Document:

Exhibit 10.7

Form of Promissory Note

 

 

PROMISSORY NOTE

 

	
                        $_______
 	
                        As of January 28, 2008
 

 

United Services Management Corporation, a Delaware corporation (“Maker”) promises to pay to the order of [_______________________] (“Payee”) the principal sum of [________________] Dollars ($[________]) in lawful money of the United States of America, on the terms and conditions described below.

1. Principal. The principal balance of this Promissory Note (this “Note”) shall be repayable on the earlier of (i) January 27, 2009 or (ii) the date upon which Maker consummates an initial public offering of its securities.

2. Interest. No interest shall accrue on the unpaid principal balance of this Note.

3. Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable attorneys’ fees, second to the payment in full of any late charges and finally to the reduction of the unpaid principal balance of this Note. 

4. Representations and Warranties. Maker represents and warrants as of the date hereof as follows:

(a) The execution and delivery by Maker of this Note, the borrowing by Maker of the principal of this Note and the performance of its obligations under this Note do not and will not:  (i) contravene any additional documents of which Maker is a signatory; (ii) violate any provision of, or require any filing, registration, consent or approval under, any law, rule, regulation, order, writ, judgment, injunction, decree, determination or award presently in effect having applicability to Maker; (iii) result in a breach of or constitute a default or require any consent under any indenture or loan or credit agreement or any other agreement, lease or instrument to which Maker is a party or by which its properties may be bound or affected; (iv) result in, or require, the creation or imposition of any lien upon or with respect to any of the properties now owned or
hereafter acquired by Maker; or (v) cause Maker to be in default under any such law, rule, regulation, order, writ, judgment, injunction, decree, determination or award or any such indenture, agreement, lease or instrument.

(b) This Note is a legal, valid and binding obligation of Maker, enforceable against Maker in accordance with its terms and provisions, except to the extent that such enforcement may be limited by applicable bankruptcy, insolvency and other similar laws affecting creditors’ rights generally.

5. Events of Default. The following shall constitute “Events of Default”:

(a) Failure to Make Required Payments. Failure by Maker to pay the principal of this Note within five (5) business days following the date when due. 

(b) Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case under the Federal Bankruptcy Code, as now constituted or hereafter amended, or any other applicable federal or state bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

(c) Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of maker in an involuntary case under the Federal Bankruptcy Code, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of sixty (60) consecutive days.

6. Remedies.

(a) Upon the occurrence of an Event of Default specified in Section 5(a), Payee may, by written notice to Maker, declare this Note to be due and payable, whereupon the principal amount of this Note, and all other amounts payable thereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding. 

(b) Upon the occurrence of an Event of Default specified in Sections 5(b) and 5(c), the unpaid principal balance of, and all other sums payable with regard to, this Note shall automatically and immediately become due and payable, in all cases without any action on the part of Payee.

7. Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on 

any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee. 

8. Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment or other provisions of this Note, and agree that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to them or affecting their liability hereunder. 

9. Notices. Any notice called for hereunder shall be deemed properly given if (i) sent by certified mail, return receipt requested, (ii) personally delivered, (iii) dispatched by any form of private or governmental express mail or delivery service providing receipted delivery, (iv) sent by facsimile, or (v) sent by e-mail, to the following addresses or to such other address as either party may designate by notice in accordance with this Section: 

If to Maker:

United Services Management Corporation

888 Seventh Avenue, 17th Floor

New York, New York 10019

Attention: Chief Executive Officer

If to Payee:

[__________________]

[__________________]

[__________________]

[__________________]

Notice shall be deemed given on the earlier of (i) actual receipt by the receiving party, (ii) the date shown on a facsimile transmission confirmation, (iii) the date on which an e-mail transmission was received by the receiving party’s on-line access provider (iv) the date reflected on a signed delivery receipt, or (vi) two (2) business days following tender of delivery or dispatch by express mail or delivery service. 

10. Construction. This Note shall be construed and enforced in accordance with the laws of the State of New York, without regard to any conflict of law principles. 

11. Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

 

 

IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed on the day and year first above written.

 

	
                         
 	
                         
 	
                        UNITED SERVICES MANAGEMENT CORPORATION
 
	
                          
 	
                         
 	
                        

                        By: 
 	
                          
 
	
                         
 	
                         
 	
                         
 	
                        Alan S. Bernikow
 Chief Financial OfficerExhibit 10.10

Warrant Purchase Agreement

 

 

WARRANT PURCHASE AGREEMENT 

WARRANT PURCHASE AGREEMENT (this “Agreement”) made as of this 11th  day of February, 2008 by and among United Services Management Corporation, a Delaware corporation (the “Company”), and each of the purchasers named on Schedule A hereto (each, a “Purchaser” and collectively, the “Purchasers”).

WHEREAS, the Company has filed or will file with the Securities and Exchange Commission (the “SEC”) a registration statement on Form S-1 (the “Registration Statement”), in connection with the Company’s initial public offering (the “IPO”) of up to 16,000,000 units (the “Units”), each unit consisting of one share of the Company’s common stock, $.0001 par value (the “Common Stock”), and (ii) one warrant, each warrant to purchase
one share of Common Stock; and

WHEREAS, concurrently with the IPO the Company desires to sell in a private placement to the Purchasers (the “Placement”) an aggregate of 4,100,000 warrants (the “Placement Warrants”) substantially similar to the warrants being issued in the IPO pursuant to the terms and conditions hereof and as set forth in the Registration Statement, except that the Placement Warrants, and the shares of Common Stock underlying the Placement Warrants (the “Underlying Shares” and, together with the Placement Warrants, the “Securities”), to be
issued in the Placement shall not be registered under the Securities Act of 1933, as amended (the “Securities Act”); and

WHEREAS, the Purchasers are entitled to registration rights with respect to the Placement Warrants and the Underlying Shares on the terms set forth in this Agreement; and

WHEREAS, except as provided herein, the Placement Warrants shall be governed by the Warrant Agreement filed as an exhibit to the Registration Statement (the “Warrant Agreement”) and will be entitled to the benefits of a Registration Rights Agreement filed as an exhibit to the Registration Statement.

NOW, THEREFORE, for and in consideration of the premises and the mutual covenants hereinafter set forth, the parties hereto do hereby agree as follows:

1. Purchase of Placement Warrants. The Purchasers hereby agree, directly or through their respective nominees, severally and not jointly, to purchase an aggregate of 4,100,000 Placement Warrants at a purchase price of $1.00 per Placement Warrant, for an aggregate of $4,100,000 (the “Purchase Price”). Each Purchaser shall purchase the number of Placement Warrants and pay the portion of the Purchase Price set forth opposite such Purchaser’s name on Exhibit A hereto.

2. Closing. The closing of the purchase and sale of the Placement Warrants (the “Closing”) will take place at the offices of the Company, on or prior to the closing date of the IPO (the “Closing Date”), provided the underwriting agreement is signed and executed with the representative of the underwriters. On or prior to the Closing Date, each Purchaser shall pay its portion of the Purchase Price set forth opposite such Purchaser’s name on Exhibit A in immediately available funds by wire transfer or such 

 

 

other form of payment as shall be acceptable to the trustee, to the trust account maintained by Continental Stock Transfer & Trust Company, acting as trustee (the “Trust Account”). The certificates for the Placement Warrants shall be delivered to the Purchasers promptly after the payment of the Purchase Price.

3. Lock-Up Agreement. Prior to the date following the consummation of an initial business combination (as defined in the Registration Statement), each Purchaser shall not (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or file (or participate in the filing of) a registration statement with the SEC in respect of, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder (the “Exchange Act”) with respect to, any
Placement Warrants and the Underlying Shares, or any securities convertible into or exercisable or exchangeable for shares, or warrants or other rights to purchase shares or any such securities, or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of Placement Warrants or Underlying Shares or any securities convertible into or exercisable or exchangeable for shares, or warrants or other rights to purchase shares or any such securities, whether any such transaction is to be settled by delivery of shares or such other securities, in cash or otherwise (collectively “Transfer”), provided, however, that each Purchaser shall be allowed, on condition that prior
to such Transfer, each permitted transferee or the trustee or legal guardian for each permitted transferee agrees in writing to be bound by the terms of this Agreement: (a) transfers to the Company’s officers and directors; (b) transfers to any of the Company’s initial stockholders that held shares of Common Stock prior to the consummation of the IPO; and (c) transfers to any affiliates of the Company’s officers, directors and initial stockholders.

