Document:

Warrant and Unit Subscription Agreement

 EXHIBIT 10.1 
 HECKMANN CORPORATION 
 UNIT AND WARRANT SUBSCRIPTION AGREEMENT 
 THIS SUBSCRIPTION AGREEMENT (this “Agreement”) is made as of the 21st day of June, 2007, by and between Heckmann Corporation, a Delaware
corporation (the “Company”), and Heckmann Acquisition, LLC, a Delaware limited liability company (“Purchaser”). 
 WHEREAS, the Company desires to commit to issue and sell, and Purchaser desires to commit to purchase and acquire, Units and Warrants (each as defined herein) on the terms and conditions hereinafter set forth; 
 NOW, THEREFORE, for and in consideration of the promises and mutual covenants set forth herein, it is agreed between the parties as follows: 

1. Commitment To Purchase Units. Subject to and immediately prior to the consummation of the Company’s initial public offering (the
“IPO”), Purchaser hereby agrees to subscribe for and purchase from the Company, and the Company hereby agrees to issue and sell to Purchaser, 556,250 units (the “Units”) at a purchase price of $8.00 per Unit for an aggregate
purchase price of $4,450,000. Each Unit consists of one share of the common stock of the Company, par value $0.001 per share (the “Common Stock”), and one warrant (a “Warrant”) exercisable for one share of Common Stock. Each
Warrant shall entitle the holder thereof to purchase one share of Common Stock at an exercise price of $6.00, in accordance with the terms of the Warrant as set forth in the Warrant Agreement entered into by and between the Company and American
Stock Transfer & Trust Company, as warrant agent. The Warrant Agreement shall be substantially in the form attached hereto as Exhibit A (the “Warrant Agreement”). The closing of the purchase and sale of the Units hereunder,
including payment for and delivery of the Units, shall occur at the offices of the Company immediately prior to, and subject to consummation of, the IPO. 
 2. Commitment to Purchase Warrants. Subject to and immediately prior to the consummation of the IPO, Purchaser hereby agrees to subscribe for and purchase from the Company, and the Company hereby agrees to
issue and sell to Purchaser, 4,500,000 Warrants at a purchase price of $1.00 per Warrant for an aggregate purchase price of $4,500,000. The closing of the purchase and sale of the Warrants hereunder, including payment for and delivery of the
Warrants, shall occur at the offices of the Company immediately prior to, and subject to consummation of, the IPO. 
 3. Payment of
Purchase Price. The purchase price for the Units and the Warrants (collectively, the “Securities”) shall be tendered in full at the closing by one or a combination of the following means: 
 (a) wiring of immediately available United States funds to an account for the benefit of the Company, pursuant to wire instructions provided by the
Company in advance; or 
 (b) by delivery of a cashiers check to the Company of immediately available United States funds. 
 4. Acceptance or Rejection of Agreement. The Company has the right to reject this Agreement and any subscription for the Securities represented
hereby in whole or in part, for any reason and at any time prior to a closing, notwithstanding receipt by Purchaser or prior notice of acceptance of such subscription. The Securities subscribed for herein will not be deemed issued to or owned by
Purchaser until a copy of this Agreement has been executed by the Company and Purchaser and a closing with respect to such Securities 

  

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has occurred. In the event that a closing does not take place for any reason with respect to some or all of the Securities, all cash proceeds delivered by
Purchaser in accordance herewith with respect to such Securities shall be returned to Purchaser as soon as practicable, without interest, offset or deduction. 
 5. Limitations on Transfer. Purchaser shall not assign, hypothecate, donate, encumber or otherwise dispose of any interest in the Securities (and the underlying securities) during the respective “Escrow
Period” for the “Private Placement Units” (with respect to the Units) and for the “Private Placement Warrants” (with respect to the Warrants) (as such terms are defined in a securities escrow agreement substantially in the
form attached hereto as Exhibit B (the “Securities Escrow Agreement”), dated on or about the effective date of the IPO to be entered into by and between the Company and an escrow agent to be determined by the Company), except (i) as
otherwise permitted by the Securities Escrow Agreement, (ii) in compliance with applicable securities laws and (iii) in compliance with the Warrant Agreement. 
 6. Restrictive Legends. All certificates representing the Securities (and any underlying securities thereof) shall have endorsed thereon legends in substantially the following forms (in addition to any other
legend which may be required by other agreements between the parties hereto): 
 (a) “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THE SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER SAID ACT OR AN OPINION OF
COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.” 
 (b) “THE SECURITIES REPRESENTED BY THIS CERTIFICATE
MAY NOT BE ASSIGNED, HYPOTHECATED, DONATED, ENCUMBERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT IN ACCORDANCE WITH THAT CERTAIN SECURITIES ESCROW AGREEMENT DATED
                        , 2007, AND THAT CERTAIN WARRANT AGREEMENT DATED AS OF
                        , 2007, COPIES OF WHICH ARE AVAILABLE FOR INSPECTION AT THE OFFICES OF THE COMPANY.”

