Document:

Exhibit 10.1

EMPLOYMENT AGREEMENT

          EMPLOYMENT AGREEMENT (hereinafter the “Agreement”) dated as of January 28, 2008 by and among RAM Holdings Ltd., a Bermuda exempted company (“Holding”), RAM Reinsurance Company Ltd., a Bermuda company
(the “Company”), and Edward U. Gilpin (the “Executive”). 

          WHEREAS, Holding and the Company each desire to secure the services of the Executive and to enter into this Employment Agreement embodying the terms of such employment (the “Agreement”); and

          WHEREAS, the Executive desires to accept such employment and enter into such Agreement; and 

          WHEREAS, the Executive and the Company each hereby acknowledge that a valid work permit for the Executive has been obtained from the Bermuda Department of Immigration permitting him to perform his
obligations herein;

          NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and for other good and valuable consideration, the receipt and adequacy of which are mutually acknowledged,
Holding, the Company and the Executive agree as follows: 

     1.     Definitions. For purposes of this Agreement, the following terms shall have the following meanings:

               (a) “Base Salary” means the salary provided for in Section 4 or any increased salary
granted to the Executive pursuant to Section 4. 

               (b) “Boards” means the Boards of Directors of Holding and the Company.

               (c) “Cause” means: (i) the Executive’s commission of any felony; (ii) the
Executive’s gross negligence, willful malfeasance or gross misconduct in connection with his employment hereunder; (iii) a substantial and continual refusal by the Executive in breach of this Agreement to perform the duties, responsibilities or
obligations assigned to the Executive pursuant to the terms hereof; (iv) the Executive’s failure to fully cooperate with a regulatory investigation involving Holding, the Company or any of its Subsidiaries or affiliates; or (v) any one or more acts
by the Executive of dishonesty, theft, larceny, embezzlement or fraud from or with respect to Holding, the Company or any Subsidiary. By way of example, termination from employment necessitated by the Executive’s inability to maintain a valid work
permit from the applicable Bermuda governmental authorities after the Executive has used his best efforts to maintain such permit or in connection with a Change in Control does not constitute termination for Cause. Notwithstanding the foregoing, a
termination shall not be treated as a termination for Cause unless Holding or the Company shall have delivered a written notice to the Executive within thirty (30) days of the actual knowledge of the Chief Executive Officer of either Holding or the
Company of the occurrence of one or more of such events that may give rise to a 

termination of employment for Cause and, for an event described in item (iii) above, if capable of being cured, shall not have been cured by the Executive within thirty (30) days of the receipt of such notice and, for an event
described in item (iv) above, shall not have been cured by the Executive immediately after receipt of such notice. If Holding or the Company has provided the notice described in the preceding sentence to the Executive on at least two separate
occasions which involved substantially similar behavior, Holding or the Company may immediately terminate the Executive’s employment for Cause upon the occurrence of a third similar event without regard to the notice and cure period described in the
preceding sentence.

               (d) “Change in Control” means: (i) the acquisition by any person, entity or “group”
(as defined in Section 13(d) of the Securities Exchange Act of 1934, as amended), other than by The PMI Group, Inc., of fifty percent (50%) or more of the combined voting power of the then outstanding voting securities of Holding or the Company;
(ii) the merger, amalgamation, reorganization, or consolidation of, or share exchange involving Holding or the Company, as a result of which the shareholders of Holding or the Company immediately before such transaction do not, immediately
thereafter, own, directly or indirectly, more than fifty percent (50%) of the combined voting power entitled to vote generally in the election of directors of the merged or consolidated company; (iii) a sale of all or substantially all of Holding’s
or the Company’s assets; and (iv) approval by Holding or the Company of the liquidation or dissolution of Holding or the Company, other than a liquidation of the Company into
Holding.

               (e) “Code” means the Internal Revenue Code
of 1986, as amended.

               (f) “Cost of
Living Allowance” means the amount paid to the Executive under Section 7(e).

               (g) “Disability” means the Executive’s inability to substantially fulfill the
positions, duties, responsibilities and obligations set forth in this Agreement because of physical, mental or emotional incapacity that entitles the Executive to long-term disability benefits under the Company’s
disability plan or policy.

               (h) “Effective
Date” means the date of this Agreement.

               (i) “Equity
Plan” means the RAM Holdings Ltd. 2006 Equity Plan, as may be amended from time to time, or any successor plan.

               (j) “Good Reason” means a termination of the Executive’s employment by the Executive
for one or more of the following reasons: (i) a reduction in the Executive’s Base Salary, Cost of Living Allowance or the target bonus opportunity described in Section 5, (ii) Holding’s or the Company’s removal of the Executive from his position as
Chief Financial Officer of Holding and the Company, (iii) a material breach of this Agreement by Holding or the Company, (iv) a material diminution in the Executive’s duties or the assignment to the Executive of duties that are not materially
consistent with those customarily assigned to the Chief Financial Officer of a company of the size and nature of Holding or the Company or which do, or would be reasonably expected to, materially impair his ability to function as the Chief Financial
Officer of Holding and the Company, (v) a relocation of the corporate headquarters away from Bermuda, (vi) the refusal of a purchaser of all or substantially all of the assets of Holding or the Company to continue the Executive’s

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employment with substantially the same position, title and responsibilities and at least the same compensation as described herein, or (vii) the Executive’s inability to maintain a valid work permit from the applicable Bermuda
governmental authorities after the Executive has used his best efforts to maintain such permit. Notwithstanding the foregoing, a termination shall not be treated as a termination for Good Reason (i) if the Executive shall have consented in writing
to the occurrence of the event giving rise to the claim of termination for Good Reason, or (ii) unless the Executive shall have delivered a written notice to the Holdings Board within ninety (90) days of his having actual knowledge of the occurrence
of one or more of such events stating that he intends to terminate his employment for Good Reason and specifying the factual basis for such termination, and such event, if capable of being cured, shall not have been cured by Holding or the Company
within thirty (30) days of the receipt of such notice.

               (k) “Holding Board” means the Board of Directors
 of Holding.

               (l) “Party” or “Parties” means
Holding, the Company and/or the Executive.

               (m) “Person” means any individual,
corporation, partnership, limited liability company, joint venture, trust, estate, board, committee, agency, body,
employee benefit plan or other person or entity. 

               (n) “Proceeding” means any threatened or actual action, suit or proceeding, whether
civil, criminal, administrative, investigative, appellate or other. 

               (o) “Standard Benefit” means any amounts earned, accrued or owing to the Executive
but not yet paid, and receipt of other benefits, if any, in accordance with applicable plans and programs of Holding, the Company or a Subsidiary, provided, however, that in no event shall the Standard Benefit be deemed to include any bonus payments. 

               (p) “Subsidiary” means, with respect to Holding, any corporation, partnership,
limited liability company or other entity of which (a) if a corporation, fifty percent (50%) or more of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors
thereof is at the time owned or controlled, directly or indirectly, by Holding, or one or more of the other Subsidiaries of Holding, or a combination thereof, or (b) if a partnership, limited liability company or other entity, fifty percent (50%) or
more of the partnership, membership or other similar equity ownership interest thereof is at the time owned or controlled, directly or indirectly, by Holding, or one or more of the other Subsidiaries of Holding, or a combination thereof. For
purposes hereof, Holding and their Subsidiaries will be deemed to have fifty percent (50%) or more ownership interest in a partnership, limited liability company or business entity if Holding and/or a Subsidiary is/are allocated fifty percent (50%)
or more of partnership, limited liability company or other entity gains or losses or control(s) the general partner, managing member or similar managing body of such partnership, limited liability company or other entity. 

               (q) “Term of Employment” means the period specified in Section 2.

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          2.     Term of
Employment.

               (a) Holding and the
 Company agree to continue to employ the Executive xecutive accepts such employment, for the period commencing on the Effective
 Date and ending on January 28, 2010 (the “Expiration Date”). Notwithstanding the foregoing, the Term of Employment shall
be earlier terminated upon the termination of the Executive’s employment, but only in strict accordance with the
provisions of Section 9. 

               (b) The Term of Employment shall be extended automatically for one additional year beginning on the Expiration Date (the “Extension Date”)
unless and until, not later than six (6) months prior to the Extension Date either Holding or the Company, on the one hand, or the Executive, on the other hand, gives written notice to the other Party that the Term of Employment shall not be so
extended. A termination of the Executive’s employment that results from the expiration of the Term of Employment shall not be treated as a termination of employment for any purposes under this Agreement except as specifically noted
herein.

	
          3.      Positions;
Duties; Responsibilities; and Place of Employment.

               (a) During the Term
of Employment, the Executive shall be employed as Chief Financial Officer of Holding and the Company and shall be employed in
such other position or positions with Holding and the Company as the Holding Board shall from time to time specify. The Executive, in carrying out his
executive duties under this Agreement, shall report to the President and Chief Executive Officer of Holding and the Company.
While employed by Holding and the Company hereunder, the Executive shall perform his duties at the Company’s offices in
Bermuda and shall be resident in Bermuda; provided, however, that the Executive shall be required to travel as reasonably necessary
in carrying out his duties and obligations hereunder. The Executive is required to work the hours and days necessary to fulfill his executive duties under this Agreement.

               (b) Notwithstanding anything herein to the contrary, nothing shall preclude the Executive from (i) serving on the boards of directors of a
reasonable number of other corporations, subject to prior approval by the Holding Board (which shall not be unreasonably withheld), or the boards of a reasonable number of trade associations and/or charitable organizations, (ii) engaging in
charitable activities and community affairs, including political activities, and (iii) managing his personal investments and affairs, provided that such activities do not materially interfere with the proper performance of his duties and
responsibilities as the Chief Financial Officer or violate Section 13 of this Agreement. 

          4. Base Salary.     Commencing as of the Effective Date, the Company shall pay the Executive an annualized Base
Salary of $350,000 during the Term of Employment. Such Base Salary shall be payable at intervals in accordance with the regular payroll practices of the Company applicable to executives, but no less frequently than monthly. The Holding Board
shall review the Base Salary no less frequently than annually during the Term of Employment; provided, however, that the Base
Salary shall not be decreased during the Term of Employment below the amount set forth above without the Executive’s consent (including, without limitation, for the purpose of determining benefits due under Section 9). The Executive is a
professional or managerial employee whose Base Salary has been calculated to reflect the fact that his regular 

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duties are likely to require him to work on occasion more than forty (40) hours a week. Accordingly, no overtime shall be payable. 

          5.      Annual Incentive Awards. The Executive shall be eligible for a combined annual incentive bonus award from
Holding and the Company in respect of each calendar year during the Term of Employment. The Executive’s target annual incentive bonus amount for each such year shall be an amount equal to 110% of his annualized Base Salary for such year (the
“Target Amount”). The Executive’s actual annual incentive bonus amount for each such year may be less than or greater than the Target Amount depending upon the degree of attainment of criteria, which shall be established by the Boards (or
committees of the Boards) in advance of each such year. The Boards (or committees of the Boards) shall determine following the end of each such year whether the criteria for such year have been attained. The Company shall pay the Executive his
annual incentive award payment in respect of any year at the same time as bonuses are paid to other executive officers of the Company, but in no event later than March 15th of the
calendar year following the calendar year for which the bonus is payable. Notwithstanding the foregoing, with respect to the annual incentive bonus award for 2008 payable by March 15, 2009, the Company shall pay to Executive at least the Target
Amount of $385,000. The Target Amount shall be payable 75% in cash and 25% in Restricted Share Units in accordance with Holding’s Key Executive Bonus Policy, subject to the amendment of that policy from time to time in the discretion of the
Compensation Committee. 

          6.      Long Term Incentive Plan; Share Option Award. During the Term of Employment, the Executive shall
participate in the Equity Plan. In connection with the commencement of the Executive’s employment, Executive shall receive a one time award consisting of the following: 

               (a) A one-time grant of 15,000 Restricted Share Units and 50,000 Share Options under the Equity Plan on the start date of Executive’s
employment, each vesting over four years in equal annual installments and otherwise on the terms set forth in Holding’s form of Restricted Share Unit Award and Form of Share Option Award for executive officers, subject to approval of the Board
of Directors of Holding;  

               (b) A one time payment of $75,000 on the start date of Executive’s employment (the “Start Date Cash Award”);
and 

               (c)  On or prior to March 31, 2009, a one-time grant of Share Options under the Equity Plan, subject to approval of the Board of Directors of
Holding, with a value of up to $130,000 (the “Additional Award”). The value of any portion of the Additional Award granted as Share Options shall be determined as of the applicable date of grant based on the Black-Scholes method
applied on a basis consistent with Holding’s financial statements. The balance of the Additional Award, if any, not granted as Share Options on or prior to March 31, 2009 shall be paid in cash (the “Additional Cash
Award”). 

The Start Date Cash Award shall be subject to forfeiture and shall be repaid by the Executive if the Executive voluntarily terminates his employment in accordance with Section 9(e) hereof as follows: $75,000 if such
termination occurs prior to January 28, 2009 and $37,500 if such termination occurs after January 28, 2009 but prior to January 28, 2010. The Additional Cash 

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Award, if any, shall be subject to forfeiture and shall be repaid by the Executive in full if the Executive voluntarily terminates his employment in accordance with Section 9(e) hereof prior to March 31, 2010. Subject to the terms
of the Equity Plan and any applicable equity award agreement, the number of shares subject to the option or other equity award and the exercise price per share may be adjusted in the event of a stock split, reverse stock split, reorganization,
recapitalization, or other similar event described in the Equity Plan and/or any applicable equity award agreement. The Executive shall be eligible for other or additional long-term incentives in the discretion of the Holding Board (or a committee
of the Holding Board). Such other or additional incentive award(s) shall be on a level, and on terms and conditions, that are commensurate with his positions and responsibilities at Holding and the Company and are appropriate in light of
corresponding incentive awards to other executives of Holding and the Company. 

