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                                                                    Exhibit 10.4

                          SP ACQUISITION HOLDINGS, INC.

                                 FOUNDER'S UNITS

                               PURCHASE AGREEMENT

            THIS FOUNDER'S UNITS PURCHASE AGREEMENT (this "Agreement"), dated as
of March 30, 2007, is entered into by and among SP Acquisition Holdings, Inc, a
Delaware corporation (the "Company"), SP Acq LLC, a Delaware limited liability
company (the "Seller") and Steel Partners II, L.P., a Delaware limited
partnership ("Purchaser").

            WHEREAS, the Company intends to file a registration statement (the
"Registration Statement") for the initial public offering of units (the "Initial
Public Offering"), each unit consisting of one share of the Company's common
stock, par value $0.001 per share (a "Share"), and one warrant to purchase one
Share at an exercise price of $7.50 per Share.

            WHEREAS, pursuant to the Founder's Securities Purchase Agreement,
dated as of March 22, 2007, by and between the Company and Seller (the
"Securities Purchase Agreement"), Seller purchased for an aggregate purchase
price of $25,000, 7,500,000 units (the "Founder's Units"), each consisting of
one share of the Company's common stock, par value $0.001 per share and one
warrant to purchase one Share at an exercise price of $7.50 per share.

            WHEREAS, the Purchaser desires to purchase and the Seller desires to
sell as of the date of this Agreement, upon the terms and conditions set forth
in this Agreement, that certain number of Founder's Units to be determined in
accordance with Section 1(C)(vi)(a) based on the number of units to be sold at
the Initial Public Offering (the "Steel Founder's Units") at a price per Unit
equal to $.0033 (the "Steel Founder's Units Purchase Price"), each consisting of
one share of the Company's common stock, par value $0.001 per share (the "Steel
Founder's Shares") and one warrant to purchase one Share at an exercise price of
$7.50 per share (the "Steel Initial Founder's Warrants').

            NOW THEREFORE, in consideration of the mutual promises contained in
this Agreement and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties to this Agreement
hereby agree as follows:

Section 1. AUTHORIZATION, PURCHASE AND SALE; TERMS OF THE STEEL FOUNDER'S UNITS.

      A. Authority to Sell. The Seller represents that it is authorized to sell
the Steel Founder's Units to the Purchaser in accordance with the terms hereof.

      B. Closing. On the closing date, which shall occur promptly after the
later of the consummation of the Initial Public Offering, or the exercise in
full or expiration of the underwriters over-allotment option in the Initial
Public Offering, the Seller shall transfer to the Purchaser the Steel Founder's
Units and the Purchaser shall remit to the Seller the Steel Founder's Units
Purchase Price. The Seller shall cause the Company to deliver certificates
evidencing the Steel Founder's Units, Steel Founder's Shares and Steel Initial
Founder's Warrants, to be purchased by Purchaser hereunder, registered in the
Purchaser's name, upon the payment by the Purchaser of the Steel Founder's Units
Purchase Price by check or wire transfer of immediately available funds to Steel
Partners, Ltd. for the benefit of Seller.

      C. Terms of the Steel Founder's Units, Steel Founder's Shares and Steel
Initial Founder's Warrants.

            (i) Steel Founder's Units: Each Unit of the Steel Founder's Units
shall consist of one Steel Founder's Share and one Steel Initial Founder's
Warrant and shall have the terms set forth in the Unit Certificate attached as
EXHIBIT A hereto.

            (ii) Steel Founder's Shares: The Steel Founder's Shares shall have
the terms set forth in the Certificate of Incorporation of the Company and the
Founder's Share Certificate attached as EXHIBIT B hereto. Without limiting the
foregoing, Purchaser hereby expressly agrees that if the Company consummates the
Initial Public Offering, then (i) in connection with the stockholder vote
required to approve a merger, capital stock exchange, asset acquisition or other
similar business combination with one or more businesses or assets (a "Business
Combination"), Purchaser agrees to vote the Steel Founder's Shares in accordance
with a majority of the shares of common stock voted by holders of shares of
common stock issued in the Initial Public Offering and (ii) Purchaser agrees to
waive any right to participate in any liquidation distribution to the extent set
forth in Section 2.D of this Agreement.

            (iii) Steel Initial Founder's Warrants: The Steel Initial Founder's
Warrants shall have the terms set forth in the Warrant Agreement set forth as
EXHIBIT C hereto.

            (iv) Transfer Restrictions: In addition to the restrictions on
transfer set forth in Section 5 hereof, the Purchaser shall not sell or transfer
the Steel Founder's Units, Steel Founder's Shares, Steel Initial Founder's
Warrants and the Shares underlying the Steel Initial Founder's Warrants
(collectively, the "Securities") for a period of one year from the date the
Company completes its initial business combination except to a Permitted
Transferee (as defined in the Warrant Agreement) who agrees in writing with the
Company to be subject to such transfer restrictions; vote the Steel Founder's
Shares as provided in (ii) above; waive any right to participate in any
liquidation distribution as provided in (ii) above and agrees to the forfeiture
of the Steel Founder's Units, Steel Founder's Shares and Steel Initial Founder's
Warrants as provided in (vii) below. During this period, Purchaser and its
Permitted Transferees shall retain all other rights of holders of Shares,
including, without limitation, the right to vote their Shares (except as
described above with respect to a Business Combination) and the right to receive
cash dividends, if declared. If dividends are declared and payable in Shares,
such dividends will also be subject to the restrictions contained in this
Section 1.C.(iv).

