Document:

Unassociated Document

    Investment
      Management Trust Agreement

     

    This
      Investment Management Trust Agreement (this “Agreement”)
      is
      made as of [●], 2008 by and between Lambert’s Cove Acquisition Corporation (the
“Company”)
      and
      Continental Stock Transfer & Trust Company (the “Trustee”).

     

    WHEREAS,
      the Company’s Registration Statement on Form S−1, No. 333-149812 (the
“Registration
      Statement”),
      for
      its initial public offering of securities (“IPO”)
      has
      been declared effective as of the date hereof by the Securities and Exchange
      Commission (the “Effective
      Date”);

     

    WHEREAS,
      UBS Securities LLC and Morgan Joseph & Co. Inc. are acting as the
      representatives (collectively, the “Representatives”)
      of the
      underwriters (collectively, the “Underwriters”)
      in the
      IPO;

     

    WHEREAS,
      the Company has completed a private placement of 3,050,000 warrants at a price
      of $1.00 per warrant (the “Private
      Placement”)
      immediately prior to the date of the Company’s final prospectus for the IPO (the
“Prospectus”);

     

    WHEREAS,
      as described in the Registration Statement, and in accordance with the Company’s
      Amended and Restated Certificate of Incorporation, $98,500,000 of the net
      proceeds of the IPO and the Private Placement ($112,937,500 if the Underwriters’
over-allotment option is exercised in full), including $3,250,000 for deferred
      underwriting discounts and commissions ($3,737,500 if the Underwriters’
over-allotment option is exercised in full), will be delivered to the Trustee
      to
      be deposited and held in a trust account for the benefit of the Company and
      the
      holders of the Company’s common stock, par value $0.0001, issued in the IPO. The
      amount to be delivered to the Trustee will be referred to herein as the
“Property,”
and
      the parties for whose benefit the Trustee shall hold the Property will be
      referred to together with the Company as the “Beneficiaries”;

     

    WHEREAS,
      pursuant to the Underwriting Agreement, a portion of the Property equal to
      $3,250,000 ($3,737,500, if the Underwriters’ over-allotment option is exercised
      in full) (or the amount specified in a notice pursuant to paragraph 2(d) hereof)
      is attributable to deferred underwriting commissions that will become payable
      by
      the Company to the Underwriters upon the consummation of a business combination
      (as that term is defined in the Registration Statement, an “Initial
      Business Combination”)
      (the
“Deferred
      Discount”);
      and

     

    WHEREAS,
      the Company and the Trustee desire to enter into this Agreement to set forth
      the
      terms and conditions pursuant to which the Trustee shall hold the
      Property.

     

    NOW,
      THEREFORE, in consideration of the premises herein contained and other good
      and
      valuable consideration, the sufficiency of which is hereby acknowledged, the
      parties agree as follows:

     

    1. Agreement
      and Covenants of Trustee 

     

    The
      Trustee hereby agrees and covenants to:

     

    (a) Hold
      the
      Property in trust for the Beneficiaries in accordance with the terms of this
      Agreement in a segregated trust account (the “Trust
      Account”)
      established by the Trustee at a branch of JPMorgan Chase Bank, N.A. selected
      by
      the Trustee;

     

    (b) Manage,
      supervise and administer the Trust Account subject to the terms and conditions
      set forth herein;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (c) In
      a
      timely manner, upon the instruction of the Company, to invest and reinvest
      the
      Property in United States “government securities” within the meaning of Section
      2(a)(16) of the Investment Company Act of 1940 having a maturity of 180 days
      or
      less or in any open ended investment company registered under the Investment
      Company Act of 1940 that holds itself out as a money market fund, selected
      by
      the Company meeting the condition of paragraphs (c)(2), (c)(3) and (c)(4) of
      Rule 2a-7 promulgated under the Investment Company Act of 1940;

     

    (d) Collect
      and receive, when due, all principal and income arising from the Property,
      which
      shall become part of the Property, as such term is used herein;

     

    (e) Promptly
      notify the Company and the Underwriters of all communications received by it
      with respect to any Property requiring action by the Company;

     

    (f) Supply
      any necessary information or documents as may be requested by the Company in
      connection with the Company’s preparation of the tax returns for the Trust
      Account;

     

    (g) Participate
      in any plan or proceeding for protecting or enforcing any right or interest
      arising from the Property if, as and when instructed by the Company and/or
      the
      Underwriters to do so;

     

    (h) Render
      to
      the Company and to the Underwriters, and to such other person as the Company
      may
      instruct, monthly written statements of the activities of and amounts in the
      Trust Account reflecting all receipts and disbursements of the Trust
      Account;

     

    (i) Commence
      liquidation of the Trust Account only upon receipt of and only in accordance
      with the terms of a letter (the “Termination
      Letter”),
      in a
      form substantially similar to that attached hereto as either Exhibit A or
      Exhibit B, signed on behalf of the Company by its Chief Executive Officer and
      President or other authorized officer, and complete the liquidation of the
      Trust
      Account and distribute the Property in the Trust Account only as directed in
      the
      Termination Letter and the other documents referred to therein; provided,
      however, that in the event that a Termination Letter has not been received
      by
      the Trustee by the Last Date (as defined in paragraph 2(g) below), the Trust
      Account shall be liquidated in accordance with the procedures set forth in
      the
      Termination Letter attached as Exhibit B hereto and distributed to the
      stockholders of record on the Last Date; and

     

    (j) Distribute
      the funds as directed in any Tax Disbursement Letter or Disbursement Letter
      (each as defined in paragraph 3(a) below) and any other documents referred
      to
      therein, and distribute, upon receipt of an Extension Notification Letter (as
      defined in paragraph 2(g) below), to the Company’s stockholders who exercised
      their redemption rights in connection with the Extension (as defined in
      paragraph 2(g) below) an amount equal to their pro rata share of the amounts
      in
      the Trust Account relating to the shares for which such stockholders have
      exercised redemption rights in connection with a vote of stockholders for the
      Extension, in each case in accordance with paragraph 3 below.