	
          7.     Other Benefits.

               (a) Employee Benefits. During the Term of Employment, the Executive shall be eligible to participate in all employee benefit plans, programs and arrangements made available generally to Holding’s and the Company’s executives in accordance with the terms and subject to the conditions of such plans,
programs and arrangements, including, without limitation, share option, profit-sharing, savings (qualified and non-qualified) and other defined contribution retirement plans or programs, medical, dental, hospitalization, vision, short-term and
long-term disability and life insurance plans or programs, accidental death and dismemberment protection, travel accident insurance and any other employee welfare benefit plans or programs that may, from time to time, be sponsored by Holding, the
Company or by a Subsidiary for the benefit of the Holding’s or the Company’s employees, including any plans or programs that supplement the above-listed types of plans or programs, whether funded or unfunded; provided, however, that nothing in this Agreement shall be construed to require Holding, the Company or a Subsidiary to establish or maintain any
such plans, programs or arrangements, or to prevent Holding, the Company or a Subsidiary from terminating any such plan, program
or arrangement in accordance with its terms, except as required by Bermuda law. 

               (b) Perquisites. During the Term of Employment, the Executive shall participate in all fringe benefits and
perquisites available to executives of Holding and the Company at levels and on terms and conditions that are commensurate with his position and responsibilities at Holding and the Company. The Executive shall also receive such additional fringe
benefits and perquisites as Holding and the Company may, in their discretion, from time to time elect to provide. 

               (c) Vacation, Holidays, and Leave. During the Term of Employment, the Executive shall be entitled to vacation,
holidays, and leave in accordance with the reasonable practices of Holding and the Company and as required by Bermuda law. 

               (d) Annual Travel. Each year during the Term of Employment, the Executive, his spouse and children shall each
be provided one round-trip ticket between Bermuda and the east coast of the U.S., such tickets to be paid for by the Company and used by the Executive, his spouse and children.

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               (e) Cost of Living Allowance. During the Term of Employment, the Company shall pay the Executive a monthly
cost of living allowance of $14,000. 

               (f) Tax Treatment. In the event that, during the Term of Employment, there is an amendment to the Code
governing the taxation of income earned by, and/or cost of living/housing allowances paid to, a United States citizen resident in Bermuda that results in both the inclusion in the Executive’s income subject to U.S. taxation of amounts paid by the
Company and not previously subject to such taxation and a decrease in the combined net after-tax Base Salary and Cost of Living Allowance of the Executive, the Company shall increase the amount payable hereunder to the Executive as Base Salary
and/or Cost of Living Allowance, as applicable, by an amount such that, with such increase, the combined net after-tax Base Salary and Cost of Living Allowance payable hereunder equals the Executive’s combined net after-tax Base Salary and Cost of
Living Allowance payable hereunder immediately prior to the effective date of any such amendment to the Code. 

	
          8.     Reimbursement
of Business and Other Expenses.

               (a) The Executive
 is authorized to incur reasonable expenses in carrying outhis duties and responsibilities under this Agreement and
the Company shall promptly reimburse the Executive for all such expenses, subject to documentation in accordance
with reasonable policies of Holding and the Company.

               (b) Upon presentation of appropriate vouchers or other expense statements, during the Term of Employment, the Company shall pay for personal
tax advice and/or tax return preparation for the Executive (up to a maximum of $7,500 per year). 

               (c) The Company shall be responsible for 100% of any Bermuda payroll taxes applicable to the compensation payable by the Company to the
Executive. The Company shall be entitled to make deductions from any payments provided for herein in respect of other amounts that may be required to be withheld from time to time under any applicable income or employment tax laws or similar
statutes or other provisions of law then in effect, and, with respect to any non-cash compensation or benefits with respect to which a tax withholding obligation will arise, may require as a condition to receipt of such compensation or benefit that
the Executive make arrangements with the Company for the satisfaction of such tax withholding obligation. 

               (d) Upon presentation of appropriate vouchers or other expense statements, the Company shall directly pay or reimburse the Executive for the
ordinary and necessary moving expenses (up to a maximum of $75,000) incurred by him in moving to Bermuda, including the cost of temporary housing reasonably necessary to permit the Executive to obtain a suitable permanent residence. 

               (e) Upon presentation of appropriate vouchers or other expense statements, the Company shall directly pay or reimburse the Executive (or the
Executive’s family, in the case of the Executive’s death) for the ordinary and necessary moving expenses (up to a maximum of $50,000) incurred in relocating to the U.S., provided such relocation occurs within six (6) months following a
termination of employment due to the expiration of the Term of Employment

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or a termination of employment with Holding and the Company in accordance with the provisions of Section 9(a), 9(b) or 9(d) hereof. 

               (f) In addition to the Company’s payment of amounts pursuant to Sections 8(d) and 8(e)), the Company shall pay to the Executive tax gross up
payments so that the net amount retained or benefit received by the Executive after payment of U.S. Federal, state and local income and employment taxes and Bermuda payroll taxes (assuming for purposes of calculating such taxes that the Executive is
in the respective highest tax brackets) is equal to the agreed amount to be reimbursed; provided, however, that a gross up payment
shall not be made with respect to any reimbursement to the extent the related expense is deductible or is otherwise excludible from the Executive’s taxable income. The dollar limitation set forth in Sections 8(d) and 8(e) shall not apply to gross up
payments made pursuant to this Section 8(f). In addition to the Company’s payment of amounts pursuant to Section 7(e), to the extent that such payments are used by the Executive for housing expenses (“Housing Expenses”) which are deductible or
otherwise excludible from the Executive’s taxable income under U.S. tax law as in effect on the Effective Date, and such law changes subsequent to the Effective Date, the Company shall pay to the Executive tax gross up payments so that the net
amount retained or benefit received by the Executive for Housing Expenses after payment of U.S. Federal, state and local income and employment taxes (assuming for purposes of calculating such taxes that the Executive is in the respective highest tax
brackets) is equal to the agreed amount to be paid; provided, however, that a gross up payment shall not be made with respect to
any payment to the extent the Housing Expenses are deductible or are otherwise excludible from the Executive’s taxable income. The dollar limitation set forth in Section 7(e) shall not apply to gross up payments made pursuant to this Section 8(f).

	
9.     Termination of Employment.

               (a) Termination Due to Death. If the
Executive’s employment hereunder is terminated due to his death, his estate or his beneficiaries (as the case may be)
shall be entitled to the following: 

                    (i) payment of Base Salary, in accordance with the Company’s regular payroll practices (based on the Executive’s rate of annual Base Salary at
the time of his death), through the date of his death and for an additional ninety (90) days thereafter; 

                    (ii) if earned by the Executive but not yet paid at the time of his death, an annual incentive award for the year prior to the year in which
the Executive’s death occurred, payable in accordance with Section 5; 

                    (iii) an annual incentive award for the year in which the Executive’s death occurs, prorated based on the target annual bonus and the number of
days worked in such year, and payable by the Company in a lump sum promptly after his death;  

                    (iv) immediate vesting of all share options, with such options remaining exercisable for the remainder of their stated terms; 

                    (v) payment of the Standard Benefit;

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                    (vi) continued participation for three (3) months for each of the Executive’s dependents in all medical, dental, hospitalization and other
employee welfare benefit plans, programs and arrangements in which such dependent was participating as of the date of the Executive’s death, on terms and conditions no less favorable than those applying on such date, and monthly payments for nine
(9) months thereafter of an amount equal to the monthly premiums paid by the Company for such coverage at the time of the Executive’s termination of employment; and 

                    (vii) payment of the Cost of Living Allowance for three (3) months following the Executive’s death. 

               (b) Termination Due to Disability. If the Executive’s employment hereunder is terminated due to Disability,
the Executive shall be entitled to the following: 

                    (i) payment of Base Salary, in accordance with the Company’s regular payroll practices (based on the Executive’s rate of annual Base Salary at
the time of the Executive’s termination of employment), until commencement of long-term disability payments, but in no event for more than one year following the last day of his employment; 

                    (ii) if earned by the Executive but not yet paid at the time of his termination of employment, an annual incentive award for the year prior to
the year in which the Executive’s employment terminates due to Disability, payable in accordance with Section 5; 

                    (iii) an annual incentive award for the year in which the Executive’s employment terminates, prorated based on the target annual bonus and the
number of days worked in such year, and payable by the Company in a lump sum promptly following the last day of the Executive’s employment;

                    (iv) immediate vesting of all share options, with such options remaining exercisable for the remainder of their stated terms; 

	
                    (v) payment of the Standard Benefit;

                    (vi) continued participation for three (3) months for the Executive and each of his covered dependents in all medical, dental, hospitalization and life insurance coverages and in all other employee welfare benefit plans, programs and arrangements in which the Executive and such dependents were
participating at the time of the Executive’s termination of employment, and monthly payments for nine (9) months thereafter of an amount equal to the monthly premiums paid by the Company for such coverage at the time of the Executive’s termination
of employment; and 

                    (vii) payment of the Cost of Living Allowance for three (3) months following the last day of the Executive’s employment. 

               (c) Termination by Holding or the Company for Cause. Holding or the Company may terminate the Executive’s
employment for Cause at any time during the Term of Employment. If the Executive’s employment hereunder is terminated by Holding or the Company for Cause, the Executive shall be entitled to the following: 

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                    (i) payment of Base Salary and Cost of Living Allowance through the last day of his employment; and 

                    (ii) payment of the Standard Benefit.

For the avoidance of doubt, no annual incentive awards shall be payable to the Executive upon a termination of the Executive’s employment under this Section 9(c).

               (d) Termination Without Cause; Termination by the Executive for Good Reason. Holding or the Company may terminate the Executive’s employment without Cause and the Executive may terminate his employment for Good Reason at any time during the Term of Employment. If the
Executive’s employment hereunder is terminated without Cause (and other than due to death or Disability in accordance with Sections 9(a) or (b)), or for Good Reason, subject to Section 9(h), the Executive shall be entitled to: 

                    (i) payment of Base Salary, in accordance with the Company’s regular payroll practices (based on the Executive’s rate of annual Base Salary at
the time of the Executive’s termination of employment), for one year following the last day of the Executive’s employment; 

                    (ii) if earned by the Executive but not yet paid at the time of his termination of employment, an annual incentive award for the year prior to
the year in which the Executive’s termination of employment occurs, payable in accordance with Section 5; 

                    (iii) an annual incentive award for the year in which the Executive was terminated, based on the target annual bonus for that year and payable
in accordance with Section 5; 

                    (iv) continued participation for the Executive and each of his dependents in all medical, dental, hospitalization and life insurance coverages
and all other welfare benefit plans, programs and arrangements in which the Executive and such dependents were participating at the time of the Executive’s termination of employment for three (3) months from the last day of the Executive’s
employment, and monthly payments for nine (9) months thereafter of an amount equal to the monthly premiums paid by the Company for such coverage at the time of the Executive’s termination of employment;
provided, however, that the Executive shall have a duty to mitigate or reduce the amounts due him under this paragraph (iv)
during the one-year period following the last day of the Executive’s employment (the “Mitigation Period”) by seeking other employment; 

                    (v) payment of the Cost of Living Allowance for three (3) months following the last day of the Executive’s employment; and 

                    (vi) payment of the Standard Benefit.

Notwithstanding the foregoing, any payments to be made or benefits to be provided to the Executive following termination without Cause or for Good Reason pursuant to this Section 9(d) shall be reduced on a dollar for dollar basis
to the extent of any payments received by or benefits provided to the Executive if he obtains other employment during the Restriction Period. Such payments and

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benefits shall cease entirely if the Executive breaches any of the provisions of Section 13. However, the Executive shall not have an affirmative duty to seek other employment or to otherwise mitigate the damages of the Company
under this Section 9(d).

               (e) Voluntary Termination Without Good Reason. The Executive may terminate his employment without Good Reason
at any time during the Term of Employment, provided he gives at least thirty (30) days' advance written notice. If the Executive terminates his employment with Holding or the Company without Good Reason (and not because of his death or due to
Disability), the Executive shall have the same entitlements hereunder as provided in Section 9(c) in the case of a termination by Holding or the Company for Cause. 

               (f) Termination of Employment Due to the Expiration of the Term of Employment. If the Executive’s employment terminates as a result of the expiration of the Term of Employment, the Executive shall be entitled to the following: 

                    (i) payment of Base Salary and Cost of Living Allowance through the last day of his employment;

                    (ii) payment of the Standard Benefit;

                    (iii) if earned by the Executive but not yet paid at the time of his termination of employment due to the expiration of the Term of Employment,
an annual incentive award for the year prior to the year in which the Executive’s employment terminates, payable in accordance with Section 5; and 

                    (iv) an annual incentive award with respect to the year in which the Executive’s employment terminates as a result of the expiration of the
Term of Employment, prorated based on the target annual bonus and the number of days worked in such year and payable in accordance with Section 5. 

               (g) Benefit Plans. If the Executive, or any of his dependents, is precluded from continuing participation in
any employee welfare benefit plan, program or arrangement for the period following termination of the Executive’s employment, as provided in Sections 9(a)(vi), 9(b)(vi) or 9(d)(iv), the
Executive shall be provided with the after-tax economic equivalent of any benefit or coverage foregone. For this purpose, the economic equivalent of any benefit or coverage foregone shall be deemed to be the total cost to the Executive or any of his
dependents of obtaining such benefit or coverage by himself on an individual basis. Payment of such after-tax economic equivalent shall be made quarterly in advance, without discount. 

               (h) Mutual Release. Notwithstanding any provision herein to the contrary, Holding or the Company may require
that, prior to payment of any amount or provision of any benefit pursuant to Section 9(d)(i), (d)(ii), (d)(iii), (d)(iv) or (d)(v), the Executive, on the one hand, and Holding and the Company, on the other hand, shall have executed a valid mutual
release, pursuant to which the Executive, on the one hand, and Holding and the Company, on the other hand, shall each mutually release each other and all related parties, to the maximum extent permitted by law, from any and all claims either Party
may have against the other as of the date of termination that relate to or arise out of the Executive’s employment or termination of 

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employment, except such claims arising under this Agreement, and any waiting periods contained in such mutual release shall have expired. 

