Document:

EX-4.3

 

    Exhibit 4.3
    

 

    [SPECIMEN
    WARRANT CERTIFICATE]
    

 

    [THE SECURITIES REPRESENTED BY THIS WARRANT CERTIFICATE
    (INCLUDING THE SECURITIES ISSUABLE UPON EXERCISE OF THE WARRANT)
    HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
    AMENDED (THE “SECURITIES ACT”). 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 THE SECURITIES ACT OR, IF REQUESTED BY THE
    COMPANY, AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT
    SUCH REGISTRATION STATEMENT IS NOT REQUIRED.

 

    THE SECURITIES REPRESENTED BY THIS WARRANT CERTIFICATE
    (INCLUDING THE SECURITIES ISSUABLE UPON THE EXERCISE OF THE
    WARRANT) ARE SUBJECT TO THE TERMS AND CONDITIONS, INCLUDING
    CERTAIN RESTRICTIONS ON TRANSFER, SET FORTH IN THE WARRANT
    AGREEMENT, DATED AS OF [ ], 2008, BY AND BETWEEN THE COMPANY AND
    THE WARRANT AGENT. COPIES OF SUCH AGREEMENT MAY BE OBTAINED BY
    THE HOLDER HEREOF AT THE WARRANT AGENT’S PRINCIPAL PLACE OF
    BUSINESS WITHOUT CHARGE.

 

    SOME OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY BE
    SUBJECT TO FORFEITURE PURSUANT TO SECTION 3 OF THAT CERTAIN
    INITIAL SECURITIES SUBSCRIPTION AGREEMENT DATED AS OF MARCH 14,
    2008, COPIES OF WHICH ARE AVAILABLE FOR INSPECTION AT THE
    OFFICES OF LIBERTY LANE ACQUISITION
    CORP.]1

 

	 	 	 
	

    No.           

	
 
	
                        
    Warrants

	
 
	
 
	
 

	
 
	
 
	
    CUSIP
    No.                     

 

    THIS WARRANT
    WILL BE VOID IF NOT EXERCISED PRIOR TO

    5:00 P.M. NEW YORK CITY TIME, ON THE EXPIRATION DATE
    

 

    LIBERTY LANE
    ACQUISITION CORP.
    

 

    Warrant Certificate evidencing

 

    Warrants to Purchase Common Stock, par value $0.001, as
    described herein.

 

    THIS CERTIFIES THAT, for value received
                        ,
    or its registered assigns, is the registered holder of a Warrant
    or Warrants (the “Warrant”) expiring on the
    earlier of (i)
              ,
    2013 and (ii) the date fixed for calling the Warrant as
    provided in Section 6 of the Warrant Agreement (as defined
    below) (the “Expiration Date”) to purchase one
    fully paid and non-assessable share of Common Stock, par value
    $0.001 per share (the “Shares”), of Liberty
    Lane Acquisition Corp., a Delaware corporation (the
    “Company”), for each whole Warrant evidenced by
    this Warrant Certificate. The Warrant entitles the holder
    thereof to purchase from the Company, commencing on the later of
    (i) the completion of a Business Combination by the Company
    and (ii)
                   ,
    2009 [one year after the date of the final prospectus
    relating to the Public Offering], such number of Shares of
    the Company at the price of
    $      per Share, upon surrender
    of this Warrant Certificate accompanied by the annexed duly
    executed subscription form and payment of the Warrant Price
    (whether in cash or by cashless exercise only as permitted by
    the Warrant Agreement) at the office or agency of American Stock
    Transfer & Trust Company (the “Warrant
    Agent”), but subject to the conditions set forth herein
    and in the Warrant Agreement. The Warrant Agreement provides
    that upon the occurrence of certain events the Warrant Price and
    the number of Shares purchasable hereunder, set forth on the
    face hereof, may, subject to certain conditions, be adjusted.
    The term “Warrant Price” as used in this
    Warrant Certificate refers to the price per Share at which
    Shares may be purchased at the time the Warrant is exercised.

 

 

    1 To
    be inserted only in Warrant Certificates representing Initial
    Warrants and Insider Warrants.

    

    1

 

    This Warrant Certificate is issued under and in accordance with
    the Warrant Agreement, dated as of
    [          ],
    2008 (the “Warrant Agreement”), between the
    Company and the Warrant Agent and is subject to the terms and
    provisions contained in the Warrant Agreement, all of which
    terms and provisions the holder of this Warrant Certificate and
    the beneficial owners of the Warrants represented by this
    Warrant Certificate consent by acceptance hereof. Copies of the
    Warrant Agreement are on file and can be inspected at the office
    of the Warrant Agent and at the office of the Company at One
    Liberty Lane, Hampton, New Hampshire 03842. Capitalized terms
    used but not defined herein shall have the respective meanings
    ascribed to them in the Warrant Agreement.

