Document:

EX-10.1 EMPLOYMENT AGREEMENT, CHRIS E. PERKINS

 

EXHIBIT
10.1

EMPLOYMENT AGREEMENT

     This Employment Agreement is made and entered into as of December 6, 2007, by and between
EMAGEON INC., a Delaware corporation (the “Company”), and CHRIS E. PERKINS, an individual resident
of the State of Georgia (the “Executive”), the terms and conditions of which are as follows:

SECTION 1. EFFECTIVE DATE; TERM OF EMPLOYMENT

     (a) The Company shall employ Executive as Executive Vice President and Chief Operating Officer
during the term of his employment, subject to the terms and conditions set forth in this Employment
Agreement, and Executive hereby accepts such employment.

     (b) The effective date of this Employment Agreement (the “Effective Date”) shall be December
6, 2007.

     (c) Unless earlier terminated as provided herein, Executive’s employment under this Employment
Agreement shall be for a rolling, twelve (12) month term (the “Term”) commencing on the Effective
Date, and shall be deemed to automatically, without further action by either the Company or
Executive, extend each day for an additional day, such that the remaining term of the Employment
Agreement shall continue to be twelve months; provided, however, that either party may, by written
notice to the other, cause this Employment Agreement to cease to extend automatically and, upon
such notice, the “Term” of this Employment Agreement shall be the twelve months following the date
of such notice. If no such notice to cease to extend has been given and the Executive’s employment
is terminated by the Executive for Good Reason or by the Company without Cause, for purposes of
calculating the Severance Period as defined in Section 5(c)(2) below, the remaining Term of this
Employment Agreement shall be deemed to be twelve months from the Executive’s Date of Termination.

SECTION 2. POSITION AND DUTIES AND RESPONSIBILITIES

     (a) Position. Executive shall serve as Executive Vice President and Chief Operating
Officer of the Company.

     (b) Duties and Responsibilities. Executive’s duties and responsibilities shall be
those normally associated with the position of Executive Vice President and Chief Operating
Officer, plus any additional duties and responsibilities that the Chief Executive Officer (“CEO”)
or Board of Directors (the “Board”) of the Company from time to time may assign orally or in
writing to Executive. Executive shall report to the CEO and shall have such powers as may be
delegated to him by the CEO. Executive shall undertake to perform all Executive’s duties and
responsibilities for the Company in good faith and on a full-time basis and shall at all times act
in the course of Executive’s employment under this Employment Agreement in the best interest of the
Company, provided that Executive may serve on corporate, civic, educational or charitable boards or
committees, if such service does not materially conflict with or impair Executive’s ability to
discharge his fiduciary and other responsibilities to the Company under this Employment Agreement
and applicable law; provided, that Executive may only serve on a corporate board or board committee
with the approval of the Governance Committee of the Board.

 

 

SECTION 3. COMPENSATION AND BENEFITS

     (a) Base Salary. Executive’s initial base salary shall be Three Hundred Thirty
Thousand Dollars ($330,000) per year (“Base Salary”), which Base Salary shall be payable in
accordance with the Company’s standard payroll practices and policies for executive officers and
shall be subject to such withholdings as required by law or as otherwise permissible under such
practices or policies. The Base Salary shall be subject to periodic increases (but not decreases)
as determined by the Compensation Committee of the Board.

     (b) Annual Bonus and Other Incentive Compensation. During the Term, Executive shall
be eligible to receive an annual bonus based upon achieving targeted financial objectives or other
performance goals, in accordance with the annual bonus plan established by the Compensation
Committee of the Board. Executive shall also be eligible to participate in such other annual bonus
and incentive compensation programs as the Board shall make available to executive officers.

     (c) Employee Benefit Plans. Executive shall be entitled to participate in the equity
compensation and employee benefit plans, programs and policies (including health, life, disability,
dental and retirement plans) maintained by the Company that cover executive officers in accordance
with the terms and conditions of such plans, programs and policies as in effect from time to time.

     (d) Vacation. Executive shall be entitled to four (4) weeks of paid time off for
vacation in addition to paid time off for illness, holidays and personal reasons in accordance with
the Company’s plans, policies and practices in effect from time to time for executive officers.
Such paid vacation shall be taken at such time or times so as not to materially and adversely
interfere with the business of the Company.

     (e) Business Expenses. Executive shall have the right to be promptly reimbursed for
Executive’s reasonable and appropriate business expenses which Executive incurs in connection with
the performance of Executive’s duties and responsibilities under this Employment Agreement in
accordance with the Company’s expense reimbursement policies and procedures for its executive
officers.

     (f) Directors’ and Officers’ Insurance. Effective as of the Effective Date, the
Company shall take all reasonable steps to ensure that Executive has been provided with adequate
coverage under a directors’ and officers’ liability insurance policy.

SECTION 4. TERMINATION OF EMPLOYMENT

     (a) Death. Executive’s employment shall terminate automatically upon Executive’s
death.

     (b) Disability. The Company shall have the right to terminate Executive’s employment
on or after the date Executive incurs a Disability. The term “Disability” as used in this
Employment Agreement shall have the meaning ascribed to such term in the Company’s long-term
disability plan covering the Executive, or in the absence of such plan, a meaning consistent with
Section 22(e)(3) of the Internal Revenue Code of 1986, as amended (the “Code”).

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The existence of a Disability shall be determined by the Compensation Committee of the Board
in good faith based upon the information provided to the Committee.

     (c) Termination by the Company. The Company may terminate Executive’s employment at
any time with or without Cause. The term “Cause” as used in this Employment Agreement shall mean
any of the following reasons:

     (1) Executive’s willful and continued breach of his duties after written demand for
performance has been made (other than any such failure resulting from incapacity due to
physical or mental illness, and specifically excluding any failure by Executive, after
reasonable efforts, to meet performance expectations and any failure by Executive to follow
directions or take any action that Executive considers in good faith to be in violation of
any applicable professional or ethical rules or obligations);

     (2) Executive’s willfully engaging in illegal conduct or gross misconduct that is
demonstrably and materially injurious to the Company;

     (3) Executive’s material breach of this Employment Agreement, any other material
agreement with the Company, or any Company policy, where such breach proves to be
demonstrably and materially injurious to the Company;

     (4) Executive’s breach of any of the covenants contained in Section 7 of this
Employment Agreement relating to confidentiality, non-solicitation or non-competition; or

     (5) Executive’s conviction of a felony or a serious misdemeanor involving moral
turpitude, theft or dishonesty.

     With respect to paragraphs (1), (2) and (3) above, Executive shall not be deemed to have been
involuntarily terminated for Cause unless and until there shall have been delivered to him a copy
of a resolution duly adopted by the affirmative vote of not less than a majority of the entire
membership of the Board at a meeting of the Board (after reasonable notice to Executive and an
opportunity for him, together with his counsel, to be heard before the Board), finding that, in the
good faith opinion of the Board, Executive was guilty of conduct set forth above in paragraphs (1),
(2), or (3) and specifying the particulars thereof in detail. For purposes of this Employment
Agreement, no act or failure to act by Executive shall be deemed to be “willful” unless done or
omitted to be done by Executive not in good faith and without reasonable belief that Executive’s
action or omission was in the best interests of the Company.

     (d) Termination by the Executive. The Executive shall have the right to resign at any
time, with or without Good Reason. The term “Good Reason” shall mean the occurrence (without
Executive’s express written consent) of any one of the following acts by the Company, or failures
by the Company to act, unless, in the case of any act or failure to act described below, such act
or failure to act is corrected by the Company prior to the Date of Termination specified in the
notice of termination given in respect thereof:

     (1) a material reduction in Executive’s duties or responsibilities; provided, however,
that the fact that Executive’s employment after a merger, acquisition or other

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corporate transaction shall be with a non-publicly traded subsidiary of an entity
resulting from such merger, acquisition or other corporate transaction, if that is the case,
shall not of itself be deemed a material reduction in Executive’s duties or responsibilities
for purposes of this paragraph;

     (2) a material reduction in Executive’s Base Salary or the initial target bonus
percentage for Executive as established by the Compensation Committee of the Board upon the
effective date of this Agreement;

     (3) the relocation of Executive’s office from its location on the Effective Date to a
location more than 35 miles away; or

     (4) the Company’s material breach of any other provision of this Employment Agreement.