	
     10.     Indemnification and Officers’ &
Directors’ Insurance.

               (a) Holding and the Company shall indemnify the Executive (and his
legal representatives or other successors and heirs), except in relation to any fraud or dishonesty of which he may be guilty in relation to Holding or the Company, to the fullest extent permitted by the laws of Bermuda, as in effect at
the time of the subject act or omission, or the Certificate of Incorporation and Bye-Laws of Holding or the Company as in effect at such time or on the date of this Agreement, whichever affords or afforded greater protection to the Executive; and
the Executive shall be entitled to the protection of any insurance policies which Holding, the Company or a Subsidiary elects to maintain generally for the benefit of Holding, the Company and their Subsidiaries' directors and officers, against all
costs, charges and expenses whatsoever incurred or sustained by the Executive or his legal representatives in connection with any Proceeding to which he (or his legal representative or other successors and heirs) may be made a party by reason of his
being or having been a director, officer or employee of Holding, the Company or any of their Subsidiaries. If any Proceeding is brought or threatened against the Executive in respect of which indemnity may be sought against Holding or the Company
pursuant to the foregoing, the Executive shall notify Holding or the Company promptly in writing of the institution of such Proceeding and Holding and the Company shall assume the defense thereof and the employment of counsel and payment of all fees
and expenses; provided, however, that if a conflict of interest exists between Holding and the Company and the Executive such that
it is not legally practicable for Holding or the Company to assume the Executive’s defense, the Executive shall be entitled to retain separate counsel reasonably acceptable to Holding or the Company and the payment of all fees and expenses of such
separate counsel shall be assumed by Holding or the Company. 

               (b) For as long as the common shares of Holding are publicly traded, at all times while the Executive is employed by Holding and the Company
(and following such employment for such period of time as is customary for companies in the same industry as Holding and the Company and of comparable size), the Executive shall be covered under an officers' and directors' liability insurance policy
maintained by Holding and the Company. Such coverage shall be in an amount that is customary for companies in the same industry as Holding and the Company and of comparable size. 

	
          11.     Assignability;
 Binding Nature.

               (a) This Agreement
shall be binding upon and inure to the benefit of the Parties and their respective successors, heirs (in the case
of the Executive) and assigns. 

               (b) Holding’s and the Company’s rights or obligations under this Agreement may be assigned or transferred by Holding or the Company only
pursuant to a merger, consolidation or similar transaction in which Holding or the Company are not the continuing entities, or a sale or liquidation of all or substantially all of the assets and business of the Company; provided that the Executive’s
written consent shall be required prior to the assignment or transfer of Holding’s or the Company’s rights or obligations hereunder, and provided further 

12

that the assignee or transferee is the successor to all or substantially all of the assets and business of Holding or the Company and such assignee or transferee assumes the liabilities, obligations and duties of Holding or the
Company, as contained in this Agreement, either contractually or as a matter of law. In the event of any sale of assets and business or liquidation as described in the preceding sentence, Holding or the Company shall use their best efforts to cause
such assignee or transferee to expressly assume the liabilities, obligations and duties of Holding or the Company hereunder and shall cause such assignee or transferee to deliver a legal, valid and enforceable written instrument in form and
substance satisfactory to the Executive and his counsel to such effect. 

               (c) No rights or obligations of the Executive under this Agreement may be assigned or transferred by the Executive other than his rights to
compensation and benefits, which may be transferred only by will or operation of law, or as provided in Section 16(e). 

          12.      Representations. Holding and the Company represent and warrant that (a) they are fully authorized by
action of the Boards (and of any other Person whose action is required) to enter into this Agreement and to perform their obligations hereunder, and (b) upon the execution and delivery of this Agreement by the Parties, this Agreement shall be the
valid and binding obligation of Holding and the Company, enforceable against Holding and the Company in accordance with its terms. 

	
          13.     Covenant Not
to Compete; Confidentiality.

               (a) Covenant Not to Compete.

                    (i) The Executive agrees that for so long as the Executive
 is employed by Holding and the Company and for a period of one year following the termination of the Executive’s employment for any reason (other than a termination of the Executive’s employment resulting from the expiration of the Term of
Employment), the Executive shall not directly or indirectly: 

                         (A) enter into or attempt to enter into a Restricted Business (as defined below) in the United States or other jurisdictions in which Holding,
the Company or their Subsidiaries conduct business or are planning to conduct business within one year thereafter as a principal, partner, employee, consultant, agent, broker, intermediary, shareholder, investor, officer or director (other than as a
holder of not in excess of 1% of the outstanding voting shares of any publicly traded company); 

                         (B) induce or attempt to persuade any former or then-current employee, agent, manager, consultant or director of Holding, the Company or a
Subsidiary to terminate such employment or other relationship in order to enter into any business relationship or business combination with the Executive in competition with Holding’s, the Company’s or a Subsidiary’s business;

                         (C) use contracts, proprietary information, trade secrets, confidential information, customer lists, mailing lists, goodwill, or other
intangible property used or useful in connection with the business of Holding, the Company or a Subsidiary; or

13

                         (D) solicit or otherwise attempt to establish for the Executive or any other Person any business relationship with any Person which is, or
during the one year period preceding the Executive’s date of termination of employment was, a customer, client or distributor of Holding, the Company or a Subsidiary. 

                    (ii) For the purposes of this Section 13, a “Restricted Business” shall mean a financial guaranty reinsurance business, whether existing or to
be formed, without regard to its claims-paying ability. 

                    (iii) The covenants of the Executive set forth in this Section 13 shall be null and void and without any force or effect upon the effective
date of any liquidation or dissolution of Holding or the Company.

                    (iv) It is the desire and intent of the Parties that the provisions of this Section 13 shall be enforced to the fullest extent permissible
under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any particular portion of this Section 13 shall be adjudicated to be invalid or unenforceable, this Section 13 shall be deemed amended to
delete therefrom the portion thus adjudicated to be invalid or unenforceable, such deletion to apply only with respect to the operation of this Section 13 in the particular jurisdiction in which such adjudication is made. The Executive acknowledges
that he has received good and valuable consideration for the restrictive covenants contained in this Section 13. 

               (b) Confidentiality. The Executive acknowledges that he will develop and be exposed to information that is or
will be proprietary to Holding, the Company and their Subsidiaries, including, but not limited to, customer lists, marketing plans, pricing data, product development plans and other intangible information. Such information shall be deemed
confidential to the extent such information is not generally known to the public or in Holding’s or the Company’s industry. The Executive agrees to use such information only in connection with the performance of his duties hereunder and to maintain
such information in confidence; provided, however, that the Executive may disclose such information when required to by law or by a
court, government agency, legislative body or other Person with apparent jurisdiction to order him to divulge, disclose or make accessible such information. Further information regarding the Executive’s duties with respect to confidential
information and other matters is contained in the Company’s Code of Conduct which the Executive is required to acknowledge as a condition to employment with the Company. 

               (c) Company Property. Promptly following any termination of Executive’s employment with Holding or the
Company, the Executive shall return to Holding or the Company all property of Holding, the Company and their Subsidiaries, and all copies thereof in the Executive’s possession or under his control. 

               (d) Non-Disparagement. During the Term of Employment and thereafter following any termination of the
Executive’s employment with Holding or the Company, (i) neither the Executive, on the one hand, nor Holding or the Company, on the other hand, shall engage in conduct that could be disruptive in any way to the business or operations of the other or
that could wrongfully interfere therewith, and (ii) neither the Executive, on the one hand, nor 

14

Holding or the Company, on the other hand, shall make at any time in the future any derogatory comments concerning the other or the business or operations of the other; provided, however, that nothing in this Section 13(d) shall be deemed to prevent either Party from enforcing the other terms of this Agreement. 

          14.      Governing Law and Arbitration; Waiver of Jury Trial. This Agreement shall be governed by the laws of the
State of New York, without reference to principles of conflicts or choice of law under which the law of any other jurisdiction would apply. Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by
binding arbitration in New York, New York, before a sole arbitrator, in accordance with the laws of the state of New York. The arbitration shall be administered by Judicial Arbitration & Mediation Services, Inc., or a successor thereto, (“JAMS”)
in accordance with any streamlined or expedited (rather than comprehensive) JAMS procedures then in effect. If Holding, the Company and the Executive do not agree on an arbitrator within thirty (30) days of the date any claim for arbitration
hereunder is asserted, Holding and the Company, on the one hand, and the Executive, on the other hand, each shall appoint one arbitrator, who shall appoint a third arbitrator to settle the dispute or controversy. If JAMS does not exist at the time
of the dispute or controversy, the American Arbitration Association shall be substituted for JAMS for purposes of this Section 14. Holding or the Company, on the one hand, and the Executive, on the other hand, shall each pay one-half of all
arbitration fees and expenses arising in connection with a dispute or controversy governed by this Section 14 and each Party shall be responsible for payment of its own attorney’s fees. Judgment may be entered on the arbitrator’s award in any court
having jurisdiction.

          15.      Notices. Any notice required or desired to be delivered under this Agreement shall be in writing and shall
be delivered personally, by courier service, by registered mail, return receipt requested, or by telecopy and shall be effective upon actual receipt by the Party to which such notice shall be directed, and shall be addressed as follows (or to such
other address as the Party entitled to notice shall hereafter designate in accordance with the terms hereof): 

15

               If to Holding or the
Company: 

Courier Address: 

RAM Re House 

46 Reid Street 

Hamilton, HM 12, Bermuda 

Attention: Chief Executive Officer 

(with a copy to the General Counsel) 

Telecopy No.: (441) 296-6509 

Regular Mail: 

RAM Re House 

P.O. Box HM 3302 

Hamilton, HM PX, Bermuda 

Attention: Chief Executive Officer 

(with a copy to the General Counsel) 

Telecopy No.: (441) 296-6509 

                    If to the Executive, to him at his address
as filed with the Company’s personnel records. 

          16.      Miscellaneous.

               (a) Entire
Agreement. This Agreement contains the entire understanding
and agreement between the Parties concerning the subject
matter hereof and, as of the Effective Date, supersedes all prior agreements,
understandings, discussions, negotiations and undertakings, whether written or
oral, between the  Parties with respect thereto. This Agreement shall serve as
a written statement of employment for purposes of Section 6 of the Bermuda Employment
Act of 2000. There is no applicable collective agreement.

               (b) Severability. In the event that any provision or portion of this Agreement shall be determined to be
invalid or unenforceable for any reason, in whole or in part, the remaining provisions of this Agreement shall be unaffected thereby and shall remain in full force and effect to the fullest extent permitted by law so as to achieve the purposes of
this Agreement. 

               (c) Amendment or Waiver. No provision in this Agreement may be amended unless such amendment is set forth in
writing and signed by the Parties. No waiver by either Party of any breach of any condition or provision contained in this Agreement shall be deemed a waiver of any similar or dissimilar condition or provision at the same or any prior or subsequent
time. To be effective, any waiver must be set forth in writing and signed by the waiving Party. 

               (d) Headings. The headings of the sections contained in this Agreement are for convenience only and shall not
be deemed to control or affect the meaning or construction of any provision of this Agreement. 

               (e) Beneficiaries/References. The Executive shall be entitled, to the extent permitted under any applicable
law, to select and change a beneficiary or beneficiaries to receive 

16

any compensation or benefit hereunder following the Executive’s death by giving Holding or the Company written notice thereof. In the event of the Executive’s death or a judicial determination of his incompetence, reference in
this Agreement to the Executive shall be deemed, where appropriate, to refer to his beneficiary, estate or other legal representative. 

               (f) Survivorship. Notwithstanding anything contained herein to the contrary, if the Executive’s employment
with Holding or the Company terminates during the Term of Employment, Sections 9, 10, 11, 13, 14, 15, and 16 of this Agreement, and the Parties' respective  rights and obligations under such provisions, shall survive until all of the Parties’
obligations under such provisions are satisfied. 

               (g) Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an
original, but all of which, when taken together, shall constitute one and the same instrument. 

               (h) Code Section 409A. To the extent applicable, it is intended that this Agreement and any payment made
hereunder shall comply with the requirements of Section 409A of the Code, and any related regulations or other guidance promulgated with respect to such Section by the U.S. Department of the Treasury or the Internal Revenue Service (“Code Section
409A”). Any provision that would cause the Agreement or any payment hereof to fail to satisfy Code Section 409A shall have no force or effect until amended to comply with Code Section 409A, which amendment may be retroactive to the extent permitted
by Code Section 409A. 

17

     IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first set forth above. 

RAM HOLDINGS LTD.

By: /s/ Vernon M. Endo          

Its: President and Chief Executive Officer

RAM REINSURANCE COMPANY LTD.

By: /s/ Vernon M. Endo          

Its: President and Chief Executive Officer

EXECUTIVE

/s/ Edward U. Gilpin          

18EXHIBIT 4.1 

	
 

	
SECOND AMENDED AND RESTATED

	
 

	
WARRANT AGREEMENT

	
 

	
by and between

	
 

	
TRIAN ACQUISITION I CORP.

	
 

	
and

	
 

	
AMERICAN STOCK TRANSFER & TRUST COMPANY

	
 

	

	
 

	
Dated as of January 23, 2008

	
 

	

TABLE OF CONTENTS

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Page

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
ARTICLE I APPOINTMENT
 OF WARRANT AGENT

	
 

	
2

	
 

	
 

	
 

	
 

	
 

	
ARTICLE II
 WARRANTS

	
 

	
2

	
 

	
2.1

	
 

	
Form of
 Warrant

	
 

	
2

	
 

	
2.2

	
 

	
Effect of
 Countersignature

	
 

	
3

	
 

	
2.3

	
 

	
Registration

	
 

	
3

	
 

	
2.4

	
 

	
Detachability
 of Warrants

	
 

	
4

	
 

	
2.5

	
 

	
Private
 Warrants

	
 

	
4

	
 

	
 

	
 

	
 

	
 

	
ARTICLE III
 TERMS AND EXERCISE OF WARRANTS

	
 

	
5

	
 

	
3.1

	
 

	
Warrant
 Price

	
 

	
5

	
 

	
3.2

	
 

	
Duration of
 Warrants

	
 

	
6

	
 

	
3.3

	
 

	
Exercise of
 Warrants

	
 

	
6

	
 

	
3.4

	
 

	
No Cash
 Settlement

	
 

	
9

	
 

	
 

	
 

	
 

	
 

	
ARTICLE IV
 ADJUSTMENTS

	
 

	
9

	
 

	
4.1

	
 

	
Stock
 Dividends; Split-Ups

	
 

	
9

	
 

	
4.2

	
 

	
Aggregation
 of Shares

	
 

	
10

	
 

	
4.3

	
 

	
Adjustments
 in Warrant Price

	
 

	
10

	
 

	
4.4

	
 

	
Replacement
 of Securities upon Reorganization, etc.

