Document:

Form of Stock Escrow Agreement

 Exhibit 10.21 
  
 STOCK ESCROW AGREEMENT 
  
 STOCK ESCROW AGREEMENT, dated as of
                    , 2005 (“Agreement”), by and among Boulder Specialty Brands, Inc., a Delaware corporation (“Company”), the
undersigned parties listed under Investors on the signature page hereto (each, an “Initial Stockholder” and collectively, the “Initial Stockholders”) and Continental Stock Transfer & Trust Company, a New York corporation
(“Escrow Agent”). 
  
 WHEREAS, the Company has entered
into an Underwriting Agreement, dated                     , 2005 (“Underwriting Agreement”), with Roth Capital Partners, LLC (“Roth
Capital”) acting as representative of the several underwriters (collectively, the “Underwriters”), pursuant to which, among other matters, the Underwriters have agreed to purchase 17,000,000 units (“Units”) of the Company.
Each Unit consists of one share of the Company’s Common Stock, par value $0.0001 per share, and one Warrant, each Warrant to purchase one share of Common Stock, all as more fully described in the Company’s final Prospectus, dated
                    , 2005 (“Prospectus”) comprising part of the Company’s Registration Statement on Form S-1 (File No.
333-                     ) under the Securities Act of 1933, as amended (“Registration Statement”), declared effective on
                    , 2005 (“Effective Date”). 
  
 WHEREAS, the Initial Stockholders have agreed as a condition of the sale of the Units to deposit their shares of Common Stock of the Company, as set forth
opposite their respective names in Exhibit A attached hereto (collectively “Escrow Shares”), in escrow as hereinafter provided. 
  
 WHEREAS, the Company and the Initial Stockholders desire that the Escrow Agent accept the Escrow Shares, in escrow, to be held and disbursed as
hereinafter provided. 
  
 IT IS AGREED: 
  
 1. Appointment of Escrow Agent. The Company and the Initial
Stockholders 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. 
  
 2. Deposit of Escrow Shares. On or before the Effective Date, each of
the Initial Stockholders shall deliver to the Escrow Agent certificates representing his, her or its respective Escrow Shares to be held and disbursed subject to the terms and conditions of this Agreement. Each Initial Stockholder acknowledges that
the certificate representing his, her or its Escrow Shares is legended to reflect the deposit of such Escrow Shares under this Agreement. 
  
 3. Disbursement of the Escrow Shares. The Escrow Agent shall hold the Escrow Shares until the third anniversary of the Effective Date (“Escrow
Period”), on which date it shall, upon written instructions from each Initial Stockholder, disburse each of the Initial Stockholder’s Escrow Shares to such Initial Stockholder; 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 Escrow Period, then the Escrow Agent shall promptly destroy the certificates representing the Escrow Shares; provided further, however, that if, after
the Company consummates a 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 certificate, executed by the Chief Executive Officer or Vice Chairman of
the Company, in form reasonably acceptable to the Escrow Agent, that such transaction is then being consummated, release the Escrow Shares to the Initial Stockholders 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 Shares in accordance with this Section 3. 
  

 4. Rights of Initial Stockholders in Escrow Shares. 
  
 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 Stockholders shall retain all of their rights as stockholders of the Company during the Escrow Period, including, without limitation, the right to vote such
shares. 
  
 4.2 Dividends and Other Distributions in Respect of
the Escrow Shares. During the Escrow Period, all dividends payable in cash with respect to the Escrow Shares shall be paid to the Initial Stockholders, but all dividends payable in stock or other non-cash property (“Non-Cash
Dividends”) shall be delivered to the Escrow Agent to hold in accordance with the terms hereof. As used herein, the term “Escrow Shares” shall be deemed to include the Non-Cash Dividends distributed thereon, if any. 
  
 4.3 Restrictions on Transfer. During the Escrow Period, no sale,
transfer or other disposition may be made of any or all of the Escrow Shares except (i) by gift to a member of Initial Stockholder’s immediate family or to a trust, the beneficiary of which is an Initial Stockholder or a member of an Initial
Stockholder’s immediate family, (ii) by virtue of the laws of descent and distribution upon death of any Initial Stockholder, (iii) pursuant to a qualified domestic relations order, or (iv) on exercise of an option granted by one or more of the
Initial Stockholders to a third party prior to the date hereof; provided, however, that such permissive 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 signed by the Initial Stockholder transferring the Escrow Shares. During the Escrow Period, the Initial Stockholders shall not pledge or grant a security interest in the Escrow Shares or grant a security
interest in their rights under this Agreement. 
  
