its
      consideration, prior to presentation to any other person or entity, any suitable
      opportunity to acquire an operating business, until the earlier of the
      consummation by the Company of a Business Combination, the liquidation of the
      Company or until such time as the undersigned ceases to be an officer or
      director of the Company, subject to any pre-existing fiduciary and contractual
      obligations the undersigned might have.

     

    6.  The
      undersigned acknowledges and agrees that the Company will not consummate a
      Business Combination with a Target Business that is affiliated with the
      undersigned, the Company’s directors or officers or any Existing Holder or any
      of the Company’s or their Affiliates unless the Company obtains an opinion from
      an unaffiliated, independent investment banking firm, which is a member of
      the
      Financial Industry Regulatory Authority (the “FINRA”),
      and
      is reasonably acceptable to the Representatives, that such Business Combination
      is fair to the Company’s stockholders from a financial point of
      view.

     

    7.  The
      undersigned will escrow any and all of (A) the Founders Units, Founders Shares
      and Founders Warrants (including the shares
      of
      Common Stock to
      be
      issued upon the exercise of the Founders Warrants) beneficially owned by it
      until one year after the consummation by the Company of a Business Combination
      and (B) the Insider Warrants (including the shares of Common Stock to be issued
      upon exercise of the Insider Warrants) beneficially owned by it until 30 days
      after the consummation by the Company of a Business Combination subject to
      the
      terms of an Escrow Agreement which the Company will enter into with the
      undersigned and an escrow agent acceptable to the Company.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    8.  The
      undersigned’s questionnaire(s) furnished to the Company and the Underwriters and
      is true and accurate in all respects. The undersigned represents and warrants
      that:

     

    (a)  the
      undersigned is not subject to or a respondent in any legal action for, any
      injunction, cease-and-desist order or order or stipulation to desist or refrain
      from, any act or practice relating to the offering of securities in any
      jurisdiction;

     

    (b)  the
      undersigned has never been convicted of or pleaded guilty to any crime
      (i) involving any fraud or (ii) relating to any financial transaction or
      handling of funds of another person, or (iii) pertaining to any dealings in
      any
      securities and the undersigned is not currently a defendant in any such criminal
      proceeding; and

     

    (c)  the
      undersigned has never been suspended or expelled from membership in any
      securities or commodities exchange or association or had a securities or
      commodities license or registration denied, suspended or revoked.

     

    9.  The
      undersigned hereby agrees to not propose, or vote in favor of, (i) an
      amendment to Article Sixth of the Company’s Amended and Restated
      Certificate of Incorporation or (ii) an amendment to the Company’s Amended
      and Restated Certificate of Incorporation to extend the Company’s corporate
      existence beyond [•], 2010, except in the case of clause (ii) that (A) the
      Company shall submit to its stockholders a proposal to amend its Amended and
      Restated Certificate of Incorporation to extend the Company’s corporate
      existence to [•], 2011 in connection with the Company submitting the Extended
      Period to the Company’s stockholders for approval and (B) the Company shall
      submit to its stockholders a proposal to amend its Amended and Restated
      Certificate of Incorporation to provide for the Company’s perpetual existence in
      connection with the Company submitting a Business Combination to the Company’s
      stockholders for approval. In connection with any vote of the Company’s
      stockholders on the proposals referred to in clauses (A) and (B) above, the
      undersigned will vote any Founders Shares owned directly or indirectly by it
      in
      accordance with the majority of the shares of Common Stock voted by the
      Company’s Public Stockholders in connection with the vote on any such proposal,
      and all shares of Common Stock that it may acquire in or following the IPO
      in
      favor of any such proposal. This Section may not be modified or amended under
      any circumstances.

     

    10.  The
      undersigned has full right and power, without violating any agreement by which
      it is bound (including, without limitation, any non-competition or
      non-solicitation agreement with any employer or former employer), to enter
      into
      and perform under this letter agreement and serve as sponsor of the
      Company.

     

    11.  If
      the
      Company seeks approval of its stockholders of either the Extended Period or
      a
      Business Combination, the undersigned will:

     

    (a)  vote
      any
      Founders Shares owned directly or indirectly by it in accordance with the
      majority of the shares of Common Stock voted by the Company’s Public
      Stockholders in connection with the vote on the Extended Period or any Business
      Combination, as applicable; and

     

    (b)  vote
      all
      shares of Common Stock that it may acquire in or following the IPO in favor
      of
      the Extended Period or the Business Combination, as applicable.

