Document:

EX-10.4

 

EXHIBIT 10.4

FIG Acquisition Corp.

Warrant Purchase Agreement

     THIS WARRANT PURCHASE AGREEMENT (the “Agreement”) is made as of [•], 2008 by and
between FIG Acquisition Corp., a Delaware corporation (the “Company”), and KBW, Inc. (the
“Purchaser”).

     WHEREAS, the Company desires to commit to issue and sell, and the Purchaser desires to commit
to purchase and acquire, Private Placement Warrants (as defined herein) on the terms and conditions
hereinafter set forth.

     NOW, THEREFORE, IT IS AGREED among the parties as follows for and in consideration of the
promises and mutual covenants set forth herein:

     1. Purchase of Private Placement Warrants. Subject to and immediately prior to the
completion of the Company’s initial public offering (the “IPO”), the Purchaser hereby
agrees to subscribe for and purchase from the Company, and the Company hereby agrees to issue and
sell to the Purchaser, 5,500,000 warrants, reduced by the number of warrants purchased by certain
employees of KBW, Inc. or its subsidiaries or affiliates (each an “Private Placement
Warrant”), at a purchase price of $1.00 per Private Placement Warrant for an aggregate purchase
price of up to $5,500,000 (the “Purchase Price”). Each Private Placement Warrant shall
entitle the holder thereof to purchase one share of the common stock of the Company, par value
$0.0001 per share (the “Common Stock”) at an exercise price of $7.50, in accordance with
the terms set forth in the certificate evidencing the Private Placement Warrants, substantially in
the form attached hereto as Exhibit A, and shall be subject to the terms of a warrant
agreement, to be entered into by and between the Company and American Stock Transfer & Trust
Company, as warrant agent (the “Warrant Agreement”), upon execution thereof.

     2. Closing. The closing of the purchase and sale of the Private Placement Warrants
hereunder, including payment for and delivery of the Private Placement Warrants, shall occur at the
offices of the Company or the Company’s legal counsel immediately prior to, and shall be subject
to, the completion of the IPO.

     3. Payment of Purchase Price. The Purchase Price shall be tendered in full at the
Closing in immediately available funds.

     4. Limitations on Transfer. The Purchaser shall not assign, hypothecate, donate,
encumber or otherwise dispose of any interest in the Private Placement Warrants (and the shares of
Common Stock issued upon exercise thereof) during the respective “Escrow Period” (as such
term is defined in a stock escrow agreement, substantially in the form attached hereto as
Exhibit B, the “Escrow Agreement”), except (i) as otherwise permitted in the Escrow
Agreement, (ii) in compliance with applicable securities laws and (iii) in compliance with the
Warrant Agreement.

     5. Restrictive Legends. All certificates representing the Private Placement Warrants
shall have endorsed thereon legends in substantially the following forms (in addition to any other
legend which may be required by other agreements between the parties hereto):

     (a) “THE SECURITIES EVIDENCED BY THIS WARRANT CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS

 

 

AMENDED. NO TRANSFER, SALE OR OTHER DISPOSITION OF THESE SECURITIES MAY BE MADE UNLESS
A REGISTRATION STATEMENT WITH RESPECT TO THESE SECURITIES HAS BECOME EFFECTIVE UNDER SAID
ACT, OR THE COMPANY HAS BEEN FURNISHED WITH AN OPINION OF COUNSEL SATISFACTORY TO THE
COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

THE SECURITIES EVIDENCED BY THIS CERTIFICATE (INCLUDING THE SECURITIES ISSUABLE UPON
EXERCISE OF THE WARRANT) ARE SUBJECT TO FORFEITURE AND ADDITIONAL RESTRICTIONS ON TRANSFER
AND OTHER AGREEMENTS SET FORTH IN (I) THE WARRANT AGREEMENT DATED AS OF [•] BY AND BETWEEN
THE COMPANY AND THE WARRANT AGENT AND (II) THE STOCK ESCROW AGREEMENT DATED AS OF [•] BY AND
BETWEEN THE HOLDER, THE COMPANY AND THE ESCROW AGENT. COPIES OF SUCH AGREEMENTS MAY BE
OBTAINED BY THE HOLDER HEREOF AT THE COMPANY’S PRINCIPAL PLACE OF BUSINESS WITHOUT CHARGE.”

     (b) Any legend required by appropriate blue sky officials.

