Document:

exv10w2

Exhibit 10.2

LOCK-UP AGREEMENT

May 5, 2011

57th Street General Acquisition Corp.

590 Madison Avenue, 35th Floor

New York, New York 10022

Crumbs Holdings LLC

110 West 40th Street, Suite 2100

New York, New York 10018

Ladies and Gentlemen:

     This letter agreement (this “Agreement”) relates to a Business Combination Agreement
entered into as of January 9, 2011, as amended by that certain Amendment to Business Combination
Agreement, dated as of February 18, 2011, Amendment No. 2 to Business Combination Agreement, dated
as of March 17, 2011 and Amendment No. 3 to Business Combination Agreement, dated as of April 7,
2011 (collectively, and as amended, the “Business Combination Agreement”) by and among
57th Street General Acquisition Corp., a Delaware corporation (“Parent”),
57th Street Merger Sub LLC, a Delaware limited liability company and wholly-owned
subsidiary of Parent, Crumbs Holdings LLC, a Delaware limited liability company (the
“Company”), the members of the Company as set forth on the signature page thereof, and the
representatives of the Company and the Members. Capitalized terms used and not otherwise defined
herein are defined in the Business Combination Agreement and shall have the meanings given to such
terms in the Business Combination Agreement.

     1. In order to induce all Parties to enter into the Business Combination Agreement, each of
the undersigned hereby agree that, without the prior written consent of Parent and the Company, he,
she or it: (i) will not, directly or indirectly, offer, sell, agree to offer or sell, solicit
offers to purchase, grant any call option or purchase any put option with respect to, assign,
transfer, pledge, borrow or otherwise dispose of, any Equity Consideration received directly
pursuant to the Business Combination Agreement, and for each of Jason Bauer, Mia Bauer and Victor
Bauer, with respect the portion of such Equity Consideration received by Crumbs, Inc. and deemed
attributable to such party (solely for the purposes of this Agreement and not for the purpose of
determining beneficial ownership under the federal securities laws), including, without limitation,
any New Crumbs Class B Exchangeable Units or Parent Series A Voting Preferred Stock received
pursuant to the Business Combination Agreement at the Effective Time or Common Stock issuable upon
the exchange thereof (“Closing Equity Consideration”) or securities convertible into or
exercisable or exchangeable for such Closing Equity Consideration (collectively “Locked Up
Equity Consideration” (including, without limitation, Locked Up Equity Consideration, which may
be deemed to be beneficially owned by the undersigned in accordance with the rules and regulations
promulgated under the Securities Exchange Act of 1934, as the same may be amended or supplemented
from time to time (such

 

 

shares or securities, collectively, the “Lock-up Shares”)); (ii) will not establish or
increase any “put equivalent position” or liquidate or decrease any “call equivalent position” (in
each case within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and
the rules and regulations promulgated thereunder) with respect to any Lock-up Shares, or otherwise
enter into any swap, derivative or other transaction or arrangement that transfers to another, in
whole or in part, any economic consequence of ownership of any Lock-up Shares, whether or not such
transaction is to be settled by delivery of Lock-up Shares, other securities, cash or other
consideration; or (iii) will not engage in any short selling of any Lock-up Shares for a period
commencing on the Closing Date and ending with respect to such shares or securities so indicated,
as follows: (A) on the first (1st) anniversary of the Closing of the Merger any Lock-Up
Shares directly owned by Victor Bauer and for one-third (1/3) of the Lock-up Shares owned by
Crumbs, Inc. (such amount being deemed attributable to Victor Bauer solely for the purposes of this
Agreement and not for the purpose of determining beneficial ownership under the federal securities
laws) (the “First Lock-up Group”), and (B) on January 1, 2013 for any Lock-up Shares
directly owned by Jason Bauer, any Lock-up Shares directly owned by Mia Bauer and the remaining
two-thirds (2/3) of the Lock-up Shares owned by Crumbs, Inc. (such amount being deemed attributable
to Jason Bauer and/ or Mia Bauer solely for the purposes of this Agreement and not for the purpose
of determining beneficial ownership under the federal securities laws) (the “Second Lock-up
Group”). The lock-up periods relating to the First Lock-up Group and Second Lock-up Group are
collectively referred to as the “Lock-up Periods”. For the avoidance of doubt, the Lock-Up
Periods shall apply to the Lock-Up Shares as set forth on Schedule I to this Agreement.
Notwithstanding anything in this paragraph 1 to the contrary, the undersigned may exercise any
rights under the Registration Rights Agreement provided, however, that no sale of Lock-up Shares by
the undersigned shall be permitted during the Lock-up Period. Nothing in this Agreement shall
prevent any of the undersigned from making any exchange permitted by the Exchange and Support
Agreement, of even date herewith, by and among Parent, the Company and the members of the Company.

