Document:

Form of Registration Rights Agreement

 Exhibit 10.4 
 REGISTRATION RIGHTS AGREEMENT 
 This Registration Rights Agreement (this
“Agreement”), dated as of                         , 2008, is made and entered into by and among
Raycliff Acquisition Corp., a Delaware corporation (the “Company”), RAC Investors, LLC, a Delaware limited liability company (the “Sponsor”), the other parties listed under Holder on the signature page
hereto and any person or entity who hereafter becomes a party to this Agreement as contemplated by Section 4.02 of this Agreement (each such party and the Sponsor, a “Holder” and collectively the
“Holders”). 
 RECITALS 
 A. Pursuant to that certain Securities Purchase Agreement, effective as of December 13, 2007, by and between the Company and the Sponsor (the “Founder Shares Purchase Agreement”), the
Sponsor purchased an aggregate of 5,750,000 shares (the “Founder Shares”) of the Company’s common stock, par value $0.0001 per share (the “Common Stock”). 
 B. Pursuant to that certain Insider Warrants Purchase Agreement, effective as of
                    , 200    , by and between the Company and the Sponsor (the “Insider Warrants
Purchase Agreement”), the Sponsor has agreed to purchase an aggregate of 6,000,000 warrants (the “Insider Warrants”), each warrant entitling the holder thereof to purchase one share Common Stock. 
 C. Pursuant to that certain Securities Assignment Purchase Agreement, dated as of
                    , 2008, (the “Assignment Agreement”) the Sponsor transferred an aggregate of 257,143 Founder
Shares to Norman J. Balthasar, Anthony E. Burke, Sanford K. Robertson and Stephen Squeri. 
 D. The Company and the Holders desire to enter
into this Agreement, pursuant to which the Company will grant the Holders certain registration rights with respect to certain securities of the Company, as set forth in this Agreement. 
 STATEMENT OF AGREEMENT 
 NOW, THEREFORE, in consideration of the
representations, covenants and agreements contained herein, and certain other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 ARTICLE I 
 DEFINITIONS 
 1.01 Definitions. The terms defined in this Article I shall have for all purposes of this
Agreement the respective meanings set forth below: 
 “Adverse Disclosure” means public disclosure of material
non-public information, which disclosure, in the good faith judgment of the chief executive officer or principal financial officer of the Company after consultation with counsel to the Company, (i)

  

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would be required to be made in any Registration Statement or prospectus in order for the applicable Registration Statement or prospectus not to contain any
untrue statement of a material fact or omit to state a material fact necessary to make the statements therein (in the case of any prospectus and any preliminary prospectus, in the light of the circumstances under which they were made) not
misleading, (ii) would not be required to be made at such time if the Registration Statement were not being filed, and (iii) the Company has a bona fide business purpose for not publicly making it. 
 “Assignment Agreement” shall have the meaning given in the Recitals hereto. 
 “Board” shall mean the Board of Directors of the Company. 
 “Business Combination” shall mean a business combination, whether through a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar type of transaction, with one or more target businesses or assets that have an aggregate fair market value of at least 80% of the net assets held in the Trust Account at the time of the signing of a
definitive agreement in connection with the Business Combination (net of taxes and excluding deferred underwriting discounts payable to underwriters in connection with the Offering) pursuant to the terms and conditions of any underwriting agreement
to be entered into in connection with the Offering and resulting in ownership by the Company of at least 50.1% of the voting equity of any such target business. 
 “Common Stock” shall have the meaning given in the Recitals hereto. 
 “Demand Registration” shall mean a demand registration described in Section 2.01. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as it may be amended from time to time. 
 “Founder Shares” shall have the meaning given in the Recitals hereto. 
 “Founder Shares Purchase
Agreement” shall have the meaning given in the Recitals hereto. 
 “Insider Warrants” shall have the
meaning given in the Recitals hereto. 
 “Insider Warrants Purchase Agreement” shall have the meaning given in the
Recitals hereto. 
 “Lock-up Period” shall mean, with respect to the Founder Shares, Insider Warrants and any Common
Stock issued upon exercise of the Insider Warrants (the “Additional Shares”), the period ending 180 days after the completion of a Business Combination, during which period such securities may not be transferred, assigned or
sold. 
 “Long-Form Registration” shall mean a Registration effected through the filing with the SEC of a Form S-1 or
any successor form or similar form for registration under the Securities Act. 
  

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 “Misstatement” shall mean an untrue statement of a material fact or an omission
to state a material fact required to be stated in a Registration Statement or Prospectus or necessary to make the statements in a Registration Statement or Prospectus not misleading. 
 “Offering” shall mean the Company’s initial public offering of its units, with each unit consisting of one share of Common
Stock and one warrant to purchase one share of its common stock, pursuant to a Registration Statement on Form S-1, File No. 333-148397, filed with the SEC. 
 “Person” shall mean a natural person, partnership, corporation, business trust, association, joint venture or other entity or a government or agency or political subdivision thereof.

 “Piggyback Registration” shall mean a piggyback registration described in Section 2.02. 
 “Prospectus” shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus
supplements and as amended by any and all post-effective amendments and including all material incorporated by reference in such prospectus. 
 “Prospectus Date” shall mean the date of the final prospectus relating to the Offering filed with the SEC. 
 “Purchase Agreements” shall mean (a) the Founder Shares Purchase Agreement, (b) the Insider Warrants Purchase Agreement, and (c) the Assignment Agreement. 
 “Registrable Security” shall mean (a) the Founder Shares, (b) the Insider Warrants (including any shares of Common
Stock issuable upon the exercise of any such warrants), (c) any outstanding share of Common Stock or warrant to purchase Common Stock (including the shares of Common Stock issuable upon the exercise of any such warrant) held by a Holder on the
date of this Agreement or issued by the Company to a Holder after the date of this Agreement pursuant to any Purchase Agreement and (d) any security of the Company issued or issuable with respect to any such share of Common Stock by way of a
stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or reorganization; provided, however, that any such share or security shall be deemed to be a Registrable Security
only if and so long as it is also deemed to be a Transfer Restricted Security. 
 “Registration” shall mean a Demand
Registration, whether such Demand Registration is effected as a Long-Form Registration or a Short-Form Registration, and a Piggyback Registration. 
 “Registration Expenses” shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following: 
 (a) all registration and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory
Association) and any securities exchange on which the Common Stock is then listed; 
  

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 (b) fees and expenses of compliance with securities or blue sky laws (including
reasonable fees and disbursements of counsel for the underwriters in connection with blue sky qualifications of the Registrable Securities); 
 (c) printing, messenger, telephone and delivery expenses; 
 (d) reasonable fees and
disbursements of counsel for the Company; 
 (e) reasonable fees and disbursements of all independent certified public
accountants of the Company incurred specifically in connection with such Registration; and 
 (f) reasonable fees and
disbursements of one (1) counsel for the Requesting Holders, which counsel shall be selected by the Requesting Holders holding a majority of the Registrable Securities to be registered for offer and sale in the applicable Registration.

