Document:

Form of Stock Escrow Agreement

 Exhibit 10.3 
 STOCK ESCROW AGREEMENT 
 This STOCK ESCROW AGREEMENT, dated as of
                         , 2007 (the “Agreement”) is entered into by and among Dekania Corp., a
Delaware corporation (“Company”), the undersigned parties listed as Initial Stockholders on the signature page hereto (collectively, the “Initial Stockholders”) and American Stock Transfer & Trust Company,
a New York corporation (“Escrow Agent”). 
 WHEREAS, the Company has entered into an Underwriting Agreement, dated
                    , 2007 (the “Underwriting Agreement”) with Merrill Lynch, Pierce, Fenner & Smith Incorporated
(“Merrill Lynch”) and Maxim Group LLC (“Maxim”), acting as representatives of the several underwriters (collectively, with Merrill Lynch and Maxim, the “Underwriters”), pursuant to which, among
other matters, the Underwriters have agreed to purchase 9,700,000 units (not including the Underwriters’ over-allotment option) (the “Units”) of the Company, with each Unit consisting of one share of the Company’s common
stock, par value $.0001 per share (the “Common Stock”), and one warrant (“Warrant”), with each Warrant being exercisable to purchase one share of Common Stock, all as more fully described in the Company’s final
prospectus, dated                     , 2007 (“Prospectus”) comprising part of the Company’s Registration Statement on
Form S-1 (File No. 333-134776) (as amended, the “Registration Statement”) under the Securities Act of 1933, as amended, declared effective on
                    , 2007 (the “Effective Date”); 
 WHEREAS, the Initial Stockholders have agreed as a condition of the Underwriters’ obligation to purchase the Units pursuant to the
Underwriting Agreement and to offer them to the public to (i) deposit all of their shares of Common Stock of the Company, as set forth opposite their respective names in Exhibit A attached hereto (collectively, the “Escrow Common
Shares”), and (ii) deposit all of their shares of common stock of the Company to be issued upon exercise of the incentive warrants issued to the Initial Stockholders as of the date hereof (collectively, the “Escrow Warrant
Shares”, and together with the Escrow Common Shares, the “Escrow Shares”), in escrow as hereinafter provided; and 
 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. 
 NOW, THEREFORE, in consideration of the foregoing, of the mutual agreements herein contained, and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the Company, each Initial Stockholder and the Escrow Agent hereby agree as follows: 
 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. 
 2.1 Deposit of Escrow Common Shares. On or before the Effective Date, each of the Initial Stockholders shall have delivered to the Escrow Agent
certificates representing such Initial Stockholder’s Escrow Common Shares, to be held and disbursed subject to the terms and conditions of this Agreement. Each Initial Stockholder acknowledges that the certificate representing such Initial
Stockholder’s Escrow Common Shares is legended to reflect the deposit of such Escrow Common Shares under this Agreement, it being agreed that such legends shall be removed upon the disbursement of the Escrow Common Shares as described in
Section 3 below. 
 2.2 Deposit of Escrow Warrant Shares. Upon exercise of any of the Initial Stockholders’ incentive
warrants, each of the exercising Initial Stockholders shall direct the Company to deliver to the Escrow Agent certificates representing such Initial Stockholder’s Escrow Warrant Shares, to be held and disbursed solely subject to the terms of
this Agreement. The Company acknowledges that each certificate representing such Escrow Warrant Shares will be legended to reflect the deposit of such Escrow Warrant Shares under this Agreement, it being agreed that such legends shall be removed
upon the disbursement of the Escrow Warrant Shares as described in Section 3 below. 
  