     Executive’s right to terminate the Executive’s employment for Good Reason shall not be
affected by the Executive’s incapacity due to physical or mental illness, except for a Disability
as defined in Section 4(b) above. Executive’s continued employment shall not constitute consent
to, or a waiver of rights with respect to, any circumstance constituting Good Reason hereunder.

     Any claim of Good Reason shall be communicated by the Executive to the Company in writing
within 90 days of the date of the event(s) giving rise to Executive’s claim of Good Reason and
shall specifically identify the factual details concerning such event(s) giving rise to Executive’s
claim of Good Reason under this Section 4(d). The Company shall have an opportunity of at least 30
days to cure any claimed event of Good Reason prior to the specified Date of Termination.

     (e) Expiration of Term. Executive’s employment shall automatically terminate upon the
expiration of the Term of this Employment Agreement.

     (f) Date of Termination. Executive’s Date of Termination shall be the earliest to
occur of (i) the date specified in the notice of termination (which, unless otherwise required by
this Employment Agreement, may be immediate) as the date upon which Executive’s employment with the
Company is to cease, (ii) the date of Executive’s death, (iii) in the event of Executive’s
Disability, the date determined by the Board, or (iv) the last day of the Term of this Employment
Agreement. In the case of termination by Executive for Good Reason, the Date of Termination shall
not be less than thirty (30) days nor more than sixty (60) days from the date the notice of
termination is given, unless the Company specifies an earlier Date of Termination. In the case of
a voluntary termination by Executive without Good Reason, the Date of Termination shall not be less
than sixty (60) days from the date the notice of termination is given, unless the Company specifies
an earlier Date of Termination.

SECTION 5. OBLIGATIONS OF THE COMPANY UPON TERMINATION

     (a) Termination for Death, Disability, Cause or Expiration of Term. If Executive’s
employment terminates because of the Executive’s death or Disability or the expiration of the Term
of this Employment Agreement, or if the Company terminates the Executive’s employment for Cause,
the Company’s only obligation under this Employment Agreement shall be to pay

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Executive, or, if Executive dies, Executive’s estate, any earned but unpaid Base Salary then
in effect under Section 3(a), through Executive’s Date of Termination; provided that Executive
shall have such rights under the Company’s benefit plans as are provided in such plans.

     (b) Executive’s Voluntary Termination Without Good Reason. If the Executive resigns
his employment without Good Reason, the Company’s only obligation under this Employment Agreement
shall be to pay Executive any earned but unpaid Base Salary then in effect under Section 3(a),
through Executive’s Date of Termination; provided that Executive shall have such rights under the
Company’s benefit plans as are provided in such plans.

     (c) Termination by Company Without Cause; Termination by Executive For Good Reason.
If the Company terminates Executive’s employment other than for Cause, death or Disability or if
Executive resigns for Good Reason, the Company shall (in lieu of any severance benefits under any
Company severance program) pay or provide to Executive compensation and benefits as follows:

     (1) Executive will continue to receive his Base Salary as then in effect through his
Date of Termination.

     (2) Subject to the special payment rules in subsection (6) below, Executive shall
receive, no later than 30 days after Executive’s Date of Termination, a lump sum payment
equal to (i) Executive’s monthly Base Salary plus 1/12 of Executive’s target annual bonus
for the year in which Executive’s Date of Termination occurs, calculated as if all target
financial and other performance goals were attained, multiplied by (ii) the number of months
in the Severance Period. The “Severance Period” shall be the 12-month period commencing on
Executive’s Date of Termination.

     The lump sum payment under this paragraph (2) shall not alter the amounts Executive is
entitled to receive under the benefit plans described in paragraph (3) below. Benefits
under such plans shall be determined as if Executive had continued to receive his Base
Salary over the applicable Severance Period rather than in a lump sum.

     (3) Pursuant to COBRA, Executive may elect to continue the group health and dental care
coverage provided to Executive at his Date of Termination, including any spousal or
dependent coverage in effect on such Date of Termination. Subject to the special payment
rules for specified employees in subsection (6) below, within 30 days after Executive’s Date
of Termination, the Company will pay to Executive an amount equal to the full monthly COBRA
premium for the group health and dental coverage Executive had in place on the Date of
Termination less the monthly cost Executive was paying for such coverages at the time of
termination, multiplied by the number of full or partial months during the Severance Period.
In addition, subject to the special payment rules in subsection (6) below, if the Company
maintains any individual executive life insurance policy (or policies) for Executive, the
Company shall pay the Executive within 30 days after Executive’s Date of Termination, a lump
sum payment equal to the monthly amount of the premiums for such policy or policies as of
the Date of Termination, multiplied by the number of full or partial months during the
Severance Period. If the terms of any benefit plan referred to in this paragraph (3), or
the laws applicable to such

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plan do not permit continued participation by Executive, then the Company will pay
Executive within 30 days after his Date of Termination a lump sum amount equal to the
estimated costs of such coverage(s) for the applicable Severance Period, as determined by
the Company in good faith.

     (4) Executive will become fully vested in all stock options, stock appreciation rights,
restricted stock and restricted stock units held by the Executive as of the Executive’s Date
of Termination. To the extent necessary, this Employment Agreement is hereby deemed an
amendment of any such outstanding stock option or other equity award.

     (5) Except as expressly provided herein, all other fringe benefits provided to
Executive as an active employee of the Company (e.g., long-term disability, AD&D, etc.),
shall cease on his Date of Termination (except to the extent Executive has already qualified
for benefits under any such program), provided that any conversion or extension rights
applicable to such benefits shall be made available to Executive at his Date of Termination
or when such coverages otherwise cease.

     (6) It is the intent of the Company that all payments payable to the Executive pursuant
to this Section 5 shall be exempt from Section 409A of the Code as short-term deferrals.
However, if, at the time of Executive’s Date of Termination, Executive is a “specified
employee” and if the Company reasonably determines that any payment to Executive pursuant to
this Employment Agreement is not exempt as a short-term deferral and must be delayed for
six-months to avoid a violation of Section 409A(a)(2)(B) of the Code, such payment shall be
paid on the next business day following the six-month anniversary of the Executive’s Date of
Termination. For purposes of this Employment Agreement, whether Executive is a “specified
employee” shall be determined under the rules set forth in Section 409A of the Code and the
regulations and other guidance promulgated thereunder, plus any policies and elections
properly made by the Company in accordance with such guidance.

     (d) Release of Claims. To be entitled to any of the compensation and benefits
described above in Section 5(c), the Executive shall sign a release of claims in the form required
by the Company. No payments shall be made under Section 5(c) until such release has been properly
executed and delivered to the Company and until the expiration of the revocation period, if any,
provided under the release. If the release is not properly executed by the Executive and delivered
to the Company within the reasonable time periods specified in the release, the Company’s
obligations under Section 5(c) will terminate.

     (e) Full Settlement; No Obligation to Mitigate. The Company’s obligation to make the
payments provided for in this Employment Agreement and otherwise to perform its obligations
hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim,
right or action which the Company may have against Executive or others. In no event shall
Executive be obligated to seek other employment or take any other action by way of mitigation of
the amounts payable to Executive under any of the provisions of this Employment Agreement and,
except as explicitly provided herein, such amounts shall not be reduced whether or not Executive
obtains other employment.

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SECTION 6. CERTAIN ADDITIONAL PAYMENTS BY THE COMPANY.

     (a) Anything in this Employment Agreement to the contrary notwithstanding and except as set
forth below, in the event it shall be determined that any payment or distribution by the Company to
or for the benefit of Executive (whether paid or payable or distributed or distributable pursuant
to the terms of this Employment Agreement or otherwise, but determined without regard to any
additional payments required under this Section 6) (a “Payment”) would be subject to the excise tax
imposed by Section 4999 of the Code or any interest or penalties are incurred by Executive with
respect to such excise tax (such excise tax, together with any such interest and penalties, are
hereinafter collectively referred to as the “Excise Tax”), then Executive shall be entitled to
receive an additional payment (a “Gross-Up Payment”) in an amount such that after payment by
Executive of all taxes (including any interest or penalties imposed with respect to such taxes),
including, without limitation, any income taxes (and any interest and penalties imposed with
respect thereto) and Excise Tax imposed upon the Gross-Up Payment, Executive retains an amount of
the Gross-Up Payment equal to the Excise Tax imposed upon the Payments.

