Document:

Unassociated Document

    

    Exhibit
      4.4

     

    NRDC
      ACQUISITION CORP.

     

    WARRANT
      AGREEMENT

     

    THIS
      WARRANT AGREEMENT (the “Agreement”) is made as of [•],
      2007, between NRDC Acquisition Corp., a Delaware corporation,
      with offices at 3 Manhattanville Road, Purchase, NY 10577 (the
“Company”), and Continental Stock Transfer &
Trust Company, a New York corporation, with offices
      at 17 Battery
      Place, New York, NY 10004 (the “Warrant Agent”).

     

    WHEREAS,
      the Company is engaged in a public offering (“Public Offering”)
      of up to 30,000,000 Units (the “Units”), consisting of one
      share of the Company’s common stock, par value $0.0001 per share
      (“Common Stock”) and one warrant (“Public
      Warrants”), each of such Public Warrants evidencing the right of the
      holder thereof to purchase one share of Common Stock for $7.50, subject to
      adjustment as described herein;

     

    WHEREAS,
      immediately prior to the completion of the Public Offering, the Company shall
      sell and issue 8,000,000 Warrants (the “Private Warrants”),
      each of such Private Warrants evidencing the right of the holder thereof to
      purchase one share of Common Stock for $7.50, subject to adjustment as described
      herein;

     

    WHEREAS,
      immediately prior to the consummation of an initial Business Combination (as
      defined in Section 3.2), the Company shall sell and issue, for an aggregate
      purchase price of $20,000,000, 2,000,000 Co-Investment Units at $10.00 per
      unit,
      each unit consisting of one share of Common Stock and one warrant to purchase
      one share of Common Stock at an exercise price of $7.50 per share
      (“Co-Investment Warrants”, which together with the Public
      Warrants and the Private Warrants are referred to herein as
“Warrants”);

     

    WHEREAS,
      the Company has filed with the Securities and Exchange Commission (the
“Commission”) a Registration Statement, No. 333-144871, on Form
      S-1 (as amended, the “Registration Statement”) for the
      registration under the Securities Act of 1933, as amended (“Securities
      Act”), of, among other securities, the Units, Public Warrants and the
      Common Stock issuable upon exercise of the Public Warrants;

     

    WHEREAS,
      the Company desires the Warrant Agent to act on behalf of the Company, and
      the
      Warrant Agent is willing to so act, in connection with the issuance,
      registration, transfer, exchange, redemption, exercise and cancellation of
      the
      Warrants;

     

    WHEREAS,
      the Company desires to provide for the form and provisions of the Warrants,
      the
      terms upon which they shall be issued and exercised, and the respective rights,
      limitation of rights, and immunities of the Company, the Warrant Agent, and
      the
      holders of the Warrants; and

    

    WHEREAS,
      all acts and things have been done and performed which are necessary to make
      the
      Warrants, when executed on behalf of the Company and countersigned by or on
      behalf of the Warrant Agent, as provided herein, the valid, binding and legal
      obligations of the Company, and to authorize the execution and delivery of
      this
      Agreement.

     

    NOW,
      THEREFORE, in consideration of the mutual agreements herein contained,
      the parties hereto agree as follows:

     

    1.
      APPOINTMENT OF WARRANT AGENT. The Company hereby appoints the Warrant
      Agent to act as agent for the Company with respect to the Warrants, and the
      Warrant Agent hereby accepts such appointment and agrees to perform the same
      in
      accordance with the terms and conditions set forth in this
      Agreement.

     

    2.
      WARRANTS.

     

    2.1
      Form of Warrant. Each Warrant shall be issued in registered form only,
      shall be in substantially the form of Exhibit A hereto, the provisions of
      which are incorporated herein and shall be signed by, or bear the facsimile
      signature of, the Chairman, Vice-Chairman, Chief Executive Officer or President.
      In the event the person whose facsimile signature has been placed upon any
      Warrant shall have ceased to serve in the capacity in which such person signed
      the Warrant before such Warrant is issued, it may be issued with the same effect
      as if he or she had

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

     

    not
      ceased to be such at the date of issuance. All of the Warrants shall initially
      be represented by one or more book-entry certificates (each a “Book
      Entry Warrant Certificate”).

     

    2.2
      Effect of Countersignature. Unless and until countersigned by the Warrant
      Agent in accordance with this Agreement, a Warrant shall be invalid and of
      no
      effect and may not be exercised by the holder thereof.

     

    2.3
      Detachability of Warrants. The securities comprising the Units will not
      be separately transferable until five (5) trading days after the earlier to
      occur of (a) the termination of the Underwriter’s over-allotment option or
      (b) the exercise in full by the Underwriter of such option (the
“Detachment Date”). Further, in no event will separate trading
      of the securities comprising the Units commence until the Company files a
      Current Report on Form 8-K with the Commission containing an audited balance
      sheet reflecting the Company’s receipt of the gross proceeds of the Public
      Offering including the proceeds received by the Company from the exercise of
      the
      Underwriter’s over-allotment option.

     

    2.4
      Registration.

     

    2.4.1
      Warrant Register. The Warrant Agent shall maintain books
      (“Warrant Register”) for registration of original issuance and
      the registration of transfer of the Warrants. Upon the initial issuance of
      the
      Warrants, the Warrant Agent shall issue and register the Warrants in the names
      of the respective holders thereof in such denominations and otherwise in
      accordance with instructions delivered to the Warrant Agent by the Company.
      All
      of the Warrants shall initially be represented by one or more Book-Entry Warrant
      Certificates deposited with the Depository Trust Company (the
“Depository”) and registered in the name of Cede &
Co., a nominee of the Depository. Ownership of beneficial
      interests in the
      Warrants shall be shown on, and the transfer of such ownership shall be effected
      through, records maintained by (i) the Depository or its nominee for each
      Book-Entry Warrant Certificate, or (ii) institutions that have accounts
      with the Depository (such institution, with respect to a Warrant in its account,
      a “Participant”).