 

    No fraction of a Share will be issued upon any exercise of a
    Warrant. If the holder of a Warrant would be entitled to receive
    a fraction of a Share upon any exercise of a Warrant, the
    Company shall, upon such exercise, round up or down to the
    nearest whole number the number of Shares to be issued to such
    holder.

 

    Upon any exercise of the Warrant for less than the total number
    of full Shares provided for herein, there shall be issued to the
    Registered Holder hereof or its assignee a new Warrant
    Certificate covering the number of Shares for which the Warrant
    has not been exercised.

 

    Warrant Certificates, when surrendered at the office or agency
    of the Warrant Agent by the registered holder hereof in person
    or by attorney duly authorized in writing, may be exchanged in
    the manner and subject to the limitations provided in the
    Warrant Agreement, but without payment of any service charge,
    for another Warrant Certificate or Warrant Certificates of like
    tenor and evidencing in the aggregate a like number of Warrants.

 

    Upon due presentment for registration of transfer of the Warrant
    Certificate at the office or agency of the Warrant Agent, a new
    Warrant Certificate or Warrant Certificates of like tenor and
    evidencing in the aggregate a like number of Warrants shall be
    issued to the transferee in exchange for this Warrant
    Certificate, subject to the limitations provided in the Warrant
    Agreement, without charge except for any applicable tax or other
    governmental charge.

 

    The Company and the Warrant Agent may deem and treat the
    Registered Holder as the absolute owner of this Warrant
    Certificate (notwithstanding any notation of ownership or other
    writing hereon made by anyone), for the purpose of any exercise
    hereof, of any distribution to the Registered Holder, and for
    all other purposes, and neither the Company nor the Warrant
    Agent shall be affected by any notice to the contrary.

 

    Warrants may be separated, traded and exercised only in
    increments of one whole Warrant. Each Warrant (including any
    Warrant or fraction of a Warrant represented by a Unit) not
    exercised on or before the Expiration Date shall become void.

    

    2

 

    This Warrant does not entitle the registered holder to any of
    the rights of a stockholder of the Company.

 

    Subject to the limitations set forth in Section 6 of the
    Warrant Agreement, the Company reserves the right to call the
    Warrant at any time prior to its exercise, with a notice of call
    in writing to the holders of record of the Warrant, giving
    thirty (30) days prior written notice of such call at any
    time after the Warrant becomes exercisable if the last sales
    price of the Shares has been at least $12.00 per Share (the
    “Trigger Price”) for any twenty
    (20) trading days within a thirty (30) trading day
    period ending on the third business day prior to the date on
    which notice of the call is given (the “Measurement
    Period”). The Warrant may not be called unless the
    Warrant and the Shares are covered by an effective registration
    statement and a current prospectus from the beginning of the
    Measurement Period through the date fixed for the call. The call
    price of the Warrants is to be $0.01 per Warrant. Any Warrant
    subject to redemption either not exercised or tendered back to
    the Company by the end of the date specified in the notice of
    call shall be canceled on the books of the Company and have no
    further value except for the $0.01 call price. The Trigger Price
    is subject to adjustments as provided in the Warrant Agreement.
    If the Company calls the Warrant for redemption as described
    above, it will have the option to require the holder that wishes
    to exercise the Warrant to do so on a cashless basis. In such
    event, each holder would pay the Warrant Price by surrendering
    the Warrants in exchange for that number of Shares equal to the
    quotient obtained by dividing (x) the product of the number
    of Shares underlying the Warrants, multiplied by the difference
    between the Warrant Price and the Fair Market
    Redemption Value (as defined below) by (y) the Fair
    Market Redemption Value. The “Fair Market
    Redemption Value” shall mean the average reported last
    sale price per Share for the 10 trading days ending on the third
    trading day prior to the date on which the notice of redemption
    is sent to the holder; provided, that if the Fair Market
    Redemption Value cannot be so determined, the “Fair
    Market Redemption Value” shall be determined by the
    Board of Directors of the Company, in good faith.

 

    THIS WARRANT CERTIFICATE AND ALL RIGHTS HEREUNDER AND UNDER THE
    WARRANT AGREEMENT SHALL BE GOVERNED BY AND INTERPRETED AND
    CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
    APPLICABLE TO CONTRACTS EXECUTED IN AND TO BE PERFORMED IN THAT
    STATE, INCLUDING, WITHOUT LIMITATION,
    SECTIONS 5-1401
    AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND THE NEW
    YORK CIVIL PRACTICE LAWS AND RULES 327(B).