 (c) Any legend required by appropriate blue sky officials. 
 7. Investment Representations. In connection with the purchase of the Securities, Purchaser represents to the Company the following: 
 (a) Purchaser has been furnished with all materials relating to the Company’s business affairs and financial condition and materials related to the offer and sale of the Securities that have been requested by
Purchaser and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Securities. Purchaser has been afforded the opportunity to ask questions of the executive officer and director of the
Company. Purchaser understands that its investment in the Securities involves a high degree of risk. Purchaser has sought such accounting, legal and tax advice as Purchaser has considered necessary to make an informed investment decision with
respect to Purchaser’s acquisition of the Securities. Purchaser has such knowledge and expertise in financial and business matters, knows of the high degree of risk associated with investments generally and particularly investments in the
securities of companies in the development stage such as the Company, is capable of evaluating the merits and risks of an investment in the Securities, and is able to bear the economic risk of an investment in the Securities in the amount
contemplated hereunder. Purchaser has adequate means of providing for its current financial needs and contingencies and will have no current or anticipated future needs for liquidity which would be jeopardized by the investment in the Securities.
Purchaser can afford a complete loss of its 

  

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investment in the Securities. Purchaser is purchasing the Securities for investment for Purchaser’s own account only and not with a view to, or for
resale in connection with, any “distribution” thereof within the meaning of the Securities Act of 1933, as amended (the “Act”). Purchaser understands that the Company is a blank check development stage company recently formed for
the purpose of consummating an initial business combination (a “Business Combination”) and understands that there is no assurance as to the future performance of the Company and that the Company may never effectuate a Business Combination.

 (b) Purchaser understands that the Securities (and the securities underlying the Units) have not been registered under the Act or any
state securities law by reason of a specific exemption therefrom, and that the Company is relying on the truth and accuracy of, and Purchaser’s compliance with, the representations and warranties and agreements of Purchaser set forth herein to
determine the availability of such exemptions and the eligibility of Purchaser to acquire such Securities, including, but not limited to, the bona fide nature of Purchaser’s investment intent as expressed herein. 
 (c) Purchaser further acknowledges and understands that the Securities (and the securities underlying the Units) must be held indefinitely unless the
Securities (and the securities underlying the Units) are subsequently registered under the Act or an exemption from such registration is available. Purchaser understands that the certificates evidencing the Securities (and the securities underlying
the Units) will be imprinted with a legend which prohibits the transfer of the Securities (and the securities underlying the Units) unless the Securities (and the securities underlying the Units) are registered or such registration is not required
in the opinion of counsel for the Company. 
 (d) Purchaser is familiar with the provisions of Rule 144 under the Act, as in effect from time
to time (“Rule 144”), which, in substance, permit limited public resale of “restricted securities” acquired, directly or indirectly, from the issuer thereof (or from an affiliate of such issuer), in a non-public offering subject
to the satisfaction of certain conditions. Unless the Company registers the Securities (and the securities underlying the Units) under the Act, the Securities (and the securities underlying the Units) may be resold by Purchaser only in certain
limited circumstances subject to the provisions of Rule 144, which requires, among other things: (i) the availability of certain public information about the Company and (ii) the resale occurring following the required holding period under
Rule 144 after Purchaser has purchased, and made full payment of (within the meaning of Rule 144), the securities to be sold. 
 (e)
Purchaser further understands that at the time Purchaser wishes to sell the Securities there may be no public market upon which to make such a sale, and that, even if such a public market then exists, the Company may not be satisfying the current
public information requirements of Rule 144, and that, in such event, Purchaser would be precluded from selling the Securities (and the securities underlying the Units) under Rule 144 even if the minimum holding period requirement had been
satisfied. Notwithstanding Sections 7(d) and (e) hereof, Purchaser understands that he may be considered a promoter of the Company and understands that it is the position of the Securities and Exchange Commission (the “SEC”) that
promoters or affiliates of a blank check company and their transferees, both before and after a Business Combination, would act as an “underwriter” under the Act when reselling the securities of a blank check company. Accordingly, the SEC
believes that those securities can be resold only through a registered offering and that Rule 144 would not be available for those resale transactions despite technical compliance with the requirements of Rule 144. 
 (f) Purchaser represents that Purchaser is an “accredited investor” as that term is defined in Rule 501 of Regulation D promulgated by the SEC
under the Act. 
 (g) Purchaser has all necessary limited liability company power and authority to enter into this Agreement and to
consummate the transactions contemplated hereby. All limited liability company action necessary to be taken by Purchaser to authorize the execution, delivery and performance of this 

