Document:

INVESTMENT
MANAGEMENT TRUST AGREEMENT

    

    This agreement (“Agreement”) is made as
of ___________, 2010 by and between 57th Street General Acquisition Corp. (the
“Company”) its principal office located at 590 Madison Avenue, 35th Floor,
New York New York 10022 and Continental Stock Transfer & Trust Company
(“Trustee”) located at 17 Battery Place, New York, New York 10004.

    

    WHEREAS, the Company’s registration
statement, as amended, on Form S-1, No. 333-163134 (“Registration Statement”),
for its initial public offering of securities (“IPO”) has been declared
effective as of the date hereof (“Effective Date”) by the Securities and
Exchange Commission (capitalized terms used herein and not otherwise defined
shall have the meanings set forth in the Registration Statement);
and

    

    WHEREAS, Morgan Joseph & Co. Inc.
(“Morgan Joseph”) is acting as the representative of the underwriters in the IPO
pursuant to an underwriting agreement (“Underwriting Agreement”);
and

    

    WHEREAS, simultaneously with the IPO,
57th
Street GAC Holdings LLC, the sponsor of the Company, will be purchasing an
aggregate of 3,000,000 warrants (“Insider Warrants”) from the Company for an
aggregate purchase price of $1,500,000; and

    

    WHEREAS, as described in the
Registration Statement, and in accordance with the Company’s Amended and
Restated Certificate of Incorporation, $48,750,000 of the gross proceeds of the
IPO and sale of the Insider Warrants  ($56,025,000 if the underwriters
over-allotment option is exercised in full) will be delivered to the Trustee to
be deposited and held in a trust account for the benefit of the Company and the
holders of the Company’s common stock, par value $0.0001 per share, issued in
the IPO as hereinafter provided and in the event the Units are registered in
Colorado, pursuant to Section 11-51-302(6) of the Colorado Revised Statutes. A
copy of the Colorado Statute is attached hereto and made a part hereof (the
amount to be delivered to the Trustee will be referred to herein as the
“Property”; the stockholders for whose benefit the Trustee shall hold the
Property will be referred to as the “Public Stockholders,” and the Public
Stockholders and the Company will be referred to together as the
“Beneficiaries”); and

    

    WHEREAS,
pursuant to the Underwriting Agreement, a portion of the Property equal to (A)
an advisory fee equal to 1% of the gross proceeds of the IPO (which fee shall be
increased to 1.5% if the Company consummates its initial business transaction
(“Business Transaction”) with a business or asset introduced to it by Morgan
Joseph) and (B) a contingent placement fee equal to up to 2.5% of the aggregate
amount of the Property released to the Company or to the target of the Company
upon consummation of the Company’s initial business transaction, is attributable
to deferred underwriting commissions (“Contingent Fee”) that will become payable
by the Company to the underwriters, in each case, solely upon the consummation
of the Company’s initial business transaction; and

    
      
         

      

      
         

        
          

        

      

      
         

      

    

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

    

    NOW THEREFORE, IT IS
AGREED:

    

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

    

    (a)           Hold
the Property in trust for the Beneficiaries in accordance with the terms of this
Agreement, including the terms of Section 11-51-302(6) of the Colorado Statute,
in a segregated trust account (“Trust Account”) established by the Trustee at J.
P. Morgan Chase Bank N.A. and at a brokerage institution selected by the Company
that is satisfactory to the Trustee;

    

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

    

    (c)           In
a timely manner, upon the instruction of the Company, to invest and reinvest the
Property in United States “government securities” within the meaning of Section
2(a)(16) of the Investment Company Act of 1940 having a maturity of 180 days or
less, and/or in any open ended investment company registered under the
Investment Company Act of 1940 that holds itself out as a money market fund
selected by the Company meeting the conditions of paragraphs (c)(2), (c)(3) and
(c)(4) of Rule 2a-7 promulgated under the Investment Company Act of 1940, as
determined by the Company;

    

    (d)          Collect
and receive, when due, all principal and income arising from the Property, which
shall become part of the “Property,” as such term is used herein;

    

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

    

    (f)           Supply
any necessary information or documents as may be requested by the Company in
connection with the Company’s preparation of its tax returns;

    

