Document:

Subscription
        Agreement

      

      
November
        __, 2007

      

      To
        the
        Board of Directors of 

      Polaris
        Acquisition Corporation:

      

      Gentlemen:

      

      The
        undersigned hereby subscribes for and agrees to purchase _________ Warrants
        (“Insider Warrants”) at $1.00 per Insider Warrant, of Polaris Acquisition Corp.
        (the “Corporation”) for an aggregate purchase price of $__________ (“Purchase
        Price”). The purchase and issuance of the Insider Warrants shall occur
        simultaneously with the consummation of the Corporation’s initial public
        offering of securities (“IPO”) which is being underwritten by Lazard Capital
        Markets LLC (“Lazard”). The Insider Warrants will be sold to the undersigned on
        a private placement basis and not as part of the IPO. 

      

      At
        least
        24 hours prior to the effective date of the registration statement filed
        in
        connection with the IPO (“Registration Statement”), the undersigned shall
        deliver the Purchase Price to Graubard Miller (“GM”) to hold in a non-interest
        bearing account until the Corporation consummates the IPO. Simultaneously
        with
        the consummation of the IPO, GM shall deposit the Purchase Price, without
        interest or deduction, into the trust fund (“Trust Fund”) established by the
        Corporation for the benefit of the Corporation’s public stockholders as
        described in the Corporation’s Registration Statement, pursuant to the terms of
        an Investment Management Trust Agreement to be entered into between the
        Corporation and Continental Stock Transfer & Trust Company. In the event
        that the IPO is not consummated within 14 days of the Purchase Price being
        delivered to GM, GM shall return the Purchase Price to the undersigned, without
        interest or deduction.

      

      The
        undersigned represents and warrants that it has been advised that the Insider
        Warrants have not been registered under the Securities Act; that it is acquiring
        the Insider Warrants for its account for investment purposes only; that it
        has
        no present intention of selling or otherwise disposing of the Insider Warrants
        in violation of the securities laws of the United States; that it is an
“accredited investor” as defined by Rule 501 of Regulation D promulgated under
        the Securities Act of 1933, as amended (the “Securities Act”); and that it is
        familiar with the proposed business, management, financial condition and
        affairs
        of the Corporation.

      

      Moreover,
        the undersigned agrees that it shall not sell or transfer the Insider Warrants
        until 45 days after the Corporation consummates a merger, capital stock
        exchange, asset acquisition or other similar business combination with an
        operating business (“Business Combination”) and acknowledges that the Insider
        Warrants will be held in escrow during such time period and the certificates
        for
        such Insider Warrants shall contain a legend indicating such restriction
        on
        transferability. 

      

      The
        Corporation hereby acknowledges and agrees that it shall allow the undersigned
        or its affiliates to exercise any Insider Warrants by surrendering such Insider
        Warrants for that number of shares of Common Stock equal to the quotient
        obtained by dividing (x) the product of the number of shares of Common Stock
        underlying the Insider Warrants, multiplied by the difference between the
        Warrant exercise price and the “Fair Market Value” (defined below) by (y) the
        Fair Market Value. The “Fair Market Value” shall mean the average reported last
        sale price of the Common Stock for the 10 trading days ending on the third
        trading day prior to the date on which the notice of redemption is sent to
        holders of Warrant.

       

      Each
        of
        the undersigned hereby waives any and all rights to assert any present or
        future
        claims, including any right of rescission, against the Company, Lazard or
        the
        other underwriters in the IPO with respect to their purchase of the Insider
        Warrants, and each of the undersigned agrees to indemnify and hold the Company,
        Lazard and the other underwriters in the IPO harmless from all losses, damages
        or expenses that relate to claims or proceedings brought against the Company
        or
        such underwriters by the undersigned of the Insider Warrants or his transferees,
        heirs, assigns or any subsequent holders of the Insider Warrants in respect
        of
        the transactions contemplated hereby.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      This
        Agreement may be executed in any number of counterparts, each of which when
        so
        executed shall be deemed to be an original and all of which taken together
        shall
        constitute one and the same instrument. This Agreement or any counterpart
        may be
        executed via facsimile transmission, and any such executed facsimile copy
        shall
        be treated as an original.