 

    This Warrant Certificate shall not be entitled to any benefit
    under the Warrant Agreement or be valid or obligatory for any
    purpose, and no Warrant evidenced hereby may be exercised,
    unless this Warrant Certificate has been countersigned by the
    manual or facsimile signature of the Warrant Agent.

    

    3

 

    IN WITNESS WHEREOF, the Company has caused this instrument to be
    duly executed.

 

    Dated as of
              ,
    2008

 

    LIBERTY LANE ACQUISITION CORP.

 

			
	 	    By: 
	
        

    

    Name:

    Title:

 

    COUNTERSIGNED:

 

    Dated:                

 

    AMERICAN
    STOCK TRANSFER & TRUST COMPANY
    

 

			
	    By: 
	
        

	 

    Authorized Officer

    

    4

 

    SUBSCRIPTION FORM — CASH EXERCISE

    To Be Executed by the Registered Holder in Order to Exercise
    Warrants

 

 

    The undersigned Registered Holder irrevocably elects to exercise
                        
    Warrants represented by this Warrant Certificate, and to
    purchase the Shares issuable upon the exercise of such Warrants
    by tendering payment for such Shares to the order of Liberty
    Lane Acquisition Corp. in the amount of
    $                    ,
    and requests that Certificates for such Shares shall be
    registered in the name of:

 

    (PLEASE TYPE
    OR PRINT NAME AND ADDRESS)
    

 

 

    (SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)

    and be delivered to:

 

    (PLEASE
    PRINT OR TYPE NAME AND ADDRESS)
    

 

    and, if such number of Warrants shall not be all the Warrants
    evidenced by this Warrant Certificate, that a new Warrant
    Certificate for the balance of such Warrants be registered in
    the name of, and delivered to, the Registered Holder at the
    address stated below:

 

 

    Dated:

 

    (SIGNATURE)

 

    (ADDRESS)

 

    (TAX IDENTIFICATION NUMBER)

 

 

    THE SIGNATURE(S) MUST 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 SECURITIES AND EXCHANGE
    COMMISSION
    RULE 17Ad-15).

    

    5

 

    SUBSCRIPTION FORM — CASHLESS EXERCISE

    To Be Executed by the Registered Holder in Order to Exercise
    Warrants

 

 

    The undersigned Registered Holder irrevocably elects (i) to
    exercise
                        
    Warrants represented by this Warrant Certificate, and
    (ii) to surrender
                        Warrants
    represented by this Warrant Certificate (with an aggregate
    “Fair Market Redemption Value” [or “Fair
    Market
    Value”]2
    of $
              
    based on a “Fair Market Redemption Value” [or
    “Fair Market
    Value”]3
    of $
              )
    to purchase the Shares issuable upon the exercise of the
    Warrants exercised hereby, and requests that Certificates for
    such Shares shall be issued in the name of:

 

    (PLEASE TYPE OR PRINT NAME AND ADDRESS)

 

 

    (SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)

    and be delivered to:

 

    (PLEASE
    PRINT OR TYPE NAME AND ADDRESS)
    

 

    and, if such number of Warrants exercised and surrendered shall
    not be all the Warrants evidenced by this Warrant Certificate,
    that a new Warrant Certificate for the balance of such Warrants
    be registered in the name of, and delivered to, the Registered
    Holder at the address stated below:

 

 

    Dated:

 

    (SIGNATURE)

 

    (ADDRESS)

 

    (TAX IDENTIFICATION NUMBER)

 

 

    THE SIGNATURE(S) MUST 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 SECURITIES AND EXCHANGE
    COMMISSION
    RULE 17Ad-15).

 

 

    2 To
    be inserted only in Warrant Certificates representing Initial
    Warrants and Insider Warrants.

    3 To
    be inserted only in Warrant Certificates representing Initial
    Warrants and Insider Warrants.

    

    6

 

    ASSIGNMENT

    To Be Executed by the Registered Holder in Order to Assign
    Warrants
    

 

 

    For Value Received,
                        
    hereby sells, assigns, and transfers unto:

 

 

    (PLEASE TYPE OR PRINT NAME AND ADDRESS)

 

 

    (SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)

 

 

                        
    of the Warrants represented by this Warrant Certificate, and
    hereby irrevocably constitutes and appoints
                        
    Attorney to transfer this Warrant Certificate on the books of
    the Company, with full power of substitution in the premises.

 

 

    Dated:

 

    (SIGNATURE)

 

 

    THE SIGNATURE(S) MUST 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 SECURITIES AND EXCHANGE
    COMMISSION
    RULE 17Ad-15).

    

    7EX-10.2

 

 

    Exhibit 10.2
    

 

    INVESTMENT
    MANAGEMENT TRUST AGREEMENT

 

    This Investment Management Trust Agreement (this
    “Agreement”) is made as of
              ,
    2008 by and between Liberty Lane Acquisition Corp. (the
    “Company”) and American Stock
    Transfer & Trust Company (the
    “Trustee”).