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

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (h)          Commence
liquidation of the Trust Account only after and promptly after receipt of, and
only in accordance with, the terms of a letter (“Termination Letter”), in a form
substantially similar to that attached hereto as either Exhibit A or Exhibit B
hereto, signed on behalf of the Company by its Chief Executive Officer,
President or Chairman of the Board and Secretary or Assistant Secretary, and
complete the liquidation of the Trust Account and distribute the Property in the
Trust Account only as directed in the Termination Letter and the other documents
referred to therein; provided, however, that in the event that a Termination
Letter has not been received by the Trustee by the 15-month anniversary of the
Effective Dateof the IPO, the Trust Account shall be liquidated in accordance
with the procedures set forth in the Termination Letter attached as Exhibit B
hereto and distributed to the stockholders of record on such 15-month
anniversary date.  The provisions of this Section 1(h) may not be
modified, amended or deleted under any circumstances.

    

    2.           Limited
Distributions of Income from Trust Account.

    

    (a)           Upon
written request from the Company, which may be given from time to time in a form
substantially similar to that attached hereto as Exhibit C, the Trustee shall
distribute to the Company the amount necessary to cover any income tax
obligation owed by the Company;

    

    (b)           Intentionally
omitted.

    

    (c)           The
limited distributions referred to in Sections 2(a) and 2(b) above shall be made
only from income collected on the Property.  Except as provided in
Section 2(a) and 2(b) above, no other distributions from the Trust Account shall
be permitted except in accordance with Section 1(h) hereof; and

    

    (d)           In
all cases, the Company shall promptly provide Morgan Joseph with a copy of any
Termination Letters and/or any other correspondence that it issues to the
Trustee with respect to any proposed withdrawal from the Trust Account promptly
after such issuance.

    

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

    

    (a)           Give
all instructions to the Trustee hereunder in writing, signed by the Company’s
Chairman of the Board or Chief Executive Officer.  In addition, except
with respect to its duties under paragraphs 1(h), 2(a) and 2(b) above, the
Trustee shall be entitled to rely on, and shall be protected in relying on, any
verbal or telephonic advice or instruction which it in good faith believes to be
given by any one of the persons authorized above to give written instructions,
provided that the Company shall promptly confirm such instructions in
writing;

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (b)           Subject
to the provisions of Section 5 of this Agreement, hold the Trustee harmless and
indemnify the Trustee from and against, any and all expenses, including
reasonable counsel fees and disbursements, or loss suffered by the Trustee in
connection with any claim, potential claim, action, suit or other proceeding
brought against the Trustee involving any claim, or in connection with any claim
or demand which in any way arises out of or relates to this Agreement, the
services of the Trustee hereunder, or the Property or any income earned from
investment of the Property, except for expenses and losses resulting from the
Trustee's gross negligence or willful misconduct.  Promptly after the
receipt by the Trustee of notice of demand or claim or the commencement of any
action, suit or proceeding, pursuant to which the Trustee intends to seek
indemnification under this paragraph, it shall notify the Company in writing of
such claim (hereinafter referred to as the “Indemnified Claim”).  The
Trustee shall have the right to conduct and manage the defense against such
Indemnified Claim, provided, that the Trustee shall obtain the consent of the
Company with respect to the selection of counsel, which consent shall not be
unreasonably withheld.  The Trustee may not agree to settle any
Indemnified Claim without the prior written consent of the Company, which
consent shall not be unreasonably withheld.  The Company may
participate in such action with its own counsel;

    

    (c)           Pay
the Trustee an initial acceptance fee, an annual fee and a transaction
processing fee for each disbursement made pursuant to Sections 2(a) and 2(b) as
set forth on Schedule A hereto, which fees shall be subject to modification by
the parties from time to time.  It is expressly understood that the
Property shall not be used to pay such fees and further agreed that any fees
owed to the Trustee shall be deducted by the Trustee from the disbursements made
to the Company pursuant to Sections 1(h) solely in connection with the
consummation of a Business Transaction and 2(b).  The Company shall
pay the Trustee the initial acceptance fee and first year’s fee at the
consummation of the IPO and thereafter on the anniversary of the Effective
Date;

    

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

    

    (e)           In
connection with the Trustee acting as Paying/Disbursing Agent pursuant to
Exhibit B, the Company will not give the Trustee disbursement instructions which
would be prohibited under this Agreement.