     

    If
      the
      Depository subsequently ceases to make its book-entry settlement system
      available for the Warrants, the Company may instruct the Warrant Agent regarding
      making other arrangements for book-entry settlement. In the event that the
      Warrants are not eligible for, or it is no longer necessary to have the Warrants
      available in, book-entry form, the Warrant Agent shall provide written
      instructions to the Depository to deliver to the Warrant Agent for cancellation
      each Book-Entry Warrant Certificate, and the Company shall instruct the Warrant
      Agent to deliver to the Depository definitive Warrant Certificates in physical
      form evidencing such Warrants. Such definitive Warrant Certificates shall be
      in
      the form annexed hereto as Exhibit A with appropriate insertions,
      modifications and omissions, as provided above.

     

    2.4.2
      Beneficial Owner; Registered Holder. The term “beneficial
      owner” shall mean, on or after the Detachment Date, any person in whose
      name ownership of a beneficial interest in the Warrants evidenced by a
      Book-Entry Warrant Certificate is recorded in the records maintained by the
      Depository or its nominee, and prior to the Detachment Date, the person in
      whose
      name the Unit to which such Warrant Certificate was initially attached as
      registered upon the register relating to such Units. Prior to due presentment
      for registration or transfer of any Warrant, the Company and the Warrant Agent
      may deem and treat the person in whose name such Warrant shall be registered
      upon the Warrant Register (a “Registered Holder”) as the
      absolute owner of such Warrant and of each Warrant represented thereby
      (notwithstanding any notation of ownership or other writing on the Warrant
      Certificate made by anyone other than the Company or the Warrant Agent) for
      the
      purpose of any exercise thereof, and for all other purposes, and neither the
      Company nor the Warrant Agent shall be affected by any notice to the
      contrary.

     

    3.
      TERMS AND EXERCISE OF WARRANTS.

     

    3.1
      Warrant Price. Each Warrant shall, when countersigned by the Warrant
      Agent, entitle the Registered Holder thereof, subject to the provisions of
      (a) such Public Warrant, Private Warrant or Co-Investment Warrant, as the
      case may be, and (b) this Warrant Agreement, to purchase from the Company
      the number of shares of Common Stock stated therein, at the price of $7.50
      per
      whole share, subject to the adjustments provided in Section 4 hereof and in
      the last sentence of this Section 3.1. The term “Warrant
      Price” as used in this Warrant Agreement refers to the price per whole
      share at which Common Stock may be purchased at the time a Warrant is exercised.
      The Company in its sole discretion may lower the Warrant Price at any time
      prior
      to the Expiration Date; provided, however, that any change in the
      Warrant Price must apply equally to all of the Warrants, and provided,
further, that any reduction in Warrant Price must remain in effect
      for at
      least (20) business days.

    

    
      
        
          
          

        

        
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    3.2
      Duration of Warrants.

     

    3.2.1
      Public Warrants and Private Warrants. Public Warrants and Private
      Warrants may be exercised only during the period (“Exercise
      Period”) commencing on the later of (a) the consummation of an
      acquisition by the Company of one or more operating businesses through a merger,
      capital stock exchange, stock purchase, asset acquisition or other similar
      business combination having, collectively, a fair market value (as calculated
      in
      accordance with the requirements set forth in the Company’s Certificate of
      Incorporation, as amended) of at least 80% of the balance of the Trust Account
      (as defined in Section 8.6 below), excluding the Underwriter’s deferred
      discount, at the time of such acquisition (a “Business
      Combination”), or (b) [•], and terminating at 5:00 p.m., New York
      City time on the earlier to occur of (i) [•], or (ii) the date fixed for
      redemption of the Public Warrant and Private Warrant as provided in
      Section 6 of this Agreement (subject to extension in limited circumstances)
      (the date on which the exercise period terminates, the “Expiration
      Date”). Except with respect to the right to receive the Redemption
      Price (as set forth in Section 6 hereunder), each Public Warrant and
      Private Warrant not exercised on or before the Expiration Date shall become
      void, and all rights thereunder and all rights in respect thereof under this
      Agreement shall cease at the close of business on the Expiration Date. The
      Company in its sole discretion may extend the duration of the Public Warrants
      and Private Warrants by delaying the Expiration Date; provided,
however, that any extension of the duration of the Public Warrants
      and
      Private Warrants must apply equally to all of the Public Warrants and Private
      Warrants. Should the Company wish to extend the Expiration Date of the Public
      Warrants and Private Warrants, the Company shall provide advance notice to
      the
      American Stock Exchange as required by the American Stock Exchange.

     

    3.2.2
      Co-Investment Warrants. A Co-Investment Warrant may be exercised only
      during the period ("Co-Investment Exercise Period") commencing
      after the date on which the last sales price of the Company's Common Stock
      on the American Stock Exchange, or other national securities exchange on which
      the Company's Common Stock may be traded, equals or exceeds $14.25 per share
      for
      any 20 trading days within any 30-trading-day period beginning at least 90
      calendar days after the consummation of the Company's initial Business
      Combination, and terminating at 5:00 p.m., New York time on [•].