     6. Lock-Up Agreement. At or prior to the closing of the IPO, the Purchaser shall
enter into a lock-up agreement with the Company and the representative of the underwriters of the
IPO, Banc of America Securities LLC, pursuant to which, subject to certain limited exceptions, the
Purchaser shall not, without the prior written consent of Banc of America Securities LLC, directly
or indirectly, sell, offer, contract or grant any option to sell, pledge, transfer, hedge or
establish an open “put equivalent position” or liquidate or decrease a “call equivalent position”
within the meaning of Rule 16a-1(h) of the Exchange Act, or otherwise dispose of or transfer, or
make any demand for, or exercise any right for the registration of any of the Private Placement
Warrants or the shares of Common Stock underlying such Private Placement Warrants, until after the
consummation of the Company’s initial business combination. These exceptions include transfers to
permitted transferees, who agree in writing to be bound by such transfer restrictions. However, if
(a) during the last 17 days of the applicable lock-up period described above, the Company issues an
earnings release or material news or a material event relating to the Company occurs or (b) before
the expiration of the applicable lock-up period described above, the Company announces that it will
release earnings results or becomes aware that material news or a material event will occur during
the 16-day period beginning on the last day of such applicable lock-up period, such applicable
lock-up period will be extended for 18 days beginning on the date of the issuance of the earnings
release or the occurrence or the material news or of the material event.

     7. Representations and Warranties of the Purchaser. In connection with the purchase
of the Private Placement Warrants, the Purchaser represents to the Company the following:

     (a) The Purchaser is an “accredited investor” as that term is defined in Rule 501 of
Regulation D promulgated by the Securities and Exchange Commission (the “SEC”) under
the Securities Act of 1933, as amended (the “Securities Act”), and is able to bear
the risk of an entire loss of its investment in the Private Placement Warrants;

     (b) The Purchaser is aware of the Company’s business affairs and financial condition
and has acquired sufficient information about the Company to reach an informed and
knowledgeable decision to acquire the Private Placement Warrants. The Purchaser is
purchasing the Private Placement Warrants for investment for the Purchaser’s own account
only and not with a view to, or for resale in connection with, any “distribution” thereof
within the meaning of the Securities Act. The Purchaser has been afforded the opportunity
to ask questions of the executive

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officers and directors of the Company. The Purchaser understands that its investment
in the Private Placement Warrants involves a high degree of risk. The Purchaser has sought
such accounting, legal and tax advice as the Purchaser has considered necessary to make an
informed investment decision with respect to the Purchaser’s acquisition of the Private
Placement Warrants. The 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 Private
Placement Warrants, and is able to bear the economic risk of an investment in the Private
Placement Warrants in the amount contemplated hereunder. The Purchaser understands that the
Company is a blank check development stage company recently formed for the purpose of
consummating an initial business combination (as such term is defined in the Certificate of
Incorporation of the Company, as the same may be amended from time to time) and understands
that there is no assurance as to the future performance of the Company and that the Company
may never effectuate a business combination.

     (c) The Purchaser understands that the Private Placement Warrants (and the shares of
Common Stock issuable upon exercise thereof) 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 the Purchaser’s compliance with, the
representations and warranties and agreements of Purchaser set forth herein to determine the
availability of such exemptions and the eligibility of Purchaser to acquire such Private
Placement Warrants, including, but not limited to, the bona fide nature of the Purchaser’s
investment intent as expressed herein.

     (d) The Purchaser further acknowledges and understands that the Private Placement
Warrants (and the shares of Common Stock issuable upon exercise thereof) must be held
indefinitely, subject to any expiration, unless the Private Placement Warrants (and the
            shares of Common Stock issuable upon exercise thereof) are subsequently registered under the
Securities Act or an exemption from such registration is available. The Purchaser
understands that the certificate evidencing the Private Placement Warrants (and the shares
of Common Stock issuable upon exercise thereof) will be imprinted with a legend which
prohibits the transfer of the Private Placement Warrants (and the shares of Common Stock
issuable upon exercise thereof) unless such Private Placement Warrants (and the shares of
Common Stock issuable upon exercise thereof) are registered or such registration is not
required in the opinion of counsel for the Company.

     (e) The Purchaser is familiar with the provisions of Rule 144 under the Securities Act
(as in effect from time to time, “Rule 144”), which, in substance, permits limited
public resale of “restricted securities” acquired, directly or indirectly, from the issuer
thereof (or from an affiliate of such issuer), in a non-public offering subject to the
satisfaction of certain conditions. Unless the Company registers the Private Placement
Warrants (and the shares of Common Stock issuable upon exercise thereof) under the
Securities Act, the Private Placement Warrants (and the shares of Common Stock issuable upon
exercise thereof) may be resold by the Purchaser only in certain limited circumstances
subject to the provisions of Rule 144, which requires, among other things: (i) the
availability of certain public information about the Company and (ii) the resale occurring
following the required holding period under Rule 144 after the Purchaser has purchased, and
made full payment of (within the meaning of Rule 144), the securities to be sold.