            (v) Registration Rights: In connection with the closing of the
Initial Public Offering, the Company and the Purchaser shall enter into an
agreement (the "Registration Rights Agreement") granting the Purchaser
registration rights with respect to the Securities.

            (vi) Number of Steel Founder's Units to be sold and Alternate
Purchaser for Steel Founder's Units.

            (a) Number of Steel Founder's Units to be Sold. The final number of
Steel Founder's Units that Purchaser is receiving pursuant to this Agreement
shall be determined if and when the over-allotment option has been exercised or
has expired and any adjustments to be received by the Company's directors has
been made using the following formula:

                                    S

                           U = -------------- x (Y - F)

                                  T + S

      U =   The number of Steel Founder's Units that Purchaser shall purchase

      T =   Total Proceeds of the Initial Public Offering (Including the
            Over-Allotment, If Exercised)

      Y =   The number of Founder's Units issued to the Seller by the Company
            (taking into account any adjustments made as a result of the
            exercise of the over-allotment option)

      F =   Number of Founder's Units Issued to the Company's Directors

      S =   Total Amount of the Co-Investment

            (b) Alternate Purchaser of Steel Founder's Units. In the event that
Purchaser is unable to make the Co-Investment (as defined herein), the Seller
shall return the Steel Founder's Units purchased under this Agreement to the
Seller for the Steel Founders Units Purchase Price.

            (vii) Forfeiture of Steel Founder's Units, Steel Founder's Shares
and Steel Initial Founder's Warrants: In the event that the Purchaser or the
Seller fails to purchase an aggregate of 3,000,000 Units at a price of $10.00
per Unit ($30.0 million in the aggregate) in a private placement that will occur
immediately prior to the consummation of a Business Combination (the
"Co-Investment") by the Company pursuant to the terms of a Co-Investment
Agreement to be entered into among the Company and Steel Partners II, L.P.,
Purchaser agrees to surrender and forfeit all of its Steel Founders' Units,
Steel Founder's Shares and Steel Initial Founder's Warrants to the Company.

Section 2. REPRESENTATIONS AND WARRANTIES OF THE PURCHASER.

      As a material inducement to the Company and the Seller to enter into this
Agreement and for the Seller to sell the Steel Founder's Units, Purchaser hereby
represents and warrants to the Seller and the Company that:

      A. Capacity and State Law Compliance. Such Purchaser has engaged in the
transactions contemplated by this Agreement within a state in which the offer
and sale of the Steel Founder's Units is permitted under applicable securities
laws.

      B. Authorization. This Agreement constitutes a valid and binding
obligation of such Purchaser, enforceable in accordance with its terms.

      C. Investment Representations.

            (i) Such Purchaser is acquiring the Securities for its own account,
for investment only and not with a view towards, or for resale in connection
with, any public sale or distribution thereof.

            (ii) Such Purchaser is an "accredited investor" as such term is
defined in Rule 501(a)(3) of Regulation D.

            (iii) Such Purchaser understands that the Securities are being
offered and will be sold to it in reliance on specific exemptions from the
registration requirements of the United States federal and state securities laws
and that the Seller and the Company are relying upon the truth and accuracy of,
and such Purchaser's compliance with, the representations and warranties of such
Purchaser set forth herein in order to determine the availability of such
exemptions and the eligibility of such Purchaser to acquire such Securities.

            (iv) Such Purchaser did not decide to enter into this Agreement as a
result of any general solicitation or general advertising within the meaning of
Rule 502(c) under the Securities Act of 1933, as amended (the "Securities Act").

            (v) Such Purchaser has been furnished with all materials relating to
the business, finances and operations of the Company and materials relating to
the offer and sale of the Securities which have been requested by such
Purchaser. Such Purchaser has been afforded the opportunity to ask questions of

the executive officers and directors of the Company. Such Purchaser understands
that its investment in the Securities involves a high degree of risk. Such
Purchaser has sought such accounting, legal and tax advice as such Purchaser has
considered necessary to make an informed investment decision with respect to
such Purchaser's acquisition of the Securities.

            (vi) Such Purchaser understands that no United States federal or
state agency or any other government or governmental agency has passed on or
made any recommendation or endorsement of the Securities or the fairness or
suitability of the investment in the Securities by such Purchaser nor have such
authorities passed upon or endorsed the merits of the offering of the
Securities.

            (vii) Such Purchaser understands that: (a) the Securities have not
been and are not being registered under the Securities Act or any state
securities laws, and may not be offered for sale, sold, assigned or transferred
unless (A) subsequently registered thereunder or (B) sold in reliance on an
exemption therefrom; and (b) except as specifically set forth in the
Registration Rights Agreement, neither the Company nor any other person is under
any obligation to register the Securities under the Securities Act or any state
securities laws or to comply with the terms and conditions of any exemption
thereunder. In this regard, such Purchaser understands that the Securities and
Exchange Commission has taken the position that promoters or affiliates of a
blank check company and their transferees, both before and after a Business
Combination, are deemed to be "underwriters" under the Securities Act when
reselling the securities of a blank check company. Based on that position, Rule
144 adopted pursuant to the Securities Act would not be available for resale
transactions of the Securities despite technical compliance with the
requirements of such Rule, and the Securities can be resold only through a
registered offering or in reliance upon another exemption from the registration
requirements of the Securities Act. Such Purchaser is able to bear the economic
risk of its investment in the Securities for an indefinite period of time.

