Document:

exv10w5

Exhibit 10.5

JWC ACQUISITION CORP.

August 5, 2010

J.W. Childs Associates, L.P.

111 Huntington Avenue

Suite 2900

Boston, Massachusetts 02199

     Re: Administrative Services Agreement

Gentlemen:

     This letter will confirm our agreement that, commencing on the date the securities of JWC
Acquisition Corp. (the “Company”) are first quoted on the Over-The-Counter Bulletin Board quotation
system (the “Quoting Date”), pursuant to a Registration Statement on Form S-1 and prospectus filed
with the Securities and Exchange Commission (the “Registration Statement”) and continuing until the
earlier of the consummation by the Company of an initial business combination or the Company’s
liquidation (in each case as described in the Registration Statement) (such earlier date
hereinafter referred to as the “Termination Date”), J.W. Childs Associates, L.P. shall make
available to the Company, at 111 Huntington Avenue, Suite 2900, Boston, Massachusetts 02199 (or any
successor location of J.W. Childs Associates, L.P.), certain office space, utilities and
secretarial support as may be reasonably required by the Company. In exchange therefor, the Company
shall pay J.W. Childs Associates, L.P. the sum of $5,000 per month on the Quoting Date and
continuing monthly thereafter until the Termination Date.

     This letter agreement constitutes the entire agreement and understanding of the parties hereto
in respect of its subject matter and supersedes all prior understandings, agreements, or
representations by or among the parties hereto, written or oral, to the extent they relate in any
way to the subject matter hereof or the transactions contemplated hereby.

     This letter agreement may not be amended, modified or waived as to any particular provision,
except by a written instrument executed by all parties hereto.

     No party hereto may assign either this letter agreement or any of its rights, interests, or
obligations hereunder without the prior written approval of the other party. Any purported
assignment in violation of this paragraph shall be void and ineffectual and shall not operate to
transfer or assign any interest or title to the purported assignee.

     This letter agreement, the entire relationship of the parties hereto, and any litigation
between the parties (whether grounded in contract, tort, statute, law or equity) shall be governed
by, construed in accordance with, and interpreted pursuant to the laws of the Commonwealth of
Massachusetts, without giving effect to its choice of laws principles.

[Signature page follows]

 

 

Very truly yours,

	 	 	 	 	 
	 	JWC ACQUISITION CORP.

 	 
	 	By:  	/s/ Adam L. Suttin
 	 
	 	 	Adam L. Suttin 	 
	 	 	President	 
	 

AGREED TO AND ACCEPTED BY:

J.W. CHILDS ASSOCIATES, L.P.

	 	 	 	 	 
	By: J.W. CHILDS ASSOCIATES, INC.,

its General Partner

 	 	 
	 	By:  	/s/ Adam L. Suttin
 	 
	 	 	Adam L. Suttin, Vice President 	 
	 	 	 	 
	 

[Signature Page to Administrative Services Letter Agreement]exv10w7

Exhibit 10.7

SECURITIES PURCHASE AGREEMENT

     This Securities Purchase Agreement (this “Agreement”), effective as of August 5, 2010, is made
and entered into by and between JWC Acquisition Corp., a Delaware corporation (the “Company”), and
JWC Acquisition, LLC, a Delaware limited liability company (“Buyer”).

RECITALS:

     WHEREAS, Buyer wishes to purchase from the Company 2,464,286 shares of the Company’s Common
Stock (as defined below) (the “Shares”); and

     WHEREAS, the Buyer wishes to purchase the Shares from the Company and the Company wishes to
sell the Shares to the Buyer on the terms and subject to the conditions set forth in this
Agreement.

AGREEMENT:

     NOW, THEREFORE, in consideration of the premises, representations, warranties and the mutual
covenants contained in this Agreement, and for other good and valuable consideration, the receipt,
sufficiency and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

ARTICLE I.

DEFINITIONS

     The terms defined in this Article I shall have for all purposes of this Agreement the
respective meanings set forth below:

     “Agreement” shall have the meaning set forth in the preamble to this Agreement.