 “Registration Statement” shall mean any registration statement which covers Registrable Securities pursuant to the
provisions of this Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to such registration statement, and all exhibits to and all material incorporated by
reference in such registration statement. 
 “Release
Date” means the 180th day following the consummation of a Business Combination. 
 “Requesting Holders” shall have the meaning given in Section 2.01. 
 “SEC” shall mean the Securities and Exchange Commission. 
 “Securities Act” shall mean the Securities Act of 1933, as amended from time to time. 
 “Short-Form Registration” shall mean a Registration effected through the filing with the SEC of a Form S-3 or any successor form
or similar form for registration under the Securities Act. 
 “Sponsor” shall have the meaning given in the Recitals
hereto. 
 “Transfer Restricted Security” shall mean an issued and outstanding security that has not been sold to or
through a broker, dealer or underwriter in a public distribution or other public securities transaction. 
 “Trust
Account” shall mean the trust fund into which a portion of the net proceeds of the Offering will be deposited in accordance with the terms of the Offering as described in the Offering Circular. 
  

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 “Underwritten Registration” or “Underwritten Offering”
shall mean a Registration in which securities of the Company are sold to an underwriter in a firm commitment underwriting for distribution to the public. 
 ARTICLE II 
 REGISTRATIONS 
 2.01 Demand Registration. Subject to the restrictions set forth below, if at any time commencing three months prior to the Release Date, and from
time to time thereafter, the Company shall receive from the Holders (the “Requesting Holders”) owning a majority in interest of the then outstanding shares of Registrable Securities as of the date of the request, a written
request to register at least fifteen percent (15%) of the aggregate number of Registrable Securities owned by all of the Requesting Holders as of the date of such request, then the Company will give notice of such request to all Holders within
ten (10) days of receiving such request and shall effect as soon thereafter as practicable, and in any event within forty-five (45) days of the receipt of such request, the Registration under the Securities Act of all Registrable
Securities which any Holder requests to be registered. The Company shall not be obligated to effect, or to take any action to effect, any such Registration pursuant to this Section 2.01: 
 (a) During the period starting with the date sixty (60) days prior to the Company’s good faith estimate of the date of filing
of, and ending on a date one hundred eighty (180) days after the effective date of, a Company initiated Registration; provided that the Company has delivered notice of such Registration to the Holders prior to its receipt of the Holders’
written request for a demand Registration and it continues to actively employ in good faith all reasonable efforts to cause such Registration Statement to become effective; or 
 (b) if the Holders have requested an Underwritten Registration, the Company and the Holders are unable to obtain the commitment of
underwriters to firmly underwrite the offer; or 
 (c) if in the good faith judgment of the Board, such Registration would be
seriously detrimental to the Company and the Board concludes, as a result, that it is essential to defer the filing of such Registration Statement at such time, and the Company shall furnish to such Holders a certificate signed by the President of
the Company stating that in the good faith judgment of the Board, it would be seriously detrimental to the Company for such Registration Statement to be filed in the near future and that it is, therefore, essential to defer the filing of such
Registration Statement. In such event, the Company shall have the right to defer such filing (except as provided in subparagraph (a) above) for a period of not more than one hundred eighty (180) days after receipt of the request of the
Holders; provided, however, that the Company shall not defer its obligation in this manner more than once in any 12-month period. 
 Notwithstanding the foregoing, the Company shall ensure that no such Registration shall become effective with respect to any Registrable Securities subject to an applicable Lock-up Period until after the expiration of the applicable Lock-up
Period. Furthermore, the Company shall not be required to effect more than three (3) Registrations, which may be either Long-Form 

  

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Registrations or Short-Form Registrations, under this Section 2.01 on behalf of the Holders; provided, however, that a Registration
shall not be counted for such purposes unless such Long-Form Registration has become effective and all of the Registrable Securities requested by the Requesting Holders to be registered on behalf of the Requesting Holders in such Long-Form
Registration have been sold, in accordance with Section 3.01(a) of this Agreement; and provided, further, however, that the Company will not be obligated to effect any such Short-Form Registration: 
 (a) if Form S-3 is not available for such offering; 
 (b) if in the good faith judgment of the Board, such Registration would be seriously detrimental to the Company and the Board concludes,
as a result, that it is essential to defer the filing of such Registration Statement at such time, and the Company shall furnish to such Holders a certificate signed by the President of the Company stating that in the good faith judgment of the
Board, it would be seriously detrimental to the Company for such Registration Statement to be filed in the near future and that it is, therefore, essential to defer the filing of such Registration Statement. In such event, the Company shall have the
right to defer such filing (except as provided in subparagraph (a) above) for a period of not more than one hundred eighty (180) days after receipt of the request of the Holders; provided, however, that the Company shall not
defer its obligation in this manner more than once in any 12-month period; 
 (c) if the Company has effected one
(1) Short-Form Registration within the six (6) month period prior to the current request for Short-Form Registration; or 
 (d) if the Registrable Securities to be covered by such registration statement do not, in the aggregate, exceed $500,000. 
 2.02
Piggyback Registration. Each time the Company decides to file a Registration Statement under the Securities Act other than a Registration Statement (i) filed in connection with any employee stock option or other benefit plan,
(ii) for an exchange offer or offering of securities solely to the Company’s existing securityholders, (iii) for an offering of debt that is convertible into equity securities of the Company, (iv) for a dividend reinvestment
plan, (v) filed in connection with the registration of Common Stock pursuant to Section 6(d) of the Warrant Agreement dated as of
                    , 2008, by and between the Company and Continental Stock Transfer & Trust Company (the “Warrant
Agreement”), or (vi) for the acquisition or purchase by or combination by merger or otherwise of the Company of or with another company or business entity or partnership, the Company shall give written notice thereof to the Holders as
soon as practicable but in no event less than ten (10) business days before the intended filing date, which notice shall disclose the amount and type of securities to be included in such Registration Statement, the intended method(s) of
distribution and the name of the proposed managing underwriter or underwriters, if any. The Company shall include in such Registration Statement such Registrable Securities for which it has received written requests for registration within ten
(10) business days after such written notice has been given. If in the good faith judgment of the managing underwriter in any Underwritten Offering, the inclusion of all of the Registrable Securities and any other Common Stock (including shares
of Common Stock issued or issuable upon the exercise or conversion of other securities of the Company) requested to be 

