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Exhibit 10.2    
    

 
 

SECURITIES ESCROW AGREEMENT    
    

        This Securities Escrow Agreement (this "Agreement") is made as
of                        , 2008, by and among Third Wave
Acquisition Corp., a Delaware corporation (the "Company"), each of the parties set forth on Exhibit A hereto (collectively, the
"Private Investors"), and American Stock Transfer & Trust Company, a New York corporation (the "Escrow
Agent"). 

        WHEREAS,
the Company has entered into an Underwriting Agreement, dated                        , 2008 (the "Underwriting Agreement"), with Deutsche
Bank Securities Inc. ("Deutsche Bank") acting as representative of the several underwriters (collectively, the
"Underwriters"), pursuant to which, among other matters, the Underwriters have agreed to purchase 35,000,000 units (the
"Units") of the Company's securities in connection with the Company's initial public offering (the
"IPO") of units. Each Unit consists of one share of the Company's common stock, par value $0.001 per share ("Common
Stock"), and one warrant (a "Warrant") exercisable to purchase one share of Common Stock, all as more fully described in the
Company's final Prospectus dated                        , 2008, comprising part of the Company's Registration Statement on
Form S-1 (File No. 333-147524) under the
Securities Act of 1933, as amended (the "Registration Statement"), declared effective
on                        , 2008 (the "Effective
Date"); 

        WHEREAS,
the Company and certain of the Private Investors have entered into that certain Founder Unit Subscription Agreement, dated as of November 13, 2007 (the
"Founder Unit Subscription Agreement"), and the Company, BSS Third Wave Investors LLC and Arrow Third Wave LLC have entered into that certain Amended
and Restated Sponsor Warrants and Co-Investment Units Subscription Agreement, dated as of February 14, 2008 (the "Warrant and Unit Subscription
Agreement" and, together with the Founder Unit Subscription Agreement, the "Subscription Agreements"); 

        WHEREAS,
the Private Investors have agreed as a condition of the Underwriters' obligation to purchase the Units pursuant to the Underwriting Agreement to deposit the
Co-Investment Units (as defined in the Warrant and Unit Subscription Agreement, the "Escrow Co-Investment Units"), the Sponsor
Warrants (as defined in the Warrant and Unit Subscription Agreement, the "Escrow Warrants"), the Aftermarket Shares (as defined in the Warrant and Unit
Subscription Agreement, the "Escrow Shares") and the Founder Units (as defined in the Founder Unit Subscription Agreement, the
"Escrow Founder Units" and, together with the Escrow Co-Investment Units, the "Escrow
Units"; the Escrow Units, the Escrow Shares and the Escrow Warrants being referred to herein as the "Escrow Securities")
purchased, and with respect to the Co-Investment Units and the Aftermarket Shares, to be purchased, by the Private Investors pursuant to the Subscription Agreements, which are set forth
opposite their respective names in Exhibit A attached hereto, in escrow as hereinafter provided; and 

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

        NOW,
THEREFORE, in consideration of the premises and mutual covenants, representations and warranties contained herein and intending to be legally bound hereby, the parties hereto agree
as follows: 

        Section 1.    Appointment of Escrow Agent.    The Company and the Private Investors hereby appoint 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. 

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        Section 2.    Deposit of Escrow Securities.    

        2.1    Founder Units.    On or before the Effective Date, each of the Private Investors shall deliver to the Escrow
Agent certificates representing such Private Investor's respective Escrow Founder Units as set forth opposite their respective names on Exhibit A hereto, which certificates shall remain in the
name of such Private Investor, to be held and disbursed subject to the terms and conditions of this Agreement. Each Private Investor acknowledges that the certificates representing such Private
Investor's Escrow Founder Units are legended to reflect the deposit of such Escrow Securities under this Agreement. In the event the Underwriters do not exercise in full the over-allotment option (the
"Over-Allotment Option") granted by the Company pursuant to the Underwriting Agreement, dated the date hereof, among the Underwriters and the Company, the number of Escrow Founder Units shall be
reduced following any redemption of Founder Units pursuant to Section 3 of the Founder Unit Subscription Agreement. 