     

    In
      addition, the undersigned waives its right to exercise redemption rights with
      respect to any shares of Common Stock owned or to be owned by the undersigned,
      directly or indirectly, and agrees that it will not seek redemption with respect
      to such shares in connection with any vote to approve the Extended Period or
      a
      Business Combination.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    12.  The
      undersigned hereby waives any and all right, title, interest or claim of any
      kind in or to any distributions of the Trust Account, or to any other amounts
      distributed in connection with a liquidating distribution of the Company, with
      respect to its Founders Shares and the shares of Common Stock underlying the
      Founders Warrants or the Insider Warrants (any “Claim”),
      and
      hereby waives any Claim the undersigned may have in the future as a result
      of,
      or arising out of, any contracts or agreements with the Company and will not
      seek recourse against the Trust Account for any reason whatsoever; provided
      that
      the foregoing shall not apply to any IPO Shares acquired by the undersigned.
      The
      undersigned hereby agrees that the Company shall be entitled to reimbursement
      from the undersigned for any distribution of the Trust Account or any other
      amounts distributed by the Company in connection with a liquidating distribution
      received by the undersigned with respect to its Founders Shares or the shares
      of
      Common Stock underlying the Founders Warrants or the Insider
      Warrants.

     

    13.  The
      undersigned agrees to indemnify and hold harmless the Company, jointly and
      severally with Mark A. Pelson, the Company’s Chairman of the Board of Directors,
      and Jeffrey C. Levy, the Company’s President and Chief Executive Officer,
      against any and all losses, liabilities, claims, damages and expenses whatsoever
      (including, but not limited to, any and all legal or other expenses reasonably
      incurred in investigating, preparing or defending against any litigation,
      whether pending or threatened, or any claim whatsoever) (collectively,
“Damages”)
      to
      which the Company may become subject, but only if, and to the extent (a) the
      claims reduce the amounts in the Trust Account available for payment to holders
      of the IPO Shares in the event of a liquidation of the Trust Account and (b)
      the
      claims are made (i) by a vendor or service provider for services rendered,
      or
      products sold, to the Company; (ii) by a creditor; or (iii) by a prospective
      Target Business arising out of any negotiations, contracts or agreements with
      the Company, provided that such indemnity shall not apply to any amounts claimed
      owed to a third party, including a Target Business, who executed a waiver of
      any
      right, title, interest or claim of any kind in or to the Trust Account, or
      as to
      any claims under the Company’s obligation to indemnify the Underwriters against
      certain liabilities, including liabilities under the Securities Act of 1933,
      as
      amended. In the case of the Company’s dissolution and liquidation, the
      undersigned understands that the Company expects that all costs and expenses
      associated with implementing the Company’s plan of distribution, as well as
      payments to any creditors, will be funded from amounts remaining out of the
      $50,000 of proceeds from the IPO held outside the Trust Account and from the
      up
      to $2.5 million in interest income on the balance of the Trust Account that
      will
      be released to the Company to fund its working capital requirements. Should
      the
      aforementioned funds not be sufficient, the undersigned hereby agrees to
      reimburse the Company for its out-of-pocket costs associated with its
      dissolution and liquidation, excluding any special, indirect or consequential
      costs, such as litigation, pertaining to the dissolution and liquidation and
      agrees not to seek repayment for such costs. The undersigned hereby represents
      and warrants to the Company that it is an accredited investor as such term
      is
      defined in Regulation D under the Securities Act of 1933, as
      amended.

     

    14.  The
      undersigned authorizes any employer, financial institution, or consumer credit
      reporting agency to release to the Underwriters and its legal representatives
      or
      agents (including any investigative search firm retained by the Underwriters)
      any information they may have about the undersigned’s background and finances
      (“Information”).
      Neither the Underwriters nor its agents shall be violating the undersigned’s
      right of privacy in any manner in requesting and obtaining the Information
      and
      the undersigned hereby releases them from liability for any damage whatsoever
      in
      that connection.

     

    15.  The
      undersigned acknowledges and understands that the Company and the Underwriters
      will rely upon the agreements, representations and warranties set forth herein
      in proceeding with the IPO. Nothing contained herein shall be deemed to render
      the Underwriters a representative of, or a fiduciary with respect to, the
      Company, its stockholders, or any creditor or vendor of the Company with respect
      to the subject matter hereof.

     

    16.  This
      letter agreement shall be binding on the undersigned and its respective
      successors, heirs, representatives and assigns. This letter agreement shall
      terminate on the earlier of (a) the consummation of a Business Combination
      and
      (b) the Liquidation Date; provided that such termination shall not relieve
      the
      undersigned from liability for any breach of this agreement prior to its
      termination.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    17.  This
      letter 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.

     

    18.  No
      term
      or provision of this letter agreement may be amended, changed, waived, altered
      or modified except by written instrument executed and delivered by the party
      against whom such amendment, change, waiver, alteration or modification is
      to be
      enforced.

     

    19.  As
      used
      herein:

     

    
      	
            	l	
              “Affiliate”
                shall mean, with respect to a specified person, any member of the
                family
                of the person specified or any entity or person that directly or
                indirectly controls is controlled by or is under common control with
                the
                person specified.

