Document:

exv10w20

Exhibit 10.20

EXCHANGE AND SUPPORT AGREEMENT

by and among

57TH STREET GENERAL ACQUISITION CORP.

CRUMBS HOLDINGS LLC

and

EXCHANGING MEMBERS

Dated May 5, 2011

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	ARTICLE I DEFINITIONS
	 	 	1	 
	Section 1.1 Defined Terms
	 	 	1	 
	 
	 	 	 	 
	ARTICLE II EXCHANGE RIGHT
	 	 	3	 
	Section 2.1 Exchange Right
	 	 	3	 
	Section 2.2 Exchange Right Procedures
	 	 	3	 
	Section 2.3 Revocation of Exchange Notice
	 	 	5	 
	Section 2.4 Replacement Securities
	 	 	5	 
	Section 2.5 Effect on New Crumbs Class B Exchangeable Units and
Parent Series A Voting Preferred Stock Surrendered
	 	 	5	 
	Section 2.6 Take-Overs, Mergers and Registrations
	 	 	5	 
	 
	 	 	 	 
	ARTICLE III EXCHANGE RATIO
	 	 	6	 
	Section 3.1 Exchange Ratio; Adjustment of Exchange Ratio
	 	 	6	 
	 
	 	 	 	 
	ARTICLE IV SUPPORT
	 	 	6	 
	Section 4.1 Taxes; Tax Treatment
	 	 	6	 
	Section 4.2 No Effect on Agreement
	 	 	6	 
	Section 4.3 Continuing Agreement
	 	 	6	 
	Section 4.4 Reservation of Shares
	 	 	7	 
	Section 4.5 Reports to Holders
	 	 	7	 
	Section 4.6 Restrictions on Parent
	 	 	7	 
	Section 4.7 Dilutive Actions; Issuances; Fundamental Transactions
	 	 	8	 
	Section 4.8 Government Authority Approval
	 	 	9	 
	 
	 	 	 	 
	ARTICLE V REPRESENTATIONS AND WARRANTIES
	 	 	10	 
	Section 5.1 Representations and Warranties of Parent
	 	 	10	 
	Section 5.2 Representations and Warranties of the Exchanging Members
	 	 	11	 
	 
	 	 	 	 
	ARTICLE VI SECURITIES LAW MATTERS
	 	 	12	 
	Section 6.1 Securities Law Transfer Restrictions
	 	 	12	 
	Section 6.2 Required Legends
	 	 	12	 
	Section 6.3 Supplemental Listing
	 	 	14	 
	 
	 	 	 	 
	ARTICLE VII MISCELLANEOUS
	 	 	14	 
	Section 7.1 Termination
	 	 	14	 
	Section 7.2 Parent’s Waivers
	 	 	14	 
	Section 7.3 Election of Remedies
	 	 	14	 
	Section 7.4 Effect of Delay or Omission to Pursue Remedy
	 	 	14	 
	Section 7.5 Amendment
	 	 	15	 
	Section 7.6 Notices
	 	 	15	 
	Section 7.7 Successors and Assigns; Joinder Agreement
	 	 	16	 
	Section 7.8 Specific Performance; Remedies
	 	 	16	 
	Section 7.9 Governing Law
	 	 	17	 
	Section 7.10 Submission To Jurisdiction
	 	 	17	 
	Section 7.11 Waiver Of Jury Trial
	 	 	17	 

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	 	 	Page	 
	 
	 	 	 	 
	Section 7.12 Entire Agreement
	 	 	17	 
	Section 7.13 Severability
	 	 	17	 
	Section 7.14 Counterparts
	 	 	18	 

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EXCHANGE AND SUPPORT AGREEMENT

     Exchange and Support Agreement, dated May 5, 2011 (this “Agreement”), by and among,
57th Street General Acquisition Corp., a Delaware corporation (“Parent”), Crumbs
Holdings LLC, a Delaware limited liability company (the “Company”) and the Persons set forth on the
signature page hereof and their Permitted Transferees (as defined herein) (each an “Exchanging
Member” and, collectively, the “Exchanging Members”).

Preliminary Statements

     This Agreement is entered into pursuant to the Business Combination Agreement, by and among
Parent, 57th Street Merger Sub LLC, the Company, the Exchanging Members and the representatives of
the Company and the Exchanging Members (the “Member Representatives”), dated as of January 9, 2011,
as amended on February 18, 2011, March 17, 2011 and on April 7, 2011 (as amended from time to time
in accordance with its terms, the “Business Combination Agreement”).

     NOW, THEREFORE, in consideration of the premises and mutual agreements herein contained and
other good and valuable consideration, receipt and sufficiency of which is hereby acknowledged, the
parties hereto agree as follows:

ARTICLE I

DEFINITIONS

          Section 1.1 Defined Terms. All capitalized terms used but not otherwise defined in
this Agreement shall have the meaning ascribed to such terms in the Business Combination Agreement.
For the purposes of this Agreement the following capitalized terms have the following meanings:

     “Business Day” means each day that is not a Saturday, Sunday or other day on which banking
institutions in New York, New York, are authorized or required by law to close.

     “Certificate of Designation” means the Certificate of Designation adopted by the board of
directors of Parent and filed with the Secretary of State of the State of Delaware on May 4, 2011
designating 915,000 shares of Parent Series A Voting Preferred Stock, as amended from time to time
in accordance with its terms and applicable law.

     “Competition Laws” means the Sherman Antitrust Act of 1890, as amended, the Clayton Antitrust
Act of 1914, as amended, the Federal Trade Commission Act of 1914, as amended, and any other
federal, state or foreign Law designed to prohibit, restrict or regulate actions for the purpose or
effect of monopolization or restraint of trade, other than the HSR Act.

     “Common Stock” means common stock of Parent, par value $0.0001 per share.

     “Designated Recipient(s)” means the Exchanging Member or any other person the Exchanging
Member designates as a recipient in the Exchange Notice, as applicable.

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     “Escrow Agent” means Continental Stock Transfer & Trust Company or any successor escrow agent
appointed in accordance with the Escrow Agreement.

     “Escrow Agreement” means the Escrow Agreement among Parent, the Company, the Exchanging
Members, the Member Representatives and the Escrow Agent dated as of May 5 2011.

     “Exchange Date” means the date specified in any Exchange Notice as the “Exchange Date”, which
must be a Business Day and must not be less than three (3) Business Days after the date upon which
the Exchange Notice is received by the Company. If no such Business Day is specified in the
Exchange Notice, the Exchange Date shall be deemed to be the third (3rd) Business Day
after the date on which the Exchange Notice is received by the Company.

     “HSR Act” means the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and
the rules and regulations promulgated thereunder.

     “Joinder Agreement” means a joinder agreement, pursuant to which a Permitted Transferee will
thereupon become a party to, and be bound by and obligated to comply with the terms and provisions
of, this Agreement as an Exchanging Member.

     “New Crumbs LLC Agreement” means the Third Amended and Restated Limited Liability Company
Agreement of the Company, dated May 5, 2011, as amended from time to time in accordance with its
terms.

     “New Crumbs Class A Voting Units” means the membership interests in the Company designated as
“New Crumbs Class A Voting Units” in the New Crumbs LLC Agreement and any equity securities issued
or issuable in exchange for, or with respect to, such New Crumbs Class A Voting Units (i) by way of
a dividend, split or combination of equity interest or (ii) in connection with a reclassification,
recapitalization, merger, consolidation or other reorganization.

     “New Crumbs Class B Exchangeable Units” means the membership interests in the Company
designated as “New Crumbs Class B Exchangeable Units” in the New Crumbs LLC Agreement and any
equity securities issued or issuable in exchange for, or with respect to, such New Crumbs Class B
Exchangeable Units (i) by way of a dividend, split or combination of equity interest or (ii) in
connection with a reclassification, recapitalization, merger, consolidation or other
reorganization.

     “Obligation” means the obligation to deliver the Reciprocate Common Stock upon exercise of the
exchange rights pursuant to Article II hereof.

     “Parent Series A Voting Preferred Stock” means the Series A Voting Preferred Stock of Parent,
par value $0.0001 per share.

     “Preferred Stock Voting Multiple” has the meaning set forth in the Certificate of Designation.
For avoidance of doubt, the Preferred Stock Voting Multiple shall initially be ten (10) votes per
share and shall be subject to equitable adjustment pursuant to the Certificate of Designation.

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     “Reciprocate Common Stock” means shares of Common Stock equal to the product of [A] the
Exchange Amount as set forth in the Exchange Notice and Share Notice, multiplied by [B] the
Exchange Ratio, as adjusted herein.

     “Registration Statement” means a registration statement filed by the Parent with the
Securities and Exchange Commission in compliance with the Securities Act of 1933, as amended (the
“Securities Act”), and the rules and regulations of the Securities and Exchange Commission
promulgated thereunder, all as the same shall be in effect at the time, and the rules and
regulations promulgated thereunder for a public offering and sale of equity securities, or
securities or other obligations exercisable or exchangeable for, or convertible into, equity
securities.

     “Transfer” of securities shall be construed broadly and shall include any direct or indirect
issuance (other than an issuance of securities by the Company), sale, assignment, transfer,
participation, gift, bequest, distribution, or other disposition thereof, or any pledge or
hypothecation thereof, placement of a lien thereon or grant of a security interest therein or other
encumbrance thereon, in each case whether voluntary or involuntary or by operation of law or
otherwise. Notwithstanding anything to the contrary contained herein, Transfer shall not include
the sale or transfer of Reciprocate Common Stock to an Exchanging Member in connection with the
exchange of its New Crumbs Class B Exchangeable Units.

     “Transfer Agent” means Continental Stock Transfer & Trust Company, or such other financial
institution as may from time to time be designated by Parent to act as its transfer agent for
Common Stock.

ARTICLE II

EXCHANGE RIGHT

          Section 2.1 Exchange Right. Each Exchanging Member shall have the right (the
“Exchange Rights”) at any time and from time to time to surrender any or all of the New Crumbs
Class B Exchangeable Units held by such Exchanging Member in exchange for the issuance by Parent to
the Designated Recipient(s) of the Reciprocate Common Stock, as provided in and subject to the
adjustments set forth in this Agreement and the Business Combination Agreement.