	
 

	
10

	
 

	
4.5

	
 

	
Extraordinary
 Dividends

	
 

	
11

	
 

	
4.6

	
 

	
Notices of
 Changes in Warrant

	
 

	
11

	
 

	
4.7

	
 

	
No
 Fractional Shares

	
 

	
11

	
 

	
4.8

	
 

	
Form of
 Warrant

	
 

	
11

	
 

	
4.9

	
 

	
Notice of
 Certain Transactions

	
 

	
12

	
 

	
 

	
 

	
 

	
 

	
ARTICLE V
 TRANSFER AND EXCHANGE OF WARRANTS

	
 

	
12

	
 

	
5.1

	
 

	
Transfer of
 Warrants

	
 

	
12

	
 

	
5.2

	
 

	
Registration
 of Transfer

	
 

	
12

	
 

	
5.3

	
 

	
Procedure
 for Surrender of Warrants

	
 

	
12

	
 

	
5.4

	
 

	
Fractional
 Warrants

	
 

	
13

	
 

	
5.5

	
 

	
Service
 Charges

	
 

	
13

	
 

	
5.6

	
 

	
Warrant
 Execution and Countersignature

	
 

	
13

	
 

	
 

	
 

	
 

	
 

	
ARTICLE VI
 REDEMPTION

	
 

	
13

	
 

	
6.1

	
 

	
Redemption

	
 

	
13

	
 

	
6.2

	
 

	
Date Fixed
 for, and Notice of, Redemption

	
 

	
14

	
 

	
6.3

	
 

	
Exercise
 After Notice of Redemption

	
 

	
14

	
 

	
6.4

	
 

	
Outstanding
 Warrants Only

	
 

	
14

	
 

	
 

	
 

	
 

	
 

	
ARTICLE VII
 OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF WARRANTS

	
 

	
15

	
 

	
7.1

	
 

	
No Rights as
 Stockholder

	
 

	
15

	
 

	
7.2

	
 

	
Lost,
 Stolen, Mutilated, or Destroyed Warrants

	
 

	
15

	
 

(i)

TABLE OF CONTENTS

(Continued)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Page

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
7.3

	
 

	
Reservation
 of Common Stock

	
 

	
15

	
 

	
7.4

	
 

	
Registration
 of Common Stock

	
 

	
15

	
 

	
 

	
 

	
 

	
 

	
ARTICLE VIII
 CONCERNING THE WARRANT AGENT AND OTHER MATTERS

	
 

	
15

	
 

	
8.1

	
 

	
Payment of
 Taxes

	
 

	
15

	
 

	
8.2

	
 

	
Resignation,
 Consolidation, or Merger of Warrant Agent

	
 

	
16

	
 

	
8.3

	
 

	
Fees and
 Expenses of Warrant Agent

	
 

	
16

	
 

	
8.4

	
 

	
Liability of
 Warrant Agent

	
 

	
17

	
 

	
8.5

	
 

	
Acceptance
 of Agency

	
 

	
18

	
 

	
8.6

	
 

	
Waiver

	
 

	
18

	
 

	
 

	
 

	
 

	
 

	
ARTICLE IX
 MISCELLANEOUS PROVISIONS

	
 

	
18

	
 

	
9.1

	
 

	
Successors

	
 

	
18

	
 

	
9.2

	
 

	
Notices

	
 

	
18

	
 

	
9.3

	
 

	
Applicable
 Law

	
 

	
19

	
 

	
9.4

	
 

	
Persons
 Having Rights under this Agreement

	
 

	
19

	
 

	
9.5

	
 

	
Examination
 of the Warrant Agreement

	
 

	
19

	
 

	
9.6

	
 

	
Counterparts

	
 

	
19

	
 

	
9.7

	
 

	
Effect of
 Headings

	
 

	
19

	
 

	
9.8

	
 

	
Amendments

	
 

	
20

	
 

	
9.9

	
 

	
Severability

	
 

	
20

	
 

	
9.10

	
 

	
Entire
 Agreement

	
 

	
20

	
 

(ii)

SECOND AMENDED AND RESTATED WARRANT AGREEMENT

                    This
SECOND AMENDED AND RESTATED WARRANT AGREEMENT (this “Agreement”) is made
as of January 23, 2008, by and between Trian Acquisition I Corp., a Delaware
corporation (the “Company”), and American Stock Transfer & Trust
Company, a New York corporation, as warrant agent (the “Warrant Agent”).

                    WHEREAS,
the Company and the Warrant Agent entered into a Warrant Agreement dated as of
November 1, 2007 (the “Original Warrant Agreement”); 

                    WHEREAS,
the Original Warrant Agreement was amended and restated in its entirety by the
Amended and Restated Warrant Agreement dated as of January 3, 2008, between the
Company and the Warrant Agent (the “Amended Warrant Agreement”); 

                    WHEREAS,
the parties hereto wish to amend the terms of the Amended Warrant Agreement to
provide for the issuance of the Co-Investment Warrants (as defined below),
which amendments may be effected pursuant to Section 9.8 of the Amended Warrant
Agreement with the written consent of the Registered Holders (as defined therein)
of a majority of the outstanding Warrants (as defined herein); 

                    WHEREAS,
in connection with its formation, the Company has issued and sold to Trian
Acquisition I, LLC, a Delaware limited liability company (the “Sponsor”),
an aggregate of 21,562,500 units (the “Sponsor Units”), each consisting
of one share of common stock, par value $0.0001 per share, of the Company (“Common
Stock”) and one warrant entitling the holder thereof to purchase one share
of Common Stock for $7.00, subject to adjustment (such warrants, the “Initial
Sponsor Warrants”);  

                    WHEREAS,
the Sponsor is the Registered Holder of a majority of the outstanding Warrants
and has consented to the amendments reflected in this Agreement on the
signature page hereto; 

                    WHEREAS,
the Company has filed a registration statement (the “Registration Statement”)
on Form S-1 under the Securities Act of 1933, as amended (the “Securities
Act”) with the Securities and Exchange Commission in connection with an
initial public offering (the “Initial Public Offering”) of 80,000,000
units (or up to 92,000,000 units if and to the extent that the underwriters
exercise their over-allotment option) (the “Public Units”), each
consisting of one share of Common Stock and one warrant entitling the holder
thereof to purchase one share of Common Stock for $7.00, subject to adjustment
as described herein (such warrants, the “Public Warrants”); 

                    WHEREAS,
the Sponsor has agreed to purchase from the Company an aggregate of 10,000,000
additional warrants at a price of $1.00 per warrant in a private placement that
will occur immediately prior to the Initial Public Offering, each such Warrant
entitling the holder thereof to purchase one share of Common Stock for $7.00,
subject to adjustment as described herein (such warrants, the “Sponsor
Warrants”); 

                    WHEREAS,
Trian Fund Management, L.P. (“Trian Fund”), its affiliates and/or one or
more of the funds and accounts managed by Trian Fund or its affiliates
(collectively, “Trian Partners”) may purchase from the Company
immediately prior to the consummation of a Business Combination (as defined
below) up to $75,000,000 of units (the “Co-Investment Units”) at a price
of $10.00 per unit (to the extent such funds have not previously been used to
make open market purchases of Common Stock pursuant to an agreement to be
entered into among Trian Fund, Deutsche Bank Securities Inc. and Merrill Lynch
& Co. prior to the consummation of the Initial Public Offering), each such
unit consisting of one share of Common Stock and one warrant entitling the
holder thereof to purchase one share of Common Stock for $7.00, subject to
adjustment (such warrants, the “Co-Investment Warrants,” and together
with the Initial Sponsor Warrants and the Sponsor Warrants, the “Private
Warrants”); 

                    WHEREAS,
the Public Warrants and the Private Warrants are sometimes collectively
referred to herein as the “Warrants;” 

                    WHEREAS,
the Company desires the Warrant Agent to act on behalf of the Company, and the
Warrant Agent is willing to so act, in connection with the issuance,
registration, transfer, exchange, redemption, exercise and cancellation of the
Warrants; 

                    WHEREAS,
the Company desires to provide for the form and provisions of the Warrants, the
terms upon which they shall be issued and exercised, and the respective rights,
limitation of rights, and immunities of the Company, the Warrant Agent, and the
holders of the Warrants; and 

                    WHEREAS,
all acts and things have been done and performed that are necessary to make the
Warrants, when executed on behalf of the Company and countersigned by or on
behalf of the Warrant Agent, as provided herein, the valid, binding and legal
obligations of the Company, and to authorize the execution and delivery of this
Agreement; 

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

ARTICLE I 

APPOINTMENT OF WARRANT AGENT

                    The
Company hereby appoints the Warrant Agent to act as agent for the Company for
the Warrants, and the Warrant Agent hereby accepts such appointment and agrees
to perform the same in accordance with the terms and conditions set forth in
this Agreement. 

ARTICLE II 

WARRANTS

                    2.1
Form of Warrant. Each Public Warrant shall be issued in registered form
only in substantially the form of Exhibit A hereto and each Private 

2

Warrant shall
be issued in registered form only in substantially the form of Exhibit B
hereto, the provisions of which exhibits are incorporated herein. Each Warrant
shall be signed by, or bear the facsimile signature of, any one of the Chairman
of the Board of Directors, the Vice Chairman, President, Chief Financial
Officer, Treasurer, Chief Legal Officer, Secretary or Assistant Secretary of
the Company. In the event the person whose facsimile signature has been placed
upon any Warrant shall have ceased to serve in the capacity in which such
person signed the Warrant before such Warrant is issued, it may be issued with
the same effect as if he or she had not ceased to be such at the date of
issuance. All of the Public Warrants shall initially be represented by one or
more book-entry certificates (each a “Book-Entry Warrant Certificate”). 

                    2.2
Effect of Countersignature. Unless and until countersigned by the
Warrant Agent pursuant to this Agreement, a Warrant shall be invalid and of no
effect and may not be exercised by the holder thereof. 

                    2.3
Registration. 

                              (a)
Warrant Register. The Warrant Agent shall maintain books (the “Warrant
Register”) for the registration of original issuance and the registration
of transfer of the Warrants. Upon the initial issuance of the Warrants, the
Warrant Agent shall issue and register such Warrants in the names of the
respective holders thereof in such denominations and otherwise in accordance
with instructions delivered to the Warrant Agent by the Company. All of the
Public Warrants shall initially be represented by one or more Book-Entry
Warrant Certificates deposited with the Depository Trust Company (the “Depository”)
and registered in the name of Cede & Co., a nominee of the Depository.
Ownership of beneficial interests in the Public Warrants shall be shown on, and
the transfer of such ownership shall be effected through, records maintained by
(i) the Depository or its nominee for each Book-Entry Warrant Certificate, or
(ii) institutions that have accounts with the Depository (such institution,
with respect to a Public Warrant in its account, a “Participant”). 

                    If
the Depository subsequently ceases to make its book-entry settlement system
available for the Public Warrants, the Company may instruct the Warrant Agent
regarding making other arrangements for book-entry settlement. In the event
that the Public Warrants are not eligible for, or it is no longer necessary to
have the Public Warrants available in, book-entry form, the Warrant Agent shall
provide written instructions to the Depository to deliver to the Warrant Agent
for cancellation each Book-Entry Warrant Certificate, and the Company shall
instruct the Warrant Agent to deliver to the Depository definitive certificates
representing the Warrants (“Definitive Warrant Certificates”). 

                              (b)
Beneficial Owner; Registered Holder. The term “beneficial owner” shall
mean, on or after the Detachment Date (as defined below), any person in whose
name ownership of a beneficial interest in the Public Warrants evidenced by a
Book-Entry Warrant Certificate is recorded in the records maintained by the
Depository or its nominee, and prior to the Detachment Date, the person in
whose name the Public Unit of which such Public Warrant or part thereof was
originally part of, as registered 

3

upon the
register relating to such Public Units. Prior to due presentment for
registration of transfer of any Warrant, the Company and the Warrant Agent may
deem and treat the person in whose name such Warrant shall be registered upon
the Warrant Register (“Registered Holder”) as the absolute owner of such
Warrant (notwithstanding any notation of ownership or other writing on the
Warrant certificate made by anyone other than the Company or the Warrant
Agent), for the purpose of any exercise thereof, and for all other purposes,
and neither the Company nor the Warrant Agent shall be affected by any notice
to the contrary. 

                    2.4
Detachability of Warrants. 

                              (a)
Public Units. The securities comprising the Public Units will not be
separately transferable until five Business Days (as defined below) (or as soon
as practicable thereafter) following the earlier to occur of (i) the expiration
or termination of the underwriters’ over-allotment option or (ii) its exercise
in full (the “Detachment Date”), subject in either case to the Company
having filed a Current Report on Form 8-K with the Securities and Exchange
Commission containing an audited balance sheet reflecting the receipt by the
Company of the gross proceeds of the Initial Public Offering including the
proceeds received by the Company from the exercise of the underwriters’
over-allotment option, and having issued a press release announcing when the
separate trading of such securities will begin. For purposes of this Agreement,
“Business Day” shall mean any day on which the Depository is open for
trading. 

                              (b)
Sponsor Units and Co-Investment Units. The securities comprising the
Sponsor Units and the Co-Investment Units will be separately transferable at
any time, subject to the transfer restrictions on the Initial Sponsor Warrants
and the Co-Investment Warrants described below in Section 2.5. 

                    2.5
Private Warrants. The Private Warrants shall have the same terms and be
in the same form as the Public Warrants, except that: 

	
 

	
 

	
 

	
                              (i)
 the Initial Sponsor Warrants may not be exercised unless and until the last
 sales price of the Common Stock exceeds $13.75 per share, as such price may
 be adjusted pursuant to Section 4.3 (the “Floor Price”), for
 any 20 trading days within a 30 trading day period beginning 90 days after
 the consummation by the Company of a Business Combination (as defined below);
 

	
 

	
 

	
 

	
                              (ii)
 the Initial Sponsor Warrants and the Sponsor Warrants will be non-redeemable
 as long as they are held by the Sponsor or its Permitted Transferees, other
 than as part of a redemption of Sponsor Units if and to the extent the
 underwriters’ over-allotment option is not exercised in full; 

	
 

	
 

	
 

	
                              (iii)
 the Initial Sponsor Warrants and the Sponsor Warrants may be exercised at the
 option of the holder on a cash or cashless basis; 

	
 

	
 

	
 

	
                              (iv)
 the Initial Sponsor Warrants and the Co-Investment Warrants may not be (and
 the Common Stock issuable upon exercise of such 

4

	
 

	
 

	
 

	
Warrants may
 not be) transferred, assigned or sold, directly or indirectly, other than to
 a Permitted Transferee, until 180 days after the consummation by the Company
 of a Business Combination; and 

	
 

	
 

	
 

	
                              (v)
 the Sponsor Warrants may not be (and the Common Stock issuable upon exercise
 of such Warrants may not be) transferred, assigned or sold, directly or
 indirectly, other than to a Permitted Transferee, until after the
 consummation by the Company of a Business Combination. 