  

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Agreement and all other agreements and instruments delivered by Purchaser in connection with the transactions contemplated hereby has been duly and validly
taken, and this Agreement has been duly executed and delivered by Purchaser. Subject to the terms and conditions of this Agreement, this Agreement constitutes the valid, binding and enforceable obligation of Purchaser, enforceable in accordance with
its terms, except as enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or similar laws of general application now or hereafter in effect affecting the rights and remedies of
creditors and by general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity); and (ii) the applicability of the federal and state securities laws and public policy as to the enforceability of
the indemnification provisions of this Agreement. The purchase by Purchaser of the Securities does not conflict with the organizational documents of Purchaser or with any material contract by which Purchaser or its property is bound, or any laws or
regulations or decree, ruling or judgment of any court applicable to Purchaser or its property. The principal place of business of Purchaser are as set forth on the signature page hereto. 
 (h) Purchaser did not decide to enter into this Agreement as a result of any general solicitation or general advertising within the meaning of Rule
502(c) of the Securities Act. 
 (i) Purchaser understands that no United States federal or state agency or any other government or
governmental agency has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the Securities, nor have such authorities passed upon or endorsed the merits of the offering of the
Securities. 
 8. Company Representations and Warranties. The Company hereby represents and warrants to Purchaser that the Company has
all necessary corporate power and authority to enter into this Agreement and to consummate the transactions contemplated hereby. All corporate action necessary to be taken by the Company to authorize the execution, delivery and performance of this
Agreement and all other agreements and instruments delivered by the Company in connection with the transactions contemplated hereby has been duly and validly taken and this Agreement has been duly executed and delivered by the Company. Subject to
the terms and conditions of this Agreement, this Agreement constitutes the valid, binding and enforceable obligation of the Company, enforceable in accordance with its terms, except as enforceability may be limited by (i) applicable bankruptcy,
insolvency, reorganization, moratorium, fraudulent transfer or similar laws of general application now or hereafter in effect affecting the rights and remedies of creditors and by general principles of equity (regardless of whether enforcement is
sought in a proceeding at law or in equity); and (ii) the applicability of the federal and state securities laws and public policy as to the enforceability of the indemnification provisions of this Agreement. The sale by the Company of the
Securities does not conflict with the certificate of incorporation or by-laws of the Company or any material contract by which the Company or its property is bound, or any federal or state laws or regulations or decree, ruling or judgment of any
United States or state court applicable to the Company or its property. 
 9. Indemnification. Purchaser hereby agrees to indemnify
and hold harmless the Company and the Company’s officers, directors, stockholders, employees, agents, and attorneys against any and all losses, claims, demands, liabilities and expenses (including reasonable legal or other expenses incurred by
each such person in connection with defending or investigating any such claims or liabilities, whether or not resulting in any liability to such person or whether incurred by the indemnified party in any action or proceeding between the indemnitor
and indemnified party or between the indemnified party and any third party) to which any such indemnified party may become subject, insofar as such losses, claims, demands, liabilities and expenses (a) arise out of or are based upon any untrue
statement or alleged untrue statement of a material fact made by Purchaser and contained herein, or (b) arise out of or are based upon any breach by Purchaser of any representation, warranty or agreement made by Purchaser contained herein.

