Document:

EX-10.7 Warrant Purchase Agreement

 

Exhibit 10.7

WARRANT PURCHASE AGREEMENT

     THIS
WARRANT PURCHASE AGREEMENT (this “Agreement”), dated as of
August 16, 2007, is entered
into by and among Ideation Acquisition Corp., a Delaware corporation (the “Company”), and the
purchasers listed in Schedule A hereto (each a “Purchaser” and collectively, the
“Purchasers”).

     WHEREAS, simultaneously with the consummation of the Company’s initial public offering (the
“IPO”), the Company desires to issue and sell and the Purchasers desire to purchase, in the
respective amounts set forth opposite each Purchaser’s name on Schedule A hereto and upon
the terms and conditions set forth in this Agreement, an aggregate of 2,400,000 warrants (the
“Insider Warrants”), each to purchase one share of the Company’s common stock, par value $0.0001
per share (the “Common Stock”);

     WHEREAS, the Insider Warrants shall have the terms set forth in the warrant agreement to be
entered into by and between the Company and Continental Stock Transfer & Trust Company, as Warrant
Agent, in connection with the IPO, substantially in the form attached hereto as Exhibit A
(the “Warrant Agreement”); and

     WHEREAS, pursuant to the terms of an escrow agreement to be entered into by and among the
Company, the Initial Stockholders (as defined therein) and Continental Stock Transfer & Trust
Company, as Escrow Agent (the “Escrow Agent”), in connection with the IPO (the “Escrow Agreement”),
the Insider Warrants will be deposited with the Escrow Agent upon issuance.

     NOW THEREFORE, in consideration of the mutual promises contained in this Agreement and other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties to this Agreement hereby agree as follows:

1. Authorization; Purchase and Sale; Terms of the Insider Warrants.

     1.1. Authorization of the Insider Warrants. The Company has duly authorized the issuance and
sale of the Insider Warrants to the Purchasers.

     1.2. Purchase and Sale of the Insider Warrants. Immediately prior to the effective date of
the registration statement on Form S-1 filed in connection with the IPO, or on such earlier date as
may be established from time to time by mutual agreement of the parties (such date, the “Closing
Date”), the Company shall issue and sell to the Purchasers, and the Purchasers shall purchase from
the Company, the respective number of Insider Warrants set forth opposite each Purchaser’s name on
Schedule A hereto. The purchase price for each Insider Warrant shall be $1.00 per warrant,
for an aggregate purchase price of $2,400,000 (the “Purchase Price”), which shall be paid in cash,
by check or by wire transfer of immediately available funds to the Company in accordance with the
Company’s wiring instructions. On the Closing Date, upon the payment by the Purchasers of the
Purchase Price to the Company, the Company shall deliver certificates evidencing the Insider
Warrants to be purchased by the Purchasers hereunder, registered in the Purchasers’ respective
names, to the Escrow Agent for deposit pursuant to the Escrow Agreement.

     1.3. Terms of the Insider Warrants.

          (a) Each Insider Warrant shall have the terms set forth in the Warrant Agreement.

          (b) In addition to the restrictions on transfer set forth in Section 6 hereof, each Purchaser
acknowledges that, pursuant to and subject to the terms of the Escrow Agreement, the Insider
Warrants will be deposited with the Escrow Agent and held in escrow until the date that is 90 days
after the consummation of an Initial Business Combination (as defined in the Company’s Amended and
Restated Certificate of Incorporation).

          (c) In connection with the IPO, the Company and the Purchasers shall enter into an agreement
(the “Registration Rights Agreement”) granting the Purchasers registration rights with respect to
the Insider Warrants and the shares of Common Stock issuable upon exercise of the Insider Warrants
(the “Warrant Shares” and together with the Insider Warrants, the “Securities”).

1

 

     2. Representations and Warranties of the Company. The Company hereby represents and
warrants to each Purchaser that:

          2.1. Organization and Corporate Power. The Company is a corporation duly organized,
validly existing and in good standing under the laws of the State of Delaware and is qualified to
do business in every jurisdiction in which the failure to so qualify would reasonably be expected
to have a material adverse effect on the financial condition, operating results or assets of the
Company. The Company possesses the requisite corporate power and authority necessary to carry out
the transactions contemplated by this Agreement.