     (b) Subject to the provisions of Section 6(c), all determinations required to be made under
this Section 6, including whether and when a Gross-Up Payment is required and the amount of such
Gross-Up Payment and the assumptions to be used in arriving at such determination, shall be made by
a certified public accounting firm selected by Executive (other than the Company’s regular
accounting firm) and reasonably acceptable to the Company (the “Accounting Firm”) which shall
provide detailed supporting calculations both to the Company and Executive within 15 business days
of the receipt of notice from Executive that there has been a Payment, or such earlier time as is
reasonably requested by the Company. All fees and expenses of the Accounting Firm shall be borne
solely by the Company. Any Gross-Up Payment, as determined pursuant to this Section 6, shall be
paid by the Company to Executive within five days of the receipt of the Accounting Firm’s
determination. Any determination by the Accounting Firm shall be binding upon the Company and
Executive. As a result of the uncertainty in the application of Section 4999 of the Code at the
time of the initial determination by the Accounting Firm hereunder, it is possible that Gross-Up
Payments which will not have been made by the Company should have been made (“Underpayment”),
consistent with the calculations required to be made hereunder. In the event that the Company
exhausts its remedies pursuant to Section 6(c) and Executive thereafter is required to make a
payment of any Excise Tax, the Accounting Firm shall determine the amount of the Underpayment that
has occurred and any such Underpayment shall be promptly paid by the Company to or for the benefit
of Executive.

     (c) Executive shall notify the Company in writing of any claim by the Internal Revenue Service
that, if successful, would require the payment by the Company of a Gross-Up Payment (or an
additional Gross-Up Payment). Such notification shall be given as soon as practicable but no later
than ten business days after Executive is informed in writing of such claim and shall apprise the
Company of the nature of such claim and the date on which such claim is requested to be paid.
Executive shall not pay such claim prior to the expiration of the 30-day period following the date
on which he gives such notice to the Company (or such shorter period ending on the date that any
payment of taxes with respect to such claim is due). If the

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Company notifies Executive in writing prior to the expiration of such period that it desires
to contest such claim, Executive shall:

     (1) give the Company any information reasonably requested by the Company relating to
such claim,

     (2) take such action in connection with contesting such claim as the Company shall
reasonably request in writing from time to time, including, without limitation, accepting
legal representation with respect to such claim by an attorney reasonably selected by the
Company,

     (3) cooperate with the Company in good faith in order effectively to contest such
claim, and

     (4) permit the Company to participate in any proceedings relating to such claim;

provided, however, that the Company shall bear and pay directly all costs and expenses (including
additional interest and penalties) incurred in connection with such contest and shall indemnify and
hold Executive harmless, on an after-tax basis, for any Excise Tax or income tax (including
interest and penalties with respect thereto) imposed as a result of such representation and payment
of costs and expenses. Without limitation of the foregoing provisions of this Section 6(c), the
Company shall control all proceedings taken in connection with such contest (to the extent
applicable to the Excise Tax and the Gross-Up Payment) and, at its sole option, may pursue or forgo
any and all administrative appeals, proceedings, hearings and conferences with the taxing authority
in respect of such claim and may, at its sole option, either direct Executive to pay the tax
claimed and sue for a refund or contest the claim in any permissible manner, and Executive agrees
to prosecute such contest to a determination before any administrative tribunal, in a court of
initial jurisdiction and in one or more appellate courts, as the Company shall determine; provided,
however, that if the Company directs Executive to pay such claim and sue for a refund, the Company
shall, if permitted by law, advance the amount of such payment to Executive, on an interest-free
basis and shall indemnify and hold Executive harmless, on an after-tax basis, from any Excise Tax
or income tax (including interest or penalties with respect thereto) imposed with respect to such
advance or with respect to any imputed income with respect to such advance; and further provided
that any extension of the statute of limitations relating to payment of taxes for the taxable year
of Executive with respect to which such contested amount is claimed to be due is limited solely to
such contested amount. Furthermore, the Company’s control of the contest shall be limited to
issues with respect to which a Gross-Up Payment would be payable hereunder and Executive shall be
entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue
Service or any other taxing authority.

     (d) If, after the receipt by Executive of an amount advanced by the Company pursuant to
Section 6(c), Executive becomes entitled to receive any refund with respect to such claim,
Executive shall (subject to the Company’s complying with the requirements of Section 6(c) promptly
pay to the Company the amount of such refund (together with any interest paid or credited thereon
after taxes applicable thereto). If, after the receipt by Executive of an amount

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advanced by the Company pursuant to Section 6(c), a determination is made that Executive shall
not be entitled to any refund with respect to such claim and the Company does not notify Executive
in writing of its intent to contest such denial of refund prior to the expiration of 30 days after
such determination, then such advance shall be forgiven and shall not be required to be repaid and
the amount of such advance shall offset, to the extent thereof, the amount of Gross-Up Payment
required to be paid.

     (e) Notwithstanding the foregoing, (i) each Gross-Up Payment required to be made by the
Company to Executive hereunder and each repayment of a Gross-Up Payment required to be made by
Executive to the Company hereunder shall be paid no later than the end of the calendar year next
following the calendar year in which Executive remits the corresponding taxes to the Internal
Revenue Service, and (ii) each reimbursement of expenses related to a tax audit or litigation
addressing the existence or amount of a tax liability required to be made by the Company to
Executive hereunder and each repayment of such a reimbursement required to be made by Executive to
the Company hereunder shall be paid no later than the end of the calendar year next following the
calendar year in which Executive remits to the Internal Revenue Service the taxes that are the
subject of the audit or litigation or, where as a result of the audit or litigation no taxes are
due or are remitted but other reimbursable costs and/or expenses have been incurred, the end of the
calendar year following the calendar year in which the audit is completed or there is a final and
nonappealable settlement or other resolution of the litigation.

SECTION 7. COVENANTS BY EXECUTIVE.

     (a) General. Executive and the Company understand and agree that the purpose of the
provisions of this Section 7 is to protect legitimate business interests of the Company, as more
fully described below, and is not intended in an unreasonable manner to impair or infringe upon
Executive’s right to work or earn a living after termination or expiration of this Employment
Agreement. Executive hereby acknowledges that Executive has received and will continue to receive
good and valuable consideration for the restrictions set forth in this Section 7 in the form of the
compensation and benefits provided for herein as well as other consideration. Therefore, Executive
shall be subject to the restrictions set forth in this Section 7.

     (b) Definitions. The following capitalized terms used in this Section 7 shall have
the meanings assigned to them below, which definitions shall apply to both the singular and plural
forms of such terms:

     (1) “Competitive Services” means the business of providing intelligent visual medical
systems, and providing enterprise-level information technology solutions for the clinical
analysis and management of digital medical images. A “Company Competitor” is a Person that
sells, licenses or otherwise offers Competitive Services to its customers, clients or end
users.

     (2) “Person” means any individual or any corporation, partnership, joint venture,
limited liability company, association or other entity or enterprise.

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     (3) “Principal or Representative” means a principal, owner, partner, stockholder, joint
venturer, investor, lender, member, trustee, director, advisor, officer, manager, employee,
agent, representative or consultant.

     (4) “Protected Customers” mean customers of the Company within the United States or
prospective customers of the Company within the United States that have been actively
solicited by the Company. After Executive’s Date of Termination, Protected Customers shall
include only those customers and prospective customers of the Company with whom Executive
had material contact during his employment with the Company (with “material contact” meaning
direct personal contact or direct supervisory contact with other employees or personnel of
the Company who in turn had direct personal contact with the prospective customers), or
about whom Executive learned or had ready access to Confidential Information, during the one
year period immediately prior to the Date of Termination of the Executive.

     (5) “Restricted Period” means the period of time beginning on the Effective Date and
ending on the date that is twelve months after Executive’s Date of Termination.

     (c) The Company’s Property.

     (1) Upon the termination of Executive’s employment for any reason or, if earlier, upon
the Company’s request, Executive shall promptly return all “Property” which had been
entrusted or made available to Executive by the Company.

     (2) The term “Property” means all records, files, memoranda, reports, price lists,
customer lists, drawings, plans, sketches, keys, codes, computer hardware and software and
other property of any kind or description prepared, used or possessed by Executive during
Executive’s employment by the Company and, if applicable, any of its affiliates (and any
duplicates of any such property) together with any and all information, ideas, concepts,
discoveries, and inventions and the like conceived, made, developed or acquired at any time
by Executive individually or, with others during Executive’s employment which relate to the
Company business, products or services.