 4.4 Insider
Letters. Each of the Initial Stockholders has executed a letter agreement with Roth Capital and the Company, dated as indicated on Exhibit A hereto, and which is filed as an exhibit to the Registration Statement (“Insider Letter”),
respecting the rights and obligations of such Initial Stockholder 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. 
  
 5.2 Indemnification. The Escrow Agent shall be indemnified and held harmless by the Company from and against any expenses, including 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 Shares 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 Shares or it may deposit the Escrow Shares with the clerk of any appropriate court or it may retain the Escrow Shares 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 Shares 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. 
  

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 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 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 Stockholders 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 Shares 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 Shares 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 Company and a majority of the Initial Stockholders, 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. 
  
 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. 
  
 6.2 Third Party Beneficiaries. Each of the
Initial Stockholders 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 Roth Capital. 
  
 6.3 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. 
  
 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. 
  

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 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 be mailed, certified or registered mail, or by private national courier service, return receipt requested, postage prepaid, and shall be deemed given when so delivered personally or, if mailed, two
days after the date of mailing, as follows: 
  
 If to the Company, to: 

 
 Boulder Specialty Brands, Inc. 
 6106 Sunrise Ranch Drive 
 Longmont, Colorado 80503 
 Attention: Stephen B. Hughes, Chief Executive Officer 
  
 with a copy to: 
  
 Robert W. Walter, P.C. 
 9660 East Prentice Circle 
 Greenwood Village, Colorado 80111 
  
 If to a
Initial Stockholder or the Initial Stockholders, to his, her or its address in the Company’s records; 
  
 and if to the Escrow Agent, to: 
  
 Continental
Stock Transfer & Trust Company 
 17 Battery Place 
 New York,
New York 10004 
 Attn: Steven G. Nelson, Chairman 
  
 A copy of any notice sent hereunder shall be sent to: 
  
 Roth Capital Partners, LLC 
 11100 Santa Monica Boulevard 
 Suite 550 
 Los Angeles, California 90025 
 Attn: Christopher D. Jennings, Managing Director 
  
 and: 
  
 Douglas S. Ellenoff, Esq. 
 Ellenoff Grossman & Schole LLP 
 370 Lexington Avenue, 19th Floor 
 New York City, New York 10017 
  
 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. 
  
 WITNESS the execution of this Agreement as of the date first above written. 
  

			
	 BOULDER SPECIALTY BRANDS, INC.

		
	By: 	 	 
	 	 	 Stephen B. Hughes, Chairman and
 Chief Executive Officer

  

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	 INITIAL STOCKHOLDERS:

	
	 
	 Stephen B. Hughes

	
	 
	 James E. Lewis

	
	 /s/ William E. Hooper*

	 William E. Hooper

	
	 Robert F. McCarthy*

	 Robert F. McCarthy

	
	 Michael R. O’Brien*

	 Michael R. O’Brien

	
	 Gerald J. Laber*

	 Gerald J. Laber

	
	 John T. Stofko*

	 John T. Stofko

  

			
	 Caroline Elise Hughes Irrevocable Trust

		
	 By:
	 	 /s/ Grace W. Hughes, Trustee

	
	 John Trevelyn Hughes Irrevocable Trust

		
	 By:
	 	 /s/ Grace W. Hughes, Trustee

	
	 Henry Thomas Hughes Irrevocable Trust

		
	 By:
	 	 /s/ Grace W. Hughes, Trustee

  

	
	
	 /s/ Stephen Feldhaus*

	 Stephen Feldhaus

	
	 /s/ Janis M. Lewis*

	 Janis M. Lewis

	
	 Jeffrey R. Nieder*

	 Jeffrey R. Nieder

	
	 Peter Mazula*

	 Peter Mazula

  

 5 

	
	
	Lee Anne Lewis*
	Lee Anne Lewis

  

			
	 CONTINENTAL STOCK TRANSFER
& TRUST COMPANY

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

			
		
	*By:	 	 Stephen B. Hughes

	 	 	 Attorney-In-Fact

  

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 EXHIBIT A 
  

							
	 Name of Initial Stockholder

	  	Number
of Shares

	  	Stock
Certificate
Number

	  	Date of
Insider Letter

	 Stephen B. Hughes
	  	 	  	 	  	 
	 James E. Lewis
	  	 	  	 	  	 
	 William E. Hooper
	  	 	  	 	  	 
	 Robert F. McCarthy
	  	 	  	 	  	 
	 Michael R. O’Brien
	  	 	  	 	  	 
	 Gerald J. Laber
	  	 	  	 	  	 
	 John T. Stofko
	  	 	  	 	  	 
	 Caroline Elise Hughes Irrevocable Trust
	  	 	  	 	  	 
	 John Trevelyn Hughes Irrevocable Trust
	  	 	  	 	  	 
	 Henry Thomas Hughes Irrevocable Trust
	  	 	  	 	  	 
	 Stephen Feldhaus
	  	 	  	 	  	 
	 Janis M. Lewis
	  	 	  	 	  	 
	 Jeffrey R. Nieder
	  	 	  	 	  	 
	 Peter Mazula
	  	 	  	 	  	 
	 Lee Anne Lewis
	  	 	  	 	  	 

  