        2.2    Sponsor Warrants.    Promptly following the consummation of the IPO, each of the Private Investors shall
deliver to the Escrow Agent certificates representing such Private Investor's respective Escrow Warrants as set forth opposite their respective names on Exhibit A hereto, which certificates
shall remain in the name of such Private Investor, to be held and disbursed subject to the terms and conditions of this Agreement. Each Private Investor acknowledges that the certificates representing
such Private Investor's Escrow Warrants are legended to reflect the deposit of such Escrow Securities under this Agreement. 

        2.3    Aftermarket Shares.    Promptly following any purchase of Aftermarket Shares, each of the Private Investors
purchasing Aftermarket Shares shall deliver to the Escrow Agent certificates representing such Private Investor's respective Escrow Shares, if any, purchased pursuant to limit order agreements with
Deutsche Bank, which certificates shall remain in the name of such Private Investor, to be held and disbursed subject to the terms and conditions of this Agreement. 

        2.4    Co-Investment Units.    Promptly following the consummation of a Business Combination (as such term
is defined in the Registration Statement), each of the Private Investors purchasing Co-Investment Units shall deliver to the Escrow Agent certificates representing such Private Investor's respective
Escrow Co-Investment Units, if any, purchased pursuant to the Warrant and Unit Subscription Agreement, which certificates shall remain in the name of such Private Investor, to be held and
disbursed subject to the terms and conditions of this Agreement. Each Private Investor acknowledges that the certificates representing such Private Investor's Escrow Co-Investment Units
are legended to reflect the deposit of such Escrow Securities under this Agreement. 

        Section 3.    Disbursement of the Escrow Securities.    The Escrow Agent shall hold the Escrow Warrants until
the date of consummation of a Business Combination by the Company (the "Warrants Escrow Period") and the Escrow Agent shall hold the Escrow Units and
the Escrow Shares until the date that is 180 days after the date of the consummation of a Business Combination by the Company (the "Units Escrow
Period" and, together with the Warrants Escrow Period, the "Escrow Period"), on which respective dates the Escrow Agent shall,
upon written instructions from the Company or counsel to the Company, disburse each of the Private Investor's proper Escrow Securities to such Private Investor; provided, however, that in the event
the Underwriters do not exercise in full the Over-Allotment Option, the Escrow Agent shall, upon receipt of a certificate, executed by the Chief Executive Officer or the Chief Financial Officer of the
Company, in a form reasonably acceptable to the Escrow Agent, certifying as to the redemption of the Founder Units as described in Section 2.1 hereof, release to the Company the number of
Founder Units to be redeemed pursuant to Section 3 of the Founder Unit Subscription Agreement; provided, further, 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 Warrants Escrow Period or the Units Escrow Period, as applicable, then the Escrow 

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Agent
shall promptly destroy the certificates representing the Escrow Securities; provided further, however, that if, after the Company consummates a Business Combination, the Company (or the
surviving entity) subsequently consummates a liquidation, merger, stock exchange, asset or stock acquisition, exchangeable share transaction, joint venture or other similar transaction which results
in all of the Company's stockholders 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 certificate,
executed by the 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 Units and the Escrow Shares to the Private Investors upon consummation of the transaction so that they 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. 

        Section 4.    Rights of Private Investors 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 Private Investors shall retain all of their rights as stockholders of the Company during the Escrow Period to vote their Escrow Securities. 