    

    (f)           Promptly
after the Underwriters’ Contingent Fee shall become determinable on a final
basis, to provide the Trustee notice in writing (with a copy to the
Underwriters) of the total amount of the Contingent Fee.

    

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

    

    (a)           Take
any action with respect to the Property, other than as directed in paragraphs 1
and 2 hereof and the Trustee shall have no liability to any party except for
liability arising out of its own gross negligence or willful
misconduct;

    
      
         

      

      
         

        
          

        

      

      
         

      

    

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

    

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

    

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

    

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

    

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

    

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

    

    (h)           File
local, state and/or Federal tax returns or information returns with any taxing
authority on behalf of the Trust Account and payee statements with the Company
documenting the taxes, if any, payable by the Company or the Trust Account,
relating to the income earned on the Property.

    

    (i)           Pay
any taxes on behalf of the Trust Account (it being expressly understood that the
Property shall not be used to pay any such taxes and that such taxes, if any,
shall be paid by the Company from funds not held in the Trust
Account).

    

    (j)           Imply
obligations, perform duties, inquire or otherwise be subject to the provisions
of any agreement or document other than this agreement and that which is
expressly set forth herein.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    (j)           Verify
calculations, qualify or otherwise approve Company requests for distributions
pursuant to Section 1(h), 2(a) or 2(b) above.

    

    5.           No
Right of Set-Off.  The Trustee waives any right of set-off or any
right, title, interest or claim of any kind that the Trustee may have against
the Property held in the Trust Account.  In the event the Trustee has
a claim against the Company under this Agreement, including, without limitation,
under Section 3(b), the Trustee will pursue such claim solely against the
Company and not against the Property held in the Trust Account.

    

    6.           Termination.  This
Agreement shall terminate as follows:

    

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

    

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

    

    7.           Miscellaneous.

    

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

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (b)           This
Agreement shall be governed by and construed and enforced in accordance with the
laws of the State of New York, without giving effect to conflicts of law
principles that would result in the application of the substantive laws of
another jurisdiction.  It may be executed in several original or
facsimile counterparts, each one of which shall constitute an original, and
together shall constitute but one instrument.

    

    (c)           This
Agreement contains the entire agreement and understanding of the parties hereto
with respect to the subject matter hereof.  Except for Section 1(h)
(which may not be amended under any circumstances), this Agreement or any
provision hereof may only be changed, amended or modified by a writing signed by
each of the parties hereto; provided, however, that no such change, amendment or
modification may be made without the prior written consent of Morgan Joseph,
who, along with each other underwriter, the parties specifically agree is and
shall be a third party beneficiary for purposes of this Agreement.  As
to any claim, cross-claim or counterclaim in any way relating to this Agreement,
each party waives the right to trial by jury.

    

    (d)           The
parties hereto consent to the jurisdiction and venue of any state or federal
court located in the City of New York, Borough of Manhattan, for purposes of
resolving any disputes hereunder.

    

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

    

    if to the Trustee, to:

    

    Continental Stock
Transfer

      & Trust
Company

    17 Battery Place

    New York, New York 10004

    Attn:  Steven G. Nelson,
Chairman, and Frank A. DiPaolo, CFO

    Fax No.:  (212)
509-5150

    

    if to the Company, to:

    

    57th Street General Acquisition
Corp.

    590
Madison Avenue, 35th
Floor

    New York,
New York 10022

    Attn:  Mark D. Klein, Chief
Executive Officer

    Fax No.:  (___)
___-____

    

    in either case with a copy
to:

    

    Morgan Joseph & Co.
Inc.

    600 Fifth Avenue, 19th
Floor

    New York, New York 10020

    Attn:  ______________

    Fax No.:  (212)
218-3719

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

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

    

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

    

    (h)           For
so long as the Property is held in the Trust Account, Morgan Joseph, on behalf
of the other underwriters in the IPO, shall be third party beneficiaries, on
behalf of itself and such other underwriters, with respect this Agreement and
shall be entitled to enforce the terms of this Agreement to the same extent as
if it were parties to this Agreement.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

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

    

    CONTINENTAL
STOCK TRANSFER & TRUST COMPANY, as Trustee

    

    
      
        
          
            
              
                	 	
                        By:

                      	
                           

                      	 
	 	 
      	
                        Name:

                      	 
	 	 
      	
                        Title:

                      	 
	 	 
      	 
      	 
	 	
                        57TH
      STREET GENERAL ACQUISITION CORP.