          2.2. Authorization. The execution, delivery and performance of this
Agreement has been duly authorized by the Company as of the date hereof. This Agreement
constitutes the valid and binding obligation of the Company, enforceable in accordance with its
terms, except as such enforcement may be limited by bankruptcy, insolvency (including, without
limitation, all laws relating to fraudulent transfers), reorganization, moratorium or similar laws
affecting enforcement of creditors’ rights generally and except as such enforcement is subject to
equitable principles of general applicability (regardless of whether enforcement is considered in a
proceeding in equity or at law).

          2.3. Issuance of Securities. The Insider Warrants have been duly authorized and, when
executed by the Company, countersigned in the manner provided for in the Warrant Agreement and
delivered and paid for as contemplated herein, will constitute valid and binding obligations of the
Company, enforceable against the Company in accordance with their terms, except as enforcement
thereof may be limited by bankruptcy, insolvency (including, without limitation, all laws relating
to fraudulent transfers), reorganization, moratorium or similar laws affecting enforcement of
creditors’ rights generally and except as enforcement thereof is subject to equitable principles of
general applicability (regardless of whether enforcement is considered in a proceeding in equity or
at law). The Warrant Shares have been duly authorized and, when issued and paid for as
contemplated in the Insider Warrants and the Warrant Agreement, will be validly issued, fully paid
and non-assessable.

     3. Representations and Warranties of the Purchasers. Each Purchaser hereby represents
and warrants to the Company that:

          3.1. Authorization. This Agreement constitutes a valid and binding obligation of each
Purchaser, enforceable in accordance with its terms, except as such enforcement may be limited by
bankruptcy, insolvency (including, without limitation, all laws relating to fraudulent transfers),
reorganization, moratorium or similar laws affecting enforcement of creditors’ rights generally and
except as such enforcement is subject to equitable principles of general applicability (regardless
of whether enforcement is considered in a proceeding in equity or at law).

          3.2. Investment Representations.

               (a) Each Purchaser is acquiring the Insider Warrants and, upon exercise of the Insider
Warrants, will acquire the Warrant Shares, for his, her or its own account, for investment only and
not with a view towards, or for resale in connection with, any public sale or distribution thereof.

               (b) Each Purchaser is an “accredited investor” as such term is defined in Rule 501 of
Regulation D promulgated by the Securities and Exchange Commission under the Securities Act of
1933, as amended (the “Securities Act”).

               (c) Each Purchaser understands that the Securities are being offered and will be sold to him,
her or it in reliance on specific exemptions from the registration requirements of the United
States federal and state securities laws and that the Company is relying upon the truth and
accuracy of, and the Purchaser’s compliance with, the representations and warranties of each
Purchaser set forth herein in order to determine the availability of such exemptions and the
eligibility of the Purchaser to acquire such Securities.

               (d) No Purchaser decided to enter into this Agreement as a result of any general solicitation
or general advertising within the meaning of Rule 502 under the Securities Act.

2

 

               (e) Each Purchaser has been furnished with all materials relating to the business, finances
and operations of the Company and materials relating to the offer and sale of the Securities which
have been requested by such Purchaser. Each Purchaser has been afforded the opportunity to ask
questions of the officers and directors of the Company. Each Purchaser understands that his, her or
its investment in the Securities involves a high degree of risk. Each Purchaser has sought such
accounting, legal and tax advice as such Purchaser has considered necessary to make an informed
investment decision with respect to the Purchaser’s acquisition of the Securities.

               (f) Each Purchaser understands that no United States federal or state agency or any other
government or governmental agency has passed on or made any recommendation or endorsement of the
Securities or the fairness or suitability of the investment in the Securities by the Purchaser nor
have such authorities passed upon or endorsed the merits of the offering of the Securities.

               (g) Each Purchaser understands that the Securities have not been and are not being registered
under the Securities Act or any state securities laws and may not be offered for sale, sold,
assigned or transferred unless (i) subsequently registered thereunder or (ii) sold in reliance on
an exemption therefrom.