  

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 10. Miscellaneous. 
 (a) Notices. All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (i) upon personal delivery to the party to be notified, (ii) when sent by confirmed
facsimile if sent during normal business hours of the recipient, and if not during normal business hours of the recipient, then on the next business day, (iii) five calendar days after having been sent by registered or certified mail, return
receipt requested, postage prepaid, or (iv) one business day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the other party
hereto at such party’s address hereinafter set forth on the signature page hereof, or at such other address as such party may designate by ten days advance written notice to the other party hereto. 
 (b) Successors and Assigns. This Agreement shall inure to the benefit of the successors and assigns of the Company and, subject to the
restrictions on transfer herein set forth, shall be binding upon Purchaser and Purchaser’s successors and assigns. 
 (c)
Attorneys’ Fees; Specific Performance. Purchaser shall reimburse the Company for all costs incurred by the Company in enforcing the performance of, or protecting its rights under, any part of this Agreement, including reasonable costs of
investigation and attorneys’ fees. 
 (d) Governing Law; Venue. This Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware without regard to the principles of conflicts of law thereof. The parties agree that any action brought by either party to interpret or enforce any provision of this Agreement shall be brought in, and each
party agrees to, and does hereby, submit to the jurisdiction and venue of, the appropriate state or federal court for the district encompassing the Company’s principal place of business. 
 (e) Further Execution. The parties agree to take all such further action(s) as may reasonably be necessary to carry out and consummate this
Agreement as soon as practicable, and to take whatever steps may be necessary to obtain any governmental approval in connection with or otherwise qualify the issuance of the securities that are the subject of this Agreement. 
 (f) Independent Counsel. Purchaser acknowledges that this Agreement has been prepared on behalf of the Company by Skadden, Arps, Slate,
Meagher & Flom LLP, counsel to the Company and that Skadden, Arps, Slate, Meagher & Flom LLP does not represent, and is not acting on behalf of, Purchaser. Purchaser has been provided with an opportunity to consult with
Purchaser’s own counsel with respect to this Agreement. 
 (g) Entire Agreement; Amendment. This Agreement constitutes the entire
agreement between the parties with respect to the subject matter hereof and supersedes and merges all prior agreements or understandings, whether written or oral. This Agreement may not be amended, modified or revoked, in whole or in part, except by
an agreement in writing signed by each of the parties hereto. 
 (h) Severability. If one or more provisions of this Agreement are
held to be unenforceable under applicable law, the parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (i) such
provision shall be excluded from this Agreement, (ii) the balance of the Agreement shall be interpreted as if such provision were so excluded and (iii) the balance of the Agreement shall be enforceable in accordance with its terms.

 (i) Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of
which together shall constitute one instrument. This Agreement or any counterpart may be executed via facsimile or electronic mail transmission, and any such executed facsimile or electronic mail copy shall be treated as an original. 
  

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 (j) Survival. The representations and warranties contained herein will survive the delivery of,
and the payment for, the Securities. 
 (k) Waiver of Jury Trial. Each party hereto hereby irrevocably and unconditionally waives the
right to a trial by jury in any action, suit, counterclaim or other proceeding (whether based on contract, tort or otherwise) arising out of, connected with or relating to this Agreement, the transactions contemplated hereby, or the actions of
Purchaser in the negotiation, administration, performance or enforcement hereof. 
  

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

			
	 COMPANY:

	
	HECKMANN CORPORATION
		
	By:	 	 /s/ Richard J. Heckmann

	Name:	 	Richard J. Heckmann
	Title:	 	Chief Executive Officer
		
	Address:	 	
		 	75080 Frank Sinatra Dr.
		 	Palm Desert, California 92211

  

			
	 PURCHASER:

	
	HECKMANN ACQUISITION, LLC
		
	By:	 	 /s/ Richard J. Heckmann

	Name:	 	Richard J. Heckmann
	Title:	 	Sole Member
		
	Address:	 	
		 	c/o Heckmann Corporation
		 	75080 Frank Sinatra Dr.
		 	Palm Desert, California 92211Investment Management Trust Agreement