4. Placement Warrants Non-Redeemable. The Placement Warrants shall be non-redeemable and may be exercised on a cashless basis so long as the Purchasers or their affiliates hold such Placement Warrants following their issuance by the Company to the Purchasers.

5. Representations and Warranties of the Purchasers. Each Purchaser hereby represents and warrants to the Company with respect solely to itself and not with respect to any other Purchaser that:

5.1 Each Purchaser has all necessary power and authority to enter into this Agreement and to consummate the transactions contemplated hereby. All actions necessary to be taken by each Purchaser to authorize the execution, delivery and performance of this Agreement and all other agreements and instruments delivered by each Purchaser in connection with the transactions contemplated hereby have been duly and validly taken, and this Agreement has been duly executed and delivered by each Purchaser. This Agreement constitutes the valid, binding and enforceable obligation of each Purchaser, enforceable in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or similar laws of general application now or hereafter in effect affecting the 

 

 

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rights and remedies of creditors and by general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). The execution and delivery by each Purchaser of this Agreement and the fulfillment of and compliance with the respective terms hereof by each Purchaser do not and shall not as of the Closing conflict with or result in a breach of the terms, conditions or provisions of any other agreement, instrument, order, judgment or decree to which such Purchaser is subject.

5.2 Each Purchaser is an “accredited investor” as that term is defined in Rule 501 of Regulation D promulgated under the Securities Act and acknowledges the sale contemplated hereby is being made in reliance on a private placement exemption to “Accredited Investors” within the meaning of Section 501(a) of Regulation D under the Securities Act or similar exemptions under state law; and, accordingly, such Securities will be “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, and therefore may not be offered, pledged or sold by it, directly or indirectly, in the United States without registration under United States federal and state securities laws and Purchaser understands the certificates representing such Securities will contain a legend in respect of such restrictions.

5.3 The Securities are being acquired for such Purchaser’s own account and not with a view to, or for resale in connection with, any distribution or public offering thereof within the meaning of the Securities Act. Each Purchaser shall not engage in hedging transactions with regard to the Securities unless in compliance with the Securities Act.

5.4 Each Purchaser understands that no United States federal or state agency or any other government or governmental agency has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the Securities nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

5.5 Each Purchaser is familiar with the Company’s business plans and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Securities. Each Purchaser has been afforded the opportunity to ask questions of the executive officers and directors of the Company. Each Purchaser understands that its investment in the Securities involves a high degree of risk. Each Purchaser has sought such accounting, legal and tax advice as each Purchaser has considered necessary to make an informed investment decision with respect to each Purchaser’s acquisition of the Securities. Each Purchaser has such knowledge and expertise in financial and business matters, knows of the high degree of risk associated with investments generally and particularly investments in the securities of companies in the
development stage such as the Company, is capable of evaluating the merits and risks of an investment in the Securities, and is able to bear the economic risk of an investment in the Securities in the amount contemplated hereunder.

5.6 Each Purchaser understands that the Securities have not been registered under the Securities Act or any state securities law by reason of a specific exemption therefrom, and that the Company is relying on the truth and accuracy of, and each Purchaser’s compliance with, the representations and warranties and agreements of each 

 

 

3

 

Purchaser set forth herein to determine the availability of such exemptions and the eligibility of each Purchaser to acquire such Securities, including, but not limited to, the bona fide nature of each Purchaser’s investment intent as expressed herein.

5.7 Each Purchaser did not decide to enter into this Agreement as a result of any general solicitation or general advertising within the meaning of Rule 502(c) of the Securities Act.