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 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 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; and, provided further, that if, after the Company consummates a Business Combination (as such term is defined in the Registration Statement), it (or the surviving entity) consummates a liquidation,
merger, stock exchange or other similar transaction which results in all of its stockholders, or the stockholders of the surviving entity, having the right to exchange their shares of Common Stock for cash, securities or other property, then the
Escrow Agent will, upon consummation of such transaction, release the Escrow Shares to the Initial Stockholders 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 or other distributions made by the Company during the Escrow Period payable in shares of Common Stock, or until the business combination (as defined in the Registration
Statement), 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 an individual Initial Stockholder’s immediate family or to a trust or other entity, the beneficiary of which is an Initial Stockholder or a
member of an Initial Stockholder’s immediate family, (ii) to any Individual Stockholder’s spouse pursuant to judicially sanctioned domestic relations order or agreement or (iii) by virtue of the laws of descent and distribution
upon death of an individual Initial Stockholder; 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. During the Escrow Period, the Initial Stockholders shall not pledge or grant a security interest in the Escrow Shares or grant a security interest in their
rights under this Agreement. 
  

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 4.4 Insider Letters. Each of the Initial Stockholders has executed a letter agreement with Merrill
Lynch, Maxim and the Company, dated as of the Effective Date, and which is filed as an exhibit to the Registration Statement, regarding the rights and obligations of such Initial Stockholders in certain events described therein, including, without
limitation, upon the liquidation of the Company (such letter agreement, the “Insider Letter”). 
 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 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, as set forth on Exhibit B hereto. 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. 
  

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 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 the Escrow Shares held hereunder to a successor escrow agent appointed by the Company, which appointment shall be subject to the prior written
approval of Merrill Lynch and Maxim, such approval not to be unreasonably withheld, conditioned or delayed. Any successor escrow agent appointed by the Company shall be a nationally recognized stock transfer agent or commercial bank. If Merrill
Lynch and Maxim have not approved or notified the Company of their disapproval of such qualified successor escrow agent (stating the reasons for such disapproval) within 30 days of written notification from the Company of its appointment of such
successor escrow agent, the Company’s appointment of such successor escrow agent shall be deemed approved by Merrill Lynch and Maxim. 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 a State or Federal court located in New York County, New York. 
 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 the appointment by a successor escrow agent as provided for 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. 
 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. Each of the parties hereby agrees that any action, proceeding or claim against it arising out of
or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York located in New York County or the United States District Court for the Southern District of New York, and irrevocably submits to such
jurisdiction, which jurisdiction shall be exclusive. Each of the parties hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. 
 6.2 Third Party Beneficiaries. Each of the Initial Stockholders hereby expressly acknowledges and agrees that the Underwriters are third party
beneficiaries of this Agreement and this Agreement may not be modified, amended or changed without the prior written consent of Merrill Lynch and Maxim. Each of the Initial Stockholders further expressly acknowledges and agrees that, during the
Escrow Period, upon exercise of their individually-owned incentive warrants, notification of such exercise will be sent to the Underwriters and their counsel and to the Escrow Agent as set forth in Section 6.6 herein. 
  

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 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 be 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 by private national courier service, or be mailed, certified or registered mail, return receipt requested, postage prepaid or via facsimile, and shall be deemed given
when so delivered personally or, if sent by private national courier service, on the next business day after delivery to the courier, or, if mailed, two business days after the date of mailing, or if sent via facsimile, the next business day after
transmission of the facsimile, as follows: 
 If to the Company, to: 
 Dekania Corp. 
 2929 Arch Street, Suite 1703

 Philadelphia, Pennsylvania 19104 
 Attn: Thomas H. Friedberg 
 Fax No.: (215) 701-9555 
 If to a Stockholder, to his address set forth in Exhibit A. 
 and if to the Escrow Agent, to: 
 American Stock Transfer & Trust Company 
 59 Maiden Lane, Plaza Level 
 New York, New
York 10038 
 Attn: Herbert Lemmer 
 Fax No.: (718) 331-1852 
 A copy of any notice sent hereunder shall be sent to: 
 Ellenoff Grossman & Schole LLP 
 370
Lexington Avenue, 19th Floor 
 New York, New York 10017 
 Attn: Douglas S. Ellenoff, Esq. 
 Fax: (212) 370-7889 
 and 
  