 “Business Combination” means the
Company’s initial business combination, through a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or similar business
combination, with one or more domestic or international operating businesses or
assets meeting the conditions described in the Registration Statement and the
Company’s Amended and Restated Certificate of Incorporation at the time of the
consummation of the Initial Public Offering. 

“Permitted
Transferee” means (i) the Company, any of the Company’s officers, directors
and employees, any Affiliates or Family Members of such individuals, the
Sponsor, Trian Partners, any Affiliates of the Company, the Sponsor, or Trian
Partners and any officers, directors, members and employees of the Sponsor,
Trian Partners or such Affiliates, (ii) any charitable organization, (iii) any
individual pursuant to a qualified domestic relations order, (iv) if the
transferor is a corporation, partnership or limited liability company, any
stockholder, partner or member of the transferor, and (v) any individual or
entity by virtue of laws or agreements governing descent or distribution upon
the death or dissolution of the transferor; provided, that, any such
transferees agree in writing to become subject to the same transfer
restrictions as the transferor.  

The term “Affiliate”
has the meaning set forth in Rule 405 under the Securities Act (in effect on
the date hereof). 

“Family
Member” of a person means such person’s present spouse and/or domestic
partner, parents, lineal ascendants or descendants or any siblings of any of
the foregoing, any descendants of any sibling of such person, or any estate
planning vehicle formed primarily for the benefit of such person or any of the
foregoing persons. 

ARTICLE III 

TERMS AND EXERCISE OF WARRANTS

                    3.1
Warrant Price. Each Warrant shall, when countersigned by the Warrant
Agent, entitle the Registered Holder thereof, subject to the provisions of such
Warrant and of this Agreement, to purchase from the Company the number of
shares of Common Stock stated therein, at the price of $7.00 per whole share,
subject to the adjustments provided in Article IV hereof and in the last
sentence of this Section 3.1. The term “Warrant Price” as used in
this Agreement refers to the price per share at which Common Stock may be
purchased at the time a Warrant is exercised. The Company in its sole
discretion may lower the Warrant Price at any time prior to the Expiration Date

5

(as defined
below) for a period of not less than 20 Business Days; provided, however, that any such reduction shall be
identical in percentage terms among all of the Warrants.  

                    3.2
Duration of Warrants. A Warrant may be exercised only during the period
(the “Exercise Period”) commencing on the later of the consummation by
the Company of a Business Combination and the first anniversary of the date of
the final prospectus that forms a part of the Registration Statement, and
terminating at 5:00 p.m., New York time on the earlier to occur of (i) the
fifth anniversary of the date of the final prospectus that forms a part of the
Registration Statement and (ii) the date fixed for redemption of the Warrants
as provided in Article VI of this Agreement (“Expiration Date”); provided,
however, that, (i) the
Public Warrants shall not be exercisable and the Company shall not be obligated
to issue Common Stock in respect thereof unless, at the time a holder seeks to
exercise such Public Warrants, a prospectus relating to the Common Stock
issuable upon exercise of the Public Warrants is current and the issuance of
such Common Stock has been registered or qualified or deemed to be exempt under
the securities laws of the state of residence of the holder of such Warrants
and (ii) in addition to the exercise conditions set forth in this Section
3.2, the Initial Sponsor Warrants may not be exercised unless and until the
last sales price of the Common Stock exceeds the Floor Price for any 20 trading
days within a 30 trading day period beginning 90 days after the consummation by
the Company of a Business Combination. Except with respect to the right to
receive the Redemption Price (as set forth in Article VI hereunder),
each Warrant not exercised on or before the Expiration Date shall become void,
and all rights thereunder and all rights in respect thereof under this
Agreement shall cease at the close of business on the Expiration Date. The
Company in its sole discretion may extend the duration of the Warrants by
delaying the Expiration Date; provided, however, that any
extension of the duration of the Warrants must apply equally to all of the
Warrants. Should the Company wish to extend the Expiration Date of the
Warrants, the Company shall provide advance notice to any stock exchange on
which the Warrants are listed in accordance with the requirements of such
exchange. 

                    3.3
Exercise of Warrants. 

                              (a)
Payment. Subject to the provisions of the Warrant and this Agreement, a
Warrant, when countersigned by the Warrant Agent, may be exercised by the
Registered Holder thereof by delivering, not later than 5:00 p.m., New York
time, on any Business Day during the Exercise Period (the “Exercise Date”)
to the Warrant Agent at the office of the Warrant Agent, or at the office of
its successor as Warrant Agent (i) the Definitive Warrant Certificate
evidencing the Warrants to be exercised, or in the case of a Book-Entry Warrant
Certificate, the Warrants to be exercised (the “Book-Entry Warrants”) on
the records of the Depositary to an account of the Warrant Agent at the Depositary
designated for such purpose in writing by the Warrant Agent to the Depository
from time to time, (ii) an election to purchase in the form attached hereto as
part of Exhibit A or Exhibit B, as applicable, the shares of
Common Stock underlying the Warrants to be exercised, properly completed and
executed, or in the case of a Book-Entry Warrant Certificate, properly
delivered by the Participant in accordance with the Depository’s procedures and
(iii) the Warrant Price for each full share of Common Stock 

6

as to which
the Warrants are exercised and any and all applicable taxes due in connection
with the exercise of the Warrants, the exchange of the Warrants for the Common
Stock, and the issuance of the Common Stock in full, in lawful money of the
United States, by cash, by bank wire transfer in immediately available funds or
by certified check or bank draft payable to the Company; provided, however,
that the holders of the Initial Sponsor Warrants and the Sponsor Warrants may
pay the Warrant Price by surrendering such Warrants for that number of shares
of Common Stock equal to the quotient obtained by dividing (x) the product of
the number of shares of Common Stock underlying the Warrant, multiplied by the
difference between the Fair Market Value and the Warrant Price by (y) the Fair
Market Value. The “Fair Market Value” means the average last sales price
of the Common Stock in the principal trading market for the Common Stock as
reported by any national securities exchange or quoted on the FINRA OTC Bulletin
Board (or successor exchange), as the case may be, for the 10 consecutive
trading days ending on the third trading day preceding the date the Initial
Sponsor Warrants or the Sponsor Warrants, as applicable, are exercised. 

	
 

	
 

	
 

	
                              (i)
 If any of (A) the Definitive Warrant Certificate or the Book-Entry Warrant
 Certificate, (B) the Election to Purchase or (C) the Warrant Price therefor,
 is received by the Warrant Agent after 5:00 p.m., New York time, on a
 specified day or if such day is not a Business Day, the Warrants will be
 deemed to be received and exercised on, and the applicable Exercise Date
 shall be the Business Day next succeeding such day. If the Warrants are
 received or deemed to be received after the Expiration Date, the exercise
 thereof will be null and void and any funds delivered to the Warrant Agent
 will be returned to the Registered Holder or the Participant, as the case may
 be, as soon as practicable. In no event will interest accrue on funds
 deposited with the Warrant Agent in respect of an exercise or attempted
 exercise of Warrants. The validity of any exercise of Warrants will be
 determined by the Company in its sole discretion and such determination will
 be final and binding upon the Registered Holder and the Warrant Agent.
 Neither the Company nor the Warrant Agent shall have any obligation to inform
 a Registered Holder of the invalidity of any exercise of Warrants. 

	
 

	
 

	
 

	
                              (ii)
 The Warrant Agent shall deposit all funds received by it in payment of the
 Warrant Price in the account of the Company maintained with the Warrant Agent
 for such purpose and shall advise the Company at the end of each Business Day
 on which funds for the exercise of the Warrants are received and of the
 amount so deposited to its account. The Warrant Agent shall promptly confirm
 such telephonic advice to the Company in writing. 

	
 

	
 

	
 

	
                              (iii)
 The Warrant Agent shall, by 11:00 a.m. New York time on the Business Day
 following the Exercise Date of any Warrant, advise the Company and the
 transfer agent and registrar in respect of (a) the shares of Common Stock
 (the “Shares”) issuable upon such exercise in accordance with the
 terms and conditions of this Agreement, (b) the instructions of each
 Registered Holder or Participant, as the case may be, with respect to
 delivery of the Shares issuable upon such exercise, and the delivery of
 Definitive Warrant Certificates, 

7

	
 

	
 

	
 

	
as
 appropriate, evidencing the balance, if any, of the Warrants remaining after
 such exercise, (c) in case of a Book-Entry Warrant Certificate, the notation
 that shall be made to the records maintained by the Depository, its nominee
 for each Book-Entry Warrant Certificate, or a Participant, as appropriate,
 evidencing the balance, if any, of the Warrants remaining after such exercise
 and (d) such other information as the Company or such transfer agent and
 registrar shall reasonably require.

	
 

	
 

	
 

	
                              (iv)
 The Company shall, by 5:00 p.m., New York time, on the third Business Day
 next succeeding the Exercise Date of any Warrant and the clearance of the
 funds in payment of the Warrant Price, execute, issue and deliver to the
 Warrant Agent, the Shares to which such Registered Holder or Participant, as
 the case may be, is entitled, in fully registered form, registered in such
 name or names as may be directed by such Registered Holder or the
 Participant, as the case may be. Upon receipt of such Shares, the Warrant
 Agent shall, by 5:00 p.m., New York time, on the fifth Business Day next
 succeeding such Exercise Date, transmit such Shares to or upon the order of
 the Registered Holder or the Participant, as the case may be.

	
 

	
 

	
 

	
                              (v)
 In lieu of delivering physical certificates representing the Shares issuable
 upon exercise, provided the Company’s transfer agent is participating in the
 Depository Fast Automated Securities Transfer program, the Company shall use
 its reasonable efforts to cause its transfer agent to electronically transmit
 the Shares issuable upon exercise to the Registered Holder or the Participant
 by crediting the account of the Registered Holder’s prime broker with the
 Depository or of the Participant through its Deposit Withdrawal Agent
 Commission system. The time periods for delivery described in the immediately
 preceding paragraph shall apply to the electronic transmittals described
 herein.

	
 

	
 

	
 

	
                              (vi)
 The accrual of dividends, if any, on the Shares issued upon the valid
 exercise of any Warrant will be governed by the terms generally applicable to
 the Shares. Starting with the Exercise Date, the former holder of the
 Warrants exercised will be entitled to the benefits generally available to
 other holders of Shares and such former holder’s right to receive payments of
 dividends and any other amounts payable in respect of the Shares shall be
 governed by, and shall be subject to, the terms and provisions generally
 applicable to such Shares.

	
 

	
 

	
 

	
                              (vii)
 Subject to Section 4.7, Warrants may be exercised only in whole
 numbers of Shares. If fewer than all of the Warrants evidenced by a Warrant
 Certificate are exercised, a new Warrant Certificate for the number of
 unexercised Warrants remaining shall be executed by the Company and
 countersigned by the Warrant Agent as provided in Article II hereof,
 and delivered to the holder of this Warrant Certificate at the address
 specified on the books of the Warrant Agent or as otherwise specified by such
 Registered Holder. If fewer than all the Warrants evidenced by a Book-Entry
 Warrant Certificate are

8

	
 

	
 

	
 

	
exercised, a
 notation shall be made to the records maintained by the Depository, its
 nominee for each Book-Entry Warrant Certificate, or a Participant, as
 appropriate, evidencing the balance of the Warrants remaining after such
 exercise.

                              (b)
Issuance of Certificates. Notwithstanding the foregoing, and subject to Section
7.4 of this Agreement, the Company shall not be obligated to deliver any
securities pursuant to the exercise of a Warrant unless (i) a registration
statement under the Securities Act with respect to the issuance of Common Stock
upon exercise of the Warrant is effective or (ii) in the opinion of counsel to
the Company, the issuance of the Common Stock upon the exercise of the Warrants
is exempt from the registration requirements of the Securities Act and such
securities are qualified for sale or exempt from qualification under applicable
securities laws of the states or other jurisdictions in which the Registered
Holders reside. Warrants may not be exercised by, or securities issued to, any
Registered Holder in any state in which such exercise would be unlawful. As a
result of the provisions of this Section 3.3(b), any or all of the Warrants
may expire unexercised. In no event shall the Registered Holder of a Warrant be
entitled to receive any monetary damages if the issuance of the shares of
Common Stock underlying the Warrants has not been registered by the Company
pursuant to an effective registration statement or if a current prospectus is
not available for delivery by the Warrant Agent; provided, that the Company has
fulfilled its obligation to use its reasonable efforts to effect such
registration and ensure a current prospectus is available for delivery by the
Warrant Agent.  

                              (c)
Valid Issuance. All shares of Common Stock issued upon the proper
exercise of a Warrant in conformity with this Agreement shall be validly
issued, fully paid and nonassessable. 

                              (d)
Date of Issuance. Each person in whose name any such certificate for
shares of Common Stock is issued shall for all purposes be deemed to have
become the holder of record of such shares on the Exercise Date in accordance with
Section 3.3(a), irrespective of the date of delivery of such certificate
to the holder, except that, if delivery of the items set forth in Section
3.3(a) occurs after 5:00 p.m., New York time, on any Business Day during
the Exercise Period, such person shall be deemed to have become the holder of
such shares at the close of business on the next succeeding Business Day. 

                    3.4
No Cash Settlement. Notwithstanding anything to the contrary contained
in this Agreement, under no circumstances will the Company be required to net
cash settle the exercise of the Warrants. 

ARTICLE IV

ADJUSTMENTS

                    4.1
Stock Dividends; Split-Ups. If after the date hereof, and subject to the
provisions of Section 4.7, the number of outstanding shares of Common
Stock is increased by a stock dividend payable in shares of Common Stock, or by
a split up of shares of Common Stock, or other similar event, then, on the
effective date of such stock 

9

dividend,
split up or similar event, the number of shares of Common Stock issuable on
exercise of each Warrant shall be increased in proportion to such increase in
outstanding shares of Common Stock. 