            (viii) Such Purchaser has such knowledge and expertise in financial
and business matters, knows of the high degree of risk associated with
investments generally and particularly investments in the securities of
companies in the development stage such as the Company, is capable of evaluating
the merits and risks of an investment in the Securities and is able to bear the
economic risk of an investment in the Securities in the amount contemplated
hereunder. Such Purchaser has adequate means of providing for its current
financial needs and contingencies and will have no current or anticipated future
needs for liquidity which would be jeopardized by the investment in the
Securities. Such Purchaser can afford a complete loss of its investment in the
Securities.

      D. Waiver of Right to Amounts in the Trust Account and Indemnification.

            (i) Such Purchaser hereby waives any and all right, title, interest
or claim of any kind in or to any distribution of the trust account established
by the Company for the deposit of proceeds from the Initial Public Offering and
the sale of the Additional Founder's Warrants (as defined in the Securities
Purchase Agreement), as a result of any liquidation of the trust account, with
respect to the Steel Founder's Shares ("Claim") and hereby waives any Claim it
may have in the future as a result of, or arising out of, any contracts or
agreements with the Company and will not seek recourse against the trust account
for any reason whatsoever except for any amounts to which it may be entitled
upon liquidation of the Company in respect of such Purchaser's ownership of
Shares other than the Steel Founder's Shares.

            (ii) Such Purchaser acknowledges and agrees that the stockholders of
the Company, including those who purchase the units in the Initial Public
Offering, are and shall be third-party beneficiaries of the foregoing provisions
of Section 2.D. of this Agreement.

            (iii) Such Purchaser agrees that to the extent any waiver of rights
under this Section 2.D. is ineffective as a matter of law, such Purchaser has
offered such waiver for the benefit of the Seller and the Company as an
equitable right that shall survive any statutory disqualification or bar that
applies to a legal right. Such Purchaser acknowledges the receipt and
sufficiency of consideration received from the Seller and the Company hereunder
in this regard.

Section 3. SURVIVAL OF REPRESENTATIONS AND WARRANTIES.

      All of the representations and warranties contained herein shall survive
the purchase of the Securities hereunder.

Section 4. DEFINITIONS.

      Terms used but not otherwise defined in this Agreement shall have the
meaning assigned such terms in the Registration Statement.

Section 5. MISCELLANEOUS.

      A. Legends.

            (i) The certificates evidencing the Steel Founder's Units and the
Steel Founder's Shares will include the legend set forth on EXHIBITS A AND B
hereto, respectively, which Purchaser has read and understands. The Steel
Initial Founder's Warrants and Shares issued upon exercise of the Steel Initial
Founder's Warrants (as defined in the Warrant Agreement) will include the legend
set forth in EXHIBIT B to the Warrant Agreement in the case of the Warrants and
in the Warrant Agreement in the case of the Shares, which Purchaser has read and
understands.

            (ii) By accepting the Securities, Purchaser agrees, prior to any
transfer of the Securities, to give written notice to the Company expressing its
desire to effect such transfer and describing briefly the proposed transfer.
Upon receiving such notice, the Company shall present copies thereof to its
counsel and Purchaser agrees not to make any disposition of all or any portion
of the Securities unless and until:

            (a) there is then in effect a registration statement under the
Securities Act covering such proposed disposition and such disposition is made
in accordance with such registration statement, in which case the legends set
forth above with respect to the Securities sold pursuant to such registration
statement shall be removed; or

            (b) if reasonably requested by the Company, (A) Purchaser shall have
furnished the Company with an opinion of counsel, reasonably satisfactory to the
Company, that such disposition will not require registration of such Securities
under the Securities Act, (B) the Company shall have received customary
representations and warranties regarding the transferee that are reasonably
satisfactory to the Company signed by the proposed transferee and (C) the
Company shall have received an agreement by such transferee to the restrictions
contained in the legends referred to in (i) hereof.

      Notwithstanding the foregoing, Purchaser also understands and acknowledges
that the transfer of the Steel Founder's Units, Steel Founder's Shares and the
Steel Initial Founder's Warrants and exercise of the Steel Initial Founder's
Warrants are subject to the specific conditions to such transfer or exercise as
outlined herein and the Warrant Agreement as to which Purchaser specifically
assents by its execution hereof.

            (iii) The Company may, from time to time, make stop transfer
notations in its records and deliver stop transfer instructions to its transfer
agent to the extent its counsel considers it necessary to ensure compliance with
federal and state securities laws and the transfer restrictions contained
elsewhere in this Agreement and the Warrant Agreement.

      B. Successors and Assigns. Except as otherwise expressly provided herein,
all covenants and agreements contained in this Agreement by or on behalf of any
of the parties hereto shall bind and inure to the benefit of the respective
successors of the parties hereto whether so expressed or not. Notwithstanding
the foregoing or anything to the contrary herein, the parties may not assign
this Agreement.

      C. Severability. Whenever possible, each provision of this Agreement shall
be interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Agreement is held to be prohibited by or invalid
under applicable law, such provision shall be ineffective only to the extent of
such prohibition or invalidity, without invalidating the remainder of this
Agreement.

      D. Counterparts. This Agreement may be executed simultaneously in two or
more counterparts, none of which need contain the signatures of more than one
party, but all such counterparts taken together shall constitute one and the
same agreement.

      E. Descriptive Headings; Interpretation. The descriptive headings of this
Agreement are inserted for convenience only and do not constitute a substantive
part of this Agreement. The use of the word "including" in this Agreement shall
be by way of example rather than by limitation.

      F. Governing Law. This Agreement shall be deemed to be a contract made
under the laws of the State of New York and for all purposes shall be construed
in accordance with the internal laws of said State. The parties agree that, all
actions and proceedings arising out of this Agreement or any of the transactions
contemplated hereby, shall be brought in the United States District Court for
the Southern District of New York or in a New York State Court in the County of
New York and that, in connection with any such action or proceeding, submit to
the jurisdiction of, and venue in, such court. Each of the parties hereto also
irrevocably waives all right to trial by jury in any action, proceeding or
counterclaim arising out of this Agreement or the transactions contemplated
hereby.

