Document:

STOCK ESCROW AGREEMENT

          STOCK ESCROW AGREEMENT, dated as of _____________, 2006 ("Agreement"),
by and among ASCEND ACQUISITION CORP., a Delaware corporation ("Company"), DON
K. RICE, RUSSELL C. BALL III, STEPHEN L. BROWN and ARTHUR SPECTOR (collectively
"Initial Stockholders") and CONTINENTAL STOCK TRANSFER & TRUST COMPANY, a New
York corporation ("Escrow Agent").

          WHEREAS, the Company has entered into an Underwriting Agreement, dated
__________, 2006 ("Underwriting Agreement"), with EarlyBirdCapital, Inc.
("EBC"), pursuant to which, among other matters, EBC has agreed to purchase
6,000,000 units ("Units") of the Company. Each Unit consists of one share of the
Company's common stock, par value $.0001 per share ("Common Stock"), and two
Warrants, each Warrant to purchase one share of Common Stock, all as more fully
described in the Company's final Prospectus, dated _________, 2006
("Prospectus") comprising part of the Company's Registration Statement on Form
S-1 (File No. 333-131529) under the Securities Act of 1933, as amended
("Registration Statement"), declared effective on ________, 2006 ("Effective
Date").

          WHEREAS, the Initial Stockholders have agreed as a condition of the
sale of the Units to deposit their shares of Common Stock of the Company, as set
forth opposite their respective names in Exhibit A attached hereto (collectively
"Escrow Shares"), in escrow as hereinafter provided.

          WHEREAS, the Company and the Initial Stockholders desire that the
Escrow Agent accept the Escrow Shares, in escrow, to be held and disbursed as
hereinafter provided.

          IT IS AGREED:

     1. Appointment of Escrow Agent. The Company and the Initial Stockholders
hereby appoint the Escrow Agent to act in accordance with and subject to the
terms of this Agreement and the Escrow Agent hereby accepts such appointment and
agrees to act in accordance with and subject to such terms.

     2. Deposit of Escrow Shares. On or before the Effective Date, each of the
Initial Stockholders shall deliver to the Escrow Agent certificates representing
his respective Escrow Shares, to be held and disbursed subject to the terms and
conditions of this Agreement. Each Initial Stockholder acknowledges that the
certificate representing his Escrow Shares is legended to reflect the deposit of
such Escrow Shares under this Agreement.

     3. Disbursement of the Escrow Shares. The Escrow Agent shall hold the
Escrow Shares until the third anniversary of the Effective Date ("Escrow
Period"), on which date it shall, upon written instructions from each Initial
Stockholder, disburse each of the Initial Stockholder's Escrow Shares (and any
applicable stock power) to such Initial Stockholder; provided, however, that if
the Escrow Agent is notified by the Company pursuant to Section 6.7 hereof that
the Company is being liquidated at any time during the Escrow Period, then the
Escrow Agent shall promptly destroy the certificates representing the Escrow
Shares; provided further, however, that if, after the Company consummates a
Business Combination (as such term is defined in the Registration Statement), it
(or the surviving entity) subsequently consummates a liquidation, merger, stock
exchange or other similar transaction which results in all of the stockholders
of such entity having the right to exchange their shares of Common Stock for
cash, securities or other

property, then the Escrow Agent will, upon receipt of a certificate, executed by
the Chief Executive Officer of the Company, in form reasonably acceptable to the
Escrow Agent, that such transaction is then being consummated, release the
Escrow Shares to the Initial Stockholders upon consummation of the transaction
so that they can similarly participate. The Escrow Agent shall have no further
duties hereunder after the disbursement or destruction of the Escrow Shares in
accordance with this Section 3.

     4. Rights of Initial Stockholders in Escrow Shares.

          4.1 Voting Rights as a Stockholder. Subject to the terms of the
Insider Letter described in Section 4.4 hereof and except as herein provided,
the Initial Stockholders shall retain all of their rights as stockholders of the
Company during the Escrow Period, including, without limitation, the right to
vote such shares.