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 Sidley Austin llp 
 787 Seventh Avenue 
 New York, New York 10019 
 Attn: Jack I. Kantrowitz, Esq. 
 Fax:
(212) 839-5599 
 and 
 Ledgewood, P.C. 
 1900 Market Street, Suite 750 
 Philadelphia, Pennsylvania 19103 
 Attn: J. Baur Whittlesey, Esq. 
 Fax: (215) 735-2513 
 and 
 Merrill Lynch, Pierce, Fenner & Smith Incorporated 
 4 World Financial Center, 25th Floor 
 New York, NY 10080 
 Attn: Kerry Cannella 
 Fax:
(212) 449-3151 
 and 
 Maxim Group LLC 
 405 Lexington Avenue 
 New York, New York 10174 
 Attn: Clifford A. Teller, Director of Investment Banking 
 Fax: (212) 895-3783 
 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 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. 
 6.8
Counterparts. This Agreement may be executed in several counterparts each one of which shall constitute an original and may be delivered by facsimile transmission and together shall constitute one instrument. 
 [Signature Page Follows] 
  

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 IN WITNESS WHEREOF, this Stock Escrow Agreement has been duly executed by the parties hereto as of
the day and year first above written. 
  

			
	 DEKANIA CORP.

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	  

	 Daniel G. Cohen, as Initial Stockholder

	
	  

	 Thomas H. Friedberg, as Initial Stockholder

	
	  

	 Paul Vernhes, as Initial Stockholder

	
	  

	 David Nathaniel, as Initial Stockholder

	
	  

	 Christopher Ricciardi, as Initial Stockholder

	
	COHEN BROS. ACQUISITIONS, LLC, as Initial Stockholder
	
	 By: Cohen Brothers, LLC, its sole member

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	AMERICAN STOCK TRANSFER & TRUST COMPANY
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

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 EXHIBIT A 
  

					
	 Name and Address of Initial
 Stockholder
	  	 Number
 of Shares
	  	 Stock
 Certificate Number

	 Daniel G. Cohen
 c/o Dekania Crop.
 2929 Arch Street, Suite 1703
 Philadelphia, Pennsylvania 19104
	  	165,833	  	
			
	 Thomas H. Friedberg
 c/o Dekania Crop.
 2929 Arch Street, Suite 1703
 Philadelphia, Pennsylvania 19104
	  	298,750	  	
			
	 Paul Vernhes
 c/o Dekania Crop.
 2929 Arch Street, Suite 1703
 Philadelphia, Pennsylvania 19104
	  	207,292	  	
			
	 David Nathaniel
 c/o Dekania Crop.
 2929 Arch Street, Suite 1703
 Philadelphia, Pennsylvania 19104
	  	207,292	  	
			
	 Christopher Ricciardi
 c/o Dekania Crop.
 2929 Arch Street, Suite 1703
 Philadelphia, Pennsylvania 19104
	  	150,000	  	
			
	 Cohen Bros. Acquisitions, LLC
 2929 Arch Street, Seventeenth Floor
 Philadelphia, Pennsylvania 19104
	  	1,458,333	  	

  

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 EXHIBIT B 
 Escrow Agent Fees 
 $                    annually for acting agent escrow fee. 
 Initial acceptance fee and first year agent fee to be paid at closing. 
  

 9Specimen of Certificate Representing Common Stock, par value $0.10 per share

 Exhibit 4.1 
 

 