     2. Each of the undersigned hereby authorizes Parent and/or the Company during the Lock-Up
Periods to cause any transfer agent for the Lock-up Shares to decline to transfer, and to note stop
transfer restrictions on the stock register and other records relating to, Lock-up Shares for which
such undersigned is the record holder and, in the case of Lock-up Shares for which such undersigned
is the beneficial but not the record holder, agrees during the Lock-Up Periods to cause the record
holder to cause the relevant transfer agent to decline to transfer, and to note stop transfer
restrictions on the stock register and other records relating to, such Lock-up Shares, if such
transfer would constitute a violation or breach of this Agreement.

     3. Notwithstanding the foregoing, each of the undersigned may sell or otherwise transfer
Lock-up Shares during his or her, or in the case of Crumbs, Inc. a shareholder’s, lifetime or on
his or her, or in the case of Crumbs, Inc., a shareholder’s, death (i) to its equity holders, (ii)
to immediate family members (including spouses, significant others, lineal descendants, brothers
and sisters) or in the case of Crumbs, Inc. the immediate family members of the equity holders,
(iii) a family trust, foundation or partnership established for the exclusive benefit of the
undersigned, or in the case of Crumbs, Inc. an equity holder of the undersigned, or any of their
respective immediate family members, (iv) a charitable foundation controlled by the undersigned,
any of their equityholders or any of their respective immediate family members or

2

 

(v) by will or intestacy to any immediate family, of in the case of Crumbs, Inc. of an
equityholder, or to a trust, the beneficiaries of which are exclusively the undersigned, any of the
equityholders of the undersigned or a member or members of any equityholders of the undersigned’s
immediate family or a charitable foundation controlled by any such persons, provided in each such
case that the transferee thereof agrees to be bound by the restrictions set forth herein. With
respect to such restrictions, in connection with a sale or transfer permitted by this paragraph 3,
each of the undersigned shall designate whether the transferred Lock-up Shares are from the First
Lock-up Group or the Second Lock-up Group, and the respective restrictions set forth in paragraph 1
shall continue to apply to such Lock-up Shares.

     4. Notwithstanding the provisions of this Agreement, each of the undersigned hereby
acknowledges and agrees that such Member’s allocable portion of the Claim Shares set forth on the
Member Allocation are subject to the terms and conditions of the Business Combination Agreement
including, without limitation, the application of such Claim Shares to satisfy indemnification
obligations as provided therein.

     5. Each of the undersigned hereby represents and warrants that as to themselves the
undersigned has full power and authority to enter into this Agreement and that this Agreement
constitutes the legal, valid and binding obligation of the undersigned, enforceable in accordance
with its terms. Upon request, each of the undersigned will execute any additional documents
necessary in connection with enforcement hereof. Any obligations of the undersigned shall be
binding upon the successors and assigns of each of the undersigned from the date first above
written.

     6. This Agreement shall be governed by and construed in accordance with the laws of the State
of Delaware, without regard to the conflicts of laws principles thereof. Delivery of a signed copy
of this letter by facsimile or other electronic transmission shall be effective as delivery of the
original hereof.

[Signatures on the following page]

3

 

	 	 	 	 	 
	 	Very truly yours,

 	 
	 	CRUMBS, INC.