          Section 2.2 Exchange Right Procedures. Any Exchanging Member that elects to exercise
the exchange right set forth in Section 2.1 shall tender to the Company the applicable
number of New Crumbs Class B Exchangeable Units in exchange for Reciprocate Common Stock in
accordance with the following procedures:

          (a) The Exchanging Member shall deliver to the Company: (i) a notice, with a simultaneous copy
to Parent, substantially in the form attached here to as Exhibit A (an “Exchange Notice”)
specifying among other things (A) the number of New Crumbs Class B Exchangeable Units that such
Exchanging Member wishes to exchange (the “Exchange Amount”), (B) the proposed Exchange Date, (C)
the Designated Recipient(s), and (D) whether such shares should be delivered in certificated form
or via book entry transfer and the appropriate delivery instructions; (ii) the certificates
representing such New Crumbs Class B

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Exchangeable Units (the “Class B Units Certificate(s)”), to the extent such New Crumbs Class B
Exchangeable Units are certificated; and (iii) the certificates representing a number of shares of
Parent Series A Voting Preferred Stock equal to or greater than the quotient of [A] the Exchange
Amount set forth in the Exchange Notice, divided by [B] the Preferred Stock Voting Multiple (the
“Series A Preferred Certificate(s)”);

          (b) As promptly and practicable and no later than one (1) Business Day following the receipt
of an Exchange Notice and the applicable Class B Units Certificate(s) and Series A Preferred
Certificate(s) from an Exchanging Member, the Company shall deliver to Parent a notice
substantially in the form attached here to as Exhibit B (a “Share Notice”) specifying the
Exchange Amount and the number of shares of Reciprocate Common Stock to be issued in connection
with such exchange, together with a copy of the relevant Exchange Notice and the applicable Series
A Preferred Certificate(s) for automatic redemption pursuant to the Certificate of Designation;

          (c) As promptly and practicable and no later than one (1) Business Day after the delivery by
the Exchanging Member of an Exchange Notice, Parent shall instruct the Transfer Agent to:

     (i) issue and contribute to the Company the Reciprocate Common Stock on or
prior to the Exchange Date;

     (ii) to deliver the Reciprocate Common Stock to the Company in the names of the
Designated Recipient(s) as set forth in the Exchange Notice, either by book entry
transfer (to the extent permissible under this Agreement) or certificated form as
set forth in the applicable Exchange Notice; and

     (iii) to record successive transfers of Reciprocate Common Stock issued
pursuant to any Exchange Notice first as a contribution of such shares by
Parent to the capital of the Company, second as a transfer from the Company
to the Exchanging Member in exchange for the redemption of the New Crumbs Class B
Exchangeable Units tendered for exchange, and third, if any of the
Designated Recipient(s) are not the Exchanging Member, a transfer of the relevant
portion of the Reciprocate Common Stock from the Exchanging Member to the Designated
Recipient(s), in each case, as of the Exchange Date.

The Company shall deliver (or promptly cause to be delivered) such Reciprocate Common Stock to the
Designated Recipient(s) on the Exchange Date in exchange for the number of New Crumbs Class B
Exchangeable Units being exchanged by the Exchanging Member.

          (d) Upon contribution by Parent of the Reciprocate Common Stock to the Company and subject to
receipt by the Designated Recipient(s) of such Reciprocate Common Stock and there having been no
revocation of the applicable Exchange Notice by the Exchanging Member in advance of such receipt,
the Company shall issue to Parent a number of New Crumbs Class A Voting Units equal to the product
of [A] the Exchange Amount as set forth in the Exchange Notice and Share Notice, multiplied by [B]
the Exchange Ratio, and shall cancel a number New Crumbs Class B Exchangeable Units held by the
Exchanging Member equal to the

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Exchange Amount. Parent’s capital account with respect to the newly issued New Crumbs Class A
Voting Units shall be equal to the capital account of the cancelled New Crumbs Class B Exchangeable
Units.

          Section 2.3 Revocation of Exchange Notice. At any time prior to the Designated
Recipient’s receipt on the Exchange Date of the Reciprocate Common Stock in respect of an Exchange
Notice, the Exchanging Member may revoke the Exchange Notice by written notice to the Company and
Parent. Upon timely receipt of such written notice of revocation, Parent shall return to the
Company the applicable Series A Preferred Certificate(s) and the Company shall then return to the
Exchanging Member the applicable Series A Preferred Certificate(s) and Class B Units Certificate(s)
delivered with such Exchange Notice.

          Section 2.4 Replacement Securities. In any case where less than all of the New Crumbs
Class B Exchangeable Units or Parent Series A Voting Preferred Stock represented by a certificate
tendered by an Exchanging Member for exchange are to be exchanged pursuant to the Exchange Notice,
Parent and/ or the Company, as applicable, shall issue or cause to be issued a replacement
certificate representing that number of New Crumbs Class B Exchangeable Units or shares of Parent
Series A Voting Preferred Stock remaining after giving effect to the Exchange Notice, issued in the
name of the Exchanging Member and to deliver such replacement certificate as provided in the
Exchange Notice.

          Section 2.5 Effect on New Crumbs Class B Exchangeable Units and Parent Series A Voting
Preferred Stock Surrendered. Upon the delivery to the Designated Recipient(s) of the
Reciprocate Common Stock on the relevant Exchange Date in connection with an exchange contemplated
by an Exchange Notice which has not been revoked, subject to the provisions of Section 2.4,
the Exchanging Member shall cease to be a holder of the portion of such Parent Series A Voting
Preferred Stock and New Crumbs Class B Exchangeable Units being surrendered for exchange and shall
have no further rights whatsoever with respect to such securities. Following receipt by the
Designated Recipient(s) of the Reciprocate Common Stock, and provided there has been no revocation
of the applicable Exchange Notice by the Exchanging Member in advance of such receipt, subject to
the provisions of Section 2.4, the surrendered New Crumbs Class B Exchangeable Units shall
be deemed cancelled by the Company and shares of Parent Series A Voting Preferred Stock shall be
automatically redeemed by Parent in accordance with the Certificate of Designation. For the
avoidance of doubt, the completion of an automatic redemption of the aforementioned Parent Series A
Voting Preferred Stock Parent shall not be a condition to the issuance and delivery of the
Reciprocate Common Stock.

          Section 2.6 Take-Overs, Mergers and Registrations. Parent and the Company shall use
their commercially reasonable efforts to expeditiously and in good faith provide holders of New
Crumbs Class B Exchangeable Units with sufficient notice so that such holders may participate in
any take-over bid, merger, consolidation, share exchange offer, third party or issuer tender offer,
arrangement or similar transaction or Registration Statement involving the Common Stock and, to
facilitate participation in any such transaction or Registration Statement, to adopt reasonable
modifications (following good faith consultation with the Exchanging Members) to the exchange
procedures set forth in this Agreement so that any exercise required in respect thereof shall be
effective only upon, and shall be conditional upon, the closing of such transaction or
effectiveness of such Registration Statement.

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ARTICLE III

EXCHANGE RATIO

          Section 3.1 Exchange Ratio; Adjustment of Exchange Ratio. Except as otherwise
adjusted as provided for in Section 4.6, the ratio which each unit of New Crumbs Class B
Exchangeable Units are exchangeable for a share of Common Stock shall be one (1) (the “Exchange
Ratio”).

ARTICLE IV

SUPPORT

          Section 4.1 Taxes; Tax Treatment. Any and all share issuances or contributions
hereunder shall be made free and clear of any and all present or future transfer Taxes and all
liabilities with respect thereto. Each party shall pay any and all transfer Taxes that he, she or
it is required to pay under applicable law.

          Section 4.2 No Effect on Agreement. Except as provided in this Agreement or otherwise
agreed to by the parties hereto in writing, the obligations of Parent under this Agreement shall
not be altered, limited, impaired or otherwise affected by:

          (a) any modification or amendment, in whole or in part, of the terms of the New Crumbs Class B
Exchangeable Units or any other instrument or agreement evidencing or relating to any of the
foregoing;

          (b) the validity or enforceability of the Obligation or of the New Crumbs Class B Exchangeable
Units or any other instrument or agreement evidencing or relating to any of the foregoing;

          (c) any change, whether direct or indirect, in Parent’s relationship to the Company, including
any such change by reason of any merger or consideration or any sale, transfer, issuance, spin-off,
distribution or other disposition of any stock, equity interest or other security of Parent or any
other entity;

          (d) the failure by an Exchanging Member to bring an action against the Company, Parent or any
other party liable on the Obligation;

          (e) any proceeding, voluntary or involuntary, involving bankruptcy, insolvency, receivership,
reorganization, liquidation or arrangement of Parent or the Company or any defense which Parent or
the Company may have by reason of the order, decree or decision of any court or administrative body
resulting from any such proceeding; and

          (f) any other act or omission that may or might in any manner or to any extent vary the risk
of Parent or the Company or that may or might otherwise operate as a discharge of Parent as a
matter of law or equity, other than the performance of the Obligation and this Agreement.

          Section 4.3 Continuing Agreement. This Agreement shall be construed as a continuing,
absolute and unconditional, subject to the compliance by the parties with the

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requirements and procedures set forth herein, agreement to issue Reciprocate Common Stock (or
other property as provided herein) and a guarantee of performance of the Obligation and shall not
be conditioned or contingent upon the pursuit by Exchanging Members at any time of any right or
remedy against Parent or the Company. This Agreement shall remain in full force and effect until
it is terminated in accordance with Section 7.1.

          Section 4.4 Reservation of Shares. Parent shall, and shall authorize and direct the
Transfer Agent and any other current or future transfer agents for the Common Stock and/or the
Parent Series A Voting Preferred Stock to, at all times while New Crumbs Class B Exchangeable Units
are outstanding or are issuable (whether such obligation is absolute or contingent) pursuant to
this Agreement, the Business Combination Agreement, the Certificate of Designation and/or the New
Crumbs LLC Agreement, reserve and keep available, from its authorized and unissued capital stock,
sufficient shares of Common Stock and Parent Series A Voting Preferred Stock solely for issuance
and delivery as and when required under this Agreement and/or such other agreements. Parent shall,
from time to time, take any and all steps necessary to increase the authorized number of shares of
Common Stock if, at any time, the authorized number of shares of Common Stock remaining unissued
would otherwise be insufficient to allow delivery of all the shares of Common Stock then
deliverable upon the exchange in full of all outstanding Class B Exchangeable Units outstanding or
issuable (whether such obligation is absolute or contingent) pursuant to the Business Combination
Agreement and/or the Crumbs LLC Agreement. The Transfer Agent and any other current or future
transfer agent(s) for the Parent Series A Voting Preferred Stock and Common Stock, if applicable,
shall be authorized to requisition from time to time from the Parent certificates for the Common
Stock and/or Parent Series A Voting Preferred Stock required to honor outstanding shares of Parent
Series A Voting Preferred Stock or Common Stock in accordance with the terms of this Agreement, the
Certificate of Designation, the Business Combination Agreement, the Crumbs LLC Agreement and/or the
Escrow Agreement and the Parent shall authorize and direct such transfer agents to comply with all
such requests of the transfer agent(s) for the Parent Series A Voting Preferred Stock and Common
Stock. Parent will supply such transfer agents with duly executed stock certificates for such
purposes.

          Section 4.5 Reports to Holders.

     So long as any shares of Parent Series A Voting Preferred Stock remain outstanding, if Parent
is not required to file information, documents or reports pursuant to either of Section 13 or
Section 15(d) of the Exchange Act of 1934, as amended (the “Exchange Act”), Parent shall cause
quarterly reports (containing unaudited financial statements) for the first three quarters of each
fiscal year and annual reports (containing audited financial statements and an opinion thereon by
Parent’s independent certified public accountants) which the Parent would be required to file under
Section 13 of the Exchange Act if it had a class of securities listed on a national securities
exchange to be mailed to each holder of record of the shares of Parent Series A Voting Preferred
Stock appearing on the stock books of Parent as of the date of such mailing at the address of said
holder shown therein within 15 days after the date when such report would have been required to be
filed under Section 13 of the Exchange Act.

          Section 4.6 Restrictions on Parent.

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          (a) Parent may not directly or indirectly acquire, whether by merger, reorganization,
consolidation, purchase, or otherwise, any business, material assets or securities (other than
securities of the Parent) unless, following such transaction, such business, material assets or
securities (other than securities of the Parent) are owned by the Company or a wholly owned
subsidiary of the Company.

          (b) Except as provided in the New Crumbs LLC Agreement, neither Parent nor any subsidiary of
Parent, other than the Company and its wholly owned subsidiaries, shall own any assets or
securities (other than Company securities, a de minimis amount of cash or other temporary
investments or those necessary or incidental to the operation of Parent’s business as the public
holding company of the Company or to the duties of Parent contemplated by this Agreement or the New
Crumbs LLC Agreement) or operate any business (other than the holding of the securities of the
Company, acting as an issuer of publicly traded securities or activities incidental thereto).