  

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registered by third parties holding similar registration rights (the “Other Securities”) would interfere with the successful
marketing of a smaller number of such securities, then the number of Registrable Securities and Other Securities to be included in the offering (except for shares to be issued by the Company in an offering initiated by the Company) shall be reduced
as provided herein. The Company shall advise all holders of securities requesting registration of the underwriters’ decision, and the number of securities that are entitled to be included in the Underwritten Registration shall be allocated
first to the Company for securities being sold for its own account and thereafter as set forth in Section 2.03 below. 
 2.03
Registration Cutback. In any circumstance in which all of the Registrable Securities and Other Securities requested to be included in a Registration on behalf of the Holders or other selling stockholders cannot be so included as a result of
limitations of the aggregate number of Registrable Securities and Other Securities that may be so included, the number of Registrable Securities and Other Securities that may be so included shall be allocated among the Holders and other selling
stockholders requesting inclusion of Other Securities pro rata on the basis of the number of Registrable Securities and Other Securities that would be held by such Holders and other selling stockholders, assuming conversion. If any Holder or other
selling stockholder does not request inclusion of the maximum number of shares of Registrable Securities and Other Securities allocated to such Holder or other selling stockholder pursuant to the above-described procedure, the remaining portion of
such Holder’s or other selling stockholder’s allocation shall be reallocated among those requesting Holders and other selling stockholders whose allocations did not satisfy their requests, pro rata on the basis of the number of Registrable
Securities and Other Securities which would be held by such Holders and other selling stockholders, assuming conversion, and this procedure shall be repeated until all of the shares of Registrable Securities and Other Securities which may be
included in the registration on behalf of Holders and other selling stockholders have been so allocated. 
 2.04 Cancellation of
Registration. A majority of the Requesting Holders shall have the right to cancel a proposed Registration of Registrable Securities pursuant to Section 2.01 when, (i) in their discretion, market conditions are so unfavorable as
to be seriously detrimental to an offering pursuant to such Registration or (ii) the request for cancellation is based upon material adverse information relating to the Company that is different from the information known to the Requesting
Holders at the time of their written request for a Demand Registration. Such cancellation of a Registration shall not be counted as one of the three (3) Registrations provided for in Section 2.01 above and, notwithstanding anything
to the contrary in this Agreement, the Company shall be responsible for the expenses of the Requesting Holders incurred in connection with the Registration prior to the time of such cancellation. 
 2.05 Suspension of Registration. If the filing, initial effectiveness or continued use of a Registration Statement in respect of a Demand
Registration at any time would require the Company to make an Adverse Disclosure or would require the inclusion in such Registration Statement of financial statements that are unavailable to the Company for reasons beyond the Company’s control,
the Company may, upon giving prompt written notice of such action to the Holders, delay the filing or initial effectiveness of, or suspend use of, such Registration Statement for the shortest possible period of time determined in good faith by the
Company to be necessary for such purpose. In the event the Company exercises its rights under the preceding sentence, the Holders agree to suspend, immediately upon their receipt of the notice referred to 

  

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above, their use of the prospectus relating to the Demand Registration in connection with any sale or offer to sell Registrable Securities. The Company shall
immediately notify the Holders of the expiration of any period during which it exercised its rights under this Section 2.05. 
 2.06 No Net Cash Settlement Value. In no event will the Holders be entitled to receive a net cash settlement or other consideration in lieu of physical settlement in shares of Common Stock, regardless of whether the Common Stock (or
Common Stock underlying the Registrable Securities) is registered pursuant to an effective Registration Statement. 
 ARTICLE III

 COMPANY PROCEDURES 
 3.01 General Procedures. If and whenever the Company is required to register Registrable Securities, the Company will use its best efforts to effect such Registration to permit the sale of such Registrable Securities in accordance
with the intended plan of distribution thereof, and pursuant thereto the Company will as expeditiously as possible: 
 (a)
prepare and file with the SEC as soon as practicable a Registration Statement with respect to such Registrable Securities and use its reasonable best efforts to cause such Registration Statement to become effective and remain effective until the
Registrable Securities covered by such Registration Statement have been sold; 
 (b) prepare and file with the SEC such
amendments and post-effective amendments to the Registration Statement, and such supplements to the Prospectus, as may be requested by the Holders or any underwriter of Registrable Securities or as may be required by the rules, regulations or
instructions applicable to the registration form used by the Company or by the Securities Act or rules and regulations thereunder to keep the Registration Statement effective until all Registrable Securities covered by such Registration Statement
are sold in accordance with the intended plan of distribution set forth in such Registration Statement or supplement to the Prospectus; 
 (c) deliver to the Holders and the underwriters, if any, without charge, as many copies of each Prospectus (and each preliminary prospectus) as such Persons may reasonably request (the Company hereby consenting to the
use of each such Prospectus (or preliminary prospectus) by the selling Holders and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such Prospectus (or preliminary prospectus) and a
reasonable number of copies of the then-effective Registration Statement and any post-effective amendments thereto and any supplements to the Prospectus, including financial statements and schedules, all documents incorporated therein by reference
and all exhibits (including those incorporated by reference); 
 (d) prior to any public offering of Registrable Securities,
register or qualify or cooperate with the Holders, the underwriters, if any, and their respective counsel in connection with the registration or qualification of such Registrable Securities for offer and sale under the securities or blue sky laws of
such jurisdictions as such selling Holders or underwriters may designate in writing and do anything else necessary or advisable to 