    

    3.3
      Terms and Exercise of Warrants.

     

    3.3.1
      Method of Exercise. A Registered Holder may exercise a Warrant by
      delivering, not later than 5:00 P.M., New York time, on any business day during
      the applicable Exercise Period (the “Exercise Date”) to the
      Warrant Agent at its corporate trust department (i) the Warrant Certificate
      evidencing the Warrants to be exercised, or, in the case of a Book-Entry Warrant
      Certificate, the Warrants to be exercised (the “Book-Entry
      Warrants”) free on the records of the Depository to an account of the
      Warrant Agent at the Depository designated for such purpose in writing by the
      Warrant Agent to the Depository from time to time, (ii) an election to
      purchase (“Election to Purchase”) any shares of Common Stock
      pursuant to the exercise of a Warrant (the “Shares”), properly
      completed and executed by the Registered Holder on the reverse of the Warrant
      Certificate or, in the case of a Book-Entry Warrant Certificate, properly
      delivered by the Participant in accordance with the Depository’s procedures, and
      (iii) the Warrant Price for each Warrant to be exercised in lawful money of
      the United States of America by certified or official bank check or by bank
      wire
      transfer in immediately available funds; provided, however,
      that solely with respect to the Private Warrants and Co-Investment Warrants
      so
      long as such Warrants are held by their original purchaser or its permitted
      transferees the holder thereof may, in lieu of payment of the Warrant Price,
      surrender its Private Warrants or Co-Investment Warrants, as the case may be,
      for that number of Shares equal to the quotient obtained by dividing
      (x) the product of the number of Shares underlying the surrendered Private
      Warrants or Co-Investment Warrants, as the case may be, multiplied by the
      difference between the Fair Market Value (defined below) and the Warrant Price
      by (y) the Fair Market Value. For avoidance of doubt, in no event may a
      Registered Holder expect or compel the Company to deliver any consideration
      under a Warrant other than Shares as described immediately above. “Fair
      Market Value” shall mean the average reported last sale price of the
      Common Stock for the 10 trading days ending on the third trading day prior
      to
      the date on which the Election to Purchase by a holder of Private Warrants
      or
      Co-Investment Warrants, as the case may be, is sent to the Warrant Agent.

     

    If
      any of
      (A) the Warrant Certificate or the Book-Entry Warrants, (B) the
      Election to Purchase, or (C) the Warrant Price therefor, is received by the
      Warrant Agent after 5:00 P.M., New York time, on the specified Exercise Date,
      the Warrants will be deemed to be received and exercised on the Business Day
      next

    

    
      
        
          
          

        

        
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    succeeding
      the Exercise Date. If the date specified as the Exercise Date is not a Business
      Day, the Warrants will be deemed to be received and exercised on the next
      succeeding day that is a Business Day. If the Warrants are received or deemed
      to
      be received after the Expiration Date, the exercise thereof will be null and
      void and any funds delivered to the Warrant Agent will be returned to the
      Registered Holder or Participant, as the case may be, as soon as practicable.
      In
      no event will interest accrue on funds deposited with the Warrant Agent in
      respect of an exercise or attempted exercise of Warrants. The validity of any
      exercise of Warrants will be determined by the Company in its sole discretion
      and such determination will be final and binding upon the Registered Holder
      and
      the Warrant Agent. Neither the Company nor the Warrant Agent shall have any
      obligation to inform a Registered Holder of the invalidity of any exercise
      of
      Warrants.

     

    The
      Warrant Agent shall deposit all funds received by it in payment of the Warrant
      Price in the account of the Company maintained with the Warrant Agent for such
      purpose and shall advise the Company at the end of each day on which funds
      for
      the exercise of the Warrants are received of the amount so deposited to its
      account. The Warrant Agent shall promptly confirm such telephonic advice to
      the
      Company in writing.

     

    The
      Warrant Agent shall, by 11:00 A.M. Eastern Time on the Business Day following
      the Exercise Date of any Warrant, advise the Company and the transfer agent
      and
      registrar in respect of (a) the Shares issuable upon such exercise as to
      the number of Warrants exercised in accordance with the terms and conditions
      of
      this Agreement, (b) the instructions of each Registered Holder or
      Participant, as the case may be, with respect to delivery of the Shares issuable
      upon such exercise, and the delivery of definitive Warrant Certificates, as
      appropriate, evidencing the balance, if any, of the Warrants remaining after
      such exercise, (c) in case of a Book-Entry Warrant Certificate, the
      notation that shall be made to the records maintained by the Depository, its
      nominee for each Book-Entry Warrant Certificate, or a Participant, as
      appropriate, evidencing the balance, if any, of the Warrants remaining after
      such exercise and (d) such other information as the Company or such
      transfer agent and registrar shall reasonably require.

     

    The
      Company shall, by 5:00 P.M., New York time, on the third Business Day next
      succeeding the Exercise Date of any Warrant and the clearance of the funds
      in
      payment of the Warrant Price, execute, issue and deliver to the Warrant Agent,
      the Shares to which such Registered Holder or Participant, as the case may
      be,
      is entitled, in fully registered form, registered in such name or names as
      may
      be directed by such Registered Holder or the Participant, as the case may be.
      Upon receipt of such Shares, the Warrant Agent shall, by 5:00 P.M., New York
      time, on the fifth Business Day next succeeding such Exercise Date, transmit
      such Shares to or upon the order of the Registered Holder or Participant, as
      the
      case may be.

     

    In
      lieu
      of delivering physical certificates representing the Shares issuable upon
      exercise, provided the Company’s transfer agent is participating in the
      Depository Fast Automated Securities Transfer program, the Company shall use
      its
      reasonable best efforts to cause its transfer agent to electronically transmit
      the Shares issuable upon exercise to the Registered Holder or the Participant
      by
      crediting the account of the Registered Holder’s prime broker with the
      Depository or of the Participant through its Deposit Withdrawal Agent Commission
      system. The time periods for delivery described in the immediately preceding
      paragraph shall apply to the electronic transmittals described
      herein.