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     (f) The Purchaser further understands that, at the time the Purchaser wishes to sell
the Private Placement Warrants, there may be no public market upon which to make such a
sale, and that, even if such a public market then exists, the Company may not be satisfying
the current public information requirements of Rule 144, and that, in such event, the
Purchaser would be precluded from selling the Private Placement Warrants (and the shares of
Common Stock issuable upon exercise thereof) under Rule 144 even if the minimum holding
period requirement had been satisfied. Notwithstanding Section 7(e) and this Section 7(f)
hereof, the Purchaser understands that, under current interpretations, the Purchaser may be
considered a promoter of the Company and understands that it is the position of the SEC that
promoters or affiliates of a blank check company and their transferees, both before and
after a business combination, would act as an “underwriter” under the Securities Act when
reselling the securities of a blank check company. Accordingly, the SEC believes that those
securities can be resold only through a registered offering and that Rule 144 would not be
available for those resale transactions despite technical compliance with the requirements
of Rule 144.

     (g) The Purchaser has all necessary power and authority to enter into this Agreement
and to consummate the transactions contemplated hereby. All action necessary to be taken by
the Purchaser to authorize the execution, delivery and performance of this Agreement and all
other agreements and instruments delivered by Purchaser in connection with the transactions
contemplated hereby has been duly and validly taken, and this Agreement has been duly
executed and delivered by the Purchaser. Subject to the terms and conditions of this
Agreement, this Agreement constitutes the valid, binding and enforceable obligation of the
Purchaser, enforceable in accordance with its terms, except as enforceability may be limited
by (i) 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); and (ii) the applicability of the federal
and state securities laws and public policy as to the enforceability of the indemnification
provisions of this Agreement. The purchase of the Private Placement Warrants does not
conflict with the organizational documents of the Purchaser or with any material contract by
which the Purchaser or its property is bound, or any laws or regulations or decree, ruling
or judgment of any court applicable to the Purchaser or its property. The principal place
of business of the Purchaser is as set forth on the signature page hereto.

     (h) The 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.

     (i) The 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 Private Placement Warrants or the fairness or suitability of the
investment in the Private Placement Warrants, nor have such authorities passed upon or
endorsed the merits of the offering of the Private Placement Warrants.

     8. Registration Rights Agreement. At or prior to the closing of the IPO, the company
and the Purchaser shall enter into a mutually satisfactory registration rights agreement having the
terms described in the Registration Statement.

     9. Indemnification. The Purchaser hereby agrees to indemnify and hold harmless the
Company and the Company’s officers, directors, stockholders, employees, agents, and attorneys
against any and all losses, claims, demands, liabilities and expenses (including reasonable legal
or other expenses

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incurred by each such person in connection with defending or investigating any such claims or
liabilities, whether or not resulting in any liability to such person or whether incurred by the
indemnified party in any action or proceeding between the indemnitor and indemnified party or
between the indemnified party and any third party) to which any such indemnified party may become
subject, insofar as such losses, claims, demands, liabilities and expenses (a) arise out of or are
based upon any untrue statement or alleged untrue statement of a material fact made by the
Purchaser and contained herein, or (b) arise out of or are based upon any breach by the Purchaser
of any representation, warranty or agreement made by the Purchaser contained herein.

     10. Miscellaneous.

     (a) Notices. All notices required or permitted hereunder shall be in writing
and shall be deemed effectively given: (i) upon personal delivery to the party to be
notified, (ii) when sent by confirmed facsimile, if sent during normal business hours of the
recipient, and if not sent during normal business hours of the recipient, then on the next
business day, (iii) five (5) calendar days after having been sent by registered or certified
mail, return receipt requested, postage prepaid, or (iv) one (1) business day after deposit
with a nationally recognized overnight courier, specifying next day delivery, with written
verification of receipt. All communications shall be sent to the other party hereto at such
party’s address hereinafter set forth on the signature page hereof, or at such other address
as such party may designate by a 10 days’ advance written notice to the other party hereto.

     (b) Successors and Assigns. This Agreement shall inure to the benefit of the
successors and assigns of the Company and, subject to the restrictions on transfer herein
set forth, be binding upon the Purchaser and its successors and assigns.

     (c) Attorneys’ Fees; Specific Performance. The Purchaser shall reimburse the
Company for all costs incurred by the Company in enforcing the performance of, or protecting
its rights under, any part of this Agreement, including reasonable costs of investigation
and attorneys’ fees.