     “Buyer” shall have the meaning set forth in the preamble to this Agreement.

     “Closing” shall have the meaning set forth in Section 2.3 of this Agreement.

     “Closing Date” shall have the meaning set forth in Section 2.3 of this Agreement.

     “Common Stock” shall mean the Common Stock, $0.0001 par value per share, of the Company.

     “Company” shall have the meaning set forth in the preamble to this Agreement.

     “Consent” means any consent, approval, notification, waiver, or other similar action that is
necessary or convenient.

     “Governmental Body” shall mean any legislature, agency, bureau, branch, department, division,
commission, court, tribunal or other similar recognized organization or body of any federal, state,
county, municipal, local or foreign government or other similar recognized organization or body
exercising similar powers or authority.

 

 

     “Law” shall mean any law (statutory, common or otherwise), constitution, ordinance, rule,
regulation, executive order or other similar authority enacted, adopted, promulgated or applied by
any Governmental Body.

     “Lien” shall mean a mortgage, deed of trust, pledge, hypothecation, assignment, encumbrance,
charge, restriction, lien (statutory or otherwise, including, without limitation, any lien for
taxes), security interest, preference, participation interest, priority or security agreement or
preferential arrangement of any kind or nature whatsoever, including, without limitation, any
conditional sale or other title retention agreement, any financing lease having substantially the
same economic effect as any of the foregoing and the filing of any document under the law of any
applicable jurisdiction to evidence any of the foregoing, other than (i) statutory, mechanics’ or
other Liens incurred in the Company’s ordinary course of business or (ii) Liens for taxes incurred
but not yet due.

     “Order” shall mean an order, ruling, decision, award, judgment, injunction or other similar
determination or finding by, before or under the supervision of any Governmental Body or
arbitrator.

     “Permit” shall mean a permit, license, certificate, waiver, notice or similar authorization to
which Buyer is a party or by which Buyer is bound or any of its assets are subject.

     “Purchase Price” shall have the meaning set forth in Section 2.2 of this Agreement.

     “SEC” shall mean the United States Securities and Exchange Commission.

     “Securities Act” shall mean the United States Securities Act of 1933, as amended, or any
successor federal statute, and the applicable rules and regulations promulgated and in effect from
time to time thereunder.

     “Shares” shall have the meaning set forth in the recitals to this Agreement.

ARTICLE II

PURCHASE OF THE SHARES

     Section 2.1 Purchase and Sale of the Shares. Subject to the terms and conditions hereof and in
reliance upon the representations and warranties of the parties contained or incorporated by
reference herein, simultaneous with the execution hereof, the Company shall sell and deliver to
Buyer, and Buyer shall purchase from the Company, the Shares, in consideration of the payment of
the Purchase Price noted herein.

     Section 2.2 Purchase Price. As payment in full for the Shares being purchased under this
Agreement and against delivery of the certificates therefor, simultaneous with the execution
hereof, Buyer shall pay $25,000 to the Company by wire transfer ($246.43 of which shall be purchase
price and $24,753.57 of which shall be additional paid-in capital) of immediately available funds
or by such other method as may be reasonably acceptable to the Company (the “Purchase Price”).

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     Section 2.3 Closing. The closing of the purchase and sale of the Shares (the “Closing”) shall
be held on the date of this Agreement (“Closing Date”) at the offices of McDermott Will & Emery
LLP, 227 West Monroe Street, Suite 4400, Chicago, Illinois 60606, or such other place as may be
agreed upon by the parties hereto.

     Section 2.4 Closing Deliveries. All actions taken at the Closing shall be deemed to have been
taken simultaneously.

     (a) Buyer Deliveries. At the Closing Buyer shall deliver to the Company the Purchase
Price.

     (b) Company Deliveries. At the Closing, or within a reasonable time after the Closing
but in no event later than thirty (30) days after Closing, the Company shall deliver to Buyer the
certificates representing the Shares.