                      
	 	 
      	 
      	 
	 	
                        By:

                      	
                           

                      	 
	 	 
      	
                        Name:

                      	 
	 	 
      	
                        Title:

                      	 

              

            

          

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SCHEDULE
A

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                	
                                        Fee Item

                                      	 	
                                        Time and method of payment 

                                      	 	
                                        Amount

                                      	 
	
                                        Initial
      acceptance fee

                                      	 	
                                        Initial
      closing of IPO by wire transfer

                                      	 	$	1,000	 
	
                                        Annual
      fee

                                      	 	
                                        First
      year, initial closing of IPO by wire transfer; thereafter on the
      anniversary of the effective date of the IPO by wire transfer or
      check

                                      	 	$	3,000	 
	
                                        Transaction
      processing fee for disbursements to Company under Section
2

                                      	 	
                                        Deduction
      by Trustee from accumulated income following disbursement made to Company
      under Section 2

                                      	 	$	250	 

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
A

    

    [Letterhead of
Company]

    

            [Insert
date]

    

    Continental
Stock Transfer

      &
Trust Company

    17
Battery Place

    New York,
New York 10004

    Attn:  Steven
Nelson and Frank Di Paolo

    

    Re:           Trust
Account
No.     -           Termination
Letter

    

    Gentlemen:

    

    Pursuant to paragraph 1(h) of the
Investment Management Trust Agreement between 57th Street General Acquisition
Corp. (“Company”) and Continental Stock Transfer & Trust Company
(“Trustee”), dated as of _________, 2009 (“Trust Agreement”), this is to advise
you that the Company has entered into an agreement (“Business Agreement”) with
__________________ (“Target Business”) to consummate a business transaction with
Target Business (“Business Transaction”) on or about [insert
date].  The Company shall notify you at least 48 hours in advance of
the actual date of the consummation of the Business Transaction (“Consummation
Date”).

    

    In accordance with the terms of the
Trust Agreement, we hereby authorize you to commence to liquidate the Trust
Account investments on________________
,        and to transfer the proceeds to
the above referenced checking account at [Bank] to the effect that, on the
Consummation Date, all of funds held in the Trust Account will be immediately
available for transfer to the account or accounts that the Company shall direct
on the Consummation Date.  It is acknowledged and agreed that while
the funds are on deposit in the trust checking account awaiting distribution,
the Company will not earn any interest or dividends.

    

    On the Consummation Date (i) counsel
for the Company shall deliver to you written notification that (a) the Business
Transaction has been consummated and (b) the provisions of Section 11-51-302(6)
and Rule 51-3.4 of the Colorado Statute have been met and (ii) the Company shall
deliver to you (a) [an affidavit] [a certificate] of __________________, which
verifies the vote of the Company’s stockholders in connection with the Business
Transaction and (b) written instructions with respect to the transfer of the
funds held in the Trust Account (“Instruction Letter”).  You are
hereby directed and authorized to transfer the funds held in the Trust Account
immediately upon your receipt of the counsel's letter and the Instruction
Letter, in accordance with the terms of the Instruction Letter.  In
the event that certain deposits held in the Trust Account may not be liquidated
by the Consummation Date without penalty, you will notify the Company of the
same and the Company shall direct you as to whether such funds should remain in
the Trust Account and be distributed after the Consummation Date to the
Company.  Upon the distribution of all the funds in the Trust Account
pursuant to the terms hereof, the Trust Agreement shall be
terminated.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

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

    

    
      
        
          
            
              
                	 	
                        Very
      truly yours,

                      	 
	 	 
      	 
      	 
	 	
                        57TH
      STREET GENERAL ACQUISITION CORP.