     

    Notwithstanding
      the foregoing, the Company shall not be obligated to deliver any securities
      pursuant to the exercise of any of the Warrants unless a registration statement
      under the Act with respect to the Common Stock issuable upon exercise of the
      Public Warrants is effective and the prospectus contained therein is available
      for use by the holders of the Public Warrants. Warrants may not be exercised
      by,
      or securities issued to, any Registered Holder in any state in which such
      exercise would be unlawful. The exercise of the Warrants may only be settled
      by
      delivery of Shares and the Registered Holders shall not be entitled to payment
      of cash in lieu of Shares (net cash settlement) upon exercise of the Warrants
      pursuant to the terms of this Agreement or the Warrants regardless of whether
      the Common Stock underlying the Warrants is registered pursuant to an effective
      registration statement and a prospectus relating to those Shares is available
      for use by the holders of the Public Warrants.

     

    The
      accrual of dividends, if any, on the Shares issued upon the valid exercise
      of
      any Warrant will be governed by the terms generally applicable to the Shares.
      From and after the issuance of such Shares, the former holder of the Warrants
      exercised will be entitled to the benefits generally available to other holders
      of Shares and such former holder’s right to receive payments of dividends and
      any other amounts payable in respect of the Shares shall be governed by, and
      shall be subject to, the terms and provisions generally applicable to such
      Shares.

    

    
      
        
          
          

        

        
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    Warrants
      may be exercised only in whole numbers of Shares. No fractional Shares are
      to be
      issued upon the exercise of the Warrant, but rather the number of Shares to
      be
      issued shall be rounded up to the nearest whole number. If fewer than all of
      the
      Warrants evidenced by a Warrant Certificate are exercised, a new Warrant
      Certificate for the number of unexercised Warrants remaining shall be executed
      by the Company and countersigned by the Warrant Agent as provided in
      Section 2 of this Agreement, and delivered to the holder of this Warrant
      Certificate at the address specified on the books of the Warrant Agent or as
      otherwise specified by such Registered Holder. If fewer than all the Warrants
      evidenced by a Book-Entry Warrant Certificate are exercised, a notation shall
      be
      made to the records maintained by the Depository, its nominee for each
      Book-Entry Warrant Certificate, or a Participant, as appropriate, evidencing
      the
      balance of the Warrants remaining after such exercise.

     

    The
      Company shall not be required to pay any stamp or other tax or governmental
      charge required to be paid in connection with any transfer involved in the
      issue
      of the Shares upon the exercise of Warrants; and in the event that any such
      transfer is involved, the Company shall not be required to issue or deliver
      any
      Shares until such tax or other charge shall have been paid or it has been
      established to the Company’s satisfaction that no such tax or other charge is
      due.

     

    3.3.2.
      Payment. Subject to the provisions of the Warrant (including, but not
      limited to, the cashless exercise provisions applicable to the Private Warrants
      and the Co-Investment Warrants) and this Warrant Agreement, a Warrant, when
      countersigned by the Warrant Agent, may be exercised by the registered holder
      thereof by surrendering it, at the office of the Warrant Agent, or at the office
      of its successor as Warrant Agent, in the Borough of Manhattan, City and State
      of New York, with the subscription form, as set forth in the Warrant, duly
      executed, and by paying in full, in lawful money of the United States, in cash,
      good certified check or good bank draft payable to the order of the Company
      (or
      as otherwise agreed to by the Company), the Warrant Price for each whole share
      of Common Stock as to which the Warrant is exercised and any and all applicable
      taxes due in connection with the exercise of the Warrant, the exchange of the
      Warrant for the Common Stock, and the issuance of the Common Stock.

     

    3.3.3.
      Issuance of Certificates. As soon as practicable after the exercise of
      any Warrant and the clearance of the funds in payment of the Warrant Price,
      the
      Company shall issue to the registered holder of such Warrant a certificate
      or
      certificates for the number of full shares of Common Stock to which he is
      entitled, registered in such name or names as may be directed by him, her or
      it,
      and if such Warrant shall not have been exercised in full, a new countersigned
      Warrant for the number of shares as to which such Warrant shall not have been
      exercised. Notwithstanding the foregoing, the Company shall not be obligated
      to
      deliver any securities pursuant to the exercise of a Warrant unless a
      registration statement under the Act with respect to the Common Stock is
      effective.

     

    3.3.4.
      Limitations. Notwithstanding the foregoing, the Company shall not be
      obligated to deliver any Shares and shall have no obligation to settle the
      Warrant exercise unless a registration statement under the Securities Act,
      with
      respect to the Shares is effective and a current prospectus is on file with
      the
      Commission. In the event that a registration statement with respect to the
      Shares underlying a Warrant is not effective under the Securities Act or a
      current Prospectus is not on file with the Commission, the holder of such
      Warrant shall not be entitled to exercise such Warrant. Notwithstanding anything
      to the contrary in this Warrant Agreement, and other than with respect to the
      cashless exercise provisions applicable to the Private Warrants and the
      Co-Investment Warrants, under no circumstances will the Company be required
      to
      net cash settle the Warrant exercise. Warrants may not be exercised by, or
      Shares issued to, any registered holder in any state in which such exercise
      or
      issuance would be unlawful. For the avoidance of doubt, as a result of this
      Section 3.3.4, any or all of the Warrants may expire unexercised. In no
      event shall the registered Holder of a Warrant be entitled to receive any
      monetary damages if the Common Stock underlying the Warrants have not been
      registered by the Company pursuant to an effective registration statement or
      if
      a current prospectus is available for delivery by the Warrant Agent,
provided the Company has fulfilled its obligation to use its best efforts
      to effect such registration and ensure a current prospectus is available for
      delivery by the Warrant Agent.

