Document:

EX-10.5

 

EX 10.5

JWL PARTNERS ACQUISITION CORP.

AMENDED AND RESTATED INITIAL UNIT SUBSCRIPTION AGREEMENT

          THIS AMENDED AND RESTATED INITIAL UNIT SUBSCRIPTION AGREEMENT (this “Agreement”) is made as of
the 1st day of February, 2008, by and between JWL Partners Acquisition Corp., a Delaware
corporation (the “Company”), and Alan Gelband (“Purchaser”).

          WHEREAS, the Company desires to issue and sell, and Purchaser desires to purchase and acquire,
Units (as defined herein) on the terms and conditions hereinafter set forth; and

          WHEREAS, the Company and the Purchaser have determined to amend and restate the Initial Unit
Subscription Agreement, dated as of January 14, 2008, by and between the Company and the Purchaser
on the terms and conditions hereinafter set forth.

          NOW, THEREFORE, for and in consideration of the promises and mutual covenants set forth
herein, it is agreed between the parties as follows:

	1.	 	Purchase of Units. Purchaser hereby subscribes for and purchases from the Company, and the
Company hereby issues and sells to Purchaser, 282,900 units (the “Units”) at a purchase price
of $0.004348 per Unit for an aggregate purchase price of $1,230.00. Each Unit consists of one
share of the common stock of the Company, par value $0.0001 per share (the “Common Stock”),
and one warrant (a “Warrant” and, together with the Units and the Common Stock, the
“Securities”) exercisable for one share of Common Stock. Each Warrant shall entitle the holder
thereof to purchase one share of Common Stock at an exercise price of $7.50, in accordance
with the terms of the Warrant as set forth in the Warrant Agreement entered into by and
between the Company and Continental Stock Transfer and Trust Company, as warrant agent. The
Warrant Agreement shall be substantially in the form attached hereto as Exhibit A (the
“Warrant Agreement”).

	2.	 	Payment of Purchase Price. If not previously paid, the purchase price for the Units shall be
tendered in full on the date hereof. Upon payment of the purchase price in full, the Company
will deliver the Securities to the Purchaser.

	3.	 	Forfeiture of Units. If the underwriters (the “Underwriters”) for the Company’s initial
public offering (the “IPO”) do not exercise in full their over-allotment option to be granted
by the Company pursuant to an underwriting agreement by and among the Underwriters and the
Company, then Purchaser shall forfeit a number of Units equal to 36,900 multiplied by the
percentage of the Underwriters’ over-allotment option that remains unexercised as of the
expiration date thereof.

	4.	 	Limitations on Transfer. Purchaser shall not assign, hypothecate, donate, encumber or
otherwise dispose of any interest in the Securities (and the underlying securities) during the
“Escrow Period” for the “Founders’ Units” (as such terms are defined in a securities escrow
agreement substantially in the form attached hereto as Exhibit B (the “Securities
Escrow Agreement”), dated on or about the effective date of the IPO to be entered into by and between the
Company and an escrow agent to be determined by the Company), except (i) as

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	 	 	otherwise permitted by
the Securities Escrow Agreement or other agreement among Purchaser, the Company and the
Underwriters, (ii) in compliance with applicable securities laws and (iii) in compliance with the
Warrant Agreement.

	5.	 	Restrictive Legends. All certificates representing the Securities (and any underlying
securities thereof) shall have endorsed thereon legends in substantially the following forms
(in addition to any other legend which may be required by other agreements between the parties
hereto, such as, but not limited to, the Warrant Agreement):

	 	(a)	 	“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED. THE SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE,
PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE
SECURITIES UNDER SAID ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH
REGISTRATION IS NOT REQUIRED.”
	 
	 	(b)	 	“THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE ASSIGNED, HYPOTHECATED,
DONATED, ENCUMBERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT IN ACCORDANCE WITH
THAT CERTAIN SECURITIES ESCROW AGREEMENT DATED      , 2008, AND THAT CERTAIN WARRANT
AGREEMENT DATED AS OF                                                              , 2008, COPIES OF WHICH ARE AVAILABLE FOR INSPECTION AT
THE OFFICES OF THE COMPANY.”
	 