                      
	 	 
      	 
      	 
	 	
                        By:

                      	
                               

                      	 
	 	 
      	
                        Mark
      D. Klein, Chief Executive Officer

                      	 
	 	 
      	 
      	 
	 	
                        By:

                      	
                               

                      	 
	 	 
      	
                        Paul
      D. Lapping, Secretary

                      	 

              

            

          

        

      

    

    

    cc:
Morgan Joseph & Co. Inc.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    EXHIBIT
B

    

    [Letterhead
of Company]

    

    [Insert
date]

    Continental
Stock Transfer

      &
Trust Company

    17
Battery Place

    New York,
New York 10004

    Attn:  Steven
Nelson and Frank Di Paolo

    

    Re:           Trust
Account
No.    -       Termination
Letter

    

    Gentlemen:

    

    Pursuant to paragraph 1(h) of the
Investment Management Trust Agreement between 57th Street General Acquisition
Corp. (“Company”) and Continental Stock Transfer & Trust Company
(“Trustee”), dated as of ________, 2009 (“Trust Agreement”), this is to advise
you that the Company has been unable to effect a Business Transaction with a
Target Company within the time frame specified in the Company’s Certificate of
Incorporation, as described in the Company’s prospectus relating to its
IPO.

    

      In accordance with the
terms of the Trust Agreement, we hereby authorize you to liquidate all the Trust
Account investments on ______________2011 and to transfer the total proceeds to
the Trust Checking Account at [Bank] to await distribution to the stockholders.
The Company has selected ____________ 20 __ as the record date for the purpose
of determining the stockholders entitled to receive their share of the
liquidation proceeds.  [It is acknowledged that no interest will be
earned by the Company on the liquidation proceeds while on deposit in the Trust
Checking Account.] You agree to be the Paying Agent of record and in your
separate capacity as Paying Agent and to distribute said funds directly to the
Company's stockholders (other than with respect to the initial, or insider
shares) in accordance with the terms of the Trust Agreement and the Certificate
of Incorporation of the Company. Upon the distribution of all the funds in the
Trust Account, your obligations under the Trust Agreement shall be
terminated.

    

    
      
        
          
            
              
                
                  
                    
                      	 	
                              Very
      truly yours,

                            	 
	 	 
      	 
      	 
	 	
                              57TH
      STREET GENERAL ACQUISITION CORP.

                            
	 	 
      	 
      	 
	 	
                              By:

                            	
                                   

                            	 
	 	 
      	
                              Mark
      D. Klein, Chief Executive Officer

                            	 
	 	 
      	 
      	 
	 	
                              By:

                            	
                                   

                            	 
	 	 
      	
                              Paul
      D. Lapping, Secretary

                            	 

                    

                  

                

              

            

          

        

      

    

    

    cc:
Morgan Joseph & Co. Inc.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
C

    

    [Letterhead
of Company]

    

    [Insert
date]

    

    Continental
Stock Transfer

      &
Trust Company

    17
Battery Place, 8th Floor

    New York,
New York 10004

    Attn:  Steven
Nelson Cynthia Jordan

    

    Re:           Trust
Account No.

    

    Gentlemen:

    

    Pursuant to paragraph 2(a) of the
Investment Management Trust Agreement between 57th Street General Acquisition
Corp. (“Company”) and Continental Stock Transfer & Trust Company
(“Trustee”), dated as of ___________, 2009 (“Trust Agreement”), the Company
hereby requests that you deliver to the Company $_______ of the interest income
earned on the Property as of the date hereof. The Company needs such funds to
pay for its tax obligations. The Company needs such funds to pay for the tax
obligations as set forth on the attached tax return or tax
statement.  In accordance with the terms of the Trust Agreement, you
are hereby directed and authorized to transfer (via wire transfer) such funds
promptly upon your receipt of this letter to the Company’s operating account
at:

    

    [WIRE
INSTRUCTION INFORMATION]

    

    
      
        
          
            
              
                	 	
                        57TH
      STREET GENERAL ACQUISITION CORP.