  

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enable the disposition in such jurisdictions of the Registrable Securities covered by the Registration Statement; provided, however, that the
Company shall not be required to qualify generally to do business in any jurisdiction where it is not then so qualified or to take any action which would subject it to general service of process in any such jurisdiction where it is not then so
subject; 
 (e) cause all such Registrable Securities to be listed on each securities exchange or automated quotation system
on which similar securities issued by the Company are then listed; 
 (f) provide a transfer agent or warrant agent, as
applicable, and registrar for all such Registrable Securities not later than the effective date of such Registration Statement; 
 (g) advise each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any stop order by the SEC suspending the effectiveness of such Registration Statement or the
initiation or threatening of any proceeding for such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order or to obtain its withdrawal if such stop order should be issued; 
 (h) at least three (3) days prior to the filing of any Registration Statement or prospectus or any amendment or supplement to such
Registration Statement or prospectus or any document that is to be incorporated by reference into such Registration Statement or prospectus, furnish a copy thereof to each seller of such Registrable Securities or its counsel; 
 (i) notify the Holders at any time when a prospectus relating to such Registration Statement is required to be delivered under the
Securities Act, of the happening of any event as a result of which the prospectus included in such Registration Statement, as then in effect, includes a Misstatement, and then to correct such Misstatement as set forth in Section 3.04;

 (j) permit a representative of the Holders, the underwriters, if any, and any attorney or accountant retained by such
Holders or underwriter to participate, at each such Person’s own expense, in the preparation of the Registration Statement, and cause the Company’s officers, directors and employees to supply all information reasonably requested by any
such representative, underwriter, attorney or accountant in connection with the Registration; provided, however, that such representatives or underwriters enter into a confidentiality agreement, in form and substance reasonably
satisfactory to the Company, prior to the release or disclosure of any such information; 
 (k) obtain a “cold
comfort” letter from the Company’s independent public accountants in the event of an Underwritten Registration, in customary form and covering such matters of the type customarily covered by “cold comfort” letters as the managing
underwriter may reasonably request, and reasonably satisfactory to a majority in interest of the participating Holders; 
  

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 (l) on the date the Registrable Securities are delivered for sale pursuant to such
Registration, obtain an opinion, dated such date, of counsel representing the Company for the purposes of such Registration, addressed to the Holders, the placement agent or sales agent, if any, and the underwriters, if any, covering such legal
matters with respect to the Registration in respect of which such opinion is being given as the Holders, placement agent, sales agent, or underwriter may reasonably request and as are customarily included in such opinions, and reasonably
satisfactory to a majority in interest of the participating Holders; 
 (m) in the event of any Underwritten Offering, enter
into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter of such offering; 
 (n) make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve months beginning with the first day of the Company’s first full calendar
quarter after the effective date of the Registration Statement which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 
 (o) if the Registration involves the registration of Registrable Securities involving gross proceeds in excess of $100,000,000, use its
reasonable efforts to make available senior executives of the Company and its subsidiaries to participate in customary “road show” presentations that may be reasonably requested by the underwriter in any Underwritten Offering; and

 (p) otherwise cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders, in
connection with such Registration. 
 3.02 Registration Expenses. The Registration Expenses of all Registrations shall be borne by the
Company. It is acknowledged by the Holders that the Holders will bear all incremental selling expenses relating to the sale of the Registrable Securities, such as underwriters’ commissions and discounts, brokerage fees, underwriter marketing
costs and, other than as set forth in the definition of “Registration Expenses,” all fees and expenses of any legal counsel representing the Holders. 
 3.03 Requirements for Participation in Underwritten Offerings. No person may participate in any Underwritten Offering for equity securities of the Company pursuant to a Registration initiated by the Company
hereunder unless such Person (a) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Company and (b) completes and executes all questionnaires, powers of attorney,
indemnities, lock-up agreements, underwriting agreements and other documents required under the terms of such underwriting arrangements. 
 3.04 Suspension of Sales. Upon receipt of written notice from the Company that a Registration Statement or Prospectus contains a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities
until it has received copies of a supplemented or amended Prospectus correcting the Misstatement (it being understood that the 

  

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Company hereby covenants to prepare and file such supplement or amendment as soon as practicable after the time of such notice), or until it is advised in
writing by the Company that the use of the Prospectus may be resumed. 
 3.05 Reporting Obligations. As long as any Holder shall own
Registrable Securities, the Company, at all times while it shall be reporting under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by
the Company after the date hereof pursuant to Section 13(a) or 15(d) of the Exchange Act and to promptly furnish the Holders with true and complete copies of all such filings. The Company further covenants that it will take such further action
as any Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell shares of Common Stock held by such Holder without registration under the Securities Act within the limitation of the exemptions
provided by Rule 144 promulgated under the Securities Act (“Rule 144”), including providing any legal opinions. Upon the request of any Holder, the Company shall deliver to such Holder a written certification of a duly
authorized officer as to whether it has complied with such requirements. 
 3.06 Indemnification. 
 (a) The Company agrees to indemnify, to the extent permitted by law, the Holder of Registrable Securities, its officers and directors and
each Person who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses (including attorneys’ fees) caused by any untrue or alleged untrue statement of material fact
contained in any Registration Statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements
therein not misleading, except insofar as the same are caused by or contained in any information furnished in writing to the Company by such Holder expressly for use therein. The Company will indemnify the underwriters, their officers and directors
and each Person who controls such underwriters (within the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of the Holder. 
 (b) In connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder will furnish
to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such Registration Statement or prospectus and, to the extent permitted by law, will indemnify the Company, its directors and
officers and agents and each Person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses (including without limitation reasonable attorneys’ fees) resulting from any
untrue statement of material fact contained in the Registration Statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission of a material fact required to be stated therein or necessary to make the
statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing by such Holder expressly for use therein; provided, however, that the
obligation to indemnify will be several, not joint and several, among such Holders of 