            

    

     

    
      	
            	l	
              “Business
                Combination”
                shall mean the Company’s acquisition through a merger, capital stock
                exchange, asset or stock acquisition, exchangeable share transaction,
                reorganization, joint venture or other similar business combination
                of one
                or more Target Businesses with a fair market value of at least 80.0%
                of
                the Company’s net assets held in the Trust Account (exclusive of taxes
                payable by the Company and the Underwriters’ deferred underwriting
                discounts and commissions held in the Trust Account) at the time
                the
                Company enters into a definitive agreement providing for the Business
                Combination; the Company will proceed with a Business Combination
                only if:
                (i) a majority of the shares of Common Stock voted by the Public
                Stockholders are voted in favor of the Business Combination, (ii)
                Public
                Stockholders owning no more than one share less than 40.0% of the
                IPO
                Shares both vote against the proposed Business Combination, or the
                Extended Period, as the case may be, and exercise their redemption
                rights,
                on a cumulative basis and (iii) a majority of the shares of Common
                Stock
                outstanding have approved an amendment to the Company’s Amended and
                Restated Certificate of Incorporation to provide for perpetual
                existence.

            

    

     

    
      	
            	l	
              “Existing
                Holder”
                shall mean any holder of the Company’s securities immediately prior to the
                completion of the IPO.

            

    

     

    
      	
            	l	
              “Extended
                Period”
                shall mean the 12 month extension to the 24 month time period within
                which
                the Company must complete a Business Combination; the Company will
                extend
                the period of time to 36 months only if: (i) the Company has entered
                into
                a definitive agreement with respect to a Business Combination within
                24
                months from the date of the Prospectus; (ii) a majority of the shares
                of
                Common Stock voted by the Public Stockholders are voted in favor
                of the
                Extended Period; (iii) Public Stockholders owning no more than one
                share
                less than 40.0% of the IPO Shares both exercise their redemption
                rights
                and vote against the Extended Period; and (iv) a majority of the
                shares of
                Common Stock outstanding have approved an amendment to the Company’s
                Amended and Restated Certificate of Incorporation extending the Company’s
                corporate life to 36 months from the date of the
                Prospectus.

            

    

     

    
      	
            	l	
              “Founders
                Units”
                shall mean the 2,875,000 units purchased from the Company by the
                undersigned on March 11, 2008 (up to 375,000 of which Founders Units
                are
                subject to forfeiture by the undersigned to the extent that the
                Underwriters do not exercise their over-allotment option) for a purchase
                price of $25,000, or approximately $0.009 per Founders Unit. Each
                Founders
                Unit consists of one share of Common Stock (each a “Founders
                Share”)
                and one warrant to purchase one share of Common Stock (each a
                “Founders
                Warrant”).

            

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    
      	
            	l	
              “Insider
                Warrants”
                shall mean the 3,050,000 warrants the undersigned has committed to
                purchase at a price of $1.00 per warrant for an aggregate purchase
                price
                of $3,050,000 in a private placement that will occur immediately
                prior to
                the date of the Prospectus.

            

    

     

    
      	
            	l	
              “IPO
                Shares”
                shall mean the shares of Common Stock underlying the Units issued
                in the
                IPO.

            

    

     

    
      	
            	l	
              “Public
                Stockholders”
                shall mean purchasers of Common Stock in the IPO or in the secondary
                market, including any of the Company’s officers or directors or their
                Affiliates, including the undersigned, to the extent that they purchase
                or
                acquire Common Stock in the IPO or in the secondary
                market.

            

    

     

    
      	
            	l	
              “Registration
                Statement”
                shall mean the Company’ Registration Statement on Form S-1 (File No.
                333-149812), as amended.

            

    

     

    
      	
            	l	
              “Target
                Business”
                shall mean one or more operating businesses or assets, which, after
                completion of the IPO, the Company may target for a Business
                Combination.

            

    

     

    
      	
            	l	
              “Trust
                Account”
                shall mean the trust account established under the Investment Management
                Trust Agreement, dated as of [________], 2008, by and between the
                Company
                and Continental Stock Transfer & Trust
                Company.

            

    

     

    
      	 	 	 
	 	LAMBERT’S
              COVE
              HOLDINGS, LLC
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:
	 	Title:

    

     

    
      	Accepted
              and
              agreed:	 	 	 
	 	 	 	 
	LAMBERT’S COVE
              ACQUISITION CORPORATION	 	 	 
	 	 	 	 
	  	 	 	 
	By: 	 	 	 	 
	 	
              
Name:	 	 	
            
	 	
              Title:
                

            	 	 	 

    

     

    
      
        
        

      

      
        6

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