6. Company Representations and Warranties. In connection with the issuance and sale of the Placement Warrants, the Company represents to the Purchasers the following:

6.1 The Company is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Delaware and the Company has all necessary corporate power and authority to execute and deliver this Agreement and the Warrant Agreement and to consummate the transactions contemplated hereby and thereby. All corporate action necessary to be taken by the Company to authorize the execution, delivery and performance of this Agreement and the Warrant Agreement and all other agreements and instruments delivered by the Company in connection with the transactions contemplated hereby and thereby have been or will be duly and validly taken as of the Closing Date and this Agreement and the Warrant Agreement have been or will be duly authorized, executed and delivered by the Company as of the Closing Date. This Agreement constitutes the valid, binding and
enforceable obligation of the Company, enforceable in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or similar laws of general application now or hereafter in effect affecting the rights and remedies of creditors and by general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). The Warrant Agreement, and upon issuance in accordance with, and payment pursuant to, the terms of the Warrant Agreement and this Agreement, the Placement Warrants, constitute valid and binding obligations of the Company, enforceable in accordance with their respective terms as of the Closing Date, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or similar laws of general application now or hereafter in effect affecting the rights and remedies of creditors and by general
principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). The sale by the Company of the Placement Warrants does not conflict with the certificate of incorporation or by-laws of the Company or any material contract by which the Company or its property is bound, or any federal or state laws or regulations or decree, ruling or judgment of any United States or state court applicable to the Company or its property.

6.2 The Placement Warrants have been duly authorized and, when issued, delivered and paid for in accordance with this Agreement and the Warrant Agreement, the Placement Warrants will be validly issued, fully paid and non-assessable and will be free and clear of all liens and claims.

6.3 Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, the Underlying Shares will be duly and validly issued, fully paid and non-assessable. Upon issuance in accordance with, and payment 

 

 

4

 

pursuant to, the terms hereof and the Warrant Agreement, each Purchaser will have good title to the Placement Warrants and the Underlying Shares, free and clear of all liens, claims and encumbrances of any kind.

6.4 No permit, consent, approval or authorization of, or declaration to or filing with, any governmental authority is required in connection with the execution, delivery and performance by the Company of this Agreement, or the consummation by the Company of any other transactions contemplated hereby.

7. Registration Rights. The Purchasers (and their assignees and transferees) shall have registration rights pursuant to the Registration Rights Agreement to be entered into on the date which the SEC declares the Registration Statement effective, by and among the Company and the investors listed on the signature page thereto.

8. Waiver and Indemnification. Each Purchaser hereby waives any and all rights to assert any present or future claims, including any right of rescission, against the Company, Citigroup Global Markets Inc. (“Citi”) or the other underwriters in the IPO with respect to their purchase of the Placement Warrants, and each Purchaser agrees to indemnify and hold the Company, Citi and the other underwriters in the IPO harmless from all losses, damages or expenses that relate to claims or proceedings brought against the Company or such underwriters by such Purchaser of the Placement Warrants or his transferees, heirs, assigns or any subsequent holders of the Placement Warrants in respect of the transactions contemplated hereby; provided,
however, the Purchasers are not obligated to indemnify or hold the Company harmless from and against any losses, damages or expenses which may be sustained or suffered by any of the Purchasers arising out of or based upon a breach by the Company of any of the representations, warranties and covenants contained in this Agreement.

9. Counterparts; Facsimile. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same instrument. This Agreement or any counterpart may be executed via facsimile transmission, and any such executed facsimile copy shall be treated as an original.

10. Governing Law. This Agreement shall for all purposes be deemed to be made under and shall be construed in accordance with the laws of the State of New York. Each of the parties hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. Each of the parties hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum.

11. Successors and Assigns. Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto whether so expressed or not. Notwithstanding the foregoing or anything to the contrary herein, the parties may not assign this Agreement.