                      
	 	 
      	 
      	 
	 	
                        By:

                      	
                              

                      	 
	 	 
      	
                        Mark
      D. Klein, Chief Executive Officer

                      	 
	 	 
      	 
      	 
	 	
                        By:

                      	
                              

                      	 
	 	 
      	
                        Paul
      D. Lapping, Secretary

                      	 

              

            

          

        

      

    

    

    cc:
Morgan Joseph & Co. Inc.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
D

    

    
      
        
          
            	
                    AUTHORIZED
      INDIVIDUAL(S)

                  	 
      	
                    AUTHORIZED

                  
	
                    FOR TELEPHONE CALL BACK

                  	 
      	
                    TELEPHONE NUMBER(S)

                  
	 
      	 
      	 
      
	
                    Company:

                  	 
      	 
      
	 
      	 
      	 
      
	
                    57th
      Street General Acquisition Corp.

                  	 
      	 
      
	
                    590
      Madison Avenue, 35th
      Floor

                  	 
      	 
      
	
                    New
      York, New York 10022

                  	 
      	 
      
	
                    Attn:  Mark
      D. Klein, Chief Executive Officer

                  	 
      	
                    (212)
      409-2434

                  
	 
      	 
      	 
      
	
                    Trustee:

                  	 
      	 
      
	 
      	 
      	 
      
	
                    Continental
      Stock Transfer

                  	 
      	 
      
	
                      &
      Trust Company

                  	 
      	 
      
	
                    17
      Battery Place

                  	 
      	 
      
	
                    New
      York, New York 10004

                  	 
      	 
      
	
                    Attn:  Frank
      Di Paolo, CFO

                  	 
      	
                    (212)
      845-3270SECURITIES
ESCROW AGREEMENT

    

    SECURITIES
ESCROW AGREEMENT, dated as of
[            ], 2010
(the “Agreement”) by and among 57th Street General Acquisition Corp., a Delaware
corporation (the “Company”), the undersigned parties listed as the Initial
Stockholders on the signature page hereto (each an “Initial Stockholder” and
collectively, the “Initial Stockholders”) and Continental Stock Transfer &
Trust Company, a New York corporation (the “Escrow Agent”).

    

    WHEREAS,
the Company has entered into an Underwriting Agreement, dated
[            ], 2010
(“Underwriting Agreement”) with Morgan Joseph & Co. Inc., (“MJ” or
the “Representative”), acting as
representative of the several underwriters
(collectively, the “Underwriters”), pursuant to which, among other matters, the
Underwriters have agreed to purchase 5,000,000 units (not including the
underwriters’ over-allotment option) (“Units”) of the Company’ securities. Each
Unit consists of one share of the Company’s common stock, par value $.0001 per
share (the “Common Stock”), and one warrant (“Warrant”), each Warrant to
purchase one share of Common Stock, all as more fully described in the Company’s
definitive Prospectus, dated
[            ], 2010
(“Prospectus”) comprising part of the Company’s Registration Statement on Form
S-1 (File No. 333-163134) under the Securities Act of 1933, as amended (the
“Registration Statement”), declared effective on
[            ], 2010
(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 deposit all of their respective shares of Common
Stock, as set forth opposite their respective names on Exhibit A attached
hereto, in aggregate 638,889 shares (83,333 of which are subject to forfeiture
to the extent the over-allotment option is not exercised in full) (the “Escrow
Shares”), in escrow as hereinafter provided;

    

    WHEREAS,
the Company has entered into a Warrant Subscription Agreement with one of the
Initial Stockholders (the “Initial Warrantholder”), dated October 30, 2009 (the
“Subscription Agreement”), pursuant to which the Initial Warrantholder has
agreed to purchase 3,000,000 warrants (the “Private Warrants”) in a private
placement transaction;

    

    WHEREAS,
the Initial Warrantholder has agreed as a condition of the sale of the Private
Warrants to deposit the Private Warrants (together with the Escrow Shares, the
“Escrow Securities”), with the Escrow Agent as hereinafter provided;
and

    

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

    

    IT IS
AGREED:

    

    1.           Appointment of Escrow
Agent. The Company, the Initial Stockholders and Initial Warrantholder
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
Securities. On or before the Effective Date, the Initial Stockholders and
Initial Warrantholder shall deliver to the Escrow Agent certificates
representing their respective Escrow Securities, to be held and disbursed
subject to the terms and conditions of this Agreement. The Initial Stockholders
and Initial Warrantholder acknowledge and agree that the certificates
representing the Escrow Securities will bear a legend to reflect the deposit of
such Escrow Securities under this Agreement.