               (h) Each Purchaser has such knowledge and experience in financial and business matters, knows
of the high degree of risk associated with investments generally and particularly investments in
the securities of companies in the development stage such as the Company, is capable of evaluating
the merits and risks of an investment in the Securities and is able to bear the economic risk of an
investment in the Securities in the amount contemplated hereunder for an indefinite period of time.
Each Purchaser has adequate means of providing for his, her or its current financial needs and
contingencies and will have no current or anticipated future needs for liquidity which would be
jeopardized by the investment in the Securities. Each Purchaser can afford a complete loss of his,
her or its investment in the Securities.

     4. Rescission Right Waiver and Indemnification.

          4.1 Each Purchaser understands and acknowledges that an exemption from the registration
requirements of the Securities Act requires that there be no general solicitation of purchasers of
the Insider Warrants. In this regard, if the IPO (including the filing of a registration statement
in connection therewith) were deemed to be a general solicitation with respect to the Insider
Warrants, the offer and sale of such Insider Warrants may not be exempt from registration and, if
not, the Purchasers may have a right to rescind their purchases of the Insider Warrants. In order
to facilitate the completion of the IPO and in order to protect the Company, its stockholders and
the trust account (the “Trust Account”) established by the Company for the deposit of proceeds from
the IPO and the sale of the Insider Warrants from claims that may adversely affect the Company or
the interests of its stockholders, each Purchaser hereby agrees to waive, to the maximum extent
permitted by applicable law, any claims, right to sue or rights in law or arbitration, as the case
may be, to seek rescission of his purchase of the Insider Warrants. Each Purchaser acknowledges
and agrees that this waiver is being made in order to induce the Company to sell the Insider
Warrants to the Purchasers. Each Purchaser agrees that the foregoing waiver of rescission rights
shall apply to any and all known or unknown actions, causes of action, suits, claims, or
proceedings (collectively, “Claims”) and related losses, costs, penalties, fees, liabilities and
damages, whether compensatory, consequential or exemplary, and expenses in connection therewith
(collectively, “Losses and Expenses”), including reasonable attorneys’ and expert witness fees and
disbursements and all other expenses reasonably incurred in investigating, preparing or defending
against any Claims, whether pending or threatened, in connection with any present or future actual
or asserted right to rescind the purchase of the Insider Warrants hereunder or relating to the
purchase of the Insider Warrants and the transactions contemplated hereby.

          4.2 Each Purchaser agrees not to seek recourse against the Trust Account for any reason
whatsoever in connection with his purchase of the Insider Warrants or any Claim that may arise now
or in the future.

          4.3 Each Purchaser agrees to indemnify and hold the Company harmless against any and all
Losses and Expenses that relate to Claims brought against the Company by such Purchaser or his, her
or its transferees, assigns or any subsequent holder of the Insider Warrants purchased by such
Purchaser hereunder.

3

 

          4.4 Each Purchaser agrees that to the extent any waiver of rights under this Section 4 is
ineffective as a matter of law, each Purchaser has offered such waiver for the benefit of the
Company as an equitable right that shall survive any statutory disqualification or bar that applies
to a legal right. Each Purchaser acknowledges the receipt and sufficiency of consideration received
from the Company hereunder in this regard.

     5. Closing Conditions.

          5.1. The obligation of each Purchaser to purchase and pay for Insider Warrants is subject to
the fulfillment, on or before the Closing Date, of each of the following conditions:

               (a) Representations and Warranties. The representations and warranties of the Company
contained in Section 2 shall be true and correct at and as of the Closing Date as though then made.

               (b) No Injunction. No litigation, statute, rule, regulation, executive order, decree,
ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court
or governmental authority of competent jurisdiction or any self-regulatory organization having
authority over the matters contemplated hereby, which prohibits the consummation of any of the
transactions contemplated by this Agreement or the Warrant Agreement.

          5.2. The obligations of the Company to each Purchaser under this Agreement are subject to the
fulfillment, on or before the Closing Date, of each of the following conditions:

               (a) Representations and Warranties. The representations and warranties of the
Purchasers contained in Section 3 shall be true and correct at and as of the Closing Date as though
then made.

               (b) No Injunction. No litigation, statute, rule, regulation, executive order, decree,
ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court
or governmental authority of competent jurisdiction or any self-regulatory organization having
authority over the matters contemplated hereby, which prohibits the consummation of any of the
transactions contemplated by this Agreement or the Warrant Agreement.