 

    WHEREAS, the Company’s Registration Statement on
    Form S-1,
    as amended,
    No. 333-149886
    (together with any registration statement filed pursuant to
    Rule 462(b), the “Registration
    Statement”), for its initial public offering (the
    “IPO”) of its units (the
    “Units”), each comprised of one share of common
    stock, par value $0.001 per share, and one half of one warrant
    to purchase one share of common stock, has been declared
    effective as of the date hereof by the Securities and Exchange
    Commission (the “Effective Date”);

 

    WHEREAS, Goldman, Sachs & Co.  is
    acting as the underwriter in the IPO (the
    “Underwriter”) pursuant to an underwriting
    agreement dated on or about the date hereof between the Company
    and the Underwriter (the “Underwriting
    Agreement”);

 

    WHEREAS, the Company has agreed to issue warrants in a private
    placement that will occur prior to the IPO (the “Private
    Placement”);

 

    WHEREAS, as described in the Registration Statement, and in
    accordance with the Company’s Amended and Restated
    Certificate of Incorporation (the “Amended and Restated
    Certificate”), $340,950,000 of the net proceeds of the
    IPO and the Private Placement (or $392,400,000 if the
    Underwriter’s option to purchase additional Units in the
    IPO is exercised in full) will be delivered to the Trustee to be
    deposited and held in the Trust Account (as defined below)
    for the benefit of the Company and the holders of the
    Company’s common stock, par value $0.001 per share (the
    “Common Stock”), included in the Units issued
    in the IPO. The amount to be delivered to the Trustee, together
    with income earned thereon, will be referred to herein as the
    “Property;” the stockholders for whose benefit
    the Trustee shall hold the Property will be referred to as the
    “Public Stockholders;” and the Public
    Stockholders and the Company will be collectively referred to as
    the “Beneficiaries”);

 

    WHEREAS, pursuant to the Underwriting Agreement, a portion of
    the Property consists of $10,500,000 (or $12,075,000 if the
    Underwriter’s option to purchase additional Units in the
    IPO is exercised in full) attributable to deferred underwriting
    discounts and commissions that will become payable, subject to
    reduction as provided in the Underwriting Agreement, by the
    Company to the Underwriter only upon the consummation of a
    Business Combination (as such term is defined in the Amended and
    Restated Certificate) (the “Deferred
    Discount”); and

 

    WHEREAS, the Company and the Trustee desire to enter into this
    Agreement to set forth the terms and conditions pursuant to
    which the Trustee shall hold the Property.

 

    NOW, THEREFORE, in consideration of the foregoing and the mutual
    covenants and agreements herein contained, the parties hereto
    agree as follows:

 

    1. Agreements and Covenants of
    Trustee.  The Trustee hereby agrees and covenants
    to:

 

    (a) hold the Property in trust for the Beneficiaries in
    accordance with the terms of this Agreement, in a segregated
    trust account (the “Trust Account”)
    established by the Trustee at JP Morgan/Chase Manhattan
    Bank, N.A.;

 

    (b) manage, supervise and administer the Trust Account
    subject to the terms and conditions set forth herein;

 

    (c) in a timely manner, upon the written instruction of the
    Company, to invest and reinvest the Property in United States
    “government securities,” within the meaning of
    Section 2(a)(16) of the Investment Company Act of 1940, as
    amended (the “1940 Act”), with a maturity of
    180 days or less, or in any open ended investment company
    registered under the 1940 Act selected by the Company that holds
    itself out as a money market fund meeting the conditions of
    paragraphs (c)(2), (c)(3) and (c)(4) under
    Rule 2a-7
    promulgated under the 1940 Act, as determined by the Company;
    provided, that upon the request of the Company, the
    Trustee shall be required to (1) invest such requested
    amount directly in United States treasury bonds, bills or notes
    (“Treasuries”) identified by the Company and
    (2) sell, transfer or otherwise dispose of Treasuries
    identified by the Company; provided, further, that the
    amount of Treasuries held at any time may not exceed $10,000,000;

 

    (d) collect and receive, when due, all principal and income
    arising from the Property, which shall become part of the
    “Property,” as such term is used herein;

 

    (e) promptly notify the Company of all communications
    received by it with respect to any Property requiring action by
    the Company;

 

    (f) promptly supply any information or documents as may be
    requested by the Company in connection with the Company’s
    preparation of the tax returns for the Trust Account or the
    Company;

 

    (g) participate in any plan or proceeding for protecting or
    enforcing any right or interest arising from the Property if, as
    and when instructed by the Company to do so;

 

    (h) render to the Company, and to such other persons as the
    Company may instruct, monthly written statements of the
    activities of and amounts in the Trust Account reflecting
    all receipts and disbursements of the Trust Account;