      

      This
        Agreement shall for all purposes be deemed to be made under and shall be
        construed in accordance with the laws of the State of New York. Each of the
        parties hereby agrees that any action, proceeding or claim against it arising
        out of or relating in any way to this Agreement shall be brought and enforced
        in
        the courts of the State of New York or the United States District Court for
        the
        Southern District of New York, and irrevocably submits to such jurisdiction,
        which jurisdiction shall be exclusive. Each of the parties hereby waives
        any
        objection to such exclusive jurisdiction and that such courts represent an
        inconvenient forum.

      

      The
        terms
        of this agreement and the restriction on transfers with respect to the Insider
        Warrants may not be amended without the prior written consent of
        Lazard.

       

      
        	 	 	 
	 	Very
                truly
                yours,
	 
 	 
 	 
 
	 	By:  	 
	 	
                

              
	 	Name:
	 	Title:

      

       

      Agreed
        to:

      

      
        	 	 
	Polaris
                Acquisition Corp.
	 
 	 
 
	By:  	 
	
              	
                

              
	
              	Name:
                
	 	Title:

      

       

       

      
        	 	 
	Graubard
                Miller
	 
 	 
 
	By:  	 
	
              	
                

              
	
              	Name:
                
	 	Title:

      
        	 	 
	Lazard
                Capital
                Markets LLC
	 
 	 
 
	By:  	 
	
              	
                

              
	
              	Name:
                
	 	Title:November
      27, 2007

    

    

    

    Polaris
      Acquisition Corp.

    2200
      Fletcher Avenue, 4th
      Floor

    Fort
      Lee,
      New Jersey 07024

    

    Lazard
      Capital Markets LLC

    30
      Rockefeller Plaza

    New
      York,
      NY 10020 

     

    

    
      	 	 	
              Re:

            	
              Initial
                Public Offering

            

    

    

    Gentlemen:

    

    The
      undersigned stockholder of Polaris Acquisition Corp. (“Company”), in
      consideration of Lazard Capital Markets LLC (“Lazard”) entering into a letter of
      intent (“Letter of Intent”) to underwrite an initial public offering of the
      securities of the Company (“IPO”) and embarking on the IPO process, hereby
      agrees as follows (certain capitalized terms used herein are defined in
      paragraph 14 hereof):

     

    1.  If
      the
      Company solicits approval of its stockholders of a Business Combination, the
      undersigned will vote all Insider Shares beneficially owned by him in accordance
      with the majority of the votes cast by the holders of the IPO Shares and will
      vote all shares of the Company’s Common Stock acquired by the
      undersigned in the IPO or aftermarket in favor of any Business Combination
      negotiated by the officers of the Company. 

     

    2.  The
      undersigned hereby waives any and all right, title, interest or claim of any
      kind in or to any distribution of the Trust Fund and any remaining net assets
      of
      the Company as a result of such liquidation with respect to his Insider Shares
      (“Claim”) and hereby waives any Claim the undersigned 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 Fund for any reason
      whatsoever.

     

    3.  The
      undersigned acknowledges and agrees that the Company will not consummate any
      Business Combination which involves a company which is affiliated with any
      of
      the Insiders unless
      the Company obtains an opinion from an independent investment banking firm
      reasonably acceptable to Lazard that the business combination is fair to the
      Company’s stockholders from a financial perspective.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    4.  Neither
      the undersigned,
      any
      member of the family of the undersigned, nor any affiliate (“Affiliate”) of the
      undersigned will be entitled to receive and will not accept any compensation
      for
      services rendered to the Company prior to or in connection with the consummation
      of the Business Combination; provided that the undersigned shall be entitled
      to
      reimbursement from the Company for his out-of-pocket expenses incurred in
      connection with seeking and consummating a Business Combination.