          (c) Parent may not issue shares of Parent Series A Voting Preferred Stock to any Person other
than the Exchanging Members or pursuant to the Business Combination Agreement.

          Section 4.7 Dilutive Actions; Issuances; Fundamental Transactions.

          (a) If there is: (1) any division or subdivision (by split, distribution, reclassification,
recapitalization, reorganization or otherwise) or combination or consolidation (by reverse split,
reclassification, recapitalization or otherwise) of the New Crumbs Class B Exchangeable Units,
Parent shall cause it to be accompanied by an identical proportionate division, subdivision,
consolidation or combination of the Common Stock; or (2) any division, subdivision (by split,
distribution, reclassification, recapitalization, reorganization or otherwise) or combination or
consolidation (by reverse split, reclassification, recapitalization, reorganization or otherwise)
of the Common Stock, Parent and the Company shall cause it to be accompanied by an identical
proportionate division, subdivision, consolidation or combination of the New Crumbs Class B
Exchangeable Units.

          (b) In the event that Parent issues any shares of Common Stock (other than pursuant to the
terms herein), including in respect of options, warrants or other convertible securities, it shall
immediately contribute the proceeds of such issuance, exercise or conversion to the Company in
exchange for a number of New Crumbs Class A Voting Units equal to the number of shares of Common
Stock so issued. Notwithstanding the foregoing, to the extent shares of Common Stock are issued in
exchange of warrants pursuant to the Insider Warrant Exchange Agreements (as defined in the
Business Combination Agreement), warrants received therefor shall be cancelled by Parent and Parent
will have no obligation to contribute such warrants to the Company.

          (c) Except for issuances of Contingency Consideration as expressly contemplated by the
Business Combination Agreement, in the event that Parent issues any securities other than shares of
Common Stock, including convertible debt securities, preferred stock, options, warrants, or other
securities exercisable for or convertible into Common Stock,

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(other than pursuant to the terms herein), it shall immediately contribute, lend or otherwise
provide the proceeds of such issuance to the Company.

          (d) In the event of any merger, acquisition, reorganization, consolidation, or liquidation of
Parent involving a payment or distribution of cash, securities or other assets to the holders of
Common Stock or any reclassification or other similar transaction as a result of which the shares
of Parent Common Stock are converted into, among other things, another security (a “Fundamental
Transaction”), the New Crumbs Class B Exchangeable Units shall remain outstanding and the exchange
provisions of this Agreement shall thereafter permit the exchange of New Crumbs Class B
Exchangeable Units for the amount of such cash, securities or other assets which an Exchanging
Member would have received had he, she or it made an exchange for Common Stock immediately prior to
such Fundamental Transaction, regardless of whether such exchange would actually have been
permitted at such time and taking into account any adjustment as a result of any division or
subdivision (by any split, distribution or dividend, reclassification, reorganization,
recapitalization or otherwise) or combination or consolidation (by reverse split, reclassification,
recapitalization or otherwise) of such security, securities or other property that occurs after the
effective time of such merger, acquisition, consolidation, reclassification, reorganization,
recapitalization or other similar transaction. For the avoidance of doubt, if there is any
reclassification, reorganization, recapitalization or other similar transaction in which the Common
Stock is converted or changed into another security, securities or other property, this Agreement
shall continue to be applicable, mutatis mutandis, with respect to such security, securities or
other property.

          (e) Parent shall provide all Exchanging Members with notice of any transaction referred to in
clauses (a) and (d) of this Section 4.6 promptly after the Company proposes such
transaction but in no event later than (i) 10 (ten) Business Days prior to record date of such
transaction, if applicable, or (ii) 20 Business Days prior to the applicable effective date or
expiration date of such transaction, or (iii) in any such case, such earlier time as notice thereof
shall be required to be given pursuant to Rule l0b-17 under the Exchange Act. Such notice shall
specify all material terms of such transaction, the record date (if applicable), the proposed date
of consummation of such transaction (the “Proposed Consummation Date”) and the effect of such
transaction on the Exchange Ratio.

          Section 4.8 Government Authority Approval.

          (a) General. Parent and the Exchanging Member shall cooperate with one another in (i)
determining whether any action in respect of (including any filing with), or consent, approval,
registration or qualification (other than registration under the Securities Act) or waiver by, any
governmental authority under any United States federal or state law (a “Governmental Authority”) is
required in connection with the issuance of Reciprocate Common Stock upon an exchange pursuant to
Article II hereof, (ii) using commercially reasonable efforts to take any such actions
(including making any filing or furnishing any information required in connection therewith) in
order to obtain any such consent, approval, registration, qualification or waiver on a timely basis
and (iii) keeping the other party promptly informed in all material respects with respect to any
communication given or received in connection with any such action, consent, approval or waiver,
including providing to each other in advance any analyses,

9

 

appearances, presentations, memoranda, briefs, arguments, opinions and proposals made or
submitted by or on behalf of any party.

          (b) Certain Filings. Parent covenants to make all appropriate filings required by the
HSR Act and any Competition Laws with respect to the issuance of Reciprocate Common Stock upon an
exchange pursuant to Article II hereof as promptly as practicable in advance of such
intended exchange upon written request from the Exchanging Member and to use commercially
reasonable efforts to supply, and shall cause its Affiliates to use commercially reasonable efforts
to supply, as promptly as practicable any additional information and documentary material that may
be requested pursuant to the HSR Act or any Competition Laws. Without limiting the foregoing,
Parent shall, and Parent shall cause its Affiliates to, request early termination of any waiting
period or comparable period under the HSR Act and will not extend any such period or enter into any
agreement with any Governmental Authority not to consummate the issuance of Reciprocate Common
Stock upon an exchange pursuant to Article II hereof, except with the prior written consent of the
applicable Exchanging Member.

          (c) Parent’s Efforts. Without limiting the provisions set forth in paragraphs (a) and
(b) above and subject to the provisions of this clause (c), Parent and its Affiliates shall use
commercially reasonable efforts to take or cause to be taken any and all actions necessary, proper
or advisable to obtain any consent, approval or waiver relating to the HSR Act or any Competition
Law that is required for the consummation of the issuance of Reciprocate Common Stock upon an
exchange pursuant to Article II hereof. Nothing contained herein shall be construed to
preclude Parent or the Company from satisfying their obligations in respect of the exchange of any
New Crumbs Class B Exchangeable Unit by delivery of the Reciprocate Common Stock which are held in
the treasury of Parent.

ARTICLE V

REPRESENTATIONS AND WARRANTIES

          Section 5.1 Representations and Warranties of ParentParent represents and warrants as
of the date hereof and as of the date of each Exchange that (i) it is a corporation duly
incorporated and is existing in good standing under the laws of the State of Delaware, (ii) it has
all requisite corporate power and authority to enter into and perform this Agreement and to
consummate the transactions contemplated hereby and to issue the Common Stock in accordance with
the terms hereof, (iii) the execution and delivery of this Agreement by Parent and the consummation
by it of the transactions contemplated hereby (including without limitation, the issuance of the
Reciprocate Common Stock) have been duly authorized by all necessary corporate action on the part
of Parent, including but not limited to all actions necessary to ensure that the issuance of
Reciprocate Common Stock pursuant to the transactions contemplated hereby, to the fullest extent of
the Parent’s Board of Directors’ power and authority and to the extent permitted by law, shall not
be subject to any “moratorium,” “control share acquisition,” “business combination,” “fair price”
or other form of anti-takeover laws and regulations” of any jurisdiction that may purport to be
applicable to this Agreement or the transactions contemplated hereby (collectively, “Takeover
Laws”), (iv) this Agreement constitutes a legal, valid and binding obligation of Parent enforceable
against Parent in accordance with its terms, except as enforcement may be limited by equitable
principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or
limiting creditors’ rights generally,

10

 

(v) the execution, delivery and performance of this Agreement by Parent and the consummation by
Parent of the transactions contemplated hereby (including the issuance of the Reciprocate Common
Stock) will not (A) result in a violation of the Certificate of Incorporation of Parent or the
Bylaws of Parent or (B) conflict with, or constitute a default (or an event which with notice or
lapse of time or both would become a default) under, or give to others any rights of termination,
amendment, acceleration or cancellation of, any agreement, indenture or instrument to which Parent
is a party, or (C) result in a violation of any law, rule, regulation, order, judgment or decree
applicable to Parent or by which any property or asset of the Parent is bound or affected, except
with respect to clauses (B) or (C) for any conflicts, defaults, accelerations, terminations,
cancellations or violations, that would not reasonably be expected to have a material adverse
effect on the Parent or its business, financial condition or results of operations; (vi) upon
issuance to a Designated Recipient as contemplated by this Agreement, the Reciprocate Common Stock
will be duly authorized and validly issued, fully paid and non-assessable and will be free of
restrictions on transfer and will be free from all taxes, liens and charges in respect of the issue
thereof (other than taxes in respect of any transfer occurring contemporaneously or otherwise
specified herein); and (vii) to the extent shares of Common Stock are listed on a national
securities exchange, all shares of Common Stock shall, at all times that Class B Exchangeable Units
are exchangeable, be duly approved for listing subject to official notice of issuance on each
securities exchange, if any, on which the Common Stock is then listed.

          Section 5.2 Representations and Warranties of the Exchanging Members. Each Exchanging
Member, severally and not jointly, represents and warrants that as of the date hereof and as of the
date of each Exchange (i) if it is not a natural person, that it is duly incorporated or formed
and, the extent such concept exists in its jurisdiction of organization, is in good standing under
the laws of such jurisdiction, (ii) it has all requisite legal capacity and authority to enter into
and perform this Agreement and to consummate the transactions contemplated hereby, (iii) if it is
not a natural person, the execution and delivery of this Agreement by it of the transactions
contemplated hereby have been duly authorized by all necessary corporate or other entity action on
the part of such Exchanging Member, (iv) this Agreement constitutes a legal, valid and binding
obligation of such Exchanging Member enforceable against it in accordance with its terms, except as
enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization,
moratorium, or similar laws relating to or limiting creditors’ rights generally, and (v) the
execution, delivery and performance of this Agreement by such Exchanging Member and the
consummation by such Exchanging Member of the transactions contemplated hereby will not (A) if it
is not a natural person, result in a violation of the Certificate of Incorporation and Bylaws or
other organizational documents of such Exchanging Member or (B) conflict with, or constitute a
default (or an event which with notice or lapse of time or both would become a default) under, or
give to others any rights of termination, amendment, acceleration or cancellation of, any
agreement, indenture or instrument to which such Exchanging Member is a party, or (C) result in a
violation of any law, rule, regulation, order, judgment or decree applicable such Exchanging
Member, except with respect to clauses (B) or (C) for any conflicts, defaults, accelerations,
terminations, cancellations or violations, that would not in any material respect result in the
unenforceability against such Exchanging Member of this Agreement.