     (d) Trade Secrets.

     (1) Executive agrees that Executive will hold in a fiduciary capacity for the benefit
of the Company, and any of its affiliates, and will not directly or indirectly use or
disclose, any “Trade Secret” that Executive may have acquired during the term of Executive’s
employment by the Company or any of its affiliates for so long as such information remains a
Trade Secret.

     (2) The term “Trade Secret” means information, including, but not limited to, technical
or nontechnical data, formulas, patterns, compilations, programs, devices, methods,
techniques, drawings, processes, financial data, financial plans, product plans, or a list
of actual or potential customers or suppliers that (a) derives economic value, actual or
potential, from not being generally known to, and not being generally readily ascertainable
by proper means by any other person who can obtain economic value from

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its disclosure or use and (b) is the subject of reasonable efforts by the Company and
any of its affiliates to maintain its secrecy.

     (3) This Section 7(d) and Section 7(e) are intended to provide rights to the Company
which are in addition to, and not in lieu of, those rights the Company has under the common
law or applicable statutes for the protection of Trade Secrets. Any provision under
applicable trade secret law that provides the Company with more liberal or generous
protection of its Trade Secrets shall prevail over any narrower protection afforded by this
Agreement.

     (e) Confidential Information.

     (1) Executive, while employed under this Employment Agreement and thereafter during the
Restricted Period, shall hold in a fiduciary capacity for the benefit of the Company and any
of its affiliates, and shall not directly or indirectly use or disclose, any “Confidential
Information” that Executive may have acquired (whether or not developed or compiled by
Executive and whether or not Executive is authorized to have access to such information)
during the term of, and in the course of, or as a result of Executive’s employment by the
Company or any of its affiliates. Notwithstanding anything to the contrary in this
Agreement, the foregoing durational limitation shall not apply to any Confidential
Information that constitutes a “Trade Secret” and Executive’s obligation to hold in
confidence and not use such Trade Secret Confidential Information shall continue for as long
as the information retains its status as a Trade Secret.

     (2) The term “Confidential Information” means any secret, confidential or proprietary
information possessed by the Company or any of its affiliates relating to their business,
including, without limitation, Trade Secrets, customer lists, details of client or
consultant contracts, current and anticipated customer requirements, pricing policies, price
lists, market studies, business plans, operational methods, marketing plans or strategies,
legal advice and communications with the Company’s counsel, product development techniques
or flaws, computer software programs (including object code and source code), data and
documentation data, base technologies, systems, structures and architectures, inventions and
ideas, past current and planned research and development, compilations, devices, methods,
techniques, processes, financial information and data, business acquisition plans and new
personal acquisition plans (not otherwise included in the definition of a Trade Secret under
this Employment Agreement) that has not become generally available to the public by the act
of one who has the right to disclose such information without violating any right of the
Company or any of its affiliates. Confidential Information may include, but not be limited
to, future business plans, licensing strategies, advertising campaigns, information
regarding customers, executives and independent contractors and the terms and conditions of
this Employment Agreement.

     (f) Non-Solicitation of Employees. Executive (i) while employed under this Employment
Agreement shall not, either directly or indirectly, solicit or attempt to induce any other officer,
employee or independent contractor of the Company or any of its affiliates to terminate his or her
employment or other relationship with the Company or any of its affiliates

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and shall not assist any other person or entity in such a solicitation (regardless of whether
any such officer, employee or independent contractor would commit a breach of contract by
terminating his or her employment), and (ii) during that part of the Restricted Period following
Executive’s Date of Termination, shall not, either directly or indirectly, solicit or attempt to
induce any other officer, employee or independent contractor of the Company or any of its
affiliates with whom Executive had contact, knowledge of, or association in the course of
Executive’s employment with the Company or any of its affiliates as the case may be, during the
twelve month period immediately preceding the beginning of the Restricted Period, to terminate his
or her employment or other relationship with the Company or any of its affiliates and shall not
assist any other person or entity in such a solicitation (regardless of whether any such officer,
employee or independent contractor would commit a breach of contract by terminating his or her
employment).

     (g) Non-Solicitation of Customers. Executive understands and agrees that the
relationship between the Company and each of its “Protected Customers” constitutes a valuable asset
of the Company and may not be converted to Executive’s own use and that any such actions by
Executive would constitute a material breach of this Employment Agreement as well as a breach of
Executive’s duties of loyalty to the Company as a senior executive officer. Accordingly, Executive
hereby agrees that, during the Restricted Period, Executive shall not, without the prior written
consent of the Company, directly or indirectly, on Executive’s own behalf or as a Principal or
Representative of any Person, solicit or attempt to solicit a Protected Customer for the purpose of
providing or selling or having a Company Competitor provide Competitive Services to the Protected
Customer.

     (h) Non-Competition. During the Term and during the Restricted Period, Executive
shall not, without the Company’s express prior written consent, directly or indirectly, on
Executive’s own behalf or as a Principal or Representative of any Person other than the Company or
an affiliate of the Company provide services to, invest in, lend funds to, advise, consult with,
represent, be employed by or contract with a Company Competitor where such relationship involves
substantial similarity to one or more material aspects of Executive’s relationship with Company and
where it could reasonably be concluded that such relationship is adverse to the legitimate business
interests of the Company or Executive’s contractual commitments to and corporate duties of loyalty
to the Company (a “Competing Position”). After Executive’s Date of Termination, the foregoing
restrictions shall apply only to affiliations or relationships with a Company Competitor whose
primary business location is in the continental United States. The parties acknowledge that the
Company’s business extends throughout and beyond the continental United States and that as the
Company’s Executive Vice President and Chief Operating Officer, Executive can be deemed to be
providing services to the Company and serving the Company throughout this entire geographic area.
Nothing in the foregoing covenants shall prevent or limit Executive from owning a passive interest
of not more than one percent (1%) of the equity of a Company Competitor if the equity is listed and
traded on the New York Stock Exchange or NASDAQ provided that neither such ownership nor any
contract or other right gives Executive control of the entity in which Executive owns equity.

     (i) Non-Disparagement. The Executive agrees not to make false, misleading or
disparaging statements regarding the Company, its management (including individual executives or
managers) or practices, and agrees not to take any action that disrupts or impairs the

12

 

Company’s normal, ongoing business operations, or that harms the Company’s reputation with its
employees, customers, suppliers, or the public. Executive understands that the foregoing provision
does not apply on occasions when Executive is subpoenaed or ordered by a court or other
governmental authority to testify or give evidence and must, of course, respond truthfully, or to
conduct otherwise protected by the Sarbanes-Oxley Act.

     (j) Reasonable and Continuing Obligations. Executive agrees that Executive’s
obligations under this Section 7 are obligations which will continue beyond the date Executive’s
employment terminates and that such obligations are reasonable and necessary to protect the
Company’s legitimate business interests. The Company in addition shall have the right to take such
other action as the Company deems necessary or appropriate to compel compliance with the provisions
of this Section 7.

     (k) Remedy for Breach. Executive agrees that the remedies at law of the Company for
any actual or threatened breach by Executive of the covenants in this Section 7 would be inadequate
and that the Company shall be entitled to seek specific performance of the covenants in this
Section 7, including entry of an ex-parte , temporary restraining order in state or federal court,
preliminary and permanent injunctive relief against activities in violation of this Section 7, or
both, or other appropriate judicial remedy, writ or order, in addition to any damages and legal
expenses which the Company may be legally entitled to recover. Executive acknowledges and agrees
that the covenants in this Section 7 shall be construed as agreements independent of any other
provision of this or any other agreement between the Company and Executive, and that the existence
of any claim or cause of action by Executive against the Company, whether predicated upon this
Employment Agreement or any other agreement, shall not constitute a defense to the enforcement by
the Company of such covenants.

     (l) Severability of Covenants. Executive acknowledges and agrees that the Restrictive
Covenants are reasonable and valid in time and scope and in all other respects. The covenants set
forth in this Employment Agreement shall be considered and construed as separate and independent
covenants. Should any part or provision of any covenant be held invalid, void or unenforceable,
such invalidity, voidness or unenforceability shall not render invalid, void or unenforceable any
other part or provision of this Employment Agreement. If any portion of the foregoing provisions
is found to be invalid or unenforceable because its duration, the territory, the definition of
activities or the definition of information covered is considered to be invalid or unreasonable in
scope, the invalid or unreasonable term shall be redefined, or a new enforceable term provided,
such that the intent of the Company and Executive in agreeing to the provisions of this Employment
Agreement will not be impaired and the provision in question shall be enforceable to the fullest
extent of the applicable laws.

