Document:

INVESTMENT
MANAGEMENT TRUST AGREEMENT

      

      This
agreement (“Agreement”) is made as of May 19, 2010 by and between 57th Street
General Acquisition Corp. (the “Company”) its principal office located at 590
Madison Avenue, 35th Floor,
New York New York 10022 and Continental Stock Transfer & Trust Company
(“Trustee”) located at 17 Battery Place, New York, New York 10004.

      

      WHEREAS,
the Company’s registration statement, as amended, on Form S-1, No. 333-163134
(“Registration Statement”), for its initial public offering of securities
(“IPO”) has been declared effective as of the date hereof (“Effective Date”) by
the Securities and Exchange Commission (capitalized terms used herein and not
otherwise defined shall have the meanings set forth in the Registration
Statement); and

      

      WHEREAS,
Morgan Joseph & Co. Inc. (“Morgan Joseph”) is acting as the representative
of the underwriters in the IPO pursuant to an underwriting agreement
(“Underwriting Agreement”); and

      

      WHEREAS,
simultaneously with the IPO, 57th Street
GAC Holdings LLC, the sponsor of the Company and the underwriters (including
Morgan Joseph), will be purchasing an aggregate of 3,700,000 warrants (“Insider
Warrants”) from the Company for an aggregate purchase price of $1,850,000;
and

      

      WHEREAS,
as described in the Registration Statement, and in accordance with the Company’s
Amended and Restated Certificate of Incorporation, $50,000,000 of the gross
proceeds of the IPO and sale of the Insider Warrants  ($57,357,500 if
the underwriters over-allotment option is exercised in full) will be delivered
to the Trustee to be deposited and held in a trust account for the benefit of
the Company and the holders of the Company’s common stock, par value $0.0001 per
share, issued in the IPO as hereinafter provided and in the event the Units are
registered in Colorado, pursuant to Section 11-51-302(6) of the Colorado Revised
Statutes. A copy of the Colorado Statute is attached hereto and made a part
hereof (the aggregate amount to be delivered to the Trustee, including any
amounts constituting a tax refund of the Company’s income tax obligation, will
be referred to herein as the “Property”; the stockholders for whose benefit the
Trustee shall hold the Property will be referred to as the “Public
Stockholders,” and the Public Stockholders and the Company will be referred to
together as the “Beneficiaries”); and

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      

      WHEREAS,
pursuant to the Underwriting Agreement, a portion of the Property equal to a
deferred fee of 1.1% of the gross proceeds of the IPO (“Deferred Fee’) payable
to the underwriters (including Morgan Joseph) solely upon the consummation of
the Company’s initial business transaction (“Business Transaction”) and pursuant
to the terms of the Underwriting Agreement;

      

      WHEREAS,
pursuant to the Underwriting Agreement and certain letter agreements between the
Company and 57th Street
GAC Holdings LLC, the Company and 57th Street
GAC Holdings LLC have agreed that any tax refund received by the Company on its
income tax obligation will become a portion of the Property; 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, IT IS AGREED:

      

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

      

      (a)      Hold
the Property in trust for the Beneficiaries in accordance with the terms of this
Agreement, including the terms of Section 11-51-302(6) of the Colorado Statute,
in a segregated trust account (“Trust Account”) established by the Trustee at
J.P. Morgan Chase Bank, N.A. and at a brokerage institution selected by the
Company that is satisfactory to the Trustee;

      

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

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      (c)      In
a timely manner, upon the instruction of the Company, to invest and reinvest the
Property in United States “government securities” within the meaning of Section
2(a)(16) of the Investment Company Act of 1940 having a maturity of 180 days or
less, and/or in any open ended investment company registered under the
Investment Company Act of 1940 that holds itself out as a money market fund
selected by the Company meeting the conditions of paragraphs (c)(2), (c)(3) and
(c)(4) of Rule 2a-7 promulgated under the Investment Company Act of 1940, as
determined by the Company; except however, that any portion of the Property
constituting a tax refund of the Company’s income tax obligation shall not be
invested as otherwise set forth in this paragraph 1(c); in this regard, it is
understood that the Trust Account will earn no interest while account funds are
uninvested awaiting company instructions hereunder.

      

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

      

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

      

      (f)       Supply
any necessary information or documents as may be requested by the Company in
connection with the Company’s preparation of its tax returns;

      

      (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, so
long as the Company shall have advanced funds sufficient to pay the Trustee’s
expenses incident thereto.

      

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

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      (i)       Commence
liquidation of the Trust Account only after and promptly after receipt of, and
only in accordance with, the terms of a letter (“Termination Letter”), in a form
substantially similar to that attached hereto as either Exhibit
A,  Exhibit B or Exhibit C hereto, signed on behalf of the Company by
its Chief Executive Officer, President or Chairman of the Board and Secretary or
Assistant Secretary, 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; provided, however, that in
the event that a Termination Letter has not been received by the Trustee by the
15-month anniversary of the Effective Date of the Registration Statement, the
Trust Account shall be liquidated in accordance with the procedures set forth in
the Termination Letter attached as Exhibit B hereto and distributed to the
stockholders of record on such 15-month anniversary date.  In the
event the Trustee receives a Termination Letter in a form substantially similar
to Exhibit B hereto, or if the Trustee begins to liquidate the Property because
it has received no such Termination Letter by the 15-month anniversary of the
Effective Date of the Registration Statement, following the liquidation of the
Property, the Trustee shall keep the Trust Account open until the earlier to
occur of (i) twelve (12) months following the date the Property has been
distributed to the Public Stockholders; (ii) the Trustee’s receipt of a
Termination Letter in a form substantially similar to Exhibit C hereto; or (iii)
a notice from the Company’s independent auditors  stating that the
Company will not be receiving any tax refund on its income tax
obligation.  The provisions of this paragraph 1(i) may not be
modified, amended or deleted under any circumstances.