     

    2. Agreements
      and Covenants of the Company

     

    The
      Company hereby agrees and covenants to:

     

    (a) Give
      all
      instructions to the Trustee hereunder in writing, signed by the Company’s Chief
      Executive Officer and President or other authorized officer. In addition, except
      with respect to its duties under paragraph 1(i) above, the Trustee shall be
      entitled to rely on, and shall be protected in relying on, any verbal or
      telephonic advice or instruction which it in good faith believes to be given
      by
      any one of the persons authorized above to give written instructions, provided
      that the Company shall promptly confirm such instructions in
      writing;

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (b) Hold
      the
      Trustee harmless and indemnify the Trustee from and against any and all
      expenses, including reasonable counsel fees and disbursements, or loss suffered
      by the Trustee in connection with any action, suit or other proceeding brought
      against the Trustee involving any claim, or in connection with any claim or
      demand which in any way arises out of or relates to this Agreement, the services
      of the Trustee hereunder, or the Property or any income earned from investment
      of the Property, except for expenses and losses resulting from the Trustee’s
      gross negligence or willful misconduct. Promptly after the receipt by the
      Trustee of notice of demand or claim or the commencement of any action, suit
      or
      proceeding, pursuant to which the Trustee intends to seek indemnification under
      this paragraph, it shall notify the Company in writing of such claim
      (hereinafter referred to as the “Indemnified
      Claim”).
      The
      Trustee shall have the right to conduct and manage the defense against such
      Indemnified Claim, provided, that the Trustee shall obtain the consent of the
      Company with respect to the selection of counsel, which consent shall not be
      unreasonably withheld. The Trustee shall obtain the consent of the Company
      prior
      to entering into any settlement with respect to any Indemnified Claim. The
      Company may participate in such action with its own counsel;

     

    (c) Pay
      the
      Trustee an initial acceptance fee of $1,000 and an annual fee of $3,000 (it
      being expressly understood that the Property shall not be used to pay such
      fee).
      The Company shall pay the Trustee the initial acceptance fee and first year’s
      fee at the consummation of the IPO and thereafter shall pay the annual fee
      on
      each anniversary of the Effective Date. The Trustee shall refund to the Company
      the fee (on a pro rata basis) with respect to any period after the liquidation
      of the Trust Account. The Company shall not be responsible for any other fees
      or
      charges of the Trustee except as may be provided in paragraph 2(b) hereof (it
      being expressly understood that the Property shall not be used to make any
      payments to the Trustee under such paragraph);

     

    (d) Within
      five business days after the Underwriters’ over-allotment option (or any
      unexercised portion thereof) expires or is exercised in full, provide the
      Trustee with a notice in writing (with a copy to the Representatives) of the
      total amount of the Deferred Discount, which shall in no event be less than
      $3,250,000; 

     

    (e) In
      connection with any vote of the Company’s stockholders on whether to approve an
      Initial Business Combination or the Extension (as defined in paragraph 2(g)
      below), provide to the Trustee an affidavit or certificate of a firm regularly
      engaged in the business of soliciting proxies and tabulating stockholder votes
      (which firm may be the Trustee) verifying the vote of the Company’s stockholders
      regarding such Initial Business Combination or Extension; 

     

    (f) In
      all
      cases, provide the Representatives with a copy of any Termination Letters and/or
      any other correspondence that it sends to the Trustee with respect to any
      proposed withdrawal from the Trust Account promptly after it issues the same;
      and

     

    (g) Within
      five business days after the vote of the Company’s stockholders regarding the
      Extension (as defined below) provide the Trustee with a letter in form
      substantially similar to that attached hereto as Exhibit E (an “Extension
      Notification Letter”)
      (with
      a copy to the Representatives) providing (i) that the Initial Last Date (as
      defined below) has been extended (the “Extension”)
      to the
      date that is 12 months after the Initial Last Date (such date, the “Extended
      Last Date”; as used herein the term “Initial
      Last Date”
shall
      mean the date that is 24 months after the date of the Prospectus and the term
      “Last
      Date”
shall
      mean the Initial Last Date unless and until there is the Extension in which
      case
      it shall thereafter mean the Extended Last Date), and (ii) instructions for
      the
      distribution of funds to the Company’s stockholders who exercised their
      redemption rights in connection with the Extension.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    3. Liquidation
      and Distribution of Trust Account Property. 

     

    (a)
      The
      Trustee shall commence liquidation of the Trust Account only upon receipt of,
      and only in accordance with the terms of a Termination Letter in a form
      substantially similar to that attached hereto as either Exhibit A or Exhibit
      B,
      signed on behalf of the Company by its Chief Executive Officer and President
      or
      other authorized officer, and complete the liquidation of the Trust Account
      and
      distribute the Property in the Trust Account only as directed in the Termination
      Letter and any other documents referred to therein; provided, however, that
      the
      Trustee shall disburse such funds from the Trust Account (i) from time to time
      as may be necessary timely to pay any taxes incurred as a result of interest
      or
      other income earned on the Property held in the Trust Account or other
      tax
      obligations of the Company,
      only
      upon receipt and in accordance with the terms of a letter in form substantially
      similar to that attached hereto as Exhibit C (a “Tax
      Disbursement Letter”),
      signed on behalf of the Company by its Chief Executive Officer and President
      or
      Chairman of the Board of Directors and copied to Authorized Counsel (as defined
      below), as evidenced by his or her countersignature thereto, and complete the
      disbursement of funds from the Trust Account and distribute such funds only
      as
      directed in the Tax Disbursement Letter and any other documents referred to
      therein, (ii) from time to time as may be necessary for working capital
      purposes, only upon receipt and in accordance with the terms of a letter in
      form
      substantially similar to that attached hereto as Exhibit D (a “Disbursement
      Letter”),
      signed on behalf of the Company by its Chief Executive Officer and President
      or
      Chairman of the Board of Directors and copied to Authorized Counsel, as
      evidenced by his or her countersignature thereto, the Trustee shall disburse
      to
      the Company such amount as may be requested by the Company as directed in the
      Disbursement Letter and the other documents referred to therein; provided,
      however, that the aggregate amount distributed by the Trustee to the Company
      pursuant to this paragraph 3(a)(ii) may not exceed the lesser of (y) the
      aggregate amount of interest and any other income actually received or paid
      on
      amounts in the Trust Account less an amount equal to estimated taxes that are
      or
      will be due on such income at an assumed rate of 40% and (z) $2,500,000; and
      (iii) as may be necessary for distribution of funds to the stockholders who
      exercised their redemption rights in connection with the Extension upon receipt
      and only in accordance with the terms of an Extension Notification Letter signed
      on behalf of the Company by
      its
      Chief Executive Officer and President or Chairman of the Board of Directors
      and
      copied to Authorized Counsel, as evidenced by his or her countersignature
      thereto, and complete the disbursement of funds from the Trust Account and
      distribute such funds only as directed in the Extension Notification Letter
      and
      the other documents referred to therein.
      For
      purposes of this Agreement, “Authorized
      Counsel”
shall
      mean, at any date, the attorney retained and authorized by the Company to
      perform such functions.

     

    (b)
      The
      limited distributions referred to in paragraphs 3(a)(i) and 3(a)(ii) above
      shall
      be made only from interest and any other income collected on the Property.
      Except as provided in paragraph 3(a) above, no other distributions from the
      Trust Account shall be permitted except in accordance with paragraph 1(i)
      hereof.

