Document:

Exhibit 10.4

 

LEOPARD ACQUISITION CORP.

FOUNDERS’ SECURITIES PURCHASE AGREEMENT

 

THIS
FOUNDERS’ SECURITIES PURCHASE AGREEMENT (this “Agreement”), dated as of February 21,
2008, is entered into by and among Leopard Acquisition Corp., a Delaware
corporation (the “Company”) and Thomas J. Edelman (the “Purchaser”).

 

WHEREAS, the Company intends to file a
registration statement (the “Registration Statement”) for the initial
public offering of units (the “Initial Public Offering”), each unit
consisting of one share of the Company’s common stock, par value $0.001 per
share (a “Share”), and one warrant to purchase one Share at an exercise
price of $7.50 per Share.

 

WHEREAS, concurrent with the execution and
delivery of this Agreement, the Purchaser desires to purchase and the Company
desires to issue and sell, upon the terms and conditions set forth in this
Agreement, for an aggregate purchase price of $7,201.86 (the “Founders’
Units Purchase Price”), 1,449,375 units (the “Founders’ Units”),
each unit consisting of one share of the Company’s common stock, par value
$0.001 per share (the “Founders’ Shares”) and one warrant to purchase
one Share at an exercise price of $7.50 per share (the “Founders’ Warrants”).

 

WHEREAS, concurrent with the closing of the
Initial Public Offering, the Purchaser desires to purchase and the Company
desires to issue and sell, upon the terms and conditions set forth in this
Agreement, for an aggregate purchase price of $1,500,000 (the “Private
Placement Warrants Purchase Price”), 1,500,000 additional warrants, each to
purchase one Share at an exercise price of $7.50 per share (the “Private
Placement Warrants”).

 

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:

 

Section 1.  Authorization,
Purchase and Sale; Terms of the Founders’ Units, Founders’ Shares, Founders’
Warrants and Private Placement Warrants.

 

A.    Authorization of the Founders’ Units, Founders’ Shares,
Founders’ Warrants, Private Placement Warrants and Shares Underlying each of
the Founders’ Warrants and Private Placement Warrants.  The Company has
duly authorized the issuance and sale to the Purchaser of each of the Founders’
Units, Founders’ Shares, Founders’ Warrants, Private Placement Warrants and the
Shares underlying each of the Founders’ Warrants and Private Placement Warrants
(collectively, the “Securities”).

 

B.    Purchase and Sale of the Founders’ Units and Private
Placement Warrants.  Concurrently with the execution and delivery
of this Agreement, in the case of the Founders’ Units, and concurrently with
the closing of the Initial Public Offering, in the case of the Private
Placement Warrants, or as each such date may be extended from time to time by
mutual 

 

 

agreement of the parties (in
each case, the “Closing Date”), the
Company shall issue and sell to the Purchaser and the Purchaser shall purchase
from the Company, the Founders’ Units (consisting of the Founders’ Shares and
Founders’ Warrants) for the Founders’ Units Purchase Price and the Private
Placement Warrants for the Private Placement Warrants Purchase Price,  respectively. On the applicable Closing Date,
the Company shall deliver certificates evidencing the Founders’ Units, Founders’
Shares and Founders’ Warrants, or the Private Placement Warrants, as the case
may be, to be purchased by the Purchaser hereunder, in each case registered in
the Purchaser’s name, upon the payment by the Purchaser of the Founders’ Units
Purchase Price or the Private Placement Warrants Purchase Price, as the case
may be, by wire transfer of immediately available funds (or by such other means
as the Company and the Purchaser shall agree) to the Company in accordance with
the Company’s instructions.

 

C.    Terms of the Founders’ Units, Founders’ Shares, Founders’
Warrants and Private Placement Warrants.

 

i.              Founders’ Units: Each Unit of
the Founders’ Units shall consist of one Founders’ Share and one Founders’
Warrant and shall have the terms set forth in the Unit Certificate attached as Exhibit A
hereto.

 

ii.             Founders’
Shares: The Founders’ Shares shall have the terms set forth in the
Certificate of Incorporation of the Company and the Founders’ Share Certificate
attached as Exhibit B hereto. 
Without limiting the foregoing, the Purchaser hereby expressly agrees
that if the Company consummates the Initial Public Offering, then (i) in
connection with the stockholder vote required to approve a merger, capital
stock exchange, asset acquisition or other similar business combination with
one or more businesses or assets (a “Business Combination”), the
Purchaser agrees to (x) vote the Founders’ Shares in accordance with a
majority of the shares of common stock voted by holders of shares of common
stock issued in the Initial Public Offering and (y) vote the Founders’
Shares in favor of an amendment to the Company’s amended and restated
certificate of incorporation to provide for the Company’s perpetual existence,
and (ii) the Purchaser agrees to waive any right to participate in any
liquidation distribution to the extent set forth in Section 3.D of this
Agreement.

 

iii.            Founders’
Warrants: The Founders’ Warrants shall have the terms set
forth in the Warrant Agreement dated the date hereof between the Company and
Continental Stock Transfer & Trust Company, as set forth as Exhibit C
hereto (as amended, restated or supplemented from time to time, the “Warrant
Agreement”).

 

iv.            Private
Placement Warrants: The Private Placement Warrants shall have the
terms set forth in the Warrant Agreement, as such terms may be amended prior to
the Closing Date for the Private Placement Warrants with the consent of the
Purchaser, which consent shall be evidenced by the purchase of the Private
Placement Warrants on the Closing Date therefor.

 

v.             Transfer
Restrictions: In addition to the restrictions on transfer set
forth in Section 10 hereof, the Purchaser shall not sell or transfer the
Founders’ Units, Founders’ Shares, Founders’ Warrants and the Shares underlying
the Founders’ Warrants for a period of 180 days from the date the Company
completes its initial business combination except to a Company officer,
director or employee, or any other person or entity associated or affiliated
with Purchaser 

 

2

 

(each,
a “Permitted Transferee”), who agrees in writing
with the Company to be subject to such transfer restrictions, vote the Founders’
Shares as provided in (ii) above; waive any right to participate in any
liquidation distribution as provided in (ii) above and agrees to the
adjustment of the Founders’ Units as provided in (vii) below.  During this period, the Purchaser and his
Permitted Transferees shall retain all other rights of holders of Shares,
including, without limitation, the right to vote their Shares (except as
described above with respect to a Business Combination) and the right to
receive cash dividends, if declared.  If
dividends are declared and payable in Shares, such dividends will also be
subject to the restrictions contained in this Section 1.C.(v).  In addition to the restrictions on transfer
set forth in Section 10 hereof, the Purchaser shall not sell or transfer
the Private Placement Warrants and the Shares underlying the Private Placement
Warrants until after the date the Company completes its initial business
combination except to a Permitted Transferee, and the Purchaser acknowledges
that the Private Placement Warrants and the Shares issuable upon exercise of
the Private Placement Warrants are subject to the restrictions on transfer set
forth in the Warrant Agreement.

 

vi.            Registration
Rights: In connection with the closing of the Initial Public Offering, the
Company and the Purchaser shall enter into an agreement (the “Registration
Rights Agreement”) granting the Purchaser registration rights with
respect to the Securities.

 

vii.           Adjustment of
Founders’ Units:

 

(a)           If the
underwriters with respect to the Initial Public Offering do not exercise the
over-allotment option proposed to be granted to them by the Company, the
Purchaser and any Permitted Transferees agree to forfeit to the Company a
number of Founders’ Units necessary to ensure that the aggregate amount of
Founders’ Shares held by the Purchaser, together with the other initial
stockholders, and any Permitted Transferees does not exceed 20% (by way of pro
rata adjustment among the founding stockholders) of the issued and outstanding
common stock of the Company upon consummation of the Initial Public Offering.  The Purchaser and any Permitted Transferees
agree to take any and all action reasonably requested by the Company necessary
to effect any adjustment pursuant to this paragraph vii(a).  The Company will not make any cash payment to
the Purchaser or any Permitted Transferees in respect of any such adjustment.