        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 Private Investors, 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 Warrants Escrow Period, no sale, transfer or other disposition may be
made of any or all of the Escrow Warrants and during the Units Escrow Period, no sale,
transfer or other disposition may be made of any or all of the Escrow Units or Escrow Shares, except, in each case, (a) with respect to a Private Investor that is a legal entity, to any legal
entity controlling, controlled by or under common control with, such Private Investor, and (b) with respect to a Private Investor who is an individual, (i) to a member of Private
Investor's immediate family or to a trust, the beneficiary of which is the Private Investor or a person related to a Private Investor by blood, marriage or adoption, (ii) by virtue of the laws
of descent and distribution upon death of any Private Investor, or (iii) pursuant to a qualified domestic relations order; 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 (x) this Agreement and (y) the Insider Letter signed by the Private Investor
transferring the Escrow Securities or an Insider Letter signed by such transferee containing terms and conditions no less favorable to the Company than the Insider Letter signed by the Private
Investor transferring the Escrow Securities. During the Warrants Escrow Period, no Private Investor shall pledge or grant a security interest in, or any option or other right to acquire, his, her or
its Escrow Warrants or grant a security interest in his, her or its rights under this Agreement. During the Units Escrow Period, except pursuant to the Option Agreement, no Private Investor shall
pledge or grant a security interest in, or any option or other right to acquire, his, her or its Escrow Units or Escrow Shares or grant a security interest in his, her or its rights under this
Agreement. 

        4.4    Insider Letters.    Each of the Private Investors has executed a letter agreement with Deutsche Bank and the
Company, dated as indicated on Exhibit A hereto, and which is filed as an exhibit to the Registration Statement (each, an "Insider Letter"),
respecting the rights and obligations of such Private Investor in certain events, including, but not limited to, the liquidation of the Company. 

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        Section 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. 

        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. The Escrow Agent shall also be entitled to reimbursement from the Company for all reasonable expenses paid or incurred by it in the administration of its duties
hereunder including, but not limited to, all legal 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 Private Investors
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 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 submit an application to deposit the Escrow Securities with the United States District Court for the Southern District of New York,
provided the Escrow Agent provides notice of such deposit to the Company and the Private Investors in accordance with Section 6.7 hereof 

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        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 Company and a majority of the Private Investors, 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. 

        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    Waiver.    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. 

        Section 6.    Miscellaneous.    

        6.1    Governing Law.    This Agreement shall be governed by, and construed in accordance with, the laws of the State
of New York applicable to contracts executed in and to be performed in that State, including, without limitation, Sections 5-1401 and 5-1402 of the New York General Obligations
Law and the New York Civil Practice Laws and Rules 327(b). The parties hereto agree 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 the parties hereto irrevocably submit to such
jurisdiction, which jurisdiction shall be exclusive. The parties hereto hereby waive any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. 

        6.2    Waiver of Trial by Jury.    Each party hereto 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 parties in the negotiation, administration, performance or enforcement hereof. 

        6.3    Third Party Beneficiaries.    Each of the Private Investors hereby acknowledges that the Underwriters are third
party beneficiaries of this Agreement and this Agreement may not be modified or changed without the prior written consent of Deutsche Bank. 

        6.4    Entire Agreement.    This Agreement 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 be charged and Deutsche Bank; provided,
however, that if, following the date hereof, the Company redeems a portion of the Founder Units as described in Section 2.1 hereof, the Escrow Agent and the Company shall update  Exhibit A hereto
to reflect the number of Founder Units so redeemed, and such update shall not require the consent of any other party hereto. 

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

        6.6    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. Any corporation or association into which the Escrow Agent may be converted or merged, or with which it may be consolidated, or to which
it may sell or transfer all or substantially all of its corporate trust business and assets as a whole or substantially as a whole, or any corporation or association resulting from any such
conversion, sale, merger, consolidation or transfer to which the Escrow 

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Agent
is a party, shall be and become the successor escrow agent under this Escrow Agreement and shall have and succeed to the rights, powers, duties, obligations, immunities and privileges of the
Escrow Agent, without the execution or filing of any instrument or paper or the performance of any further act. 

        6.7    Notices.    Any notice or other communication required or which may be given hereunder shall be in writing and
shall be sent by certified or registered mail, by private national courier service (return receipt requested, postage prepaid), by personal delivery or by facsimile transmission. Such notice or
communication shall be deemed given (a) if mailed, two days after the date of mailing, (b) if sent by national courier service, one business day after being sent, (c) if delivered
personally, when so delivered, or (d) if sent by facsimile transmission, on the second business day after such facsimile is transmitted, in each case as follows: 

If
to the Company, to: 

Third
Wave Acquisition Corp.