	 	(c)	 	Any legend required by appropriate blue sky officials.

	6.	 	Investment Representations. In connection with the purchase of the Securities, Purchaser
represents to the Company the following:

	 	(a)	 	Purchaser has been furnished with all materials relating to the Company’s business
affairs and financial condition and materials related to the offer and sale of the
Securities that have been requested by Purchaser and has acquired sufficient information
about the Company to reach an informed and knowledgeable decision to acquire the
Securities. Purchaser has been afforded the opportunity to ask questions of the executive
officers and directors of the Company. Purchaser understands that its investment in the
Securities involves a high degree of risk. Purchaser has sought such accounting, legal and
tax advice as Purchaser has considered necessary to make an informed investment decision
with respect to Purchaser’s acquisition of the Securities. 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. Purchaser has adequate means of providing for its current
financial needs and contingencies and will have no current or anticipated

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	 	 	 	future needs for
liquidity which would be jeopardized by the investment in the Securities. Purchaser can afford a
complete loss of its investment in the Securities. Purchaser is purchasing the Securities for
investment for Purchaser’s own account only and not with a view to, or for resale in connection
with, any “distribution” thereof within the meaning of the Securities Act of 1933, as amended
(the “Act”). Purchaser understands that the Company is a blank check development stage company
recently formed for the purpose of consummating an initial business combination (a “Business
Combination”) and understands that there is no assurance as to the future performance of the
Company and that the Company may never effectuate a Business Combination.
	 
	 	(b)	 	Purchaser understands that the Securities (and the underlying securities) have not been
registered under the Act or any state securities law by reason of a specific exemption
therefrom, and that the Company is relying on the truth and accuracy of, and Purchaser’s
compliance with, the representations and warranties and agreements of Purchaser set forth
herein to determine the availability of such exemptions and the eligibility of Purchaser to
acquire such Securities, including, but not limited to, the bona fide nature of Purchaser’s
investment intent as expressed herein.
	 
	 	(c)	 	Purchaser further acknowledges and understands that the Securities (and the underlying
securities) must be held indefinitely unless the Securities (and the underlying securities)
are subsequently registered under the Act or an exemption from such registration is
available. Purchaser understands that the certificates evidencing the Securities (and the
underlying securities) will be imprinted with a legend which prohibits the transfer of the
Securities (and the underlying securities) unless the Securities (and the underlying
securities) are registered or such registration is not required in the opinion of counsel
for the Company.
	 
	 	(d)	 	Purchaser is familiar with the provisions of Rule 144 under the Act, as in effect from
time to time (“Rule 144”), which, in substance, permit limited public resale of “restricted
securities” acquired, directly or indirectly, from the issuer thereof (or from an affiliate
of such issuer), in a non-public offering subject to the satisfaction of certain
conditions. Unless the Company registers the Securities (and the underlying securities)
under the Act, the Securities (and the underlying securities) may be resold by Purchaser
only in certain limited circumstances subject to the provisions of Rule 144, which
requires, among other things: (i) the availability of certain public information about the
Company and (ii) the resale occurring following the required holding period under Rule 144
after Purchaser has purchased, and made full payment of (within the meaning of Rule 144),
the securities to be sold.
	 
	 	(e)	 	Purchaser further understands that at the time Purchaser wishes to sell the Securities
there may be no public market upon which to make such a sale, and that, even if such a
public market then exists, the Company may not be satisfying the current public information
requirements of Rule 144, and that, in such event, Purchaser would be precluded from
selling the Securities (and the underlying securities) under Rule 144 even if the minimum
holding period requirement had been satisfied. Notwithstanding

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	 	 	 	Sections 6(d) and (e)
hereof, Purchaser understands that it may be considered a promoter of the Company and
understands that the Securities may not be resold under Rule 144 in certain circumstances
until one year after the consummation of a Business Combination.
	 