     

    4. Limitations
      of Liability. 

     

    The
      Trustee shall have no responsibility or liability to:

     

    (a) Take
      any
      action with respect to the Property, other than as directed in paragraphs 1
      and 3 hereof and the Trustee shall have no liability to any party except for
      liability arising out of its own gross negligence or willful
      misconduct;

     

    (b) Institute
      any proceeding for the collection of any principal and income arising from,
      or
      institute, appear in or defend any proceeding of any kind with respect to,
      any
      of the Property unless and until it shall have received instructions from the
      Company given as provided herein to do so and the Company shall have advanced
      or
      guaranteed to it funds sufficient to pay any expenses incident
      thereto;

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (c) Change
      the investment of any Property, other than in compliance with paragraph
      1(c);

     

    (d) Refund
      any depreciation in principal of any Property;

     

    (e) Assume
      that the authority of any person designated by the Company to give instructions
      hereunder shall not be continuing unless provided otherwise in such designation,
      or unless the Company shall have delivered a written revocation of such
      authority to the Trustee;

     

    (f) The
      other
      parties hereto or to anyone else for any action taken or omitted by it, or
      any
      action suffered by it to be taken or omitted, in good faith and in the exercise
      of its own best judgment, except for its gross negligence or willful misconduct.
      The Trustee may rely conclusively and shall be protected in acting upon any
      order, notice, demand, certificate, opinion or advice of counsel (including
      counsel chosen by the Trustee), statement, instrument, report or other paper
      or
      document (not only as to its due execution and the validity and effectiveness
      of
      its provisions, but also as to the truth and acceptability of any information
      therein contained) which is believed by the Trustee, in good faith, to be
      genuine and to be signed or presented by the proper person or persons. The
      Trustee shall not be bound by any notice or demand, or any waiver, modification,
      termination or rescission of this agreement or any of the terms hereof, unless
      evidenced by a written instrument delivered to the Trustee signed by the proper
      party or parties and, if the duties or rights of the Trustee are affected,
      unless it shall give its prior written consent thereto;

     

    (g) Verify
      the correctness of the information set forth in the Registration Statement
      or to
      confirm or assure that any acquisition made by the Company or any other action
      taken by it is as contemplated by the Registration Statement; or

     

    (h) Subject
      to the requirements of paragraph 3 of this Agreement, pay any taxes on behalf
      of
      the Trust Account to any governmental entity or taxing authority.

     

    5. Termination.
      

     

    This
      Agreement shall terminate as follows:

     

    (a) If
      the
      Trustee gives written notice to the Company that it desires to resign under
      this
      Agreement, the Company shall use its reasonable efforts to locate a successor
      trustee during which time the Trustee shall continue to act in accordance with
      the terms of this Agreement. At such time that the Company notifies the Trustee
      that a successor trustee has been appointed by the Company and has agreed to
      become subject to the terms of this Agreement, the Trustee shall transfer the
      management of the Trust Account to the successor trustee, including but not
      limited to the transfer of copies of the reports and statements relating to
      the
      Trust Account, whereupon this Agreement shall terminate; provided, however,
      that, in the event that the Company does not locate a successor trustee within
      ninety days of receipt of the resignation notice from the Trustee, the Trustee
      may submit an application to have the Property deposited with the United States
      District Court for the Southern District of New York and upon such deposit,
      the
      Trustee shall be immune from any liability whatsoever that arises due to any
      actions or omissions to act by any party after such deposit; or

     

    (b) At
      such
      time that the Trustee has completed the liquidation of the Trust Account in
      accordance with the provisions of paragraph 1(i) hereof, and distributed the
      Property in accordance with the provisions of the Termination Letter, this
      Agreement shall terminate except with respect to paragraph 2(b).

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    6. Miscellaneous.

     

    (a) The
      Company and the Trustee each acknowledge and agree that the Trustee will follow
      the security procedures set forth below with respect to funds transferred from
      the Trust Account. Upon receipt of written instructions, the Trustee will
      confirm such instructions with an Authorized Individual at an Authorized
      Telephone Number listed on the attached Exhibit F. The Company and the Trustee
      will each restrict access to confidential information relating to such security
      procedures to authorized persons. Each party must notify the other party
      immediately if it has reason to believe unauthorized persons may have obtained
      access to such information, or of any change in its authorized personnel. In
      executing funds transfers, the Trustee will rely upon account numbers or other
      identifying numbers of a beneficiary, beneficiary’s bank or intermediary bank,
      rather than names. The Trustee shall not be liable for any loss, liability
      or
      expense resulting from any error in an account number or other identifying
      number, provided it has accurately transmitted the numbers
      provided.

     

    (b) This
      Agreement shall be governed by and construed and enforced in accordance with
      the
      laws of the State of New York, without giving effect to conflict of law
      principles that would result in the application of the substantive laws of
      another jurisdiction. It may be executed in several counterparts, each one
      of
      which shall constitute an original, and together shall constitute but one
      instrument. Facsimile signatures shall constitute original signatures for all
      purposes of this Agreement. 

     

    (c) This
      Agreement contains the entire agreement and understanding of the parties hereto
      with respect to the subject matter hereof. This Agreement or any provision
      hereof may only be changed, amended or modified by a writing signed by each
      of
      the parties hereto; provided,
      however,
      that no such change, amendment or modification may be made without the prior
      written consent of the Representatives. As to any claim, cross-claim or
      counterclaim in any way relating to this Agreement, each party waives the right
      to trial by jury.

     

    (d) The
      parties hereto consent to the jurisdiction and venue of any state or federal
      court located in the City of New York for purposes of resolving any disputes
      hereunder. The parties hereto irrevocably submit to such jurisdiction, which
      jurisdiction shall be exclusive, and hereby waive any objection to such
      exclusive jurisdiction and accept such venue, and waive any objection that
      such
      courts represent an inconvenient forum. 

     

    (e) Any
      notice, consent or request to be given in connection with any of the terms
      or
      provisions of this Agreement shall be in writing and shall be sent by express
      mail or similar private courier service, by certified mail (return receipt
      requested), by hand delivery or by facsimile transmission:

     

    if
      to the
      Trustee, to: 

     

    Continental
      Stock Transfer & Trust Company

    17
      Battery Place

    New
      York,
      New York 10004

    Fax
      No.:
      [●]

    Attn:
      [●]

    

    if
      to the
      Company, to:

     

    Lambert’s
      Cove Acquisition Corporation

    817
      West
      Peachtree, Suite 550

    Atlanta,
      GA 30308

    Fax
      No.:
      [●]

    Attn:
      Jeffrey C. Levy, Chief Executive Officer and President

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    in
      either
      case with a copy to:

     

    UBS
      Investment Bank

    299
      Park
      Avenue 

    New
      York,
      NY 10171 

    Fax
      No:
      (212) 821-4610 

    Attn:
      [●]

    

    and

    

    Morgan
      Joseph & Co. Inc.

    600
      Fifth
      Avenue, 19th Floor

    New
      York,
      NY 10020

    Fax
      No:
      [●]

    Attn:
      [●]

    

    and

    

    Ellenoff
      Grossman & Schole LLP

    150
      East
      42nd
      Street,
      11th
      Floor

    New
      York,
      NY 10017

    Fax
      No.:
      (212) 370-7889

    Attn:
      Douglas S. Ellenoff, Esq.

      
      Stuart Neuhauser, Esq.

    

    (f) This
      Agreement may not be assigned by the Trustee without the prior written consent
      of the Company and the Representatives.

     

    (g) Each
      of
      the Trustee and the Company hereby represents that it has the full right and
      power and has been duly authorized to enter into this Agreement and to perform
      its respective obligations as contemplated hereunder.