      

      2.           Limited
Distributions of Income from Trust Account.

      

      (a)      Upon
written request from the Company, which may be given from time to time in a form
substantially similar to that attached hereto as Exhibit D, the Trustee shall
distribute to the Company from the Trust Account the amount necessary to cover
any tax obligation owed by the Company and, to the extent there is not
sufficient cash in the Trust Account to pay such tax obligation, liquidate such
assets held in the Trust Account as shall be designated by the Company in
writing to make such distribution; provided, however, that if the tax to be paid
is a franchise tax, the written request by the Company shall be accompanied by a
copy of the annual franchise tax bill from the State of Delaware and a statement
of the principal financial officer of the Company setting forth the actual
amount payable.  The written request of the Company referenced above
shall constitute presumptive evidence that the Company is entitled to said
funds, and the trustee has no responsibility to look beyond said request.

      

      (b)      Upon
written request from the Company, which shall be given in a form substantially
similar to that attached hereto as Exhibit C, the Trustee shall distribute to
the Company’s Public Stockholders, amounts deposited by the Company to the Trust
Account that the Company has represented to be tax refund(s) of the Company’s
income tax obligations.

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      

      (c)      The
limited distributions referred to in paragraph 2(a) above shall be made only
from income collected on the Property, and in no event shall the payments
authorized by paragraph 2(a) and 2(b) cause the amount in the Trust Account to
fall below the amount initially deposited into the Trust
Account.  Except as provided in paragraph 2(a) and 2(b) above, no
other distributions from the Trust Account shall be permitted except in
accordance with paragraph 1(i) hereof; and

      

      (d)      In
all cases, the Company shall promptly provide Morgan Joseph with a copy of any
Termination Letters and/or any other correspondence that it issues to the
Trustee with respect to any proposed withdrawal from the Trust Account promptly
after such issuance.

      

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

      

      (a)      Give
all instructions to the Trustee hereunder in writing, signed by the Company’s
Chairman of the Board or Chief Executive Officer, and other officers as
specified in paragraph 1(i).  In addition, except with respect to its
duties under paragraphs 1(i), 2(a) and 2(b) above, the Trustee shall be entitled
to rely on, and shall be protected in relying on, any verbal or telephonic
advice or instruction which it in good faith believes to be given by any one of
the persons authorized above to give written instructions, provided that the
Company shall promptly confirm such instructions in writing;

      

      (b)      Subject
to the provisions of paragraph 5 of this Agreement, hold the Trustee harmless
and indemnify the Trustee from and against, any and all expenses, including
reasonable counsel fees and disbursements, or loss suffered by the Trustee in
connection with any action taken by the trustee hereunder or any claim,
potential claim, action, suit or other proceeding brought against the Trustee
involving any claim, or in connection with any claim or demand which in any way
arises out of or relates to this Agreement, the services of the Trustee
hereunder, or the Property or any income earned from investment of the Property,
except for expenses and losses resulting from the Trustee’s gross negligence or
willful misconduct.  Promptly after the receipt by the Trustee of
notice of demand or claim or the commencement of any action, suit or proceeding,
pursuant to which the Trustee intends to seek indemnification under this
paragraph, it shall notify the Company in writing of such claim (hereinafter
referred to as the “Indemnified Claim”).  The Trustee shall have the
right to conduct and manage the defense against such Indemnified Claim,
provided, that the Trustee shall obtain the consent of the Company with respect
to the selection of counsel, which consent shall not be unreasonably
withheld.  The 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)      Pay
the Trustee the fees set forth on Schedule A hereto, including an initial
acceptance fee, an annual fee and a transaction processing fee for each
disbursement made pursuant to paragraph 2(a), which fees shall be subject to
modification by the parties from time to time.  It is expressly
understood that the Property shall not be used to pay such fees and further
agreed that any fees owed to the Trustee shall be deducted by the Trustee from
the disbursements made to the Company pursuant to paragraphs 1(i) solely in
connection with the consummation of the Company’s Business Transaction and 2(a)
and 2(b).  The Company shall pay the Trustee the initial acceptance
fee and first year’s fee at the consummation of the IPO and thereafter on the
anniversary of the Effective Date;

      

      (d)      In
connection with the vote, if any, of the Company’s stockholders regarding a
Business Transaction, provide to the Trustee an affidavit or certificate of a
firm regularly engaged in the business of soliciting proxies and/or tabulating
stockholder votes verifying the vote of the Company’s stockholders regarding
such Business Transaction; and

      

      (e)      In
connection with the Trustee acting as Paying/Disbursing Agent pursuant to
Exhibit B, Exhibit C or Exhibit D, the Company will not give the Trustee
disbursement instructions which would be prohibited under this
Agreement.

      

      (f)       Promptly
after the Deferred Fee shall become determinable on a final basis, to provide
the Trustee notice in writing (with a copy to Morgan Joseph) of the total amount
of the Deferred Fee.

      

      (g)      In
the event the Company is entitled to receive a tax refund on its income tax
obligation, and promptly after the amount of such refund is determined on a
final basis, to provide the Trustee with notice in writing (with a copy to
Morgan Joseph) of the amount of such income tax refund.

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      

      4.           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 paragraphs 1
and 2 hereof and the Trustee shall have no liability to any party except for
liability arising out of its own gross negligence or willful
misconduct;

      

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

      

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

      

      (d)      Refund
any depreciation in principal of any Property;

      

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

      

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

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      

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

      

      (h)      File
local, state and/or Federal tax returns or information returns with any taxing
authority on behalf of the Trust Account and payee statements with the Company
documenting the taxes, if any, payable by the Company or the Trust Account,
relating to the income earned on the Property, or the principal in the
account.

      

      (i)       Pay
or report any taxes on behalf of the Trust Account other than pursuant to
paragraph 2(a).

      

      (j)       Imply
obligations, perform duties, inquire or otherwise be subject to the provisions
of any agreement or document other than this agreement and that which is
expressly set forth herein.

      

      (k)      Verify
calculations, qualify or otherwise approve Company requests for distributions
pursuant to paragraph 1(i), 2(a) or 2(b). above.

      

      5.           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 the Trustee has
a claim against the Company under this Agreement, including, without limitation,
under paragraph 3(b), the Trustee will pursue such claim solely against the
Company and not against the Property held in the Trust
Account.

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      6.           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 act in accordance with
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
ninety days of receipt of the resignation notice from the Trustee, the Trustee
may submit an application to have the Property deposited with any court in the
State of New York or 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; or

      

      (b)      At
such time that the Trustee has completed the liquidation of the Trust Account in
accordance with the provisions of paragraph 1(i) hereof, and distributed the
Property in accordance with the provisions of the Termination Letter, this
Agreement shall terminate except with respect to paragraph 3(b).