     Section 2.5 Further Assurances. The parties hereto shall execute and deliver such additional
documents and take such additional actions as any party reasonably may deem to be practical and
necessary in order to consummate the transactions contemplated by this Agreement.

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF THE BUYER

     Buyer represents and warrants to the Company that the statements contained in this ARTICLE
III are correct and complete as of the date of this Agreement.

     Section 3.1 Organization and Good Standing. Buyer is a limited liability company duly
organized, validly existing, and in good standing under the laws of the state of Delaware.

     Section 3.2 Power and Authority; Enforceability. This Agreement constitutes the legal, valid,
and binding obligation of Buyer, enforceable against Buyer in accordance with its terms. Buyer has
full entity power and authority to execute and deliver this Agreement and to perform its
obligations hereunder. Buyer has taken all actions necessary to authorize the execution and
delivery of this Agreement, the performance of its obligations hereunder and the consummation of
the transactions contemplated hereby. This Agreement has been duly authorized, executed and
delivered by, and is enforceable against, Buyer.

     Section 3.3 Investment Representations.

     (a) Buyer is an “accredited investor” as defined in Rule 501 of Regulation D under the
Securities Act.

     (b) Buyer has received, has thoroughly read, is familiar with and understands the contents of
this Agreement.

     (c) Buyer hereby acknowledges that an investment in the Shares involves certain significant
risks. Buyer acknowledges that there is a substantial risk that it will lose all or a portion of
its investment and that it is financially capable of bearing the risk of such investment for an
indefinite period of time. Buyer has no need for liquidity in its investment in the Shares

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for the foreseeable future and is able to bear the risk of that investment for an indefinite
period. Buyer understands that there presently is no public market for the Shares and none is
anticipated to develop in the foreseeable future. Buyer’s present financial condition is such that
Buyer is under no present or contemplated future need to dispose of any portion of the Shares
subscribed for hereby to satisfy any existing or contemplated undertaking, need or indebtedness.
Buyer’s overall commitment to investments which are not readily marketable is not disproportionate
to its net worth and the investment in the Company will not cause such overall commitment to become
excessive.

     (d) Buyer acknowledges that the Shares have not been and will not be registered under the
Securities Act, or any state securities act, and are being sold on the basis of exemptions from
registration under the Securities Act and applicable state securities acts, except those state
securities acts that require registration of the Shares thereunder. Reliance on such exemptions,
where applicable, is predicated in part on the accuracy of the Buyer’s representations and
warranties set forth herein. Buyer acknowledges and hereby agrees that the Shares will not be
transferable under any circumstances unless Buyer either registers the Shares in accordance with
federal and state securities laws or finds and complies with an available exemption under such
laws. Accordingly, Buyer hereby acknowledges that there can be no assurance that it will be able to
liquidate its investment in the Company.

     (e) There are substantial risk factors pertaining to an investment in the Company. Buyer
acknowledges that it has read the information set forth above regarding certain of such risks and
is familiar with the nature and scope of all such risks, including, without limitation, risks
arising from the fact that the Company is an entity with limited operating history and financial
resources; and Buyer is fully able to bear the economic risks of such investment for an indefinite
period, and can afford a complete loss thereof.

     (f) Buyer has been given the opportunity to (i) ask questions of and receive answers from the
Company and its designated representatives concerning the terms and conditions of the offering, the
Company and the business and financial condition of the Company and (ii) obtain any additional
information that the Company possesses or can acquire without unreasonable effort or expense that
is necessary to assist Buyer in evaluating the advisability of the purchase of the Shares and an
investment in the Company. Buyer further represents and warrants that, prior to signing this
Agreement, it has asked such questions, received such answers and obtained such information as it
has deemed necessary or advisable to evaluate the merits and risks of the purchase of the Shares
and an investment in the Company. Buyer is not relying on any oral representation made by any
person as to the Company or its operations, financial condition or prospects.