 

    (i) release to the Company each month the interest earned
    on the Property, until a maximum of $5,000,000 of such interest
    has been released to the Company from the Trust Account,
    unless the Trustee has received notice from the Company that any
    interest income should be set aside to pay taxes in accordance
    with Section 1(j);

 

    (j) upon written instructions from the Company, deliver to
    the Company or to such governmental entity or taxing authority
    as the Company shall direct, on a quarterly basis, from the
    Property in the Trust Account, an amount equal to the taxes
    payable by the Company, if any, relating to interest earned on
    the Property and any franchise taxes payable by the Company;

    

    2

 

    (k) upon written instructions from the Company, deliver to
    the Company up to $100,000 of the interest earned on the
    Property in the Trust Account for the purpose of paying the
    Company’s costs and expenses of implementing a plan of
    distribution in connection with the dissolution and liquidation
    of the Company in the event that the Company fails to consummate
    a Business Combination; provided that such amounts will
    be delivered to the Company only to the extent that there
    remains in the Trust Account interest earned on the
    Property in excess of taxes payable by the Company relating to
    the interest earned on the Property; and

 

    (l) commence liquidation of the Trust Account only
    upon receipt of and only in accordance with the terms of a
    letter (the “Termination Letter” ), in a form
    substantially similar to that attached hereto as Exhibit A
    or Exhibit B, signed on behalf of the Company by the
    Chairman of its Board of Directors, its Chief Executive Officer
    or other authorized officer of the Company, and complete the
    liquidation of the Trust Account and distribute the
    Property in the Trust Account only as directed in the
    Termination Letter and the other documents referred to therein.
    The Trustee understands and agrees that, except as provided in
    Section 1(i), 1(j) and 1(k) hereof, disbursements from the
    Trust Account shall be made only pursuant to a duly
    executed Termination Letter.

 

    2. Agreements and Covenants of the
    Company.  The Company hereby agrees and covenants:

 

    (a) to provide all instructions to the Trustee hereunder in
    writing, signed by the Company’s Chairman of its Board of
    Directors, Chief Executive Officer or other authorized officer
    of the Company;

 

    (b) to hold the Trustee harmless and indemnify the Trustee
    from and against, any and all out-of-pocket expenses, including
    reasonable counsel fees and disbursements, or loss suffered by
    the Trustee in connection with any action, suit or other
    proceeding brought against the Trustee involving any claim, or
    in connection with any claim or demand which in any way arises
    out of or relates to this Agreement, the services of the Trustee
    hereunder, or the Property or any income earned from investment
    of the Property, except for expenses and losses resulting from
    the Trustee’s gross negligence, willful misconduct or bad
    faith. Promptly after the receipt by the Trustee of notice of
    demand or claim or the commencement of any action, suit or
    proceeding, pursuant to which the Trustee intends to seek
    indemnification under this paragraph, it shall notify the
    Company in writing of such claim (hereinafter referred to as the
    “Indemnified Claim”). The Trustee shall have
    the right to conduct and manage the defense against such
    Indemnified Claim, provided that the Trustee shall obtain the
    consent of the Company with respect to the selection of counsel,
    which consent shall not be unreasonably withheld. The Trustee
    may not agree to settle any Indemnified Claim without the prior
    written consent of the Company, which consent shall not be
    unreasonably withheld. The Company may participate in such
    action with its own counsel;

 

    (c) to pay the Trustee a fee of $3,000, which shall be the
    full amount owing to the Trustee hereunder. It is expressly
    understood that the Property shall not be used to pay such fee,
    except as disbursed to the Company as provided herein. The
    Company shall pay the Trustee such fee upon the consummation of
    the IPO. The Company shall not be responsible for any other fees
    or charges of the Trustee, except as set forth in this
    Section 2(c) and as may be provided in Section 2(b)
    hereof (it being expressly understood that the Property shall
    not be used to make any payments to the Trustee under such
    Sections); and

 

    (d) in connection with any vote of the Company’s
    stockholders regarding a Business Combination, provide to the
    Trustee an affidavit or certificate of a firm regularly engaged
    in the business of soliciting proxies and tabulating stockholder
    votes (which firm may be the Trustee) verifying the vote of the
    Company’s stockholders regarding such Business Combination.