  

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Registrable Securities, and the liability of each such Holder of Registrable Securities will be in proportion to and limited to the gross proceeds received
by such Holder from the sale or Registrable Securities pursuant to such Registration Statement. The Holders of Registrable Securities will indemnify the underwriters, their officers, directors and each Person who controls such underwriters (within
the meaning of the Securities Act) to the same extent as provided above with respect to indemnification of the Company. 
 (c)
Any Person entitled to indemnification herein will (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any
Person’s right to indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such
indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying
party will not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent will not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense
of a claim will not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of
interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified party, consent to the entry of any judgment or enter into any
settlement which cannot be settled in all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement does not include as an unconditional term thereof the
giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation. 
 (d) The indemnification provided for under this Agreement will remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling
person of such indemnified party and will survive the transfer of securities. The Company and each Holder of Registrable Securities participating in the offering also agrees to make such provisions as are reasonably requested by any indemnified
party for contribution to such party in the event the Company’s or such Holder’s indemnification is unavailable for any reason. 
 (e) If the indemnification provided for in this Section 3.06 from the indemnifying party is unavailable or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages,
liabilities and expenses referred to herein, then the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of such losses, claims, damages, liabilities
and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and indemnified
party shall be determined by reference to, among other things, whether any 

  

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action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made
by, or relates to information supplied by, such indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s relative intent, knowledge, access to information and opportunity to correct or prevent such
action; provided, however, that the liability of any Holder under this Section 3.06(e) shall be limited to the amount of the gross proceeds received by such Holder in the offering giving rise to such liability. The amount
paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include, subject to the limitations set forth in subsections (a) through (c) above, any legal or other fees, charges or expenses
reasonably incurred by such party in connection with any investigation or proceeding. The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 3.06(e) were determined by pro rata
allocation or by any other method of allocation which does not take account of the equitable considerations referred to in this Section 3.06(e). No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the Securities Act) shall be entitled to contribution pursuant to this Section 3.06(e) from any Person who was not guilty of such fraudulent misrepresentation. 
 ARTICLE IV 
 MISCELLANEOUS 
 4.01 Notices. Any notice or communication under this Agreement must be in writing and given by (a) deposit in the United States mail,
addressed to the party to be notified, postage prepaid and registered or certified with return receipt requested, (b) delivery in person or by courier service providing evidence of delivery, or (c) transmission by telecopy. Each notice or
communication that is mailed, delivered, or transmitted in the manner described above shall be deemed sufficiently given, served, sent, and received, in the case of mailed notices, on the third business day following the date on which it is mailed
and, in the case of notices delivered by hand, courier service, or telecopy, at such time as it is delivered to the addressee (with the delivery receipt or the affidavit of messenger) or at such time as delivery is refused by the addressee upon
presentation. Any notice or communication under this Agreement must be addressed to the addressee at the address set forth below such Person’s signature on the signature pages to this Agreement. Any party may change its address for notice at
any time and from time to time by written notice to the other parties hereto, and such change of address will become effective thirty (30) days after delivery of such notice as provided in this Section 4.01. 
 4.02 Assignment; No Third Party Beneficiaries. 
 (a) This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned by the Company in whole or in part. Prior to the expiration of the Lock-Up Period, this Agreement and the rights,
duties and obligations of the Holders hereunder may be assigned by any Holder of Registrable Securities in conjunction with and to the extent of any valid transfer of such Registrable Securities by any such Holder. Following the expiration of the
Lock-Up Period, only the Sponsor may assign or delegate its rights, duties and obligations hereunder in conjunction with and to the extent of any valid transfer of the Registrable Securities held by the Sponsor. 
  

 - 13 - 

 (b) No assignment by any party hereto of such party’s rights, duties and obligations
hereunder shall be binding upon or obligate the Company unless and until the Company shall have received (i) written notice of such assignment as provided in Section 4.01 hereof and (ii) the written agreement of the assignee,
in a form reasonably satisfactory to the Company, to be bound by the terms and provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). Any transfer or assignment made other than as
provided in this Section 4.02 shall be null and void. 
 (c) This Agreement and the provisions hereof shall be
binding upon and shall inure to the benefit of each of the parties and their respective successors and the permitted assigns of the Holders or of any assignee of the Holders. This Agreement is not intended to confer any rights or benefits on any
persons not a party hereto other than as expressly set forth in this Section 4.02. 
 4.03 Counterparts. This Agreement
may be executed in multiple counterparts (including facsimile counterparts), each of which shall be deemed an original, and all of which together shall constitute the same instrument, but only one of which need be produced. 
 4.04 Governing Law; Venue. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY
AGREE THAT THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK AS APPLIED TO AGREEMENTS AMONG DELAWARE RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN DELAWARE, WITHOUT REGARD TO THE CONFLICT OF LAW
PROVISIONS OF SUCH JURISDICTION. 
 4.05 Amendments and Modifications. Upon the written consent of the Company and the Holders who
hold at least fifty percent (50%) of the Registrable Securities, compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived, or any of such provisions, covenants or conditions may be amended or
modified; provided, however, that notwithstanding the foregoing, any amendment hereto or waiver hereof that adversely affects one Holder, solely in its capacity as a holder of the shares of capital stock of the Company, in a manner
that is materially different from the other Holders (in such capacity) shall require the consent of the Holder so affected. No course of dealing between any Holder or the Company and any other party hereto or any failure or delay on the part of a
Holder or the Company in exercising any rights or remedies under this Agreement shall operate as a waiver of any rights or remedies of any Holder or the Company. No single or partial exercise of any rights or remedies under this Agreement by a party
shall operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such party. 
 4.06 Other
Registration Rights. Except for the registration of Common Stock pursuant to Section 6(d) of the Warrant Agreement, the Company will not grant to any Person the right to require the Company to register any equity securities of the Company,
or any securities convertible or exchangeable into or exercisable for such securities, which conflicts with the registration rights granted hereunder. 
  

 - 14 - 

 4.07 Termination. This Agreement shall terminate and the registration rights granted hereunder
shall expire on the date that is five (5) years after the Prospectus Date; provided that such termination and expiration shall not affect registration rights exercised prior to such date. 
 [SIGNATURE PAGES FOLLOW] 
  

 - 15 - 

 IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the date first
written above. 
  