 	 
	 	By:  	/s/ Jason Bauer
 	 
	 	 	Name:  	Jason Bauer 	 
	 	 	Title:  	President 	 
	 
	 	 	 
	 	                                                   /s/ Jason Bauer
 	 
	 	JASON BAUER 	 
	 	 	 
	 	 	 
	 	                                                   /s/ Mia Bauer
 	 
	 	MIA BAUER 	 
	 	 	 
	 	 	 
	 	                                                   /s/ Victor Bauer
 	 
	 	VICTOR BAUER 	 
	 	 	 

[Signature Page to Lock-Up Agreement]

 

 

SCHEDULE I

	 	 	 	 	 
	 	 	First Anniversary of the	 	 
	Shares	 	Closing Date	 	January 1, 2013
	New Crumbs Class B
Exchangeable Units
	 	633,749	 	1,267,500
	 
	 	 	 	 
	Parent Series A Voting
Preferred Stock
	 	63,374.9	 	126,750.0exv10w3

Exhibit 10.3

LOCK-UP AGREEMENT

May 5, 2011

57th Street General Acquisition Corp.

590 Madison Avenue, 35th Floor

New York, New York 10022

Crumbs Holdings LLC

110 West 40th Street, Suite 2100

New York, New York 10018

Ladies and Gentlemen:

     This letter agreement (this “Agreement”) relates to a Business Combination Agreement entered
into as of January 9, 2011, as amended by that certain Amendment to Business Combination Agreement,
dated as of February 18, 2011, Amendment No. 2 to Business Combination Agreement, dated as of March
17, 2011 and Amendment No. 3 to Business Combination Agreement, dated as of April 7, 2011
(collectively, and as amended, the “Business Combination Agreement”) by and among 57th
Street General Acquisition Corp., a Delaware corporation (“Parent”), 57th Street Merger
Sub LLC, a Delaware limited liability company and wholly-owned subsidiary of Parent, Crumbs
Holdings LLC, a Delaware limited liability company (the “Company”), the members of the Company as
set forth on the signature page thereof, and the representatives of the Company and the Members.
Capitalized terms used and not otherwise defined herein are defined in the Business Combination
Agreement and shall have the meanings given to such terms in the Business Combination Agreement.

     1. In order to induce all Parties to enter into the Business Combination Agreement, the
undersigned hereby agrees that, without the prior written consent of Parent and the Company, the
undersigned: (i) will not, directly or indirectly, offer, sell, agree to offer or sell, solicit
offers to purchase, grant any call option or purchase any put option with respect to, assign,
transfer, pledge, borrow or otherwise dispose of, any Equity Consideration received pursuant to the
Business Combination Agreement including, without limitation, any New Crumbs Class B Exchangeable
Units or Parent Series A Voting Preferred Stock received pursuant to the Business Combination
Agreement at the Effective Time or Common Stock issuable upon the exchange thereof (“Closing
Equity Consideration”) or securities convertible into or exercisable or exchangeable for such
Closing Equity Consideration (collectively “Locked Up Equity Consideration” (including,
without limitation, Locked Up Equity Consideration, which may be deemed to be beneficially owned by
the undersigned in accordance with the rules and regulations promulgated under the Securities
Exchange Act of 1934, as the same may be amended or supplemented from time to time (such shares or
securities, collectively, the “Lock-up Shares”)); (ii) will not establish or increase any
“put equivalent position” or liquidate or decrease any “call equivalent position” (in each case
within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules
and regulations promulgated thereunder) with respect to

 