     (d) Governing Law; Venue. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York without regard to conflicts of law
thereof. The parties agree that any action brought by any party to interpret or enforce any
provision of this Agreement shall be brought in, and each party agrees to, and does hereby,
submit to the jurisdiction and venue of, the appropriate state or federal court for the
district encompassing the Company’s principal place of business.

     (e) Further Execution. The parties agree to take all such further action(s) as
may be reasonably necessary to carry out and consummate this Agreement as soon as
practicable, and to take whatever steps may be necessary to obtain any governmental approval
in connection with, or otherwise qualify the issuance of the securities that are the subject
of, this Agreement.

     (f) Entire Agreement; Amendment. This Agreement constitutes the entire
agreement among the parties with respect to the subject matter hereof and supersedes and
merges all prior agreements or understandings, whether written or oral. This Agreement may
not be amended, modified or revoked, in whole or in part, except by an agreement in writing
signed by each of the parties hereto.

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     (g) Severability. If one or more provisions of this Agreement are held to be
unenforceable under applicable law, the parties agree to renegotiate such provision in good
faith. In the event that the parties cannot reach a mutually agreeable and enforceable
replacement for such provision, then (i) such provision shall be excluded from this
Agreement, (ii) the balance of the Agreement shall be interpreted as if such provision were
so excluded and (iii) the balance of the Agreement shall be enforceable in accordance with
its terms.

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

     (i) Survival. The representations and warranties contained herein will survive
the delivery of, and the payment for, the Private Placement Warrants.

[Remainder of This Page Intentionally Left Blank]

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     IN WITNESS WHEREOF, the parties hereto have executed this Warrant Purchase Agreement as of the
day and year first above written.

	 	 	 	 	 	 	 
	 	 	FIG ACQUISITION CORP.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:  	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:
	 	Peter E. Roth	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:
	 	Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 

	 	Address:
	 	787 Seventh Avenue	 	 
	 

	 	 	 	New York, NY 10019	 	 
	 
	 	 	 	 	 	 
	 	 	KBW, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:  	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Address:
	 	787 Seventh Avenue	 	 
	 

	 	 	 	New York, NY 10019	 	 

Signature Page to the Warrant Purchase Agreement

 

 

EXHIBIT A 

FORM OF WARRANT CERTIFICATE

 

 

EXHIBIT B

STOCK ESCROW AGREEMENT

9EX-10.5

 

EXHIBIT 10.5

FIG Acquisition Corp.

Investment Management Trust Agreement

     THIS INVESTMENT MANAGEMENT TRUST AGREEMENT (the “Agreement”) is made as of [•], 2008,
by and between FIG Acquisition Corp., a Delaware corporation (the “Company”), and American Stock
Transfer & Trust Company, a New York corporation (the “Trustee”).

     WHEREAS, the Company’s Registration Statement on Form S-1, as amended, File No. 333-148275
(together with any registration statement filed pursuant to Rule 462(b), the “Registration
Statement”), for its initial public offering (the “IPO”) of units (the
“Units”), each consisting of one share of the Company’s common stock, par value $0.0001 per
share (the “Common Stock”), and one warrant (collectively, the “Warrants”) to
purchase one share of Common Stock, has been declared effective as of the date hereof by the
Securities and Exchange Commission (the “Effective Date”); and

     WHEREAS, Banc of America Securities LLC is acting as the representative of the underwriters
(the “Underwriters”) in the IPO; and

     WHEREAS, the Company has agreed to sell certain of its securities to its existing stockholders
in a private placement to be effected immediately prior to the completion of the IPO (“Private
Placement”); and

     WHEREAS, as described in the Registration Statement, and in accordance with the Company’s
Certificate of Incorporation, as it may be amended from time to time, $245,787,935 of the gross
proceeds of the IPO and the sale of securities in the Private Placement ($281,975,435 if the
Underwriters’ over-allotment option is exercised in full) will be delivered to the Trustee to be
deposited and held in a trust account for the benefit of the Company and the public stockholders of
the Common Stock issued in the IPO (the amount to be delivered to the Trustee will be referred to
herein as the “Property”; the stockholders for whose benefit the Trustee shall hold the
Property will be referred to as the “Public Stockholders,” and the Public Stockholders and
the Company will be referred to together as the “Beneficiaries”); and

     WHEREAS, a portion of the Property consists of $8,750,000 (or $10,062,500 if the Underwriters’
over-allotment option is exercised in full) attributable to the Underwriters’ discounts and
commissions (“Deferred Discount”) which the Underwriters have agreed to deposit in the
Trust Account (defined below); and

     WHEREAS, the Company and the Trustee desire to enter into this Agreement to set forth the
terms and conditions pursuant to which the Trustee shall hold the Property;

     IT IS AGREED:

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

     (a) Hold the Property in trust for the Beneficiaries in accordance with the terms of this
Agreement, in segregated trust accounts (collectively, the “Trust Account”) established by
the Trustee at a branch of [•], and at a brokerage institution selected by the Trustee;

 

 

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

     (c) In
a timely manner, upon the written instruction of the Company, invest and reinvest
the Property in any United States “government security” within the meaning of Section 2(a)(16) of
the Investment Company Act of 1940, as amended, having a maturity of 180 days or less, or in money
market funds selected by the Company meeting the conditions specified in Rule 2a-7 promulgated
under the Investment Company Act of 1940, as amended, as determined by the Company;

     (d) Collect and receive, when due, all principal and income arising from the Property, which
income, net of taxes, shall become part of the “Property,” as such term is used herein;
provided, however, that, notwithstanding the foregoing or any contrary provision
contained herein, the Trustee shall release to the Company an aggregate amount of up to $3,250,000,
subject to adjustment in the case of an increase in the size of the IPO or if the underwriters of
the IPO exercise their over-allotment option, from interest earned and collected on the Trust
Account, net of taxes payable, upon the Company’s demand, to fund working capital requirements;

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

     (f) Supply any necessary information or documents as may be requested by the Company in
connection with the Company’s preparation of the tax returns relating to income from the Property
in the Trust Account or otherwise;

     (g) Participate in any plan or proceeding for protecting or enforcing any right or interest
arising from the Property if, as and when instructed by the Company in writing to do so;

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

     (i) To the extent there is not sufficient cash in the Trust Account to pay any income or other
tax obligation relating to the income from the Property in the Trust Account as determined by the
Company, from time to time at the written instruction of the Company, promptly liquidate such
assets held in the Trust Account as shall be designated by the Company in writing, and disburse to
the Company by wire transfer or by check, out of the Property in the Trust Account, the amount
indicated by the Company as owing in respect of such income tax obligation; and

     (j) Commence liquidation of the Trust Account only upon receipt of and only in accordance with
the terms of a letter (the “Termination Letter”), in a form substantially similar to that
attached hereto as either Exhibit A or Exhibit B, signed on behalf of the Company
by its Chief Executive Officer or Chairman of the Board, and complete the liquidation of the Trust
Account and distribute the Property in the Trust Account only as directed in the Termination Letter
and the other documents referred to therein; provided, however, that in the event
that a Termination Letter has not been received by the date which is 24 months after the date of
the final prospectus of the IPO (the “Last Date”), such date to be as set forth in a notice
to be delivered to the Trustee not more than ten business days following the completion of the IPO,
or a notice stating that the time of termination has been extended by not more than six months
following the Last Date (in which case the date set forth in such notice shall be deemed to be the
Last Date for all subsequent purposes of this Agreement), the Trust Account shall be liquidated in
accordance with the procedures set forth in the Termination Letter attached as Exhibit B and
distributed to the

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stockholders of record on the Last Date. The Company agrees that it shall direct the Trustee
to distribute the Property in the Trust Account only as provided for in the Agreement.

2. Limited Distributions of Income from Trust Account.

     Except for an aggregate amount of up to $3,250,000, subject to adjustment in the case of an
increase in the size of the IPO or if the underwriters of the IPO exercise their over-allotment
option, from the interest earned and collected on the Trust Account, net of taxes payable, that the
Trustee shall release to the Company upon the Company’s demand to fund working capital
requirements, no distributions from the Trust Account shall be permitted except in accordance with
Sections 1(i) and 1(j) hereof. The Trustee shall have no responsibility or liability to verify
calculations, qualify or otherwise approve the Company requests for distributions pursuant to this
Section 2.

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

     (a) Give all instructions to the Trustee hereunder in writing, signed by the Company’s Chief
Executive Officer or Chairman of the Board. In addition, except with respect to its duties under
Sections 1(i) and 1(j) above, the Trustee shall be entitled to rely on, and shall be protected in
relying on, any verbal or telephonic advice or instruction which it in good faith believes to be
given by any one of the persons authorized above to give written instructions, provided that the
Company shall promptly confirm such instructions in writing. The Company shall provide the
Underwriters with a copy of any Termination Letter and/or any other correspondence that it
transmits with respect to any proposed withdrawal from the Trust Account promptly after it
transmits the same;