 

(b)           If the number
of units offered to the public in connection with the Initial Public Offering
is increased or decreased, the Purchaser and any Permitted Transferees agree
with the Company and the Company hereby agrees with the Purchaser and any
Permitted Transferees that the Founders’ Units (including the Founders’ Units
subject to forfeiture) will be adjusted in the same proportion as the increase
or decrease of the units offered to the public in order to ensure that the
aggregate amount of Founders’ Shares held by the Purchaser, together with the
other initial stockholders, and any Permitted Transferees does not fall below
or exceed 20% (by way of pro rata adjustment among the founding stockholders)
of the issued and outstanding common stock of the Company upon consummation of
the Initial Public Offering (including any shares of common stock issued
pursuant to the underwriters’ over-allotment option).  The Purchaser and any Permitted Transferees
agree to take any and all action reasonably requested by the Company necessary
to effect any adjustment pursuant to this paragraph vii(b); provided that the
Company will not make or receive any cash payment to or from the Purchaser or
any Permitted Transferees in respect of any such adjustment.

 

3

 

(c)           The Purchaser
acknowledges and agrees that any additional units he may hold pursuant to (vii)(a) and

(vii)(b) above (A) shall be subject to the voting, waiver of
liquidation, transfer restrictions and adjustment provisions set forth in this
Agreement, and (B) shall bear the legend set forth in Section 10.A(i) below.

 

Section 2.  Representations
and Warranties of the Company.

 

As a material
inducement to the Purchaser to enter into this Agreement and purchase the
Founders’ Units and Private Placement Warrants, the Company hereby represents
and warrants to the Purchaser as of the date hereof and the applicable Closing
Date that:

 

A.    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 all requisite corporate power and authority necessary to carry out
the transactions contemplated by this Agreement and the Warrant Agreement.

 

B.    Authorization; No Breach.

 

(i)    The execution and delivery of this Agreement, the Warrant
Agreement, the Founders’ Warrants and the Private Placement Warrants and
performance of this Agreement and the Warrant Agreement have been duly
authorized by the Company as of the applicable Closing Date.  This Agreement constitutes the valid and
binding obligation of the Company, enforceable in accordance with its
terms.  The Warrant Agreement constitutes,
and upon issuance in accordance with, and payment pursuant to, the terms of the
Warrant Agreement and this Agreement, the Founders’ Warrants and the Private
Placement Warrants will constitute, valid and binding obligations of the
Company, enforceable in accordance with their respective terms as of the
applicable Closing Date.

 

(ii)   The execution and delivery by the Company of this Agreement,
the Warrant Agreement and the sale and issuance of each of the Securities and
the fulfillment of and compliance with the respective terms hereof and thereof
by the Company, do not and will not as of the applicable Closing Date (i) conflict
with or result in a breach of the terms, conditions or provisions of, (ii) constitute
a default under, (iii) result in the creation of any lien, security
interest, charge or encumbrance upon the Company’s capital stock or assets, (iv) result
in a violation of, or (v) require any authorization, consent, approval,
exemption or other action by or notice or declaration to, or filing with, any
court or administrative or governmental body or agency pursuant to the
Certificate of Incorporation of the Company or the bylaws of the Company, or
any material law, statute, rule or regulation to which the Company is
subject, or any agreement, order, judgment or decree to which the Company is
subject, except for any filings required after the date hereof under federal or
state securities laws.

 

C.    Title to Securities.  Upon issuance in accordance with, and payment
pursuant to, the terms hereof and the Warrant Agreement, as the case may be,
each of the Securities will be duly and validly issued, fully paid and
nonassessable.  Upon issuance in
accordance with, and payment pursuant to, the terms hereof and the Warrant
Agreement, as the case may be, the 

 

4

 

Purchaser will have or receive
good title to the Securities, free and clear of all liens, claims and
encumbrances of any kind, other than (a) transfer restrictions hereunder
and under the other agreements contemplated hereby, (b) transfer
restrictions under federal and state securities laws, and (c) liens,
claims or encumbrances imposed due to the actions of the Purchaser.

 

D.    Governmental Consents.  No permit, consent, approval or authorization
of, or declaration to or filing with, any governmental authority is required in
connection with the execution, delivery and performance by the Company of this
Agreement or the Warrant Agreement, or the consummation by the Company of any
other transactions contemplated hereby.

 

Section 3.  Representations
and Warranties of the Purchaser.

 

As a material
inducement to the Company to enter into this Agreement and issue and sell the
Founders’ Units and Private Placement Warrants, the Purchaser hereby represents
and warrants to the Company as of the date hereof and the applicable Closing
Date that:

 

A.    Capacity and State Law Compliance.  The Purchaser has
engaged in the transactions contemplated by this Agreement within a state in
which the offer and sale of the Securities is permitted under applicable
securities laws.  The Purchaser
understands and acknowledges that the purchase of Shares upon the exercise of
the Private Placement Warrants and the Founders’ Warrants will require the
availability of an exemption from registration under federal and/or state
securities laws and that any sale of such Shares shall require registration or
the availability of an exemption from registration under federal and/or state
securities laws.

 

B.    Authorization; No Breach.

 

(i)    This Agreement constitutes a valid and binding obligation of
the Purchaser, enforceable in accordance with its terms.

 

(ii)   The execution and delivery by the Purchaser of this
Agreement and the fulfillment of and compliance with the respective terms
hereof by the Purchaser do not and shall not as of the applicable Closing Date
conflict with or result in a breach of the terms, conditions or provisions of
any agreement, instrument, order, judgment or decree to which the Purchaser is
subject.

 

C.    Investment Representations.

 

(i)            The Purchaser is acquiring the Securities for his own
account, for investment only and not with a view towards, or for resale in
connection with, any public sale or distribution thereof.

 

(ii)           The Purchaser is an “accredited investor” as such term is
defined in Rule 501(a)(3) of Regulation D.

 

(iii)          The Purchaser understands that the Securities are being
offered and will be sold to 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 

 

5

 

accuracy of, and the Purchaser’s
compliance with, the representations and warranties of the Purchaser set forth
herein in order to determine the availability of such exemptions and the
eligibility of the Purchaser to acquire such Securities.

 

(iv)          The Purchaser did not decide to enter into this Agreement as
a result of any general solicitation or general advertising within the meaning
of Rule 502(c) under the Securities Act of 1933, as amended (the “Securities Act”).

 

(v)           The 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 the
Purchaser.  The Purchaser has been afforded
the opportunity to ask questions of the executive officers and directors of the
Company.  The Purchaser understands that
his investment in the Securities involves a high degree of risk.  The Purchaser has sought such accounting,
legal and tax advice as the Purchaser has considered necessary to make an
informed investment decision with respect to the Purchaser’s acquisition of the
Securities.

 

(vi)          The 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.

 

(vii)         The Purchaser understands that: (a) 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 (A) subsequently registered thereunder or (B) sold in reliance
on an exemption therefrom; and (b) except as specifically set forth in the
Registration Rights Agreement, neither the Company nor any other person is
under any obligation to register the Securities under the Securities Act or any
state securities laws or to comply with the terms and conditions of any
exemption thereunder. In this regard, the Purchaser understands that the
Securities and Exchange Commission has taken the position that promoters or
affiliates of a blank check company and their transferees, both before and
after a Business Combination, are deemed to be “underwriters” under the
Securities Act when reselling the securities of a blank check company.  Based on that position, Rule 144 adopted
pursuant to the Securities Act would not be available for resale transactions
of the Securities despite technical compliance with the requirements of such
Rule, and the Securities can be resold only through a registered offering or in
reliance upon another exemption from the registration requirements of the
Securities Act.  The Purchaser is able to
bear the economic risk of his investment in the Securities for an indefinite
period of time.

 

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

 

6

 

investment in the
Securities.  The Purchaser can afford a
complete loss of his investment in the Securities.

 

D.    Waiver of Right to Amounts in the Trust Account and
Indemnification.

 

(i)    The Purchaser hereby waives any and all right, title,
interest or claim of any kind in or to any distribution of the trust account
established by the Company for the deposit of proceeds from the Initial Public
Offering and the sale of the Private Placement Warrants, as a result of any
liquidation of the trust account, with respect to the Founders’ Shares (“Claim”)
and hereby waives any Claim it may have in the future as a result of, or
arising out of, any contracts or agreements with the Company and will not seek
recourse against the trust account for any reason whatsoever except for any
amounts to which it may be entitled upon liquidation of the Company in respect
of the Purchaser’s ownership of Shares other than the Founders’ Shares.