 THE COMPANY OR ITS TRANSFER AGENT WILL FURNISH TO ANY SHAREHOLDER UPON REQUEST AND WITHOUT CHARGE A
STATEMENT, IN FULL, OF (1) ALL OF THE DESIGNATIONS, PREFERENCES, QUALIFICATIONS, LIMITATIONS, RESTRICTIONS, AND SPECIAL OR RELATIVE RIGHTS OF THE SHARES OF EACH CLASS (COMMON SHARES AND PREFERRED SHARES) AUTHORIZED TO BE ISSUED BY THE COMPANY,
(2) THE AUTHORITY OF THE BOARD OF DIRECTORS TO FIX AND DETERMINE THE RELATIVE RIGHTS AND PREFERENCES OF SERIES OF THE PREFERRED SHARES, AND (3) THE VARIATIONS IN SUCH RIGHTS AND PREFERENCES AS BETWEEN DIFFERENT SERIES IN SO FAR AS FIXED
AND DETERMINED BY THE BOARD OF DIRECTORS. 
 THIS CERTIFICATE ALSO EVIDENCES AND ENTITLES THE HOLDER HEREOF TO CERTAIN RIGHTS AS SET FORTH IN
THE RIGHTS AGREEMENT DATED AS OF MAY 6, 1988, AS AMENDED BY THE FIRST AMENDMENT THERETO DATED AS OF FEBRUARY 5, 1996, AS FURTHER AMENDED AS OF JUNE 1, 1999, BETWEEN BALDOR ELECTRIC COMPANY (THE “COMPANY”) AND CONTINENTAL STOCK
TRANSFER & TRUST COMPANY (THE “RIGHTS AGREEMENT AS AMENDED”), THE TERMS OF WHICH ARE HEREBY INCORPORATED HEREIN BY REFERENCE AND A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICES OF THE COMPANY. UNDER CERTAIN CIRCUMSTANCES, AS
SET FORTH IN THE RIGHTS AGREEMENT AS AMENDED, SUCH RIGHTS WILL BE EVIDENCED BY SEPARATE CERTIFICATES AND WILL NO LONGER BE EVIDENCED BY THIS CERTIFICATE. THE COMPANY WILL MAIL TO THE HOLDER OF THIS CERTIFICATE A COPY OF THE RIGHTS AGREEMENT AS
AMENDED WITHOUT CHARGE PROMPTLY AFTER RECEIPT OF A WRITTEN REQUEST THEREFOR. UNDER CERTAIN CIRCUMSTANCES, RIGHTS BENEFICIALLY OWNED BY ACQUIRING PERSONS (AS DEFINED IN THE RIGHTS AGREEMENT AS AMENDED) AND ANY SUBSEQUENT HOLDER OF SUCH RIGHTS MAY
BECOME NULL AND VOID. 
 The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as
though they were written but in full according to applicable laws or regulations: 
  

															
	TEN COM	 	– as tenants in common	 	UNIF GIFT MIN ACT –	 	            
Custodian             	 	UNIF TRAN MIN ACT	 	             Custodian             
	TEN ENT	 	– as tenants by the entireties	 		 	(Cust)        	 	(Minor)      	 		 	        (Cust)	 	        (Minor)
	JT TEN	 	– as joint tenants with right of survivorship	 		 	under Uniform Gift to Minors	 		 	under Uniform Transfers to Minors
		 	   and not as tenants in common	 		 	  
 Act                                      
           
	 		 	  
 Act                                      
           

		 		 		 	(State)	 		 	(State)

 Additional abbreviations may also be used though not in the above list. 
 For Value Received.
                                        
                                        
                     hereby sell, assign and transfer unto 
 PLEASE INSERT SOCIAL SECURITY OR OTHER 
         IDENTIFYING NUMBER OF ASSIGNEE 
  

	
	  

	
	  

	(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)
	
	  

	
	  

	
	                                      
                                        
                                        
                                        
       Shares of Common Stock evidenced by this Certificate, and do hereby irrevocably constitute and appoint
	
	                                      
                                        
                                        
                                        
      , Attorney to transfer the said shares on the books of the within named Corporation, with full power of substitution.

 Dated
                                 
  

			
		 	  

		 	Signature
		
		 	  

		 	Signature
	In presence
of:                                       
                                        
 	 	
		 	 NOTE.        THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME OF THE STOCKHOLDER(S) AS
WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

	THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANK, STOCKBROKER, SAVINGS AND LOAN ASSOCIATION OR CREDIT UNION WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM). PURSUANT TO S.E.C. RULE l7Ad-15.

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