     

    3.4
      Valid Issuance. All shares of Common Stock issued upon the proper
      exercise of a Warrant in conformity with this Agreement shall be validly issued,
      fully paid and nonassessable.

    
      

      3.5
        Date of Issuance. Each person in whose name any such certificate for
        shares of Common Stock is issued shall for all purposes be deemed to have
        become
        the holder of record of such shares on the date on which the Warrant was
        surrendered and payment of the Warrant Price was made, irrespective of the
        date
        of delivery of such 

       

    

    
 

    
      
        
          
          

        

        
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    certificate,
      except that, if the date of such surrender and payment is a date when the stock
      transfer books of the Company are closed, such person shall be deemed to have
      become the holder of such shares at the close of business on the next succeeding
      date on which the stock transfer books are open.

     

    4.
      ADJUSTMENTS.

     

    4.1
      Stock Dividends – Split-Ups. If after the date hereof, and subject to the
      provisions of Section 4.7 below, the number of outstanding shares of Common
      Stock is increased by a stock dividend payable in shares of Common Stock, or
      by
      a split-up of shares of Common Stock, or other similar event, then, on the
      effective date of such stock dividend, split-up or similar event, the number
      of
      shares of Common Stock issuable on exercise of each Warrant shall be increased
      in proportion to such increase in outstanding shares of Common
      Stock.

     

    4.2
      Extraordinary Dividend. If the Company, at any time while the Warrants
      are outstanding and unexpired, shall pay a dividend or make a distribution
      in
      cash, securities or other assets to the holders of Common Stock (or other shares
      of the Company’s capital stock into which the Warrants are convertible), other
      than (a) as described in Sections 4.1, 4.3 or 4.5, (b) regular
      quarterly or other periodic dividends, (c) in connection with the
      conversion rights of the holders of Common Stock upon consummation of the
      Company’s initial Business Combination, or (d) in connection with the
      Company’s liquidation and the distribution of its assets upon its failure to
      consummate a Business Combination (any such non-excluded event being referred
      to
      herein as an “Extraordinary Dividend”), then the Warrant Price
      shall be decreased, effective immediately after the effective date of such
      Extraordinary Dividend, by the amount of cash and/or the fair market value
      (as
      determined by the Company’s Board of Directors, in good faith) of any securities
      or other assets paid on each share of Common Stock in respect of such
      Extraordinary Dividend.

     

    4.3
      Aggregation of Shares. If after the date hereof, and subject to the
      provisions of Section 4.7, the number of outstanding shares of Common Stock
      is decreased by a consolidation, combination, reverse stock split or
      reclassification of shares of Common Stock or other similar event, then, on
      the
      effective date of such consolidation, combination, reverse stock split,
      reclassification or similar event, the number of shares of Common Stock issuable
      on exercise of each Warrant shall be decreased in proportion to such decrease
      in
      outstanding shares of Common Stock.

     

    4.4
      Adjustments in Warrant Price. Whenever the number of shares of Common
      Stock purchasable upon the exercise of the Warrants is adjusted, as provided
      in
      Section 4.1 and 4.3 above, the Warrant Price shall be adjusted (to the
      nearest cent) by multiplying such Warrant Price immediately prior to such
      adjustment by a fraction (a) the numerator of which shall be the number of
      shares of Common Stock purchasable upon the exercise of the Warrants immediately
      prior to such adjustment, and (b) the denominator of which shall be the
      number of shares of Common Stock so purchasable immediately
      thereafter.

    

    4.5
      Replacement of Securities upon Reorganization, etc. In case of any
      reclassification or reorganization of the outstanding shares of Common Stock
      (other than a change covered by Section 4.1 or 4.3 hereof or that solely
      affects the par value of such shares of Common Stock), or in the case of any
      merger or consolidation of the Company with or into another corporation (other
      than a consolidation or merger in which the Company is the continuing
      corporation and that does not result in any reclassification or reorganization
      of the outstanding shares of Common Stock), or in the case of any sale or
      conveyance to another corporation or entity of the assets or other property
      of
      the Company as an entirety or substantially as an entirety in connection with
      which the Company is dissolved, the Warrant holders shall thereafter have the
      right to purchase and receive, upon the basis and upon the terms and conditions
      specified in the Warrants and in lieu of the shares of Common Stock of the
      Company immediately theretofore purchasable and receivable upon the exercise
      of
      the rights represented thereby, the kind and amount of shares of stock or other
      securities or property (including cash) receivable upon such reclassification,
      reorganization, merger or consolidation, or upon a dissolution following any
      such sale or transfer, that the Warrant holder would have received if such
      Warrant holder had exercised his, her or its Warrant(s) immediately prior to
      such event; and if any reclassification also results in a change in shares
      of
      Common Stock covered by Section 4.1 or 4.3, then such adjustment shall be
      made pursuant to Sections 4.1, 4.3, 4.4 and this Section 4.5. The
      provisions of this Section 4.5 shall similarly apply to successive
      reclassifications, reorganizations, mergers or consolidations, sales or other
      transfers.