 

(ii)   The Purchaser acknowledges and agrees that the stockholders
of the Company, including those who purchase the units in the Initial Public
Offering, are and shall be third-party beneficiaries of the foregoing
provisions of Section 3.D. of this Agreement.

 

(iii)  The Purchaser agrees that to the extent any waiver of rights
under this Section 3.D. is ineffective as a matter of law, the 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.  The Purchaser acknowledges
the receipt and sufficiency of consideration received from the Company
hereunder in this regard.

 

Section 4.  Conditions
of the Purchaser’s Obligations.

 

The obligation of
the Purchaser to purchase and pay for the Founders’ Units and Private Placement
Warrants is subject to the fulfillment, on or before the applicable 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 applicable Closing Date as though then made.

 

B.    Performance.  The Company shall have performed and complied
with all agreements, obligations and conditions contained in this Agreement
that are required to be performed or complied with by it on or before the
applicable Closing Date.

 

C.    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.

 

Section 5.  Conditions
of the Company’s Obligations.

 

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

 

7

 

A.    Representations and Warranties.  The representations
and warranties of the Purchaser contained in Section 3 shall be true and
correct at and as of the applicable Closing Date as though then made.

 

B.    Performance.  The Purchaser shall have performed and
complied with all agreements, obligations and conditions contained in this
Agreement that are required to be performed or complied with by it on or before
the applicable Closing Date.

 

C.    Corporate Consents.  The Company shall have obtained the consent
of its Board of Directors authorizing the execution, delivery and performance
of this Agreement and the Warrant Agreement and the issuance and sale of the
Founders’ Units and the Private Placement Warrants.

 

D.    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.

 

Section 6.  Termination.

 

This Agreement may
be terminated at any time prior to the applicable Closing Date as it relates
only to the Securities to be purchased pursuant to this Agreement on and after
such Closing Date upon the mutual written consent of the Company and the
Purchaser.

 

Section 7.  Survival
of Representations and Warranties.

 

All of the
representations and warranties contained herein shall survive the applicable
Closing Date.

 

Section 8.  Definitions.

 

Terms used but not
otherwise defined in this Agreement shall have the meaning assigned such terms
in the Registration Statement.

 

Section 9.  Escrow.

 

All subscription
funds received by the Company will be held in escrow pending the closing of the
purchase of the Founders’ Units (the “Closing”). The Closing shall occur
on such date as the Company has received complete and valid subscriptions
(including full payment) for 100% of the Founders’ Units. In the event the
Closing does not occur by February 29, 2008 or if the Company
otherwise determines not to accept this subscription, which it may do in its
sole and unilateral discretion, the Company shall promptly return the purchase
price to the Purchaser (without interest or deduction) and this Agreement will
thereafter be null and void and of no further force or effect.

 

8

 

Section 10.  Miscellaneous.

 

A.    Legends; Transfer Restrictions.

 

(i)    Legends.  The certificates evidencing the Founders’
Units and the Founders’ Shares will include the legend set forth on Exhibits
A and B hereto, respectively, which the Purchaser has read and
understands.  The Founders’ Warrants, the
Private Placement Warrants and Shares issued upon exercise of the Private
Placement Warrants and the Founders’ Warrants will include the legend set forth
in Exhibit B to the Warrant Agreement in the case of the Warrants
and in the Warrant Agreement in the case of the Shares, which the Purchaser has
read and understands.

 

(ii)   Transfer Restrictions.  By accepting the Securities, the Purchaser agrees,
prior to any transfer of the Securities, to give written notice to the Company
expressing 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 the
Purchaser agrees not to make any disposition of all or any portion of the
Securities unless and until:

 

(a)           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, in which case the legends set forth above with respect
to the Securities sold pursuant to such registration statement shall be
removed; or

 

(b)           if reasonably
requested by the Company, (A) 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, (B) 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 (C) the
Company shall have received an agreement by such transferee to the restrictions
contained in the legends referred to in (i) hereof.

 

Notwithstanding
the foregoing, the Purchaser also understands and acknowledges that the
transfer of the Founders’ Units, Founders’ Shares, Founders’ Warrants and the
Private Placement Warrants and exercise of the Founders’ Warrants and the Private
Placement Warrants are subject to the specific conditions to such transfer or
exercise as outlined herein and the Warrant Agreement as to which the Purchaser
specifically assents by his execution hereof.

 

(iii)  Stop Transfer Notations.  The Company may, from time to time, make stop
transfer notations in its records and deliver stop transfer instructions to its
transfer agent to the extent its counsel considers it necessary to ensure
compliance with federal and state securities laws and the transfer restrictions
contained elsewhere in this Agreement and the Warrant Agreement.

 

B.    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 

 

9

 

whether so expressed or
not.  Notwithstanding the foregoing or
anything to the contrary herein, the parties may not assign this Agreement.

 

C.    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.

 

D.    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.

 

E.     Descriptive Headings; Interpretation.  The descriptive
headings of this Agreement are inserted for convenience only and do not
constitute a substantive part of this Agreement.  The use of the word “including” in this
Agreement shall be by way of example rather than by limitation.

 

F.     Governing Law.  This Agreement shall be deemed to be a
contract made under the laws of the State of New York and for all purposes
shall be construed in accordance with the internal laws of said State.  Each of the parties hereto also irrevocably
waives all right to trial by jury in any action, proceeding or counterclaim arising
out of this Agreement or the transactions contemplated hereby.

 

G.    Notices.  All notices, demands or other communications
to be given or delivered under or by reason of the provisions of this Agreement
shall be in writing and shall be deemed to have been given when delivered
personally to the recipient, sent to the recipient by reputable overnight
courier service (charges prepaid) or mailed to the recipient by certified or
registered mail, return receipt requested and postage prepaid.  Such notices, demands and other
communications shall be sent:

 

	
  If to the Company:

  	
   

  	
  Leopard Acquisition Corp. 

  2500 N. Moose Wilson Road 

  Wilson, WY 83014 

  Fax No. (307) 734-2719  

  Attention: Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
  With a copy (not constituting 

  notice) to:

  	
   

  	
  Alan I. Annex, Esq. 

  Greenberg Traurig LLP 

  200 Park Avenue 

  New York, NY 10166 

  Fax No.: (212) 801-6400

  
	
   

  	
   

  	
   

  
	
  If to the Purchaser:

  	
   

  	
  Thomas J. Edelman 

  770 Park Avenue 

  New York, NY 10021 

  Fax No. (212) 888-6877

  

 

10

 

or to such other address
or to the attention of such other person as the recipient party has specified
by prior written notice to the sending party.

 

H.    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.

 

[SIGNATURE PAGE
FOLLOWS]

 

11

 

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

 

 

	
   

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  LEOPARD ACQUISITION CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By 

  	
       /s/ Mohammed M. Ansari

  
	
   

  	
  Name:

  	
  Mohammed M. Ansari

  
	
   

  	
  Title:

  	
  Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PURCHASER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THOMAS J. EDELMAN

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
       /s/ Thomas J. Edelman

  
	
   

  	
   

  
				

 

[Signature Page to Founders’
Securities Purchase Agreement]

 

 

Exhibit A

 

SPECIMEN
OF UNIT CERTIFICATE

 

	
  No.                    

  	
   

  	
  LEOPARD
  ACQUISITION CORP.

  Incorporated under the Laws of the State of Delaware

  	
   

  	
               UNIT(S)

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

UNIT(S) EACH
CONSISTING OF ONE SHARE OF COMMON STOCK AND ONE WARRANT TO

PURCHASE ONE SHARE OF COMMON STOCK

 

SEE
REVERSE FOR CERTAIN DEFINITIONS

 

THIS
CERTIFIES THAT                                                                                         IS
THE OWNER OF

                                                                                                                                                        
UNIT(S).  Each Unit (“Unit”) consists of
one (1) share of common stock, par value $0.001 per share (“Common Stock”),
of Leopard Acquisition Corp., a Delaware corporation (the “Company”), and one
warrant (each, a “Warrant”).  Each
Warrant entitles the holder to purchase one (1) share of Common Stock for
$7.50 per share (subject to adjustment). 
The Common Stock and Warrant comprising each Unit represented by this
certificate are not transferable separately prior to the thirty-fifth day
following the date of the prospectus with respect to the Company’s initial
public offering (the “IPO”) unless J.P. Morgan Securities Inc. informs the Company of
its decision to allow earlier separate transfer.  The terms of the Warrants are governed by the
Warrant Agreement dated [                  ],
2008 between the Company and Continental Stock Transfer & Trust
Company, as amended, restated or supplemented from time to time (the “Warrant
Agreement”), and are subject to the terms and provisions contained therein, all
of which terms and provisions the holder of this certificate consents to by
acceptance hereof.  Copies of the Warrant
Agreement are on file at the office of the Company, and are available to any
Warrant holder on written request and without cost.