 7Form of Investment Management Trust Agreement

 Exhibit 10.22 
  
 INVESTMENT MANAGEMENT TRUST AGREEMENT 
  
 This Agreement is made as of
                    , 2005 by and between Boulder Specialty Brands, Inc. (the “Company”) and Continental Stock Transfer & Trust Company
(“Trustee”). 
  
 WHEREAS, the Company’s
Registration Statement on Form S-1, No. 333- (“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
(“Effective Date”); and 
  
 WHEREAS, Roth Capital
Partners, LLC (“Roth Capital”) is acting as the representative of the underwriters in the IPO; and 
  
 WHEREAS, as described in the Company’s Registration Statement, and in accordance with the Company’s Certificate of Incorporation, $122,400,000
of the gross proceeds of the IPO ($141,576,000 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 per share, issued in the IPO as hereinafter provided and in the event the Units are registered in Colorado, pursuant to Section 11-51-302(6) of the Colorado Revised Statutes. A copy of the Colorado
Statute is attached hereto and made a part hereof (the amount to be delivered to the Trustee will be referred to herein as the “Property”; the stockholders for whose benefit the Trustee shall hold the Property will be referred to as the
“Public Stockholders,” and the Public Stockholders and the Company will be referred to together as the “Beneficiaries”); 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; 
  
 IT IS AGREED: 
  
 1. Agreements 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, including the terms of Section 11-51-302(6) of the Colorado Statute, in a segregated trust account (“Trust Account”) established by the Trustee at a branch of JPMorgan
Chase NY Bank 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 any “Government Security.”
As used herein, Government Security means any Treasury Bill issued by the United States, having a maturity of one hundred and eighty days or less; 
  
 (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) Notify the Company 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 to do so; 
  

 (h) Render to the Company and to Roth Capital, 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; and 
  
 (i) Commence liquidation of the Trust Account only after receipt of and only in accordance with the terms of
a letter (“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 or Vice Chairman of the Board, 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. The Trustee understands and agrees that disbursements from the Trust Account
shall be made only pursuant to a duly executed Termination Letter, together with the other documents referenced herein. In all cases, the Trustee shall provide Roth Capital with a copy of any Termination Letters and/or any other correspondence that
it receives with respect to any proposed withdrawal from the Trust Account promptly after it receives same. 
  
 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 or Vice Chairman of the Board. 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;

  
 (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 Company may participate in such action with its own counsel; and 
  
 (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 on the
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 Fund. 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). 
  
 3. 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 Paragraph 1 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 

  

 2 

 
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; 
  
 (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; and 
  
 (h) Pay any taxes
on behalf of the Trust Account (it being expressly understood that the Property shall not be used to pay any such taxes and that such taxes, if any, shall be paid by the Company from funds not held in the Trust Account). 
  
 4. 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. 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; 
  
 (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); or 
  
 (c) On such date after
                    , 2006 when the Trustee deposits the Property with the United States District Court for the Southern District of New York in the
event that, prior to such date, the Trustee has not received a Termination Letter from the Company pursuant to paragraph 1(i). 
  

 3 

 5. Miscellaneous. 
  
 (a) The Company and the Trustee each acknowledge 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 C.
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 laws. It may be executed in several counterparts, each one of which shall constitute an original, and together shall constitute but one instrument.

  
 (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 Roth Capital. 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. 
  
 (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 
 Attn: Steven G. Nelson, Chairman 
 Fax No.: (212) 509-5150 
  
 If to the Company, to: 
  
 Boulder Specialty Brands, Inc. 
 6106 Sunrise Ranch Drive 
 Longmont, Colorado 80503 
 Attn: Stephen B. Hughes, Chief Executive Officer 
 Fax No.: (303)682-1978 
  
 in either case with a copy to: 
  
 Roth Capital Partners, LLC 
 11100 Santa Monica Boulevard 
 Los Angeles, California 90025 
 Attn: Christopher D. Jennings, Managing Director 
 Fax No.: (310) 235-0525 
  

 4 

 (f) This Agreement may not be assigned by the Trustee without the prior consent of the
Company. 
  