     

    (h) The
      Trustee waives any right of set-off or any right, title, interest or claim
      of
      any kind that the Trustee may have against the Property held in the Trust
      Account, and acknowledges and agrees that it shall not make any claims or
      proceed against the Trust Account, including by way of set-off, and shall not
      be
      entitled to any funds in the Trust Account under any circumstance. In the event
      the Trustee has a claim against the Company under this Agreement, including,
      without limitation, under paragraph 2(b), the Trustee will pursue such
      claim solely against the Company and not against the Property held in the Trust
      Account. The Trustee hereby consents to the inclusion of Continental Stock
      Transfer & Trust Company in the Registration Statement and other materials
      related to the IPO. 

     

    (i) The
      Trustee acknowledges and agrees that it is the specific intention of the parties
      hereto that each of the Representatives is and shall be a third-party
      beneficiary of the provisions of this Agreement pertaining to the Deferred
      Discount (including paragraph 6(c)) and the Trustee’s obligations under this
      Agreement with respect thereto (but solely of those provisions and solely with
      respect to such obligations of the Trustee) with the same right and power to
      enforce those provisions as either of the parties hereto.

    [Signature
      Page Follows]

     

    
      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

         

      

    

    IN
      WITNESS WHEREOF, the parties have duly executed this Investment Management
      Trust
      Agreement as of the date first written above.

     

    CONTINENTAL
      STOCK TRANSFER & TRUST COMPANY

     

    

     

    

    By:
      _________________________________

    Name:

    Title:

     

    

     

    LAMBERT’S
      COVE ACQUISITION CORPORATION

     

    

     

    By:
      _________________________________

    Name:

    Title:

     

    
      
        
        

      

      
        (Signature
          Page)

        
          

        

      

      
        
        

      

    

    
Exhibit
      A 

     

    [LETTERHEAD
      OF COMPANY]

     

    [date]

     

    Continental
      Stock Transfer & Trust Company

    17
      Battery Place

     

    New
      York,
      New York 10004

     

    Re:
      Trust
      Account No. [●] Termination Letter 

     

    Gentlemen:

     

    Pursuant
      to paragraph 1(i) of the Investment Management Trust Agreement between Lambert’s
      Cove Acquisition Corporation (the “Company”)
      and
      Continental Stock Transfer & Trust Company (the “Trustee”),
      dated
      as of [●], 2008 (the “Trust
      Agreement”),
      this
      is to advise you that the Company has entered into a definitive agreement (the
      “Business
      Agreement”)
      with
      [●] (the “Target
      Business”)
      to
      consummate a business combination with the Target Business (the “Business
      Combination”)
      on or
      about [●]. The Company shall notify you at least 48 hours in advance of the
      actual date of the consummation of the Business Combination (the “Consummation
      Date”).

     

    Pursuant
      to Paragraph 2(e) of the Trust Agreement, we are providing you with [an
      affidavit] [a certificate] verifying the vote of the Company’s stockholders duly
      approving the Business Combination in accordance with the terms of the Company’s
      Amended and Restated Certificate of Incorporation.

     

    The
      [affidavit] [certificate] includes the identities of the public stockholders
      who
      voted against the Business Combination and properly exercised their redemption
      rights in connection therewith.

     

    In
      accordance with the terms of the Trust Agreement, we hereby authorize you to
      commence liquidation of the Trust Account to the effect that, on the
      Consummation Date, all of funds held in the Trust Account will be immediately
      available for transfer to the account or accounts that the Company shall direct
      on the Consummation Date.

     

    On
      the
      Consummation Date: (i) counsel for the Company shall deliver to you written
      notification that the Business Combination has been consummated, or will,
      concurrently with your transfer of funds to the accounts as directed by the
      Company, be consummated; (ii) the Company shall deliver to you written
      instructions with respect to the transfer of the funds held in the Trust Account
      other than the Deferred Discount (the “Instruction
      Letter”)
      and
      (iii) the Representatives shall deliver to you written instructions for delivery
      of the Deferred Discount. You are hereby directed and authorized to transfer
      the
      funds held in the Trust Account immediately upon your receipt of written notice
      from counsel and the Instruction Letter (a) to public stockholders who exercised
      their redemption rights in connection with the Business Combination, in an
      amount equal to their pro rata share of the amounts in the Trust Account as
      of
      two business days prior to the Consummation Date (including the Deferred
      Discount and any income actually received on the Trust Account balance and
      held
      in the Trust Account, but less an amount equal to estimated taxes that are
      or
      will be due on such income at an assumed rate of 40%) relating to the shares
      for
      which such stockholders have exercised redemption rights in connection with
      the
      vote of stockholders for the Business Combination, (b) to the Representatives
      in
      an amount equal to the Deferred Discount as so directed by them, and (c) the
      remainder in accordance with the terms of the Instruction Letter. In the event
      that certain deposits held in the Trust Account may not be liquidated by the
      Consummation Date without penalty, you will notify the Company of the same,
      and
      the Company shall direct you as to whether such funds should remain in the
      Trust
      Account and be distributed after the Consummation Date to the Company or be
      distributed immediately and the penalty incurred. Upon the distribution of
      all
      the funds in the Trust Account pursuant to the terms hereof, the Trust Agreement
      shall be terminated and the Trust Account closed.

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

     

    In
      the
      event that the Business Combination is not consummated on the Consummation
      Date
      described in the notice thereof and we have not notified you on or before the
      original Consummation Date of a new Consummation Date, then the funds held
      in
      the Trust Account shall be reinvested as provided in the Trust Agreement on
      the
      business day immediately following the Consummation Date as set forth in the
      notice.

     

    Very
      truly yours,

     

    LAMBERT’S
      COVE ACQUISITION CORPORATION

     

    

     

    By:
      _________________________________

    Name:

    Title:

     

    Affirmed:

    

    

    By:
      _________________________________

    Name:

    Title:

     

     

    
      	 cc: 	 UBS Securities LLC
	 	 Morgan Joseph & Co.
              Inc.

    

     

    
      
        
        

      

      
        A-2

        
          

        

      

      
        
        

      

    

    Exhibit
      B 

     

    [LETTERHEAD
      OF COMPANY]

     

    [date]

     

    Continental
      Stock Transfer & Trust Company

    17
      Battery Place

     

    New
      York,
      New York 10004

     

    Re:
      Trust
      Account No. [●] Termination Letter 

     

    Gentlemen:

     

    Pursuant
      to paragraph 1(i) of the Investment Management Trust Agreement between Lambert’s
      Cove Acquisition Corporation (the “Company”)
      and
      Continental Stock Transfer & Trust Company (the “Trustee”),
      dated
      as of [●], 2008 (the “Trust
      Agreement”),
      this
      is to advise you that (i) the Company has been unable to effect a Business
      Combination within the time frame specified in the Amended and Restated
      Certificate of Incorporation of the Company, (ii) the Company’s existence
      expired in accordance with the terms of its Amended and Restated Certificate
      of
      Incorporation on [●]; and (iii) the Company is proceeding to dissolve and
      liquidate.