     (m) Reformation. The parties hereunder agree that it is their intention that the
provisions of this Section 7 be enforced in accordance with their terms to the maximum extent
possible under applicable law. The parties further agree that, in the event any tribunal of
competent jurisdiction shall find that any provision hereof is not enforceable in accordance with
its terms, the tribunal shall reform these covenants such that they shall be enforceable to the
maximum extent permissible at law.

13

 

SECTION 8. MISCELLANEOUS

     (a) Non-Exclusivity of Rights. Nothing in this Employment Agreement shall prevent or
limit Executive’s continuing or future participation in any employee benefit plan, program, policy
or practice provided by the Company and for which Executive may qualify, except as specifically
provided herein. Amounts which are vested benefits or which Executive is otherwise entitled to
receive under any employee benefit plan, policy, practice or program of the Company, its
subsidiaries or any of its affiliated companies at or subsequent to the Date of Termination (other
than severance benefits) shall be payable in accordance with such plan, policy, practice or program
except as explicitly modified by this Employment Agreement.

     (b) Notices. Notices and all other communications shall be in writing and shall be
deemed to have been duly given when personally delivered or when mailed by United States registered
or certified mail. Notices to the Company shall be sent to: Emageon Inc., 1200 Corporate Drive,
Suite 200, Birmingham, Alabama 35242. Attention: General Counsel. Notices and communications to
Executive shall be sent to the address Executive most recently provided to the Company.

     (c) No Waiver. No failure by either the Company or Executive at any time to give
notice of any breach by the other of, or to require compliance with, any condition or provision of
this Employment Agreement shall be deemed a waiver of any provisions or conditions of this
Employment Agreement.

     (d) Alabama Law. This Employment Agreement shall be governed by Alabama law without
reference to the choice of law principles thereof.

     (e) Assignment. This Employment Agreement shall be binding upon and inure to the
benefit of the Company and any successor to all or substantially all of the business or assets of
the Company. The Company may assign this Employment Agreement to any affiliate or successor, and
no such assignment shall be treated as a termination of Executive’s employment under this
Employment Agreement. Executive’s rights and obligations under this Employment Agreement are
personal and shall not be assigned or transferred.

     (f) Other Agreements. This Employment Agreement supercedes, replaces and merges any
and all previous agreements and understandings regarding all the terms and conditions of
Executive’s employment relationship with the Company, and this Employment Agreement constitutes the
entire agreement between the Company and Executive with respect to such terms and conditions.

     (g) Amendment. No amendment to this Employment Agreement shall be effective unless it
is in writing and signed by the Company and by Executive.

     (h) Invalidity. If any part of this Employment Agreement is held by a court of
competent jurisdiction to be invalid or otherwise unenforceable, the remaining part shall be
unaffected and shall continue in full force and effect, and the invalid or otherwise unenforceable
part shall be deemed not to be part of this Employment Agreement.

14

 

     (i) Disputes; Legal Fees; Indemnification.

     (1) Disputes — All claims by Executive for compensation and benefits under this
Employment Agreement shall be in writing and shall be directed to and be determined by the
Board. Any denial by the Board of a claim for benefits under this Employment Agreement
shall be provided in writing to Executive within 30 days of such decision and shall set
forth the specific reasons for the denial and the specific provisions of this Employment
Agreement relied upon. The Board shall afford a reasonable opportunity to Executive for a
review of its decision denying a claim and shall further allow Executive to appeal in
writing to the Board a decision of the Board within sixty (60) days after notification by
the Board that Executive’s claim has been denied. To the extent permitted by applicable
law, any further dispute or controversy arising under or in connection with this Employment
Agreement shall be settled exclusively by arbitration in Birmingham, Alabama, in accordance
with the commercial arbitration rules of the American Arbitration Association then in
effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction.

     (2) Legal Fees. If Executive terminates his employment for Good Reason or if
the Company involuntarily terminates Executive without Cause, then, in the event Executive
incurs legal fees and other expenses in seeking to obtain or to enforce any rights or
benefits provided by this Employment Agreement, the Company will reimburse Executive’s fees
and expenses as incurred quarterly, including, without limitation, reasonable attorneys’
fees and expenses, experts’ fees and expenses, investigative fees, and travel expenses, in
connection with such dispute, provided that (i) Executive provides the Company with written
documentation substantiating the amount of such fees and expenses, and (ii) Executive
prevails on at least one material issue in such dispute or an arbitrator does not determine
that Executive’s legal positions were frivolous or without legal foundation. The Company
will make such reimbursement payments quarterly based on the written substantiation
documentation submitted by Executive to the Company during the prior quarter. In no event
will any reimbursement be made later than the end of the calendar year next following the
calendar year in which the expense was incurred by Executive. Executive must provide such
written substantiation in time for the Company to make such reimbursement by such deadline.
In the event Executive does not so prevail or in the event of a determination by the
arbitrator that his legal positions were frivolous or without legal foundation (in either
case, a “Resolution”), Executive will repay to the Company any amounts previously reimbursed
by it within a reasonable period of time not to exceed 60 days following the date of the
Resolution. The amount of expenses eligible for reimbursement under this Section 8(i)(2)
during a calendar year will not affect the amount of expenses eligible for reimbursement
under this Section 8(i)(2) in another calendar year, and the right to such reimbursement is
not subject to liquidation or exchange for another benefit from the Company. Except to the
extent provided in the preceding sentence, each party shall pay its own legal fees and other
expenses associated with any dispute under this Employment Agreement.

     (3) Indemnification. During the Term of this Employment Agreement and after
Executive’s termination, the Company shall indemnify Executive and hold Executive harmless
from and against any claim, loss or cause of action arising from or

15

 

out of Executive’s performance as an officer, director or employee of the Company or
any of its subsidiaries or other affiliates or in any other capacity, including any
fiduciary capacity, in which Executive serves at the Company’s request, in each case to the
maximum extent permitted by law and under the Company’s Articles of Incorporation and
By-Laws (the “Governing Documents”), provided that in no event shall the protection afforded
to Executive hereunder be less than that afforded under the Governing Documents as in effect
on the date of this Employment Agreement except for changes mandated by law.

     IN WITNESS WHEREOF, the Company and Executive have executed this Employment Agreement as of
the date first above written to be effective on the Effective Date.

	 	 	 	 	 	 	 
	 	 	EMAGEON INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 /s/ Charles A. Jett, Jr.	 	 
	 

	 	 	 	 

Charles A. Jett, Jr.
	 	 
	 

	 	Its:
	 	President & Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	EXECUTIVE:	 	 
	 
	 	 	 	 /s/ Chris E. Perkins	 	 
	 	 	 	 	 
	 	 	Chris E. Perkins	 	 

16EX-4.1 Second Amended/Restated Warrant Agreement

 

EXHIBIT 4.1

SECOND AMENDED AND RESTATED WARRANT AGREEMENT

     This Second Amended and Restated Warrant Agreement (this “Agreement”) is made as of
December 6, 2007, by and between Liberty Acquisition Holdings Corp., a Delaware corporation, with
offices at 1114 Avenue of the Americas, 41st Floor, New York, New York 10036 (the
“Company”) and Continental Stock Transfer & Trust Company, a New York corporation, with
offices at 17 Battery Place, New York, New York 10004 (the “Warrant Agent”).