 (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. The Trustee 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 WITNESS WHEREOF, the parties have duly executed this Investment Management Trust Agreement as of the date first written
above. 
  

					
	 CONTINENTAL STOCK TRANSFER
& TRUST COMPANY, as Trustee

		
	By: 	 	 
	 	 	 Name:
	 	 Steven G. Nelson

	 	 	 Title:
	 	 Chairman

  

					
	 BOULDER SPECIALTY BRANDS, INC.

		
	By: 	 	 
	 	 	 Name:
	 	 Stephen B. Hughes

	 	 	 Title:
	 	 Chief Executive Officer

  

 5 

  
 EXHIBIT A 

 
 [Letterhead of Company] 
  
 [Insert date] 
  
 Continental Stock Transfer 
     & Trust Company 
 17 Battery Place 
 New York, New York 10004 
 Attn: Steven G. Nelson, Chairman 
  

	Re:	Trust Account No.                          Termination Letter

  
 Gentlemen: 
  
 Pursuant to paragraph 1(i) of the Investment Management Trust Agreement
between Boulder Specialty Brands, Inc. (the “Company”) and Continental Stock Transfer & Trust Company (“Trustee”), dated as of
                    , 2005 (“Trust Agreement”), this is to advise you that the Company has entered into an agreement (“Combination
Agreement”) with                      (“Target Business”) to consummate a business combination with Target Business (“Business
Combination”) on or about [insert date]. The Company shall notify you at least 48 hours in advance of the actual date of the consummation of the Business Combination (“Consummation Date”). 
  
 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 (a) the Business Combination has been consummated and (b) the provisions of Section 11-51-302(6) and Rule 51-3.4 of the Colorado Statute have been met, and (ii) the Company shall deliver to you written
instructions with respect to the transfer of the funds held in the Trust Account (“Instruction Letter”). You are hereby directed and authorized to transfer the funds held in the Trust Account immediately upon your receipt of the
counsel’s letter and the Instruction Letter, 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 distributed after the Consummation Date to the Company. Upon the distribution of all the funds in the Trust Account pursuant to
the terms hereof, the Trust Agreement shall be terminated. 
  
 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,

	
	 Boulder Specialty Brands, Inc.

		
	By:	 	 
		
	By:	 	 

  

 A-1 

  
 EXHIBIT B 

 
 [Letterhead of Company] 
  
 [Insert date] 
  
 Continental Stock Transfer 
     & Trust Company 
 17 Battery Place 
 New York, New York 10004 
 Attn: Steven G. Nelson, Chairman 
  

	Re:	Trust Account No.                     Termination Letter

  
 Gentlemen: 
  
 Pursuant to paragraph 1(i) of the Investment Management Trust Agreement
between Boulder Specialty Brands, Inc. (“Company”) and Continental Stock Transfer & Trust Company (“Trustee”), dated as of
                    , 2005 (“Trust Agreement”), this is to advise you that the Board of Directors of the Company has voted to dissolve and
liquidate the Trust Account. Attached hereto is a copy of the minutes of the meeting of the Board of Directors of the Company relating thereto, certified by the Secretary of the Company as true and correct and in full force and effect. 

 
 In accordance with the terms of the Trust Agreement, we hereby (a) certify
to you that the provisions of Section 11-51-302(6) and Rule 51-3.4 of the Colorado Statute have been met and (b) authorize you, to commence liquidation of the Trust Account. You will notify the Company and JPMorgan Chase NY Bank (“Designated
Paying Agent”) in writing as to when all of the funds in the Trust Account will be available for immediate transfer (“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. 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. 
  

			
	 Very truly yours,

	
	 Boulder Specialty Brands, Inc.

		
	By:	 	 
		
	By:	 	 

  

 B-1 

  
 EXHIBIT C 

 

			
	 AUTHORIZED INDIVIDUAL(S)
 FOR TELEPHONE CALL
BACK

	  	 AUTHORIZED
 TELEPHONE NUMBER(S)

	 Company:
	  	 
		
	 Boulder Specialty Brands, Inc.
	  	 
	 6106 Sunrise Ranch Drive
	  	 
	 Longmont, Colorado 80503
	  	 
	 Attn: Stephen B. Hughes, Chief Executive Officer
	  	[Telephone]
		
	 Trustee:
	  	 
		
	 Continental Stock Transfer & Trust Company
	  	 
	 17 Battery Place
	  	 
	 New York, New York 10004
	  	 
	 Attn: Steven G. Nelson, Chairman
	  	[Telephone]

  

 C-1

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