591 West Putnam Avenue

Greenwich, Connecticut 06830

Attn: Chief Executive Officer

Fax: (203) 422-7700 

If
to a Private Investor, to his or her address set forth in Exhibit A. 

And
if to the Escrow Agent, to: 

American
Stock Transfer & Trust Company

59 Maiden Lane

New York, New York 10038

Attn: George Karfunkel

Fax: (718) 331-1852 

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

Skadden,
Arps, Slate, Meagher & Flom LLP

300 South Grand Avenue, Suite 3400

Los Angeles, CA 90071

Attn: Gregg A. Noel, Esq.

Fax: (213) 687-5600 

Deutsche
Bank Securities Inc.

60 Wall Street

New York, NY 10005

Attn: Syndicate Manager

Fax: (212) 797-9344 

Debevoise &
Plimpton LLP

919 Third Avenue

New York, NY 10022

Attn: Peter J. Loughran

Fax: (212) 909-6836 

        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. 

        6.8    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 

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consummate
a Business Combination within the time period specified in the Registration Statement. 

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

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        IN
WITNESS WHEREOF, the undersigned have executed this Securities Escrow Agreement as of the date first written above. 

	 	 	THIRD WAVE ACQUISITION CORP.
	

 	
 	

By:	

    

	 	 	 	Name: Barry S. Sternlicht
	 	 	 	Title: Chief Executive Officer
	

 	
 	

AMERICAN STOCK TRANSFER & TRUST COMPANY
	

 	
 	

By:	

    

	 	 	Name:
	 	 	Title:
	

 	
 	
PRIVATE INVESTORS:
	

 	
 	

BSS THIRD WAVE INVESTORS LLC
	

 	
 	

By:	

    

	 	 	Name:
	 	 	Title:
	

 	
 	

ARROW THIRD WAVE LLC
	

 	
 	

By:	

    

	 	 	Name:
	 	 	Title:
	

 	
 	

ARROW CAPITAL MANAGEMENT, LLC
	

 	
 	

By:	

    

	 	 	Name:
	 	 	Title:
	

 	
 	

    
 David Chu
	

 	
 	

    
 Harald Ludwig
	

 	
 	

    
 Hamilton South
	

 	
 	

    
 Strauss Zelnick

 
 

EXHIBIT A    
    
    ESCROW SECURITIES DEPOSITED
  BY EACH PRIVATE INVESTOR    

	Name and Address of

Private Investor
 
	 	Date of

Insider

Letter
	 	Number of

Founder Units
	 	Number of

Aftermarket Shares and/or

Co-Investment

Units
	 	Number of

Sponsor Warrants

	BSS Third Wave Investors LLC

    591 West Putnam Avenue

    Greenwich, Connecticut 06830	 	 	 	7,395,939	(1)	 	(2)	5,850,000
	

Arrow Third Wave LLC

    499 Park Avenue

    New York, New York 10022	
 	

 	
 	

2,465,313	
(1)	

 	
(2)	

1,950,000
	

David Chu	
 	

 	
 	

50,312	
(1)	

—	
 	

—
	

Harald Ludwig	
 	

 	
 	

50,312	
(1)	

—	
 	

—
	

Hamilton South	
 	

 	
 	

50,312	
(1)	

—	
 	

—
	

Strauss Zelnick	
 	

 	
 	

50,312	
(1)	

—	
 	

—
	

Arrow Capital Management, LLC	
 	

 	
 	

—	
 	

 	
(2)	

—

	(1)
	In
accordance with Sections 2.1 and 3 of this Agreement, the number of Founder Units to be deposited into escrow are subject to reduction in the event the Underwriters do not exercise
the Over-Allotment Option in full.