	 	(f)	 	Purchaser represents that Purchaser is an “accredited investor” as that term is defined
in Rule 501 of Regulation D promulgated by the SEC under the Act.
	 
	 	(g)	 	This Agreement has been duly executed and delivered by Purchaser. Subject to the terms
and conditions of this Agreement, this Agreement constitutes the valid, binding and
enforceable obligation of Purchaser, enforceable in accordance with its terms, except as
enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent transfer or similar laws of general application now or hereafter in
effect affecting the rights and remedies of creditors and by general principles of equity
(regardless of whether enforcement is sought in a proceeding at law or in equity); and (ii)
the applicability of the federal and state securities laws and public policy as to the
enforceability of the indemnification provisions of this Agreement. The purchase by
Purchaser of the Securities does not conflict with any material contract by which Purchaser
or his property is bound, or any laws or regulations or decree, ruling or judgment of any
court applicable to Purchaser or his property. The address of Purchaser is as set forth on
the signature page hereto.
	 
	 	(h)	 	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) of the Securities
Act.
	 
	 	(i)	 	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, nor
have such authorities passed upon or endorsed the merits of the offering of the Securities.

	7.	 	Company Representations and Warranties. The Company hereby represents and warrants to
Purchaser that the Company has all necessary corporate power and authority to enter into this
Agreement and to consummate the transactions contemplated hereby. All corporate action
necessary to be taken by the Company to authorize the execution, delivery and performance of
this Agreement and all other agreements and instruments delivered by the Company in connection
with the transactions contemplated hereby has been duly and validly taken and this Agreement has
been duly executed and delivered by the Company. Subject to the terms
and conditions of this Agreement, this Agreement constitutes the valid, binding and enforceable
obligation of the Company, enforceable in accordance with its terms, except as enforceability may
be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent
transfer or similar laws of general application now or hereafter in effect affecting the rights and
remedies of creditors and by general principles of equity (regardless of whether enforcement is
sought in a proceeding at law or in equity); and (ii) the applicability of the federal and state
securities laws and public policy as to the enforceability

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	 	 	of the indemnification provisions of
this Agreement. The sale by the Company of the Securities does not conflict with the certificate of
incorporation or by-laws of the Company or any material contract by which the Company or its
property is bound, or any federal or state laws or regulations or decree, ruling or judgment of any
United States or state court applicable to the Company or its property.

	8.	 	Indemnification. Purchaser hereby agrees to indemnify and hold harmless the Company and the
Company’s officers, directors, stockholders, employees, agents, and attorneys against any and
all losses, claims, demands, liabilities and expenses (including reasonable legal or other
expenses incurred by each such person in connection with defending or investigating any such
claims or liabilities, whether or not resulting in any liability to such person or whether
incurred by the indemnified party in any action or proceeding between the indemnitor and
indemnified party or between the indemnified party and any third party) to which any such
indemnified party may become subject, insofar as such losses, claims, demands, liabilities and
expenses (a) arise out of or are based upon any untrue statement or alleged untrue statement
of a material fact made by Purchaser and contained herein, or (b) arise out of or are based
upon any breach by Purchaser of any representation, warranty or agreement made by Purchaser
contained herein.

     9. Miscellaneous.

	 	(a)	 	Notices. All notices required or permitted hereunder shall be in writing and shall be
deemed effectively given: (i) upon personal delivery to the party to be notified, (ii) when
sent by confirmed facsimile if sent during normal business hours of the recipient, and if
not during normal business hours of the recipient, then on the next business day, (iii)
five calendar days after having been sent by registered or certified mail, return receipt
requested, postage prepaid, or (iv) one business day after deposit with a nationally
recognized overnight courier, specifying next day delivery, with written verification of
receipt. All communications shall be sent to the other party hereto at such party’s address
hereinafter set forth on the signature page hereof, or at such other address as such party
may designate by ten days advance written notice to the other party hereto.
	 
	 	(b)	 	Successors and Assigns. This Agreement shall inure to the benefit of the successors and
assigns of the Company and, subject to the restrictions on transfer herein set forth, shall
be binding upon Purchaser and Purchaser’s successors and assigns.
	 