 

 

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12. Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

13. Notices. All notices, demands or other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given when delivered personally to the recipient, sent to the recipient by reputable overnight courier service (charges prepaid) or mailed to the recipient by certified or registered mail, return receipt requested and postage prepaid. Such notices, demands and other communications shall be sent:

 

	
                        If to the Company:
 	
                         
 	
                        United Services Management Corporation
 888 Seventh Avenue, 17th Floor
 New York, New York 10019
 Attention: Chief Executive Officer
 
	
                        If to a Purchaser:
 	
                         
 	
                        Joseph R. Wright
 c/o United Services Management Corporation
 888 Seventh Avenue, 17th Floor
 New York, New York 10019

            Alan S. Bernikow
 c/o United Services Management Corporation
 888 Seventh Avenue, 17th Floor
 New York, New York 10019

            Ramius United Services SPAC, LLC
 666 Third Avenue, 26th Floor
 New York, New York 10017
 Attention: Owen Littman

            Barington Capital Group, L.P.
 888 Seventh Avenue, 17th Floor
 New York, New York 10019
 Attention: James A. Mitarotonda

            Barington Investments, L.P.
 888 Seventh Avenue, 17th Floor
 New York, New York 10019
 Attention: James A. Mitarotonda

            Barington Companies Equity Partners, L.P.
 888 Seventh Avenue, 17th Floor
 New York, New York 10019
 Attention: James A. Mitarotonda

            Barington Companies Offshore Fund, Ltd.
 888 Seventh Avenue, 17th Floor
 New York, New York 10019
 Attention: James A. Mitarotonda
 

 

 

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or to such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party.

14. No Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement.

15. Legends.

15.1 The certificates evidencing the Placement Warrants and the Underlying Shares will include the legend set forth on Exhibit B to the Warrant Agreement.

15.2 By accepting the certificates bearing the aforesaid legend, each of the Purchasers agrees, prior to any permitted transfer of the Securities, to give written notice to the Company expressing its desire to effect such transfer and describing briefly the proposed transfer. Upon receiving such notice, the Company shall present copies thereof to its counsel and the each of the Purchasers agrees not to make any disposition of all or any portion of the Securities unless and until:

(a) there is then in effect a registration statement under the Securities Act covering such proposed disposition and such disposition is made in accordance with such registration statement, in which case the legends set forth above with respect to the Securities sold pursuant to such registration statement shall be removed; or

(b) if reasonably requested by the Company, (i) the Purchaser shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, that such disposition will not require registration of such Securities under the Securities Act or applicable state securities laws, (ii) the Company shall have received customary representations and warranties regarding the transferee that are reasonably satisfactory to the Company signed by the proposed transferee and (iii) the Company shall have received an agreement by such transferee to the restrictions contained in the legends referred to in Section 15.1 hereof. Notwithstanding the foregoing, each of the Purchasers also understands and acknowledges that the transfer and exercise, as the case may be, of the Placement Warrants is subject to the specific conditions to such transfer or exercise as outlined herein
and the Warrant Agreement, as to which each of the Purchasers specifically assents by its execution hereof.

15.3 The Company may, from time to time, make stop transfer notations in its records and deliver stop transfer instructions to its transfer agent to the extent its counsel considers it necessary to ensure compliance with applicable federal and state securities laws and the transfer restrictions contained elsewhere in this Agreement and the Warrant Agreement.

 

 

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IN WITNESS WHEREOF, the undersigned have executed this Warrant Purchase Agreement as of the 11th day of February, 2008.

 

	
                         
 	
                         
 	
                        UNITED SERVICES MANAGEMENT CORPORATION
 
	
                         
 	
                         
 	
                         
 
	
                          
 	
                         
 	
                        By: 
 	
                        /s/ Alan S. Bernikow
 
	
                         
 	
                         
 	
                         
 	
                        Name: Alan S. Bernikow
 
	
                         
 	
                         
 	
                         
 	
                        Title:   Chief Financial Officer
 

 

	
                         
 	
                         
 	
                         
 	
                        PURCHASERS:
 
	 	 	 	 
	
                          
 	
                         
 	
                         
 	
                        /s/ Joseph R. Wright
 
	
                         