     6. Miscellaneous.

          6.1. Certificates; Legends.

               (a) The certificates evidencing the Insider Warrants shall be substantially in the form
attached as Exhibit A to the Warrant Agreement. Until such time as a registration statement
covering the transfer of Securities has been declared effective or the Securities may be sold
pursuant to Rule 144 under the Securities Act without any restriction as to the number of
Securities as of a particular date that can then be immediately sold, the Securities will include a
legend substantially in the following form:

“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. THE
SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE
STATES AND OTHER JURISDICTIONS, AND, IN THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, ONLY IF
THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION
DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS.”

               (b) Each Purchaser agrees, prior to any permitted transfer of the Securities, to give written
notice to the Company expressing his, her or its desire to effect such transfer and describing
briefly the proposed transfer. Upon receiving such notice, the Company shall present copies thereof
to its counsel and such

4

 

Purchaser agrees not to make any disposition of all or any portion of the Securities unless
and until (i) there is then in effect a registration statement under the Securities Act covering
such proposed disposition and such disposition is made in accordance with such registration
statement or (ii) if reasonably requested by the Company, (x) the Purchaser shall have furnished
the Company with an opinion of counsel, reasonably satisfactory to the Company, that such
disposition will not require registration of such Securities under the Securities Act, (y) the
Company shall have received customary representations and warranties regarding the transferee that
are reasonably satisfactory to the Company signed by the proposed transferee and (z) the Company
shall have received an agreement by such transferee to the restrictions contained in the legends
referred to in Section 6.1(a) hereof.

          6.2. Successors and Assigns. Except as otherwise expressly provided herein, all
covenants and agreements contained in this Agreement by or on behalf of any of the parties hereto
shall bind and inure to the benefit of the respective successors of the parties hereto whether so
expressed or not. Notwithstanding the foregoing, the parties may not assign this Agreement,
except that each Purchaser may assign this agreement to one or more of his, her or its
affiliates.

          6.3. Severability. Whenever possible, each provision of this Agreement shall be
interpreted in such manner as to be effective and valid under applicable law, but if any provision
of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall
be ineffective only to the extent of such prohibition or invalidity, without invalidating the
remainder of this Agreement.

          6.4. Counterparts. This Agreement may be executed simultaneously in two or more
counterparts, none of which need contain the signatures of more than one party, but all such
counterparts taken together shall constitute one and the same agreement.

          6.5. Descriptive Headings. The descriptive headings of this Agreement are inserted
for convenience only and do not constitute a substantive part of this Agreement.

          6.6. Governing Law. This Agreement shall be deemed to be a contract made under the
laws of the State of Delaware and for all purposes shall be construed in accordance with the
internal laws of said State.

          6.7. No Strict Construction. The parties hereto have participated jointly in the
negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or
interpretation arises, this Agreement shall be construed as if drafted jointly by the parties
hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by
virtue of the authorship of any of the provisions of this Agreement.

          6.8. Notice. FOR FLORIDA RESIDENTS ONLY:

IF APPLICABLE, PURSUANT TO SECTION 517.061(11)(A)(5) OF THE FLORIDA STATUTES, FLORIDA INVESTORS
HAVE A THREE-DAY RIGHT OF RESCISSION. IF A FLORIDA INVESTOR HAS EXECUTED A SECURITIES PURCHASE
AGREEMENT, HE MAY ELECT, WITHIN THREE BUSINESS DAYS AFTER SIGNING THE SECURITIES PURCHASE AGREEMENT
OR BEING FIRST NOTIFIED OF THIS RIGHT, WHICHEVER IS LATER, TO WITHDRAW FROM THE SECURITIES PURCHASE
AGREEMENT AND RECEIVE A FULL REFUND AND RETURN (WITHOUT INTEREST) OF ANY MONEY PAID BY HIM. A
FLORIDA INVESTOR’S WITHDRAWAL WILL BE WITHOUT ANY FURTHER LIABILITY TO ANY PERSON. TO ACCOMPLISH
SUCH WITHDRAWAL, A FLORIDA INVESTOR NEED ONLY SEND A LETTER OR TELEGRAM TO THE COMPANY INDICATING
HIS INTENTION TO WITHDRAW. SUCH LETTER OR TELEGRAM MUST BE SENT AND POSTMARKED PRIOR TO THE END OF
THE AFOREMENTIONED THIRD BUSINESS DAY. IF A FLORIDA INVESTOR SENDS A LETTER, IT IS PRUDENT TO SEND
IT BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO THE COMPANY TO ENSURE THAT IT IS RECEIVED AND
ALSO TO EVIDENCE THE TIME AND DATE WHEN IT IS MAILED. SHOULD A FLORIDA INVESTOR MAKE THIS REQUEST
ORALLY, HE SHOULD ASK FOR WRITTEN CONFIRMATION THAT HIS REQUEST HAS BEEN RECEIVED.