     (b) Hold the Trustee harmless and indemnify the Trustee from and against any and all expenses,
including reasonable counsel fees and disbursements, or loss suffered by the Trustee in connection
with any action, suit or other proceeding brought against the Trustee involving any claim, or in
connection with any claim or demand which in any way arises out of or relates to this Agreement,
the services of the Trustee hereunder, or the Property or any income earned from investment of the
Property, except for expenses and losses resulting from the Trustee’s gross negligence or willful
misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the
commencement of any action, suit or proceeding, pursuant to which the Trustee intends to seek
indemnification under this paragraph, it shall notify the Company in writing of such claim
(hereinafter referred to as the “Indemnified Claim”). The Trustee shall have the right to
conduct and manage the defense against such Indemnified Claim, provided, that the Trustee
shall obtain the consent of the Company with respect to the selection of counsel, which consent
shall not be unreasonably withheld. The Company may participate in such action at its own cost with
its own counsel;

     (c) Pay the Trustee the closing fees as set forth on Schedule A hereto, which fees
shall be subject to modification by the parties from time to time. It is expressly understood that
the Property shall not be used to pay such fees and further agreed that said transaction processing
fees shall be deducted by the Trustee from the disbursements made to the Company pursuant to
Section 1(i). The Company shall pay the Trustee the fees set forth on Schedule A hereto at
the completion of the IPO. In addition, the Company shall reimburse the Trustee for all
out-of-pocket expenses it may reasonably incur in the execution of its duties hereunder. The
Company shall not be responsible for any other fees or charges of the Trustee except as set forth
in this Section 3(c) and as may be provided in Section 3(b) hereof (it being expressly understood
that the Property shall not be used to make any payments to the Trustee under such Sections);

     (d) Provide to the Trustee any letter of intent, agreement in principle or definitive
agreement that is executed prior to [•] in connection with an acquisition by the Company of one or
more businesses,

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or a portion or such business or businesses, through a merger, capital stock exchange, stock
purchase, asset acquisition or other similar business combination
whose fair market value, individually or in the aggregate, is equal to at least 80% of the balance in the Trust Account
(excluding the Underwriters’ Deferred Discount and taxes payable) at the time of such acquisition
(the “Business Combination”).

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

     (f) If the Company does not effect a Business Combination within 24 months after completion of
the IPO, the Company’s existence shall cease except for the purposes of the Company winding up its
affairs and liquidating pursuant to Section 278 of the Delaware General Corporation Law, in which
case as promptly as practicable thereafter the Company shall adopt a plan of distribution in
accordance with Section 281(b) of the Delaware General Corporation Law. Upon the Company’s adoption
of such plan of distribution, the Company shall promptly provide the Trustee a Termination Letter
substantially in the form of Exhibit B hereto and the Trust Account should be liquidated in
accordance with the procedures set forth therein.

4. Limitations of Liability. The Trustee shall have no responsibility or liability to:

     (a) Take any action with respect to the Property, other than as directed in Section 1 hereof,
and the Trustee shall have no liability to any party under this Agreement except for liability
arising out of its own gross negligence or willful misconduct;

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

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

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

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

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

4

 

parties and, if the duties or rights of the Trustee are affected, unless it shall give its
prior written consent thereto;

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

     (h) Prepare, execute and file tax reports, income or other tax returns and pay any taxes with
respect to income and activities relating to the Trust Account, regardless of whether such tax is
payable by the Trust Account or the Company (including but not limited to income tax obligations),
it being expressly understood that as set forth in Section 1(i), if there is any income or other
tax obligation relating to the Trust Account or the Property in the Trust Account, as determined
from time to time by the Company and regardless of whether such tax is payable by the Company or
the Trust, at the written instruction of the Company, the Trustee shall make funds available in
cash from the Property in the Trust Account an amount specified by the Company as owing to the
applicable taxing authority, which amount shall be paid directly to the Company by electronic funds
transfer and the Company shall forward such payment to the taxing authority; or

     (i) Verify calculations, qualify or otherwise approve the Company requests for distributions
pursuant to Sections 1(i) and 2 above.

5. Termination. This Agreement shall terminate as follows:

     (a) If the Trustee gives written notice to the Company that it desires to resign under this
Agreement, the Company shall use its reasonable efforts to locate a successor trustee. At such time
that the Company notifies the Trustee that a successor trustee has been appointed by the Company
and has agreed to become subject to the terms of this Agreement, the Trustee shall transfer the
management of the Trust Account to the successor trustee, including but not limited to the transfer
of copies of the reports and statements relating to the Trust Account, whereupon this Agreement
shall terminate; provided, however, that, in the event that the Company does not
locate a successor trustee within ninety days of receipt of the resignation notice from the
Trustee, the Trustee may, upon written notice to the Company, submit an application to have the
Property deposited with the United States District Court for the Southern District of New York and
upon such deposit, the Trustee shall be immune from any liability whatsoever that arises due to any
actions or omissions to act by any party after such deposit; or

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

6. Miscellaneous.

     (a) The Company and the Trustee each acknowledge that the Trustee will follow the security
procedures set forth below with respect to funds transferred from the Trust Account. The Company
and the Trustee will each restrict access to confidential information relating to such security
procedures to authorized persons. Each party must notify the other party immediately if it has
reason to believe unauthorized persons may have obtained access to such information, or of any
change in its authorized personnel. In executing funds transfers, the Trustee will rely upon
account numbers or other identifying numbers of a beneficiary, beneficiary’s bank or intermediary
bank, rather than names. The Trustee shall not be liable for any loss, liability or expense
resulting from any error in an account number or other identifying number, provided it has
accurately transmitted the numbers provided.