     WHEREAS, the Company and the Warrant Agent entered into that certain Warrant Agreement dated
as of August 9, 2007 (the “Original Agreement”); and

     WHEREAS, on August 9, 2007, the Company engaged in a private offering of units
(“Units”), each consisting of one share of common stock, par value $0.0001 per share, of
the Company (“Common Stock”) and one half (1/2) of one warrant (a “Warrant”), each
individual Warrant entitling the holder thereof to purchase one share of Common Stock for
$7.00 (the “Warrant Price”), subject to adjustment as described herein, to Berggruen
Acquisition Holdings Ltd (f/k/a Berggruen Freedom Holdings, Ltd.) (“Berggruen Holdings”),
Marlin Equities II, LLC (“Marlin Equities”), Paul B. Guenther, Nathan Gantcher and James N.
Hauslein (each a “Founder” and collectively, the “Founders”) and has determined to
issue and deliver an aggregate of 10,781,250 Warrants (the “Founders’ Warrants”) to be
included in units issued to the Founders; and

     WHEREAS, on November 9, 2007, the Company and the Warrant Agent amended Section 3.2 of the
Original Agreement to correct a scrivener’s error contained therein ( the “First Amendment”); and

     WHEREAS, on December 6, 2007 (the “Record Date”), the Company declared a dividend of its Units
pursuant to which each holder of Units on the Record Date received one additional Unit for each
five Units held by such holder on the Record Date, the effect of which included an increase in the
aggregate number of Founders’ Warrants to 12,937,500;

     WHEREAS, Section 9.8 of the Warrant Agreement provides that the Company and the Warrant Agent
may amend the Warrant Agreement without the consent of any Registered Holder (as defined below) for
the purpose adding or changing any provision contained herein as the parties may deem necessary or
desirable and that the parties deem shall not adversely affect the interest of the Registered
Holders; and

     WHEREAS, the Company and the Warrant Agent deem it necessary and desirable to amend the
First Amendment to reduce the Warrant Price from $7.00 to $5.50 and to extend the duration of the
Exercise Period from five years to six years; and

     WHEREAS, the Company may engage in an initial public offering (“Initial Public
Offering”) of Units and, in connection therewith, may issue and deliver up to 51,750,000
underlying Warrants to the public investors (“Public Warrants”), each of such Public
Warrants evidencing the right of the holder thereof to purchase one share of Common Stock for
$5.50, subject to adjustment as described herein; and

     WHEREAS, the Company has filed with the Securities and Exchange Commission a Registration
Statement on Form S-1 (“Registration Statement”) for the registration under the Securities
Act of 1933, as amended (“Act”) of, among other securities, the Units, the Common Stock and
the Public Warrants; and

1

 

     WHEREAS, if the Company engages in and consummates an Initial Public Offering, the Company
will contemporaneously engage in a private offering of Units to Berggruen Holdings and
Marlin Equities (each a “Sponsor” and collectively, the “Sponsors”) and, in
connection therewith, will enter into an agreement to sell an aggregate of (i) 12,000,000,
additional Warrants for $1.00 per Warrant, each evidencing the right of the holder thereof to
purchase one share of the Company’s Common Stock for $5.50, subject to adjustment as described
herein (the “Sponsors’ Warrants”) and (iii) 3,000,000 co-investment Warrants for $1.00 per
Warrant, each evidencing the right of the holder thereof to purchase one share of the Company’s
Common Stock for $5.50, subject to adjustment as described herein (the “Co-Investment
Warrants” and together with the Founders’ Warrants and the Sponsors’ Warrants, the “Private
Warrants”); and

     WHEREAS, if the Company engages in and consummates an Initial Public Offering, the Sponsors
would pay for, and the Company would issue and deliver, the Sponsors’ Warrants immediately prior to
the consummation of the Initial Public Offering; and

     WHEREAS, if the Company engages in and consummates an Initial Public Offering and consummates
a merger, capital stock exchange, asset acquisition or other similar business combination
(“Business Combination”), the Sponsors would pay for, and the Company would issue and
deliver, the Co-Investment Warrants immediately prior to the consummation of the Business
Combination; and

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

     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; and

     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 which 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:

     1. 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.

     2. Warrants.

          2.1 Form of Warrant. Each (i) Public Warrant shall be issued in registered form only
in substantially the form of Exhibit A hereto and (ii) Private Warrant shall be issued in
registered form only in substantially the form of Exhibit B hereto, in each case, the
provisions of which are incorporated herein and shall be signed by, or bear the facsimile signature
of, the Chairman of the board of directors (the “Board”) or Chief Executive Officer and
Treasurer, 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

2

 

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
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. 

               2.3.1 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
the 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 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 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 Warrant in its account, a
“Participant”).

          If the Depository subsequently ceases to make its book-entry settlement system available for
the Warrants, the Company may instruct the Warrant Agent regarding making other arrangements for
book-entry settlement. In the event that the Warrants are not eligible for, or it is no longer
necessary to have the 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”) in physical form evidencing such Warrants. Such definitive Warrant Certificates
shall be in the form annexed hereto as Exhibit A or Exhibit B, as applicable, with
appropriate insertions, modifications and omissions, as provided above.

               2.3.2 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 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 Unit of which such Warrant or part thereof was originally part of, as
registered upon the register relating to such 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 and of each Warrant represented thereby (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. The securities comprising the Units will not be
separately transferable until thirty-five days (or such earlier number of days as the underwriters
of the Initial Public Offering may permit) after the consummation of the Initial Public Offering
(or as soon as practicable thereafter) (the “Detachment Date”), subject to the Company
having filed a Current Report on Form 8-K, which includes an audited balance sheet reflecting the
receipt by the Company of the gross

3

 

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
such separate trading will begin.

          2.5 Public Warrants and Private Warrants. The Private Warrants shall have the same
terms and be in the same form as the Public Warrants, except that (i) the Founders’ Warrants will
become exercisable after consummation of a Business Combination if and when the last sales price of
the Common Stock exceeds $15.00 per share (the “Floor Price”) for any 20 trading days
within a 30 trading day period beginning 90 days after such Business Combination; (ii) (A) the
Founders’ Warrants will be non-redeemable so long as they are held by the Founders or their
Permitted Transferees (as defined below) and (B) the Sponsors’ Warrants will be non-redeemable so
long as they are held by the Sponsors or their Permitted Transferees; (iii) the Founders’ Warrants
and the Sponsors’ Warrants may be exercised at the option of the holder on a cashless basis and
(iv) the Sponsors’ Warrants and the Co-Investment Warrants will not be (and the Common Stock to be
issued upon exercise of these Warrants will not be) transferable or salable by the Sponsors or
their permitted transferees until one year after the Company consummates a Business Combination.
“Permitted Transferees” shall mean any of the Company’s officers, directors or employees,
or other persons or entities associated with such Founder or Sponsor (as the case may be) who agree
to become subject to the same transfer restrictions as such Founder or Sponsor upon receiving such
Private Warrants.

     3. 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
Warrant Agreement, to purchase from the Company the number of shares of Common Stock stated
therein, at the price of $5.50 per whole share, subject to the adjustments provided in Section
4 hereof and in the last sentence of this Section 3.1. The term “Warrant
Price” as used in this Warrant 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 for a period of not less than 10
Business Days; provided, however, that any such reduction shall be identical in percentage terms
among all of the Warrants. “Business Day” shall be any day where the Depository is open for
trading.

          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 or the first anniversary of the date of the final prospectus used in connection with
the Initial Public Offering, and terminating at 5:00 p.m., New York City time on the earlier to
occur of (i) the sixth anniversary of the Initial Public Offering consummation date; or (ii) the
date fixed for redemption of the Warrants as provided in Section 6 of this Agreement
(“Expiration Date”); provided, however that, (i) the Warrants shall not be exercisable and
the Company shall not be obligated to issue Common Stock unless, at the time a holder seeks to
exercise the Warrants, a prospectus relating to Common Stock issuable upon exercise of the Warrants
is current and the 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 the Warrants and (ii) in addition to the
exercise conditions set forth in this Section 3.2, the Founders’ Warrants may only become
exercisable following the Company’s completion of a Business Combination if and when 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 such Business Combination. Except with respect to the right to
receive the Redemption Price (as set forth in Section 6 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.

4

 

          3.3 Exercise of Warrants.

          3.3.1 Payment. Subject to the provisions of the Warrant and this Warrant 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, in the Borough of Manhattan, City and State of New
York, (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”) free 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 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 with respect to any Private Warrants
purchased by a Sponsor or Founder, so long as such Private Warrants are held by such Sponsor or
Founder or its affiliates, such holders may pay the Warrant Price by surrendering the Private
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 Warrant Price and the “Fair Market Value” (defined below) by (y) the Fair
Market Value. The “Fair Market Value” shall mean 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 NASD OTC Bulletin Board (or successor exchange), as the case may be, for
the ten consecutive trading days ending on the third trading day preceding the date the Private
Warrants are exercised; and provided further, however, that with respect to any outstanding
Warrants, in the event the Company calls such Warrants for redemption, the Company shall have the
option to require all (but not part) of the holders of those Warrants to exercise the Warrants on a
cashless basis, in which case the holder of such Warrants (including the Private 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 Warrant Price and the Redemption
Fair Market Value (defined below) by (y) the Redemption Fair Market Value. The “Redemption Fair
Market Value” shall mean the average reported last sale price of the Common Stock for the ten
consecutive trading days ending on the third trading day prior to the date on which the notice of
redemption is sent to holders of such Warrants.