11

 

ARTICLE VI

SECURITIES LAW MATTERS

          Section 6.1 Securities Law Transfer Restrictions. Each Exchanging Member agrees that
it shall not offer, sell or otherwise Transfer any Common Stock issued pursuant to this Agreement
or Parent Series A Voting Preferred Stock issued pursuant to the Business Combination Agreement
other than (a) to the Parent or the Company; (b) outside the United States in accordance with Rule
904 of Regulation S under the Securities Act; (c) within the United States in accordance with (i)
Rule 144A under the Securities Act to a person who the seller reasonably believes is a Qualified
Institutional Buyer (as defined therein) that is purchasing for its own account or for the account
of another Qualified Institutional Buyer to whom notice is given that the offer, sale, or Transfer
is being made in reliance on Rule 144A, if available, or (ii) the exemption from registration under
the Securities Act provided by Rule 144 thereunder, if applicable; (d) in a transaction that does
not require registration under the Securities Act or any applicable United States state laws and
regulations governing the offer and sale of securities; or (e) pursuant to an effective
registration statement under the U.S. Securities Act, provided that with respect to sales
or Transfers under (x) clauses (b), (c)(i) and, to the extent by an Exchanging Member that is not
an Affiliate of the Parent proposing to Transfer such securities pursuant to Rule 144(b)(1) of the
Securities Act, (c)(ii) of this Section 6.1, in each case, only if the Exchanging Member
has furnished to the Company a customary certificate confirming compliance with such exemptions,
reasonably satisfactory to the Company, prior to such sale or Transfer to the extent requested by
the Company, or (y) clauses (c)(ii)(except with respect to transactions covered in the preceding
clause (x)) or (d), only if the Exchanging Member has furnished to the Company an opinion of
counsel, reasonably satisfactory to the Company, prior to such sale or Transfer to the extent
reasonably requested by the Company, and in each case in accordance with any applicable state
securities laws in the United States or securities laws of any other applicable jurisdiction. Each
Exchanging Member consents to the Company making a notation on its records and giving instructions
to any registrar and transfer agent not to record any Transfer of Exchanging Member Shares without
first being notified by the Company that it is reasonably satisfied that such Transfer is exempt
from, or not subject to, the registration requirements of the Securities Act. The Company shall
promptly notify the Transfer Agent upon reasonably determining that a proposed Transfer is exempt
from, or not subject to, the registration requirements of the Securities Act.

          Section 6.2 Required Legends

          (a) Common Stock and Parent Series A Voting Preferred Stock. Each of the Parent, the
Company and the Exchanging Members acknowledge and agree that all shares of Reciprocate Common
Stock issued pursuant to this Agreement and all shares of Parent Series A Voting Preferred Stock
issued pursuant to the Business Combination Agreement and/or this Agreement shall be issued and
held in certificated form (except as provided in Section 6.2(c) below) and each such
certificate evidencing such Exchanging Member’s ownership of such Parent Series A Voting Preferred
Stock shall be stamped or otherwise imprinted with legends in substantially the following form:

“THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR THE SECURITIES LAWS

12

 

OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION
HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM PURSUANT TO
APPLICABLE LAW. ANY OFFER, SALE, ASSIGNMENT, TRANSFER OR OTHER DISPOSITION OF THIS SECURITY
IN A TRANSACTION THAT IS NOT REGISTERED UNDER THE SECURITIES ACT IS SUBJECT TO THE COMPANY’S
RIGHT TO REQUIRE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION
SATISFACTORY TO THE COMPANY.”

          (b) Additional Legend on Parent Series A Voting Preferred Stock. Each of the Parent,
the Company and the Exchanging Members acknowledge and agree that all shares of Parent Series A
Voting Preferred Stock issued pursuant to the Business Combination Agreement or this Agreement
shall be stamped or otherwise imprinted with a legend in substantially the following form:

“THE CERTIFICATE OF DESIGNATION OF THE CORPORATION ADOPTED ON MAY 4, 2011 (AS AMENDED FROM
TIME TO TIME, THE “CERTIFICATE OF DESIGNATION”) AUTHORIZING THE ISSUANCE OF THIS SECURITY
INCLUDES, AMONG OTHER THINGS, TRANSFER RESTRICTIONS ON THE SERIES A VOTING PREFERRED STOCK
OF THE COMPANY. THE COMPANY WILL FURNISH WITHOUT CHARGE TO THE HOLDER OF RECORD OF THIS
CERTIFICATE A COPY OF THE CERTIFICATE OF DESIGNATION CONTAINING THE ABOVE REFERENCED
TRANSFER RESTRICTIONS UPON WRITTEN REQUEST TO THE COMPANY AT ITS PRINCIPAL PLACE OF
BUSINESS.”

          (c) Removal of Legends. The Parent shall, at the request of an Exchanging Member,
remove or cause to be removed from each certificate representing Common Stock and/or Parent Series
A Voting Preferred Stock the legend described in Section 6.2(a), if it is reasonably
satisfied (based upon opinion of counsel reasonably satisfactory to the Company, or in the case of
an Exchanging Member proposing to Transfer such securities, pursuant to Rule 144(b)(1) of the
Securities Act, a customary certificate confirming compliance with such exemptions, reasonably
satisfactory to the Company) that such legend is no longer required under applicable requirements
of the Securities Act.

          (d) Permitted Use Of Book Entry Transfer in Connection with Exchange. Furthermore, to
the extent that any Reciprocate Common Stock is being issued as part of a subsequent transfer to a
Designated Recipient (other than the Exchanging Member) (i) in a bona fide Transfer to a third
party pursuant to an effective Registration Statement, or (ii) in connection with a proposed
Transfer pursuant to Rule 144 promulgated under the Securities Act, Parent shall or shall cause any
such Reciprocate Common Stock to be delivered, at the election of the Exchanging Member as set
forth in the Exchange Notice, either (x) in certificated form without the legend set forth in
Section 6.2(a) or (y) via book entry transfer to such securities accounts as are set forth
in the applicable Exchange Notice. Furthermore, the Parent shall, at the request of an Exchanging
Member, remove or cause to be removed from each certificate representing Parent Series A Voting
Preferred Stock the legend described in Section 6.2(b) to the extent that

13

 

the restrictions on transfer contained in Section 9 of the Certificate of Designation are no
longer in effect.

          Section 6.3 Supplemental Listing. If any shares of the Common Stock are listed on any
domestic stock exchange, Parent shall take all such actions as may be necessary to ensure that the
shares of Reciprocate Common Stock issuable hereunder shall be duly approved for listing subject to
official notice of issuance on each securities exchange, if any, on which the Common Stock is then
listed. Parent shall take all such actions as may be necessary to ensure that all such shares of
Reciprocate Common Stock may be so issued without violation of any requirements of any domestic
stock exchange upon which shares of Common Stock may be listed (except for official notice of
issuance which shall be immediately delivered by the Parent upon each such issuance).

ARTICLE VII

MISCELLANEOUS

          Section 7.1 Termination. This Agreement shall terminate upon the earlier of (i) the
date that no New Crumbs Class B Exchangeable Units remain outstanding or otherwise issuable
(whether such obligation is absolute or contingent) pursuant to the Business Combination Agreement
and/ or the New Crumbs LLC Agreement or (ii) the mutual written consent of Parent (with the prior
written consent of the independent directors of Parent), the Company and each of the Exchanging
Members; provided, however, that Article V, Article VI and this Article VII shall survive such
termination.

          Section 7.2 Parent’s Waivers. Subject to the compliance by the parties with the
requirements and procedures set forth herein, (i) Parent waives any and all notice of the creation,
renewal, extension or accrual of the Obligation and notice of or proof of reliance by the
Exchanging Members upon this Agreement or acceptance of this Agreement, and (ii) the Obligation
shall conclusively be deemed to have been created, contracted, incurred, renewed, extended, amended
or waived in reliance upon this Agreement, and all dealings between Parent and the Exchanging
Members shall likewise be conclusively presumed to have been had or consummated in reliance upon
this Agreement. Subject to the compliance by the parties with the requirements and procedures set
forth herein, Parent waives presentment, demand, notice, and protest of all instruments included in
or evidencing the Obligation and all other demands and notices in connection with the delivery,
acceptance, performance, default or enforcement of any such instrument or this Agreement.

          Section 7.3 Election of Remedies. Each and every right, power and remedy herein given
to the Exchanging Members, or otherwise existing, shall be cumulative and not exclusive, and be in
addition to all other rights, powers and remedies now or hereafter granted or otherwise existing.
Each and every right, power and remedy whether specifically herein given or otherwise existing may
be exercised, from time to time and as often and in such order as may be deemed expedient by any of
the Exchanging Members.

          Section 7.4 Effect of Delay or Omission to Pursue Remedy. No single or partial waiver
by any of the Exchanging Members of any right, power or remedy, or delay or omission by any of the
Exchanging Members in the exercise of any right, power or remedy

14

 

which they may have shall impair any such right, power or remedy or operate as a waiver
thereof or of any other right, power or remedy then or thereafter existing. Any waiver given by any
of the Exchanging Members of any right, power or remedy in any one instance shall only be effective
in that specific instance, and only by the Exchanging Member expressly giving such waiver, and only
for the purpose for which given, and will not be construed as a waiver of any right, power or
remedy on any future occasion. No waiver of any term, covenant or provision of this Agreement, or
consent given hereunder, shall be effective unless given in writing by any Exchanging Member to be
bound thereby.

          Section 7.5 Amendment. This Agreement may not be modified, amended, terminated or
revoked, in whole or in part, except by an agreement in writing signed each of by the Company,
Parent (with the prior written consent of the independent directors of Parent) and each of the
Exchanging Members.

          Section 7.6 Notices. All notices and other communications required or permitted
hereunder shall be in writing and shall be deemed to have been sufficiently given to any party
hereto if personally delivered or if sent by telecopy or other electronic means, receipt confirmed,
or by registered or certified mail, return receipt requested, or by recognized courier service,
postage or other charges prepaid addressed as follows:

	 	(a)	 	If to Parent:
	 
	 	 	 	57th Street Acquisition Corp.

c/o Crumbs Holdings LLC

110 West 40th Street

Suite 2100

New York, New York 10018

Attention: Jason Bauer

Facsimile: (212) 221-7107

          with a copy to (but which shall not constitute notice to Parent):

	 	 	 	Akin Gump Strauss Hauer & Feld LLP

One Bryant Park

New York, New York 10036

Attention: Bruce Mendelsohn

Facsimile: (212) 872-1002

	 	(b)	 	If to the Company:
	 
	 	 	 	Crumbs Holdings LLC

110 West 40th Street

Suite 2100

New York, New York 10018

Attention: Jason Bauer

Facsimile: (212) 221-7107

15

 

          with a copy to (but which shall not constitute notice to the Company):

	 	 	 	Akin Gump Strauss Hauer & Feld LLP

One Bryant Park

New York, New York 10036

Attention: Bruce Mendelsohn

Facsimile: (212) 872-1002

          (c) If to any Exchanging Member, at the address specified on Exhibit C hereto or an applicable
Joinder Agreement;

or to such other address as may be specified from time to time by the parties in a notice to the
other parties given as herein provided. Such notice or communication will be deemed to have been
given as of the date so personally delivered, telecopied, mailed or sent by courier.

          Section 7.7 Successors and Assigns; Joinder Agreement. This Agreement shall be
binding upon and shall inure to the benefit of the parties and their respective successors and
permitted assigns. Notwithstanding the foregoing, neither Parent nor the Company shall have the
right to assign its rights or obligations hereunder (whether by operation of law or otherwise)
without the prior written consent of the independent directors of Parent or the Company, as the
case may be, and all of the other parties hereto, and any such assignment without such consent
shall be void and have no effect on the rights of the Exchanging Members hereunder. Any Exchanging
Member shall be entitled to assign any or all of his, her or its rights hereunder in conjunction
with the assignment or transfer of his, her or its New Crumbs Class B Exchangeable Units or the
right to receive such units to a third party that is not prohibited by the New Crumbs LLC
Agreement, the Lock-Up Agreements (as defined in the Business Combination Agreement) or the
Business Combination Agreement (a “Permitted Transferee”). All Permitted Transferees shall be
required to become a party to this Agreement as an Exchanging Member by executing a Joinder
Agreement and Parent and the Company shall counter sign and deliver to such Permitted Transferee an
executed Joinder Agreement promptly following receipt of a validly executed Joinder Agreement from
such Permitted Transferee.