[Signature page follows]

5

 

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

	 	 	 	 	 
	 	IDEATION ACQUISITION CORP.

 	 
	 	By:  	/s/ Robert N. Fried
 	 
	 	 	Name:  	Robert N. Fried 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 

6

 

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

	 	 	 	 	 
	 	FROST GAMMA INVESTMENTS TRUST

 	 
	 	By:  	/s/
Phillip Frost 	 
	 	 	Name: 	 Phillip Frost 	 
	 	 	Title:	 Trustee 	 
	 

7

 

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

	 	 	 	 	 
	 	 	 
	 	/s/ Robert N. Fried
 	 
	 	Robert N. Fried 	 
	 	 	 
	 

8

 

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

	 	 	 	 	 
	 	 	 
	 	/s/ Rao Uppaluri
 	 
	 	Rao Uppaluri 	 
	 	 	 
	 

9

 

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

	 	 	 	 	 
	 	 	 
	 	/s/ Steven D. Rubin
 	 
	 	Steven D. Rubin 	 
	 	 	 
	 

10

 

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

	 	 	 	 	 
	 	 	 
	 	/s/ Jane Hsiao
 	 
	 	Jane Hsiao 	 
	 	 	 
	 

11

 

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

	 	 	 	 	 
	 	 	 
	 	/s/ Thomas E. Beier
 	 
	 	Thomas E. Beier 	 
	 	 	 
	 

12

 

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

	 	 	 	 	 
	 	 	 
	 	/s/ Shawn Gold
 	 
	 	Shawn Gold 	 
	 	 	 
	 

13

 

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

	 	 	 	 	 
	 	 	 
	 	/s/ David H. Moskowitz
 	 
	 	David H. Moskowitz 	 
	 	 	 
	 

14

 

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

	 	 	 	 	 
	 	 	 
	 	/s/ Thomas H. Baer
 	 
	 	Thomas H. Baer 	 
	 	 	 
	 

15

 

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

	 	 	 	 	 
	 	 	 
	 	/s/ Jarl Mohn
 	 
	 	Jarl Mohn 	 
	 	 	 
	 

16

 

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

	 	 	 	 	 
	 	NAUTILUS TRUST DTD 9/10/99

 	 
	 	By:  	/s/ Barry Porter 	 
	 	 	Name:  	 Barry Porter	 
	 	 	Title:  	 Co-Trustee	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	/s/
Lea Porter 	 
	 	 	Name:  	 Lea Porter	 
	 	 	Title:  	 Co-Trustee	 
	 

17

 

Schedule A

	 	 	 	 	 	 	 	 	 
	Purchaser:	 	Insider Warrants Purchased:	 	 	Purchase Price of Insider Warrants:	 
	Frost Gamma Investments Trust
	 	 	1,320,000	 	 	$	1,320,000	 
	Robert N. Fried
	 	 	550,000	 	 	 	550,000	 
	Rao Uppaluri
	 	 	150,000	 	 	 	150,000	 
	Steven D. Rubin
	 	 	150,000	 	 	 	150,000	 
	Jane Hsiao
	 	 	150,000	 	 	 	150,000	 
	Thomas E. Beier
	 	 	5,000	 	 	 	5,000	 
	Shawn Gold
	 	 	5,000	 	 	 	5,000	 
	David H. Moskowitz
	 	 	5,000	 	 	 	5,000	 
	Thomas H. Baer
	 	 	5,000	 	 	 	5,000	 
	Jarl Mohn
	 	 	30,000	 	 	 	30,000	 
	Nautilus Trust dtd 9/10/99
	 	 	30,000	 	 	 	30,000	 
	 