    

    3

 

    3. Limitations of Liability. The Trustee shall
    have no responsibility or liability to:

 

    (a) take any action with respect to the Property, other
    than as directed in Section 1 hereof;

 

    (b) institute any proceeding for the collection of any
    principal and income arising from, or institute, appear in or
    defend any proceeding of any kind with respect to, any of the
    Property unless and until it shall have received written
    instructions from the Company given as provided herein to do so
    and the Company shall have advanced or guaranteed to it funds
    sufficient to pay any expenses incident thereto;

 

    (c) change the investment of any Property, other than in
    compliance with Section 1(c);

 

    (d) refund any depreciation in principal of any Property
    invested in accordance with Section 1(c);

 

    (e) assume that the authority of any person designated by
    the Company to give written instructions hereunder shall not be
    continuing unless provided otherwise in such designation, or
    unless the Company shall have delivered a written revocation of
    such authority to the Trustee;

 

    (f) the Company or to anyone else for any action taken or
    omitted by it in compliance with this Agreement, or any action
    suffered by it to be taken or omitted in compliance with this
    Agreement, in good faith and in the exercise of its own best
    judgment, except for its gross negligence, willful misconduct or
    bad faith. The Trustee may rely conclusively on, and shall be
    protected in acting upon, any order, judgment, instruction,
    notice, demand, certificate, opinion or advice of counsel
    (including counsel chosen by the Trustee), statement,
    instrument, report or other paper or document (not only as to
    its due execution and the validity and effectiveness of its
    provisions, but also as to the truth and acceptability of any
    information therein contained) which is believed by the Trustee,
    in good faith, to be genuine and to be signed or presented by
    the proper person or persons. The Trustee shall not be bound by
    any notice or demand, or any waiver, modification, termination
    or rescission of this Agreement or any of the terms hereof,
    unless evidenced by a written instrument delivered to the
    Trustee signed by the proper party or parties and, if the duties
    or rights of the Trustee are affected, unless it shall give its
    prior written consent thereto;

 

    (g) verify the correctness of the information set forth in
    the Registration Statement or to confirm or assure that any
    acquisition made by the Company or any other action taken by it
    is as contemplated by the Registration Statement; or

 

    (h) verify calculations, qualify or otherwise approve
    Company requests for distributions pursuant to
    Sections 1(i), 1(j) and 1(k) above.

    

    4

 

    4. No Right of Set-Off.  The Trustee
    waives any right of set-off or any right, title, interest or
    claim of any kind that the Trustee may have against the Property
    held in the Trust Account. In the event that the Trustee
    has a claim against the Company under this Agreement, including,
    without limitation, under Section 2(b), the Trustee will
    pursue such claim solely against the Company and not against the
    Property held in the Trust Account.

 

    5. Termination.  This Agreement shall
    terminate as follows:

 

    (a) If the Trustee gives written notice to the Company that
    it desires to resign under this Agreement, the Company shall use
    its reasonable efforts to locate a successor trustee during
    which time the Trustee shall continue to act in accordance with
    the terms of this Agreement. At such time that the Company
    notifies the Trustee that a successor trustee has been appointed
    by the Company and has agreed to become subject to the terms of
    this Agreement, the Trustee shall transfer the management of the
    Trust Account to the successor trustee, including but not
    limited to the transfer of copies of the reports and statements
    relating to the Trust Account, whereupon this Agreement
    shall terminate; provided, however, that in the event
    that the Company does not locate a successor trustee within
    90 days of receipt of the resignation notice from the
    Trustee, the Trustee may, upon written notice to the Company,
    submit an application to have the Property deposited with the
    United States District Court for the Southern District of New
    York and, upon such deposit, the Trustee shall be immune from
    any liability whatsoever that arises due to any actions or
    omissions to act by any party after such deposit; or

 

    (b) At such time that the Trustee has completed the
    liquidation of the Trust Account in accordance with the
    provisions of Section 1(l) hereof, and distributed the
    Property in accordance with the provisions of the Termination
    Letter, this Agreement shall terminate except with respect to
    Section 2(b) hereof.

 

    6. Miscellaneous.

 

    (a) The Company and the Trustee each acknowledge that the
    Trustee will follow the security procedures set forth below with
    respect to funds transferred from the Trust Account. Upon
    receipt of written instructions, the Trustee will confirm such
    instructions with an Authorized Individual at an Authorized
    Telephone Number listed on the attached Exhibit C. The
    Company and the Trustee will each restrict access to
    confidential information relating to such security procedures to
    authorized persons. Each party must notify the other party
    immediately if it has reason to believe unauthorized persons may
    have obtained access to such information and of any change in
    its authorized personnel.

 

    (b) This Agreement may be executed in any number of
    original or facsimile counterparts, and each of such
    counterparts shall for all purposes be deemed to be an original,
    and all such counterparts shall together constitute but one and
    the same instrument.