          Section 7.8 Specific Performance; Remedies. Each party acknowledges and agrees that
the other parties would be damaged irreparably and would not have an adequate remedy at law if any
provision of this Agreement is not performed in accordance with its specific terms or is otherwise
breached. Accordingly, in addition to any other remedy to which he, she or it may be entitled at
law or in equity, each party will be entitled to an injunction or injunctions to prevent breaches
or threatened breaches of the provisions of this Agreement and to enforce specifically this
Agreement and its provisions, without bond or other security being required. Except as expressly
provided herein, the rights and remedies created by this Agreement are cumulative and in addition
to any other rights and remedies otherwise available at law or in equity. Except as expressly
provided herein, nothing herein will be considered an election of remedies or a waiver of the right
to pursue any other right or remedy to which such party may be entitled.

16

 

          Section 7.9 Governing Law. THIS AGREEMENT AND ANY INSTRUMENT OR AGREEMENT REQUIRED
HEREUNDER (TO THE EXTENT NOT EXPRESSLY PROVIDED FOR THEREIN) SHALL BE GOVERNED BY, AND CONSTRUED
UNDER, THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO CONFLICTS OF LAW PRINCIPLES THEREOF.

          Section 7.10 Submission To Jurisdiction. ANY LEGAL ACTION OR PROCEEDING WITH RESPECT
TO THIS AGREEMENT AND ANY ACTION FOR ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF MAY BE BROUGHT
IN THE COURTS OF THE STATE OF DELAWARE OR OF THE UNITED STATES OF AMERICA FOR THE DISTRICT OF
DELAWARE, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH OF THE PARTIES HERETO HEREBY
ACCEPTS FOR SUCH PARTY AND IN RESPECT OF SUCH PARTY’S PROPERTY, GENERALLY AND UNCONDITIONALLY, THE
NON-EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS AND APPELLATE COURTS FROM ANY THEREOF. EACH OF
THE PARTIES HERETO IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED
COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED
MAIL, POSTAGE PREPAID, AT SUCH PARTY’S ADDRESS REFERRED TO IN SECTION 7.6 OF THIS
AGREEMENT. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT SUCH PARTY
MAY DO SO UNDER APPLICABLE LAW, ANY OBJECTION WHICH SUCH PARTY MAY NOW OR HEREAFTER HAVE TO THE
LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH
THIS AGREEMENT BROUGHT IN THE COURTS REFERRED TO ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVES AND
AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY
SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY
PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

          Section 7.11 Waiver Of Jury Trial. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY MATTER
ARISING HEREUNDER.

          Section 7.12 Entire Agreement.This Agreement, the Business Combination Agreement and
the documents or instruments referred to herein and therein, including any exhibits and schedules
attached hereto and thereto, embody the entire agreement and understanding of the parties hereto in
respect of the subject matter contained herein. There are no restrictions, promises,
representations, warranties, covenants or undertakings, other than those expressly set forth or
referred to herein. This Agreement and such other agreements supersede all prior agreements and the
understandings among the parties with respect to such subject matter.

          Section 7.13 Severability. If any term or other provision of this Agreement is held to
be invalid, illegal or incapable of being enforced by any rule of law, or public policy, all

17

 

other conditions and provisions of this Agreement shall nevertheless remain in full force and
effect so long as the economic or legal substance of the transactions is not affected in any manner
materially adverse to any party. Upon a determination that any term or other provision is invalid,
illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify
this Agreement so as to effect the original intent of the parties as closely as possible in a
mutually acceptable manner in order that the transactions contemplated hereby be consummated as
originally contemplated to the fullest extent possible.

          Section 7.14 Counterparts. This Agreement may be executed (including by facsimile or
other electronic transmission) in one or more separate counterparts, each such counterpart being
deemed an original instrument, and all such counterparts will together constitute the same
agreement.

[Remainder of this page intentionally left blank.]

18

 

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and
delivered, all as of the date first above written.

	 	 	 	 	 
	 	57TH STREET GENERAL ACQUISITION CORP.

 	 
	 	By:  	/s/ Paul D. Lapping
 	 
	 	 	Name:  	Paul D. Lapping 	 
	 	 	Title:  	CFO, Secretary and Treasurer 	 
	 
	 	CRUMBS HOLDINGS LLC

 	 
	 	By:  	/s/ Jason Bauer
 	 
	 	 	Name:  	Jason Bauer 	 
	 	 	Title:  	Chief Executive Officer 	 
	 
	 	EXCHANGING MEMBERS

CRUMBS, INC.

 	 
	 	By:  	/s/ Jason Bauer
 	 
	 	 	Name:  	Jason Bauer 	 
	 	 	Title:  	President 	 
	 
	 	 	 
	 	/s/ Jason Bauer
 	 
	 	Name:  Jason Bauer 	 
	 	 	 
	 
	 	 	 
	 	/s/ Mia Bauer
 	 
	 	Name:  Mia Bauer 	 
	 	 	 
	 
	 	 	 
	 	/s/ Victor Bauer
 	 
	 	Name:  Victor Bauer 	 
	 	 	 
	 

[Signature Page to Exchange and Support Agreement]

S-1

 

	 	 	 	 	 
	 	EHL HOLDINGS LLC 

 	 
	 	By:  	/s/ Edwin Lewis
 	 
	 	 	Name:  	Edwin Lewis 	 
	 	 	Title:  	Chairman 	 
	 
	 	 	 
	 	/s/ John D. Ireland
 	 
	 	Name:  John D. Ireland 	 
	 	 	 
	 

[Signature Page to Exchange and Support Agreement]

S-2

 

EXHIBIT A

Exchange Notice

	[To: 	 	 Crumbs Holdings LLC

110 West 40th Street

Suite 2100

New York, New York 10018]
	 
	Date: 	 	[          ]

Gentlemen:

     Pursuant to the Exchange and Support Agreement, dated May 5, 2011, the undersigned hereby
directs Crumbs Holdings LLC to (i) exchange the number of New Crumbs Class B Exchangeable Units set
forth below for Reciprocate Common Stock and (ii) deliver such Reciprocate Common Stock to the
Designated Recipient set forth below. Attached to this notice are the applicable Class B Units
Certificate(s) and Series A Preferred Certificate(s).

DESCRIPTION OF SHARES TENDERED

	 	 	 	 	 	 	 	 	 	 	 
	New Crumbs Class B Exchangeable Units	 	Parent Series A Voting Preferred Stock
	 	 	Total Number of	 	 	 	 	 	Total Number of	 	 
	 	 	Shares	 	Number of	 	 	 	Shares	 	Number of
	Certificate	 	Represented by	 	Shares	 	Certificate	 	Represented by	 	Shares
	Number(s)	 	Certificates	 	Exchanged (1)	 	Number(s)	 	Certificates	 	Redeemed (1)
	 
	 	 	 	 	 	 	 	 	 	 

 

			
	(1)	 	Unless otherwise indicated, it will be assumed that all shares represented by the
certificates described above are being exchanged or redeemed, as applicable. The aggregate number
of shares of Parent Series A Voting Preferred Stock being redeemed must equal the aggregate number
of shares of New Crumbs Class B Exchangeable Units being exchanged divided by the Preferred Stock
Voting Multiple. Failure to comply with this requirement will result in this notice being deemed
invalid.

DELIVERY OF RECIPROCATE COMMON STOCK

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Book-Entry Election	 
	 	 	Number of Shares of	 	 	(Please Check A or B) (1)	 
	Name, address and Taxpayer ID Number of Designated	 	Reciprocate Common	 	 	A. Certificate	 	 	B. Book-Entry	 
	Recipient	 	Stock to be Delivered	 	 	Form	 	 	Form	 
	 
	 	 	 	 	 	 	o	 	 	 	o	 
	 
	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	o	 	 	 	o	 
	 
	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	o	 	 	 	o	 
	 
	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	o	 	 	 	o	 
	 
	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	o	 	 	 	o	 
	 
	 	 	 	 	 	 	 	 	 	 	 

 

			
	(1)	 	Unless otherwise indicated, it will be assumed in each case that Reciprocate Common
Stock shall be delivered in certificate form to the Designated Recipient. Book-entry delivery may
only be elected in accordance with the terms and conditions of the Exchange and Support Agreement.

Proposed Exchanged Date (minimum 3 Business Days in advance): ______________________

For each Designated Recipient of Reciprocate Common Stock taking delivery by book-entry transfer made to an account maintained by the depositary with the
book-entry transfer facility,

 

 

complete the following (only participants in the book-entry transfer facility may receive Reciprocate Common Stock by book-entry transfer):

	 	 	 	 	 	 	 
	Name of Designated Recipient	 	 	 	 	 	 
	(must exactly match name	 	Name of Institution Receiving	 	 	 	 
	supplied above)	 	Reciprocate Common Stock	 	Account Number	 	Transaction Code Number
	 
	 	 	 	 	 	 

	 	 	 

	Name and signature of Exchanging Member:
	 	 
	 
	 
	 
	 	(print name)
	 
	 	 
	 
	 
	 
	 	(signature)

 

 

EXHIBIT B

Share Notice

	To: 	 	57th Street General Acquisition Corp.

c/o Crumbs Holdings LLC

110 West 40th Street

Suite 2100

New York, New York 10018
	 
	Date: 	 	[          ]

Gentlemen:

     Pursuant to the Exchange and Support Agreement, dated [     ], on behalf of the Exchanging
Member, the Company hereby directs Parent to deliver [   ] shares of Reciprocate Common Stock in
exchange for the number of New Crumbs Class B Exchangeable Units set forth in the executed Exchange
Notice attached hereto. Attached to this notice are the applicable Series A Preferred
Certificate(s).

	 	 	 	 	 
	 	Very Truly Yours,

Crumbs Holdings LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

EXHIBIT C

Exchanging Member Notices

	 	 	 
	Name	 	Address
	Jason Bauer

	 	Crumbs Holdings LLC
	 

	 	110 West 40th Street
	 

	 	Suite 2100
	 

	 	New York, New York 10018
	 

	 	Attention: Jason Bauer
	 

	 	Facsimile: (212) 221-7107
	 
	 	 
	Mia Bauer

	 	c/o Jason Bauer
	 

	 	Crumbs Holdings LLC
	 

	 	110 West 40th Street
	 

	 	Suite 2100
	 

	 	New York, New York 10018
	 

	 	Attention: Jason Bauer
	 

	 	Facsimile: (212) 221-7107
	 
	 	 
	Victor Bauer

	 	254 East 68th Street
	 

	 	Apt 26B
	 

	 	New York, NY 10065
	 

	 	Facsimile: (646) 619-4878
	 
	 	 
	Crumbs, Inc.

	 	c/o Crumbs Holdings LLC
	 

	 	110 West 40th Street
	 

	 	Suite 2100
	 

	 	New York, New York 10018
	 

	 	Attention: Jason Bauer
	 

	 	Facsimile: (212) 221-7107
	 
	 	 
	EHL Holdings LLC

	 	220 S. Morris St. Box 8
	 

	 	Oxford, MD 21654
	 

	 	Facsimile: (410) 673-1385
	 

	 	Attention: Edwin Lewis
	 
	 	 
	John D. Ireland

	 	c/o Crumbs Holdings LLC
	 

	 	24764 Pealiquor Rd
	 

	 	Denton, MD 21629
	 

	 	Facsimile: (410) 673-1385exv10w21

Exhibit 10.21

EMPLOYMENT AGREEMENT

     THIS EMPLOYMENT AGREEMENT (this “Agreement”) by and among 57th Street General
Acquisition Corp., a Delaware corporation (the “Company”), and Crumbs Holdings LLC, a Delaware
limited liability company (“Crumbs” and together with the Company, the “Companies”) and Jason Bauer
(“Executive”) (collectively, the “Parties”) is entered into as of May 5, 2011 (the “Execution
Date”).