     

    Capitalized
      terms used but not defined herein shall have the meanings given them in the
      Trust Agreement.

     

    In
      accordance with the terms of the Trust Agreement, we hereby authorize and
      request that you commence liquidation of the Trust Account as part of the
      Company’s plan of dissolution and distribution. In connection with this
      liquidation, you are hereby authorized to establish a record date for the
      purposes of determining the stockholders of record entitled to receive their
      per
      share portion of the Trust Account. The record date shall be within 10 days
      of
      the liquidation date, or as soon thereafter as is practicable. Company has
      appointed [●] to serve as its designated paying agent (the “Designated
      Paying Agent”).
      You
      will notify the Company and the Designated Paying Agent in writing as to when
      all of the funds in the Trust Account will be available for immediate transfer
      (the “Transfer
      Date”).
      The
      Designated Paying Agent shall thereafter notify you as to the account or
      accounts of the Designated Paying Agent that the funds in the Trust Account
      should be transferred to on the Transfer Date so that the Designated Paying
      Agent may commence distribution of such funds in accordance with the Company’s
      instructions. 

     

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

    

     

    You
      shall
      have no obligation to oversee the Designated Paying Agent’s distribution of the
      funds. Upon the payment to the Designated Paying Agent of all the funds in
      the
      Trust Account, the Trust Agreement shall be terminated and the Trust Account
      closed.

     

    Very
      truly yours,

     

    LAMBERT’S
      COVE ACQUISITION CORPORATION

     

    

     

    By:
      _________________________________

    Name:

    Title:

     

    Affirmed:

    

    

    By:
      _________________________________

    Name:

    Title:

     

    

    
      
        	 cc: 	 UBS Securities LLC
	 	 Morgan Joseph & Co.
                Inc.

      

       

      
        
          
          

        

        
          B-2

          
            

          

        

        
          
          

        

         

      

    

    Exhibit
      C 

     

    [LETTERHEAD
      OF COMPANY]

     

    [date]

     

    Continental
      Stock Transfer & Trust Company

    17
      Battery Place

    New
      York,
      New York 10004

     

    Re:
      Trust
      Account No. [●] Tax Disbursement Letter 

     

    Gentlemen:

     

    Pursuant
      to paragraph 3(a)(i) of the Investment Management Trust Agreement between
      Lambert’s Cove Acquisition Corporation (the “Company”)
      and
      Continental Stock Transfer & Trust Company (the “Trustee”)
      dated
      as of [●], 2008 (the “Trust
      Agreement”),
      this
      is to advise you that the Trust Account, as defined in the Trust Agreement,
      has
      incurred a total of [●] in taxes (the “Tax
      Payments”)
      for
      the period from [●], 200[●] to [●], 200[●] (the “Tax
      Period”)
      as a
      result of interest and other income earned on the Property, as defined in the
      Trust Agreement, or other
      tax
      obligations of the Company,
      in each
      case during the Tax Period.

     

    In
      accordance with the terms of the Trust Agreement, we hereby authorize you to
      distribute from the Trust Account proceeds from the Property (as defined in
      the
      Trust Agreement) equal to the aggregate Tax Payments on such dates, in such
      amounts and to such payees as indicated on the Schedule of Tax Payments attached
      hereto as Schedule 1.

     

    Very
      truly yours,

     

    LAMBERT’S
      COVE ACQUISITION CORPORATION

     

    

     

    By:
      _________________________________

    Name:

    Title:

     

    Authorized
      Counsel Signatory:

     

    

     

    By:
      _________________________________

    Name:

    Title:

     

     

    
      	 cc: 	 UBS Securities LLC
	 	 Morgan Joseph & Co.
              Inc.

    

     

     

    
      
        
        

      

      
        C-1

        
          

        

      

      
        
        

      

    

     

    Schedule
      1

     

    Schedule
      of Tax Payments

     

    

    Payment
      Date: [●]

    Amount:
      [●]

    Payee:
      [●]

    Address:
      [●]

    

    

    Payment
      Date: [●]

    Amount:
      [●]

    Payee:
      [●]

    Address:
      [●]

    

    

    Payment
      Date: [●]

    Amount:
      [●]

    Payee:
      [●]

    Address:
      [●]

     

    
      
        
        

      

      
        C-2

        
          

        

      

      
        
        

      

       

    

    Exhibit
      D 

     

    [LETTERHEAD
      OF COMPANY]

     

    [date]

     

    Continental
      Stock Transfer & Trust Company

    17
      Battery Place

    New
      York,
      New York 10004

     

    Re:
      Trust
      Account No. [●] Disbursement Letter 

     

    Gentlemen:

     

    Pursuant
      to paragraph 3(a)(ii) of the Investment Management Trust Agreement between
      Lambert’s Cove Acquisition Corporation (the “Company”)
      and
      Continental Stock Transfer & Trust Company dated as of [●],
      2008
      (the “Trust
      Agreement”),
      we
      hereby authorize you to disburse from the Trust Account proceeds from the
      Property, as defined in the Trust Agreement, equal to $[●], to [●] via wire
      transfer on [●], 200[●].

     

    Very
      truly yours,

     

    LAMBERT’S
      COVE ACQUISITION CORPORATION

     

    

     

    By:
      _________________________________

    Name:

    Title:

     

    Authorized
      Counsel Signatory:

     

    

     

    By:
      _________________________________

    Name:

    Title:

     

     

    
      
        	 cc: 	 UBS Securities LLC
	 	 Morgan Joseph & Co.
                Inc.

      

       

      
        
          
          

        

        
          D-1

          
            

          

        

        
          
          

        

      

    

    Exhibit
      E 

     

    [LETTERHEAD
      OF COMPANY]

     

    [date]

     

    Continental
      Stock Transfer & Trust Company

    17
      Battery Place

    New
      York,
      New York 10004

     

    Re:
      Trust
      Account No. [●] Extension Notification Letter 

     

    Gentlemen:

     

    Pursuant
      to paragraphs 2(g) and 3(a)(iii) of the Investment Management Trust
      Agreement between Lambert’s Cove Acquisition Corporation (the “Company”)
      and
      Continental Stock Transfer & Trust Company dated as of [●], 2008 (the
“Trust
      Agreement”),
      this
      is to advise you that on [●], 200[●] (the “Approval
      Date”)
      the
      Company’s stockholders approved an extension (the “Extension”)
      of the
      Initial Last Date, as defined in the Trust Agreement, to [●], 2011 (the
“Extended
      Last Date”).

    

    Pursuant
      to Paragraph 2(e) of the Trust Agreement, we are providing you with [an
      affidavit] [a certificate] verifying the vote of the Company’s stockholders duly
      approving the Extension in accordance with the terms of the Company’s Amended
      and Restated Certificate of Incorporation.

     

    The
      [affidavit] [certificate] includes the identities of the public stockholders
      who
      voted against the Extension and properly exercised their redemption rights
      in
      connection therewith.