      G. Notices. All notices, demands or other communications to be given or
delivered under or by reason of the provisions of this Agreement shall be in
writing and shall be deemed to have been given when delivered personally to the
recipient, sent to the recipient by reputable overnight courier service (charges
prepaid) or mailed to the recipient by certified or registered mail, return
receipt requested and postage prepaid. Such notices, demands and other
communications shall be sent:

If to the Company:                SP Acquisition Holdings, Inc.
                                  590 Madison Avenue, 32nd Floor
                                  New York, NY 10022
                                  Fax No.: (212) 520-2301

With a copy to:                   Steve Wolosky
                                  Olshan Grundman Frome Rosenzweig & Wolosky LLP
                                  65 East 55th Street
                                  New York, NY  10022
                                  Fax No.: (212) 451-2222

If to the Seller:                 SP Acq LLC
                                  590 Madison Avenue, 32nd Floor
                                  New York, NY 10022
                                  Fax No.: (212) 520-2301

If to Purchaser:                  Steel Partners II, L.P.
                                  590 Madison Avenue, 32nd Floor
                                  New York, NY 10022
                                  Fax No.: (212) 520-2301

or to such other address or to the attention of such other person as the
recipient party has specified by prior written notice to the sending party.

      H. No Strict Construction. The parties hereto have participated jointly in
the negotiation and drafting of this Agreement. In the event an ambiguity or
question of intent or interpretation arises, this Agreement shall be construed
as if drafted jointly by the parties hereto, and no presumption or burden of
proof shall arise favoring or disfavoring any party by virtue of the authorship
of any of the provisions of this Agreement.

                            [SIGNATURE PAGE FOLLOWS]

      IN WITNESS WHEREOF, the parties hereto have executed this Purchase
Agreement on the date first written above.

SP ACQUISITION HOLDINGS, INC.

----------------------------------------------------
By: Warren G. Lichtenstein, Chairman of the Board of
    Directors, President and Chief Executive Officer

SP ACQ LLC

----------------------------------------------------
By: Warren G. Lichtenstein, Managing Member

STEEL PARTNERS II, L.P.
By: Steel Partners L.L.C.
    Its General Partner

----------------------------------------------------
By: Warren G. Lichtenstein, Managing Member

                          SPECIMEN OF UNIT CERTIFICATE

                          SP ACQUISITION HOLDINGS, INC.
              INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE

No.__________                                                    _______ UNIT(S)

     UNIT(S) EACH CONSISTING OF ONE SHARE OF COMMON STOCK AND ONE WARRANT TO
                       PURCHASE ONE SHARE OF COMMON STOCK

                       SEE REVERSE FOR CERTAIN DEFINITIONS

THIS CERTIFIES THAT ____________________________________________IS THE OWNER
OF____________________________________________________________________________
UNIT(S). EACH UNIT ("UNIT") CONSISTS OF ONE (1) SHARE OF COMMON STOCK, PAR VALUE
$0.001 PER SHARE ("COMMON STOCK"), OF SP ACQUISITION HOLDINGS, INC., A DELAWARE
CORPORATION (THE "CORPORATION"), AND ONE WARRANT (EACH, A "WARRANT"). EACH
WARRANT ENTITLES THE HOLDER TO PURCHASE ONE (1) SHARE OF COMMON STOCK FOR $7.50
PER SHARE (SUBJECT TO ADJUSTMENT). THE COMMON STOCK AND WARRANT COMPRISING EACH
UNIT REPRESENTED BY THIS CERTIFICATE ARE NOT TRANSFERABLE SEPARATELY PRIOR TO
FIVE BUSINESS DAYS FOLLOWING THE EARLIER TO OCCUR OF THE EXPIRATION OF THE
OVER-ALLOTMENT OPTION OF THE UNDERWRITERS OF THE CORPORATION'S INITIAL PUBLIC
OFFERING (THE "IPO") AND THE EXERCISE IN FULL BY THE UNDERWRITERS OF SUCH
OPTION. THE TERMS OF THE WARRANTS ARE GOVERNED BY A WARRANT AGREEMENT (THE
"WARRANT AGREEMENT") BETWEEN THE CORPORATION AND ITS TRANSFER AGENT TO BE
ENTERED INTO UPON THE EFFECTIVENESS OF THE CORPORATION'S INITIAL PUBLIC
OFFERING, AS AMENDED, RESTATED OR SUPPLEMENTED FROM TIME TO TIME, AND ARE
SUBJECT TO THE TERMS AND PROVISIONS CONTAINED THEREIN, ALL OF WHICH TERMS AND
PROVISIONS THE HOLDER OF THIS CERTIFICATE CONSENTS TO BY ACCEPTANCE HEREOF.
COPIES OF THE WARRANT AGREEMENT WILL BE ON FILE AT THE OFFICE OF THE
CORPORATION, AND WILL BE AVAILABLE TO ANY WARRANT HOLDER ON WRITTEN REQUEST AND
WITHOUT COST.

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED,
SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR
AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE. THESE SECURITIES ARE ALSO
SUBJECT TO FORFEITURE AND ADDITIONAL RESTRICTIONS ON TRANSFER OR SALE PURSUANT
TO AN INITIAL FOUNDER'S SECURITIES PURCHASE AGREEMENT DATED MARCH 22, 2007, A
COPY OF WHICH CAN BE OBTAINED FROM THE COMPANY AT ITS EXECUTIVE OFFICES.