WITNESSETH:

     WHEREAS, the Board of Directors of the Company (the “Board”) has determined that it is in the
best interests of the Company and its shareholders to employ Executive as Chief Executive Officer
of the Companies pursuant to the terms of this Agreement; and

     WHEREAS, the Executive desires to accept employment as the Chief Executive Officer of the
Companies pursuant to the terms of this Agreement.

     NOW THEREFORE, the Parties agree as follows:

     1. EMPLOYMENT; DUTIES

          As of the Effective Date, the Company hereby agrees to employ Executive as the Chief Executive
Officer of the Companies and Executive hereby accepts such employment upon the terms and conditions
set forth below.

     2. TERM AND PLACE OF PERFORMANCE

          The term of this Agreement shall begin on May 5, 2011 (the “Effective Date”), and, unless
sooner terminated as provided herein, shall end on December 31, 2015 (the “Term”); provided that
the Term shall automatically be extended for successive one-year periods unless either party gives
at least six months’ advance written notice of its intention not to extend the Term (a “Non-Renewal
Notice”). The Term may be sooner terminated by either party in accordance with the provisions of
Section 5. The principal place of employment of Executive shall be at Crumb’s headquarters in New
York, New York; provided, that, Executive shall be required to travel from time to
time on the business of the Companies during the Term.

     3. POSITION AND DUTIES

          3.1 Position and Duties.

               (a) Executive shall serve as the Chief Executive Officer of the Companies and shall report to
the Board of Directors of the Company (the “Board”). Executive shall have those powers and duties
customarily associated with the office of Chief Executive Officer and as provided for in the
By-Laws of the Company, at all times, subject to the direction and control of the Board, and such
other powers and duties as may be assigned by the Board. If

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requested by the Board, Executive shall serve as an officer and/or director of any of the
Company’s affiliates or subsidiaries for no additional consideration.

               (b) While Executive remains an employee of either of the Companies, the Company will nominate
Executive for election to the Board by the stockholders of the Company. During the period from the
Effective Date through the date of next annual meeting of the Company’s shareholders following the
Effective Date, Executive shall be appointed to serve as an interim member of the Board. Executive
shall not be entitled to any additional compensation in consideration for his service on the Board.

          3.2 Devotion of Time and Effort. Executive shall use Executive’s good faith, best
efforts and judgment (a) in performing Executive’s duties required hereunder and (b) to act in the
best interests of the Companies. Executive shall devote his full time, attention and efforts to
the business of the Companies, but may participate in charitable and personal investment activities
to a reasonable extent, as long as such activities do not, in the reasonable discretion of the
Board, interfere with the performance of his duties and responsibilities hereunder.

     4. COMPENSATION

          4.1 Base Salary. For the services to be rendered by Executive under this Agreement,
Executive shall be entitled to receive, commencing as of the Effective Date, salary at the annual
rate of Seven Hundred Thousand Dollars ($700,000) (the “Base Salary”), less all applicable tax
withholdings and deductions by the Company. The Base Salary shall be payable in accordance with
the Company’s customary payroll practices. The Compensation Committee of the Board of Directors of
the Company (the “Committee”) shall review Executive’s Base Salary annually and may make
adjustments to increase but not decrease such Base Salary, in accordance with the compensation
practices and guidelines of the Company. In the Committee’s annual review of the Base Salary, it
shall in good faith and in consultation with Executive consider any material increase in value of
the Company from and after the Effective Date in determining any increase in the Base Salary.

          4.2 Annual Bonus. Commencing on the Effective Date, Executive shall participate in
the Company’s annual performance based bonus program, as the same may be established from time to
time by the Committee in consultation with the Executive for executive officers of the Company and
any annual bonus earned thereunder (the “Annual Bonus”) shall be paid no later than the 15th day of
the third month following the end of the fiscal year for which it is earned (and no earlier than
January 1 of the year following such fiscal year) and following certification by the Committee of
the achievement of agreed-upon performance measures and the amount of the bonus to be paid by
Executive for the applicable fiscal year; provided, that in the event that such certification does
not occur on or prior to the 15th day of the third month following the end of such
fiscal year, the Annual Bonus will be paid no later than December 31 of the year following such
fiscal year.

          4.3 Vacation. During the Term, Executive shall be entitled to four (4) weeks of paid
vacation per year to be used and accrued in accordance with the Company’s policy as it may be
established from time to time. In addition, Executive shall receive other paid time-off in

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accordance with the Company’s policies for senior executives as such policies may exist from
time to time.

          4.4 Welfare, Pension and Incentive Benefit Plans. During the Term, the Companies
shall provide Executive with employee benefit plans and insurance programs on a basis no less
favorable than as in effect with respect to Executive at Crumbs immediately prior to the Effective
Date, including, without limitation, company-paid medical benefits; provided, that if the provision
of such company-paid medical benefits would cause the imposition of any tax under Section 4980D of
the Internal Revenue Code of 1986, as amended, and the regulations thereunder (the “Code”), the
parties agree to negotiate in good faith an alternative arrangement for providing such benefits in
an economically neutral manner which does not cause the imposition of such tax.

          4.5 Automobile Perquisite. During the Term, the Company shall (i) provide Executive
with a luxury automobile of his choosing with a monthly lease value not in excess of $1,300 for his
use and provide customary insurance coverage for such automobile and (ii) pay for all maintenance
costs, including gasoline, repairs and service for such automobile, in each case on a basis no less
favorable, including vehicle make and model, than as in effect with respect to the Executive at
Crumbs immediately prior to the Effective Date.

          4.6 Business Expenses. Executive will be promptly reimbursed for all reasonable
business expenses incurred by Executive in connection with Executive’s employment in accordance
with the Company’s expense reimbursement policies.

     5. TERMINATION; TERMINATION BENEFITS

          5.1 Due to Death or Disability.

               (a) If Executive dies during the Term, Executive’s employment and this Agreement shall
terminate on the date of his death. The Company may terminate Executive’s employment if he becomes
“Disabled,” as defined below, upon delivery of a Notice of Termination (as defined below) to
Executive.

          Upon termination of Executive’s employment due to Executive’s death or by the Company due to
Executive’s Disability, Executive (or his estate, as applicable) shall be entitled to compensation
and payment for any unreimbursed expenses incurred, accrued but unpaid then current Base Salary and
Annual Bonus and other accrued but unpaid employee benefits as provided in this Agreement, in each
case through the Date of Termination (as defined below) (the “Accrued Amounts”); provided, that the
portion of such Accrued Amounts representing unreimbursed expenses shall be paid as soon as
practicable following remittance of such expenses by Executive;

               (b) For purposes of this Agreement, the term “Disabled” or “Disability” shall mean a medically
determined physical or mental incapacity as a result of which Executive becomes eligible to receive
long term disability benefits under the Company’s long term disability policy, which shall be in
effect as of the Effective Date, or if no such policy is in effect, entitles Executive to a Social
Security disability award.

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  5.2 By the Company Without “Cause”.

        
       (a) The Company may terminate Executive’s employment without “Cause” (as defined below) at any
time following the Effective Date upon delivery of a Notice of Termination to Executive.

        
       (b) Upon termination of Executive’s employment by the Company Without Cause, Executive shall
be entitled to:

        
            (i) the Accrued Amounts, payable in accordance with Section 5.1(a);

        
            (ii) subject to Executive’s execution (without revocation) of a release of claims in such form
as reasonably determined by the Company and containing carveouts for (A) indemnification,
contribution, and directors and officers insurance rights to which Executive may be entitled, (B)
rights in his capacity as an equityholder, (C) rights to collect the Severance Payment and COBRA
Coverage, and (D) rights to any vested employee benefits (which execution version of such release
will be provided no later than five (5) calendar days following the Date of Termination) (the
“Release”), a lump sum payment equal to eighteen (18) months’ Base Salary, which payment will be
made on the 60th day following the Date of Termination (the “Severance Payment”) subject
to the delay of payment under Section 5.7; and

        
            (iii) if Executive elects to continue his medical coverage under COBRA, the Company shall pay
for coverage under COBRA for eighteen (18) months following the Date of Termination (the “COBRA
Coverage”).

        
  5.3 By the Company For Cause.

        
       (a) The Company may terminate Executive’s employment for “Cause” in accordance with the
requirements of this Section 5.3.

        
       (b) Upon termination of Executive’s employment by the Company for Cause, Executive shall be
entitled to the Accrued Amounts.

        
       (c) For purposes of this Agreement, “Cause” shall mean:

        
            (i) continuing and substantial willful failure, neglect or refusal by Executive to perform his
duties under this Agreement or to follow the lawful instructions of the Board which has not been
cured by Executive (if curable) within ten (10) days after written notice thereof to Executive from
the Company;

        
            (ii) Executive’s commission of any material act of fraud or embezzlement against the Company;

        
            (iii) any material breach of any covenant in Section 6, 7 or 8 of this Agreement, which breach
has not been cured by Executive (if curable) within thirty (30) days after written notice thereof
to Executive from the Company;

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                    (iv) Executive’s conviction of (or pleading guilty or nolo contendere to) any felony; or

                    (v) alcohol or other substance abuse by Executive which, in the reasonable discretion of the
Board, materially adversely affects Executive’s ability to perform his duties and responsibilities
to the Companies.

               (d) Cause shall not exist unless and until there shall have been delivered to the Executive a
copy of a resolution, duly adopted by the affirmative vote of not less than a majority of the
entire membership of the Board at a meeting of the Board held for the purpose (after five (5) days’
prior written notice to the Executive of such meeting and the purpose thereof and an opportunity
for the Executive, together with his counsel, to be heard before the Board at such meeting), of a
finding that, in the good faith opinion of the Board, the Executive was guilty of any of the
conduct set forth above in subparagraph (iv) or (v) and specifying the particulars thereof in
detail. No act or failure to act by the Executive shall be considered “willful” if done or omitted
by him in good faith with reasonable belief that his action or omission was in the best interests
of the Company.

          5.4 By Executive For Good Reason.

               (a) Executive may terminate his employment for “Good Reason” (as defined below) by providing a
Notice of Termination to the Board within sixty (60) days of the occurrence of the circumstances
giving rise to such Good Reason. The foregoing notice shall describe the claimed event or
circumstance and set forth Executive’s intention to terminate his employment with the Company;
provided, that, the Company has not substantially cured such event within thirty
(30) days after receiving such notice. Upon termination by Executive of his employment for “Good
Reason”, Executive will be entitled to:

                    (i) the Accrued Amounts payable in accordance with Section 5.1(b);

                    (ii) subject to Executive’s execution (without revocation) of the Release, the Severance
Payment which payment will be made on the 60th day following the Date of Termination,
subject to the delay of payment under Section 5.7; and

                    (iii) the COBRA Coverage.

               (b) For purposes of this Agreement, “Good Reason” shall mean:

                    (i) any material failure of the Companies to fulfill their obligations under this Agreement,
including the failure to make any payment due hereunder when due, or any other material breach of a
term or condition of this Agreement;

                    (ii) a material and adverse change to, or a material reduction of, Executive’s duties and
responsibilities to the Companies, including no longer reporting to the Board or a change in title;
provided however, that, the hiring or engagement of any person or entity by the
Company with the approval of Executive to perform any of Executive’s duties and responsibilities to
the Companies shall not constitute Good Reason;

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                    (iii) a reduction in Executive’s Annual Base Salary;

                    (iv) the relocation of Executive’s primary office to a location more than 35 miles from the
Company’s current headquarters as of the Effective Date; or

                    (v) the occurrence of a Change in Control.