                    4.2
Aggregation of Shares. If after the date hereof, and subject to the
provisions of Section 4.7, the number of outstanding shares of Common
Stock is decreased by a consolidation, combination, reverse stock split or
reclassification of shares of Common Stock or other similar event, then, on the
effective date of such consolidation, combination, reverse stock split,
reclassification or similar event, the number of shares of Common Stock
issuable on exercise of each Warrant shall be decreased in proportion to such
decrease in outstanding shares of Common Stock. 

                    4.3
Adjustments in Warrant Price. Whenever the number of shares of Common
Stock purchasable upon the exercise of the Warrants is adjusted, as provided in
Sections 4.1 and 4.2 above, each of the Warrant Price and the
Floor Price shall be adjusted (to the nearest cent) by multiplying such Warrant
Price and Floor Price, as the case may be, immediately prior to such adjustment
by a fraction (x) the numerator of which shall be the number of shares of
Common Stock purchasable upon the exercise of the Warrants immediately prior to
such adjustment and (y) the denominator of which shall be the number of shares
of Common Stock so purchasable immediately thereafter; provided, that, with respect to any
adjustment occurring prior to the consummation of the Initial Public Offering, the
Company may determine (with the consent of the Sponsor) not to adjust the
Warrant Price and the Floor Price. 

                    4.4
Replacement of Securities upon Reorganization, etc. In case of any
reclassification or reorganization of the outstanding shares of Common Stock
(other than a change covered by Section 4.1 or 4.2 hereof or that
solely affects the par value of such shares of Common Stock), or in the case of
any merger or consolidation of the Company with or into another corporation
(other than a consolidation or merger in which the Company is the continuing
corporation and that does not result in any reclassification or reorganization
of the outstanding shares of Common Stock), or in the case of any sale or
conveyance to another corporation or entity of the assets or other property of
the Company as an entirety or substantially as an entirety in connection with
which the Company is dissolved, the Registered Holders shall thereafter have
the right to purchase and receive, upon the basis and upon the terms and
conditions specified in the Warrants and in lieu of the shares of Common Stock
of the Company immediately theretofore purchasable and receivable upon the
exercise of the rights represented thereby, the kind and amount of shares of
stock or other securities or property (including cash) receivable upon such
reclassification, reorganization, merger or consolidation, or upon a
dissolution following any such sale or transfer, by a Registered Holder of the
number of shares of Common Stock of the Company obtainable upon exercise of the
Warrants immediately prior to such event; and if any reclassification also
results in a change in shares of Common Stock covered by Sections 4.1 or
4.2, then such adjustment shall be made pursuant to Sections 4.1,
4.2, 4.3 and this Section 4.4. The provisions of
this Section 4.4 shall similarly apply to successive reclassifications,
reorganizations, mergers or consolidations, sales or other transfers. 

10

                    4.5
Extraordinary Dividends. If the Company, at any time during the Exercise
Period, shall pay a dividend or make a distribution in cash, securities or
other assets to the holders of Common Stock (or other shares of the Company’s
capital stock into which the Warrants are convertible), other than (i) as
described in Sections 4.1, 4.2 or 4.4, (ii) regular
quarterly or other periodic dividends, (iii) in connection with the conversion
rights of the holders of Common Stock upon consummation by the Company of a
Business Combination or (iv) in connection with the Company’s liquidation and
the distribution of its assets upon its failure to consummate a Business
Combination (any such non-excluded event being referred to herein as an “Extraordinary
Dividend”), then the Warrant Price and the Floor Price shall be decreased,
effective immediately after the effective date of such Extraordinary Dividend,
by the amount of cash and/or the fair market value (as determined by the
Company’s Board of Directors, in good faith) of any securities or other assets
paid on each share of Common Stock (or other shares of the Company’s capital
stock into which the Warrants are convertible) in respect of such Extraordinary
Dividend. 

                    4.6
Notices of Changes in Warrant. Upon every adjustment of the Warrant
Price, Floor Price or the number of shares issuable on exercise of a Warrant,
the Company shall give written notice thereof to the Warrant Agent, which
notice shall state the Warrant Price or Floor Price resulting from such
adjustment and the increase or decrease, if any, in the number of shares
purchasable at such price upon the exercise of a Warrant, setting forth in
reasonable detail the method of calculation and the facts upon which such
calculation is based. Upon the occurrence of any event specified in Sections
4.1, 4.2, 4.3, 4.4 or 4.5, then, in any such
event, the Company shall give written notice to each Registered Holder, at the
last address set forth for such holder in the Warrant Register, of the record
date or the effective date of the event. Failure to give such notice, or any
defect therein, shall not affect the legality or validity of such event. 

                    4.7
No Fractional Shares. Notwithstanding any provision contained in this
Agreement to the contrary, the Company shall not issue fractional shares upon
exercise of Warrants. If, by reason of any adjustment made pursuant to this Article
IV or by reason of any cashless exercise pursuant to Sections 3.3(a)
or 6.1, the Registered Holder would be entitled, upon the exercise of
such Warrant, to receive a fractional interest in a share, the Company shall,
upon such exercise, round up to the nearest whole number the number of the
shares of Common Stock to be issued to the Registered Holder. 

                    4.8
Form of Warrant. The forms of Warrants need not be changed because of
any adjustment pursuant to this Article IV, and Warrants issued after
such adjustment may state the same Warrant Price and the same number of shares
as is stated in the Warrants initially issued pursuant to this Agreement.
However, the Company may at any time in its sole discretion make any change in
the form of Warrant that the Company may deem appropriate and that does not
affect the substance thereof, and any Warrant thereafter issued or
countersigned, whether in exchange or substitution for an outstanding Warrant
or otherwise, may be in the form as so changed. 

11

                    4.9
Notice of Certain Transactions. In the event that the Company shall
propose to (a) offer the holders of its Common Stock rights to subscribe for or
to purchase any securities convertible into shares of Common Stock or shares of
stock of any class or any other securities, rights or options, (b) issue any
rights, options or warrants entitling the holders of Common Stock to subscribe for
shares of Common Stock or (c) make a tender offer, redemption offer or exchange
offer with respect to the Common Stock, the Company shall send to the
Registered Holders a notice of such proposed action or offer. Such notice shall
be mailed to the Registered Holders at their addresses as they appear in the
Warrant Register, which shall specify the record date for the purposes of such
dividend, distribution or rights, or the date such issuance or event is to take
place and the date of participation therein by the holders of Common Stock, if
any such date is to be fixed, and shall briefly indicate the effect of such
action on the Common Stock and on the number and kind of any other shares of
stock and on other property, if any, and the number of shares of Common Stock
and other property, if any, issuable upon exercise of each Warrant and the
Warrant Price or Floor Price after giving effect to any adjustment pursuant to
this Article IV that would be required as a result of such action. Such
notice shall be given as promptly as practicable after the Company’s Board of
Directors has determined to take any such action and (x) in the case of any
action covered by clause (a) or (b) above at least 10 days prior to the record
date for determining the holders of the Common Stock for purposes of such
action or (y) in the case of any other such action at least 20 days prior to
the date of the taking of such proposed action or the date of participation
therein by the holders of Common Stock, whichever shall be the earlier. 

ARTICLE V 

TRANSFER AND EXCHANGE OF WARRANTS

                    5.1
Transfer of Warrants. Prior to the Detachment Date, the Public Warrants
may be transferred or exchanged only as part of the Public Units in which such
Warrants are included, and only for the purpose of effecting, or in conjunction
with, a transfer or exchange of such Public Unit. For the avoidance of doubt,
each transfer of a Public Unit on the register relating to such Public Units
shall operate also to transfer the Warrants included in such Public Unit. 

                    5.2
Registration of Transfer. Subject to Section 5.3 below, the
Warrant Agent shall register the transfer, from time to time, of any
outstanding Warrant upon the Warrant Register, upon surrender of such Warrant
for transfer, properly endorsed with signatures properly guaranteed and
accompanied by appropriate instructions for transfer. Upon any such transfer, a
new Warrant representing an equal aggregate number of Warrants shall be issued
and the old Warrant shall be cancelled by the Warrant Agent. The Warrants so
cancelled shall be delivered by the Warrant Agent to the Company from time to
time upon request. 

                    5.3
Procedure for Surrender of Warrants. Warrants may be surrendered to the
Warrant Agent, together with a written request for exchange or transfer, and
thereupon the Warrant Agent shall issue in exchange therefor one or more 

12

new Warrants
as requested by the Registered Holder of the Warrants so surrendered,
representing an equal aggregate number of Warrants; provided, however,
that except as otherwise provided herein or in any Book-Entry Warrant
Certificate, each Book-Entry Warrant Certificate may be transferred only in
whole and only to the Depository, to another nominee of the Depository, to a
successor depository, or to a nominee of a successor depository; provided
further, however, that in the event that a Warrant surrendered
for transfer bears a restrictive legend, the Warrant Agent shall not cancel
such Warrant and issue new Warrants in exchange therefor until the Warrant
Agent has received an opinion of counsel for the Company stating that such
transfer may be made and indicating whether the new Warrants must also bear a
restrictive legend. Upon any such registration of transfer, the Company shall
execute, and the Warrant Agent shall countersign and deliver, in the name of
the designated transferee a new Warrant certificate or Warrant certificates of
any authorized denomination evidencing in the aggregate a like number of
unexercised Warrants. 

                    5.4
Fractional Warrants. The Warrant Agent shall not be required to effect
any registration of transfer or exchange that will result in the issuance of a
Warrant certificate for a fraction of a Warrant. 

                    5.5
Service Charges. No service charge shall be made for any exchange or
registration of transfer of Warrants. 

                    5.6
Warrant Execution and Countersignature. The Warrant Agent is hereby
authorized to countersign and to deliver, in accordance with the terms of this
Agreement, the Warrants required to be issued pursuant to the provisions of
this Article V, and the Company, whenever required by the Warrant Agent, shall
supply the Warrant Agent with Warrants duly executed on behalf of the Company
for such purpose.  

ARTICLE VI

REDEMPTION

                    6.1
Redemption. Subject to Section 6.4 hereof, not less than all of
the outstanding Warrants (other than any Initial Sponsor Warrants or Sponsor
Warrants that are held by the Sponsor or any Permitted Transferees) may be
redeemed, at the option of the Company, at any time after they become
exercisable and prior to their expiration, at the office of the Warrant Agent,
upon the notice referred to in Section 6.2, at the price of $0.01 per
Warrant (the “Redemption Price”); provided, however, that
the last sales price of the Common Stock has been equal to or greater than the
Floor Price on each of 20 trading days within any 30 trading day period ending
three Business Days prior to the date on which notice of redemption is given;
and provided,further
that with respect to the Public Warrants and the Co-Investment Warrants,
such Warrants (and the Common Stock issuable upon the exercise of such
Warrants) are covered by an effective registration statement from the date of
notice of redemption through the date fixed for redemption. If the foregoing
conditions are satisfied, and such Warrants are called for redemption, each
Registered Holder will be entitled to exercise their Warrants prior to the date
scheduled for redemption. In the event the Company calls any such Warrants for
redemption pursuant to this Section 6.1, the Company shall have the
option to require all (but not 

13

part) of the
holders of those Warrants who elect to exercise their Warrants prior to the
date scheduled for redemption to exercise the Warrants on a cashless basis. If
the Company requires the Registered Holders of such Warrants to exercise on a
cashless basis, each holder of such Warrants shall pay the Warrant Price by
surrendering such Warrants for that number of shares of Common Stock equal to
the quotient obtained by dividing (x) the product of the number of shares of
Common Stock underlying the Warrants, multiplied by the difference between the
Redemption Fair Market Value and the Warrant Price of the Warrants by (y) the
Redemption Fair Market Value. The “Redemption Fair Market Value” shall
mean the average reported last sales price of the Common Stock in the principal
trading market for the Common Stock as reported by any national securities
exchange or quoted on the FINRA OTC Bulletin Board (or successor exchange), as
the case may be, for the 10 consecutive trading days ending on the third
trading day prior to the date on which the notice of redemption is sent to the
Registered Holders of such Warrants. 

                    6.2
Date Fixed for, and Notice of, Redemption. In the event the Company
shall elect to redeem all of the outstanding Warrants (other than any Initial
Sponsor Warrants or Sponsor Warrants that are held by the Sponsor or any
Permitted Transferees) pursuant to Section 6.1 (the “Redeemable Warrants”), the
Company shall fix a date for the redemption. Notice of redemption shall be
mailed by first class mail, postage prepaid, by the Company not less than 30
days prior to the date fixed for redemption to the Registered Holders of the
Redeemable Warrants at their last addresses as they shall appear in the Warrant
Register. Any notice mailed in the manner herein provided shall be conclusively
presumed to have been duly given on the date sent whether or not the Registered
Holder received such notice.  

                    6.3
Exercise After Notice of Redemption. The Redeemable Warrants may be
exercised, for cash or, if required by the Company, on a cashless basis, in
accordance with Section 6.1 of this Agreement at any time after notice
of redemption shall have been given by the Company pursuant to Section 6.2
hereof and prior to the time and date fixed for redemption. On and after the
redemption date, the Registered Holder of the Redeemable Warrants shall have no
further rights except to receive the Redemption Price upon surrender of the
Redeemable Warrants. 

                    6.4
Outstanding Warrants Only. The Company understands that the redemption
rights provided for by this Article VI apply only to outstanding
Redeemable Warrants. To the extent a person holds rights to purchase Redeemable
Warrants, such purchase rights shall not be extinguished by redemption.
However, once such purchase rights are exercised, the Company may redeem the
Redeemable Warrants issued upon such exercise, provided that the criteria for redemption
are met, including the opportunity of the Redeemable Warrant holders to
exercise prior to redemption pursuant to Section 6.3. 

14

ARTICLE VII 

OTHER PROVISIONS RELATING TO

RIGHTS OF HOLDERS OF WARRANTS

                    7.1
No Rights as Stockholder. A Warrant does not entitle the Registered
Holder thereof to any of the rights of a stockholder of the Company, including,
without limitation, the right to receive dividends, or other distributions,
exercise any preemptive rights, to vote or to consent or to receive notice as
stockholders in respect of the meetings of stockholders for the election of
directors of the Company or any other matter. 