	 	(c)	 	Attorneys’ Fees; Specific Performance. Purchaser shall reimburse the Company for all
costs incurred by the Company in enforcing the performance of, or protecting its rights
under, any part of this Agreement, including reasonable costs of investigation and
attorneys’ fees.
	 
	 	(d)	 	Governing Law; Venue. This Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware without regard to the principles of conflicts of law
thereof. The parties agree that any action brought by either party to interpret or enforce
any provision of this Agreement shall be brought in, and each

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	 	 	 	party agrees to, and does
hereby, submit to the jurisdiction and venue of, the appropriate state or federal court for
the district encompassing the Company’s principal place of business.
	 
	 	(e)	 	Further Execution. The parties agree to take all such further action(s) as may
reasonably be necessary to carry out and consummate this Agreement as soon as practicable,
and to take whatever steps may be necessary to obtain any governmental approval in
connection with or otherwise qualify the issuance of the securities that are the subject of
this Agreement.
	 
	 	(f)	 	Independent Counsel. Purchaser acknowledges that this Agreement has been prepared on
behalf of the Company by Greenberg Traurig, LLP, counsel to the Company and that Greenberg
Traurig, LLP does not represent, and is not acting on behalf of, Purchaser. Purchaser has
been provided with an opportunity to consult with Purchaser’s own counsel with respect to
this Agreement.
	 
	 	(g)	 	Entire Agreement; Amendment. This Agreement constitutes the entire agreement between
the parties with respect to the subject matter hereof and supersedes and merges all prior
agreements or understandings, whether written or oral, including the Initial Unit
Subscription Agreement, dated as of January 14, 2008, by and between the Company and the
Purchaser. This Agreement may not be amended, modified or revoked, in whole or in part,
except by an agreement in writing signed by each of the parties hereto.
	 
	 	(h)	 	Severability. If one or more provisions of this Agreement are held to be unenforceable
under applicable law, the parties agree to renegotiate such provision in good faith. In the
event that the parties cannot reach a mutually agreeable and enforceable replacement for
such provision, then (i) such provision shall be excluded from this Agreement, (ii) the
balance of the Agreement shall be interpreted as if such provision were so excluded and
(iii) the balance of the Agreement shall be enforceable in accordance with its terms.
	 
	 	(i)	 	Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original and all of which together shall constitute one
instrument. This Agreement or any counterpart may be executed via facsimile or
electronic mail transmission, and any such executed facsimile or electronic mail copy
shall be treated as an original.
	 
	 	(j)	 	Survival. The representations and warranties contained herein will survive the
delivery of, and the payment for, the Securities.
	 
	 	(k)	 	Waiver of Jury Trial. Each party hereto hereby irrevocably and unconditionally waives
the right to a trial by jury in any action, suit, counterclaim or other proceeding (whether
based on contract, tort or otherwise) arising out of, connected with or relating to this
Agreement, the transactions contemplated hereby, or the actions of Purchaser in the
negotiation, administration, performance or enforcement hereof.

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          IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first above written.

	 	 	 	 	 
	 	

 COMPANY:

JWL PARTNERS ACQUISITION CORP.

 	 
	 	By:  	/s/ Steven R. Isko
 
	 	 	Name:  	Steven R. Isko 
	 	 	Title:  	Vice Chairman and Corporate Secretary
    
	 	 	Address:  	9 West 57th Street, 26th Floor
New York, New York 10019 
	 
	 	PURCHASER:

ALAN GELBAND

 	 
	 	/s/ Alan Gelband
 
	 	 	Address:  	 c/o JWL Partners Acquisition Corp. 
9 West 57th Street, 26th Floor
New York, New York 10019 

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Exhibit A

Form of Warrant Agreement

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Exhibit B

Form of Securities Escrow Agreement

9EX-10.6

 

EX 10.6

JWL PARTNERS ACQUISITION CORP.