	(2)
	Pursuant
to limit order agreements with Deutsche Bank, BSS Third Wave Investors LLC agreed to purchase up to $26,250,000 of Aftermarket Shares and Arrow Capital Management, LLC agreed
to purchase up to $8,750,000 of Aftermarket Shares. Any Aftermarket Shares purchased pursuant to such limit order agreements will be deposited into escrow by such Private Investors. Pursuant to the
Warrant and Unit Subscription Agreement, any portion of such $35,000,000 not used to purchase Aftermarket Shares will be used to purchase up to 2,625,000 and 875,000 Co-Investment Units by BSS Third
Wave Investors LLC and Arrow Third Wave LLC, respectively. Any Co-Investment Units purchased pursuant to the Warrant and Unit Subscription Agreement will be deposited into escrow by such Private
Investors. 

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Exhibit 10.2

SECURITIES ESCROW AGREEMENT

EXHIBIT A ESCROW SECURITIES DEPOSITED BY EACH PRIVATE INVESTORQuickLinks
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Exhibit 10.3    
    

 
 

REGISTRATION RIGHTS AGREEMENT    
    

        THIS REGISTRATION RIGHTS AGREEMENT (this "Agreement") is entered into as of the    day of
                        2008, by and among Third Wave Acquisition Corp., a Delaware corporation (the "Company"), and the undersigned parties listed under
Investors on the signature page hereto (each, an "Investor" and collectively, the "Investors"). 

        WHEREAS,
the Investors currently hold all of the issued and outstanding securities of the Company (the "Founder Units"), each Founder Unit
consisting of one share of Common Stock (the "Founder Unit Shares") and one warrant (the "Founder
Warrants") exercisable to purchase one share of Common Stock (the "Founder Warrant Shares"); 

        WHEREAS,
concurrently with the Company's initial public offering, the Company will issue pursuant to a binding agreement with the Investors an aggregate of 7,800,000 warrants (the
"Sponsor Warrants"), each exercisable to purchase one share of Common Stock (the "Sponsor Warrant
Shares"); 

        WHEREAS,
prior to the closing of the Company's initial public offering, BSS Third Wave Investors LLC and Arrow Capital Management, LLC will enter into an agreement with Deutsche Bank
Securities Inc., pursuant to which they will place limit orders for up to an aggregate of $35,000,000 of shares of Common Stock (the "Aftermarket
Shares") during a period prior to the Company's Business Combination; 

        WHEREAS,
BSS Third Wave Investors LLC and Arrow Third Wave LLC have agreed to apply any portion of such $35,000,000 not used for open market purchases of Aftermarket Shares to purchase
from the Company such number of units (the "Co-Investment Units"), consisting of one share of Common Stock (the
"Co-Investment Unit Shares") and one warrant (the "Co-Investment Warrants")
exercisable to purchase one share of Common Stock (the "Co-Investment Warrant Shares"), as may be purchased with such unused portion of the
$35,000,000 at a price of $10.00 per unit; and 

        WHEREAS,
the Investors and the Company desire to enter into this Agreement to provide the Investors with certain rights relating to the registration of (i) the Founder Units,
(ii) the Founder Unit Shares, (iii) the Founder Warrants, (iv) the Founder Warrant Shares, (v) the Sponsor Warrants, (vi) the Sponsor Warrant Shares,
(vii) the Co-Investment Units, (viii) the Co-Investment Unit Shares, (ix) the Co-Investment Warrants, (x) the Co-Investment
Warrant Shares and (xi) the Aftermarket Shares. 

        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: 

        "Aftermarket Shares" is defined in the recitals to this Agreement. 

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

        "Co-Investment Unit Shares" is defined in the recitals to this Agreement. 

        "Co-Investment Units" is defined in the recitals to this Agreement. 

        "Co-Investment Warrants" is defined in the recitals to this Agreement. 

        "Co-Investment Warrant Shares" is defined in the recitals to this Agreement. 

        "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 common stock, par value $0.001 per share, of the Company. 

 

        "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 2.3. 

        "Founder Unit Shares" is defined in the recitals to this Agreement. 

        "Founder Units" is defined in the recitals to this Agreement. 