                    7.2
Lost, Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost,
stolen, mutilated, or destroyed, the Company and the Warrant Agent may on such
terms as to indemnity or otherwise as they may in their discretion impose
(which shall, in the case of a mutilated Warrant, include the surrender
thereof), issue a new Warrant of like denomination, tenor, and date as the
Warrant so lost, stolen, mutilated or destroyed. Any such new Warrant shall
constitute a substitute contractual obligation of the Company, whether or not
the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any
time enforceable by anyone. 

                    7.3
Reservation of Common Stock. The Company shall at all times reserve and
keep available a number of its authorized but unissued shares of Common Stock
that will be sufficient to permit the exercise in full of all outstanding
Warrants issued pursuant to this Agreement. 

                    7.4
Registration of Common Stock. If the Company consummates an Initial
Public Offering, the Company agrees that prior to the commencement of the
Exercise Period, it shall file with the Securities and Exchange Commission a
post-effective amendment to the Registration Statement, or a new registration statement,
for the registration under the Securities Act of, and it shall take such action
as may be necessary to qualify for sale, in those states in which the Public
Warrants and the Co-Investment Warrants were initially offered by the Company,
the issuance of the Common Stock issuable upon exercise of the Public Warrants
or the Co-Investment Warrants. In either case, the Company shall use its
reasonable efforts to cause the same to become effective on or prior to the
commencement of the Exercise Period and to maintain the effectiveness of such
registration statement until the expiration of such Warrants in accordance with
the provisions of this Agreement. 

ARTICLE VIII 

CONCERNING THE WARRANT AGENT AND OTHER MATTERS

                    8.1
Payment of Taxes. The Company shall from time to time promptly pay all
taxes and charges that may be imposed upon the Company or the Warrant Agent in
respect of the issuance or delivery of shares of Common Stock upon the exercise
of the Warrants, but the Company shall not be obligated to pay any transfer
taxes in respect of the Warrants or of such shares of the Common Stock. 

15

                    8.2
Resignation, Consolidation, or Merger of Warrant Agent. 

                              (a)
Appointment of Successor Warrant Agent. The Warrant Agent, or any
successor to it hereafter appointed, may resign its duties and be discharged
from all further duties and liabilities hereunder after giving 60 days’ notice
in writing to the Company. If the office of the Warrant Agent becomes vacant by
resignation or incapacity to act or otherwise, the Company shall appoint in
writing a successor Warrant Agent in place of the Warrant Agent. If the Company
shall fail to make such appointment within a period of 30 days after it has
been notified in writing of such resignation or incapacity by the Warrant Agent
or any Registered Holder (who shall, with such notice, submit his Warrant for
inspection by the Company), then the holder of any Warrant may apply to the
Supreme Court of the State of New York for the County of New York for the
appointment of a successor Warrant Agent at the Company’s cost. Any successor
Warrant Agent, whether appointed by the Company or by such court, shall be a
corporation organized and existing under the laws of the State of New York, in
good standing and having its principal office in the Borough of Manhattan, City
and State of New York, and authorized under such laws to exercise corporate
trust powers and subject to supervision or examination by federal or state authority.
After appointment, any successor Warrant Agent shall be vested with all the
authority, powers, rights, immunities, duties, and obligations of its
predecessor Warrant Agent with like effect as if originally named as Warrant
Agent hereunder, without any further act or deed; but if for any reason it
becomes necessary or appropriate, the predecessor Warrant Agent shall execute
and deliver, at the expense of the Company, an instrument transferring to such
successor Warrant Agent all the authority, powers, and rights of such
predecessor Warrant Agent hereunder; and upon request of any successor Warrant
Agent the Company shall make, execute, acknowledge, and deliver any and all
instruments in writing for more fully and effectually vesting in and confirming
to such successor Warrant Agent all such authority, powers, rights, immunities,
duties, and obligations. 

                              (b)
Notice of Successor Warrant Agent. In the event a successor Warrant
Agent shall be appointed, the Company shall give notice thereof to the
predecessor Warrant Agent and the transfer agent for the Common Stock not later
than the effective date of any such appointment. 

                              (c)
Merger or Consolidation of Warrant Agent. Any corporation or other entity
into which the Warrant Agent may be merged or with which it may be consolidated
or any corporation resulting from any merger or consolidation to which the
Warrant Agent shall be a party shall be the successor Warrant Agent under this
Agreement without any further act. 

                    8.3
Fees and Expenses of Warrant Agent. 

                              (a)
Remuneration. The Company agrees to pay the Warrant Agent reasonable
remuneration for its services as such Warrant Agent hereunder and shall
reimburse the Warrant Agent upon written demand for all reasonable expenditures
that the Warrant Agent may reasonably incur in the execution of its duties
hereunder. 

16

                              (b)
Further Assurances. The Company agrees to perform, execute, acknowledge
and deliver or cause to be performed, executed, acknowledged and delivered all
such further and other acts, instruments and assurances as may reasonably be
required by the Warrant Agent for the carrying out or performing of the
provisions of this Agreement. 

                    8.4
Liability of Warrant Agent. 

                              (a)
Reliance on Company Statement. Whenever in the performance of its duties
under this Agreement, the Warrant Agent shall deem it necessary or desirable
that any fact or matter be proved or established by the Company prior to taking
or suffering any action hereunder, such fact or matter (unless other evidence
in respect thereof be herein specifically prescribed) may be deemed to be
conclusively proved and established by a statement signed by the Chairman of
the Board of Directors, Vice Chairman, President, Chief Financial Officer,
Treasurer, Chief Legal Officer, Secretary or Assistant Secretary of the Company
and delivered to the Warrant Agent. The Warrant Agent may rely upon such
statement for any action taken or suffered in good faith by it pursuant to the
provisions of this Agreement. 

                              (b)
Indemnity. 

	
 

	
 

	
 

	
                              (i)
 The Warrant Agent shall be liable hereunder only for its own negligence,
 willful misconduct or bad faith. The Company agrees to indemnify the Warrant
 Agent and save it harmless against any and all liabilities, including
 judgments, costs and reasonable counsel fees, for anything done or omitted by
 the Warrant Agent in the execution of this Agreement except as a result of
 the Warrant Agent’s negligence, willful misconduct or bad faith. 

	
 

	
 

	
 

	
                              (ii)
 In case any action arising out of this Agreement is brought against the Warrant
 Agent, the Company will be entitled to participate therein and, to the extent
 that it may wish, to assume the defense thereof, and after notice from the
 Company to the Warrant Agent of its election so to assume the defense, the
 Company will not be liable to the Warrant Agent under this Section 8.4(b)
 for any legal or other expenses subsequently incurred by the Warrant Agent in
 connection with the defense thereof. The Warrant Agent shall not, without the
 prior written consent of the Company, effect any settlement of any pending or
 threatened action hereunder. 

                              (c)
Exclusions. The Warrant Agent shall have no responsibility with respect
to the validity of this Agreement or with respect to the validity or execution
of any Warrant (except its countersignature thereof); nor shall it be
responsible for any breach by the Company of any covenant or condition
contained in this Agreement or in any Warrant; nor shall it be responsible to
make any adjustments required under the provisions of Article IV hereof
or responsible for the manner, method, or amount of any such adjustment or the
ascertaining of the existence of facts that would require any such adjustment;
nor shall it by any act hereunder be deemed to make any representation or warranty
as to the authorization or reservation of any shares of 

17

Common Stock
to be issued pursuant to this Agreement or any Warrant or as to whether any
shares of Common Stock will when issued be valid and fully paid and
nonassessable. 

                    8.5
Acceptance of Agency. The Warrant Agent hereby accepts the agency
established by this Agreement and agrees to perform the same upon the terms and
conditions herein set forth and among other things, shall account promptly to
the Company with respect to Warrants exercised and concurrently account for,
and pay to the Company, all moneys received by the Warrant Agent for the
purchase of shares of the Company’s Common Stock through the exercise of
Warrants. 

                    8.6
Waiver. The Warrant Agent hereby waives any and all right or set-off of
any and all title, interest or claim of any kind (“Claim”) in or to any
distribution of the Trust Account (as defined in that certain Investment
Management Trust Agreement to be entered into by and between the Company and
Wilmington Trust Company as trustee thereunder), and hereby agrees not to seek
recourse, reimbursement, payment or satisfaction for any Claim against the
funds in the Trust Account for any reason whatsoever including, without
limitation, pursuant to Section 8.4(b) hereunder, and to pursue any such
Claims solely against the Company. 

ARTICLE IX 

MISCELLANEOUS PROVISIONS

                    9.1
Successors. All the covenants and provisions of this Agreement by or for
the benefit of the Company or the Warrant Agent shall bind and inure to the
benefit of their respective successors and assigns. 

                    9.2
Notices. Any notice, statement or demand authorized by this Agreement to
be given or made by the Warrant Agent or by any Registered Holder to or on the
Company shall be sufficiently given when so delivered if by hand or overnight
delivery or if sent by certified mail or private courier service within five
days after deposit of such notice, postage prepaid, addressed (until another
address is filed in writing by the Company with the Warrant Agent), as follows:

Trian Acquisition I Corp.

280 Park Avenue

41st Floor

New York, New York 10017

Attn: Chief Legal Officer

                    Any
notice, statement or demand authorized by this Agreement to be given or made by
any Registered Holder or by the Company to or on the Warrant Agent shall be
sufficiently given when so delivered if by hand or overnight delivery or if
sent by certified mail or private courier service within five days after
deposit of such notice, postage prepaid, addressed (until another address is
filed in writing by the Warrant Agent with the Company), as follows: 

18

American Stock Transfer & Trust Company

59 Maiden Lane

New York, New York 10038

Attn: George Karfunkel

                    9.3
Applicable Law. The validity, interpretation and performance of this
Agreement and of the Warrants shall be governed in all respects by the laws of
the State of New York, without giving effect to conflict of laws. The Company
and the Warrant Agent hereby agree that any action, proceeding or claim against
it arising out of or relating in any way to this Agreement shall be brought and
enforced in the courts of the State of New York or the United States District
Court for the Southern District of New York, and irrevocably submits to such
jurisdiction, which jurisdiction shall be exclusive. The Company and the
Warrant Agent hereby waive any objection to such exclusive jurisdiction and
that such courts represent an inconvenient forum. Any such process or summons
to be served upon the Company or the Warrant Agent may be served by
transmitting a copy thereof by registered or certified mail, return receipt
requested, postage prepaid, addressed to it at the address set forth in Section
9.2 hereof. Such mailing shall be deemed personal service and shall be
legal and binding upon the Company in any action, proceeding or claim; provided,
that, such service shall not preclude any other manner of service
permitted by law. 

                    9.4
Persons Having Rights under this Agreement. Nothing in this Agreement
expressed and nothing that may be implied from any of the provisions hereof is
intended, or shall be construed, to confer upon, or give to, any person or
corporation other than the parties hereto and the Registered Holders of the
Warrants, any right, remedy or claim under or by reason of this Agreement or of
any covenant, condition, stipulation, promise or agreement hereof. All
covenants, conditions, stipulations, promises and agreements contained in this
Agreement shall be for the sole and exclusive benefit of the parties hereto and
their successors and assigns and of the Registered Holders of the Warrants. 

                    9.5
Examination of the Warrant Agreement. A copy of this Agreement shall be
available at all reasonable times at the office of the Warrant Agent in the
Borough of Manhattan, City and State of New York, for inspection by the
Registered Holder of any Warrant. The Warrant Agent may require any such holder
to submit his Warrant for inspection by it. 

                    9.6
Counterparts. This Agreement may be executed in any number of
counterparts and each of such counterparts shall for all purposes be deemed to
be an original and all such counterparts shall together constitute but one and
the same instrument. 

                    9.7
Effect of Headings. The Section headings herein are for convenience only
and are not part of this Agreement and shall not affect the interpretation
thereof. 

19

                    9.8
Amendments. This Agreement may be amended by the parties hereto without
the consent of any Registered Holder for the purpose of curing any ambiguity,
or of curing, correcting or supplementing any defective provision contained
herein or adding or changing any other provisions with respect to matters or
questions arising under this Agreement as the parties may deem necessary or
desirable and that the parties deem shall not adversely affect the interest of
the Registered Holders. All other modifications or amendments, including any
amendment to increase the Warrant Price or shorten the Exercise Period, shall
require the written consent of the Registered Holders of a majority of the then
outstanding Warrants. Notwithstanding the foregoing, the Company may lower the
Warrant Price or extend the duration of the Exercise Period in accordance with Sections
3.1 and 3.2, respectively, without such consent. 

                    9.9
Severability. This Agreement shall be deemed severable, and the
invalidity or unenforceability of any term or provision hereof shall not affect
the validity or enforceability of this Agreement or of any other term or
provision hereof. Furthermore, in lieu of any such invalid or unenforceable
term or provision, the parties hereto intend that there shall be added as a
part of this Agreement a provision as similar in terms to such invalid or
unenforceable provision as may be possible and be valid and enforceable. 

                    9.10
Entire Agreement. This Agreement constitutes the entire understanding of
the parties and supersedes all prior agreements (including the Amended Warrant
Agreement), understandings, arrangements, promises and commitments, whether
written or oral, express or implied, relating to the subject matter hereof, and
all such prior agreements, understandings, arrangements, promises and
commitments are hereby canceled and terminated. 

[Remainder of Page Intentionally Left Blank]

20

                    IN
WITNESS WHEREOF, this Agreement has been
duly executed by the parties hereto as of the date first above written. 

	
 

	
 

	
 

	
 

	
TRIAN ACQUISITION I CORP.

	
 

	
 

	
 

	
 

	
By:

	
/s/ Edward P. Garden

	
 

	
 

	

	
 

	
 

	
Name: Edward P. Garden

	
 

	
 

	
Title: President and Chief Executive Officer

	
 

	
 

	
 

	
 

	
AMERICAN STOCK TRANSFER & TRUST COMPANY

	
 

	
 

	
 

	
 

	
By:

	
/s/ Herb Lemmer

	
 

	
 

	

	
 

	
 

	
Name: Herb Lemmer

	
 

	
 

	
Title: Vice President

	
 

	
 

	
 

The undersigned, being the
holder of 21,562,500 Warrants, hereby consents to the execution and delivery of
this Agreement:

	
 

	
 

	
 

	
TRIAN ACQUISITION I, LLC

	
 

	
 

	
 

	
 

	
By:

	
/s/ Edward P. Garden

	
 

	
 

	

	
 

	
 

	
Name: Edward P. Garden

	
 

	
 

	
Title: Member

	
 

21

EXHIBIT A

Form of Public Warrant

SPECIMEN WARRANT CERTIFICATE

	
 

	
 

	
NUMBER 

	
_______________ WARRANTS

	
_______________-

	
 

THIS WARRANT WILL BE VOID IF NOT EXERCISED
PRIOR TO 5:00 p.m.