          4.2 Dividends and Other Distributions in Respect of the Escrow Shares.
During the Escrow Period, all dividends payable in cash with respect to the
Escrow Shares shall be paid to the Initial Stockholders, but all dividends
payable in stock or other non-cash property ("Non-Cash Dividends") shall be
delivered to the Escrow Agent to hold in accordance with the terms hereof. As
used herein, the term "Escrow Shares" shall be deemed to include the Non-Cash
Dividends distributed thereon, if any.

          4.3 Restrictions on Transfer. During the Escrow Period, no sale,
transfer or other disposition may be made of any or all of the Escrow Shares
except (i) by gift to a member of Initial Stockholder's immediate family or to a
trust, the beneficiary of which is an Initial Stockholder or a member of an
Initial Stockholder's immediate family, (ii) by virtue of the laws of descent
and distribution upon death of any Initial Stockholder, or (iii) pursuant to a
qualified domestic relations order; provided, however, that such permissive
transfers may be implemented only upon the respective transferee's written
agreement to be bound by the terms and conditions of this Agreement and of the
Insider Letter signed by the Initial Stockholder transferring the Escrow Shares.

          4.4 Insider Letters. Each of the Initial Stockholders has executed a
letter agreement with EBC and the Company, dated as indicated on Exhibit A
hereto, and which is filed as an exhibit to the Registration Statement ("Insider
Letter"), respecting the rights and obligations of such Initial Stockholder in
certain events, including but not limited to the liquidation of the Company.

     5. Concerning the Escrow Agent.

          5.1 Good Faith Reliance. The Escrow Agent shall not be liable for any
action taken or omitted by it in good faith and in the exercise of its own best
judgment, and may rely conclusively and shall be protected in acting upon any
order, notice, demand, certificate, opinion or advice of counsel (including
counsel chosen by the Escrow Agent), statement, instrument, report or other
paper or document (not only as to its due execution and the validity and
effectiveness of its provisions, but also as to the truth and acceptability of
any information therein contained) which is believed by the Escrow Agent to be
genuine and to be signed or presented by the proper person or persons. The
Escrow Agent shall not be bound by any notice or demand, or any waiver,
modification, termination or rescission of this Agreement unless evidenced by a
writing delivered to the Escrow Agent signed by the proper party or parties and,
if the duties or rights of the Escrow

                                        2

Agent are affected, unless it shall have given its prior written consent
thereto.

          5.2 Indemnification. The Escrow Agent shall be indemnified and held
harmless by the Company from and against any expenses, including counsel fees
and disbursements, or loss suffered by the Escrow Agent in connection with any
action, suit or other proceeding involving any claim which in any way, directly
or indirectly, arises out of or relates to this Agreement, the services of the
Escrow Agent hereunder, or the Escrow Shares held by it hereunder, other than
expenses or losses arising from the gross negligence or willful misconduct of
the Escrow Agent. Promptly after the receipt by the Escrow Agent of notice of
any demand or claim or the commencement of any action, suit or proceeding, the
Escrow Agent shall notify the other parties hereto in writing. In the event of
the receipt of such notice, the Escrow Agent, in its sole discretion, may
commence an action in the nature of interpleader in an appropriate court to
determine ownership or disposition of the Escrow Shares or it may deposit the
Escrow Shares with the clerk of any appropriate court or it may retain the
Escrow Shares pending receipt of a final, non-appealable order of a court having
jurisdiction over all of the parties hereto directing to whom and under what
circumstances the Escrow Shares are to be disbursed and delivered. The
provisions of this Section 5.2 shall survive in the event the Escrow Agent
resigns or is discharged pursuant to Sections 5.5 or 5.6 below.

          5.3 Compensation. The Escrow Agent shall be entitled to reasonable
compensation from the Company for all services rendered by it hereunder. The
Escrow Agent shall also be entitled to reimbursement from the Company for all
expenses paid or incurred by it in the administration of its duties hereunder
including, but not limited to, all counsel, advisors' and agents' fees and
disbursements and all taxes or other governmental charges.