     

    You
      are
      hereby directed and authorized to transfer from the Trust Account proceeds
      from
      the Property, as defined in the Trust Agreement, to public stockholders who
      exercised their redemption rights in connection with the Extension, in an amount
      equal to their pro rata share of the amounts in the Trust Account as of the
      Approval Date (including the Deferred Discount and any income actually received
      on the Trust Account balance and held in the Trust Account, but less an amount
      equal to estimated taxes that are or will be due on such income at an assumed
      rate of 40%) relating to the shares for which such stockholders have exercised
      redemption rights in connection with the vote of stockholders for the
      Extension.

    

    Very
      truly yours,

     

    LAMBERT’S
      COVE ACQUISITION CORPORATION

     

    

     

    By:
      _________________________________

    Name:

    Title:

     

    Authorized
      Counsel Signatory:

     

    

     

    By:
      _________________________________

    Name:

    Title:

     

     

    
      
        	 cc: 	 UBS Securities LLC
	 	 Morgan Joseph & Co.
                Inc.

      

       

      
        
          
          

        

        
          E-1

          
            

          

        

        
          
          

        

         

      

    

    Authorized
      Individual(s) Authorized for Telephone Call and Telephone Number(s)

     

    

    COMPANY:

     

    Lambert’s
      Cove Acquisition Corporation 

    817
      West
      Peachtree, Suite 550

    Atlanta,
      GA 30308

    Tel
      No.:
      (404) 961-7001

    Fax
      No.:
      [●]

    Attn:
      Jeffrey C. Levy, Chief Executive Officer and President

    

     

    TRUSTEE:

     

    Continental
      Stock Transfer & Trust Company

    17
      Battery Place

    New
      York,
      New York 10004

    Tel
      No.:
      [●]

    Fax
      No.:
      [●]

    Attn:
      [●]

     

    
      
        
        

      

      
        F-1Unassociated Document

    SECURITIES
      ESCROW AGREEMENT

    

    SECURITIES
      ESCROW AGREEMENT, dated as of
      [            
 ], 2008 (the “Agreement”) by and among Lambert’s Cove Acquisition
      Corporation, a Delaware corporation (the “Company”), the undersigned party
      listed as the Initial Unitholder on the signature page hereto (collectively,
      the
“Initial Unitholder”) and Continental Stock Transfer & Trust Company, a New
      York corporation (the “Escrow Agent”).

    

    WHEREAS,
      the Company has entered into an Underwriting Agreement, dated
      [              
], 2008 (“Underwriting Agreement”), with UBS
      Securities LLC (“UBS”) and Morgan
      Joseph & Co. Inc. (“MJ”
      and,
      together with UBS, the “Representatives”)
      acting
      as representatives
      of the
      several underwriters (collectively, the “Underwriters”), pursuant to which,
      among other matters, the Underwriters have agreed to purchase 10,000,000 units
      (not including the underwriters’ over-allotment option) (“Units”) of the
      Company. Each Unit consists of one share of the Company’s common stock, par
      value $.0001 per share (the “Common Stock”), and one warrant (“Warrant”) each
      Warrant to purchase one share of Common Stock, all as more fully described
      in
      the Company’s definitive Prospectus, dated
      [                
], 2008 (“Prospectus”) comprising part of the Company’s Registration Statement
      on Form S-1 (File No. 333-149812) under the Securities Act of 1933, as amended
      (the “Registration Statement”), declared effective on
      [               
], 2008 (the “Effective Date”);

    

    WHEREAS,
      the Initial Unitholder has agreed, as a condition of the Underwriters’
obligation to purchase the Units pursuant to the Underwriting Agreement and
      to
      offer them to the public, to deposit all its units of the Company, as set forth
      opposite its name in Exhibit A attached hereto (the “Escrow Units”), in escrow
      as hereinafter provided; each Escrow Unit consists of one share of Common Stock
      (each an “Escrow Share”) and one warrant (each an “Escrow Warrant”), each Escrow
      Warrant to purchase one share of Common Stock;

    

    WHEREAS,
      the Company has entered into a Subscription Agreement with the Initial
      Unitholder (the “Initial Warrantholder,” and together with status as Initial
      Unitholder, the “Initial Holder”), dated March 11, 2008 (the “Subscription
      Agreement”), pursuant to which the Initial Warrantholder has agreed to purchase
      3,050,000 of the Company’s warrants (the “Private Warrants”) in a private
      placement transaction;

    

    WHEREAS,
      the Initial Warrantholder has agreed as a condition of the sale of the Private
      Warrants to deposit the Private Warrants with the Escrow Agent as hereinafter
      provided; 

    

    WHEREAS,
      the Escrow Units, the Escrow Shares, the Escrow Warrants and the Private
      Warrants, as well as the shares of Common Stock issuable upon exercise of the
      Escrow Warrants and/or the Private Warrants, are collectively referred to herein
      as the “Escrow Securities;” and

    

    WHEREAS,
      the Company and the Initial Holder desire that the Escrow Agent accept the
      Escrow Securities, in escrow, to be held and disbursed as hereinafter
      provided.

    

    IT
      IS
      AGREED:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    1. Appointment
      of Escrow Agent.
      The
      Company and the Initial Holder hereby appoints the Escrow Agent to act in
      accordance with and subject to the terms of this Agreement and the Escrow Agent
      hereby accepts such appointment and agrees to act in accordance with and subject
      to such terms.

    

    2.
       Deposit
      of Escrow Securities.
      On or
      before the Effective Date, the Initial Holder shall deliver to the Escrow Agent
      certificates representing its Escrow Securities to be held and disbursed subject
      to the terms and conditions of this Agreement. The Initial Holder acknowledges
      and agrees that the certificates representing the Escrow Securities will bear
      a
      legend to reflect the deposit of such Escrow Securities under this
      Agreement.

     

    3.
       Disbursement
      of the Escrow Securities.

    