			
	COMPANY:
	
	RAYCLIFF ACQUISITION CORP.,
	a Delaware corporation
		
	By:	 	  

		 	Stefan V. Reyniak
		 	Vice President and Treasurer

			
		
	Address:	  	5 East 59th Street, 4th Floor
		  	New York, New York 10022
		  	Fax: (212) 759-4123

			
	
	HOLDERS:
	
	RAC INVESTORS, LLC
	a Delaware limited liability company
		
	By:	 	  

		 	Bippy M. Siegal
		 	Managing Member

			
		
	Address:	  	5 East 59th Street, 4th Floor
		  	New York, New York 10022
		  	Fax: (212) 759-4123

			
	
	NORMAN J. BALTHASAR
		
	By:	 	  

		 	Norman J. Balthasar

			
		
	Address:	  	5 East 59th Street, 4th Floor
		  	New York, New York 10022
		  	Fax: (212) 759-4123

 Signature Page to 
 Registration Rights Agreement 

			
	ANTHONY E. BURKE
		
	 By:
	 	  

		 	Anthony E. Burke

			
		
	 Address:
	  	5 East 59th Street, 4th Floor
		  	New York, New York 10022
		  	Fax: (212) 759-4123

			
	
	 SANFORD R. ROBERTSON AND JEANNE
 ROBERTSON, TRUSTEES OF THE
 ROBERTSON REVOCABLE TRUST, DATED
 NOVEMBER 27, 2002

		
	 By:
	 	  

		 	Sanford R. Robertson, Trustee

			
		
	 Address:
	  	5 East 59th Street, 4th Floor
		  	New York, New York 10022
		  	Fax: (212) 759-4123

			
	
	STEPHEN SQUERI
		
	 By:
	 	  

		 	Stephen Squeri

			
		
	 Address:
	  	5 East 59th Street, 4th Floor
		  	New York, New York 10022
		  	Fax: (212) 759-4123

 Signature Page to 
 Registration Rights AgreementInsider Warrants Purchase Agreement

 Exhibit 10.6 
 INSIDER WARRANTS PURCHASE AGREEMENT 
 THIS INSIDER WARRANTS PURCHASE AGREEMENT, dated as of
February 25, 2008 but effective as of December 15, 2007 (as it may from time to time be amended and including all exhibits referenced herein, this “Agreement”), is entered into by and between RAC Investors, LLC, a
Delaware limited liability company (the “Sponsor”) and Raycliff Acquisition Corp. (the “Company”). 
 WHEREAS, the Company has filed a registration statement on Form S-1 with the Securities and Exchange Commission (the “Registration Statement”) in connection with the proposed initial public offering of the
Company’s units (the “Public Offering”), each unit consisting of one share of the Company’s common stock, par value $0.0001 per share (a “Share”), and one warrant to purchase one Share at an
exercise price of $7.50 per Share. 
 WHEREAS, the Sponsor has agreed to purchase an aggregate of 6,000,000 warrants (the “Insider
Warrants”), each Insider Warrant entitling the holder to purchase one Share at an exercise price of $7.50 per Share. 
 NOW
THEREFORE, in consideration of the mutual promises contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby, intending legally to be
bound, agree as follows: 
 AGREEMENT 
 Section 1. Authorization, Purchase and Sale; Terms of the Insider Warrants. 
 A. Authorization of the Insider
Warrants. The Company has duly authorized the issuance and sale of the Insider Warrants to the Sponsor. 
 B. Purchase and Sale of the
Insider Warrants. On or prior to the date of the final prospectus of the Public Offering or on such earlier time and date as may be mutually agreed by the Sponsor and the Company (the “Closing Date”), the Company shall
issue and sell to the Sponsor, and the Sponsor shall purchase from the Company, the Insider Warrants for an aggregate purchase price of $6,000,000 (the “Purchase Price”), which shall be paid by wire transfer of immediately
available funds to the Company in accordance with the Company’s wiring instructions. On the Closing Date, upon the payment by the Sponsor of the Purchase Price by wire transfer of immediately available funds to the Company, the Company shall
deliver a certificate evidencing the Insider Warrants duly registered in the Sponsor’s name to the Sponsor. 
 C. Terms of the
Insider Warrants. 
 (i) Each Insider Warrant shall have the terms set forth in a Warrant Agreement to be entered into by the Company in
connection with the Public Offering (the “Warrant Agreement”). 

 (ii) Registration Rights: At the time of the closing of the Public Offering, the Company and the Sponsor
shall enter into a registration rights agreement (the “Registration Rights Agreement”) pursuant to which the Company will grant certain registration rights to the Sponsor relating to the Insider Warrants and the Shares
underlying the Insider Warrants. 
 Section 2. Representations and Warranties of the Company. 
 As a material inducement to the Sponsor to enter into this Agreement and purchase the Insider Warrants, the Company hereby represents and warrants to the
Sponsor (which representations and warranties shall survive the Closing Date) that: 
 A. Organization and Corporate Power. The
Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably be expected to have a
material adverse effect on the financial condition, operating results or assets of the Company. The Company possesses all requisite corporate power and authority necessary to carry out the transactions contemplated by this Agreement and the Warrant
Agreement. 
 B. Authorization; No Breach. 
 (i) The execution, delivery and performance of this Agreement and the Insider Warrants have been duly authorized by the Company as of the Closing Date. This Agreement constitutes the valid and binding obligation of
the Company, enforceable in accordance with its terms. Upon issuance in accordance with, and payment pursuant to, the terms of the Warrant Agreement and this Agreement, the Insider Warrants will constitute valid and binding obligations of the
Company, enforceable in accordance with their terms as of the Closing Date. 
 (ii) The execution and delivery by the Company of this
Agreement and the Insider Warrants, the issuance and sale of the Insider Warrants, the issuance of the Shares of common stock upon exercise of the Insider Warrants and the fulfillment of and compliance with the respective terms hereof and thereof by
the Company, do not and will not as of the Closing Date (a) conflict with or result in a breach of the terms, conditions or provisions of, (b) constitute a default under, (c) result in the creation of any lien, security interest,
charge or encumbrance upon the Company’s capital stock or assets under, (d) result in a violation of, or (e) require any authorization, consent, approval, exemption or other action by or notice or declaration to, or filing with, any
court or administrative or governmental body or agency pursuant to the certificate of incorporation of the Company or the bylaws of the Company, or any material law, statute, rule or regulation to which the Company is subject, or any agreement,
order, judgment or decree to which the Company is subject, except for any filings required after the date hereof under federal or state securities laws. 
 C. Title to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, the Shares issuable upon exercise of the Insider Warrants will be duly and validly
issued, fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, the Sponsor will have good title to the Insider Warrants and the Shares issuable upon exercise of such
Insider Warrants, free and clear of all liens, claims and encumbrances of any kind, other than (i) transfer restrictions hereunder and under the other agreements contemplated hereby, (ii) transfer restrictions under federal and state
securities laws, and (iii) liens, claims or encumbrances imposed due to the actions of the Sponsor. 
  