SECURITIES EVIDENCED BY THIS CERTIFICATE WILL BE ENTITLED TO REGISTRATION RIGHTS
UNDER A REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED BY THE CORPORATION.

WITNESS THE SEAL OF THE CORPORATION AND THE FACSIMILE SIGNATURE OF ITS DULY
AUTHORIZED OFFICER.

DATED:          , 2007

                          SP ACQUISITION HOLDINGS, INC.

                                 CORPORATE SEAL

                                    DELAWARE

                                                   -----------------------------
                                                        AUTHORIZED OFFICER

================================================================================

            The following abbreviations, when used in the inscription on the
face of this certificate, shall be construed as though they were written out in
full according to applicable laws or regulations:

TEN COM    as tenants in common         Unif Gift Min Act -   ________ Custodian __________

TEN ENT    tenants by the entireties                             (Cust)         (Minor)

           as joint tenants with                           Under Uniform Gifts to Minors Act:
           right of survivorship and                              ____________________
JT TEN     not as tenants in common                                     (State)

     Additional abbreviations may also be used though not in the above list.

                          SP ACQUISITION HOLDINGS, INC.

            The Corporation will furnish without charge to each stockholder who
so requests the powers, designations, preferences and relative, participating,
option or other special rights of each class of stock or series thereof of the
Corporation and the qualifications, limitations, or restrictions of such
preferences and/or rights. This certificate and the Units represented hereby are
issued and shall be held subject to the terms and conditions applicable to the
securities underlying and comprising the Units.

FOR VALUE RECEIVED,      HEREBY SELL, ASSIGN AND TRANSFER UNTO

PLEASE INSERT SOCIAL SECURITY OR OTHER
       IDENTIFYING NUMBER OF ASSIGNEE

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

UNITS REPRESENTED BY THE WITHIN CERTIFICATE, AND DO HEREBY IRREVOCABLY
CONSTITUTE AND APPOINT _________________ ATTORNEY, TO TRANSFER THE SAID UNITS ON
THE BOOKS OF THE WITHIN NAMED CORPORATION WITH FULL POWER OF SUBSTITUTION IN THE
PREMISES.

DATED __________________                        BY:
                                                NOTICE: THE SIGNATURE TO THIS
                                                ASSIGNMENT MUST CORRESPOND WITH
                                                THE NAME AS WRITTEN UPON THE
                                                FACE OF THE CERTIFICATE IN EVERY
                                                PARTICULAR, WITHOUT ALTERATION
                                                OR ENLARGEMENT OR ANY CHANGE
                                                WHATEVER.

                                                                       Exhibit B

              [SPECIMEN INITIAL FOUNDER'S COMMON STOCK CERTIFICATE]

NUMBER                                                        SHARES

CUSIP

                          SP ACQUISITION HOLDINGS, INC.

              INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE

                                  COMMON STOCK

                                                                 SEE REVERSE FOR
                                                             CERTAIN DEFINITIONS

THIS CERTIFIES THAT

IS THE OWNER OF

         FULLY PAID AND NON-ASSESSABLE SHARES OF THE PAR VALUE OF $0.001
                           EACH OF THE COMMON STOCK OF

                          SP ACQUISITION HOLDINGS, INC.

TRANSFERABLE ON THE BOOKS OF THE CORPORATION IN PERSON OR BY DULY AUTHORIZED
ATTORNEY UPON SURRENDER OF THIS CERTIFICATE PROPERLY ENDORSED. THIS CERTIFICATE
IS NOT VALID UNLESS COUNTERSIGNED BY THE TRANSFER AGENT AND REGISTERED BY THE
REGISTRAR. WITNESS THE SEAL OF THE CORPORATION AND THE FACSIMILE SIGNATURES OF
ITS DULY AUTHORIZED OFFICERS.

Dated:

                          SP Acquisition Holdings, Inc.
                               CORPORATE DELAWARE
                                      SEAL

------------------                                            ------------------
    PRESIDENT                                                     SECRETARY

                                    DELAWARE

--------------------------------------------------------------------------------

The following abbreviations, when used in the inscription on the face of this
certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM    as tenants in common             UNIF GIFT MIN ACT - ________ Custodian _________
TEN ENT    as tenants by the entireties                          (Cust              (Minor)
JT TEN     as joint tenants with right of                     under Uniform Gifts to Minors Act
           survivorship and not as
           tenants in common
                                                     --------------------------------------------------
                                                                          (State)

     Additional Abbreviations may also be used though not in the above list.

                          SP Acquisition Holdings, Inc.

The Corporation will furnish without charge to each stockholder who so requests
the powers, designations, preferences and relative participating, optional or
other special rights of each class of stock or series thereof of the Corporation
and the qualifications, limitations, or restrictions of such preferences and/or
rights. This certificate and the shares represented hereby are issued and shall
be held subject to all the provisions of the Certificate of Incorporation and
all amendments thereto and resolutions of the Board of Directors providing for
the issue of shares of Preferred Stock (copies of which may be obtained from the
secretary of the Corporation), to all of which the holder of this certificate by
acceptance hereof assents.

--------------------------------------------------------------------------------
THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED,
SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR
AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE. THESE SECURITIES ARE ALSO
SUBJECT TO (i) FORFEITURE, (ii) ADDITIONAL RESTRICTIONS ON TRANSFER OR SALE AND
(iii) VOTING REQUIREMENTS AND HOLDERS OF THE SECURITIES WAIVE ANY RIGHT TO
PARTICIPATE IN A LIQUIDATION DISTRIBUTION IN CERTAIN CIRCUMSTANCES, IN EACH CASE
PURSUANT TO AN INITIAL PURCHASER'S SECURITIES PURCHASE AGREEMENT DATED MARCH 22,
2007, A COPY OF WHICH CAN BE OBTAINED FROM THE COMPANY AT ITS EXECUTIVE OFFICES.