 

THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD,
TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION
FROM SUCH REGISTRATION IS AVAILABLE. 
THESE SECURITIES ARE ALSO SUBJECT TO FORFEITURE AND ADDITIONAL
RESTRICTIONS ON TRANSFER OR SALE AND OTHER MATTERS PURSUANT TO A FOUNDERS’
SECURITIES PURCHASE AGREEMENT DATED [                    ],
2008, A COPY OF WHICH CAN BE OBTAINED FROM THE COMPANY AT ITS EXECUTIVE
OFFICES.

 

SECURITIES EVIDENCED
BY THIS CERTIFICATE WILL BE ENTITLED TO REGISTRATION RIGHTS UNDER A
REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED BY THE CORPORATION.

 

WITNESS
the seal of the Company and the facsimile signature of its duly authorized
officer.

 

Dated:                         
, 2008

 

 

	
   

  	
  LEOPARD
  ACQUISITION CORP.

  	
   

  
	
   

  	
   

  	
  Authorized
  Officer

  
	
   

  	
  2008

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CORPORATE
  SEAL DELAWARE

  	
   

  

 

 

The following
abbreviations, when used in the inscription on the face of this certificate,
shall be construed as though they were written out in full according to
applicable laws or regulations:

 

	
  TEN COM

  	
   

  	
  as tenants in common

  	
  Unif Gift Min Act - 

  	
   

  	
  Custodian

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TEN ENT

  	
   

  	
  tenants by the entireties

  	
   

  	
    (Cust) (Minor)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  as joint tenants with right 

  	
   

  	
  Under Uniform Gifts to Minors

  
	
   

  	
   

  	
  of survivorship and not as 

  	
   

  	
  Act:

  	
   

  	 

	
  JT TEN

  	
   

  	
  tenants in common

  	
   

  	
   

  	
  (State)

  	 

										

 

Additional
abbreviations may also be used though not in the above list.

 

LEOPARD
ACQUISITION CORP.

 

The Company will
furnish without charge to each stockholder who so requests the powers, designations,
preferences and relative, participating, option or other special rights of each
class of stock or series thereof of the Company and the qualifications,
limitations, or restrictions of such preferences and/or rights.  This certificate and the Units represented
hereby are issued and shall be held subject to the terms and conditions
applicable to the securities underlying and comprising the Units.

 

For Value
Received,                           hereby
sell, assign and transfer unto

 

PLEASE INSERT SOCIAL
SECURITY OR OTHER

               IDENTIFYING
NUMBER OF ASSIGNEE

 

	
   

  
	
   

  
	
  (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS,
  INCLUDING ZIP CODE, OF ASSIGNEE)

  

 

 

Units
represented by the within Certificate, and do hereby irrevocably constitute and
appoint                                   
Attorney, to transfer the said Units on the books of the within named Company
with full power of substitution in the premises.

 

	
  Dated

  	
   

  	
   

  	
   

  	
  By:

  
	
   

  	
   

  	
  NOTICE: THE SIGNATURE TO THIS
  ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE
  CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY
  CHANGE WHATEVER.

  

 

 

Exhibit B

 

SPECIMEN FOUNDERS’ COMMON STOCK CERTIFICATE

 

	
  NUMBER

  	
   

  	
                                                                                           SHARES

  

 

LEOPARD
ACQUISITION CORP.

 

INCORPORATED UNDER
THE LAWS OF THE STATE OF DELAWARE

 

COMMON STOCK

 

	
  SEE REVERSE FOR

  
	
  CERTAIN DEFINITIONS

  
	
   

  
	
  This Certifies that

  

 

is the owner of

 

FULLY PAID AND
NON-ASSESSABLE SHARES OF THE PAR VALUE OF $0.001

EACH OF THE COMMON STOCK OF

 

LEOPARD
ACQUISITION CORP.

 

transferable on
the books of the Company in person or by duly authorized attorney upon
surrender of this certificate properly endorsed.  Witness the seal of the Company and the
facsimile signatures of its duly authorized officers.

 

	
  Dated:

  	
   

  	
  Leopard Acquisition
  Corp. 

  2008 
 CORPORATE SEAL 

  DELAWARE

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  [VICE PRESIDENT]

  	
   

  	
   

  	
  SECRETARY

  

 

 

The following abbreviations, when used in the inscription on the face
of this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

 

	
  TEN COM

  	
   

  	
  as tenants in common

  	
   

  	
  UNIF GIFT MIN ACT - 

  	
   

  	
  Custodian

  	
   

  
	
  TEN ENT

  	
   

  	
  as tenants by the entireties

  	
   

  	
                                           (Cust
                  
            (Minor)

  
	
  JT TEN

  	
   

  	
  as joint tenants with right of 

  	
   

  	
   

  	
  under Uniform Gifts to
  Minors Act

  
	
   

  	
   

  	
  survivorship and not as tenants 

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  in common

  	
   

  	
   

  	
  (State)

  
										

 

Additional Abbreviations
may also be used though not in the above list.

 

Leopard Acquisition Corp.

 

The Company will furnish without charge to each stockholder who so
requests the powers, designations, preferences and relative participating,
optional or other special rights of each class of stock or series thereof of
the Company and the qualifications, limitations, or restrictions of such
preferences and/or rights.  This
certificate and the shares represented hereby are issued and shall be held
subject to all the provisions of the Certificate of Incorporation and all
amendments thereto and resolutions of the Board of Directors providing for the
issue of shares of Preferred Stock (copies of which may be obtained from the
secretary of the Company), to all of which the holder of this certificate by
acceptance hereof assents.

 

THE SECURITIES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY
STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR
OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM SUCH
REGISTRATION IS AVAILABLE.  THESE
SECURITIES ARE ALSO SUBJECT TO (i) FORFEITURE, (ii) ADDITIONAL
RESTRICTIONS ON TRANSFER OR SALE AND (iii) VOTING REQUIREMENTS AND HOLDERS
OF THE SECURITIES WAIVING ANY RIGHT TO PARTICIPATE IN A LIQUIDATION
DISTRIBUTION IN CERTAIN CIRCUMSTANCES, IN EACH CASE PURSUANT TO A FOUNDERS’
SECURITIES PURCHASE AGREEMENT DATED
[                      ],
2008, A COPY OF WHICH CAN BE OBTAINED FROM THE COMPANY AT ITS EXECUTIVE
OFFICES.

 

SECURITIES EVIDENCED BY THIS
CERTIFICATE WILL BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS
AGREEMENT TO BE EXECUTED BY THE CORPORATION.

 

 

	
  For value received,
                                                                                    
  hereby sell, assign and transfer unto

  
	
   

  
	
  PLEASE INSERT SOCIAL 

  SECURITY OR OTHER 

  IDENTIFYING 

  NUMBER OF ASSIGNEE

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  
	
  (PLEASE PRINT OR
  TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE OF ASSIGNEE)

  
	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  
	
  shares

  
	
  of the capital stock represented by the within
  Certificate, and do hereby irrevocably constitute and appoint

  
	
  Attorney

  
	
  to transfer the said stock on the
  books of the within named Company will full power of substitution in the
  premises.

  
	
   

  	
   

  	
   

  
	
  Dated

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Notice: The signature to this assignment must
  correspond with the name as written upon the face of the certificate in every
  particular, without alteration or enlargement or any change whatever.

  
									

 

	
  Signature(s) Guaranteed:

  	
   

  	
   

  
	
   

  
	
   

  	
   

  
	
  THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN
  ELIGIBLE

  GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN

  ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED

  SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

  
				

 

 

Exhibit C

 

WARRANT AGREEMENTExhibit 10.5

 

LEOPARD ACQUISITION CORP.