An event set forth in the foregoing clauses (i) through (iv) shall not constitute “Good Reason”
unless and until Executive shall have provided the Companies with notice thereof no later than 60
days following Executive’s becoming aware of such event and the Companies shall have failed to
remedy such event within 30 days of receipt of such notice.

               (c) For purposes of this Agreement, “Change of Control” shall mean:

                    (i) Any sale, lease, exchange or other transfer (in one or a series of related transactions)
of all or substantially all of the assets of the Company to a non-affiliate;

                    (ii) Any “person” as such term is used in Section 13(d) and Section 14(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”) is or becomes, directly or indirectly, the
“beneficial owner” as defined in Rule 13d-3 under the Exchange Act of securities of the Company
that represent more than 50% of the combined voting power of the Company’s then outstanding voting
securities (the “Outstanding Company Voting Securities”); provided, however, that,
for purposes of this Section 5.4(c), the following acquisitions shall not constitute a Change in
Control: (I) any acquisition directly from the Company, (II) any acquisition by the Company, (III)
any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the
Company or any Affiliate, (IV) any acquisition by any corporation pursuant to a transaction that
complies with Sections 5.4(c)(iv)(A) and 5.4(c)(iv)(B), (V) any acquisition involving beneficial
ownership of less than a majority of the then-outstanding Common Shares (the “Outstanding Company
Common Shares”) or the Outstanding Company Voting Securities that is determined by the Board, based
on review of public disclosure by the acquiring Person with respect to its passive investment
intent, not to have a purpose or effect of changing or influencing the control of the Company;
provided, however, that for purposes of this clause (V), any such acquisition in
connection with (x) an actual or threatened election contest with respect to the election or
removal of directors or other actual or threatened solicitation of proxies or consents or (y) any
“Business Combination” (as defined below) shall be presumed to be for the purpose or with the
effect of changing or influencing the control of the Company;

                    (iii) During any period of two (2) consecutive years, the individuals who at the beginning of
such period constituted the Board together with any individuals subsequently elected to the Board
whose nomination by the shareholders of the Company was approved by a vote of the then incumbent
Board (i.e. those members of the Board who either have been directors from the beginning of such
two-year period or whose election or nomination for election was previously approved by the Board
as provided in this Section 5.4(c)(iii)) cease for any reason to constitute a majority of the
Board;

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            (iv) The Board or the shareholders of the Company approve and consummate a merger,
amalgamation or consolidation (a “Business Combination”) of the Company with any other corporation,
unless, following such Business Combination, (A) all or substantially all of the individuals and
entities that were the beneficial owners of the Outstanding Company Common Shares and the
Outstanding Company Voting Securities immediately prior to such Business Combination beneficially
own, directly or indirectly, more than 50% of the then-outstanding shares of common stock (or, for
a non-corporate entity, equivalent securities) and (B) the combined voting power of the
then-outstanding voting securities entitled to vote generally in the election of directors (or, for
a non-corporate entity, equivalent governing body), as the case may be, of the entity resulting
from such Business Combination (including, without limitation, an entity that, as a result of such
transaction, owns the Company or all or substantially all of the Company’s assets either directly
or through one or more subsidiaries);

        
  5.5 By Executive Without Good Reason.

        
       (a) Executive may terminate his employment without Good Reason by providing a Notice of
Termination to the Company at least thirty (30) days prior to the Date of Termination.

        
       (b) Upon termination by Executive of his employment without Good Reason, Executive shall be
entitled to receive the Accrued Amounts payable in accordance with Section 5.1(a).

        
  5.6 Non-Renewal of the Term.

        
       (a) Upon termination of Executive’s employment as a result of non-renewal of the Term by the
Company, Executive will be entitled to the Accrued Amounts payable in accordance with Section
5.1(a).

        
       (b) Upon termination of Executive’s employment as a result of non-renewal of the Term by the
Executive, Executive will be entitled to the Accrued Amounts payable in accordance with Section
5.1(a).

        
  5.7 Nonqualified Deferred Compensation. Notwithstanding any provision of this
Agreement to the contrary, if all or any portion of the payments due under Section 5 are determined
to be “nonqualified deferred compensation” subject to Section 409A of the Code, and the Company
determines that Executive is a “specified employee” (as defined in Section 409A(a)(2)(B)(i) of the
Code and other guidance issued thereunder), then such Severance Payment will be made on the first
day of the seventh month following the month in which Executive’s termination of employment occurs.

        
  5.8 Notice of Termination; Non-Renewal. Any termination of employment pursuant to
Sections 5.1 through 5.5 shall be communicated by a Notice of Termination to the other party hereto
given in accordance with Section 16.2.

        
       (a) For purposes of this Agreement, a “Notice of Termination” means a written notice that (i)
indicates the specific termination provision in this Agreement relied upon, (ii) to the extent
applicable, sets forth in reasonable detail the facts and circumstances

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claimed to provide a basis for termination of Executive’s employment under the provision so
indicated and (iii) if the Date of Termination (as defined below) is other than the date of receipt
of such notice, specifies the termination date. The failure by Executive or the Company to set
forth in the Notice of Termination any fact or circumstance that contributes to a showing of Good
Reason or Cause shall not waive any right of Executive or the Company, as the case may be,
hereunder or preclude Executive or the Company, as the case may be, from asserting such fact or
circumstance in enforcing Executive’s or the Company’s rights hereunder.

               (b) For purposes of this Agreement, “Date of Termination” means (i) if Executive’s employment
is terminated pursuant to Section 5.1 through 5.5, the date of receipt of the Notice of Termination
(in the case of a termination with or without Good Reason, provided, such Date of
Termination is in accordance with Section 5.4 or 5.5, as the case may be), (ii) if Executive’s
employment is terminated by reason of death, the date of death, and (iii) the expiration of the
Term.

               (c) A termination of employment pursuant to Section 5.6 shall be communicated by a Notice of
Non-Renewal to the other party hereto given in accordance with Section 2 and Section 16.2.

     6. NON-SOLICITATION

          Executive acknowledges that by virtue of Executive’s position as Chief Executive Officer of
the Company, and Executive’s employment hereunder, he will have advantageous familiarity with, and
knowledge about, the Company and will be instrumental in establishing and maintaining goodwill
between the Company and its customers, which goodwill is the property of the Company. Therefore,
Executive agrees as follows during the Term and for an eighteen (18) month period following the
Date of Termination (twelve (12) months in the case of a non-renewal of the Term): (a) Executive
shall not on behalf of himself, or any other person or entity, solicit, take away, hire, employ or
endeavor to employ any of the employees of the Company and/or (b) Executive shall not influence or
attempt to influence vendors or business partners of the Company or any of its present or future
subsidiaries or affiliates, either directly or indirectly, to divert their business to any
individual, partnership, firm, corporation or other entity then in competition with the business of
the Company, or any subsidiary or affiliate of the Company.

     7. NON-COMPETITION

          Executive acknowledges and recognizes the highly competitive nature of the business of the
Company and its affiliates and accordingly agrees as follows: During his employment and for an
eighteen (18) month period commencing from the Date of Termination (twelve (12) months in the case
of a non-renewal of the Term), Executive will not, directly or indirectly, (a) engage in any
business for Executive’s own account that competes with the business of the Company or its
affiliates (including, without limitation, businesses which the Company or its affiliates have
specific plans to conduct in the future and as to which Executive is aware of such planning), (b)
enter the employ of, or render any services to, any person engaged in any business that competes
with the business of the Company or its affiliates, (c) acquire a financial interest in any person
engaged in any business that competes with the business of the Company or its affiliates, directly
or indirectly, as an individual, partner, stockholder, officer,

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director, principal, agent, trustee or consultant, or (d) interfere with business
relationships (whether formed before or after the date of this Agreement) between the Company or
any of its affiliates and customers, suppliers, partners, members or investors of the Company or
its affiliates. Notwithstanding anything to the contrary in this Agreement, Executive may,
directly or indirectly, own, solely as an investment, securities of any person engaged in the
business of the Company or its affiliates which are publicly traded on a national or regional stock
exchange or on an over-the-counter market if Executive (i) is not a controlling person of, or a
member of a group which controls, such person and (ii) does not, directly or indirectly, own five
percent (5%) or more of any class of securities of such person.

     8. CONFIDENTIALITY/TRADE SECRETS

          Executive specifically agrees that Executive will not at any time, whether during or
subsequent to the Term, in any fashion, form or manner, except in furtherance of Executive’s duties
at the Company or with the specific written consent of the Company, either directly or indirectly
use, divulge, disclose or communicate to any person in any manner whatsoever, any confidential
information or trade secrets of any kind, nature or description concerning any matters affecting or
relating to the business of the Company (the “Proprietary Information”), including (a) all
information, design or software programs (including object codes and source codes), techniques,
drawings, plans, experimental and research work, inventions, patterns, processes and know-how,
whether or not patentable, and whether or not at a commercial stage related to the Company or any
subsidiary thereof, (b) buying habits or practices of any of its customers or vendors, (c) the
Company’s marketing methods, sales activities, promotion, credit and financial data and related
information, (d) the Company’s costs or sources of materials, (e) the prices it obtains or has
obtained or at which it sells or has sold its products or services, (f) lists or other written
records used in the Company’s business, (g) compensation paid to employees and other terms of
employment, or (h) any other confidential information of, about or concerning the business of the
Company, its manner of operation, or other confidential data of any kind, nature, or description
(excluding any information that is or becomes publicly known or available for use through no fault
of Executive or as directed by court order). The Parties hereto stipulate that as between them,
Proprietary Information constitutes trade secrets that derive independent economic value, actual or
potential, from not being generally known to the public or to other persons who can obtain economic
value or cause economic harm to the Company from its disclosure or use and that Proprietary
Information is the subject of efforts which are reasonable under the circumstances to maintain its
secrecy and of which this Section 8 is an example, and that any breach of this Section 8 shall be a
material breach of this Agreement. All Proprietary Information shall be and remain the Company’s
sole property.

     9. INJUNCTIVE RELIEF

          Executive acknowledges that any violation of any provision of Sections 6 through 8 hereof by
Executive will cause irreparable damage to the Company, that such damages will be incapable of
precise measurement and that, as a result, the Company will not have an adequate remedy at law to
redress the harm which such violations will cause. Therefore, in the event of any violation or
threatened violation of any provision of Sections 6 through 8 by Executive, in addition to any
other rights at law or in equity, Executive agrees that the Company will be

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entitled to seek injunctive relief including, but not limited to, temporary and/or permanent
restraining orders to restrain any violation or threatened violation of such Sections by Executive.

     10. BLUE PENCIL

          It is the desire and intent of the Parties that the provisions of Section 6 through 8 hereof
shall be enforced to the fullest extent permissible under the laws and public policies applied in
each jurisdiction in which enforcement is sought. Accordingly, if any portion of Sections 6
through 8 shall be adjudicated to be invalid or unenforceable, such provision shall be deemed
amended either to conform to such restrictions as the court or arbitrator may allow, or to delete
therefrom or reform the portion thus adjudicated to be invalid and unenforceable, such deletion or
reformation to apply only with respect to the operation of such Section in the particular
jurisdiction in which such adjudication is made. It is expressly agreed that any court or
arbitrator shall have the authority to modify any provision of Sections 6 through 8 if necessary to
render it enforceable, in such manner as to preserve as much as possible the Parties’ original
intentions, as expressed therein, with respect to the scope thereof.