    

    
      
        
          
          

        

        
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    4.6
      Notices of Changes in Warrant. Upon every adjustment of the Warrant Price
      or the number of shares issuable upon exercise of a Warrant, the Company shall
      give written notice thereof to the Warrant Agent, which notice shall state
      the
      Warrant Price resulting from such adjustment and the increase or decrease,
      if
      any, in the number of shares purchasable at such price upon the exercise of
      a
      Warrant, setting forth in reasonable detail the method of calculation and the
      facts upon which such calculation is based. Upon the occurrence of any event
      specified in Sections 4.1, 4.2, 4.3, 4.4 or 4.5, then, in any such event, the
      Company shall give written notice to the Warrant holder, at the last address
      set
      forth for such holder in the warrant register, of the record date or the
      effective date of the event. Failure to give such notice, or any defect therein,
      shall not affect the legality or validity of such event.

     

    4.7
No
      Fractional Shares. Notwithstanding any provision contained in this Warrant
      Agreement to the contrary, the Company shall not issue fractional shares upon
      exercise of Warrants. If, by reason of any adjustment made pursuant to this
      Section 4, the holder of any Warrant would be entitled, upon the exercise
      of such Warrant, to receive a fractional interest in a share, the Company shall,
      upon such exercise, round up to the nearest whole number the number of the
      shares of Common Stock to be issued to the Warrant holder.

     

    4.8
      Form of Warrant. The form of Warrant need not be changed because of any
      adjustment pursuant to this Section 4, and Warrants issued after such
      adjustment may state the same Warrant Price and the same number of shares as
      is
      stated in the Warrants initially issued pursuant to this Agreement. However,
      the
      Company may at any time in its sole discretion make any change in the form
      of
      Warrant that the Company may deem appropriate and that does not affect the
      substance thereof, and any Warrant thereafter issued or countersigned, whether
      in exchange or substitution for an outstanding Warrant or otherwise, may be
      in
      the form as so changed.

    

    5.
      TRANSFER AND EXCHANGE OF WARRANTS.

     

    5.1
      Transfer of Warrants. Prior to the Detachment Date, the Public Warrants
      may be transferred or exchanged only together with the Unit in which such
      Warrant is included, and only for the purpose of effecting, or in conjunction
      with, a transfer or exchange of such Unit. Furthermore, each transfer of a
      Unit
      on the register relating to such Units shall operate also to transfer the
      Warrants included in such Unit. From and after the Detachment Date this
      Section 5.1 will have no further force and effect.

     

    5.2
      Registration of Transfer. The Warrant Agent shall register the transfer,
      from time to time, of any outstanding Warrant upon the Warrant Register, upon
      surrender of such Warrant for transfer, properly endorsed with signatures
      properly guaranteed and accompanied by appropriate instructions for transfer.
      Upon any such transfer, a new Warrant representing an equal aggregate number
      of
      Warrants shall be issued and the old Warrant shall be cancelled by the Warrant
      Agent. The Warrants so cancelled shall be delivered by the Warrant Agent to
      the
      Company from time to time upon request.

     

    5.3
      Procedure for Surrender of Warrants. Warrants may be surrendered to the
      Warrant Agent, together with a written request for exchange or transfer, and
      thereupon the Warrant Agent shall issue in exchange therefor one or more new
      Warrants as requested by the registered holder of the Warrants so surrendered,
      representing an equal aggregate number of Warrants; provided,
however, that except as otherwise provided herein or in any Book-Entry
      Warrant Certificate, each Book-Entry Warrant Certificate may be transferred
      only
      in whole and only to the Depository, to another nominee of the Depository,
      to a
      successor depository, or to a nominee of a successor depository; provided
      further, however, that in the event that a Warrant surrendered for
      transfer bears a restrictive legend, the Warrant Agent shall not cancel such
      Warrant and issue new Warrants in exchange therefor until the Warrant Agent
      has
      received an opinion of counsel for the Company stating that such transfer may
      be
      made and indicating whether the new Warrants must also bear a restrictive
      legend. Upon any such registration of transfer, the Company shall execute,
      and
      the Warrant Agent shall countersign and deliver, in the name of the designated
      transferee a new Warrant Certificate or Warrant Certificates of any authorized
      denomination evidencing in the aggregate a like number of unexercised
      Warrants.

     

    5.4
      Fractional Warrants. The Warrant Agent shall not be required to effect
      any registration of transfer or exchange which will result in the issuance
      of a
      Warrant Certificate for a fraction of a Warrant.

     

    
      5.5
        Service Charges. No service charge shall be made for any exchange or
        registration of transfer of Warrants.

       

    

    

    
      
        
          
          

        

        
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    5.6
      Warrant Execution and Countersignature. The Warrant Agent is hereby
      authorized to countersign and to deliver, in accordance with the terms of this
      Agreement, the Warrants required to be issued pursuant to the provisions of
      this
      Section 5, and the Company, whenever required by the Warrant Agent, will
      supply the Warrant Agent with Warrants duly executed on behalf of the Company
      for such purpose.

     

    6.
      REDEMPTION.

     

    6.1
      Redemption. Subject to Sections 6.4 and 6.5 hereof, not less than
      all of the outstanding Warrants may be redeemed, at the option of the Company,
      at any time after they become exercisable and prior to their expiration (subject
      to the requirements of Section 6.2), at the office of the Warrant Agent,
      upon the notice referred to in Section 6.2, at the price of $0.01 per
      Warrant (“Redemption Price”), provided that the last
      sales price of the Common Stock on the American Stock Exchange, or other
      principal market on which the Common Stock may be traded, equals or exceeds
      $14.25 per share (subject to proportionate adjustment to reflect adjustment
      to
      the Warrant Price as provided in Section 4.4) for any 20 trading days
      within a 30 trading day period ending three business days prior to the date
      on
      which notice of redemption is given, and a registration statement under the
      Securities Act relating to shares of Common Stock issuable upon exercise of
      the
      Warrants is effective and expected to remain effective to and including the
      Redemption Date (as defined below) and a prospectus relating to the shares
      of
      Common Stock issuable upon exercise of the Warrants is available for use to
      and
      including the Redemption Date.