5

 

     (b) This Agreement shall be governed by and construed and enforced in accordance with the laws
of the State of New York, without giving effect to conflict of laws. The parties hereto consent to
the non-exclusive jurisdiction and venue of any state or federal court located in the City of New
York for purposes of resolving any disputes hereunder.

     (c) This Agreement contains the entire agreement and understanding of the parties hereto with
respect to the subject matter hereof. The parties hereto may change, waive, amend or modify any
provision contained herein that may be defective or inconsistent with any other provision contained
herein only upon the written consent of each of the parties hereto; provided that such
action shall not materially adversely affect the interests of the Public Stockholders or the
Underwriters. Any other change, waiver, amendment or modification to this Agreement shall be
subject to approval by a majority of the Public Stockholders and/or the Underwriters as applicable.
As to any claim, cross-claim or counterclaim in any way relating to this Agreement, each party
waives the right to trial by jury.

     (d) This Agreement may be executed in several counterparts, each one of which shall constitute
an original, and together shall constitute one instrument. This Agreement or any counterpart may be
executed via facsimile or other electronic transmission, and any such executed facsimile or other
electronic copy shall be treated as an original.

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

if to the Trustee, to:

American Stock Transfer & Trust Company

59 Maiden Lane

New York, NY 10038

Attn: [•]

Fax: [•]

if to the Company, to:

FIG Acquisition Corp.

787 Seventh Avenue

New York, NY 10019

Attn: Peter E. Roth, Chief Executive Officer

Fax: (212) 582-5346

with a copy to:

Sidley Austin llp

787 Seventh Avenue

New York, NY 10019

Attn: Edward F. Petrosky, Esq.

         Samir A. Gandhi, Esq.

         James O’Connor, Esq.

Fax: (212) 839-5599

in either case with a copy on behalf of the Underwriters to:

6

 

Banc of America Securities LLC

9 West 57th Street

New York, NY 10019

Attn: Equity Capital Markets

Fax: (212) 933-2217

with a copy to:

McDermott Will & Emery LLP

340 Madison Avenue

New York, NY 10173

Attn: Stephen E. Older, Esq.

         Joel L. Rubinstein, Esq.

Fax: (212) 547-5444

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

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

     (h) The Trustee hereby waives any and all right, title, interest or claim of any kind
(“Claim”) in or to any distribution of any property held in trust for the Company in the
Trust Account, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for
any Claim against the Trust Account for any reason whatsoever.

     (i) The Trustee hereby consents to the inclusion of American Stock Transfer & Trust Company in
the Registration Statement and other materials relating to the IPO.

     (j) Each of the Company and Trustee agrees and acknowledges that the Public Stockholders and
the Underwriters are third-party beneficiaries of this Agreement.

[Remainder of page intentionally left blank]

7

 

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

	 	 	 	 	 	 	 
	 	 	AMERICAN STOCK TRANSFER & TRUST COMPANY, as
Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	FIG ACQUISITION CORP.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Peter E. Roth	 	 
	 

	 	Title:
	 	Chief Executive Officer	 	 

8

 

EXHIBIT A

[LETTERHEAD OF COMPANY]

[INSERT DATE]

American Stock Transfer & Trust Company

59 Maiden Lane

New York, NY 10038

Attn: [•]

Re:      Trust Account No. [•] Termination Letter

     Pursuant to Section 1(j) of the Investment Management Trust Agreement between FIG Acquisition
Corp. (the “Company”) and American Stock Transfer & Trust Company (the “Trustee”),
dated as of [•], 2008 (the “Trust Agreement”), this is to advise you that the Company has
entered into an agreement (“Business Agreement”)
with                      (the “Target
Business”) to consummate a business combination with Target Business (a “Business
Combination”) on or about [INSERT DATE]. The Company shall notify you at least 48 hours in
advance of the actual date of the consummation of the Business Combination (the “Consummation
Date”). Defined terms used but not otherwise defined herein shall have the meaning ascribed to
such terms in the Trust Agreement.