    3.1.
       The
      Escrow Agent shall hold the Escrow Securities until the termination of their
      respective Escrow Periods (as defined below). The “Escrow Period” for the Escrow
      Units, Escrow Shares and Escrow Warrants (and the shares of Common Stock
      issuable upon exercise of the Escrow Warrants) shall be the period beginning
      on
      the date the certificates representing the Escrow Units, Escrow Shares and
      Escrow Warrants are deposited with the Escrow Agent and ending on the date
      that
      is twelve (12) months following the consummation by the Company of its initial
      Business Combination (as such term is defined in the Registration Statement),
      except that if
      the
      Underwriters’ over-allotment option is not exercised in full or in part, up to
      375,000 Escrow Units, including the underlying Escrow Shares and Escrow
      Warrants, may be released from escrow for cancellation.
      The
“Escrow Period” for the Private Warrants (and the shares of Common Stock
      issuable upon exercise of the Private Warrants) shall be the period beginning
      on
      the date the certificates representing the Private Warrants are deposited with
      the Escrow Agent and ending on the date that is thirty (30) days following
      the
      consummation by the Company of its initial Business Combination (as such term
      is
      defined in the Registration Statement). On the termination date of the
      applicable Escrow Period (the “Release Date”), the Escrow Agent shall, upon
      written instructions from the Initial Holder, disburse the Initial Holder’s
      Escrow Securities to such Initial Holder; provided, however, that if the Escrow
      Agent is notified by the Company pursuant to Section 6.7 hereof that the Company
      is being liquidated at any time during the applicable Escrow Period, then the
      Escrow Agent shall promptly destroy the certificates representing the Escrow
      Securities; provided further, that if, after the Company consummates its initial
      Business Combination (as such term is defined in the Registration Statement),
      it
      (or the surviving entity) subsequently consummates a liquidation, merger, stock
      exchange or other similar transaction which results in all of the stockholders
      of such entity having the right to exchange their shares of common stock for
      cash, securities or other property, then the Escrow Agent will, upon receipt
      of
      a notice, executed by the Chairman, Chief Executive Officer or Chief Financial
      Officer of the Company, in form reasonably acceptable to the Escrow Agent,
      certifying that such transaction is then being consummated, release the Escrow
      Securities to the Initial Holder so that it can similarly participate. The
      Escrow Agent shall have no further duties hereunder after the disbursement
      or
      destruction of the Escrow Securities in accordance with this Section
      3.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    4.
       Rights
      of Initial Holder in Escrow Securities.

    

    4.1. Voting
      Rights as a Stockholder.
      Subject
      to the terms of the Insider Letter described in Section 4.4 hereof and except
      as
      herein provided, the Initial Unitholder shall retain all of its rights as a
      stockholder of the Company during the Escrow Period, including, without
      limitation, the right to vote the Escrow Shares underlying the Escrow
      Units.

    

    4.2. Dividends
      and Other Distributions in Respect of the Escrow Securities.
      During
      the Escrow Period, all dividends payable in cash with respect to the Escrow
      Securities shall be paid to the Initial Unitholder, but all dividends payable
      in
      stock or other non-cash property (the “Non-Cash Dividends”) shall be delivered
      to the Escrow Agent to hold in accordance with the terms hereof. As used herein,
      the term “Escrow Securities” shall be deemed to include the Non-Cash Dividends
      distributed thereon, if any.

    

    4.3. Restrictions
      on Transfer.
      During
      the applicable Escrow Period, no sale, transfer or other disposition may be
      made
      of any or all of the Escrow Securities except for transfers (i) with respect
      to
      an Initial Holder who is an entity, to such Initial Holder’s members upon
      liquidation, (ii) by gift to a member of the Initial Holder’s immediate family
      or to a trust or other entity, the beneficiary of which is an Initial Holder
      or
      a member of an Initial Holder’s immediate family, (iii) by virtue of the laws of
      descent and distribution upon the death of any Initial Holder, (iv) pursuant
      to
      a qualified domestic relations order, (v) to an entity that is an Initial
      Holder, (vi) to any person or entity controlling, controlled by, or under common
      control with, an Initial Holder or (vii) with respect to an Initial Holder
      who
      is an individual, to an entity controlled by such Initial Holder; provided,
      however, that such permitted transfers may be implemented only upon the
      respective transferee’s written agreement to be bound by the terms and
      conditions of this Agreement and of the Insider Letter (as described in Section
      4.4 hereof) signed by the Initial Holder transferring the Escrow Securities.
      During the Escrow Period, the Initial Holder shall not pledge or grant a
      security interest in the Escrow Securities or grant a security interest in
      its
      rights under this Agreement.

    

    4.4. Insider
      Letters.
      The
      Initial Holder has executed a letter agreement with the
      Representatives
      and the
      Company, dated as of the Effective Date, and which is filed as an exhibit to
      the
      Registration Statement (“Insider Letter”), respecting the rights and obligations
      of such Initial Holder in certain events, including, but not limited to, the
      liquidation of the Company.

    

    5. Concerning
      the Escrow Agent.

    

    5.1. Good
      Faith Reliance.
      The
      Escrow Agent shall not be liable for any action taken or omitted by it in good
      faith and in the exercise of its own best judgment, and may rely conclusively
      and shall be protected in acting upon any order, notice, demand, certificate,
      opinion or advice of counsel (including counsel chosen by the Escrow Agent),
      statement, instrument, report or other paper or document (not only as to its
      due
      execution and the validity and effectiveness of its provisions, but also as
      to
      the truth and acceptability of any information therein contained) which is
      believed by the Escrow Agent to be genuine and to be signed or presented by
      the
      proper person or persons. The Escrow Agent shall not be bound by any notice
      or
      demand, or any waiver, modification, termination or rescission of this Agreement
      unless evidenced by a writing delivered to the Escrow Agent signed by the proper
      party or parties and, if the duties or rights of the Escrow Agent are affected,
      unless it shall have given its prior written consent thereto.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    5.2. Indemnification.
      The
      Escrow Agent shall be indemnified and held harmless by the Company from and
      against any expenses, including reasonable counsel fees and disbursements,
      or
      loss suffered by the Escrow Agent in connection with any action, suit or other
      proceeding involving any claim which in any way, directly or indirectly, arises
      out of or relates to this Agreement, the services of the Escrow Agent hereunder,
      or the Escrow Securities held by it hereunder, other than expenses or losses
      arising from the gross negligence or willful misconduct of the Escrow Agent.
      Promptly after the receipt by the Escrow Agent of notice of any demand or claim
      or the commencement of any action, suit or proceeding, the Escrow Agent shall
      notify the other parties hereto in writing. In the event of the receipt of
      such
      notice, the Escrow Agent, in its sole discretion, may commence an action in
      the
      nature of interpleader in an appropriate court to determine ownership or
      disposition of the Escrow Securities or it may deposit the Escrow Securities
      with the clerk of any appropriate court or it may retain the Escrow Securities
      pending receipt of a final, non appealable order of a court having jurisdiction
      over all of the parties hereto directing to whom and under what circumstances
      the Escrow Securities are to be disbursed and delivered. The provisions of
      this
      Section 5.2 shall survive in the event the Escrow Agent resigns or is discharged
      pursuant to Sections 5.5 or 5.6 below.

    

    5.3. Compensation.
      The
      Escrow Agent shall be entitled to reasonable compensation from the Company
      for
      all services rendered by it hereunder, as set forth on Exhibit B hereto. The
      Escrow Agent shall also be entitled to reimbursement from the Company for all
      expenses paid or incurred by it in the administration of its duties hereunder
      including, but not limited to, all counsel, advisors’ and agents’ fees and
      disbursements and all taxes or other governmental charges.

    

    5.4. Further
      Assurances.
      From
      time to time on and after the date hereof, the Company and the Initial Holder
      shall deliver or cause to be delivered to the Escrow Agent such further
      documents and instruments and shall do or cause to be done such further acts
      as
      the Escrow Agent shall reasonably request to carry out more effectively the
      provisions and purposes of this Agreement, to evidence compliance herewith
      or to
      assure itself that it is protected in acting hereunder.