 

any Lock-up Shares, or otherwise enter into any swap, derivative or other transaction or
arrangement that transfers to another, in whole or in part, any economic consequence of ownership
of any Lock-up Shares, whether or not such transaction is to be settled by delivery of Lock-up
Shares, other securities, cash or other consideration; or (iii) will not engage in any short
selling of any Lock-up Shares for a period commencing on the Closing Date and ending with respect
to such shares or securities so indicated, as follows: (i) six (6) months following the Closing
Date for one-third (1/3) of the Lock-up Shares, (ii) nine (9) months following the Closing Date for
one-third (1/3) of the Lock-up Shares, and (iii) one (1) month after the audited financial
statements of Parent for fiscal year 2011 shall have been completed for one-third (1/3) of the
Lock-up Shares (all such periods together being the “Lock-up Periods”). For the avoidance
of doubt, the Lock-Up Periods shall apply to the Lock-Up Shares as set forth on Schedule I
to this Agreement. Notwithstanding anything in this paragraph 1 to the contrary, the undersigned
may exercise any rights under the Registration Rights Agreement, provided, however, that no sale of
Lock-up Shares by the undersigned shall be permitted during the Lock-up Period. Nothing in this
Agreement shall prevent the undersigned from making any exchange permitted by the Exchange and
Support Agreement, of even date herewith, by and among Parent, the Company and the members of the
Company.

     2. The undersigned hereby authorizes Parent and/or the Company during the Lock-up Periods to
cause any transfer agent for the Lock-up Shares to decline to transfer, and to note stop transfer
restrictions on the stock register and other records relating to, Lock-up Shares for which the
undersigned is the record holder and, in the case of Lock-up Shares for which the undersigned is
the beneficial but not the record holder, agrees during the Lock-Up Periods to cause the record
holder to cause the relevant transfer agent to decline to transfer, and to note stop transfer
restrictions on the stock register and other records relating to, such Lock-up Shares, if such
transfer would constitute a violation or breach of this Agreement.

     3. Notwithstanding the foregoing, the undersigned may sell or otherwise transfer Lock-up
Shares during the undersigned’s lifetime or on death (i) if the undersigned is not a natural
person, to its equity holders, (ii) to the immediate family members (including spouses, significant
others, lineal descendants, brothers and sisters) of the undersigned or its equity holders, (iii) a
family trust, foundation or partnership established for the exclusive benefit of the undersigned,
its equity holders or any of their respective immediate family members, (iv) a charitable
foundation controlled by the undersigned, its equityholders or any of their respective immediate
family members or (v), by will or intestacy to the undersigned’s immediate family or to a trust,
the beneficiaries of which are exclusively the undersigned and a member or members of the
undersigned’s immediate family or a charitable foundation controlled by any such persons, provided
in each such case that the transferee thereof agrees to be bound by the restrictions set forth
herein.

     4. Notwithstanding the provisions of this Agreement, the undersigned hereby acknowledges and
agrees that such Member’s allocable portion of the Claim Shares set forth on the Member Allocation
are subject to the terms and conditions of the Business Combination Agreement including, without
limitation, the application of such Claim Shares to satisfy indemnification obligations as provided
therein.

2

 

     5. The undersigned hereby represents and warrants that the undersigned has full power and
authority to enter into this Agreement and that this Agreement constitutes the legal, valid and
binding obligation of the undersigned, enforceable in accordance with its terms. Upon request, the
undersigned will execute any additional documents necessary in connection with enforcement hereof.
Any obligations of the undersigned shall be binding upon the successors and assigns of the
undersigned from the date first above written.

     6. This Agreement shall be governed by and construed in accordance with the laws of the State
of Delaware, without regard to the conflicts of laws principles thereof. Delivery of a signed copy
of this letter by facsimile or other electronic transmission shall be effective as delivery of the
original hereof.

[Signatures on the following page]

3

 

	 	 	 	 	 
	 	Very truly yours,

 	 
	 	/s/ John D. Ireland
 	 
	 	JOHN D. IRELAND 	 
	 	 	 
	 

[Signature
Page to Lock-Up Agreement]

 

 

SCHEDULE I

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	1 Month after
	 	 	 	 	 	 	 	 	 	 	completion of FY
	 	 	6 Months following	 	9 Months following	 	2011 audited
	Shares	 	the Closing Date	 	the Closing Date	 	financials
	New Crumbs Class B
Exchangeable Units
	 	 	32,501	 	 	 	32,501	 	 	 	32,500	 
	Parent Series A
Voting Preferred
Stock
	 	 	3,250.1	 	 	 	3,250.1	 	 	 	3,250.0

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