AMENDED AND RESTATED INITIAL UNIT SUBSCRIPTION AGREEMENT

          THIS AMENDED AND RESTATED INITIAL UNIT SUBSCRIPTION AGREEMENT (this “Agreement”) is made as of
the 1st day of February, 2008, by and between JWL Partners Acquisition Corp., a Delaware
corporation (the “Company”), and Robert Mettler (“Purchaser”).

          WHEREAS, the Company desires to issue and sell, and Purchaser desires to purchase and acquire,
Units (as defined herein) on the terms and conditions hereinafter set forth; and

          WHEREAS, the Company and the Purchaser have determined to amend and restate the Initial Unit
Subscription Agreement, dated as of January 14, 2008, by and between the Company and the Purchaser
on the terms and conditions hereinafter set forth.

          NOW, THEREFORE, for and in consideration of the promises and mutual covenants set forth
herein, it is agreed between the parties as follows:

	1.	 	Purchase of Units. Purchaser hereby subscribes for and purchases from the Company, and the
Company hereby issues and sells to Purchaser, 23,000 units (the “Units”) at a purchase price
of $0.004348 per Unit for an aggregate purchase price of $100.00. Each Unit consists of one
share of the common stock of the Company, par value $0.0001 per share (the “Common Stock”),
and one warrant (a “Warrant” and, together with the Units and the Common Stock, the
“Securities”) exercisable for one share of Common Stock. Each Warrant shall entitle the holder
thereof to purchase one share of Common Stock at an exercise price of $7.50, in accordance
with the terms of the Warrant as set forth in the Warrant Agreement entered into by and
between the Company and Continental Stock Transfer and Trust Company, as warrant agent. The
Warrant Agreement shall be substantially in the form attached hereto as Exhibit A (the
“Warrant Agreement”).

	2.	 	Payment of Purchase Price. If not previously paid, the purchase price for the Units shall be
tendered in full on the date hereof. Upon payment of the purchase price in full, the Company
will deliver the Securities to the Purchaser.

	3.	 	Forfeiture of Units. If the underwriters (the “Underwriters”) for the Company’s initial
public offering (the “IPO”) do not exercise in full their over-allotment option to be granted
by the Company pursuant to an underwriting agreement by and among the Underwriters and the
Company, then Purchaser shall forfeit a number of Units equal to 3,000 multiplied by the
percentage of the Underwriters’ over-allotment option that remains unexercised as of the
expiration date thereof.

	4.	 	Limitations on Transfer. Purchaser shall not assign, hypothecate, donate, encumber or
otherwise dispose of any interest in the Securities (and the underlying securities) during the
“Escrow Period” for the “Founders’ Units” (as such terms are defined in a securities escrow
agreement substantially in the form attached hereto as Exhibit B (the “Securities
Escrow Agreement”), dated on or about the effective date of the IPO to be entered into by and between
the Company and an escrow agent to be determined by the Company), except (i) as

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	 	 	otherwise permitted by the Securities Escrow Agreement or other agreement among Purchaser, the
Company and the Underwriters, (ii) in compliance with applicable securities laws and (iii) in
compliance with the Warrant Agreement.

	5.	 	Restrictive Legends. All certificates representing the Securities (and any underlying
securities thereof) shall have endorsed thereon legends in substantially the following forms
(in addition to any other legend which may be required by other agreements between the parties
hereto, such as, but not limited to, the Warrant Agreement):

	 	(a)	 	“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED. THE SECURITIES MAY NOT BE SOLD, OFFERED FOR
SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS
TO THE SECURITIES UNDER SAID ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY
THAT SUCH REGISTRATION IS NOT REQUIRED.”
	 
	 	(b)	 	“THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE ASSIGNED,
HYPOTHECATED, DONATED, ENCUMBERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT IN
ACCORDANCE WITH THAT CERTAIN SECURITIES ESCROW AGREEMENT DATED      , 2008, AND
THAT CERTAIN WARRANT AGREEMENT DATED AS OF
                                          , 2008, COPIES OF WHICH ARE
AVAILABLE FOR INSPECTION AT THE OFFICES OF THE COMPANY.”
	 