 

    (c) This Agreement shall be governed by, and construed in
    accordance with, the laws of the State of New York applicable to
    contracts executed in and to be performed in that State,
    including, without limitation,
    Sections 5-1401
    and 5-1402 of the New York General Obligations Law and the New
    York Civil Practice Laws and Rules 327(b). The parties
    hereto agree that any action, proceeding or claim against it
    arising out of or relating in any way to this Agreement shall be
    brought and enforced in the courts of the State of New York or
    the United States District Court for the Southern District of
    New York, and the parties hereto irrevocably submit to such
    jurisdiction, which jurisdiction shall be exclusive. The parties
    hereto hereby waive any objection to such exclusive jurisdiction
    and that such courts represent an inconvenient forum.

    

    5

 

    (d) This Agreement contains the entire agreement and
    understanding of the parties hereto with respect to the subject
    matter hereof. This Agreement or any provision hereof may only
    be changed, amended or modified by a writing signed by each of
    the parties hereto; provided that such action shall not
    materially adversely affect the interests of the Public
    Stockholders; provided, further, that such action shall
    not materially adversely affect the right of the Underwriter to
    receive the Deferred Discount as contemplated herein without the
    written consent of the Underwriter. Any other change, waiver,
    amendment or modification to this Agreement shall be subject to
    approval by a majority of the Public Stockholders. As to any
    claim, cross-claim or counterclaim in any way relating to this
    Agreement, each party waives the right to trial by jury.

 

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

 

 

    If to the Trustee, to:

    American Stock Transfer & Trust Company

    59 Maiden Lane

    New York, New York 10038

    Attn: George Karfunkel

    Fax:
    (718) 331-1852

 

    If to the Company, to:

 

    Liberty Lane Acquisition Corp.

    One Liberty Lane

    Hampton, New Hampshire 03842

    (603) 929-260

    Attn: Kevin P. Clark

    Fax:
    (603) 926-0222

 

    In either case with a copy to:

 

    Skadden, Arps, Slate, Meagher & Flom LLP

    Four Times Square

    New York, New York 10036

    Attn: Jennifer A. Bensch, Esq.

    Fax: (212) 735 -2000

 

    If to the Underwriter, to:

 

    Goldman, Sachs & Co.

    85 Broad St.

    New York, New York 10004

    Attn: Registration Department

    Fax:
    (212) 902-3000

 

    With a copy to:

 

    Cleary Gottlieb Steen & Hamilton LLP

    One Liberty Plaza

    New York, New York 10006

    Attn: Raymond Check, Esq.

    Fax:
    (212) 225-3999

    

    6

 

 

    (f) This Agreement may not be assigned by the Trustee
    without the prior written consent of the Company and the
    Underwriter. This Agreement may be assigned by the Company to a
    wholly-owned subsidiary of the Company upon written notice to
    the Trustee.

 

    (g) Each of the Trustee and the Company hereby represents
    that it has the full right and power and has been duly
    authorized to enter into this Agreement and to perform its
    respective obligations as contemplated hereunder. The Trustee
    acknowledges and agrees that it shall not make any claims or
    proceed against the Trust Account, including by way of
    set-off, and shall not be entitled to any funds in the
    Trust Account under any circumstance.

 

    (h) The Trustee hereby consents to the inclusion of
    American Stock Transfer & Trust Company in the
    Registration Statement and other materials relating to the IPO.

 

    (i) The Underwriter shall be a third party beneficiary of
    this Agreement.

 

    [Remainder of document intentionally left blank. Signature page
    to follow.]

    

    7

 

    IN WITNESS WHEREOF, the parties have duly executed this
    Investment Management Trust Agreement as of the date first
    written above.

 

    AMERICAN STOCK TRANSFER & TRUST

    COMPANY, as Trustee

 

			
	 	    By: 
	
        

    Name:

    Title:

 

    LIBERTY LANE ACQUISITION CORP.

 

			
	 	    By: 
	
        

    Name:

    Title:

    

    8

 

    EXHIBIT A

 

    [LETTERHEAD
    OF COMPANY]

 

    [DATE]
    

 

    American Stock Transfer & Trust Company

    59 Maiden Lane

    New York, New York 10038

    Attn: George Karfunkel

 

    Re:  Trust Account No.
    [         ]
    Termination Letter

 

    Gentlemen:

 

    Pursuant to Section 1(l) of the Investment Management
    Trust Agreement between Liberty Lane Acquisition Corp. (the
    “Company”) and American Stock
    Transfer & Trust Company (the
    “Trustee”), dated as of
    [          ],
    2008 (the “Trust Agreement”), this is to
    advise you that the Company has entered into an agreement with
    [          ]
    (the “Target Business”) to consummate a
    Business Combination with Target Business on or about [INSERT
    DATE]. The Company shall notify you at least 48 hours in advance
    of the actual date of the consummation of the Business
    Combination (the “Consummation Date”).
    Capitalized terms used herein and not otherwise defined shall
    have the meaning ascribed to them in the Trust Agreement.