SECURITIES EVIDENCED BY THIS CERTIFICATE WILL BE ENTITLED TO REGISTRATION RIGHTS
UNDER A REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED BY THE CORPORATION.
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

For value received, _________________________________________ hereby sell,
assign and transfer unto

         PLEASE INSERT SOCIAL
           SECURITY OR OTHER
              IDENTIFYING

          NUMBER OF ASSIGNEE
----------------------------------------

----------------------------------------

--------------------------------------------------------------------------------
  (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE OF ASSIGNEE)

     -----------------------------------------------------------------------

     -----------------------------------------------------------------------

                                                                          SHARES
-----------------------------------------------------------------------

of the capital stock represented by the within Certificate, and do hereby
irrevocably constitute and appoint

                                                                        ATTORNEY
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TO TRANSFER THE SAID STOCK ON THE BOOKS OF THE WITHIN NAMED CORPORATION WILL
FULL POWER OF SUBSTITUTION IN THE PREMISES.

Dated
     --------------------

                                    --------------------
                                    NOTICE: The signature to this assignment
                                    must correspond with the name as written
                                    upon the face of the certificate in every
                                    particular, without alteration or
                                    enlargement or any change whatever.

Signature(s) Guaranteed:

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THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION
(BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH
MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO
S.E.C. RULE 17Ad-15).

                                                                       Exhibit C

                                WARRANT AGREEMENTsec document

                                                                    Exhibit 10.6

                      FORM OF REGISTRATION RIGHTS AGREEMENT

      THIS REGISTRATION RIGHTS AGREEMENT (this "AGREEMENT") is entered into as
of the ___ day of __________ 2007, by and among SP Acquisition Holdings, Inc., a
Delaware corporation (the "COMPANY"), and the undersigned parties listed under
Investor 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; 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
shares of Common Stock held by them.

      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:

      "ADDITIONAL FOUNDER'S WARRANTS" mean the 5,250,000 warrants of the Company
initially purchased by SP Acq LLC, one of the Investors, pursuant to the Initial
Founder's Securities Purchase Agreement, between the Company and SP Acq LLC
(including the underlying shares of Common Stock), of which a total of 500,000
Additional Founder's Warrants were subsequently sold to certain of the other
Investors.

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

      "CO-INVESTMENT SHARES" means the 3,000,000 shares of Common Stock to be
issued as part of the Co-Investment Units.

      "CO-INVESTMENT UNITS" means the 3,000,000 units of the Company to be
issued to Steel Partners II, L.P., one of the Investors, pursuant to the
Co-Investment Units Subscription Agreement, dated as of even date herewith,
between the Company and Steel Partners II, L.P.

      "CO-INVESTMENT WARRANTS" means the 3,000,000 warrants of the Company to
purchase shares of Common Stock to be issued as part of the Co-Investment Units
(including the underlying shares of Common Stock).

      "COMMISSION" means the United States 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.

                                       1

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

      "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.

      "FOUNDER'S SHARES" means the 11,500,000 shares of Common Stock issued as
part of the Founder's Units.

      "FOUNDER'S UNITS" means the 11,500,000 units of the Company initially
issued to SP Acq LLC pursuant to the Founder's Units Subscription Agreement,
dated as of March 22, 2007, between the Company and SP Acq LLC, of which a total
of 1,363,636 Founder's Units were subsequently sold to certain other Investors.

      "INDEMNIFIED PARTY" is defined in Section 4.3.

      "INDEMNIFYING PARTY" is defined in Section 4.3.

      "INITIAL FOUNDER'S WARRANTS" means the 11,500,000 warrants of the Company
to purchase shares of Common Stock issued as part of the Founder's Units to the
Investors (including the underlying shares of Common Stock).

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

      "INVESTOR INDEMNIFIED PARTY" is defined in Section 4.1.

      "NOTICES" is defined in Section 6.3.

      "PIGGY-BACK REGISTRATION" is defined in Section 3.1.

      "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, collectively, the Registrable Units,
Registrable Shares and Registrable Initial Founder's Warrants, Registrable
Additional Founder's Warrants and Registrable Co-Investment Warrants. As to any
particular Registrable Securities, such securities shall cease to be Registrable
Securities when: (a) a Registration Statement with respect to the sale of such
securities shall have become effective under the Securities Act and such
securities shall have been sold, transferred, disposed of or exchanged in
accordance with such Registration Statement; (b) such securities shall have been
otherwise transferred, new certificates for them not bearing a legend
restricting further transfer shall have been delivered by the Company and
subsequent public distribution of them shall not require registration under the
Securities Act; (c) such securities shall have ceased to be outstanding, or (d)
the Commission makes a definitive determination to the Company that the
Registrable Securities are salable under Rule 144(k).

                                       2

      "REGISTRABLE SHARES" mean (i) the Founder's Shares underlying the
Founder's Units and (ii) the Co-Investment Shares underlying the Co-Investment
Units. Registrable Shares include any shares of capital stock or other
securities of the Company issued as a dividend or other distribution with
respect to or in exchange for or in replacement of such shares of Common Stock.

      "REGISTRABLE UNITS" mean all of the Co-Investment Units and Founder's
Units owned or held by Investors, each consisting of (i) one share of Common
Stock and (ii) one warrant to purchase one share of Common Stock.