      

      7.           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.  The Company and the Trustee will each restrict access
to confidential information relating to such security procedures to authorized
persons.  Each party must notify the other party immediately if it has
reason to believe unauthorized persons may have obtained access to such
information, or of any change in its authorized personnel.  In
executing funds transfers, the Trustee will rely upon all information supplied
to it by the Company, including, account names, account numbers, and all other
identifying information relating to a beneficiary, beneficiary’s bank or
intermediary bank. The Trustee shall not be liable for any loss, liability or
expense resulting from any error in the information or transmission of the
wire.

      

      (b)      This
Agreement shall be governed by and construed and enforced in accordance with the
laws of the State of New York, without giving effect to conflicts of law
principles that would result in the application of the substantive laws of
another jurisdiction.  It may be executed in several original or
facsimile counterparts, each one of which shall constitute an original, and
together shall constitute but one instrument.

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      

      (c)      This
Agreement contains the entire agreement and understanding of the parties hereto
with respect to the subject matter hereof.  Except for paragraph 1(i)
(which may not be amended under any circumstances), this Agreement or any
provision hereof may only be changed, amended or modified (other than to correct
a typographical error) by a writing signed by each of the parties hereto;
provided, however, that no such change, amendment or modification (other than to
correct a typographical error) may be made without the prior written consent of
Morgan Joseph, who, along with each other underwriter, the parties specifically
agree is and shall be a third party beneficiary for purposes of this
Agreement.  In this regard, the Trustee may request an opinion from
company counsel as to the legality of any proposed amendment as a condition to
its executing said amendment.  As to any claim, cross-claim or
counterclaim in any way relating to this Agreement, each party waives the right
to trial by jury.

      

      (d)      The
parties hereto consent to the personal jurisdiction and venue of any state or
federal court located in the City of New York, Borough of Manhattan, for
purposes of resolving any disputes hereunder.

      

      (e)      Any
notice, consent or request to be given in connection with any of the terms or
provisions of this Agreement shall be in writing and shall be sent by express
mail or similar private courier service, by certified mail (return receipt
requested), by hand delivery or by facsimile transmission:

      

      if to the
Trustee, to:

      

      Continental
Stock Transfer

      &
Trust Company

      17
Battery Place

      New York,
New York 10004

      Attn:  Steven
G. Nelson, Chairman, and

      Frank A.
DiPaolo, CFO

      Fax
No.:  (212) 509-5150

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      if to the
Company, to:

      

      57th
Street General Acquisition Corp.

      590
Madison Avenue, 35th
Floor

      New York,
New York 10022

      Attn:  Mark
D. Klein, Chief Executive Officer

      Fax
No.:  (212) 409-2407

      

      in either
case with a copy to:

      

      Morgan
Joseph & Co. Inc.

      600 Fifth
Avenue, 19th
Floor

      New York,
New York 10020

      Attn:  Tina
Pappas, Managing Director

      Fax
No.:  (212) 218-3760

      

      (f)       This
Agreement may not be assigned by the Trustee without the prior consent of the
Company.

      

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

      

      (h)      For
so long as the Property is held in the Trust Account, Morgan Joseph, on behalf
of the other underwriters in the IPO, shall be third party beneficiaries, on
behalf of itself and such other underwriters, with respect this Agreement and
shall be entitled to enforce the terms of this Agreement to the same extent as
if it were party to this Agreement.

      

      [Signature
page follows]

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

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

      

      CONTINENTAL
STOCK TRANSFER & TRUST COMPANY, as Trustee

      

      
        
          
            
              	 
      	
                      By:

                    	
                      /s/ Steven Nelson

                    
	 
      	 
      	
                      Name:
      Steven G. Nelson

                    
	 
      	 
      	
                      Title:
      President and Chairman of the
Board

                    

            

          

        

      

       

      
        
          	 
      	
                  57TH STREET GENERAL ACQUISITION CORP.

                
	 
      	 
      	 
      
	 
      	 
      	
                  By:

                	
                  /s/ Paul Lapping

                
	 
      	 
      	 
      	
                  Name: Paul Lapping

                
	 
      	 
      	 
      	
                  Title:  Secretary and Chief Financial Officer

                

        

      

       

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

       

      SCHEDULE
A

      

      
        
          
            
              
                
                  
                    
                      	
                              Fee Item

                            	 	
                              Time and method of

                              payment 

                            	 	
                              Amount

                            
	
                              Initial
      acceptance fee

                            	 	
                              Initial
      closing of IPO by wire transfer

                            	 	
                              $1,000

                            
	
                              Annual
      fee

                            	 	
                              First
      year, initial closing of IPO by wire transfer; thereafter on the
      anniversary of the effective date of the Registration Statement by wire
      transfer or check

                            	 	
                              $5,000

                            
	
                              Transaction
      processing fee for disbursements to Company under paragraph
      2(a)

                            	 	
                              Deduction
      by Trustee from accumulated income following disbursement made to Company
      under paragraph 2

                            	 	
                              $250

                            
	
                              Paying
      agent services for distributions made to shareholders pursuant to
      paragraphs 1(i) and 2(b)

                            	 	
                              Liquidation
      of trust pursuant to 1(i) and  distribution of tax refunds, as
      directed by the Company pursuant to letter instruction in the form of
      Exhibit E

                            	 	
                              Usual
      and customary service fees from time to time applicable to Paying Agent
      services.

                            

                    

                  

                

              

            

          

        

      

       

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      

      EXHIBIT
A

      

      [Letterhead of
Company]

      

                       [Insert
date]

      

      Continental
Stock Transfer

        &
Trust Company

      17
Battery Place

      New York,
New York 10004

      Attn:  Steven
Nelson and Frank Di Paolo

      

      Re:     Trust
Account
No.     -           Termination
Letter

      

      Gentlemen:

      

      Pursuant to paragraph 1(i) of the
Investment Management Trust Agreement between 57th Street General Acquisition
Corp. (“Company”) and Continental Stock Transfer & Trust Company
(“Trustee”), dated as of _________, 2010 (“Trust Agreement”), this is to advise
you that the Company has entered into an agreement (“Business Agreement”) with
__________________ (“Target Business”) to consummate a business transaction with
Target Business (“Business Transaction”) 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 Transaction (“Consummation
Date”).