          5.4 Further Assurances. From time to time on and after the date
hereof, the Company and the Initial Stockholders shall deliver or cause to be
delivered to the Escrow Agent such further documents and instruments and shall
do or cause to be done such further acts as the Escrow Agent shall reasonably
request to carry out more effectively the provisions and purposes of this
Agreement, to evidence compliance herewith or to assure itself that it is
protected in acting hereunder.

          5.5 Resignation. The Escrow Agent may resign at any time and be
discharged from its duties as escrow agent hereunder by its giving the other
parties hereto written notice and such resignation shall become effective as
hereinafter provided. Such resignation shall become effective at such time that
the Escrow Agent shall turn over to a successor escrow agent appointed by the
Company, the Escrow Shares held hereunder. If no new escrow agent is so
appointed within the 60 day period following the giving of such notice of
resignation, the Escrow Agent may deposit the Escrow Shares with any court it
reasonably deems appropriate.

          5.6 Discharge of Escrow Agent. The Escrow Agent shall resign and be
discharged from its duties as escrow agent hereunder if so requested in writing
at any time by the other parties hereto, jointly, provided, however, that such
resignation shall become effective only upon acceptance of appointment by a
successor escrow agent as provided in Section 5.5.

          5.7 Liability. Notwithstanding anything herein to the contrary, the
Escrow Agent shall not be relieved from liability hereunder for its own gross
negligence or its own willful misconduct.

                                        3

     6. Miscellaneous.

          6.1 Governing Law. This Agreement shall for all purposes be deemed to
be made under and shall be construed in accordance with the laws of the State of
New York, without giving effect to conflicts of law principles that would result
in the application of the substantive laws of another jurisdiction.

          6.2 Intentionally Omitted.

          6.3 Entire Agreement. This Agreement contains the entire agreement of
the parties hereto with respect to the subject matter hereof and, except as
expressly provided herein, may not be changed or modified except by an
instrument in writing signed by the party to the charged.

          6.4 Headings. The headings contained in this Agreement are for
reference purposes only and shall not affect in any way the meaning or
interpretation thereof.

          6.5 Binding Effect. This Agreement shall be binding upon and inure to
the benefit of the respective parties hereto and their legal representatives,
successors and assigns.

          6.6 Notices. Any notice or other communication required or which may
be given hereunder shall be in writing and either be delivered personally or be
mailed, certified or registered mail, or by private national courier service,
return receipt requested, postage prepaid, and shall be deemed given when so
delivered personally or, if mailed, two days after the date of mailing, as
follows:

          If to the Company, to:

               Ascend Acquisition Corp.
               435 Devon Park Drive, Building 400
               Wayne, Pennsylvania 19087
               Attn: Chairman

          If to a Stockholder, to his address set forth in Exhibit A.

          and if to the Escrow Agent, to:

               Continental Stock Transfer & Trust Company
               17 Battery Place
               New York, New York 10004
               Attn: Chairman

A copy of any notice sent hereunder shall be sent to:

               Foley & Lardner LLP
               111 Huntington Avenue
               Boston, Massachusetts 02199
               Attn: Paul D. Broude, Esq.

                                        4

          and:

               EarlyBirdCapital, Inc.
               275 Madison Avenue, Suite 1203
               New York, New York 10016
               Attn: David M. Nussbaum, Chairman

          and:

               Graubard Miller
               The Chrysler Building
               405 Lexington Avenue
               New York, New York 10174
               Attn: David Alan Miller, Esq.

          The parties may change the persons and addresses to which the notices
or other communications are to be sent by giving written notice to any such
change in the manner provided herein for giving notice.

          6.7 Liquidation of the Company. The Company shall give the Escrow
Agent written notification of the liquidation and dissolution of the Company in
the event that the Company fails to consummate a Business Combination within the
time period(s) specified in the Prospectus.

                                        5

          WITNESS the execution of this Agreement as of the date first above
written.

                                        ASCEND ACQUISITION CORP.