 - 2 - 

 D. Governmental Consents. No permit, consent, approval or authorization of, or declaration to or
filing with, any governmental authority is required in connection with the execution, delivery and performance by the Company of this Agreement or the consummation by the Company of any other transactions contemplated hereby. 
 Section 3. Representations and Warranties of the Sponsor. 
 As a material inducement to the Company to enter into this Agreement and issue and sell the Insider Warrants to the Sponsor, the Sponsor hereby represents and warrants to the Company (which representations and
warranties shall survive the Closing Date) that: 
 A. Organization and Requisite Authority. The Sponsor is a limited liability
company duly organized, validly existing and in good standing under the laws of the State of Delaware. The Sponsor possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement. 
 B. Authorization; No Breach. 
 (i)
This Agreement constitutes a valid and binding obligation of the Sponsor, enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating
to or affecting creditors’ rights and to general equitable principles (whether considered in a proceeding in equity or law). 
 (ii) The
execution and delivery by the Sponsor of this Agreement and the fulfillment of and compliance with the terms hereof by the Sponsor does not and shall not as of the Closing Date conflict with or result in a breach of the terms, conditions or
provisions of the organizational documents of the Sponsor or any other agreement, instrument, order, judgment or decree to which the Sponsor is subject. 
 C. Investment Representations. 
 (i) The Sponsor is acquiring the Insider Warrants and, upon exercise
of the Insider Warrants, the Shares issuable upon such exercise (collectively, the “Securities”) for its own account, for investment purposes only and not with a view towards, or for resale in connection with, any public sale
or distribution thereof. 
 (ii) The Sponsor is an “accredited investor” as such term is defined in Rule 501(a)(3) of Regulation D
of the Securities Act of 1933, as amended (the “Securities Act”). 
 (iii) The Sponsor understands that the
Securities are being offered and will be sold to it in reliance on specific exemptions from the registration requirements of the United States federal and state securities laws and that the Company is relying upon the truth and accuracy of, and the
Sponsor’s compliance with, the representations and warranties of the Sponsor set forth herein in order to determine the availability of such exemptions and the eligibility of the Sponsor to acquire such Securities. 
 (iv) The Sponsor did not decide to enter into this Agreement as a result of any general solicitation or general advertising within the meaning of Rule
502(c) under the Securities Act. 
  

 - 3 - 

 (v) The Sponsor has been furnished with all materials relating to the business, finances and operations
of the Company and materials relating to the offer and sale of the Securities which have been requested by the Sponsor. The Sponsor has been afforded the opportunity to ask questions of the executive officers and directors of the Company. The
Sponsor understands that its investment in the Securities involves a high degree of risk and it has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect to the acquisition
of the Securities. 
 (vi) The Sponsor understands that no United States federal or state agency or any other government or governmental
agency has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the Securities by the Sponsor nor have such authorities passed upon or endorsed the merits of the offering of the
Securities. 
 (vii) The Sponsor understands that: (a) the Securities have not been and are not being registered under the Securities
Act or any state securities laws, and may not be offered for sale, sold, assigned or transferred unless (1) subsequently registered thereunder or (2) sold in reliance on an exemption therefrom; and (b) except as specifically set forth
in any registration rights agreement, neither the Company nor any other person is under any obligation to register the Securities under the Securities Act or any state securities laws or to comply with the terms and conditions of any exemption
thereunder. In this regard, the Sponsor understands that the Securities and Exchange Commission has taken the position that promoters or affiliates of a blank check company and their transferees, both before and after a business combination, are
deemed to be “underwriters” under the Securities Act when reselling the securities of a blank check company. Based on that position, Rule 144 adopted pursuant to the Securities Act would not be available for resale transactions of the
Securities despite technical compliance with the requirements of such Rule, and the Securities can be resold only through a registered offering or in reliance upon another exemption from the registration requirements of the Securities Act.

 (viii) The Sponsor has such knowledge and experience in financial and business matters, knows of the high degree of risk associated with
investments in the securities of companies in the development stage such as the Company, is capable of evaluating the merits and risks of an investment in the Securities and is able to bear the economic risk of an investment in the Securities in the
amount contemplated hereunder for an indefinite period of time. The Sponsor has adequate means of providing for its current financial needs and contingencies and will have no current or anticipated future needs for liquidity which would be
jeopardized by the investment in the Securities. The Sponsor can afford a complete loss of its investment in the Securities. 
 Section 4. Waiver of
Liquidation Distributions. 
 In connection with the Insider Warrants purchased pursuant to this Agreement, the Sponsor hereby waives any
and all right, title, interest or claim of any kind in or to any liquidating distributions by the Company in the event of a liquidation of the Company upon the Company’s failure to timely complete a Business Combination. 