NEW YORK CITY TIME, ON THE EXPIRATION DATE

TRIAN ACQUISITION I CORP.

CUSIP _______________ 

WARRANT

THIS CERTIFIES
THAT, for value received 

is the
registered holder of such number of Warrants set forth above (the “Warrants”),
each such Warrant expiring on the fifth anniversary of the date of the final
prospectus that forms a part of the Registration Statement (unless earlier
redeemed in accordance with the terms hereof) and entitling the holder thereof
to purchase one fully paid and non-assessable share of Common Stock, par value
$0.0001 per share (“Common Stock”), of Trian Acquisition I Corp., a
Delaware corporation (the “Company”). The Warrant entitles the holder
thereof to purchase from the Company, commencing on the later of (i) the consummation
by the Company of a Business Combination or (ii) the first anniversary of the
date of the final prospectus that forms a part of the Registration Statement,
such number of shares of Common Stock of the Company at the price of $7.00 per
share (as such price may be adjusted), upon surrender of this Warrant
Certificate and payment of the Warrant Price at the office or agency of the
Warrant Agent, American Stock Transfer & Trust Company (such payment to be
made to the Warrant Agent in lawful money of the United States, by cash, by
bank wire transfer in immediately available funds, or by certified check or
bank draft payable to the Company or on a cashless basis at the option of the
Company as described below), but only subject to the conditions set forth herein
and in the Warrant Agreement. The Warrant Agreement provides that upon the
occurrence of certain events the Warrant Price, the Floor Price and the number
of shares of Common Stock purchasable upon the exercise of each Warrant may,
subject to certain conditions, be adjusted. The term Warrant Price as used in
this Warrant Certificate refers to the price per share at which shares of
Common Stock may be purchased at the time the Warrant is exercised. 

                    Notwithstanding
the foregoing, and subject to Section 7.4 of the Warrant Agreement, no
Warrant may be exercised unless (i) a registration statement under the
Securities Act of 1933, as amended (the “Securities Act”), with respect
to the issuance of Common Stock upon exercise of the Warrant is effective or
(ii) in the opinion of counsel 

A–1

to the
Company, the issuance of the Common Stock upon the exercise of the Warrants is
exempt from the registration requirements of the Securities Act. 

                    No
fraction of a share will be issued upon any exercise of a Warrant. If, upon
exercise of a Warrant, a holder would be entitled to receive a fractional
interest in a share of Common Stock, the Company shall, upon exercise, round up
to the nearest whole number the number of shares of Common Stock to be issued
to the warrant holder. 

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

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

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

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

                    This
Warrant does not entitle the Registered Holder to any of the rights of a
stockholder of the Company. 

                    Subject
to Section 6.4 of the Warrant Agreement, the Company may redeem all, but
not less than all, of the Public Warrants, at the option of the Company, at any
time after such Warrants become exercisable and prior to their expiration, at
the office of the Warrant Agent, upon the notice referred to in Section 6.2
of the Warrant Agreement, at the price of $0.01 per Warrant (the “Redemption
Price”); provided, however, that the last sales price of the
Common Stock has been equal to or greater than the Floor Price on each of 20
trading days within any 30 trading day period ending three Business Days prior
to the date on which notice of redemption is given; and provided, further
that with respect to the Public Warrants and the Co-Investment Warrants
such Warrants (and the Common Stock issuable upon the exercise of such
Warrants) are 

A–2

covered by an
effective registration statement from the date of notice of redemption through
the date fixed for redemption. If the foregoing conditions are satisfied, and
the Warrants are called for redemption, each Registered Holder will be entitled
to exercise their Warrants prior to the date scheduled for redemption. In the
event the Company calls the Warrants for redemption pursuant to Section 6.1
of the Warrant Agreement, the Company shall have the option to require all (but
not part) of the holders of those Warrants who elect to exercise their Warrants
prior to the date scheduled for redemption to exercise the Warrants on a
cashless basis. If the Company requires holders of the Warrants to exercise the
Warrants on a cashless basis, the holder of such Warrants shall pay the Warrant
Price by surrendering such Warrants for that number of shares of Common Stock
equal to the quotient obtained by dividing (x) the product of the number of
shares of Common Stock underlying the Warrants, multiplied by the difference
between the Redemption Fair Market Value and the Warrant Price of the Warrants
by (y) the Redemption Fair Market Value. Any Warrant either not exercised or
tendered back to the Company by the end of the date specified in the notice of
redemption shall be canceled on the books of the Company and have no further
value except for the $0.01 redemption price. 

                    The
securities represented by this Warrant Certificate (including the securities
issuable upon the exercise of the Warrant) are subject to the terms and
conditions set forth in the Second Amended and Restated Warrant Agreement dated
as of January 23, 2008, by and between the Company and the Warrant Agent (the “Warrant
Agreement”). Copies of such agreement may be obtained by the holder hereof
at the Warrant Agent’s principal place of business without charge. Capitalized
terms used herein but not defined shall have the meaning set forth in the
Warrant Agreement. 

	
 

	
 

	
 

	
 

	
TRIAN ACQUISITION I CORP.

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
AMERICAN STOCK TRANSFER & TRUST COMPANY

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
Title:

A–3

ELECTION TO PURCHASE

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

                    The
undersigned registered holder irrevocably elects to exercise
_______________________ Warrants represented by this Warrant Certificate, and
to purchase the shares of Common Stock issuable upon the exercise of such
Warrants, and requests that Certificates for such shares shall be issued in the
name of 

	
 

	

	
 

	
(PLEASE TYPE
 OR PRINT NAME AND ADDRESS) 

	
 

	

(SOCIAL SECURITY OR TAX IDENTIFICATION
NUMBER)

	
 

	
and be
 delivered to 

	
 

	

	
(PLEASE PRINT OR TYPE NAME AND ADDRESS)

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

	
 

	
 

	
 

	
 

	
Dated:

	
 

	
 

	
 

	
 

	

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(SIGNATURE)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(ADDRESS)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(TAX
 IDENTIFICATION NUMBER)

ASSIGNMENT

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

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

	
 

	

	
 

	
(PLEASE TYPE
 OR PRINT NAME AND ADDRESS) 

	
 

	

	
 

	
(SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)

	
 

	
and be
 delivered to 

	
 

	

	
(PLEASE PRINT OR TYPE NAME AND ADDRESS)

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

	
 

	
 

	
 

	
 

	
Dated:

	
 

	
 

	
 

	
 

	

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(SIGNATURE)

The signature
to the assignment of the subscription form must correspond to the name written
upon the face of this warrant certificate in every particular, without
alteration or enlargement or any change whatsoever, and must be guaranteed by a
commercial bank or trust company or a member firm of the American Stock
Exchange, New York Stock Exchange, Pacific Stock Exchange or Chicago Stock
Exchange. 

EXHIBIT B

Form of Private Warrant

                    The
securities represented by this Warrant Certificate
(including the securities issuable upon exercise of the Warrant) have not been
registered under the Securities Act of 1933, as amended. The securities may not
be sold, offered for sale, pledged or hypothecated in the absence of an
effective registration statement as to the securities under the Securities Act
or an opinion of counsel satisfactory to the Company that such registration
statement is not required. 

                    The
securities represented by this Warrant Certificate
(including the securities issuable upon the exercise of the Warrant) are
subject to the terms and conditions, including certain restrictions on
transfer, set forth in the Second Amended and Restated Warrant Agreement dated
as of January 23, 2008, by and between the Company and the Warrant Agent (the “Warrant
Agreement”). Copies of such agreement may be obtained by the holder hereof
at the Warrant Agent’s principal place of business without charge. 

SPECIMEN WARRANT CERTIFICATE

	
 

	
 

	
NUMBER 

	
_______________ WARRANTS

	
_______________-

	
 

THIS WARRANT WILL BE VOID IF NOT EXERCISED
PRIOR TO 5:00 p.m.

NEW YORK CITY TIME, ON THE EXPIRATION DATE

TRIAN ACQUISITION I CORP.

CUSIP _______________ 

[INITIAL SPONSOR] [SPONSOR] [CO-INVESTMENT]
WARRANTS

THIS CERTIFIES
THAT, for value received 

is the
registered holder of such number of Warrants set forth above (the “Warrants”),
each such Warrant expiring on the fifth anniversary of the date of the final
prospectus that forms a part of the Registration Statement (unless earlier
redeemed in accordance with the terms hereof) and entitling the holder thereof
to purchase one fully paid and non-assessable share of Common Stock, par value
$0.0001 per share (“Common Stock”), of Trian Acquisition I Corp., a
Delaware corporation (the “Company”). The Warrant entitles the holder
thereof to purchase from the Company, commencing on the later of (i) the
consummation by the Company of a Business Combination or (ii) the first
anniversary of the date of the final prospectus that forms a part of the
Registration Statement, such number of shares of Common Stock of the Company at
the price of $7.00 per share (as such price may be adjusted), upon surrender of
this Warrant Certificate and payment of the Warrant Price at the office or
agency of the Warrant Agent, American Stock Transfer & Trust Company (such
payment to be made to the Warrant Agent in lawful money of the United States,
by cash, by bank wire transfer in

B–1

immediately
available funds, or by certified check or bank draft payable to the Company or,
with respect to the Initial Sponsor Warrants and the Sponsor Warrants, on a
cashless basis as described in Section 3.3(a) of the Warrant Agreement and
below), but only subject to the conditions set forth herein and in the Warrant
Agreement; provided, that the Initial Sponsor Warrants may not be exercised
unless and until the last sales price of the Common Stock exceeds the Floor
Price for any 20 trading days within a 30 day trading period beginning 90 days
after a Business Combination. The Warrant Agreement provides that upon the
occurrence of certain events the Warrant Price, the Floor Price and the number
of shares of Common Stock purchasable upon the exercise of each Warrant, may,
subject to certain conditions, be adjusted. The term Warrant Price as used in
this Warrant Certificate refers to the price per share at which shares of
Common Stock may be purchased at the time the Warrant is exercised.  

                    No
fraction of a share of Common Stock will be issued upon any exercise of a
Warrant. If, upon exercise of a Warrant, a holder would be entitled to receive
a fractional interest in a share of Common Stock, the Company shall, upon
exercise, round up to the nearest whole number the number of shares to be
issued to the Warrant holder. 

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

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

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

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

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

                    Subject
to Section 6.4 of the Warrant Agreement, the Company may redeem all, but
not less than all, of the Co-Investment Warrants and any other Private

B–2

Warrants that
are not held by the Sponsor or any Permitted Transferees, at the option of the
Company, at any time after the Warrants become exercisable and prior to their
expiration, at the office of the Warrant Agent, upon the notice referred to in
Section 6.2 of the Warrant Agreement, at the price of $0.01 per Warrant (the
“Redemption Price”); provided, however, that the last sales price of the Common
Stock has been equal to or greater than the Floor Price, on each of 20 trading
days within any 30 trading day period ending three Business Days prior to the
date on which notice of redemption is given; and provided further that with
respect to the Co-Investment Warrants such Warrants (and the Common Stock
issuable upon exercise of such Warrants) are covered by an effective
registration statement from the date of notice of redemption through the date
fixed for redemption. If the foregoing conditions are satisfied, and the
Warrants are called for redemption, each Registered Holder will be entitled to
exercise their Warrants prior to the date scheduled for redemption. In the
event the Company calls the Warrants for redemption pursuant to Section 6.1 of
the Warrant Agreement, the Company shall have the option to require all (but
not part) of the holders of those Warrants who elect to exercise their Warrants
prior to the date scheduled for redemption to exercise the Warrants on a
cashless basis. If the Company requires holders of the Warrants to exercise the
Warrants on a cashless basis, the holder of such Warrants shall pay the Warrant
Price by surrendering such Warrants for that number of shares of Common Stock
equal to the quotient obtained by dividing (x) the product of the number of
shares of Common Stock underlying the Warrants, multiplied by the difference
between the Redemption Fair Market Value and the Warrant Price of the Warrants
by (y) the Redemption Fair Market Value. Any Warrant either not exercised or tendered
back to the Company by the end of the date specified in the notice of
redemption shall be canceled on the books of the Company and have no further
value except for the $0.01 redemption price.  

                    Capitalized
terms used herein but not defined shall have the meaning set forth in the
Warrant Agreement. 

	
 

	
 

	
 

	
 

	
TRIAN ACQUISITION I CORP.

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
AMERICAN STOCK TRANSFER & TRUST COMPANY

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
Title:

B–3

ELECTION TO PURCHASE

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

                    The
undersigned Registered Holder irrevocably elects to exercise _________________
Warrants represented by this Warrant Certificate, and to purchase the shares of
Common Stock issuable upon the exercise of such Warrants, and requests that
Certificates for such shares shall be issued in the name of 

	
 

	

	
 

	
(PLEASE TYPE
 OR PRINT NAME AND ADDRESS) 

	
 

	

	
 

	
(SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)

	
 

	
and be
 delivered to 

	
 

	

	
(PLEASE PRINT OR TYPE NAME AND ADDRESS)

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

	
 

	
 

	
 

	
 

	
Dated:

	
 

	
 

	
 

	
 

	

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(SIGNATURE)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(ADDRESS)

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(TAX
 IDENTIFICATION NUMBER)

ASSIGNMENT

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

For Value
Received, __________________________________ hereby sell, assign, and transfer
unto 

	
 

	

	
 

	
(PLEASE TYPE
 OR PRINT NAME AND ADDRESS) 

	
 

	

	
 

	
(SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)

	
 

	
and be
 delivered to 

	
 

	

	
(PLEASE PRINT OR TYPE NAME AND ADDRESS)

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

	
 

	
 

	
 

	
 

	
Dated:

	
 

	
 

	
 

	
 

	

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(SIGNATURE)

The signature to the assignment
of the subscription form must correspond to the name written upon the face of
this warrant certificate in every particular, without alteration or enlargement
or any change whatsoever, and must be guaranteed by a commercial bank or trust
company or a member firm of the American Stock Exchange, New York Stock
Exchange, Pacific Stock Exchange or Chicago Stock Exchange.

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