        "Founder Warrant Shares" is defined in the recitals to this Agreement. 

        "Founder Warrants" is defined in the recitals to this Agreement. 

        "Indemnified Party" is defined in Section 4.3. 

        "Indemnifying Party" is defined in Section 4.3. 

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

        "Investor Indemnified Party" is defined in Section 4.1. 

        "Majority in interest" of Registrable Securities means a majority of the shares of Common Stock and shares of Common Stock underlying the
Warrants included in the Registrable Securities. 

        "Maximum Number of Shares" is defined in Section 2.1.4. 

        "Notices" is defined in Section 6.3. 

        "Piggy-Back Registration" is defined in Section 2.2.1. 

        "Register," "registered" and
"registration" mean a registration 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 all of (i) the Founder Units, (ii) the Founder Unit Shares, (iii) the Founder Warrants,
(iv) the Founder Warrant Shares, (v) the Sponsor Warrants, (vi) the Sponsor Warrant Shares, (vii) the Co-Investment Units, (viii) the
Co-Investment Unit Shares, (ix) the Co-Investment Warrants, (x) the Co-Investment Warrant Shares and (xi) the Aftermarket Shares, and any
securities of the Company issued as a dividend or other distribution with respect to or in exchange for or in replacement of such Registrable Securities. 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 may be sold by the Investor without restriction; (d) such securities shall have ceased to be outstanding; or (e) the Commission makes a
definitive determination to the Company that the Registrable Securities are saleable under Rule 144(k). 

2

 

        "Registration Statement" means a registration statement filed by the Company with the Commission in compliance with the Securities Act 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" means the respective dates on which the Founder Units, Sponsor Warrants, Co-Investment Units and Aftermarket
Shares are disbursed from escrow pursuant to Section 3 of that certain Securities Escrow Agreement, dated as
of                        , 2008, by and among the parties hereto and American Stock
Transfer & Trust Company. 

        "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. 

        "Sponsor Warrant Shares" is defined in the recitals to this Agreement. 

        "Sponsor Warrants" is defined in the recitals to this Agreement. 

        "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. 

        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 the Release Date, the
holders of a Majority-in-interest of the Registrable Securities held by the Investors or the permitted transferees of the Investors, 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, 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 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 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 with respect
thereto; provided, however, that, if after such Registration Statement has been declared effective, the offering of Registrable Securities pursuant to a
Demand Registration is interfered with by any stop order or injunction of the Commission or any other governmental agency or court, the Registration Statement with respect to such Demand Registration
will be deemed not to have been declared effective, unless and until (i) such stop order or injunction is removed, rescinded or otherwise terminated, and (ii) a
Majority-in-interest of the Demanding Holders thereafter elect to continue the offering; provided, further, that the Company shall not be obligated to file a second
Registration Statement until a Registration Statement that has been filed is counted as a Demand Registration or is terminated. 

3

 

        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 of Registrable Securities 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 written contractual piggy-back registration rights held by other securityholders 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 Shares"), then the Company shall include in such registration:
(i) first, the Registrable Securities as to which Demand Registration has been requested by the Demanding Holders (pro rata in accordance with the number of shares of Registrable Securities
which such Demanding Holder has 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 Shares; (ii) second, to the extent that the Maximum Number of Shares 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 Shares; (iii) third, to the extent that the Maximum Number of Shares 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 Shares; and (iv) fourth, to the extent that the Maximum Number of Shares has not been reached under the foregoing
clauses (i), (ii), and (iii), the shares of Common Stock or other securities that other securityholders desire to sell that can be sold without exceeding the Maximum Number of Shares. 

        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, unless otherwise
required to do so. 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. 