FOUNDERS’ SECURITIES PURCHASE AGREEMENT

 

THIS
FOUNDERS’ SECURITIES PURCHASE AGREEMENT (this “Agreement”),
dated as of February 21, 2008, is entered into by and among Leopard
Acquisition Corp., a Delaware corporation (the “Company”) and Allan R.
Tessler (the “Purchaser”).

 

WHEREAS,
the Company intends to file a registration statement (the “Registration
Statement”) for the initial public offering of units (the “Initial
Public Offering”), each unit consisting of one share of the Company’s
common stock, par value $0.001 per share (a “Share”), and one warrant to
purchase one Share at an exercise price of $7.50 per Share.

 

WHEREAS,
concurrent with the execution and delivery of this Agreement, the Purchaser
desires to purchase and the Company desires to issue and sell, upon the terms
and conditions set forth in this Agreement, for an aggregate purchase price of
$2,400.62 (the “Founders’ Units Purchase Price”), 483,125 units (the “Founders’
Units”), each unit consisting of one share of the Company’s common stock,
par value $0.001 per share (the “Founders’ Shares”) and one warrant to
purchase one Share at an exercise price of $7.50 per share (the “Founders’
Warrants”).

 

WHEREAS,
concurrent with the closing of the Initial Public Offering, the Purchaser
desires to purchase and the Company desires to issue and sell, upon the terms
and conditions set forth in this Agreement, for an aggregate purchase price of
$500,000 (the “Private Placement Warrants Purchase Price”), 500,000
additional warrants, each to purchase one Share at an exercise price of $7.50
per share (the “Private Placement Warrants”).

 

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:

 

Section 1.  Authorization, Purchase and Sale; Terms of the Founders’
Units, Founders’ Shares, Founders’ Warrants and Private Placement Warrants.

 

A.    Authorization of the Founders’
Units, Founders’ Shares, Founders’ Warrants, Private Placement Warrants and
Shares Underlying each of the Founders’ Warrants and Private Placement Warrants.  The Company has duly authorized the issuance
and sale to the Purchaser of each of the Founders’ Units, Founders’ Shares,
Founders’ Warrants, Private Placement Warrants and the Shares underlying each
of the Founders’ Warrants and Private Placement Warrants (collectively, the “Securities”).

 

B.    Purchase and Sale of the Founders’
Units and Private Placement Warrants.  Concurrently with
the execution and delivery of this Agreement, in the case of the Founders’
Units, and concurrently with the closing of the Initial Public Offering, in the
case of the Private Placement Warrants, or as each such date may be extended
from time to time by mutual 

 

 

agreement of the
parties (in each case, the “Closing Date”), the Company shall issue and sell to the Purchaser and
the Purchaser shall purchase from the Company, the Founders’ Units (consisting
of the Founders’ Shares and Founders’ Warrants) for the Founders’ Units
Purchase Price and the Private Placement Warrants for the Private Placement
Warrants Purchase Price,  respectively.
On the applicable Closing Date, the Company shall deliver certificates
evidencing the Founders’ Units, Founders’ Shares and Founders’ Warrants, or the
Private Placement Warrants, as the case may be, to be purchased by the
Purchaser hereunder, in each case registered in the Purchaser’s name, upon the
payment by the Purchaser of the Founders’ Units Purchase Price or the Private
Placement Warrants Purchase Price, as the case may be, by wire transfer of
immediately available funds (or by such other means as the Company and the
Purchaser shall agree) to the Company in accordance with the Company’s
instructions.

 

C.    Terms of the Founders’ Units,
Founders’ Shares, Founders’ Warrants and Private Placement Warrants.

 

i.              Founders’ Units: Each Unit of the
Founders’ Units shall consist of one Founders’ Share and one Founders’ Warrant
and shall have the terms set forth in the Unit Certificate attached as Exhibit A
hereto.

 

ii.             Founders’ Shares: The Founders’
Shares shall have the terms set forth in the Certificate of Incorporation of
the Company and the Founders’ Share Certificate attached as Exhibit B
hereto.  Without limiting the foregoing,
the Purchaser hereby expressly agrees that if the Company consummates the
Initial Public Offering, then (i) in connection with the stockholder vote
required to approve a merger, capital stock exchange, asset acquisition or
other similar business combination with one or more businesses or assets (a “Business
Combination”), the Purchaser agrees to (x) vote the Founders’
Shares in accordance with a majority of the shares of common stock voted by holders
of shares of common stock issued in the Initial Public Offering and (y) vote
the Founders’ Shares in favor of an amendment to the Company’s amended and
restated certificate of incorporation to provide for the Company’s perpetual
existence, and (ii) the Purchaser agrees to waive any right to participate
in any liquidation distribution to the extent set forth in Section 3.D of
this Agreement.

 

iii.            Founders’ Warrants: The Founders’
Warrants shall have the terms set forth in the Warrant Agreement dated the date
hereof between the Company and Continental Stock Transfer & Trust
Company, as set forth as Exhibit C hereto (as amended, restated or
supplemented from time to time, the “Warrant Agreement”).

 

iv.            Private Placement Warrants: The
Private Placement Warrants shall have the terms set forth in the Warrant
Agreement, as such terms may be amended prior to the Closing Date for the
Private Placement Warrants with the consent of the Purchaser, which consent
shall be evidenced by the purchase of the Private Placement Warrants on the
Closing Date therefor.

 

v.             Transfer Restrictions: In addition
to the restrictions on transfer set forth in Section 10 hereof, the
Purchaser shall not sell or transfer the Founders’ Units, Founders’ Shares,
Founders’ Warrants and the Shares underlying the Founders’ Warrants for a
period of 180 days from the date the Company completes its initial business
combination except to a Company officer, director or employee, or any other
person or entity associated or affiliated with Purchaser 

 

2

 

(each, a “Permitted Transferee”), who agrees in
writing with the Company to be subject to such transfer restrictions, vote the
Founders’ Shares as provided in (ii) above; waive any right to participate
in any liquidation distribution as provided in (ii) above and agrees to
the adjustment of the Founders’ Units as provided in (vii) below.  During this period, the Purchaser and his
Permitted Transferees shall retain all other rights of holders of Shares,
including, without limitation, the right to vote their Shares (except as
described above with respect to a Business Combination) and the right to
receive cash dividends, if declared.  If
dividends are declared and payable in Shares, such dividends will also be
subject to the restrictions contained in this Section 1.C.(v).  In addition to the restrictions on transfer
set forth in Section 10 hereof, the Purchaser shall not sell or transfer
the Private Placement Warrants and the Shares underlying the Private Placement
Warrants until after the date the Company completes its initial business
combination except to a Permitted Transferee, and the Purchaser acknowledges
that the Private Placement Warrants and the Shares issuable upon exercise of
the Private Placement Warrants are subject to the restrictions on transfer set
forth in the Warrant Agreement.

 

vi.            Registration Rights: In connection
with the closing of the Initial Public Offering, the Company and the Purchaser
shall enter into an agreement (the “Registration Rights Agreement”)
granting the Purchaser registration rights with respect to the Securities.

 

vii.           Adjustment of Founders’ Units:

 

(a)           If the underwriters with respect to the
Initial Public Offering do not exercise the over-allotment option proposed to
be granted to them by the Company, the Purchaser and any Permitted Transferees
agree to forfeit to the Company a number of Founders’ Units necessary to ensure
that the aggregate amount of Founders’ Shares held by the Purchaser, together
with the other initial stockholders, and any Permitted Transferees does not
exceed 20% (by way of pro rata adjustment among the founding stockholders) of
the issued and outstanding common stock of the Company upon consummation of the
Initial Public Offering.  The Purchaser
and any Permitted Transferees agree to take any and all action reasonably
requested by the Company necessary to effect any adjustment pursuant to this
paragraph vii(a).  The Company will not
make any cash payment to the Purchaser or any Permitted Transferees in respect
of any such adjustment.