      "REGISTRABLE INITIAL FOUNDER'S WARRANTS" mean the Initial Founder's
Warrants underlying the Founder's Units, including the shares of Common Stock
underlying the Initial Founder's Warrants.

      "REGISTRABLE ADDITIONAL FOUNDER'S WARRANTS" means the Additional Founder's
Warrants, including the shares of Common Stock underlying the Additional
Founder's Warrants.

      "REGISTRABLE CO-INVESTMENT WARRANTS" means the Co-Investment Warrants
underlying the Co-Investment Units, including the shares of Common Stock
underlying the Co-Investment Warrants.

      "REGISTRATION STATEMENT" means a registration statement filed by the
Company with the Commission in compliance with the Securities Act and the rules
and regulations promulgated thereunder for a public offering and sale of
Registrable Securities (other than a registration statement on Form S-4 or Form
S-8, or their successors, or any registration statement covering only securities
proposed to be issued in exchange for securities or assets of another entity).

      "RELEASE DATE" means (i) with respect to the Registrable Units,
Registrable Shares, Registrable Initial Founder's Warrants and Registrable
Co-Investment Warrants at any time commencing three months prior to the date
that is one year after the Company consummates its initial business combination,
and (ii) with respect to the Registrable Additional Founder's Warrants, at any
time after the execution of a definitive agreement for an initial business
combination.

      "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.

      "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. MANDATORY REGISTRATION; PROCEDURES.

            2.1. FILINGS; INFORMATION.

                  2.1.1. FILING REGISTRATION STATEMENT. The Company shall, as
expeditiously as possible after the Release Date, use its best efforts to
prepare and file with the Commission a Registration Statement on any form for
which the Company then qualifies and which form shall be available for the sale

                                       3

of all Registrable Securities 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
2.1.3; PROVIDED, HOWEVER, that the Company shall have the right to defer the
Registration for up to thirty (30) days, if the Company shall furnish to the
holders a certificate signed by the Chairman, President and 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, that the Company shall not be obligated to deliver securities
and shall not have penalties for failure to deliver securities, if a
Registration Statement is not effective at the time of exercise by the holder.

                  2.1.2. 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.

                  2.1.3. 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 or such
securities have been withdrawn.

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

                                       4

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.

                  2.1.5. 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 paragraph or subject itself to taxation in any such jurisdiction.

                  2.1.6. 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.

                  2.1.7. 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.

                  2.1.8. 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

                                       5

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
requested by any of them in connection with such Registration Statement.

                  2.1.9. OPINIONS AND COMFORT LETTERS. The Company shall furnish
to each holder of Registrable Securities included in the Registration Statement
a signed counterpart, addressed to such holder, of (i) any opinion of counsel to
the Company delivered to any Underwriter and (ii) any comfort letter from the
Company's independent public accountants delivered to any Underwriter. In the
event no legal opinion is delivered to any Underwriter, the Company shall
furnish to each holder of Registrable Securities included in such Registration
Statement, at any time that such holder elects to use a prospectus, an opinion
of counsel to the Company (based solely on the oral advice of the Commission) to
the effect that the Registration Statement containing such prospectus has been
declared effective and that no stop order is in effect.

                  2.1.10. 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.

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

            2.2. OBLIGATION TO SUSPEND DISTRIBUTION. Upon receipt of any notice
from the Company of the happening of any event of the kind described in Section
2.1.4(iv), each holder of Registrable Securities included in the Registration
shall immediately discontinue disposition of such Registrable Securities
pursuant to the Registration Statement covering such Registrable Securities
until such holder receives the supplemented or amended prospectus contemplated
by Section 2.1.4(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.

            2.3. REGISTRATION EXPENSES. The Company shall bear all costs and
expenses incurred in connection with the Registration pursuant to this
Agreement, 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

                                       6

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
2.1.11; (vi) National Association of Securities Dealers, 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 2.1.9); (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 by such holders. Additionally, in an underwritten
offering, all selling stockholders and the Company shall bear the expenses of
the underwriter pro rata in proportion to the respective amount of shares each
is selling in such offering.

            2.4. 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 the
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. PIGGY-BACK REGISTRATION.

            3.1. If at any time on or after one year from the date of our
initial business combination with respect to the Registrable Units and
Registrable Shares, or, with respect to the Registrable Initial Warrants,
Registrable Additional Warrants and Registrable Co-Investment Warrants, after
such warrants become exercisable by their terms, 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, 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 stockholders, (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 Investors as soon as practicable but in no event less
than ten (10) days before the anticipated filing date, which notice shall
describe the amount and type of securities to be included in such offering, the
intended method(s) of distribution, and the name of the proposed managing
Underwriter or Underwriters, if any, of the offering, and (y) offer to the
Investors in such notice the opportunity to register the sale of such number of
Registrable Securities as such Investors may request in writing within five (5)
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 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.

                                       7

      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, and agents, and each person, if any, who controls an Investor
and each other holder of Registrable Securities (within the meaning of Section
15 of the Securities Act or Section 20 of the Exchange Act) (each, an "INVESTOR
INDEMNIFIED PARTY"), from and against any expenses, losses, judgments, claims,
damages or liabilities, whether joint or several, arising out of or based upon
any untrue statement (or allegedly untrue statement) of a material fact
contained in the 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, affiliates,
directors, partners, members and agents and each person who controls such
Underwriter on substantially the same basis as that of the indemnification
provided above in this Section 4.1.