     

    5.  Neither
      the undersigned,
      any
      member of the family of the undersigned, nor
      any
      Affiliate of the undersigned will be entitled to receive or accept a finder’s
      fee or any other compensation in the event the undersigned, any member of the
      family of the undersigned or any Affiliate of the undersigned originates a
      Business Combination. 

     

    6.  The
      undersigned will escrow all of his Insider Shares acquired prior to the IPO,
      subject to the terms of a Stock Escrow Agreement which the Company will enter
      into with the undersigned and an escrow agent acceptable to the
      Company.

     

    7.  The
      undersigned will escrow all of its Insider Warrants acquired by it privately
      from the Company simultaneously with the consummation of the IPO, subject to
      the
      terms of a Warrant Escrow Agreement which the Company will enter into with
      the
      undersigned and an escrow agent acceptable to the Company.

     

    8.  The
      undersigned has full right and power, without violating any agreement by which
      he is bound, to enter into this letter agreement.

     

    9.  The
      undersigned hereby waives his right to exercise conversion rights with respect
      to any shares of the Company’s common stock owned or to be owned by the
      undersigned, directly or indirectly, and agrees that he will not seek conversion
      with respect to such shares in connection with any vote to approve a Business
      Combination.

     

    10.  The
      undersigned hereby agrees to not propose, or vote in favor of, an amendment
      to
      the Company’s Certificate of Incorporation to extend the period of time in which
      the Company must consummate a Business Combination prior to its liquidation.
      Should such a proposal be put before stockholders other than through actions
      by
      the undersigned, the undersigned hereby agrees to vote against such proposal.
      This paragraph may not be modified or amended under any
      circumstances.

     

    
      
        11.  [Intentionally
          Omitted]

         

      

    

    12.  The
      undersigned authorizes any employer, financial institution, or consumer credit
      reporting agency to release to Lazard and its legal representatives or agents
      (including any investigative search firm retained by Lazard) any information
      they may have about the undersigned’s background and finances (“Information”).
      Neither Lazard nor its agents shall be violating the undersigned’s right of
      privacy in any manner in requesting and obtaining the Information and the
      undersigned hereby releases them from liability for any damage whatsoever in
      that connection.
      The
      undersigned hereby (i) agrees that any action, proceeding or claim against
      him
      arising out of or relating in any way to this letter agreement (a “Proceeding”)
      shall be brought and enforced in the courts of the State of New York of the
      United States of America for the Southern District of New York, and irrevocably
      submits to such jurisdiction, which jurisdiction shall be exclusive, and (ii)
      waives any objection to such exclusive jurisdiction and that such courts
      represent an inconvenient forum. If for any reason such agent is unable to
      act
      as such, the undersigned will promptly notify the Company and Lazard and appoint
      a substitute agent acceptable to Lazard within 30 days and nothing in this
      letter will affect the right of either party to serve process in any other
      manner permitted by law.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    13.  This
      letter agreement shall be governed by and construed and enforced in accor-dance
      with the laws of the State of New York, without giving effect to conflicts
      of
      law principles that would result in the application of the substantive laws
      of
      another jurisdiction.

     

    14.  As
      used
      herein, (i) a “Business Combination” shall mean an acquisition by merger,
      capital stock exchange, asset or stock acquisition, reorganization or otherwise,
      of an operating business; (ii) “Insiders” shall mean all officers, directors and
      stockholders of the Company immediately prior to the IPO; (iii) “Insider Shares”
shall mean all of the shares of Common Stock of the Company acquired by an
      Insider as beneficial owner prior to the IPO or privately from the Company
      simultaneously with the IPO; (iv) “Insider Warrants” shall mean the warrants
      being purchased by an Insider as beneficial owner in a private placement
      transaction simultaneously with the consummation of the IPO; and (v) “IPO
      Shares” shall mean the shares of Common Stock issued in the Company’s
      IPO.

     

    

    Alerion
      Equities, LLC

    

    

    

    /s/
      Alerion Equities, LLC

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00133-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00133-of-00352.parquet"}]]