	 	(c)	 	Any legend required by appropriate blue sky officials.

	6.	 	Investment Representations. In connection with the purchase of the Securities, Purchaser
represents to the Company the following:

	 	(a)	 	Purchaser has been furnished with all materials relating to the Company’s
business affairs and financial condition and materials related to the offer and sale of
the Securities that have been requested by Purchaser and has acquired sufficient
information about the Company to reach an informed and knowledgeable decision to acquire
the Securities. Purchaser has been afforded the opportunity to ask questions of the
executive officers and directors of the Company. Purchaser understands that its
investment in the Securities involves a high degree of risk. Purchaser has sought such
accounting, legal and tax advice as Purchaser has considered necessary to make an
informed investment decision with respect to
Purchaser’s acquisition of the Securities. 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. Purchaser has
adequate means of providing for its current financial needs and contingencies and
will have no current or anticipated

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	 	 	 	future needs for liquidity which would be jeopardized by the investment in the Securities.
Purchaser can afford a complete loss of its investment in the Securities. Purchaser is
purchasing the Securities for investment for Purchaser’s own account only and not with a view
to, or for resale in connection with, any “distribution” thereof within the meaning of the
Securities Act of 1933, as amended (the “Act”). Purchaser understands that the Company is a
blank check development stage company recently formed for the purpose of consummating an initial
business combination (a “Business Combination”) and understands that there is no assurance as to
the future performance of the Company and that the Company may never effectuate a Business
Combination.
	 
	 	(b)	 	Purchaser understands that the Securities (and the underlying securities) have
not been registered under the Act or any state securities law by reason of a specific
exemption therefrom, and that the Company is relying on the truth and accuracy of, and
Purchaser’s compliance with, the representations and warranties and agreements of
Purchaser set forth herein to determine the availability of such exemptions and the
eligibility of Purchaser to acquire such Securities, including, but not limited to, the
bona fide nature of Purchaser’s investment intent as expressed herein.
	 
	 	(c)	 	Purchaser further acknowledges and understands that the Securities (and the
underlying securities) must be held indefinitely unless the Securities (and the
underlying securities) are subsequently registered under the Act or an exemption from
such registration is available. Purchaser understands that the certificates evidencing
the Securities (and the underlying securities) will be imprinted with a legend which
prohibits the transfer of the Securities (and the underlying securities) unless the
Securities (and the underlying securities) are registered or such registration is not
required in the opinion of counsel for the Company.
	 
	 	(d)	 	Purchaser is familiar with the provisions of Rule 144 under the Act, as in effect
from time to time (“Rule 144”), which, in substance, permit limited public resale of
“restricted securities” acquired, directly or indirectly, from the issuer thereof (or
from an affiliate of such issuer), in a non-public offering subject to the satisfaction
of certain conditions. Unless the Company registers the Securities (and the underlying
securities) under the Act, the Securities (and the underlying securities) may be resold
by Purchaser only in certain limited circumstances subject to the
provisions of Rule 144, which requires, among other things: (i) the availability of
certain public information about the Company and (ii) the resale occurring following
the required holding period under Rule 144 after Purchaser has purchased, and made
full payment of (within the meaning of Rule 144), the securities to be sold.
	 
	 	(e)	 	Purchaser further understands that at the time Purchaser wishes to sell the
Securities there may be no public market upon which to make such a sale, and that, even
if such a public market then exists, the Company may not be satisfying the current
public information requirements of Rule 144, and that, in such event, Purchaser would be
precluded from selling the Securities (and the underlying securities) under Rule 144
even if the minimum holding period requirement had been satisfied. Notwithstanding

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	 	 	 	Sections 6(d) and (e) hereof, Purchaser understands that it may be considered a promoter of the
Company and understands that the Securities may not be resold under Rule 144 in certain
circumstances until one year after the consummation of a Business Combination.
	 
	 	(f)	 	Purchaser represents that Purchaser is an “accredited investor” as that term is
defined in Rule 501 of Regulation D promulgated by the SEC under the Act.
	 