	 	 	 	 	 	 
	Total
	 	 	2,400,000	 	 	$	2,400,000	 
	 
	 	 	 	 	 	 

18

 

Exhibit A

(Form of Warrant Agreement filed separately as Exhibit 4.4)

19exv4w1

 

Exhibit 4.1

AMENDMENT NO. 2 TO RIGHTS AGREEMENT

     Amendment No. 2, dated as of August 15, 2007 (this “Amendment”), to the Rights
Agreement, dated as of September 8, 1998, as amended by Amendment No. 1 to Rights Agreement, dated
as of May 5, 2005 (as amended, the “Rights Agreement”), by and between THE LAMSON &
SESSIONS CO., an Ohio corporation (the “Company”), and NATIONAL CITY BANK, a national banking
association, as rights agent (the “Rights Agent”).

RECITALS

     WHEREAS, the Company intends to enter into an Agreement and Plan of Merger, dated as of August
15, 2007 (as it may be amended or supplemented from time to time, the “Merger Agreement”),
by and among Thomas & Betts Corporation (“Parent”), T&B Acquisition II Corp. (“Merger
Sub”), and the Company;

     WHEREAS, the Board of Directors of the Company has determined that the Merger Agreement, on
the terms and subject to the conditions set forth therein, and the transactions contemplated
thereby, including, without limitation, the Merger (as defined in the Merger Agreement), are
advisable and in the best interests of the Company and its shareholders;

     WHEREAS, the Board of Directors of the Company has approved the Merger Agreement and declared
it advisable;

     WHEREAS, the Board of Directors of the Company has determined that it is in the best interests
of the Company and its shareholders to amend the Rights Agreement as set forth in this Amendment;

     WHEREAS, pursuant to Section 27 of the Rights Agreement, prior to the time at which the Rights
cease to be redeemable, and subject to the last sentence of Section 27 of the Rights Agreement, the
Company may in its sole and absolute discretion, and the Rights Agent will if the Company so
directs, supplement or amend any provision of the Rights Agreement in any respect in accordance
with the provisions of such Section; and

     WHEREAS, pursuant to the terms of the Rights Agreement and in accordance with Section 27
thereof, the Company has directed that the Rights Agreement be amended as set forth in this
Amendment, and hereby directs the Rights Agent to execute this Amendment.

AGREEMENT

     NOW THEREFORE, in consideration of the foregoing and the mutual agreements set forth in the
Rights Agreement and in this Amendment, the parties hereto hereby amend the Rights Agreement as
follows:

     1. Section 1(a) of the Rights Agreement is hereby amended and restated in its entirety as
follows:

     “(a) “Acquiring Person” means any Person (other than the Company or any Related Person)
who or which, together with all Affiliates and Associates of such Person,

 

 

is the Beneficial Owner of 15% or more of the then-outstanding Common Shares; PROVIDED,
HOWEVER, that a Person will not be deemed to have become an Acquiring Person solely as a
result of a reduction in the number of Common Shares outstanding unless and until such time
as (i) such Person or any Affiliate or Associate of such Person thereafter becomes the
Beneficial Owner of additional Common Shares representing 1% or more of the then-outstanding
Common Shares, other than as a result of a stock dividend, stock split or similar
transaction effected by the Company in which all holders of Common Shares are treated
equally, or (ii) any other Person who is the Beneficial Owner of Common Shares representing
1% or more of the then-outstanding Common Shares thereafter becomes an Affiliate or
Associate of such Person. Notwithstanding the foregoing, if the Directors of the Company
determine in good faith that a Person who would otherwise be an “Acquiring Person” as
defined pursuant to the foregoing provisions of this paragraph (a), has become such
inadvertently, and such Person divests as promptly as practicable a sufficient number of
Common Shares so that such Person would no longer be an “Acquiring Person” as defined
pursuant to the foregoing provisions of this paragraph (a), then such Person shall not be
deemed to be an “Acquiring Person” for any purposes of this Agreement.”