      

      In accordance with the terms of the
Trust Agreement, we hereby authorize you to liquidate the Trust Account
investments on________________ ,  and to transfer the proceeds to the
above referenced checking account at J.P. Morgan Chase Bank, N.A. to the effect
that, on the Consummation Date, all of funds held in the Trust Account will be
immediately available for transfer to the account or accounts that the Company
shall direct on the Consummation Date.  It is acknowledged and agreed
that while the funds are on deposit in the trust checking account awaiting
distribution, Trust Account will not earn any interest or
dividends.

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      On the Consummation Date (i) counsel
for the Company shall deliver to you written notification that (a) the Business
Transaction has been consummated and (b) the provisions of Section 11-51-302(6)
and Rule 51-3.4 of the Colorado Statute have been met and (ii) the Company shall
deliver to you [(a) [an affidavit] [a certificate] of __________________, which
verifies the vote of the Company’s stockholders in connection with the Business
Transaction and (b)]1
joint written instructions signed by the Company and Morgan Joseph with respect
to the transfer of the funds held in the Trust Account, including the Deferred
Fee (“Instruction Letter”).  You are hereby directed and authorized to
transfer the funds held in the Trust Account immediately upon your receipt of
the counsel’s letter and the Instruction Letter, in accordance with the terms of
the Instruction Letter.  In the event that certain deposits held in
the Trust Account may not be liquidated by the Consummation Date without
penalty, you will notify the Company of the same and the Company shall direct
you as to whether such funds should remain in the Trust Account and 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
Transaction 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 upon receipt by the Trustee of written
instructions from the Company, 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 as soon thereafter as
possible.

      

        
          

        

      

      
        1  Include
only if there is a stockholder vote.

         

        
          
            
               

            

            
              
              

              
                

              

            

            
               

            

          

        

         

      

      
        
          
            	 
      	 
      	
                    Very
      truly yours,

                  
	 
      	 
      	 
      
	 
      	
                    57TH
      STREET GENERAL ACQUISITION CORP.

                  
	 
      	 
      	 
      
	 
      	 
      	
                    By:

                  	 
      
	 
      	 
      	 
      	
                    Mark
      D. Klein, Chief Executive Officer

                  
	 
      	 
      	 
      
	 
      	 
      	
                    By:

                  	 
      
	 
      	 
      	 
      	
                    Paul
      D. Lapping, Secretary

                  

          

        

      

      

      cc:
Morgan Joseph & Co. Inc.

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      

      EXHIBIT
B

      

      [Letterhead
of Company]

      

      [Insert
date]

      Continental
Stock Transfer

        &
Trust Company

      17
Battery Place

      New York,
New York 10004

      Attn:  Steven
Nelson and Frank Di Paolo

      

      Re:           Trust
Account
No.    -       Termination
Letter

      

      Gentlemen:

      

      Pursuant to paragraph 1(i) of the
Investment Management Trust Agreement between 57th Street General Acquisition
Corp. (“Company”) and Continental Stock Transfer & Trust Company
(“Trustee”), dated as of ________, 2010 (“Trust Agreement”), this is to advise
you that the Company has been unable to effect a Business Transaction with a
Target Company within the time frame specified in the Company’s Certificate of
Incorporation, as described in the Company’s prospectus relating to its
IPO.

      

        In accordance with the
terms of the Trust Agreement, we hereby authorize you to liquidate all the Trust
Account investments on ______________2011 and to transfer the total proceeds to
the Trust Checking Account at J.P. Morgan Chase Bank, N.A. to await distribution
to the stockholders. The Company has selected ____________ 20 ___as the record
date for the purpose of determining the stockholders entitled to receive their
share of the liquidation proceeds.  You agree to be the Paying Agent
of record and in your separate capacity as Paying Agent and to distribute said
funds directly to the Company’s stockholders (other than with respect to the
initial, or insider shares) in accordance with the terms of the Trust Agreement,
the Certificate of Incorporation of the Company, and your standard
fees.   Upon the distribution of all the funds in the Trust
Account, your obligations under the Trust Agreement shall be terminated,
provided, however, that in the event the Company receives a refund of taxes paid
on its income tax obligation, the Trustee agrees to immediately distribute the
proceeds of such refund on a pro-rata basis to each stockholder receiving a
distribution hereunder.

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      

      
        
          
            	 
      	 
      	
                    Very
      truly yours,

                  
	 
      	 
      	 
      
	 
      	
                    57TH
      STREET GENERAL ACQUISITION CORP.

                  
	 
      	 
      	 
      
	 
      	 
      	
                    By:

                  	 
      
	 
      	 
      	 
      	
                    Mark
      D. Klein, Chief Executive Officer

                  
	 
      	 
      	 
      
	 
      	 
      	
                    By:

                  	 
      
	 
      	 
      	 
      	
                    Paul
      D. Lapping, Secretary

                  

          

        

      

      

      cc:
Morgan Joseph & Co. Inc.

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      EXHIBIT
C

      [Letterhead
of Company]

      [Insert
date]

      Continental
Stock Transfer

        &
Trust Company

      17
Battery Place

      New York,
New York 10004

      Attn:  Steven
Nelson and Frank Di Paolo

      

      Re:      Trust
Account
No.    -       Termination
Letter

      

      Gentlemen:

      

      Pursuant to paragraph 1(i) of the
Investment Management Trust Agreement between 57th Street General Acquisition
Corp. (“Company”) and Continental Stock Transfer & Trust Company
(“Trustee”), dated as of ________, 2010 (“Trust Agreement”), this is to advise
you that the Company will be receiving a refund of a portion of the taxes it
paid to satisfy its income tax obligation.

      

        In accordance with the
terms of the Trust Agreement, we hereby authorize you to deposit the proceeds of
such tax refund in the Trust Account, and to transfer the total proceeds to the
Trust Checking Account at J.P. Morgan Chase Bank, N.A. for immediate
distribution to the Company’s stockholders (the “Former Stockholders”) of record
as of the date on which the Company redeemed the shares of common stock sold in
its initial public offering.  You agree to be the Paying Agent of
record and in your separate capacity as Paying Agent and to distribute said
funds directly to the Former Stockholders (other than with respect to the
initial, or insider shares) in accordance with the terms of the Trust Agreement,
Certificate of Incorporation of the Company, and your standard
fees.  Upon the distribution of all the funds in the Trust Account,
your obligations under the Trust Agreement shall be terminated.