	 	(g)	 	This Agreement has been duly executed and delivered by Purchaser. Subject to the
terms and conditions of this Agreement, this Agreement constitutes the valid, binding
and enforceable obligation of Purchaser, enforceable in accordance with its terms,
except as enforceability may be limited by (i) applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent transfer or similar laws of general application
now or hereafter in effect affecting the rights and remedies of creditors and by general
principles of equity (regardless of whether enforcement is sought in a proceeding at law
or in equity); and (ii) the applicability of the federal and state securities laws and
public policy as to the enforceability of the indemnification provisions of this
Agreement. The purchase by Purchaser of the Securities does not conflict with any
material contract by which Purchaser or his property is bound, or any laws or
regulations or decree, ruling or judgment of any court applicable to Purchaser or his
property. The address of Purchaser is as set forth on the signature page hereto.
	 
	 	(h)	 	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) of the Securities
Act.
	 
	 	(i)	 	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, nor have such authorities passed upon or endorsed the merits of the
offering of the Securities.

	7.	 	Company Representations and Warranties. The Company hereby represents and warrants to
Purchaser that the Company has all necessary corporate power and authority to enter into this
Agreement and to consummate the transactions contemplated hereby. All corporate action
necessary to be taken by the Company to authorize the execution, delivery and performance of
this Agreement and all other agreements and instruments delivered by the Company in connection
with the transactions contemplated hereby has been duly and validly taken and this Agreement
has been duly executed and delivered by the Company. Subject to the terms and conditions of
this Agreement, this Agreement constitutes the valid, binding and enforceable obligation of
the Company, enforceable in accordance with its terms, except as enforceability may be limited
by (i) applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or
similar laws of general application now or hereafter in effect affecting the rights and
remedies of creditors and by general principles of equity (regardless of whether enforcement
is sought in a proceeding at law or in equity); and (ii) the applicability of the federal and
state securities laws and public policy as to the enforceability

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	 	 	of the indemnification provisions of this Agreement. The sale by the Company of the Securities does
not conflict with the certificate of incorporation or by-laws of the Company or any material
contract by which the Company or its property is bound, or any federal or state laws or regulations
or decree, ruling or judgment of any United States or state court applicable to the Company or its
property.

	8.	 	Indemnification. Purchaser hereby agrees to indemnify and hold harmless the Company and the
Company’s officers, directors, stockholders, employees, agents, and attorneys against any and
all losses, claims, demands, liabilities and expenses (including reasonable legal or other
expenses incurred by each such person in connection with defending or investigating any such
claims or liabilities, whether or not resulting in any liability to such person or whether
incurred by the indemnified party in any action or proceeding between the indemnitor and
indemnified party or between the indemnified party and any third party) to which any such
indemnified party may become subject, insofar as such losses, claims, demands, liabilities and
expenses (a) arise out of or are based upon any untrue statement or alleged untrue statement
of a material fact made by Purchaser and contained herein, or (b) arise out of or are based
upon any breach by Purchaser of any representation, warranty or agreement made by Purchaser
contained herein.

	9.	 	Miscellaneous.

	 	(a)	 	Notices. All notices required or permitted hereunder shall be in writing and
shall be deemed effectively given: (i) upon personal delivery to the party to be
notified, (ii) when sent by confirmed facsimile if sent during normal business hours of
the recipient, and if not during normal business hours of the recipient, then on the
next
business day, (iii) five calendar days after having been sent by registered or
certified mail, return receipt requested, postage prepaid, or (iv) one business day
after deposit with a nationally recognized overnight courier, specifying next day
delivery, with written verification of receipt. All communications shall be sent to
the other party hereto at such party’s address hereinafter set forth on the signature
page hereof, or at such other address as such party may designate by ten days advance
written notice to the other party hereto.
	 
	 	(b)	 	Successors and Assigns. This Agreement shall inure to the benefit of the
successors and assigns of the Company and, subject to the restrictions on transfer
herein set forth, shall be binding upon Purchaser and Purchaser’s successors and
assigns.
	 