     

    6.2
      Date Fixed for, and Notice of, Redemption. In the event the Company shall
      elect to redeem all of the Warrants, the Company shall fix a date for the
      redemption, which date shall be prior to the expiration of the Warrants (the
      “Redemption Date”). Notice of redemption shall be mailed by
      first class mail, postage prepaid, by the Company not less than 30 days prior
      to
      the date fixed for redemption to the Registered Holders of the Warrants to
      be
      redeemed at their last addresses as they shall appear on the Warrant Register
      (the “Redemption Notice”). Any notice mailed in the manner
      herein provided shall be conclusively presumed to have been duly given on the
      date sent whether or not the Registered Holder received such
      notice.

     

    6.3
      Exercise After Notice of Redemption. The Warrants may be exercised in
      accordance with Section 3 of this Agreement at any time after the
      Redemption Notice shall have been given by the Company pursuant to
      Section 6.2 hereof and prior to the time and date fixed for redemption. On
      and after the Redemption Date, the record holder of the Warrants shall have
      no
      further rights except to receive, upon surrender of the Warrants, the Redemption
      Price.

     

    6.4
      Outstanding Warrants Only. The Company understands that the redemption
      rights provided for by this Section 6 apply only to outstanding Warrants.
      To the extent a person holds rights to purchase Warrants, such purchase rights
      shall not be extinguished by redemption. However, once such purchase rights
      are
      exercised, the Company may redeem the Warrants issued upon such exercise
      provided that the criteria for redemption are met.

     

    6.5
Co-Investment
      Warrants. Notwithstanding the
      foregoing, the Co-investment Warrants are not redeemable by the Company. 

     

    7.
      OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF WARRANTS.

     

    7.1
No
      Rights as Stockholder. A Warrant does not entitle the Registered Holder
      thereof to any of the rights of a stockholder of the Company, including, without
      limitation, the right to receive dividends, or other distributions, exercise
      any
      preemptive rights to vote or to consent or to receive notice as stockholders
      in
      respect of the meetings of stockholders or the election of directors of the
      Company or any other matter.

     

    7.2
      Lost, Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost,
      stolen, mutilated, or destroyed, the Company and the Warrant Agent may on such
      terms as to indemnity or otherwise as they may in their discretion impose (which
      shall, in the case of a mutilated Warrant, include the surrender thereof),
      issue
      a new Warrant of like denomination, tenor, and date as the Warrant so lost,
      stolen, mutilated, or destroyed. Any such new Warrant shall constitute a
      substitute contractual obligation of the Company, whether or not the allegedly
      lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable
      by anyone.

    

    7.3
      Reservation of Common Stock. The Company shall at all times reserve and
      keep available a number of its authorized but unissued shares of Common Stock
      that will be sufficient to permit the exercise in full of all outstanding
      Warrants issued pursuant to this Agreement.

    

    
      
        
          
          

        

        
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    7.4
      Registration of Common Stock. Prior to the commencement of the Exercise
      Period, the Company shall use its best efforts to prepare and file with the
      Commission a post-effective amendment to the Registration Statement, or a new
      registration statement, for the registration under the Securities Act of, and
      it
      shall use its best efforts to take such action as is necessary to qualify for
      sale, in those states in which the Warrants were initially offered by the
      Company, the Shares issuable upon exercise of the Warrants. The Company shall
      use its best efforts to cause the same to become effective on or prior to the
      commencement of the Exercise Period and shall use its best efforts to maintain
      the effectiveness of such registration statement and ensure that a current
      prospectus is on file with the Commission until the expiration of the Warrants
      in accordance with the provisions of this Agreement; provided,
however, that the Company shall not be obligated to deliver Shares,
      and
      shall not have penalties nor be liable to the Warrant holder for failure to
      deliver Shares pursuant to Section 3, if a registration statement is not
      effective or a current prospectus is not on file with the Commission at the
      time
      of exercise of the Warrant by the holder. For the avoidance of doubt, the
      Company may be liable to a Warrant holder for failure to fulfill its obligations
      to use best efforts pursuant to this Section 7.4.

     

    7.5
      Delivery of Prospectus or Notice. Upon the exercise of any Warrant, if
      the Company requests, the Warrant Agent shall deliver to the Holder of such
      Warrant, prior to or concurrently with the delivery of the Shares issued upon
      such exercise, in accordance with the Company’s request, either (a) a
      prospectus relating to the Shares deliverable upon exercise of Warrants and
      complying in all material respects with the Securities Act, or (ii) the
      notice referred to in Rule 173 under the Securities Act.

     

    8.
      CONCERNING THE WARRANT AGENT AND OTHER MATTERS.

     

    8.1
      Payment of Taxes. The Company will from time to time promptly pay all
      taxes and charges that may be imposed upon the Company or the Warrant Agent
      in
      respect of the issuance or delivery of shares of Common Stock upon the exercise
      of Warrants, but the Company shall not be obligated to pay any transfer taxes
      in
      respect of the Warrants or such shares.