                                        By:
                                            ------------------------------------
                                            Don K. Rice
                                            Chief Executive Officer

                                            INITIAL STOCKHOLDERS:

                                            ------------------------------------
                                            Don K. Rice

                                            ------------------------------------
                                            Russell C. Ball III

                                            ------------------------------------
                                            Stephen L. Brown

                                            ------------------------------------
                                            Arthur Spector

                                            CONTINENTAL STOCK TRANSFER
                                               & TRUST COMPANY

                                            By:
                                                --------------------------------
                                                Name:
                                                Title:

                                        6

                                    EXHIBIT A

Name and Address of Initial              Number           Stock              Date of
Stockholder                            of Shares    Certificate Number    Insider Letter
-----------------------------------   -----------   ------------------   ----------------

Don K. Rice                            1,191,429            1            January 13, 2006
Ascend Acquisition Corp.
435 Devon Park Drive, Building 400
Wayne, Pennsylvania 19087

Russell C. Ball III                      102,857            2            January 13, 2006
AMC Group
555 Croton Road
King of Prussia, Pennsylvania 19406

Stephen L. Brown                         102,857            3            January 30, 2006
Brimco LLC
450 Park Avenue
New York, New York 10022

Arthur Spector                           102,857            4            January 13, 2006
Safeguard International
435 Devon Park Drive, Building 400
Wayne, Pennsylvania 19087EX-10.12 PAYMENT AGREEMENT

 

EXHIBIT 10.12

PAYMENT AGREEMENT

IN THE EVENT OF A CHANGE OF CONTROL

This PAYMENT AGREEMENT IN THE EVENT OF A CHANGE OF CONTROL (the “Agreement”) is dated January 31,
2006 between W Holding Company, Inc. and Westernbank Puerto Rico (the “Company” and “Bank”) and Mr.
Ricardo Cortina (the “Employee”).

     WHEREAS, the Employee is currently serving as First Vice-President and the Chief Lending
Officer of the Bank; and

     WHEREAS, the Board believes that it is in the best interests of the Company and the Bank to
encourage the Employee’s continued employment with dedication to the Bank in the face of
potentially distracting circumstances arising from the remote possibility of a change in control of
the Company and or Bank, although no such change is now thought of or contemplated; and

     WHEREAS, the parties desire to enter into this Agreement setting forth the terms and
conditions for the payment of special compensation to the Employee in the event of a termination of
the Employee’s employment in connection with or as a result of a change in control;

     NOW THEREFORE, it is AGREED as follows:

	1.	 	Term. The initial term of this Agreement shall be for a two (2) year period
commencing on the date hereof. This Agreement shall be automatically renewed for one (1)
additional year on the first and each subsequent anniversary date of this Agreement, unless
the Company and or Bank gives contrary written notice to the Employee sixty (60) days prior to
such renewal date. References herein to the term of this Agreement shall include the initial
term and any additional years for which this Agreement is renewed.
	 
	2.	 	Termination of Employment in Connection with a Change in Control.

	 	(a)	 	If during the term of this Agreement there is a change in control of the Company and or
the Bank, the Employee shall be entitled to receive as a special compensation a lump sum
cash payment as provided for herein, in connection with or within one (1) year after a
“Change in Control” (as defined below) in the event the Employee’s employment is terminated
voluntarily by the Employee or involuntarily by the Company and or the Bank without cause
in connection with or within one (1) year after a change in control has occurred. The
amount of this payment shall be equal to three (3) times the annual base compensation,
year-end Christmas bonus, and special bonuses, if any, paid to the Employee by the Company
and or Bank during the calendar year preceding the year in which the Change in Control
occurs. Payment under this Section 2(a) shall be in lieu of any amount that may be
otherwise owed to the

 

 

	 	 	 	employee as damages for the loss of employment, in the event that
such loss occurs. Payment under this Section 2(a) shall not be reduced by any compensation
which the Employee may receive from other employment with another employer after
termination of the Employee’s employment with the Company and or Bank, if such termination
occurs. No payment hereunder shall affect the Employee’s entitlement to any vested
benefits or other compensation payments.