 Exhibit 10.3 
 INVESTMENT MANAGEMENT TRUST AGREEMENT 
 THIS INVESTMENT MANAGEMENT TRUST AGREEMENT (this
“Agreement”) is made as of the      day of                     , 2007, by and between Heckmann
Corporation, a Delaware corporation (the “Company”), and American Stock Transfer & Trust Company (the “Trustee”). 
 WHEREAS, the Company’s Registration Statement on Form S-1, File No. 333-            (the “Registration Statement”) for its
initial public offering of securities (the “IPO”) has been declared effective as of the date hereof (the “Effective Date”) by the Securities and Exchange Commission; 
 WHEREAS, Credit Suisse Securities (USA) LLC (“Credit Suisse”) and Roth Capital Partners, LLC are acting as underwriters in the IPO
(collectively, the “Underwriters”); 
 WHEREAS, as described in the Registration Statement, and in accordance with the
Company’s Amended and Restated Certificate of Incorporation, (i) approximately $481,750,000 (approximately $554,125,000 if the Underwriters’ over-allotment option is exercised in full) to be received by the Company in connection with
the IPO, plus (ii) $10,000,000 to be received by the Company in connection with the sale of the Company’s units (each of which consists of one share of the Company’s common stock and one warrant to purchase a share of the
Company’s common stock) and warrants pursuant to certain subscription agreements, each dated as of June 21, 2007 by and between the Company and the investors party thereto, will be delivered to the Trustee to be deposited and held in a
trust account for the benefit of the Company and all of the Company’s stockholders (other than with respect to the 17,968,750 units purchased by the initial investors of the Company on June 21, 2007). 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”; 
 WHEREAS, the Property is being held by the Trustee for the
benefit of the Public Stockholders in the event that the Company fails to consummate a Business Combination (as such term is defined in Amended and Restated Articles of Incorporation of the Company); 
 WHEREAS, pursuant to the Underwriting Agreement, dated as of
                    , 2007, by and between the Company and the Underwriters, a portion of the Property equal to $17,500,000 (or $20,125,000 if
the Underwriters’ over-allotment option is exercised in full) is attributable to the Underwriters’ fees, which amounts the Underwriters have agreed to deposit in the Trust Account (defined below) and which will be paid from the Trust
Account to the Underwriters upon the consummation of a Business Combination; and 
 WHEREAS, the Company and the Trustee desire to enter into
this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold the Property. 
 IT IS AGREED: 
 1. Agreements and Covenants Of Trustee. The Trustee hereby agrees and covenants to: 
 (a) Hold the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in a segregated trust account (the “Trust
Account”) established by the Trustee at JPMorgan Chase Bank; 
 (b) Supervise and administer the Trust Account subject to the terms
and conditions set forth herein; 
  

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 (c) In a timely manner, upon the written instruction of the Company, invest and reinvest the Property in
any United States “government security” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940 (the “1940 Act”), having a maturity of one hundred eighty (180) days or less or in money market
funds selected by the Company meeting the conditions of Rule 2a-7 promulgated under the 1940 Act. The Trustee shall bear no responsibility for any loss or penalty which may result from any investment or sale of investment made pursuant to the
Company’s instruction. The parties acknowledge that the Trustee is not providing investment supervision, recommendations or advice; 
 (d) Collect and receive, when due, all principal and income arising from the Property, which income, net of taxes and subject to Section 1(i), shall become part of the “Property,” as such term is used herein;

 (e) Promptly notify the Company of all communications received by it with respect to the Property; 
 (f) Promptly supply any information or documents as may be requested by the Company in connection with the Company’s preparation of tax returns for
the Trust Account or otherwise; 
 (g) Participate in any plan or proceeding for protecting or enforcing any right or interest arising from
the Property if, as and when instructed by the Company to do so; 
 (h) Render to the Company, and to such other person as the Company may
instruct, monthly written statements of the activities of and amounts in the Trust Account reflecting all receipts and disbursements of the Trust Account; 
 (i) Release to the Company each month the interest earned on the Property in the Trust Account, until a maximum of $4,500,000 of such interest has been released to the Company from the Trust Account; 
 (j) Upon written instructions from the Company, deliver to the Company or to such governmental entity or taxing authority as the Company shall direct, on
a quarterly basis, from the Property in the Trust Account, an amount equal to the taxes payable by the Company, if any, relating to interest earned on the Property and any franchise taxes payable by the Company; and 
 (k) Commence liquidation of the Trust Account promptly after receipt of and only in accordance with the terms of a letter (the “Termination
Letter”), in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B, signed on behalf of the Company by its Chief Executive Officer, 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
                    , 2009, the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter
attached as Exhibit B to the stockholders of record on the record date, which record date shall be fixed by the Board of Directors of the Company; provided, further, that the record date shall be within ten (10) days of
                    , 2009, or as soon thereafter as is practicable. In all cases, the Trustee shall provide Credit Suisse with a copy of any
Termination Letter and/or any other correspondence that it receives with respect to any proposed withdrawal from the Trust Account promptly after it receives the same. 
 (l) No distributions from the Trust Account shall be permitted except in accordance with Sections 1(i), 1(j) or 1(k) hereof. 
  