4

 

        2.2    Piggy-Back Registration.    

        2.2.1    Piggy-Back Rights.    If at any time on or after the Release Date 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 securityholders of the Company for their accounts (or by the Company and by securityholders 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 securityholders, (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 fifteen
(15) days before the anticipated filing date, which notice shall describe the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name
of the proposed managing Underwriter or Underwriters, if any, of the offering, and (y) offer to the holders of Registrable Securities in such notice the opportunity to register the sale of such
number of shares of Registrable Securities as such holders may request in writing within ten (10) days following receipt of such notice (a "Piggy-Back
Registration"). The Company shall cause such Registrable Securities to be included in such registration and shall use its best efforts to cause the managing Underwriter or
Underwriters of a proposed underwritten offering to permit the Registrable Securities requested to be included in a Piggy-Back Registration 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 Piggy-Back Registration that involves an Underwriter or Underwriters shall enter into an underwriting agreement in
customary form with the Underwriter or Underwriters selected for such Piggy-Back Registration. 

        2.2.2    Reduction of Offering.    If the managing Underwriter or Underwriters for a Piggy-Back
Registration that is to be an underwritten offering advises the Company and the holders of Registrable Securities in writing that the dollar amount or number of shares of Common Stock or other
securities which the Company desires to sell, taken together with 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 piggy-back registration rights of other securityholders
of the Company, exceeds the Maximum Number of Shares, 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 Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (A), the shares of
Common Stock and other securities, if any, including the Registrable Securities, as to which registration has been requested pursuant to written contractual piggy-back registration rights
of security holders (pro rata in accordance with the number of shares of Common Stock and other securities which each such person has actually requested to be included in such registration, regardless
of the number of shares of Common Stock 

5

 

and
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 Shares; 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 and other securities for the account of the demanding persons that can be sold without exceeding the Maximum Number of
Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (A), the shares of Common Stock or other securities that the Company
desires to sell that can be sold without exceeding the Maximum Number of Shares; and (C) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses
(A) and (B), the Registrable Securities as to which
registration has been requested under this Section 2.2 (pro rata in accordance with the number of shares of Registrable Securities which each such person 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 persons have the right to request such inclusion by such holder); and
(D) fourth, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A), (B) and (C), the shares of Common Stock or other securities, if any, as
to which registration has been requested pursuant to written contractual piggy-back registration rights which other securityholders desire to sell that can be sold without exceeding the
Maximum Number of Shares. 

        2.2.3    Withdrawal.    Any holder of Registrable Securities may elect to withdraw such holder's request for inclusion
of Registrable Securities in any Piggy-Back Registration by giving written notice to the Company of such request to withdraw prior to the effectiveness of the Registration Statement. The
Company (whether on its own determination or as a result of the 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 Piggy-Back Registration as provided in Section 3.3. 

        2.3    Registrations on Form S-3.    The holders of Registrable Securities may at any time and from
time to time beginning on or after the 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 2.3: (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 $1,000,000. Registrations effected
pursuant to this Section 2.3 shall not be counted as Demand Registrations effected pursuant to Section 2.1. 

        2.4    No Net Cash Settlement Value.    In no event will the holders of Registrable Securities be entitled to receive
a net cash settlement or other consideration in lieu of physical settlement in 

6

 

shares
of Common Stock, regardless of whether the Common Stock (or Common Stock underlying the Registrable Securities) is registered pursuant to an effective Registration Statement. 

        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 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, and 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
Piggy-Back Registration for such period as may be applicable to deferment of any demand registration to which such Piggy-Back 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. 

        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 

7

 

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, that 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. 

        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 stockholders 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; provided, however, that such 

8

 

cooperation
shall be limited to furnishing 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.    If a Registration Statement in respect of Registrable Securities includes an
underwritten public offering, the Company shall furnish or cause to be furnished such documents and certificates as may be reasonably requested by the participating holders and the managing
Underwriters, including customary opinions of counsel and "cold comfort" letters as may be reasonably required pursuant to the underwriting agreement relating thereto. 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, a letter 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. 

        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-in-interest 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 2.3 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 

9

 

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 Piggy-Back Registration pursuant to Section 2.2, and any registration on Form S-3 effected pursuant to
Section 2.3, and all expenses incurred in performing or complying with its other obligations under this Agreement, whether or not the Registration Statement becomes effective, 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, Inc. 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 securityholders 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. 