  

 - 4 - 

 
Section 5. Forfeiture of Insider Warrants. 
 A. All of the Insider Warrants initially shall be subject to forfeiture to the Company in accordance with this Section 5. The Insider Warrants shall be forfeited to the Company in the event that the Company does not consummate a
Business Combination within 24 months after consummation of the Public Offering, or within 30 months after the consummation of the Public Offering if the Company has entered into a definitive agreement relating to a Business Combination within 24
months after the consummation of the Public Offering and the stockholders of the Company approve a proposal to extend the Company’s corporate existence. 
 B. If the Insider Warrants are forfeited in accordance with this Section 5, then after such time the Sponsor (or successor in interest), shall no longer have any rights as a holder of such Insider Warrants, and
the Company shall take such action as is appropriate to cancel such Insider Warrants. The Sponsor hereby irrevocably grants the Company a limited power of attorney for the purpose of effectuating the foregoing. 
 Section 6. Rescission Right Waiver and Indemnification 
 A. The Sponsor understands and acknowledges that an exemption from the registration requirements of the Securities Act requires that there be no general solicitation of purchasers of the Insider Warrants. In this regard, if the offering of
the Units in the Company’s Public Offering were deemed to be a general solicitation with respect to the Insider Warrants, the offer and sale of such Insider Warrants may not be exempt from registration and, if not, the Sponsor may have a right
to rescind their purchases of the Insider Warrants. In order to facilitate the completion of the Public Offering and in order to protect the Company, its stockholders and the trust account from claims that may adversely affect the Company or the
interests of its stockholders, the Sponsor hereby agrees to waive, to the maximum extent permitted by applicable law, any claims, right to sue or rights in law or arbitration, as the case may be, to seek rescission of its purchase of the Insider
Warrants. The Sponsor acknowledges and agrees that this waiver is being made in order to induce the Company to sell the Insider Warrants to the Sponsor. The Sponsor agrees that the foregoing waiver of rescission rights shall apply to any and all
known or unknown actions, causes of action, suits, claims, or proceedings (collectively, “Claims”) and related losses, costs, penalties, fees, liabilities and damages, whether compensatory, consequential or exemplary, and
expenses in connection therewith, including reasonable attorneys’ and expert witness fees and disbursements and all other expenses reasonably incurred in investigating, preparing or defending against any Claims, whether pending or threatened,
in connection with any present or future actual or asserted right to rescind the purchase of the Insider Warrants hereunder or relating to the purchase of the Insider Warrants and the transactions contemplated hereby. 
 B. The Sponsor agrees not to seek recourse against the trust account for any reason whatsoever in connection with his purchase of the Insider Warrants or
any Claim that may arise now or in the future. 
 C. The Sponsor acknowledges and agrees that the stockholders of the Company are and shall
be third-party beneficiaries of the foregoing provisions of this Agreement. 
 D. The Sponsor agrees that to the extent any waiver of rights
under this Section 6 is ineffective as a matter of law, the Sponsor has offered such waiver for the benefit of the Company as an equitable right that shall survive any statutory disqualification or bar that applies to a legal right. The Sponsor
acknowledges the receipt and sufficiency of consideration received from the Company hereunder in this regard. 
  

 - 5 - 

 Section 7. Conditions of the Sponsor’s Obligations. 
 The obligation of the Sponsor to purchase and pay for the Insider Warrants is subject to the fulfillment, on or before the Closing Date, of each of the
following conditions: 
 A. Representations and Warranties. The representations and warranties of the Company contained in
Section 2 shall be true and correct at and as of the Closing Date as though then made. 
 B. Performance. The Company shall have
performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing Date. 
 C. No Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered,
promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions
contemplated by this Agreement or the Warrant Agreement. 
 Section 8. Conditions of the Company’s Obligations. 
 The obligations of the Company to the Sponsor under this Agreement are subject to the fulfillment, on or before the Closing Date, of each of the
following conditions: 
 A. Representations and Warranties. The representations and warranties of the Sponsor contained in
Section 3 shall be true and correct at and as of the Closing Date as though then made. 
 B. Performance. The Sponsor shall have
performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by the Sponsor on or before the Closing Date. 
 C. Corporate Consents. The Company shall have obtained the consent of its Board of Directors authorizing the execution, delivery and performance
of this Agreement and the Warrant Agreement and the issuance and sale of the Insider Warrants hereunder. 
 D. No Injunction. No
litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization
having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement or the Warrant Agreement. 
 Section 9. Termination. 
 This Agreement may be terminated at any time after June 30, 2008
upon the mutual written consent of the Company and the Sponsor if the closing of the Public Offering does not occur prior to such date. 
  

 - 6 - 

 Section 10. Survival of Representations and Warranties. 
 All of the representations and warranties contained herein shall survive the Closing Date. 
 Section 11. Definitions. 
 Terms used but not otherwise defined in this Agreement shall have the
meaning assigned to such terms in the Registration Statement. 
 Section 12. Miscellaneous. 
 A. Successors and Assigns. Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by or on behalf
of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto whether so expressed or not. Notwithstanding the foregoing or anything to the contrary herein, the parties may not assign this
Agreement, other than assignments by the Sponsor to affiliates thereof. 
 B. Severability. Whenever possible, each provision of this
Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the
extent of such prohibition or invalidity, without invalidating the remainder of this Agreement. 
 C. Counterparts. This Agreement may
be executed simultaneously in two or more counterparts, none of which need contain the signatures of more than one party, but all such counterparts taken together shall constitute one and the same agreement. 
 D. Descriptive Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a
substantive part of this Agreement. The use of the word “including” in this Agreement shall be by way of example rather than by limitation. 
 E. Governing Law. This Agreement shall be deemed to be a contract made under the laws of the State of Delaware and for all purposes shall be construed in accordance with the internal laws of the State of
Delaware. 
 F. Amendments. This letter agreement may not be amended, modified or waived as to any particular provision, except by a
written instrument executed by all parties hereto. 
 [SIGNATURE PAGE FOLLOWS] 
  

 - 7 - 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement. 
  

			
	COMPANY:
	
	RAYCLIFF ACQUISITION CORP.
		
	By:	  	/s/ Stefan V. Reyniak
	Name:	  	Stefan V. Reyniak
	Title:	  	Vice President
	
	SPONSOR:
	
	RAC INVESTORS, LLC
	  By:	  	 Raycliff Management, LLC,
 Managing
Member

		
	By:	  	/s/ Bippy Siegal
	Name:	  	Bippy Siegal
	Title:	  	Managing Member

 Signature Page to the Insider Warrant Purchase Agreement

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