               (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 Holder or 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 Holder and the Warrant Agent. Neither the Company nor the Warrant Agent shall have any
obligation to inform a Holder of the invalidity of any exercise of Warrants.

5

 

               (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 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. Eastern 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 as to the number
of Warrants exercised 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, 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 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 best efforts to cause its
transfer agent to electronically transmit the Shares issuable upon exercise to the Registered
Holder or Participant by crediting the account of Registered Holder’s prime broker with 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) Warrants may be exercised only in whole numbers of Shares. No fractional Shares of
Common Stock are to be issued upon the exercise of the Warrant, but rather the number of Shares to
be issued shall be rounded down to the nearest whole number. 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 Section 2 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
exercised, a notation shall be made to the records maintained by the Depository, its nominee for
each Book-Entry Warrant

6

 

Certificate, or a Participant, as appropriate, evidencing the balance of the Warrants
remaining after such exercise.

               (viii) The Company will pay all documentary stamp or other taxes or governmental charge
attributable to the initial issuance of Shares upon the exercise of Warrants; provided, however,
that the Company shall not be required to pay any stamp or other tax or governmental charge
required to be paid in connection with any transfer involved in the issue of the Shares in a name
other than that of the Registered Holder of a Warrant Certificate surrendered upon the exercise of
Warrants; and in the event that any such transfer is involved, the Company shall not be required to
issue or deliver any Shares until such tax or other charge shall have been paid or it has been
established to the Company’s satisfaction that no such tax or other charge is due.

               3.3.2 Issuance of Certificates. Subject to Section 7.4 of this Agreement, and
notwithstanding the foregoing, the Company shall not be obligated to deliver any securities
pursuant to the exercise of a Warrant unless (i) a registration statement under the Act with
respect to the Common Stock is effective or (ii) in the opinion of counsel to the Company, the
exercise of the Warrants is exempt from the registration requirements of the 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.

               3.3.3 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.

               3.3.4 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 date on which the Warrant was surrendered and payment of the Warrant Price was made,
irrespective of the date of delivery of such certificate, except that, if the date of such
surrender and payment is a date when the stock transfer books of the Company are closed, such
person shall be deemed to have become the holder of such shares at the close of business on the
next succeeding date on which the stock transfer books are open.

          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. As a result, any or all of the Warrants may expire worthless.

     4. Adjustments.

          4.1 Stock Dividends; Split-Ups. If after the date hereof, and subject to the
provisions of Section 4.6, 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 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 4.6, 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

7

 

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.

          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 Warrant 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 Warrant 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.

          4.5 Notices of Changes in Warrant. Upon every adjustment of the Warrant 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 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 or 4.4, then, in any such event, the Company shall give
written notice to the Warrant 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.

          4.6 No Fractional Shares. Notwithstanding any provision contained in this Warrant
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 Section 4, the holder of any Warrant
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 Warrant holder.

          4.7 Form of Warrant. The forms of Warrants need not be changed because of any
adjustment pursuant to this Section 4, 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

8

 

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.

          4.8 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 Warrant 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 after giving effect to any adjustment pursuant to this Article 4 which would be
required as a result of such action. Such notice shall be given as promptly as practicable after
the Board 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.

          4.9 Other Events. If any event occurs as to which the foregoing provisions of this
Article 4 are not strictly applicable or, if strictly applicable, would not, in the good faith
judgment of the Board, fairly and adequately protect the purchase rights of the Registered Holders
of the Warrants in accordance with the essential intent and principles of such provisions, then the
Board shall make such adjustments in the application of such provisions, in accordance with such
essential intent and principles, as shall be reasonably necessary, in the good faith opinion of the
Board, to protect such purchase rights as aforesaid.

     5. Transfer and Exchange of Warrants.

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

          5.2 Registration of Transfer. Subject to Section 5.2 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

9

 

shall issue in exchange therefor one or more 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 which 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 Section 5, and the Company, whenever
required by the Warrant Agent, will supply the Warrant Agent with Warrants duly executed on behalf
of the Company for such purpose.

     6. Redemption.

          6.1 Redemption. Subject to Section 6.4 hereof, not less than all of the
outstanding Warrants 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 $.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 twenty (20) trading days within any thirty (30) trading
day period ending on the third business day prior to the date on which notice of redemption is
given; and provided further, however, that with respect to the Founders’ Warrants and the Sponsors’
Warrants, such redemption right shall not be applicable so long as the Warrants are held by any of
the Founders or their Permitted Transferees. In the event the Company calls the Warrants for
redemption pursuant to this Section 6.1, the Company shall have the option to require all
(but not part) of the holders of those Warrants 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 (including the Private 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 Warrant Price of the Warrants and the Redemption Fair
Market Value by (y) the redemption fair market value.

          6.2 Date Fixed for, and Notice of,
Redemption. In the event the Company shall elect to redeem all of the Warrants permitted to be
redeemed 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 on the registration books. 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.

10

 

          6.3 Exercise After Notice of Redemption. The Redeemable Warrants may be exercised,
for cash or on a “cashless basis”, in accordance with Section 3 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 record 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 Section 6 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
is met, including the opportunity of the Redeemable Warrant holders to exercise prior to redemption
pursuant to Section 6.3.

     7. 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 or 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 Public Warrants and Founders’ Warrants issued
pursuant to this Agreement. To the extent that there are insufficient authorized but unissued
shares of Common Stock sufficient to permit the exercise in full of all Sponsors’ Warrant, the
Company shall use its best efforts to cause the stockholders to increase the number of its
authorized but unissued shares of Common Stock to such number that will be sufficient to permit the
exercise in full of all outstanding Sponsors’ 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 Act of, and it shall
take such action as may be necessary to qualify for sale, in those states in which the Warrants
were initially offered by the Company, the Common Stock issuable upon exercise of the Warrants. In
either case, the Company shall use its reasonable best 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 the Public Warrants in accordance with the provisions of this Agreement. The
Warrants shall not be exercisable and the Company shall not be obligated to issue Common Stock
unless, at the time a holder seeks to exercise the Warrants, a prospectus relating to Common Stock
issuable upon exercise of the

11

 

Warrants is current and the 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 the Warrants.

     8. 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 Warrants, but the Company shall not be
obligated to pay any transfer taxes in respect of the Warrants or such shares.

          8.2 Resignation,
Consolidation, or Merger of Warrant Agent.

               8.2.1 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 sixty (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 by the holder of the Warrant
(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.

               8.2.2 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.

               8.2.3 Merger or Consolidation of Warrant Agent. Any corporation 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.

               8.3.1 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 demand for all expenditures that the Warrant Agent may reasonably incur in the execution of
its duties hereunder.

12

 

               8.3.2 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.

               8.4.1 Reliance on Company Statement. Whenever in the performance of its duties under
this Warrant 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 President or
Chairman of the Board 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.

               8.4.2 Indemnity. 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.

               8.4.3 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 Section 4 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 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, 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, dated as of the date hereof, by and between the
Company and the Warrant Agent 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. 

     9. 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.

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          9.2 Notices. Any notice, statement or demand authorized by this Warrant Agreement to
be given or made by the Warrant Agent or by the holder of any Warrant 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 (5) 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:

Liberty Acquisition Holdings Corp.

1114 Avenue of the Americas

41st Floor

New York, New York 10036

Attn: Nicolas Berggruen

Any notice, statement or demand authorized by this Agreement to be given or made by the holder of
any Warrant 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:

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: Compliance Department

with a copy in each case to:

Greenberg Traurig, LLP

200 Park Avenue

New York, NY 10166

Facsimile: (212) 801-6400

Attn: Alan Annex, Esq.

and

Cleary Gottlieb Steen & Hamilton LLP

1 Liberty Plaza

New York, NY 10006

Facsimile: (212) 225-3999

Attn: Raymond B. Check, Esq.

and

Citigroup Global Markets Inc.

388 Greenwich Street

New York, NY 10014

Facsimile: (212) 723 — 8871

Attn: David Spivak

          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 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.
The Company hereby

14

 

waives any objection to such exclusive jurisdiction and that such courts
represent an inconvenience forum. Any such process or summons to be served upon the Company 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.