     (g) Buyer understands that no federal, state or other governmental authority has made any
recommendation, findings or determination relating to the merits of an investment in the Company.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

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     Section 4.1 Organization and Good Standing. The Company is a corporation duly organized,
validly existing, and in good standing under the laws of the State of Delaware.

     Section 4.2 Power and Authority; Enforceability. This Agreement constitutes the legal, valid,
and binding obligation of the Company, enforceable against the Company in accordance with its
terms. The Company has full power and authority to execute and deliver this Agreement and to
perform its obligations hereunder. The Company has taken all actions necessary to authorize the
execution and delivery of this Agreement, the performance of its obligations hereunder, and the
consummation of the transactions contemplated hereby. This Agreement has been duly authorized,
executed, and delivered by, and is enforceable against, the Company.

     Section 4.3 No Violation; Necessary Approvals. Neither the execution and delivery of this
Agreement by the Company, nor the consummation or performance by the Company of any of transactions
contemplated hereby, will: (a) with or without notice or lapse of time, constitute, create or
result in a breach or violation of, default under, loss of benefit or right under or acceleration
of performance of any obligation required under any Law, Order, contract or Permit to which the
Company is a party or by which it is bound or any of its assets are subject, or any provision of
the Company’s organizational documents as in effect on the Closing Date, (b) result in the
imposition of any lien, claim or encumbrance upon any assets owned by the Company; (c) require any
Consent under any contract or organizational document to which the Company is a party or by which
it is bound; or (d) require any Permit under any Law or Order other than (i) required filings, if
any, with the SEC and (ii) notifications or other filings with state or federal regulatory agencies
after the Closing that are necessary or convenient and do not require approval of the agency as a
condition to the validity of the transactions contemplated hereunder; or (e) trigger any rights of
first refusal, preferential purchase or similar rights with respect to any of the Shares.

     Section 4.4 Authorization of the Shares. The Shares have been duly authorized and, when issued
in accordance with this Agreement, the Shares will be duly and validly issued, fully paid and
non-assessable shares of Common Stock and will be free and clear of all Liens and claims, other
than restrictions on transfer imposed by the Securities Act and applicable state securities laws.

ARTICLE V

MISCELLANEOUS

     Section 5.1 Entire Agreement. This Agreement, together with the certificates, documents,
instruments and writings that are delivered pursuant hereto, constitutes the entire agreement and
understanding of the parties hereto in respect of its subject matter and supersedes all prior
understandings, agreements, or representations by or among the parties hereto, written or oral, to
the extent they relate in any way to the subject matter hereof or the transactions contemplated
hereby.

     Section 5.2 Successors. All of the terms, agreements, covenants, representations, warranties,
and conditions of this Agreement are binding upon, and inure to the benefit of and are enforceable
by, the parties hereto and their respective successors.

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     Section 5.3 Assignments. Except as otherwise provided herein, no party hereto may assign
either this Agreement or any of its rights, interests, or obligations hereunder without the prior
written approval of the other party. Any purported assignment in violation of this Section
5.3 shall be void and ineffectual and shall not operate to transfer or assign any interest or
title to the purported assignee.

     Section 5.4 Waiver of Jury Trial. THE PARTIES HERETO EACH HEREBY AGREE TO WAIVE THEIR
RESPECTIVE RIGHTS TO JURY TRIAL OF ANY DISPUTE BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY
OTHER AGREEMENTS RELATING HERETO OR ANY DEALINGS AMONG THEM RELATING TO THE TRANSACTIONS. THE SCOPE
OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL ACTIONS THAT MAY BE FILED IN ANY
COURT AND THAT RELATE TO THE SUBJECT MATTER OF THE TRANSACTIONS, INCLUDING, CONTRACT CLAIMS, TORT
CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THE PARTIES HERETO
EACH ACKNOWLEDGE THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP
AND THAT THEY WILL CONTINUE TO RELY ON THE WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH PARTY
HERETO FURTHER REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND
THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL
COUNSEL. NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN, THIS WAIVER IS IRREVOCABLE, MEANING THAT
IT MAY NOT BE MODIFIED ORALLY OR IN WRITING, AND THE WAIVER WILL APPLY TO ANY AMENDMENTS, RENEWALS,
SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING
HERETO. IN THE EVENT OF AN ACTION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO TRIAL BY A
COURT.