     

    3.           Disbursement of the Escrow
Securities.  The Escrow Agent shall hold each of the Escrow
Shares and the Private Warrants until the termination of their respective Escrow
Period (as defined below). In the case of the Escrow Shares, the “Escrow Period”
shall be the period beginning on the date the certificates representing the
Shares are deposited with the Escrow Agent and ending on the date that is one
year following the consummation of the initial Business Transaction (as such
term is defined in the Registration Statement) or earlier if, subsequent to the
Business Transaction the Company consummates a subsequent liquidation, merger,
stock exchange or other similar transaction which results in all of the Company
stockholders having the right to exchange their shares of Common Stock for cash,
securities or other property.  In the case of the Private Warrants,
the “Escrow Period” shall be the period beginning on the date the certificates
representing the Private Warrants are deposited with the Escrow Agent and ending
30 days following the date of the consummation of the initial Business
Transaction. On the termination date of the applicable Escrow Period, the Escrow
Agent shall, upon written instructions from the Company, disburse the Escrow
Securities to such holders; provided, however, that if the Escrow Agent is
notified by the Company pursuant to Section 6.7 hereof that the Company is (i)
being liquidated at any time during the Escrow Period, or (ii) that up to 83,333
of the Escrow Shares have been forfeited, then the Escrow Agent shall promptly
destroy the certificates representing such  Escrow Securities (or
portion thereof, as applicable).  The Escrow Agent shall have no
further duties hereunder after the disbursement or destruction of the Escrow
Securities in accordance with this Section 3.

    

    4.           Rights of Initial Holder in
Escrow Securities.

    

    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 the Escrow
Shares.

    

    4.2.           Dividends and Other
Distributions in Respect of the Escrow Securities. During the Escrow
Period, all dividends payable in cash with respect to the Escrow Securities
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 Securities” shall be deemed to include the Non-Cash Dividends
distributed thereon, if any.

    

    
      
        
        

      

      
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    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 Securities except (i) upon the dissolution and
liquidation of holder
and the distribution of
assets to its members; (ii) by gift to an immediate family member of any Initial
Stockholder or the Initial Warrantholder members or to a trust, the
beneficiary of which is an
immediate family member of such Initial Stockholder or a member of the
immediate family of the
Initial Warrantholder’s members, (iii) by virtue of the laws of
descent and distribution upon death of any Initial Stockholder or any
member of the Initial Warrantholder, (iv) pursuant to a qualified domestic
relations order, (v) in the event of the
Company’s liquidation prior to completion of its initial Business Transaction or
(vi) in the event of the Company’s consummation of a liquidation, merger, stock
exchange or other similar transaction which results in all of the Company’s
stockholders having the right to exchange their shares of common stock for cash,
securities or other property subsequent to the Company’s consummation of an
initial Business Transaction; 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 that is transferring the Escrow Shares.
Even if transferred in
accordance with this Section 4.3, the Escrow Securities will remain subject to
this agreement and may be released from escrow only in accordance with Section 3
hereof. During the Escrow Period, the
Initial
Stockholders shall not pledge or grant a security
interest in the Escrow Securities or grant a security interest in its
rights under this Agreement.

    

    4.4.           Insider Letters. The
Initial Stockholders have executed a letter agreement with the Representative and the Company, dated as of the
Effective Date, and which is filed as an exhibit to the Registration Statement
(each an “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 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 reasonable 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 Securities 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 Securities or it may deposit the Escrow Securities
with the clerk of any appropriate court or it may retain the Escrow Securities
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 Securities 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.

    

    
      
        
        

      

      
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    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.

    

    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 and approved by the Representative, which approval will not be
unreasonably withheld, conditioned or delayed, the Escrow Securities 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 Securities 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.

    

    
      
        
        

      

      
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    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 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.           Entire Agreement.
This Agreement and the Insider Letters contain 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.

    

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

    

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

     

    6.5.           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, 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, as follows:

    

    if to the
Escrow Agent, to:

    

    Continental
Stock Transfer & Trust Company

    17
Battery Place

    New York,
NY 10004

    Attn:
[        ]

    Fax No.:
[           ]

    

    if to the
Company, to:

    

    57th
Street General Acquisition Corp.