 

    Pursuant to Section 2(d) of the Trust Agreement, we
    are providing you with [an affidavit] [a certificate] of
    [          ],
    which verifies the vote of the Company’s stockholders in
    connection with the Business Combination. In accordance with the
    terms of the Trust Agreement, we hereby authorize you to
    commence liquidation of the Trust Account to the effect
    that, on the Consummation Date, all of the funds held in the
    Trust Account will be immediately available for transfer to
    the account or accounts that the Company shall direct in writing
    on the Consummation Date.

 

    On the Consummation Date, the Company shall deliver to you
    (i) written notification (the “Notification of
    Consummation”) that the Business Combination has been
    consummated and (ii) written instructions (the
    “Instruction Letter”) with respect to the
    transfer of the funds held in the Trust Account. You are
    hereby directed and authorized to transfer the funds held in the
    Trust Account immediately upon your receipt of the
    Notification of Consummation and the Instruction Letter, in
    accordance with the terms of the Instruction Letter. In the
    event that certain deposits held in the Trust Account may
    not be liquidated by the Consummation Date without penalty, you
    will notify the Company of the same and the Company shall direct
    you as to whether such funds should remain in the
    Trust Account and be distributed after the Consummation
    Date to the Company. Upon the distribution of all the funds in
    the Trust Account pursuant to the terms hereof, the
    Trust Agreement shall be terminated.

 

    In the event that the Business Combination is not consummated on
    the Consummation Date described in the notice thereof and we
    have not notified you on or before the original Consummation
    Date of a new Consummation Date, then the funds held in the
    Trust Account shall be reinvested as provided in the
    Trust Agreement on the business day immediately following
    the Consummation Date as set forth in the notice.

 

    Very truly yours,

 

    LIBERTY LANE ACQUISITION CORP.

 

			
	 	    By: 
	
        

    Name:

 

    Title:

    

    A-1

 

    EXHIBIT B

 

    [LETTERHEAD
    OF COMPANY]

 

    [DATE]

 

    American Stock Transfer & Trust Company

    59 Maiden Lane

    New York, New York 10038

    Attn: George Karfunkel

 

    Re:  Trust Account No.
    [          ]
    Termination Letter

 

    Gentlemen:

 

    Pursuant to Section 1(l) of the Investment Management
    Trust Agreement between Liberty Lane Acquisition Corp. (the
    “Company”) and American Stock
    Transfer & Trust Company (the
    “Trustee”), dated as of
    [          ],
    2008 (the “Trust Agreement”), this is to
    advise you that the Company has been dissolved due to the
    Company’s inability to effect a Business Combination within
    the time frame specified in the Registration Statement.
    Capitalized terms used herein and not otherwise defined shall
    have the meaning ascribed to them in the Trust Agreement.

 

    Attached hereto is a certified copy of the Certificate of
    Dissolution as filed with the Secretary of State of Delaware. In
    accordance with the terms of the Trust Agreement, we hereby
    authorize you to commence liquidation of the Trust Account
    as promptly as practicable. You will notify the Company and
    [          ]
    (the “Designated Paying Agent”) in writing at
    [insert address] as to when all of the funds in the
    Trust Account will be available for immediate transfer (the
    “Transfer Date”). The Designated Paying Agent
    shall thereafter notify you as to the account or accounts of the
    Designated Paying Agent that the funds in the Trust Account
    should be transferred to on the Transfer Date, so that the
    Designated Paying Agent may commence distribution of such funds
    in accordance with the Company’s instructions. On the
    Transfer Date, you shall transfer such funds directly to the
    Designated Paying Agent. You shall have no obligation to oversee
    the Designated Paying Agent’s distribution of the funds.
    Upon the payment to the Designated Paying Agent of all the funds
    in the Trust Account, the Trust Agreement shall
    terminate in accordance with the terms thereof.

 

    Very truly yours,

 

    LIBERTY LANE ACQUISITION CORP.

 

			
	 	    By: 
	
        

    Name:

 

    Title:

    

    B-1

 

    EXHIBIT C

 

	 	 	 
	
    AUTHORIZED INDIVIDUAL(S)

    
	
 
	
 

	
    FOR TELEPHONE CALL BACK
	
 
	
    AUTHORIZED TELEPHONE NUMBER(S)

	
 
	
 
	
 

	

Company: 

	
 
	
 

	

    Liberty Lane Acquisition Corp.

    One Liberty Lane

    Hampton, New Hampshire 03842

    Attn: Kevin P. Clark

	
 
	
    (603) 929-2412

	
 
	
 
	
 

	

Trustee: 

	
 
	
 

	

    American Stock Transfer & Trust Company

    59 Maiden Lane

    New York, New York 10038

    Attn: George Karfunkel

	
 
	
    (718) 921-8201

    

    C-1

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