     Pursuant to Section 3(e) of the Trust Agreement, we are providing you with a certification of
                    , which verifies the vote of the Company’s stockholders in connection with the Business
Combination. In accordance with the terms of the Trust Agreement, we hereby authorize you to
commence liquidation of the Trust Account to the effect that, on the Consummation Date, all of the
funds held in the Trust Account will be immediately available for transfer to the account or
accounts that the Company shall direct in writing on the Consummation Date.

     On the Consummation Date (i) counsel for the Company shall deliver to you written notification
that the Business Combination has been consummated and (ii) the Company shall deliver to you
written instructions with respect to the transfer of the funds held in the Trust Account (the
“Instruction Letter”) with respect to the transfer of the funds held in the Trust Account,
including, but not limited to, (a) funds to be delivered to any Public Stockholder that has
properly exercised its conversion rights (as described in the Company’s Registration Statement on
Form S-1, as amended, File No. 333-148275), (b) pursuant to the terms of the Underwriting
Agreement, dated as of [•], 2008, between the Company and Banc of America Securities LLC, acting as
representative of the underwriters (the “Underwriters”), the portion of the Property
attributable to the deferred Underwriters’ discounts and commissions and (c) the portion of the
Property to be released to the Company in connection with the consummation of a Business
Combination.

     You are hereby directed and authorized to transfer the funds held in the Trust Account
immediately upon your receipt of the counsel’s letter and the Instruction Letter, in accordance
with the terms of the Instruction Letter. In the event that certain deposits held in the Trust
Account may not be liquidated by the Consummation Date without penalty, you will notify the Company
of the same and the Company shall direct you as to whether such funds should remain in the Trust
Account and be distributed after the Consummation Date to the Company or, with respect to the
deferred Underwriters’ discounts and commissions, to the Underwriters. Upon the distribution of all
the funds in the Trust Account pursuant to the terms hereof, the Trust Agreement shall be
terminated.

 

 

     In the event that the Business Combination is not consummated on the Consummation Date
described in the notice thereof and we have not notified you on or before the original Consummation
Date of a new Consummation Date, then, upon receipt of written instructions from the Company, the
funds held in the Trust Account shall be reinvested as provided in the Trust Agreement on the
business day immediately following the Consummation Date as set forth in the notice.

	 	 	 	 	 	 	 
	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 	 
	 	 	FIG Acquisition Corp.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 

10

 

EXHIBIT B

[LETTERHEAD OF COMPANY]

[INSERT DATE]

American Stock Transfer & Trust Company

59 Maiden Lane

New York, NY 10038

Attn: [•]

Re:       Trust Account No. [•] Termination Letter

     Pursuant to paragraph 1(j) of the Investment Management Trust Agreement between FIG
Acquisition Corp. (the “Company”) and American Stock Transfer & Trust Company (the
“Trustee”), dated as of [•], 2008 (the “Trust Agreement”), this is to advise you
that the Company’s existence has ceased due to the Company’s inability to effect a Business
Combination within the time frame specified in the Company’s prospectus relating to its initial
public offering. Defined terms used but not otherwise defined herein shall have the meaning
ascribed to such terms in the Trust Agreement.

     In accordance with the terms of the Trust Agreement, we hereby authorize you to commence
liquidation of the Trust Account. You will notify the Company in writing as to when all of the
funds in the Trust Account will be available for immediate transfer (the “Transfer Date”)
in accordance with the Company’s plan of distribution attached hereto. You shall commence
distribution of such funds in accordance with the terms of such plan of distribution and you shall
oversee the distribution of the funds. Upon the distribution of all the funds in the Trust Account,
your obligations under the Trust Agreement shall be terminated and the Trust Account shall be
closed.

	 	 	 	 	 	 	 
	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 	 
	 	 	FIG Acquisition Corp.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 

 

 

SCHEDULE A

Schedule of fees pursuant to Section 3(c) of Investment Management Trust Agreement

between FIG Acquisition Corp. and

American Stock Transfer & Trust Company

	 	 	 	 	 	 	 
	Fee Item 	 	Time and method of payment	 	Amount
	One-time fee for Trustee
services
	 	Closing of IPO by wire transfer	 	$	2,000	 
	 
	 	 	 	 	 	 
	IPO closing fee
	 	Closing of IPO by wire transfer	 	$	2,000	 

Dated: [•], 2008

	 	 	 	 	 	 	 
	 	 	Agreed:	 	 
	 
	 	 	 	 	 	 
	 	 	FIG Acquisition Corp.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

Peter E. Roth
	 	 
	 

	 	Title:
	 	Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	American Stock Transfer & Trust Company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:

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