            4.2. INDEMNIFICATION BY HOLDERS OF REGISTRABLE SECURITIES. Each
selling holder of Registrable Securities will, in the event that the
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 selling holder and each other person, if
any, who controls another selling holder or such underwriter within the meaning
of the Securities 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 the 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 alleged omission)
to state a material fact required to be stated therein or necessary to make the

                                       8

statements 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 other selling holder or
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.

            4.3. CONDUCT OF INDEMNIFICATION PROCEEDINGS. Promptly after receipt
by any person of any notice of any loss, claim, damage or liability or any
action in respect of which indemnity may be sought pursuant to Section 4.1 or
4.2, such person (the "INDEMNIFIED PARTY") shall, if a claim in respect thereof
is to be made against any other person for indemnification hereunder, notify
such other person (the "INDEMNIFYING PARTY") in writing of the loss, claim,
judgment, damage, liability or action; PROVIDED, HOWEVER, that the failure by
the Indemnified Party to notify the Indemnifying Party shall not relieve the
Indemnifying Party from any liability which the Indemnifying Party may have to
such Indemnified Party hereunder, except and solely to the extent the
Indemnifying Party is actually prejudiced by such failure. If the Indemnified
Party is seeking indemnification with respect to any claim or action brought
against the Indemnified Party, then the Indemnifying Party shall be entitled to
participate in such claim or action, and, to the extent that it wishes, 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

                                       9

appropriate to reflect the relative fault of the Indemnified Parties and the
Indemnifying Parties in connection with the actions or omissions which resulted
in such loss, claim, damage, liability or action, as well as any other relevant
equitable considerations. The relative fault of any Indemnified Party and any
Indemnifying Party shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information
supplied by such Indemnified Party or such Indemnifying Party and the parties'
relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission.

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

      5. UNDERWRITING AND DISTRIBUTION.

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

      6. MISCELLANEOUS.

            6.1. OTHER REGISTRATION RIGHTS. The Company represents and warrants
that no person, other than a holder of the Registrable Securities, 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 the Registration
filed by the Company for the sale of shares of capital stock for its own account
or for the account of any other person.

            6.2. ASSIGNMENT; NO THIRD PARTY BENEFICIARIES. This Agreement and
the rights, duties and obligations of the Company hereunder may not be assigned
or delegated by the Company in whole or in part. This Agreement and the rights,
duties and obligations of the holders of Registrable Securities hereunder may be
freely assigned or delegated by such holder of Registrable Securities in
conjunction with and to the extent of any transfer of Registrable Securities by

                                       10

any such holder. This Agreement and the provisions hereof shall be binding upon
and shall inure to the benefit of each of the parties, to UBS Investment Bank
and Ladenburg Thalmann & Co. Inc. and their 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 Section 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 personally served, delivered by reputable air courier service with
charges prepaid, or transmitted by hand delivery, telegram, telex or facsimile,
addressed as set forth below, or to such other address as such party shall have
specified most recently by written notice. Notice shall be deemed given on the
date of service or transmission if personally served or transmitted by telegram,
telex or facsimile; PROVIDED, HOWEVER, that if such service or transmission is
not on a business day or is after normal business hours, then such notice shall
be deemed given on the next business day. Notice otherwise sent as provided
herein shall be deemed given on the next business day following timely delivery
of such notice to a reputable air courier service with an order for next-day
delivery.

     To the Company:

     SP Acquisition Holdings, Inc.
     590 Madison Avenue
     32nd Floor
     New York, New York 10022
     Attn:  Warren Lichtenstein, Chairman, President and Chief Executive Officer

     with a copy to:

     Olshan Grundman Frome Rosenzweig
     & Wolosky LLP
     Park Avenue Tower
     65 East 55th Street
     New York, New York 10022
     Attn:  Steven Wolosky, Esq.

     To an Investor, to:

     To the address of such Investor(s) as are then reflected on the records of
     the Company.

            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 that is valid and enforceable.

                                       11

            6.5. COUNTERPARTS. This Agreement may be executed in multiple
counterparts, each of which shall be deemed an original, and all of which taken
together shall constitute one and the same instrument.

            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. Notwithstanding the foregoing, any and all parties must
obtain the written consent of UBS Investment Bank and Ladenberg Thalmann & Co.
Inc. to amend or modify either the definition of Release Date or Section 3 of
this Agreement.

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

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

            6.11. GOVERNING LAW. This Agreement shall be governed by,
interpreted under, and construed in accordance with the internal laws of the
State of New York applicable to agreements made and to be performed within the
State of New York, without giving effect to any choice-of-law provisions thereof
that would compel the application of the substantive laws of any other
jurisdiction.

                                       12

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

                    [SIGNATURES APPEAR ON THE FOLLOWING PAGE]

                                       13

      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.

                                 SP ACQUISITION HOLDINGS, INC.

                                 By:
                                     -------------------------------------------
                                     Name:
                                     Title:

                                 INVESTORS:

                                 SP ACQ LLC

                                 By:
                                     -------------------------------------------
                                     Name: Warren G. Lichtenstein
                                     Title: Managing Member

                                 STEEL PARTNERS II, L.P.
                                 By: Steel Partners, L.L.C., its General Partner

                                 By:
                                     -------------------------------------------
                                     Name: Warren G. Lichtenstein
                                     Title: Managing Member

                                 -----------------------------------------------
                                 ANTHONY BERGAMO

                                 -----------------------------------------------
                                 RONALD LABOW

                                 -----------------------------------------------
                                 HOWARD M. LORBER

                                 -----------------------------------------------
                                 LEONARD TOBOROFF

                                 -----------------------------------------------
                                 S. NICHOLAS WALKER

                                       14

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