     

    5.5. Resignation.
      The
      Escrow Agent may resign at any time and be discharged from its duties as escrow
      agent hereunder by its giving the other parties hereto written notice and such
      resignation shall become effective as hereinafter provided. Such resignation
      shall become effective at such time that the Escrow Agent shall turn over to
      a
      successor escrow agent appointed by the Company and approved by the
      Representatives,
      the
      Escrow Securities held hereunder. If no new escrow agent is so appointed within
      the 60 day period following the giving of such notice of resignation, the Escrow
      Agent may deposit the Escrow Securities with any court it reasonably deems
      appropriate.

    

    5.6. Discharge
      of Escrow Agent.
      The
      Escrow Agent shall resign and be discharged from its duties as escrow agent
      hereunder if so requested in writing at any time by the other parties hereto,
      jointly, provided, however, that such resignation shall become effective only
      upon acceptance of appointment by a successor escrow agent as provided in
      Section 5.5.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    5.7. Liability.
      Notwithstanding anything herein to the contrary, the Escrow Agent shall not
      be
      relieved from liability hereunder for its own gross negligence or its own
      willful misconduct.

    

    5.8. Standard
      of Care.
      The
      Escrow Agent shall be obligated to perform only the duties, responsibilities
      or
      obligations as Escrow Agent expressly set forth in this Escrow Agreement, which
      shall be deemed purely ministerial in nature, and the Escrow Agent shall under
      no circumstances be deemed to be a fiduciary to any party hereto or any other
      person. 

     

    6. Miscellaneous.

    

    6.1. Governing
      Law.
      This
      Agreement shall for all purposes be deemed to be made under and shall be
      construed in accordance with the laws of the State of New York. 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, 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.

    

    6.2. Third
      Party Beneficiaries.
      The
      Initial Holder hereby acknowledges that the Underwriters, including, without
      limitation, the
      Representatives,
      are
      third party beneficiaries of this Agreement and this Agreement may not be
      modified or changed without the prior written consent of the
      Representatives.

    

    6.3. Entire
      Agreement.
      This
      Agreement, together with the Insider Letters and Subscription Agreement as
      referenced herein, contains the entire agreement of the parties hereto with
      respect to the subject matter hereof and, except as expressly provided herein,
      may not be changed or modified except by an instrument in writing signed by
      the
      party to the charged.

    

    6.4. Headings.
      The
      headings contained in this Agreement are for reference purposes only and shall
      not affect in any way the meaning or interpretation thereof.

    

    6.5. Binding
      Effect.
      This
      Agreement shall be binding upon and inure to the benefit of the respective
      parties hereto and their legal representatives, successors and
      assigns.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    6.6. Notices.
      Any
      notice or other communication required or which may be given hereunder shall
      be
      in writing and either be delivered personally or by private national courier
      service, or be mailed, certified or registered mail, return receipt requested,
      postage prepaid, and shall be deemed given when so delivered personally or,
      if
      sent by private national courier service, on the next business day after
      delivery to the courier, or, if mailed, two business days after the date of
      mailing, as follows:

    

    If
      to the
      Company, to:

    

    Lambert’s
      Cove Acquisition Corporation

    817
      West
      Peachtree, Suite 550

    Atlanta,
      GA 30308

    Attn:
      Jeffrey C. Levy, Chief Executive Officer

    

    If
      to an
      Initial Unitholder, to:

    

    Lambert’s
      Cove Holdings, LLC

    817
      West
      Peachtree, Suite 550

    Atlanta,
      GA 30308

    Attn:
      Jeffrey C. Levy, Co-Managing Member

    

    and
      if to
      the Escrow Agent, to:

    

    Continental
      Stock Transfer & Trust Company

    17
      Battery Place

    New
      York,
      NY 10004

    Attn:
      [                
 ]

    Fax
      No.:
      (212) 509-5150

    

    A
      copy of
      any notice sent hereunder shall be sent to:

    UBS
      Securities LLC

    299
      Park
      Avenue

    New
      York,
      New York 10171-0026

    Attn:
      [              
       ]

    Fax:
      [                     ]

    

    and

    

    Morgan
      Joseph & Co. Inc.

    600
      Fifth
      Avenue, 19th Floor

    New
      York,
      NY 10020 

    Tel:(212)
      218-3700 

    Fax:
      (212) 218-3719

    

    and

    

    Ellenoff,
      Grossman & Schole LLP

    150
      East
      42nd
      Street,
      11th
      Floor

    New
      York,
      New York 10017

    Attn:
      Douglas S. Ellenoff, Esq.

    Fax
      No.:
      (212) 370-7889

    

    and

    

    Clifford
      Chance LLP

    31
      West
      52nd Street

    New
      York,
      NY 10019

    Attn:
      Alejandro E. Camacho

    Fax:
      (212) 878-8375

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

    The
      parties may change the persons and addresses to which the notices or other
      communications are to be sent by giving written notice to any such change in
      the
      manner provided herein for giving notice.

    

    6.7. Liquidation
      of Company.
      The
      Company shall give the Escrow Agent written notification of the liquidation
      and
      dissolution of the Company in the event that the Company fails to consummate
      a
      Business Combination within the time period(s) specified in the
      Prospectus.

    

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

    

    6.9. Counterparts.
      This
      Agreement may be executed in several counterparts each one of which shall
      constitute an original and may be delivered by facsimile transmission and
      together shall constitute one instrument.

    

    [remainder
      of page intentionally left blank]

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    WITNESS
      the execution of this Agreement as of the date first above written.

     

    

    LAMBERT’S
      COVE ACQUISITION CORPORATION

     

    

      By:
        _________________________________

      Name:
        Jeffrey C. Levy

      Title:  
        Chief Executive Officer

       

    

    

    CONTINENTAL
      STOCK TRANSER & TRUST COMPANY

     

    

      By:
        _________________________________

      Name:

      Title:

      
      

      
        	 	 	 
	 	
                INITIAL
                  UNITHOLDER

                 

                LAMBERT’S COVE HOLDINGS, LLC

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                

                Name:
                  Jeffrey C. Levy

                Title:  
                  Co-Managing Member

              
	 	 

      

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

    

     

    
      	
               

            	
               

            	
               

            
	
              Investor

            	
               

            	
              Investor’s
                Address

              and
                Facsimile Number

            
	
               

              Name:
                LAMBERT’S COVE HOLDINGS, LLC

               

              Number
                of Escrow Units: 2,875,000

              Number
                of Underlying Escrow Shares: 2,875,000

              Number
                of Underlying Escrow Warrants: 2,875,000

               

              Number
                of Private Warrants: 3,050,000

               

               

            	
               

            	
              817
                West Peachtree, Suite 550

              Atlanta,
                GA 30308

              Facsimile
                ( )

               

            

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    
 

    EXHIBIT
      B

    

    Escrow
      Agent Fees

    

    $[1,800
      annually] for acting agent escrow fee.

    

    [First
      year escrow agent fee to be paid at closing.]

     

     

    
      
        
        

      

      
        10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}]]