      

      
        
          
            	 
      	 
      	
                    Very
      truly yours,

                  
	 
      	 
      	 
      
	 
      	
                    57TH
      STREET GENERAL ACQUISITION CORP.

                  
	 
      	 
      	 
      
	 
      	 
      	
                    By:

                  	 
      
	 
      	 
      	 
      	
                    Mark
      D. Klein, Chief Executive Officer

                  
	 
      	 
      	 
      
	 
      	 
      	
                    By:

                  	 
      
	 
      	 
      	 
      	
                    Paul
      D. Lapping, Secretary

                  

          

        

      

      

      cc:
Morgan Joseph & Co. Inc.

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      EXHIBIT
D

      [Letterhead
of Company]

      [Insert
date]

      

      Continental
Stock Transfer

        &
Trust Company

      17
Battery Place, 8th Floor

      New York,
New York 10004

      Attn:  Steven
Nelson Cynthia Jordan

      

      Re:      Trust
Account No.

      

      Gentlemen:

      

      Pursuant to paragraph 2(a) of the
Investment Management Trust Agreement between 57th Street General Acquisition
Corp. (“Company”) and Continental Stock Transfer & Trust Company
(“Trustee”), dated as of ___________, 2010 (“Trust Agreement”), the Company
hereby requests that you deliver to the Company $_______ of the interest income
earned on the Property as of the date hereof. The Company needs such funds to
pay for its tax obligations. The Company needs such funds to pay for the tax
obligations as set forth on the attached tax return or tax
statement.  In accordance with the terms of the Trust Agreement, you
are hereby directed and authorized to transfer (via wire transfer) such funds
promptly upon your receipt of this letter to the Company’s operating account
at:

      

      [WIRE
INSTRUCTION INFORMATION]

      

      
        
          
            
              
                
                  	 
      	
                          57TH
      STREET GENERAL ACQUISITION CORP.

                        
	 
      	 
      	 
      
	 
      	 
      	
                          By:

                        	 
      
	 
      	 
      	 
      	
                          Mark
      D. Klein, Chief Executive Officer

                        
	 
      	 
      	 
      	 
      
	 
      	 
      	
                          By:

                        	 
      
	 
      	 
      	 
      	
                          Paul
      D. Lapping,
Secretary

                        

                

              

            

          

        

      

      

      cc:
Morgan Joseph & Co. Inc.

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      

      EXHIBIT
E

      

      
        
          
            
              	
                      AUTHORIZED
      INDIVIDUAL(S)

                    	 
      	
                      AUTHORIZED

                    
	
                      FOR TELEPHONE CALL BACK

                    	 
      	
                      TELEPHONE

                    
	
                      NUMBER(S)

                    	 
      	 
      
	 
      	 
      	 
      
	
                      Company:

                    	 
      	 
      
	 
      	 
      	 
      
	
                      57th
      Street General Acquisition Corp.

                    	 
      	 
      
	
                      590
      Madison Avenue, 35th
      Floor

                    	 
      	 
      
	
                      New
      York, New York 10022

                    	 
      	 
      
	
                      Attn:  Mark
      D. Klein, Chief Executive Officer

                    	 
      	
                      (212)
      409-2434

                    
	 
      	 
      	 
      
	
                      Trustee:

                    	 
      	 
      
	 
      	 
      	 
      
	
                      Continental
      Stock Transfer

                    	 
      	 
      
	
                        &
      Trust Company

                    	 
      	 
      
	
                      17
      Battery Place

                    	 
      	 
      
	
                      New
      York, New York 10004

                    	 
      	 
      
	
                      Attn:  Frank
      Di Paolo, CFO

                    	 
      	
                      (212)
      845-3270Unassociated Document

    Execution
Version

    

    SECURITIES
ESCROW AGREEMENT

    

    SECURITIES
ESCROW AGREEMENT, dated as of May 19, 2010 (the “Agreement”) by and among 57th
Street General Acquisition Corp., a Delaware corporation (the “Company”), 57th
Street GAC Holdings LLC (“Holdings” or the “Initial Stockholder”), the
undersigned parties listed as the Underwriter Warrantholders on the signature
pages hereto (the “Underwriter Warrantholders”), and Continental Stock Transfer
& Trust Company, a New York corporation (the “Escrow Agent”).

    

    WHEREAS,
the Company has entered into an Underwriting Agreement, dated May 19, 2010
(“Underwriting Agreement”) with Morgan Joseph & Co. Inc., (“MJ” or the “Representative”), acting as representative of the several underwriters
(collectively, the “Underwriters”), pursuant to which, among other matters, the
Underwriters have agreed to purchase 5,000,000 units (not including the
underwriters’ over-allotment option) (“Units”) of the Company’ securities. Each
Unit consists of one share of the Company’s common stock, par value $.0001 per
share (the “Common Stock”), and one warrant (“Warrant”), each Warrant to
purchase one share of Common Stock, all as more fully described in the Company’s
definitive Prospectus, dated May 19, 2010 (“Prospectus”) comprising part of the
Company’s Registration Statement on Form S-1 (File No. 333-163134) under the
Securities Act of 1933, as amended (the “Registration Statement”), declared
effective on May 19, 2010 (the “Effective Date”);

    

    WHEREAS,
the Initial Stockholder has agreed, as a condition of the Underwriters’
obligation to purchase the Units pursuant to the Underwriting Agreement and to
offer them to the public, to deposit all of its shares of Common Stock, as set
forth opposite its name on Exhibit A attached hereto, in aggregate 638,889
shares (83,333 of which are subject to forfeiture to the extent the
over-allotment option is not exercised in full) (the “Escrow Shares”), in escrow
as hereinafter provided;

    

    WHEREAS,
the Company has entered into an amended and restated Warrant Subscription
Agreement with Holdings and the Underwriter Warrantholders (collectively, the
“Initial Warrantholders”), dated May 19, 2010 (the “Subscription Agreement”),
pursuant to which the Initial Warrantholders have agreed to purchase 3,700,000
warrants (the “Private Warrants”) in a private placement
transaction;

    

    WHEREAS,
the Initial Warrantholders have agreed as a condition of the sale of the Private
Warrants to deposit all of their respective Private Warrants (together with the
Escrow Shares, the “Escrow Securities”), as set forth opposite their respective
names on Exhibit A attached hereto, with the Escrow Agent as hereinafter
provided; and

    

    WHEREAS,
the Company and the Initial Stockholder and Initial Warrantholders desire that
the Escrow Agent accept the Escrow Securities, in escrow, to be held and
disbursed as hereinafter provided.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    IT IS
AGREED:

    

    1.           Appointment of Escrow
Agent. The Company, the Initial Stockholder and Initial Warrantholders
hereby appoint the Escrow Agent to act in accordance with and subject to the
terms of this Agreement and the Escrow Agent hereby accepts such appointment and
agrees to act in accordance with and subject to such terms.