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

 (a) Give all instructions to the Trustee hereunder in writing, signed by the Company’s Chief Executive Officer; 
 (b) Hold the Trustee harmless, defend and indemnify the Trustee from and against any and all expenses, including reasonable counsel fees and
disbursements, or loss suffered by the Trustee in connection with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection with any claim or demand which in any way arises out of or relates to this
Agreement, the services of the Trustee hereunder, or the Property or any income earned from investment of the Property, except for expenses and losses resulting from the Trustee’s gross negligence or willful misconduct. Promptly after the
receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this paragraph, it shall notify the Company in writing of such claim
(hereinafter referred to as the “Indemnified Claim”). The Company shall conduct and manage the defense against such Indemnified Claim, provided, that the Trustee may voluntarily participate in such action at its own cost with its own
counsel; 
 (c) Pay the Trustee an initial acceptance fee of
$            and an annual fee of $            (it being expressly understood that the Property shall not be used
to pay such fee). 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. The Company shall not be responsible for any other fees
or charges of the Trustee except as may be provided in paragraph 2(b) hereof (it being expressly understood that the Property shall not be used to make any payments to the Trustee under such paragraph). The Trustee shall refund to the Company the
fee (on a pro rata basis) with respect to any period after the liquidation of the Trust Fund; and 
 (d) In connection with any vote of the
Company’s stockholders regarding a Business Combination, provide to the Trustee an affidavit or certificate of a firm regularly engaged in the business of soliciting proxies and tabulating stockholder votes verifying the vote of the
Company’s stockholders regarding such Business Combination. 
 3. 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 paragraph 1 hereof, and the
Trustee shall have no liability to any party under this Agreement except for liability arising out of its own gross negligence or willful misconduct; 
 (b) Institute any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding of any kind with respect to, any of the Property unless and until it shall
have received written instructions from the Company given as provided herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses incident thereto; 
 (c) Change the investment of any Property, other than in compliance with paragraph 1(c); 
 (d) Refund any depreciation in principal of any Property invested in accordance with Section 1(c); 
  

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 (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 anyone else for any action taken or omitted by it in compliance with this Agreement, or any action suffered by it to be taken or omitted in compliance with this Agreement made in good
faith and in the exercise of its 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; or 
 (h) Look to
any other agreement for the determination of its duties as Trustee. 
 4. Termination. This Agreement shall terminate as follows:

 (a) If the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable
efforts to locate a successor trustee. At such time that the Company notifies the Trustee that a successor trustee has been appointed by the Company and has agreed to become subject to the terms of this Agreement, the Trustee shall transfer the
management of the Trust Account to the successor trustee, including but not limited to the transfer of copies of the reports and statements relating to the Trust Account, whereupon this Agreement shall terminate, except that the provisions of
Section 2(b) shall survive termination; provided, however, that in the event that the Company does not locate a successor trustee within ninety (90) days of receipt of the resignation notice from the Trustee, the Trustee may, upon written
notice to the Company, submit an application to have the Property deposited with the United States District Court for the Southern District of New York and, upon such deposit, the Trustee shall be immune from any liability whatsoever that arises due
to any actions or omissions to act by any party after such deposit; or 
 (b) At such time that the Trustee has completed the liquidation of
the Trust Account in accordance with the provisions of paragraph 1(k) hereof and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate except with respect to Paragraph 2(b). 

5. 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. Upon receipt of written instructions, the Trustee will confirm such instructions with an
Authorized Individual at an Authorized Telephone Number listed on the attached Exhibit C. The Company and the Trustee will each restrict access to confidential information relating to such security procedures to authorized persons. 

  

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Each party must notify the other party immediately if it has reason to believe unauthorized persons may have obtained access to such information and of any
change in its authorized personnel. 
 (b) This Agreement may be executed by facsimile and in several counterparts, which 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. This Agreement or any provision hereof may only be changed, amended or modified by a writing signed by each of the parties hereto; provided that such action shall not materially adversely affect the interests of the Public
Stockholders. Any change, waiver, amendment or modification to this Agreement that materially adversely affects the interests of the Public Stockholders shall be subject to approval by each of the Public Stockholders materially adversely affected
thereby. As to any claim, cross-claim or counterclaim in any way relating to this Agreement, each party waives the right to trial by jury. 
 (d) This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York applicable to contracts executed in and to be performed in that State, including, without limitation, Sections 5-1401 and 5-1402 of
the New York General Obligations Law and the New York Civil Practice Laws and Rules 327(b). The parties hereto agree 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 the parties hereto irrevocably submit to such jurisdiction, which jurisdiction shall be exclusive. The parties hereto
hereby waive any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. 
 (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 certified or registered mail, by private national courier service (return receipt requested, postage prepaid), by
personal delivery or by facsimile transmission. Such notice or communication shall be deemed given (a) if mailed, two days after the date of mailing, (b) if sent by national courier service, one business day after being sent, (c) if
delivered personally, when so delivered, or (d) if sent by facsimile transmission, on the second business day after such facsimile is transmitted, in each case as follows: 
 If to the Trustee, to: 
 American Stock
Transfer & Trust Company 
 59 Maiden Lane 
 New York, NY 10038 
 Attn: George Karfunkel 
 Fax: (718) 331-1852 
 If to the Company,
to: 
 Heckmann Corporation 
 75080 Frank Sinatra Dr. 
 Palm Desert, California 92211 
 Attn: Richard J. Heckmann 
 Fax:
(760) 341-3727 
  