     Section 5.5 Counterparts. This Agreement may be executed in two or more counterparts, each of
which will be deemed an original but all of which together will constitute one and the same
instrument.

     Section 5.6 Headings. The article and section headings contained in this Agreement are
inserted for convenience only and will not affect in any way the meaning or interpretation of this
Agreement.

     Section 5.7 Governing Law. This Agreement, the entire relationship of the parties hereto, and
any litigation between the parties (whether grounded in contract, tort, statute, law or equity)
shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the
State of Delaware, without giving effect to its choice of laws principles.

     Section 5.8 Amendments. This Agreement may not be amended, modified or waived as to any
particular provision, except by a written instrument executed by all parties hereto.

     Section 5.9 Severability. The provisions of this Agreement will be deemed severable and the
invalidity or unenforceability of any provision will not affect the validity or enforceability of

6

 

the other provisions hereof; provided that if any provision of this Agreement, as applied to
any party hereto or to any circumstance, is adjudged by a Governmental Body, arbitrator, or
mediator not to be enforceable in accordance with its terms, the parties hereto agree that the
Governmental Body, arbitrator, or mediator making such determination will have the power to modify
the provision in a manner consistent with its objectives such that it is enforceable, and/or to
delete specific words or phrases, and in its reduced form, such provision will then be enforceable
and will be enforced.

     Section 5.10 Expenses. Except as otherwise expressly provided in this Agreement, each party
hereto will bear its own costs and expenses incurred in connection with the preparation, execution
and performance of this Agreement and the consummation of the transactions contemplated hereby,
including all fees and expenses of agents, representatives, financial advisors, legal counsel and
accountants.

     Section 5.11 Construction. The parties hereto have participated jointly in the negotiation and
drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this
Agreement will be construed as if drafted jointly by the parties hereto and no presumption or
burden of proof will arise favoring or disfavoring any party hereto because of the authorship of
any provision of this Agreement. Any reference to any federal, state, local, or foreign Law will be
deemed also to refer to Law as amended and all rules and regulations promulgated thereunder, unless
the context requires otherwise. The words “include,” “includes,” and “including” will be deemed to
be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be
construed to include any other gender, and words in the singular form will be construed to include
the plural and vice versa, unless the context otherwise requires. The words “this Agreement,”
"herein,” “hereof,” “hereby,” “hereunder,” and words of similar import refer to this Agreement as a
whole and not to any particular subdivision unless expressly so limited. The parties hereto intend
that each representation, warranty, and covenant contained herein will have independent
significance. If any party hereto has breached any representation, warranty, or covenant contained
herein in any respect, the fact that there exists another representation, warranty or covenant
relating to the same subject matter (regardless of the relative levels of specificity) which such
party hereto has not breached will not detract from or mitigate the fact that such party hereto is
in breach of the first representation, warranty, or covenant.

     Section 5.12 Waiver. No waiver by any party hereto of any default, misrepresentation, or
breach of warranty or covenant hereunder, whether intentional or not, may be deemed to extend to
any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or
affect in any way any rights arising because of any prior or subsequent occurrence.

[Signature page follows]

7

 

     IN WITNESS WHEREOF, the undersigned have executed this Agreement to be effective as of the
date first set forth above.

	 	 	 	 	 
	 	COMPANY:

JWC ACQUISITION CORP.

 	 
	 	By:  	/s/ Adam L. Suttin
 	 
	 	 	Adam L. Suttin 	 
	 	 	President 	 
	 
	 
	 	BUYER:

JWC ACQUISITION, LLC

 	 
	 	By:  	/s/ Adam L. Suttin
 	 
	 	 	Adam L. Suttin 	 
	 	 	President 	 
	 

[Signature Page to Securities Purchase Agreement]

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