 

(b)           If the number of units offered to the public
in connection with the Initial Public Offering is increased or decreased, the
Purchaser and any Permitted Transferees agree with the Company and the Company
hereby agrees with the Purchaser and any Permitted Transferees that the
Founders’ Units (including the Founders’ Units subject to forfeiture) will be
adjusted in the same proportion as the increase or decrease of the units
offered to the public in order to ensure that the aggregate amount of Founders’
Shares held by the Purchaser, together with the other initial stockholders, and
any Permitted Transferees does not fall below or exceed 20% (by way of pro rata
adjustment among the founding stockholders) of the issued and outstanding
common stock of the Company upon consummation of the Initial Public Offering
(including any shares of common stock issued pursuant to the underwriters’
over-allotment option).  The Purchaser
and any Permitted Transferees agree to take any and all action reasonably
requested by the Company necessary to effect any adjustment pursuant to this
paragraph vii(b); provided that the Company will not make or receive any cash
payment to or from the Purchaser or any Permitted Transferees in respect of any
such adjustment.

 

3

 

(c)           The Purchaser acknowledges and agrees that
any additional units he may hold pursuant to (vii)(a) and (vii)(b) above
(A) shall be subject to the voting, waiver of liquidation, transfer
restrictions and adjustment provisions set forth in this Agreement, and (B) shall
bear the legend set forth in Section 10.A(i) below.

 

Section 2.  Representations and Warranties of the Company.

 

As a material
inducement to the Purchaser to enter into this Agreement and purchase the
Founders’ Units and Private Placement Warrants, the Company hereby represents
and warrants to the Purchaser as of the date hereof and the applicable Closing
Date that:

 

A.    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 all requisite corporate
power and authority necessary to carry out the transactions contemplated by
this Agreement and the Warrant Agreement.

 

B.    Authorization; No Breach.

 

(i)    The execution and delivery of this Agreement, the Warrant
Agreement, the Founders’ Warrants and the Private Placement Warrants and
performance of this Agreement and the Warrant Agreement have been duly
authorized by the Company as of the applicable Closing Date.  This Agreement constitutes the valid and
binding obligation of the Company, enforceable in accordance with its
terms.  The Warrant Agreement constitutes,
and upon issuance in accordance with, and payment pursuant to, the terms of the
Warrant Agreement and this Agreement, the Founders’ Warrants and the Private
Placement Warrants will constitute, valid and binding obligations of the
Company, enforceable in accordance with their respective terms as of the
applicable Closing Date.

 

(ii)   The execution and delivery by the Company of this Agreement,
the Warrant Agreement and the sale and issuance of each of the Securities and
the fulfillment of and compliance with the respective terms hereof and thereof
by the Company, do not and will not as of the applicable Closing Date (i) conflict
with or result in a breach of the terms, conditions or provisions of, (ii) constitute
a default under, (iii) result in the creation of any lien, security
interest, charge or encumbrance upon the Company’s capital stock or assets, (iv) result
in a violation of, or (v) require any authorization, consent, approval,
exemption or other action by or notice or declaration to, or filing with, any
court or administrative or governmental body or agency pursuant to the Certificate
of Incorporation of the Company or the bylaws of the Company, or any material
law, statute, rule or regulation to which the Company is subject, or any
agreement, order, judgment or decree to which the Company is subject, except
for any filings required after the date hereof under federal or state
securities laws.

 

C.    Title to Securities.  Upon issuance in accordance with, and payment
pursuant to, the terms hereof and the Warrant Agreement, as the case may be,
each of the Securities will be duly and validly issued, fully paid and
nonassessable.  Upon issuance in
accordance with, and payment pursuant to, the terms hereof and the Warrant
Agreement, as the case may be, the 

 

4

 

Purchaser will have
or receive good title to the Securities, free and clear of all liens, claims
and encumbrances of any kind, other than (a) transfer restrictions
hereunder and under the other agreements contemplated hereby, (b) transfer
restrictions under federal and state securities laws, and (c) liens,
claims or encumbrances imposed due to the actions of the Purchaser.

 

D.    Governmental Consents.  No permit, consent, approval or authorization
of, or declaration to or filing with, any governmental authority is required in
connection with the execution, delivery and performance by the Company of this
Agreement or the Warrant Agreement, or the consummation by the Company of any
other transactions contemplated hereby.

 

Section 3.  Representations and Warranties of the Purchaser.

 

As a material
inducement to the Company to enter into this Agreement and issue and sell the
Founders’ Units and Private Placement Warrants, the Purchaser hereby represents
and warrants to the Company as of the date hereof and the applicable Closing
Date that:

 

A.    Capacity and State Law
Compliance.  The Purchaser has engaged in the transactions
contemplated by this Agreement within a state in which the offer and sale of
the Securities is permitted under applicable securities laws.  The Purchaser understands and acknowledges
that the purchase of Shares upon the exercise of the Private Placement Warrants
and the Founders’ Warrants will require the availability of an exemption from
registration under federal and/or state securities laws and that any sale of
such Shares shall require registration or the availability of an exemption from
registration under federal and/or state securities laws.

 

B.    Authorization; No Breach.

 

(i)    This Agreement constitutes a valid and binding obligation of
the Purchaser, enforceable in accordance with its terms.

 

(ii)   The execution and delivery by the Purchaser of this
Agreement and the fulfillment of and compliance with the respective terms
hereof by the Purchaser do not and shall not as of the applicable Closing Date
conflict with or result in a breach of the terms, conditions or provisions of
any agreement, instrument, order, judgment or decree to which the Purchaser is
subject.

 

C.    Investment Representations.

 

(i)    The Purchaser is acquiring the Securities for his own
account, for investment only and not with a view towards, or for resale in
connection with, any public sale or distribution thereof.

 

(ii)   The Purchaser is an “accredited investor” as such term is
defined in Rule 501(a)(3) of Regulation D.

 

(iii)  The Purchaser understands that the Securities are being
offered and will be sold to 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 

 

5

 

accuracy of, and the
Purchaser’s compliance with, the representations and warranties of the
Purchaser set forth herein in order to determine the availability of such
exemptions and the eligibility of the Purchaser to acquire such Securities.

 

(iv)  The Purchaser did not decide to enter into this Agreement as
a result of any general solicitation or general advertising within the meaning
of Rule 502(c) under the Securities Act of 1933, as amended (the “Securities Act”).

 

(v)   The 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 the
Purchaser.  The Purchaser has been
afforded the opportunity to ask questions of the executive officers and
directors of the Company.  The Purchaser
understands that his investment in the Securities involves a high degree of
risk.  The Purchaser has sought such
accounting, legal and tax advice as the Purchaser has considered necessary to
make an informed investment decision with respect to the Purchaser’s
acquisition of the Securities.

 

(vi)  The 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.

 

(vii) The Purchaser understands that: (a) 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 (A) subsequently registered thereunder or (B) sold in reliance
on an exemption therefrom; and (b) except as specifically set forth in the
Registration Rights Agreement, neither the Company nor any other person is
under any obligation to register the Securities under the Securities Act or any
state securities laws or to comply with the terms and conditions of any
exemption thereunder. In this regard, the Purchaser understands that the
Securities and Exchange Commission has taken the position that promoters or
affiliates of a blank check company and their transferees, both before and
after a Business Combination, are deemed to be “underwriters” under the
Securities Act when reselling the securities of a blank check company.  Based on that position, Rule 144 adopted
pursuant to the Securities Act would not be available for resale transactions
of the Securities despite technical compliance with the requirements of such
Rule, and the Securities can be resold only through a registered offering or in
reliance upon another exemption from the registration requirements of the
Securities Act.  The Purchaser is able to
bear the economic risk of his investment in the Securities for an indefinite
period of time.

 

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

 

6

 

investment in the
Securities.  The Purchaser can afford a
complete loss of his investment in the Securities.

 

D.    Waiver of Right to Amounts in
the Trust Account and Indemnification.

 

(i)    The Purchaser hereby waives any and all right, title,
interest or claim of any kind in or to any distribution of the trust account
established by the Company for the deposit of proceeds from the Initial Public
Offering and the sale of the Private Placement Warrants, as a result of any
liquidation of the trust account, with respect to the Founders’ Shares (“Claim”)
and hereby waives any Claim it may have in the future as a result of, or
arising out of, any contracts or agreements with the Company and will not seek
recourse against the trust account for any reason whatsoever except for any
amounts to which it may be entitled upon liquidation of the Company in respect
of the Purchaser’s ownership of Shares other than the Founders’ Shares.