     11. COMPANY’S AND EXECUTIVE’S DUTIES ON TERMINATION

          In the event of termination of Executive’s employment pursuant to Section 5, Executive agrees
to deliver promptly to the Company all Proprietary Information which is or has been in Executive’s
possession or under Executive’s control. Upon termination of Executive’s employment by the Company
for any reason whatsoever and at any earlier time the Company so requests, Executive will deliver
to the custody of the person designated by the Company all originals and copies of such documents
and other property of the Company in Executive’s possession, under Executive’s control or to which
Executive may have access.

     12. NON-DISPARAGEMENT

          During the Term, for any reason, neither Executive nor his agents, on the one hand, nor the
Company, or its senior executives or the Board, on the other hand, shall directly or indirectly
issue or communicate any public statement, or statement likely to become public, that maligns,
denigrates or disparages the other (including, in the case of communications by Executive or his
agents, any of the Company’s officers, directors or employees). The foregoing shall not be
violated by truthful responses to legal process or governmental inquiry or by private statements to
any of the Company’s officers, directors or employees; provided, that, in the case
of Executive, such statements are made in the course of carrying out his duties pursuant to this
Agreement.

     13. INDEMNIFICATION

          Except in the case of Executive’s bad faith or willful misconduct, the Company shall
indemnify, defend and hold Executive harmless from and against any and all causes of action,
claims, demands, liabilities, damages, costs and expenses of any nature whatsoever directly or
indirectly arising out of or related to Executive’s discharging Executive’s duties hereunder on
behalf of the Company and/or its respective subsidiaries and affiliates to the fullest extent
permitted by law.

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     14. REPRESENTATIONS AND WARRANTIES

          14.1 Executive hereby represents and warrants to the Company, and Executive acknowledges, that
the Company has relied on such representations and warranties in employing Executive and entering
into this Agreement, as follows:

               (a) Executive has the legal capacity and right to execute and deliver this Agreement and to
perform his obligations contemplated hereby, and this Agreement has been duly executed by
Executive;

               (b) the execution, delivery and performance of this Agreement by Executive does not and will
not, with or without notice or the passage of time, conflict with, breach, violate or cause a
default under any agreement, contract or instrument to which Executive is a party or any judgment,
order or decree to which Executive is subject;

               (c) Executive is not a party to or bound by any employment agreement, consulting agreement,
non-compete agreement, fee for services agreement, confidentiality agreement or similar agreement
with any other person;

               (d) upon the execution and delivery of this Agreement by the Company and Executive, this
Agreement will be a legal, valid and binding obligation of Executive, enforceable in accordance
with its terms;

               (e) Executive understands that the Company will rely upon the accuracy and truth of the
representations and warranties of Executive set forth herein and Executive consents to such
reliance.

          14.2 The Company hereby represents and warrants to Executive, and the Company acknowledges
that Executive has relied on such representations and warranties in entering into this Agreement,
as follows:

               (a) the Company has all requisite power and authority to execute and deliver this Agreement
and to perform its obligations hereunder, and this Agreement has been duly executed by the Company;

               (b) the execution, delivery and performance of this Agreement by the Company does not and will
not, with or without notice or the passage of time, conflict with, breach, violate or cause a
default under any agreement, contract or instrument to which the Company is a party or any
judgment, order or decree to which the Company is subject;

               (c) upon the execution and delivery of this Agreement by the Company and Executive, this
Agreement will be a legal, valid and binding obligation of the Company, enforceable in accordance
with its terms; and

               (d) the Company understands that Executive will rely upon the accuracy and truth of the
representations and warranties of the Company set forth herein and the Company consents to such
reliance.

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     15. ARBITRATION

          Any controversy arising out of or relating to this Agreement, its enforcement or
interpretation, or because of an alleged breach, default, or misrepresentation in connection with
any of its provisions, or any other controversy arising out of Executive’s employment with the
Company or the termination of Executive’s employment with the Company, including, but not limited
to, any state or federal statutory claims, shall be submitted to arbitration in New York, New York,
before a sole arbitrator selected from the American Arbitration Association,; provided,
however, that provisional injunctive relief may, but need not, be sought by either party to
this Agreement in a court of law while arbitration proceedings are pending, and any provisional
injunctive relief granted by such court shall remain effective until the matter is finally
determined by the arbitrator. Final resolution of any dispute through arbitration may include any
remedy or relief which the arbitrator deems just and equitable, including any and all remedies
provided by applicable state or federal statutes. The Company shall bear all administrative costs
of any arbitration initiated under this Section 15, including any filing fees and arbitrator fees.

At the conclusion of the arbitration, the arbitrator shall issue a written decision that sets forth
the essential findings and conclusions upon which the arbitrator’s award or decision is based. Any
award or relief granted by the arbitrator hereunder shall be final and binding on the Parties
hereto and may be enforced by any court of competent jurisdiction. The Parties acknowledge and
agree that they are hereby waiving any rights to trial by jury in any action, proceeding or
counterclaim brought by either of the Parties against the other in connection with any matter
whatsoever arising out of or in any way connected with this Agreement. The arbitrator shall award
reasonable attorney’s fees (including reasonable disbursements) to the party that the arbitrator
has determined to be the prevailing party in such arbitration. Except as may be necessary to enter
judgment upon the award or to the extent required by applicable law, all claims, defenses and
proceedings (including, without limiting the generality of the foregoing, the existence of the
controversy and the fact that there is an arbitration proceeding) shall be treated in a
confidential manner by the arbitrator, the Parties and their counsel, and each of their agents,
employees and all others acting on behalf of or in concert with them. Without limiting the
generality of the foregoing, no one shall divulge to any third party or person not directly
involved in the arbitration the contents of the pleadings, papers, orders, hearings, trials, or
awards in the arbitration, except as may be necessary to enter judgment upon an award as required
by applicable law. Any court proceedings relating to the arbitration hereunder, including, without
limiting the generality of the foregoing, to prevent or compel arbitration or to confirm, correct,
vacate or otherwise enforce an arbitration award, shall be filed under seal with the court, to the
extent permitted by law.

     16. GENERAL PROVISIONS

          16.1 Assignment, Binding Effect. Neither the Company nor Executive may assign,
delegate or otherwise transfer this Agreement or any of their respective rights or obligations
hereunder without the prior written consent of the other party, except that the Company may assign
this Agreement to its successors (including any purchaser of its assets), and affiliates, parent or
subsidiary corporations. This Agreement shall be binding upon and inure

12

 

to the benefit of any permitted successors or assigns of the Parties and the heirs, executors,
administrators and/or personal representatives of Executive.

          16.2 Notices.

               (a) All notices, requests, demands or other communications that are required or may be given
under this Agreement shall be in writing and shall be given by personal delivery, by certified or
registered United States mail (postage prepaid, return receipt requested), by a nationally
recognized overnight delivery service for next day delivery, or by facsimile transmission, as
follows (or to such other address as any party may give in a notice given in accordance with the
provisions hereof):

If to the Company,

57th Street Acquisition Corp.

c/o Crumbs Holdings LLC

110 West 40th Street

Suite 2100

New York, New York 10018

Facsimile: (212) 221-7107

If to Executive,

Jason Bauer:

c/o Crumbs Holdings LLC

110 West 40th Street

Suite 2100

New York, New York 10018

Attention: Jason Bauer

Facsimile: (212) 221-7107

with a copy to,

David Hryck, Esq.

DLA Piper LLP

1251 Avenue of the Americas

New York, New York 10020

Facsimile: (212) 884-8469

               (b) All notices, requests or other communications will be effective and deemed given only as
follows: (i) if given by personal delivery, upon such personal delivery, (ii) if sent by certified
or registered mail, on the fifth business day after being deposited in the United States mail,
(iii) if sent for next day delivery by overnight delivery service, on the date of delivery as
confirmed by written confirmation of delivery, (iv) if sent by facsimile, upon the transmitter’s
confirmation of receipt of such facsimile transmission, except that if such confirmation is
received after 5:00 p.m. (in the recipient’s time zone) on a business day, or is received on a day
that is not a business day, then such notice, request or communication will not

13

 

be deemed effective or given until the next succeeding business day. Notices, requests and
other communications sent in any other manner, including by electronic mail, will not be effective.

          16.3 Governing Law. This Agreement is governed by, and is to be construed and
enforced in accordance with, the laws of New York without regard to principles of conflicts of
laws.

          16.4 Amendment. No provisions of this Agreement may be amended, modified or waived
unless such amendment or modification is agreed to in writing signed by Executive and by a duly
authorized officer selected at such time by the Board, and such waiver is set forth in writing and
signed by the party to be charged.

          16.5 Entire Agreement. This Agreement sets forth the entire agreement of the Parties
hereto in respect of the subject matter contained herein and shall supersede all prior agreements,
promises, covenants, arrangements, communications, representations or warranties, whether oral or
written, by any officer, employee or representative of any party hereto in respect of such subject
matter. Any prior agreement of the parties hereto in respect of the subject matter contained
herein is hereby terminated and canceled as of the date hereof.

          16.6 Withholding. All payments hereunder shall be subject to any required withholding
of federal, state and local taxes pursuant to any applicable law or regulation.

          16.7 Severability. The paragraphs and provisions of this Agreement are severable. If
any paragraph or provision is found to be unenforceable, the remaining paragraphs and provisions
will remain in full force and effect.

          16.8 Counterparts. This Agreement may be executed in counterparts, each of which
shall be deemed an original but all of which together will constitute one and the same instrument.

          16.9 Section 409A. Notwithstanding anything herein to the contrary, this Agreement is
intended to be interpreted and applied so that the payment of the benefits set forth herein either
shall be exempt from the requirements of Section 409A of the Code, or shall comply with the
requirements of such provision. Furthermore, the Company and its respective officers, directors,
employees or agents make no guarantee that this Agreement complies with, or is exempt from, the
provisions of Section 409A of the Code and none of the foregoing shall have any liability for the
failure of this Agreement to comply with, or be exempt from, the provisions of Code Section 409A.
The parties hereto agree to make such amendments from time to time to the terms and conditions of
this Agreement as are necessary to ensure that this Agreement complies with the terms of and in a
manner permitted by Section 409A of the Code and any regulation or other official guidance
promulgated thereunder. Each payment due hereunder shall be treated as a separate payment under
Section 409A of the Code. To the extent required by Code Section 409A, “termination of employment”
(or any similar terms) shall mean “separation from service” (as defined in Treasury Regulations
Section 1.409A-1(h) and the default presumptions thereof). With regard to any provision herein
that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by
Code Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to
liquidation or exchange for another

14

 

benefit, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided
during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind
benefits to be provided, in any other taxable year, and (iii) such payments shall be made on or
before the last day of Executive’s taxable year following the taxable year in which the expense was
incurred.

(signature page follows)

15

 

          IN WITNESS WHEREOF, the Parties hereto have executed this Agreement effective as of the date
first written above.

	 	 	 	 	 
	 	57TH STREET GENERAL ACQUISITION CORP.

 	 
	 	By:  	/s/ Mark D. Klein
 	 
	 	 	Name:  	Mark D. Klein 	 
	 	 	Title:  	Chairman and CEO 	 
	 
	 	CRUMBS HOLDINGS LLC

 	 
	 	By:  	/s/ Jason Bauer
 	 
	 	 	Name:  	Jason Bauer 	 
	 	 	Title:  	Chief Executive Officer 	 
	 
	 	 	 
	 	                                              /s/ Jason Bauer
 	 
	 	Jason Bauer 	 
	 	 	 
	 

[Signature Page to Employment Agreement]

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