    

    2.           Deposit of Escrow
Securities. On or before the Effective Date, the Initial Stockholder and
Initial Warrantholders shall deliver to the Escrow Agent certificates
representing their respective Escrow Securities, in proper transfer order with
Medallion guaranteed stock powers, to be held and disbursed subject to the terms
and conditions of this Agreement. The Initial Stockholder and Initial
Warrantholders acknowledge and agree that the certificates representing the
Escrow Securities will bear a legend to reflect the deposit of such Escrow
Securities under this Agreement.

    

    3.           Disbursement of the Escrow
Securities.  The Escrow Agent shall hold each of the Escrow
Shares and the Private Warrants until the termination of their respective Escrow
Period (as defined below). In the case of the Escrow Shares, the “Escrow Period”
shall be the period beginning on the date the certificates representing the
Shares are deposited with the Escrow Agent and ending on the date that is one
year following the consummation of the initial Business Transaction (as such
term is defined in the Registration Statement) or earlier if, subsequent to the
Business Transaction the Company consummates a subsequent liquidation, merger,
stock exchange or other similar transaction which results in all of the Company
stockholders having the right to exchange their shares of Common Stock for cash,
securities or other property.  In the case of the Private Warrants,
the “Escrow Period” shall be the period beginning on the date the certificates
representing the Private Warrants are deposited with the Escrow Agent and ending
30 days following the date of the consummation of the initial Business
Transaction. On the termination date of the applicable Escrow Period, the Escrow
Agent shall, upon written instructions from the Company, disburse the Escrow
Securities to such holders; provided, however, that if the Escrow Agent is
notified by the Company pursuant to Section 6.7 hereof that the Company is (i)
being liquidated at any time during the Escrow Period, or (ii) that up to 83,333
of the Escrow Shares have been forfeited, then the Escrow Agent shall promptly
destroy the certificates representing such Escrow Securities (or portion
thereof, as applicable).  The Escrow Agent shall have no further
duties hereunder after the disbursement or destruction of the Escrow Securities
in accordance with this Section 3.

    

    4.           Rights of Initial Holder in
Escrow Securities.

    

    4.1.           Voting Rights as a
Stockholder. Subject to the terms of the Insider Letter described in
Section 4.4 hereof and except as herein provided, the Initial Stockholder shall
retain all of its rights as a stockholder of the Company during the Escrow
Period, including, without limitation, the right to vote the Escrow
Shares.

    

    4.2.           Dividends and Other
Distributions in Respect of the Escrow Securities. During the Escrow
Period, all dividends payable in cash with respect to the Escrow Securities
shall be paid to the Initial Stockholder, but all dividends payable in stock or
other non-cash property (“Non-Cash Dividends”) shall be delivered to the Escrow
Agent to hold in accordance with the terms hereof. As used herein, the term
“Escrow Securities” shall be deemed to include the Non-Cash Dividends
distributed thereon, if any.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    4.3.           Restrictions
on Transfer.  During the
Escrow Period, no sale, transfer or other disposition may be made of any or all
of the Escrow Securities except (i) upon the dissolution and
liquidation of holder and the distribution of assets to its members; (ii) by
gift to an immediate family member of any Initial Stockholder or the Initial
Warrantholders members or to a trust, the beneficiary of which is an immediate
family member of such Initial Stockholder or a member of the immediate family of
the Initial Warrantholders’ members, (iii) by virtue of the laws of descent and
distribution upon death of any Initial Stockholder or any member of an Initial
Warrantholder, (iv) pursuant to a qualified domestic relations order,
(v) in the
event of the Company’s liquidation prior to completion of its initial Business
Transaction or (vi) in the event of the Company’s consummation of a liquidation,
merger, stock exchange or other similar transaction which results in all of the
Company’s stockholders having the right to exchange their shares of common stock
for cash, securities or other property subsequent to the Company’s consummation
of an initial Business Transaction; provided, however, that such
permissive transfers may be implemented only upon the respective transferee’s
written agreement to be bound by the terms and conditions of this Agreement and
of the Insider Letter signed by the Initial Stockholder that is transferring the
Escrow Shares. Even if transferred in accordance with this Section 4.3, the
Escrow Securities will remain subject to this agreement and may be released from
escrow only in accordance with Section 3 hereof.  During the Escrow
Period, the Initial Stockholder shall not pledge or grant a security interest in
the Escrow Securities or grant a security interest in its rights under this
Agreement.

    

    4.4.           Insider Letters. The
Initial Stockholder has executed a letter agreement with the Representative and the Company, dated as of
the Effective Date, and which is filed as an exhibit to the Registration
Statement (each an “Insider Letter”), respecting the rights and obligations of
such Initial Stockholder in certain events, including, but not limited to, the
liquidation of the Company.