    590
Madison Avenue, 35th
Floor

    New York,
NY 10022

    Attn:
Mark D. Klein

    Fax No.:
[              ]

    

    and a
copy, which shall not constitute notice, to:

    

    Ellenoff,
Grossman & Schole LLP

    150 East
42nd
Street, 11th
Floor

    New York,
New York 10017

    Attn:
Douglas Ellenoff, Esq.

    Fax No.:
(212) 370-7889

    

    
      
        
        

      

      
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    if to any
Initial Stockholder, to the address set forth in Exhibit A hereto.

    

    if the to
the representative of the underwriters, to:

    

    Morgan
Joseph & Co. Inc.,

    286
Madison Avenue, Suite 907

    New York,
NY 10017

    Attn:
General Counsel

    Fax No.:
( )  -

    

    with a
copy, to:

    

    McDermott
Will & Emery LLP

    340
Madison Avenue

    New York,
New York 10173

    Attn:
Joel L. Rubinstein, Esq.

    Fax No.:
(212) 547-5444

     

    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.

    

    6.6.           Liquidation of Company;
Forfeiture. The Company shall give the Escrow Agent prompt written
notification of (i) the liquidation of the Company in the event that the Company
fails to consummate the initial Business Transaction within the time period
specified in the Prospectus or (ii) forfeiture of up to 83,333 Escrow Shares
held by 57th Street GAC Holdings LLC to the extent the underwriters
over-allotment option is not exercised in full, as further described in the
Registration Statement.

    

    6.7.           Trust Account Waiver.
Notwithstanding anything herein to the contrary, the Escrow Agent hereby waives
any and all right, title, interest or claim of any kind (“Claim”) in or to any
distribution of the trust account (the “Trust Account”) in which the proceeds of
the initial public offering conducted by the Company pursuant to the Prospectus
(the “IPO”) and the proceeds of the sale of the Private Warrants will be
deposited and held for the benefit of the holders of the securities purchased in
the IPO, as described in greater detail in the Prospectus, and hereby agrees not
to seek recourse, reimbursement, payment or satisfaction for any Claim against
the Trust Account for any reason whatsoever.

     

    6.8.           Third Party
Beneficiaries. The Initial Stockholders hereby acknowledge that the
Underwriters, including, without limitation, the Representative, are third party
beneficiaries of this Agreement and this Agreement cannot be modified or changed
without the prior written consent of the Representative.

     

    
      
        
        

      

      
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    6.9.           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.

    

    [remainder
of page intentionally left blank]

    

    
      
        
        

      

      
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    IN
WITNESS WHEREOF, the Company has caused the execution of this Agreement as of
the date first above written.

     

    
      
        
          
            
              	
                      57TH
      STREET GENERAL ACQUISITION CORP.

                    
	 
      	 
      
	
                      By:

                    	
                       

                    
	 
      	
                      Name:

                    
	 
      	
                      Title:

                    
	 
      	 
      
	
                      CONTINENTAL
      STOCK TRANSFER

                    
	
                        &
      TRUST COMPANY

                    
	 
      	 
      
	
                      By:

                    	
                       

                    
	 
      	
                      Name:

                    
	 
      	
                      Title:

                    
	 
	
                      INITIAL
      HOLDERS

                    
	 
      	 
      
	
                      57TH
      STREET GAC HOLDINGS LLC

                    
	 
      
	
                      By:
      _______________________, a Managing Member

                    
	 
      	 
      
	
                      [By:

                    	
                      ]

                    
	 
      	
                      Name:

                    

            

          

        

      

    

     

    
      
         

      

      
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    EXHIBIT
A

     

    
      	
              
                Investor

              

            	 
      	
              Investors
      Address

              and
      Facsimile Number

            
	
              Name:
      57th Street GAC Holdings LLC

               

              Number
      of Shares: 638,889 (up to 83,333) of which are subject to forfeiture in
      the event the underwriters over-allotment option is not exercised in
      full)

              Number
      of Warrants: 3,000,000

            	 
      	
              Attn:

              Facsimile
      Number:

            

    

     

    
      
        
        

      

      
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    EXHIBIT
B

    

    Escrow
Agent Fees

    

    $______
annually for acting agent escrow fee.

    

    First
year agent fee to be paid at closing.

     

    
      
         

      

      
        10

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