          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 and, for the purposes of Sections 2.5, 6.1,
6.4, 7.4, 9.2 and 9.8 hereof, the representative of the
underwriters, any right, remedy or claim under or by reason of this Warrant Agreement or of any
covenant, condition, stipulation, promise or agreement hereof. The representative of the
underwriters (on behalf of the underwriters) shall be deemed to be a third party beneficiary of
this Agreement with respect to Sections 2.5, 6.1, 6.4, 7.4,
9.2 and 9.8 hereof. All covenants, conditions, stipulations, promises and
agreements contained in this Warrant Agreement shall be for the sole and exclusive benefit of the
parties hereto (and the representative of the underwriters with respect to Sections 2.5,
6.1, 6.4, 7.4, 9.2 and 9.8 hereof) 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 Warrant Agreement and shall not affect the interpretation thereof.

          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
representative of the underwriters and 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, understandings, arrangements, promises and
commitments,

15

 

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, including without limitation the Original Agreement.

[Signatures Appear on Following Page]

16

 

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

	 	 	 	 	 
	 	 	LIBERTY ACQUISITION HOLDINGS CORP.
	 
	Attest:	 	 
	 
	 	 	 	 
	/s/ Alice
Vokshi 

	 	By:	 	/s/ NICOLAS BERGGRUEN 
	 

	 	 	 	 
	Alice
Vokshi

	 	Name:
	 	Nicolas Berggruen
	 

	 	Title:
	 	President
	 
	 	 	 	 
	Attest:	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 
	 	 	 	 
	/s/ John
Comer 

	 	By:	 	/s/ GREG DENMAN 
	 

	 	 	 	 
	John
Comer

	 	Name:
	 	Greg Denman
	 

	 	Title:
	 	Vice President

[Signature Page to Second Amended and Restated Warrant Agreement]

 

 

Exhibit A

Form of Public Warrant

     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 DECEMBER 6, 2007, 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 COMPANY’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

LIBERTY ACQUISITION HOLDINGS CORP.

CUSIP                     

WARRANT

THIS CERTIFIES THAT, for value received

is the registered holder of a Warrant or Warrants expiring on the sixth anniversary of the Initial
Public Offering consummation date (unless earlier redeemed in accordance with the terms hereof)
(the “Warrant”) to purchase one fully paid and non-assessable share of Common Stock, par
value $0.0001 per share (“Shares”), of Liberty Acquisition Holdings Corp., a Delaware
corporation (the “Company”), for each Warrant evidenced by this Warrant Certificate. The
Warrant entitles the holder thereof to purchase from the Company, commencing on the later of (i)
the Company’s completion of a business combination with a target business or (ii) one year from the
date of the final prospectus used in connection with the Initial Public Offering, such number of
Shares of the Company at the price of $5.50 per share, upon surrender of this Warrant Certificate
and payment of the Warrant Price at the office or agency of the Warrant Agent, Continental Stock
Transfer & Trust Company (such payment to be made by check made payable to the Warrant Agent), but
only subject to the conditions set forth herein and in the Warrant Agreement between the Company
and Continental Stock Transfer & Trust Company. The Warrant Agreement provides that upon the
occurrence of certain events the Warrant Price and the number of Warrant Shares purchasable
hereunder, set forth on the face hereof, 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 may
be purchased at the time the Warrant is exercised.

     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, the Company shall,
upon exercise, round up to the nearest whole number the number of Shares to be issued to the
warrant holder.

A-1

 

     Upon any exercise of the Warrant for less than the total number of full Shares provided for
herein, there shall be issued to the registered holder hereof or his assignee a new Warrant
Certificate covering the number of Shares 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 Warrants, 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 twenty (20) trading days within
any thirty (30) trading day period ending on the third business day prior to the date on which
notice of redemption is given; and provided further, however, that with respect to the Founders’
Warrants and the Sponsors’ Warrants, such redemption right shall not be applicable to (i) the
Founders’ Warrants, so long as such Founders’ Warrants are held by the Founder or its Permitted
Transferees and (ii) the Sponsors’ Warrants, so long as such Sponsors’ Warrants are held by the
Sponsor or its Permitted Transferee. In the event the Company calls the Warrants for redemption
pursuant to this Section 6.1, the Company shall have the option to require all (but not part) of
the holders of those Warrants 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
(including the Private 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
Warrant Price of the Warrants and the Redemption Fair Market Value (defined below) by (y) the
redemption fair market value. The “Redemption Fair Market Value” shall mean the average
reported last sale price of the Common Stock for the ten consecutive trading days ending on the
third trading day prior to the date on which the notice of redemption is sent to holders of the
Warrants. 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.

	 	 	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:
	 	 	 	Name:	 	 
	 

	 	 	 	 
	 	 	 	 
	 

	 	Title:
	 	 	 	Title:	 	 
	 

	 	 	 	 
	 	 	 	 

A-2

 

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)

A-3

 

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.

A-4

 

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
“ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE TRANSFERRED IN
VIOLATION OF SUCH ACT AND LAWS, OR AN EXEMPTION FROM REGISTRATION THEREFROM.

THE SECURITIES REPRESENTED BY THIS WARRANT CERTIFICATE (INCLUDING THE SECURITIES ISSUABLE UPON THE
EXERCISE OF THE WARRANT) ARE SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER AND THE TERMS AND
CONDITIONS SET FORTH IN THE SECOND AMENDED AND RESTATED WARRANT AGREEMENT DATED AS OF DECEMBER 6,
2007, 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 COMPANY’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

LIBERTY ACQUISITION HOLDINGS CORP.

CUSIP                     

WARRANT

THIS CERTIFIES THAT, for value received

is the registered holder of a Warrant or Warrants expiring on the sixth anniversary of the Initial
Public Offering consummation date (unless earlier redeemed in accordance with the terms hereof)
(the “Warrant”) to purchase one fully paid and non-assessable share of Common Stock, par
value $0.0001 per share (“Shares”), of Liberty Acquisition Holdings Corp., a Delaware
corporation (the “Company”), for each Warrant evidenced by this Warrant Certificate. The
Warrant entitles the holder thereof to purchase from the Company, commencing on the later of (i)
the Company’s completion of a business combination with a target business or (ii) one year from the
date of the final prospectus used in connection with the Initial Public Offering, such number of
Shares of the Company at the price of $5.50 per share, upon surrender of this Warrant Certificate
and payment of the Warrant Price at the office or agency of the Warrant Agent, Continental Stock
Transfer & Trust Company (such payment to be made by check made payable to the Warrant Agent), but
only subject to the conditions set forth herein and in the Warrant Agreement between the Company
and Continental Stock Transfer & Trust Company and the availability of sufficient authorized but
unissued shares of the Company’s Common Stock. The Warrant Agreement provides that upon the
occurrence of certain events the Warrant Price and the number of Warrant Shares purchasable
hereunder, set forth on the face hereof, may, subject to certain conditions, be

B-1

 

adjusted. The term Warrant Price as used in this Warrant Certificate refers to the price per Share
at which Shares may be purchased at the time the Warrant is exercised.

     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, 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 provided for
herein, there shall be issued to the registered holder hereof or his assignee a new Warrant
Certificate covering the number of Shares 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 Warrants, 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 twenty (20) trading days within
any thirty (30) trading day period ending on the third business day prior to the date on which
notice of redemption is given; and provided further, however, that with respect to the Founders’
Warrants and the Sponsors’ Warrants, such redemption right shall not be applicable to (i) the
Founders’ Warrants, so long as such Founders’ Warrants are held by the Founder or its Permitted
Transferees and (ii) the Sponsors’ Warrants, so long as such Sponsors’ Warrants are held by the
Sponsor or its Permitted Transferee. In the event the Company calls the Warrants for redemption
pursuant to this Section 6.1, the Company shall have the option to require all (but not part) of
the holders of those Warrants 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
(including the Private 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
Warrant Price of the Warrants and the Redemption Fair Market Value (defined below) by (y) the
redemption fair market value. The “Redemption Fair Market Value” shall mean the average
reported last sale price of the Common Stock for the ten consecutive trading days ending on the
third trading day prior to the date on which the notice of redemption is sent to holders of the
Warrants. Any Warrant either not exercised or tendered back to the

B-2

 

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.

	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 

	 	 

Name:
	 	 	 	 

Name:
	 

	 	Title:
	 	 	 	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)

B-4

 

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.

B-5

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