    

    5.           Concerning the Escrow
Agent.

    

    5.1.           Good Faith Reliance.
The Escrow Agent shall not be liable for any action taken or omitted by it in
good faith and in the exercise of its own best judgment, and may rely
conclusively and shall be protected in acting upon any order, notice, demand,
certificate, opinion or advice of counsel (including counsel chosen by the
Escrow Agent, which counsel may be company counsel), statement, instrument,
report or other paper or document (not only as to its due execution and the
validity and effectiveness of its provisions, but also as to the truth and
acceptability of any information therein contained) which is believed by the
Escrow Agent to be genuine and to be signed or presented by the proper person or
persons. The Escrow Agent shall not be bound by any notice or demand, or any
waiver, modification, termination or rescission of this Agreement unless
evidenced by a writing delivered to the Escrow Agent signed by the proper party
or parties and, if the duties or rights of the Escrow Agent are affected, unless
it shall have given its prior written consent thereto.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    5.2.           Indemnification. The
Escrow Agent shall be indemnified and held harmless by the Company from and
against any expenses, including reasonable counsel fees and disbursements, or
loss suffered by the Escrow Agent in connection with any action taken by it
hereunder, action, suit or other proceeding involving any claim which in any
way, directly or indirectly, arises out of or relates to this Agreement, the
services of the Escrow Agent hereunder, or the Escrow Securities held by it
hereunder, other than expenses or losses arising from the gross negligence or
willful misconduct of the Escrow Agent. Promptly after the receipt by the Escrow
Agent of notice of any demand or claim or the commencement of any action, suit
or proceeding, the Escrow Agent shall notify the other parties hereto in
writing. In the event of the receipt of such notice, the Escrow Agent, in its
sole discretion, may commence an action in the nature of interpleader in an
appropriate court to determine ownership or disposition of the Escrow Securities
or it may deposit the Escrow Securities with the clerk of any appropriate court
or it may retain the Escrow Securities pending receipt of a final, non
appealable order of a court having jurisdiction over all of the parties hereto
directing to whom and under what circumstances the Escrow Securities are to be
disbursed and delivered. The provisions of this Section 5.2 shall survive in the
event the Escrow Agent resigns or is discharged pursuant to Sections 5.5 or 5.6
below.

    

    5.3.           Compensation. The
Escrow Agent shall be entitled to reasonable compensation from the Company for
all services rendered by it hereunder, as set forth on Exhibit B hereto. The
Escrow Agent shall also be entitled to reimbursement from the Company for all
expenses paid or incurred by it in the administration of its duties hereunder
including, but not limited to, all counsel, advisors’ and agents’ fees and
disbursements and all taxes or other governmental charges.

    

    5.4.           Further Assurances.
From time to time on and after the date hereof, the Company and the Initial
Stockholder shall deliver or cause to be delivered to the Escrow Agent such
further documents and instruments and shall do or cause to be done such further
acts as the Escrow Agent shall reasonably request to carry out more effectively
the provisions and purposes of this Agreement, to evidence compliance herewith
or to assure itself that it is protected in acting hereunder.

    

    5.5.           Resignation. The
Escrow Agent may resign at any time and be discharged from its duties as escrow
agent hereunder by its giving the other parties hereto written notice and such
resignation shall become effective as hereinafter provided. Such resignation
shall become effective at such time that the Escrow Agent shall turn over to a
successor escrow agent appointed by the Company and approved by the Representative, which approval will not be
unreasonably withheld, conditioned or delayed, the Escrow Securities held
hereunder. If no new escrow agent is so appointed within the 60 day period
following the giving of such notice of resignation, the Escrow Agent may deposit
the Escrow Securities with any court it reasonably deems
appropriate.

    

    5.6.           Discharge of Escrow
Agent. The Escrow Agent shall resign and be discharged from its duties as
escrow agent hereunder if so requested in writing at any time by the other
parties hereto, jointly, provided, however, that such resignation shall become
effective only upon acceptance of appointment by a successor escrow agent as
provided in Section 5.5.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    5.7.           Liability.
Notwithstanding anything herein to the contrary, the Escrow Agent shall not be
relieved from liability hereunder for its own gross negligence or its own
willful misconduct.

    

    6.           Miscellaneous.

    

    6.1.           Governing Law. This
Agreement shall for all purposes be deemed to be made under and shall be
construed in accordance with the laws of the State of New York. 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 personal
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.

    

    6.2.           Entire Agreement.
This Agreement and the Insider Letters contain the entire agreement of the
parties hereto with respect to the subject matter hereof and, except as
expressly provided herein, may not be changed or modified except by an
instrument in writing signed by the party to the charged.  In
connection with any proposed amendment, the Escrow Agent may request an opinion
of issuer’s counsel as to the validity of the proposed amendment as a condition
to its execution of said amendment. 

    

    6.3.           Headings. The
headings contained in this Agreement are for reference purposes only and shall
not affect in any way the meaning or interpretation thereof.

    

    6.4.           Binding Effect. This
Agreement shall be binding upon and inure to the benefit of the respective
parties hereto and their legal representative, successors and
assigns.

    

    6.5.           Notices. Any notice
or other communication required or which may be given hereunder shall be in
writing and either be delivered personally or by private national courier
service, or be mailed, certified or registered mail, return receipt requested,
postage prepaid, and shall be deemed given when so delivered personally or, if
sent by private national courier service, on the next business day after
delivery to the courier, or, if mailed, two business days after the date of
mailing, as follows:

    

    if to the
Escrow Agent, to:

    

    Continental
Stock Transfer & Trust Company

    17
Battery Place

    New York,
NY 10004

    Attn:
Frank DiPalo

    Fax No.:
(212) 616-7620

     

    
      
        
           

        

        
          5

          
            

          

        

        
           

        

      

    

     

    if to the
Company, to:

    
 

    57th
Street General Acquisition Corp.

    590
Madison Avenue, 35th
Floor

    New York,
NY 10022

    Attn:
Mark D. Klein

    Fax No.:
(212) 409-2407

    

    and a
copy, which shall not constitute notice, to:

    

    Ellenoff,
Grossman & Schole LLP

    150 East
42nd
Street, 11th
Floor

    New York,
New York 10017

    Attn:
Douglas Ellenoff, Esq.

    Fax No.:
(212) 370-7889

    

    if to any
Initial Stockholder or Initial Warrantholders, to the address set forth in
Exhibit A hereto.

    

    if the to
the representative of the underwriters, to:

    

    Morgan
Joseph & Co. Inc.,

    Morgan
Joseph & Co. Inc.

    600 Fifth
Avenue, 19th
Floor

    New York,
NY 10020

    Attn:
Tina Pappas

    Fax No.:
(212) 218-3760

    

    with a
copy, to:

    

    McDermott
Will & Emery LLP

    340
Madison Avenue

    New York,
New York 10173

    Attn:
Joel L. Rubinstein, Esq.

    Fax No.:
(212) 547-5444

     

    The
parties may change the persons and addresses to which the notices or other
communications are to be sent by giving written notice to any such change in the
manner provided herein for giving notice.