 5 

 In either case with a copy to: 
 Skadden, Arps, Slate, Meagher & Flom LLP 
 300 South Grand Avenue 
 Los Angeles, CA 90071 
 Attn: Gregg A. Noel, Esq. 
 Fax: (213) 687-5000 
 If to Credit Suisse or the Underwriters, to: 
 Credit Suisse Securities (USA) LLC 
 11 Madison Avenue 
 New York, New York 10010 
 Attn:
[                    ] 
 Fax:
[                    ] 
 With a
copy to: 
 Simpson Thacher & Bartlett LLP 
 2550 Hanover Street 
 Palo Alto, California 94304 
 Attn: William H. Hinman, Esq., Louis P.A. Lehot, Esq. 
 Fax: (650) 251-5002 
 (f) This Agreement may not be assigned by the Trustee without the prior written consent of the Company.

 (g) The obligations and rights contained in Section 2(b) herein will survive the termination of this Agreement. 
 (h) 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, and waives any and all right, title, interest or claim of any kind in or to any
distribution of the Trust Account, including by way of set-off, and shall not be entitled to any funds in, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any claim against, the Trust Account under any
circumstance. 
 (i) The Trustee hereby consents to the inclusion of “American Stock Transfer & Trust Company, as Trustee”
in the Registration Statement and other materials relating to the IPO. 
 (j) The Underwriters and the Public Stockholders shall be third
party beneficiaries of this Agreement. 
 [Remainder of page intentionally left blank] 
  

 6 

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

			
	 AMERICAN STOCK TRANSFER & TRUST
 COMPANY,
AS TRUSTEE

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	HECKMANN CORPORATION
		
	 By:
	 	  

	 Name:
	 	Richard J. Heckmann
	 Title:
	 	Chief Executive Officer

 [Trust Agreement] 

 EXHIBIT A 
 [LETTERHEAD OF THE COMPANY] 
 [DATE] 
 American Stock Transfer & Trust Company 
 59 Maiden Lane 
 New York, NY 10038 
 Attn: George Karfunkel 
  

	 	Re:	 	Trust Account No. [    ] Termination Letter 

 Gentlemen: 
 Pursuant to paragraph 1(k) of the Investment Management Trust Agreement between Heckmann
Corporation (the “Company”) and American Stock Transfer & Trust Company (the “Trustee”), dated as of
                    , 2007 (the “Trust Agreement”), this is to advise you that the Company has entered into an agreement (the
“Business Agreement”) with                                 (the
“Target”) to consummate a business combination with the Target (the “Business Combination”) on or about [insert date]. The Company shall notify you at least forty-eight (48) hours in advance of the actual date
of the consummation of the Business Combination (the “Consummation Date”). Defined terms used but not otherwise defined herein shall have the meaning ascribed to such term in the Trust Agreement. 
 Pursuant to Section 2(d) of the Trust Agreement, we are providing you with [an affidavit] [a certificate] of
                                , which verifies the vote of the Company’s
stockholders in connection with the Business Combination. In accordance with the terms of the Trust Agreement, we hereby authorize you to commence liquidation of the Trust Account to the effect that, on the Consummation Date, all of the funds held
in the Trust Account will be immediately available for transfer to the account or accounts that the Company and Credit Suisse Securities (USA) LLC shall direct in writing on the Consummation Date. 
 On the Consummation Date (i) counsel for the Company (“Company Counsel”) shall deliver to you written notification that the
Business Combination has been consummated and (ii) the Company shall deliver to you written instructions (the “Instruction Letter”) with respect to the transfer of the funds held in the Trust Account, including, but not limited
to, (a) funds to be delivered to any Public Stockholder that has properly exercised its conversion rights (as described in the Registration Statement), (b) pursuant to the terms of the Underwriting Agreement, dated as of
                    , 2007, between the Company, Credit Suisse Securities (USA) LLC (on behalf of the several underwriters), the portion of
the Property attributable to the deferred Underwriters’ fees an amount equal to $17,500,000 (or $20,125,000 if the Underwriters’ over-allotment option is exercised in full) and (c) the portion of the Property to be released to the
Company in connection with the consummation of the Business Combination. 
 You are hereby directed and authorized to transfer the funds held
in the Trust Account immediately upon your receipt of Company Counsel’s notification and the Instruction Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits held in the Trust Account may not be
liquidated by the Consummation Date without penalty, you will notify the Company of the same and the Company shall direct you as to whether such funds should remain in the Trust Account and be distributed after the Consummation Date to the Company
or, with respect to the deferred Underwriters’ fees, to Credit Suisse Securities (USA) LLC (on behalf of the several underwriters); provided, however, that if the Company does not direct you to release the Underwriters’ deferred fees