 	
                         
 	
                         
 	
                        Joseph R. Wright
 
	
                         
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 	
                        /s/ Alan S. Bernikow
 
	
                         
 	
                         
 	
                         
 	
                        Alan S. Bernikow
 

 

	
                         
 	
                         
 	
                        RAMIUS UNITED SERVICES SPAC, LLC
 
	
                         
 	
                         
 	
                         
 
	
                          
 	
                         
 	
                        By: 
 	
                         /s/ Peter A. Cohen 
 
	
                         
 	
                         
 	
                         
 	
                        Name: Peter A. Cohen
 
	
                         
 	
                         
 	
                         
 	
                        Title: Authorized Signatory
 

 

	
                         
 	
                         
 	
                        THE BARINGTON COMPANIES EQUITY PARTNERS, L.P.
 
	
                         
 	
                         
 	
                         
 
	
                          
 	
                         
 	
                        By: 
 	
                        /s/ James A. Mitarotonda  
 
	
                         
 	
                         
 	
                         
 	
                        Name: James A. Mitarotonda 
 
	
                         
 	
                         
 	
                         
 	
                        Title: Authorized Signatory
 

 

	
                         
 	
                         
 	
                        BARINGTON COMPANIES OFFSHORE FUND, LTD.
 
	
                         
 	
                         
 	
                         
 
	
                          
 	
                         
 	
                        By: 
 	
                        /s/ James A. Mitarotonda  
 
	
                         
 	
                         
 	
                         
 	
                        Name: James A. Mitarotonda
 
	
                         
 	
                         
 	
                         
 	
                        Title: Authorized Signatory
 

[Signature Page to Warrant Purchase Agreement]

 

 

 

	
                         
 	
                         
 	
                        BARINGTON CAPITAL GROUP, L.P.
 
	
                         
 	
                         
 	
                         
 
	
                          
 	
                         
 	
                        By: 
 	
                        /s/ James A. Mitarotonda  
 
	
                         
 	
                         
 	
                         
 	
                        Name: James A. Mitarotonda
 
	
                         
 	
                         
 	
                         
 	
                        Title: Authorized Signatory
 

 

	
                         
 	
                         
 	
                        BARINGTON INVESTMENTS, L.P.
 
	
                         
 	
                         
 	
                         
 
	
                          
 	
                         
 	
                        By: 
 	
                        /s/ James A. Mitarotonda  
 
	
                         
 	
                         
 	
                         
 	
                        Name: James A. Mitarotonda
 
	
                         
 	
                         
 	
                         
 	
                        Title: Authorized Signatory
 

[Signature Page to Warrant Purchase Agreement]

 

 

 

 

 

 

Exhibit A

 

	
                        Name of Purchaser
 	
                         
 	
                        Number of Warrants
 	
                         
 	
                         

            Purchase Price
 	
                         
 
	
                        Joseph R. Wright
 	
                         
 	
                        800,000
 	
                         
 	
                        $
 	
                        800,000
 	
                         
 
	
                        Alan S. Bernikow
 	
                         
 	
                        700,000
 	
                         
 	
                        $
 	
                        700,000
 	
                         
 
	
                        Ramius United Services SPAC, LLC
 	
                         
 	
                        1,400,000
 	
                         
 	
                        $
 	
                        1,400,000
 	
                         
 
	
                        The Barington Companies Equity
 	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 
	
                        Partners, L.P.
 	
                         
 	
                        288,000
 	
                         
 	
                        $
 	
                        288,000
 	
                         
 
	
                        Barington Companies Offshore 
 	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 
	
                        Fund, Ltd.
 	
                         
 	
                        552,000
 	
                         
 	
                        $
 	
                        552,000
 	
                         
 
	
                        Barington Capital Group, L.P.
 	
                         
 	
                        120,000
 	
                         
 	
                        $
 	
                        120,000
 	
                         
 
	
                        Barington Investments, L.P.
 	
                         
 	
                        240,000
 	
                         
 	
                        $
 	
                        240,000

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