    

    6.6.           Liquidation of Company;
Forfeiture. The Company shall give the Escrow Agent prompt written
notification of (i) the liquidation of the Company or (ii) forfeiture of up to
83,333 Escrow Shares held by 57th Street GAC Holdings LLC to the extent the
underwriters over-allotment option is not exercised in full, as further
described in the Registration Statement.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    6.7.           Trust Account Waiver.
Notwithstanding anything herein to the contrary, the Escrow Agent hereby waives
any and all right, title, interest or claim of any kind (“Claim”) in or to any
distribution of the trust account (the “Trust Account”) in which the proceeds of
the initial public offering conducted by the Company pursuant to the Prospectus
(the “IPO”) and the proceeds of the sale of the Private Warrants will be
deposited and held for the benefit of the holders of the securities purchased in
the IPO, as described in greater detail in the Prospectus, and hereby agrees not
to seek recourse, reimbursement, payment or satisfaction for any Claim against
the Trust Account for any reason whatsoever.

    

    6.8.           Third Party
Beneficiaries. The Initial Stockholder hereby acknowledges that the
Underwriters, including, without limitation, the Representative, are third party
beneficiaries of this Agreement and this Agreement cannot be modified or changed
without the prior written consent of the Representative.

    

    6.9.           Counterparts. This
Agreement may be executed in several counterparts each one of which shall
constitute an original and may be delivered by facsimile transmission and
together shall constitute one instrument.

    

    [remainder
of page intentionally left blank]

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    IN
WITNESS WHEREOF, the Company has caused the execution of this Agreement as of
the date first above written.

    

    
      
        	 
      	
                57TH
      STREET GENERAL ACQUISITION CORP.

              
	 
      	 
      
	 
      	
                By:

              	
                /s/ Paul Lapping

              
	 
      	 
      	
                Name:
      Paul Lapping

              
	 
      	 
      	
                Title:
      CFO, Secretary and Treasurer

              

      

    

     

    
      
        	 
      	
                CONTINENTAL
      STOCK TRANSFER

              
	 
      	
                &
      TRUST COMPANY

              
	 
      	 
      
	 
      	
                By:

              	
                /s/ John Comer

              
	 
      	
                Name:

              	
                John
      W. Comer, Jr.

              
	 
      	 
      	
                Title:    
      Vice President

              

      

    

    

    
      
        	 
      	
                57TH
      STREET GAC HOLDINGS LLC

              
	 
      	 
      
	 
      	 
      	
                By:

              	
                /s/ Paul Lapping

              
	 
      	 
      	
                Name:
      Paul Lapping

              
	 
      	 
      	
                Title:
      Managing Member

              

      

    

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    

    
      
        	 
      	
                UNDERWRITER
      WARRANTHOLDERS:

              
	 
      	 
      
	 
      	
                MORGAN
      JOSEPH & CO. INC.

              
	 
      	 
      
	 
      	
                By:

              	
                /s/ Tina Pappas

              	 
      
	 
      	 
      	
                Name:
      Tina Pappas

              
	 
      	 
      	
                Title:
      Managing Member

              
	 
      	 
      
	 
      	
                LADENBURG
      THALMANN & CO. INC.

              
	 
      	 
      
	 
      	
                By:

              	
                /s/ Richard Matty

              	 
      
	 
      	 
      	
                Name:
      Richard B. Matty

              
	 
      	 
      	
                Title:
      Syndicate Manager

              
	 
      	 
      
	 
      	
                I-BANKERS
      SECURITIES, INC.

              
	 
      	 
      
	 
      	
                By:

              	
                /s/ Shelly Gluck

              	 
      
	 
      	 
      	
                Name:
      Shelly Gluck

              
	 
      	 
      	
                Title:  President

              
	 
      	 
      
	 
      	
                RODMAN
      & RENSHAW, LLC

              
	 
      	 
      
	 
      	
                By:

              	
                /s/ Gregory Dow

              	 
      
	 
      	 
      	
                Name:
      Gregory Dow

              
	 
      	 
      	
                Title:
      General Counsel

              
	 
      	 
      
	 
      	
                MAXIM
      GROUP LLC

              
	 
      	 
      
	 
      	
                By:

              	
                /s/ Paul LaRosa

              	 
      
	 
      	 
      	
                Name:
      Paul LaRosa

              
	 
      	 
      	
                Title:  Senior
      Managing Director

              

      

    

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    

    EXHIBIT
A

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    

    57th
Street GAC Holdings LLC

    590
Madison Avenue, 35th
Floor

    New York,
NY 10022

    Attn:

    Facsimile
Number:

    EIN:
27-1215274

    Number of
Shares: 638,889 (up to 83,333) of which are subject to forfeiture in the event
the underwriters over-allotment option is not exercised in full)

    Number of
Warrants: 3,500,000

    

    Morgan
Joseph & Co. Inc.

    600 Fifth
Avenue, 19th
Floor

    New York,
NY 10020

    Attn:
Tina Pappas

    Fax No.:
(212) 218-3760

    Number of
Warrants: 85,000

    

    Ladenburg
Thalmann & Co. Inc.

    153 East
53rd Street, 49th Floor

    New York,
NY  10022

    Attn:
Steven Kaplan

    Fax No.:
(212) 409-2169

    Number of
Warrants: 85,000

    

    I-Bankers
Securities Incorporated

    810
Seventh Avenue, 11th Floor

    New York,
NY  10019

    Attn:
Robert E. Parker III

    Fax No.:
(212) 419-3895

    Number of
Warrants: 10,000

    

    Maxim
Group LLC

    405
Lexington Avenue

    New York,
NY 10174

    Attn:
Paul G. LaRosa

    Fax No.:
(212) 895-3762

    Number of
Warrants: 10,000

    

    Rodman
& Renshaw, LLC

    1251
Avenue of the Americas, 20th Floor

    New York,
NY 10020

    Attn:
Ramnarain Jaigobind

    Fax No.:
212-581-5690

    Number of
Warrants: 10,000
 

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    

    EXHIBIT
B

    

    Escrow
Agent Fees

    

    $2,400
annually for acting agent escrow fee.

    

    First
year agent fee to be paid at closing.

    
      
         

      

      
        12

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