     2. Section 1(b) of the Rights Agreement is hereby amended and restated in its entirety as
follows:

     “(h) “Distribution Date” means the earlier of: (i) the Close of Business on the tenth
calendar day following the Share Acquisition Date, or (ii) the Close of Business on the
tenth Business Day (or, unless the Distribution Date shall have previously occurred, such
later date as may be specified by the Directors of the Company) after the commencement of a
tender or exchange offer by any Person (other than the Company or any Related Person), if
upon the consummation thereof such Person would be the Beneficial Owner of 15% or more of
the then-outstanding Common Shares.”

     3. Section 1(j) of the Rights Agreement is hereby amended and restated in its entirety as
follows:

     “(j) “Expiration Date” means the earliest of (i) the Close of Business on the
Final Expiration Date, (ii) the time at which the Rights are redeemed as provided in Section
23, (iii) the time at which all exercisable Rights are exchanged as provided in Section 24,
and (iv) the time immediately prior to the Effective Time (as defined in the Merger
Agreement), but only if the Effective Time shall occur.”

     4. Section 1 of the Rights Agreement is hereby amended by adding the following new Section
1(dd) immediately following Section 1(cc):

     “(dd) “Merger Agreement” means the Agreement and Plan of Merger, dated as of
August 15, 2007, as it may be amended or supplemented from time to time, by and among Thomas
& Betts Corporation (“Parent”), T&B Acquisition II Corp. (“Merger Sub”), and
the Company.”

-2-

 

     5. Section 1 of the Rights Agreement is hereby further amended by adding the following new
paragraph at the end of that Section:

     “Notwithstanding anything in this Agreement to the contrary, none of Parent, Merger
Sub, any of their Affiliates or Associates or any of their permitted assignees or
transferees shall be deemed an Acquiring Person, none of a Distribution Date, a Share
Acquisition Date, a Flip-in Event, a Flip-over Event or a Triggering Event shall be deemed
to occur or to have occurred, and the Rights will not become separable, distributable,
unredeemable, triggered or exercisable, in each such case, by reason or as a result of (i)
the approval, execution, delivery or performance of the Merger Agreement, (ii) the
consummation of the Merger (as defined in the Merger Agreement), (iii) the consummation of
the other transactions contemplated by the Merger Agreement, or (iv) the announcement of any
of the foregoing.”

     6. The Rights Agreement shall not otherwise be supplemented or amended by virtue of this
Amendment, but shall remain in full force and effect.

     7. The Company or its successor shall provide to the Rights Agent written notice of the
Effective Time promptly after its occurrence.

     8. Capitalized terms used without other definition in this Amendment shall be used as defined
in the Rights Agreement.

     9. This Amendment will be deemed to be a contract made under the internal substantive laws of
the State of Ohio and for all purposes will be governed by and construed in accordance with the
internal substantive laws of such State applicable to contracts to be made and performed entirely
within such State.

     10. This Amendment shall be effective as of, and immediately prior to, the execution and
delivery of the Merger Agreement, and all references to the Rights Agreement shall, from and after
such time, be deemed to be references to the Rights Agreement as amended hereby.

     11. Exhibits B and C to the Rights Agreement shall be deemed amended in a manner consistent
with this Amendment.

     12. By its execution and delivery hereof, the Company directs the Rights Agent to execute this
Amendment.

     13. This Amendment may be executed in any number of counterparts and each of such counterparts
shall for all purposes be deemed to be an original, and all such counterparts shall together
constitute but one and the same instrument.

-3-

 

     IN WITNESS WHEREOF, this Amendment has been duly executed by the Company and the Rights Agent
as of the effective time stated above.

	 	 	 	 	 
	 	THE LAMSON & SESSIONS CO.

 	 
	 	By:  	/s/ James J. Abel
 	 
	 	 	Name:  	James J. Abel 	 
	 	 	Title:  	Executive Vice President and Chief Financial Officer 	 
	 
	 	NATIONAL CITY BANK

 	 
	 	By:  	/s/ Megan Gibson
 	 
	 	 	Name:  	Megan Gibson 	 
	 	 	Title:  	Vice President 	 
	 

-4-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}]]