        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 

10

 

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 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 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 selling holder expressly for use therein. The Company also shall indemnify any Underwriter of the Registrable Securities, their officers, employees,
affiliates, directors, partners, members, attorneys 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. 

        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 and each underwriter (if any), and each other person, if any, who controls the Company or such underwriter within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act, 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, and shall reimburse the Company, its directors and officers, and each such controlling person for any legal or other expenses reasonably incurred by any of them in
connection with investigation 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 containing such untrue statement or allegedly untrue statement. 

        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, promptly 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 

11

 

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 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. 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 

12

 

Securities
Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 

        5.    OTHER COVENANTS.    

        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 (but not Rule 144A) 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. The Company shall not grant to any other person any right to register his, her or its securities of the Company which are inconsistent with the rights granted hereunder. 

        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
holder of Registrable Securities or of any assignee of the Investor or 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. 

        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 sent by
certified or registered mail, by private national courier service (return receipt requested, postage prepaid), by personal delivery or by facsimile transmission. Such notice or communication shall be
deemed given (i) if mailed, two days after the date of mailing, (ii) if sent by national courier service, one business day after being sent, (iii) if delivered personally, when so
delivered, or (iv) if sent by facsimile transmission, on the second business day after such facsimile is transmitted, in each case as follows: 

If
to the Company: 

Third
Wave Acquisition Corp.

591 West Putnam Avenue

Greenwich, Connecticut 06830

Attention: Chief Executive Officer

Fax: (203) 422-7700 

If
to an Investor, to the attention of the Investor at the address set forth opposite his, her or its respective name on the signature page hereto. 

13

 

In
each case, with a copy to: 

Skadden,
Arps, Slate, Meagher & Flom LLP

300 South Grand Avenue, Suite 3400

Los Angeles, California 90071

Attention: Gregg A. Noel, Esq.

Fax: (213) 687-5600 

        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 one or more counterparts, all of which
when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood
that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a ".pdf" format data file, such
signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or ".pdf" signature
page were an original thereof. 

        6.6    Entire Agreement.    This Agreement (including all agreements entered into pursuant hereto and all certificates
and instruments delivered pursuant hereto and thereto) constitute 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. 

        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, any 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 

14

 

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, and construed in accordance with, the laws of the State
of New York applicable to contracts executed in and to be performed in that State, including, without limitation, Sections 5-1401 and 5-1402 of the New York General Obligations
Law and the New York Civil Practice Laws and Rules 327(b). The parties hereto agree 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 the parties hereto irrevocably submit to such
jurisdiction, which jurisdiction shall be exclusive. The parties hereto hereby waive 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 any Investor in the negotiation, administration, performance or enforcement hereof. 

[The
remainder of this page intentionally left blank. Signature pages to follow.] 

15

        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. 

	 	 	THIRD WAVE ACQUISITION CORP.

a Delaware corporation
	

 	
 	

By:	

    

	 	 	 	Barry S. Sternlicht
 Chief Executive Officer
	

 	
 	

INVESTORS:
	

 	
 	

BSS THIRD WAVE INVESTORS LLC
	

 	
 	

By:	

    

	 	 	 	Name:
	 	 	 	Title:
	

 	
 	

Address:

591 West Putnam Avenue

Greenwich, Connecticut 06830
	

 	
 	

ARROW THIRD WAVE LLC
	

 	
 	

By:	

    

	 	 	 	Name:
	 	 	 	Title:
	

 	
 	

Address:

499 Park Avenue

New York, New York 10022
	

 	
 	

ARROW CAPITAL MANAGEMENT, LLC
	

 	
 	

By:	

    

	 	 	 	Name:
	 	 	 	Title:
	

 	
 	

Address:
	

 	
 	

    
 Harald Ludwig
	

 	
 	

    
 Hamilton South
	

 	
 	

    
 Strauss Zelnick
	

 	
 	

    
 David Chu

QuickLinks

Exhibit 10.3

REGISTRATION RIGHTS AGREEMENT

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