 

(ii)   The Purchaser acknowledges and agrees that the stockholders
of the Company, including those who purchase the units in the Initial Public
Offering, are and shall be third-party beneficiaries of the foregoing
provisions of Section 3.D. of this Agreement.

 

(iii)  The Purchaser agrees that to the extent any waiver of rights
under this Section 3.D. is ineffective as a matter of law, the 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.  The Purchaser acknowledges
the receipt and sufficiency of consideration received from the Company
hereunder in this regard.

 

Section 4.  Conditions of the Purchaser’s Obligations.

 

The obligation of
the Purchaser to purchase and pay for the Founders’ Units and Private Placement
Warrants is subject to the fulfillment, on or before the applicable 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
applicable Closing Date as though then made.

 

B.    Performance.  The Company shall have performed and complied
with all agreements, obligations and conditions contained in this Agreement
that are required to be performed or complied with by it on or before the
applicable Closing Date.

 

C.    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.

 

Section 5.  Conditions of the Company’s Obligations.

 

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

 

7

 

A.    Representations and Warranties.  The representations and warranties of the
Purchaser contained in Section 3 shall be true and correct at and as of the
applicable Closing Date as though then made.

 

B.    Performance.  The Purchaser shall have performed and
complied with all agreements, obligations and conditions contained in this
Agreement that are required to be performed or complied with by it on or before
the applicable Closing Date.

 

C.    Corporate Consents.  The Company shall have obtained the consent
of its Board of Directors authorizing the execution, delivery and performance
of this Agreement and the Warrant Agreement and the issuance and sale of the
Founders’ Units and the Private Placement Warrants.

 

D.    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.

 

Section 6.  Termination.

 

This Agreement may
be terminated at any time prior to the applicable Closing Date as it relates
only to the Securities to be purchased pursuant to this Agreement on and after
such Closing Date upon the mutual written consent of the Company and the
Purchaser.

 

Section 7.  Survival of Representations and Warranties.

 

All of the
representations and warranties contained herein shall survive the applicable
Closing Date.

 

Section 8.  Definitions.

 

Terms used but not
otherwise defined in this Agreement shall have the meaning assigned such terms
in the Registration Statement.

 

Section 9.  Escrow.

 

All subscription
funds received by the Company will be held in escrow pending the closing of the
purchase of the Founders’ Units (the “Closing”). The Closing shall occur
on such date as the Company has received complete and valid subscriptions
(including full payment) for 100% of the Founders’ Units. In the event the
Closing does not occur by February 29, 2008 or if the Company
otherwise determines not to accept this subscription, which it may do in its
sole and unilateral discretion, the Company shall promptly return the purchase
price to the Purchaser (without interest or deduction) and this Agreement will
thereafter be null and void and of no further force or effect.

 

8

 

Section 10.  Miscellaneous.

 

A.    Legends; Transfer Restrictions.

 

(i)    Legends.  The certificates evidencing the Founders’
Units and the Founders’ Shares will include the legend set forth on Exhibits
A and B hereto, respectively, which the Purchaser has read and
understands.  The Founders’ Warrants, the
Private Placement Warrants and Shares issued upon exercise of the Private
Placement Warrants and the Founders’ Warrants will include the legend set forth
in Exhibit B to the Warrant Agreement in the case of the Warrants
and in the Warrant Agreement in the case of the Shares, which the Purchaser has
read and understands.

 

(ii)   Transfer Restrictions.  By accepting the
Securities, the Purchaser agrees, prior to any transfer of the Securities, to
give written notice to the Company expressing 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 the Purchaser agrees not to make any
disposition of all or any portion of the Securities unless and until:

 

(a)           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, in which
case the legends set forth above with respect to the Securities sold pursuant
to such registration statement shall be removed; or

 

(b)           if reasonably requested by the Company, (A) 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, (B) 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 (C) the Company shall have received an agreement
by such transferee to the restrictions contained in the legends referred to in (i) hereof.

 

Notwithstanding
the foregoing, the Purchaser also understands and acknowledges that the
transfer of the Founders’ Units, Founders’ Shares, Founders’ Warrants and the
Private Placement Warrants and exercise of the Founders’ Warrants and the
Private Placement Warrants are subject to the specific conditions to such
transfer or exercise as outlined herein and the Warrant Agreement as to which
the Purchaser specifically assents by his execution hereof.

 

(iii)  Stop Transfer Notations.  The Company may,
from time to time, make stop transfer notations in its records and deliver stop
transfer instructions to its transfer agent to the extent its counsel considers
it necessary to ensure compliance with federal and state securities laws and
the transfer restrictions contained elsewhere in this Agreement and the Warrant
Agreement.

 

B.    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 

 

9

 

whether so expressed
or not.  Notwithstanding the foregoing or
anything to the contrary herein, the parties may not assign this Agreement.

 

C.    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.

 

D.    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.

 

E.     Descriptive Headings;
Interpretation.  The descriptive headings of this Agreement
are inserted for convenience only and do not constitute a substantive part of
this Agreement.  The use of the word “including”
in this Agreement shall be by way of example rather than by limitation.

 

F.     Governing Law.  This Agreement shall be deemed to be a
contract made under the laws of the State of New York and for all purposes
shall be construed in accordance with the internal laws of said State.  Each of the parties hereto also irrevocably
waives all right to trial by jury in any action, proceeding or counterclaim
arising out of this Agreement or the transactions contemplated hereby.

 

G.    Notices.  All notices, demands or other communications
to be given or delivered under or by reason of the provisions of this Agreement
shall be in writing and shall be deemed to have been given when delivered
personally to the recipient, sent to the recipient by reputable overnight
courier service (charges prepaid) or mailed to the recipient by certified or
registered mail, return receipt requested and postage prepaid.  Such notices, demands and other
communications shall be sent:

 

	
  If to the Company:

  	
   

  	
  Leopard Acquisition Corp. 

  2500 N. Moose Wilson Road 

  Wilson, WY 83014 

  Fax No. (307) 734-2719  

  Attention: Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
  With a copy (not constituting

  notice) to:

  	
   

  	
  Alan I. Annex, Esq. 

  Greenberg Traurig LLP 

  200 Park Avenue 

  New York, NY 10166 

  Fax No.: (212) 801-6400

  
	
   

  	
   

  	
   

  
	
  If to the Purchaser:

  	
   

  	
  Allan R. Tessler 

  1100 Pine Siskin Road 

  Jackson, WY 83001 

  Fax No. (307) 734-2719

  

 

10

 

or to such other address
or to the attention of such other person as the recipient party has specified
by prior written notice to the sending party.

 

H.    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.

 

[SIGNATURE PAGE
FOLLOWS]

 

11

 

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

 

 

	
   

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  LEOPARD ACQUISITION CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By 

  	
        /s/ Mohammed M. Ansari

  
	
   

  	
  Name:

  	
  Mohammed M. Ansari

  
	
   

  	
  Title:

  	
  Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PURCHASER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ALLAN R. TESSLER

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
        /s/ Allan R. Tessler

  
				

 

 

[Signature
Page to Founders’ Securities Purchase Agreement]

 

 

Exhibit A

 

SPECIMEN
OF UNIT CERTIFICATE

 

	
  No.                 

  	
   

  	
  LEOPARD
  ACQUISITION CORP.

  	
   

  	
                    UNIT(S)   

  
	
   

  	
   

  	
  Incorporated
  under the Laws of the State of Delaware

  	
   

  	
   

  

 

UNIT(S) EACH
CONSISTING OF ONE SHARE OF COMMON STOCK AND ONE WARRANT TO

PURCHASE ONE SHARE OF COMMON STOCK

 

SEE
REVERSE FOR CERTAIN DEFINITIONS

 

THIS
CERTIFIES THAT                                                                                         IS
THE OWNER OF                                                                                                                                                        
UNIT(S).  Each Unit (“Unit”) consists of
one (1) share of common stock, par value $0.001 per share (“Common Stock”),
of Leopard Acquisition Corp., a Delaware corporation (the “Company”), and one
warrant (each, a “Warrant”).  Each
Warrant entitles the holder to purchase one (1) share of Common Stock for
$7.50 per share (subject to adjustment). 
The Common Stock and Warrant comprising each Unit represented by this
certificate are not transferable separately prior to the thirty-fifth day
following the date of the prospectus with respect to the Company’s initial
public offering (the “IPO”) unless J.P. Morgan
Securities Inc. informs the Company
of its decision to allow earlier separate transfer.  The terms of the Warrants are governed by the
Warrant Agreement dated [                  ],
2008 between the Company and Continental Stock Transfer & Trust
Company, as amended, restated or supplemented from time to time (the “Warrant
Agreement”), and are subject to the terms and provisions contained therein, all
of which terms and provisions the holder of this certificate consents to by
acceptance hereof.  Copies of the Warrant
Agreement are on file at the office of the Company, and are available to any
Warrant holder on written request and without cost.