  

 A-1 

 
within ten days after the Consummation Date, you shall release such Underwriters’ deferred fees to Credit Suisse Securities (USA) LLC (on behalf of the
several underwriters) upon a written request from Credit Suisse Securities (USA) LLC. Upon the distribution of all the funds in the Trust Account pursuant to the terms hereof, the Trust Agreement shall be terminated. 
 In the event that the Business Combination is not consummated on the Consummation Date described in the notice thereof and we have not notified you on or
before the original Consummation Date of a new Consummation Date, then 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,

	
	 HECKMANN CORPORATION

		
	 By:
	 	  

	 Name:
	 	Richard J. Heckmann
	 Title:
	 	Chief Executive Officer

  

 A-2 

 EXHIBIT B 
 [LETTERHEAD OF THE COMPANY] 
 [DATE] 
 American Stock Transfer & Trust Company 
 59 Maiden Lane 
 New York, NY 10038 
 Attn: George Karfunkel 
  

	 	Re:	 	Trust Account No. [    ] Termination Letter 

 Gentlemen: 
 Pursuant to paragraph 1(k) of the Investment Management Trust Agreement between Heckmann
Corporation (the “Company”) and American Stock Transfer & Trust Company (the “Trustee”), dated as of
                    , 2007 (the “Trust Agreement”), this is to advise you that the Company is to be liquidated in accordance
with the terms of the Company’s Amended and Restated Certificate of Incorporation. 
 In accordance with the terms of the Trust
Agreement, we hereby authorize you to commence liquidation of the Trust Account. In connection with this liquidation, you are hereby authorized to establish a record date for the purposes of determining the stockholders of record entitled to receive
their per share portion of the Trust Account. The record date shall be within ten (10) days of the liquidation date, or as soon thereafter as is practicable. You will notify the Company in writing as to when all of the funds in the Trust
Account will be available for immediate transfer (the “Transfer Date”) in accordance with the terms of the Trust Agreement and the Amended and Restated Certificate of Incorporation of the Company. You shall commence distribution of
such funds in accordance with the terms of the Trust Agreement and the Amended and Restated Certificate of Incorporation of the Company and you shall oversee the distribution of the funds. Upon the payment of all the funds in the Trust Account, the
Trust Agreement shall be terminated. 
  

			
	 Very truly yours,

	
	HECKMANN CORPORATION
		
	 By:
	 	  

	 Name:
	 	Richard J. Heckmann
	 Title:
	 	Chief Executive Officer

  

 B-1 

 EXHIBIT C 
  

					
	 AUTHORIZED INDIVIDUAL(S)
 FOR TELEPHONE CALL BACK
	 		  	AUTHORIZED TELEPHONE NUMBER(S)
			
	  
	 		  	  

			
	 COMPANY:
	 		  	
			
	 Heckmann Corporation
	 		  	 (760) 341-3606

	 75080 Frank Sinatra Dr.
	 		  	
	 Palm Desert, California 92211
	 		  	
	 Attn: Richard J. Heckmann
	 		  	
	           Chief Executive Officer
	 		  	
			
	 TRUSTEE:
	 		  	
			
	 American Stock Transfer & Trust Company
	 		  	 (718) 921-8201

	 59 Maiden Lane
	 		  	
	 New York, NY 10038
	 		  	
	 Attn: George Karfunkel
	 		  	

  

 C-1

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