	(b)	 	For purposes of this Agreement, a “Change in Control” shall be deemed to have occurred if:

	 	(i)	 	Twenty-five (25) percent or more of ownership, control, power to
vote, or beneficial ownership of any class of voting securities of the Company
and or Bank is acquired by any person, either directly or indirectly or acting
through one or more other persons;
	 
	 	(ii)	 	any person (other than any person named as a proxy in connection
with any solicitation on behalf of the Board) holds revocable or irrevocable
proxies, as to the election or removal of three (3) or more Directors of the
Company and or Bank, for twenty-five (25) percent or more of the total number of
voting shares of the Company and or Bank;
	 
	 	(iii)	 	any person has received all applicable regulatory approvals to
acquire control of the Company and or Bank;
	 
	 	(iv)	 	any person has commenced a cash tender or exchange offer, or
entered into an agreement or received an option, to acquire beneficial ownership
of twenty-five (25) percent or more of the total number of voting shares of the
Company and or Bank, whether or not any requisite regulatory approval for such
acquisition has been received, provided that a Change in Control will not be
deemed to have occurred under this clause (iv) unless the Board has made a
determination that such action constitutes or will constitute a Change in
control; or
	 
	 	(v)	 	as the result of, or in connection with, any cash tender or
Exchange offer, merger, or other business combination, sale of assets or
contested election, or any combination of the foregoing transaction, (A) the
persons who were directors of the Company and or Bank before such transaction
shall cease to constitute at least a majority of the Board or its successor, or
(B) the persons who were stockholders of the Company and or Bank immediately
before such transaction do not own more than fifty (50) percent of the
outstanding voting stock of the Company and or Bank or its successor immediately
after such transaction.

 

 

	 	 	 	For purposes of this Section, a “person” includes an individual,
corporation, partnership, trust, association, joint venture, pool, syndicate,
unincorporated organization, joint-stock company or similar organization or
entity or group acting in concert. A person for these purposes shall be deemed
to be a “beneficial owner” as that term is used in Rule 13d-3 under the
Securities Exchange Act of 1934.

	3.	 	No Assignments. This Agreement is personal to each of the parties hereto. No party
may assign or delegate any rights or obligations hereunder without first obtaining the written
consent of the other party hereto. However, in the event of the death of the Employee, all
rights to receive payments hereunder shall become rights of the Employee’s estate claimable
within a twelve (12) month period following the date of death of the Employee.
	 
	4.	 	Amendments or Additions: Action by Board of Directors. No amendments or additions
to this Agreement shall be binding unless in writing and signed by both parties hereto. The
prior approval by a majority affirmative vote of the full Board shall be required in order for
the Bank to authorize any amendments or additions to this Agreement.
	 
	5.	 	Section Headings. The section headings used in this Agreement are included solely
for convenience and shall not affect, or be used in connection with, the interpretation of
this Agreement.
	 
	6.	 	Compensation. The special compensation to be received as agreed to herein shall not
exceed in any event $1.5 million.
	 
	7.	 	Governing Law. This Agreement shall be governed by the laws of the United States to
the extent applicable because of the Bank’s status as a federally insured financial
institution and otherwise by the laws of the Commonwealth of Puerto Rico.

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	  WESTERNBANK Puerto Rico

	 
	 	 	 	 	 	 	 	 
	Attest:

	 	/s/ César Ruiz
	 	 
	 	By:
	 	/s/ Frank C. Stipes
	 

	 	 
	 	 	 	 	 	 
	 

	 	(Secretary)
	 	 	 	 	 	(Chairman of the Board)
	 

	 	César Ruiz
	 	 	 	 	 	Frank C. Stipes
	 

	 	W Holding Company, Inc.
	 	 	 	 	 	W Holding Company, Inc.
	 

	 	Westernbank Puerto Rico
	 	 	 	 	 	Westernbank Puerto Rico
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	  Employee:

	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	/s/ Ricardo Cortina
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Ricardo Cortina

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