	 	(c)	 	Attorneys’ Fees; Specific Performance. Purchaser shall reimburse the Company for
all costs incurred by the Company in enforcing the performance of, or protecting its
rights under, any part of this Agreement, including reasonable costs of investigation
and attorneys’ fees.
	 
	 	(d)	 	Governing Law; Venue. This Agreement shall be governed by and construed in
accordance with the laws of the State of Delaware without regard to the principles of
conflicts of law thereof. The parties agree that any action brought by either party to
interpret or enforce any provision of this Agreement shall be brought in, and each

5

 

	 	 	 	party agrees to, and does hereby, submit to the jurisdiction and venue of, the appropriate
state or federal court for the district encompassing the Company’s principal place of
business.
	 
	 	(e)	 	Further Execution. The parties agree to take all such further action(s) as may
reasonably be necessary to carry out and consummate this Agreement as soon as
practicable, and to take whatever steps may be necessary to obtain any governmental
approval in connection with or otherwise qualify the issuance of the securities that are
the subject of this Agreement.
	 
	 	(f)	 	Independent Counsel. Purchaser acknowledges that this Agreement has been prepared
on behalf of the Company by Greenberg Traurig, LLP, counsel to the Company and that
Greenberg Traurig, LLP does not represent, and is not acting on behalf of, Purchaser.
Purchaser has been provided with an opportunity to consult with Purchaser’s own counsel
with respect to this Agreement.
	 
	 	(g)	 	Entire Agreement; Amendment. This Agreement constitutes the entire agreement
between the parties with respect to the subject matter hereof and supersedes and
merges all prior agreements or understandings, whether written or oral, including the
Initial Unit Subscription Agreement, dated as of January 14, 2008, by and between the
Company and the Purchaser. This Agreement may not be amended, modified or revoked,
in whole or in part, except by an agreement in writing signed by each of the parties
hereto.
	 
	 	(h)	 	Severability. If one or more provisions of this Agreement are held to be
unenforceable under applicable law, the parties agree to renegotiate such provision in
good faith. In the event that the parties cannot reach a mutually agreeable and
enforceable replacement for such provision, then (i) such provision shall be excluded
from this Agreement, (ii) the balance of the Agreement shall be interpreted as if such
provision were so excluded and (iii) the balance of the Agreement shall be enforceable
in accordance with its terms.
	 
	 	(i)	 	Counterparts. This Agreement may be executed in two or more counterparts, each
of which shall be deemed an original and all of which together shall constitute one
instrument. This Agreement or any counterpart may be executed via facsimile or
electronic mail transmission, and any such executed facsimile or electronic mail copy
shall be treated as an original.
	 
	 	(j)	 	Survival. The representations and warranties contained herein will survive the
delivery of, and the payment for, the Securities.
	 
	 	(k)	 	Waiver of Jury Trial. Each party hereto hereby irrevocably and unconditionally
waives the right to a trial by jury in any action, suit, counterclaim or other
proceeding (whether based on contract, tort or otherwise) arising out of, connected with
or relating to this Agreement, the transactions contemplated hereby, or the actions of
Purchaser in the negotiation, administration, performance or enforcement hereof.

6

 

          IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first above written.

	 	 	 	 	 
	 	

 COMPANY:

JWL PARTNERS ACQUISITION CORP.

 	 
	 	By:  	/s/ Steven R. Isko
 
	 	Name:  	Steven R. Isko 
	 	Title:  	Vice Chairman and Corporate Secretary
    
	 	Address:  	9 West
57th
Street,
26th
Floor

New York, New York 10019 
	 
	 	PURCHASER:

ROBERT METTLER

 	 
	 	/s/Robert Mettler
 
	 	Address:  	 c/o JWL Partners Acquisition Corp. 

9 West 57th Street, 26th Floor

New York, New York 10019 

7

 

	 	 	 	 	 

Exhibit A

Form of Warrant Agreement

8

 

Exhibit B

Form of Securities Escrow Agreement

9

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