 

THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD,
TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION
FROM SUCH REGISTRATION IS AVAILABLE.  THESE
SECURITIES ARE ALSO SUBJECT TO FORFEITURE AND ADDITIONAL RESTRICTIONS ON
TRANSFER OR SALE AND OTHER MATTERS PURSUANT TO A FOUNDERS’ SECURITIES PURCHASE
AGREEMENT DATED [                    ],
2008, A COPY OF WHICH CAN BE OBTAINED FROM THE COMPANY AT ITS EXECUTIVE
OFFICES.

 

SECURITIES EVIDENCED
BY THIS CERTIFICATE WILL BE ENTITLED TO REGISTRATION RIGHTS UNDER A
REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED BY THE CORPORATION.

 

WITNESS
the seal of the Company and the facsimile signature of its duly authorized
officer.

 

Dated:                        ,
2008

 

 

	
   

  	
  LEOPARD
  ACQUISITION CORP.

  	
   

  
	
   

  	
   

  	
  Authorized
  Officer

  
	
   

  	
  2008

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CORPORATE
  SEAL DELAWARE

  	
   

  

 

 

The following
abbreviations, when used in the inscription on the face of this certificate,
shall be construed as though they were written out in full according to
applicable laws or regulations:

 

	
  TEN COM

  	
   

  	
  as tenants in common

  	
  Unif Gift Min Act -

  	
   

  	
  Custodian

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  TEN ENT

  	
   

  	
  tenants by the entireties

  	
   

  	
      (Cust)  (Minor)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  JT TEN

  	
   

  	
  as joint tenants with right 

  	
   

  	
  Under Uniform Gifts to Minors

  
	
   

  	
   

  	
  of survivorship and not as 

  	
   

  	
  Act:

  	
   

  
	
   

  	
   

  	
  tenants in common

  	
   

  	
  (State)

  
									

 

Additional
abbreviations may also be used though not in the above list.

 

LEOPARD
ACQUISITION CORP.

 

The Company will
furnish without charge to each stockholder who so requests the powers, designations,
preferences and relative, participating, option or other special rights of each
class of stock or series thereof of the Company and the qualifications,
limitations, or restrictions of such preferences and/or rights.  This certificate and the Units represented
hereby are issued and shall be held subject to the terms and conditions
applicable to the securities underlying and comprising the Units.

 

For Value Received,                     
hereby sell, assign and transfer unto

 

PLEASE INSERT SOCIAL
SECURITY OR OTHER

               IDENTIFYING
NUMBER OF ASSIGNEE

 

	
   

  
	
   

  
	
  (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS,
  INCLUDING ZIP CODE, OF ASSIGNEE)

  

 

Units
represented by the within Certificate, and do hereby irrevocably constitute and
appoint                                   
Attorney, to transfer the said Units on the books of the within named Company
with full power of substitution in the premises.

 

	
  Dated

  	
   

  	
   

  	
  By:

  
	
   

  	
   

  	
  NOTICE: THE SIGNATURE TO THIS
  ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE
  CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY
  CHANGE WHATEVER.

  

 

 

Exhibit B

 

SPECIMEN FOUNDERS’ COMMON STOCK CERTIFICATE

 

	
  NUMBER

  	
   

  	
  SHARES

  

 

LEOPARD ACQUISITION CORP.

 

INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE

 

COMMON STOCK

 

	
  SEE REVERSE FOR

  
	
  CERTAIN
  DEFINITIONS

  
	
   

  
	
  This Certifies that

  

 

is the owner of

 

FULLY PAID AND NON-ASSESSABLE SHARES OF THE PAR VALUE
OF $0.001

EACH OF THE COMMON STOCK OF

 

LEOPARD ACQUISITION CORP.

 

transferable on
the books of the Company in person or by duly authorized attorney upon
surrender of this certificate properly endorsed.  Witness the seal of the Company and the
facsimile signatures of its duly authorized officers.

 

	
  Dated:

  	
  Leopard Acquisition
  Corp.

  	
   

  
	
   

  	
  2008

  	
   

  
	
   

  	
  CORPORATE SEAL

  	
   

  
	
   

  	
  DELAWARE

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  [VICE PRESIDENT]

  	
   

  	
  SECRETARY

  

 

 

The following abbreviations, when used in the inscription on the face
of this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

 

	
  TEN COM

  	
   

  	
  as tenants in common

  	
  UNIF GIFT MIN ACT -

  	
   

  	
  Custodian

  	
   

  
	
  TEN ENT

  	
   

  	
  as tenants by the entireties

  	
   

  	
            (Cust

  	
  (Minor)

  
	
  JT TEN

  	
   

  	
  as joint tenants with right of 

  	
   

  	
  under Uniform Gifts to Minors Act

  
	
   

  	
   

  	
  survivorship and not as tenants

  	
   

  	
   

  
	
   

  	
   

  	
  in common

  	
   

  	
  (State)

  
									

 

Additional Abbreviations
may also be used though not in the above list.

 

Leopard Acquisition Corp.

 

The Company will furnish without charge to each stockholder who so
requests the powers, designations, preferences and relative participating,
optional or other special rights of each class of stock or series thereof of
the Company and the qualifications, limitations, or restrictions of such
preferences and/or rights.  This
certificate and the shares represented hereby are issued and shall be held
subject to all the provisions of the Certificate of Incorporation and all
amendments thereto and resolutions of the Board of Directors providing for the
issue of shares of Preferred Stock (copies of which may be obtained from the
secretary of the Company), to all of which the holder of this certificate by
acceptance hereof assents.

 

THE SECURITIES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY
STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR
OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM SUCH
REGISTRATION IS AVAILABLE.  THESE
SECURITIES ARE ALSO SUBJECT TO (i) FORFEITURE, (ii) ADDITIONAL
RESTRICTIONS ON TRANSFER OR SALE AND (iii) VOTING REQUIREMENTS AND HOLDERS
OF THE SECURITIES WAIVING ANY RIGHT TO PARTICIPATE IN A LIQUIDATION
DISTRIBUTION IN CERTAIN CIRCUMSTANCES, IN EACH CASE PURSUANT TO A FOUNDERS’
SECURITIES PURCHASE AGREEMENT DATED [                      ],
2008, A COPY OF WHICH CAN BE OBTAINED FROM THE COMPANY AT ITS EXECUTIVE
OFFICES.

 

SECURITIES EVIDENCED BY THIS
CERTIFICATE WILL BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS
AGREEMENT TO BE EXECUTED BY THE CORPORATION.

 

 

	
  For value received,
                                                                                    
  hereby sell, assign and transfer unto

  
	
   

  	
   

  	
   

  
	
  PLEASE INSERT SOCIAL 

  SECURITY OR OTHER 

  IDENTIFYING 

  NUMBER OF ASSIGNEE

  	
   

  	
   

  
	
   

  
	
   

  
	
   

  
	
  (PLEASE PRINT OR
  TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE OF ASSIGNEE)

  
	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  
	
  shares

  
	
  of the capital stock represented by the within
  Certificate, and do hereby irrevocably constitute and appoint

  
	
  Attorney

  
	
  to transfer the said stock on the
  books of the within named Company will full power of substitution in the
  premises.

  
					

 

 

	
  Dated

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Notice: The
  signature to this assignment must correspond with the name as written upon
  the face of the certificate in every particular, without alteration or
  enlargement or any change whatever.

  

 

	
  Signature(s) Guaranteed:

  
	
   

  
	
   

  	
   

  
	
  THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN
  ELIGIBLE 

  GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN 

  ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED 

  SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

  

 

 

Exhibit C

 

WARRANT AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}]]