     

    8.2
      Resignation, Consolidation, or Merger of Warrant Agent.

     

    8.2.1
      Appointment of Successor Warrant Agent. The Warrant Agent, or any
      successor to it hereafter appointed, may resign its duties and be discharged
      from all further duties and liabilities hereunder after giving sixty
      (60) days’ prior written notice to the Company. If the office of the
      Warrant Agent becomes vacant by resignation or incapacity to act or otherwise,
      the Company shall appoint in writing a successor warrant agent in place of
      the
      Warrant Agent. If the Company shall fail to make such appointment within a
      period of 30 days after it has been notified in writing of such resignation
      or
      incapacity by the Warrant Agent or by the holder of the Warrant (who shall,
      with
      such notice, submit his Warrant for inspection by the Company), then the holder
      of any Warrant may apply to the Supreme Court of the State of New York for
      the
      County of New York for the appointment of a successor Warrant Agent at the
      Company’s cost.

    

    Any
      successor warrant agent, whether appointed by the Company or by such court,
      shall be a corporation organized and existing under the laws of the State of
      New
      York, in good standing and having its principal office in the Borough of
      Manhattan, City and State of New York, and authorized under such laws to
      exercise corporate trust powers and subject to supervision or examination by
      federal or state authority. After appointment, any successor warrant agent
      shall
      be vested with all the authority, powers, rights, immunities, duties, and
      obligations of its predecessor warrant agent with like effect as if originally
      named as warrant agent hereunder, without any further act or deed; but if for
      any reason it becomes necessary or appropriate, the predecessor warrant agent
      shall execute and deliver, at the expense of the Company, an instrument
      transferring to such successor warrant agent all the authority, powers, and
      rights of such predecessor warrant agent hereunder; and upon request of any
      successor warrant agent the Company shall make, execute, acknowledge, and
      deliver any and all instruments in writing for more fully and effectually
      vesting in and confirming to such successor warrant agent all such authority,
      powers, rights, immunities, duties, and obligations.

     

    8.2.1
      Notice of Successor Warrant Agent. In the event a successor warrant
      agent shall be appointed, the Company shall give notice thereof to the
      predecessor warrant agent and the transfer agent for the Common Stock not later
      than the effective date of any such appointment.

     

    8.2.1
      Merger or Consolidation of Warrant Agent. Any corporation into which
      the Warrant Agent may be merged or with which it may be consolidated or any
      corporation resulting from any merger or consolidation

    

    
      
        
          
          

        

        
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    to
      which
      the Warrant Agent shall be a party shall be the successor warrant agent under
      this Agreement without any further act.

     

    8.3
      Fees And Expenses Of Warrant Agent.

     

    8.3.1
      Remuneration. The Company agrees to pay the Warrant Agent $200 per
      month for its services as Warrant Agent hereunder and will reimburse the Warrant
      Agent upon demand for all expenditures that the Warrant Agent may reasonably
      incur in the execution of its duties hereunder.

     

    8.3.1
      Further Assurances. The Company agrees to perform, execute,
      acknowledge, and deliver or cause to be performed, executed, acknowledged,
      and
      delivered all such further acts, instruments, and assurances as may reasonably
      be required by the Warrant Agent for the carrying out or performing of the
      provisions of this Agreement.

     

    8.4
      Liability Of Warrant Agent.

     

    8.4.1
      Reliance on Company Statement. Whenever in the performance of its
      duties under this Warrant Agreement, the Warrant Agent shall deem it necessary
      or desirable that any fact or matter be proved or established by the Company
      prior to taking or suffering any action hereunder, such fact or matter (unless
      other evidence in respect thereof be herein specifically prescribed) may be
      deemed to be conclusively proved and established by a statement signed by the
      Chief Executive Officer, President or Chairman of the Board of the Company
      and
      delivered to the Warrant Agent. The Warrant Agent may rely upon such statement
      for any action taken or suffered in good faith by it pursuant to the provisions
      of this Agreement.

    

    8.4.1
      Indemnity. The Warrant Agent shall be liable hereunder only for its own
      negligence, willful misconduct or bad faith. The Company agrees to indemnify
      the
      Warrant Agent and save it harmless against any and all liabilities, including
      judgments, costs and reasonable counsel fees, for anything done or omitted
      by
      the Warrant Agent in the execution of this Agreement except as a result of
      the
      Warrant Agent’s negligence, willful misconduct, or bad faith.

     

    8.4.1
      Exclusions. The Warrant Agent shall have no responsibility with respect
      to the validity of this Agreement or with respect to the validity or execution
      of any Warrant (except its countersignature thereof); nor shall it be
      responsible for any breach by the Company of any covenant or condition contained
      in this Agreement or in any Warrant; nor shall it be responsible to make any
      adjustments required under the provisions of Section 4 hereof or
      responsible for the manner, method, or amount of any such adjustment or the
      ascertaining of the existence of facts that would require any such adjustment;
      nor shall it by any act hereunder be deemed to make any representation or
      warranty as to the authorization or reservation of any shares of Common Stock
      to
      be issued pursuant to this Agreement or any Warrant or as to whether any shares
      of Common Stock will when issued be valid and fully paid and
      nonassessable.

     

    8.5
      Acceptance Of Agency. The Warrant Agent hereby accepts the agency
      established by this Agreement and agrees to perform the same upon the terms
      and
      conditions herein set forth and among other things, shall account promptly
      to
      the Company with respect to Warrants exercised and concurrently account for,
      and
      pay to the Company, all moneys received by the Warrant Agent for the purchase
      of
      shares of the Company’s Common Stock through the exercise of
      Warrants.

     

    8.6
      Waiver. The Warrant Agent hereby waives any and all right, title,
      interest or claim of any kind (“Claim”) in or to any
      distribution of the Trust Account (as defined in that certain Investment
      Management Trust Agreement, dated as of the date hereof, by and between the
      Company and the Warrant Agent as trustee thereunder), and hereby agrees not
      to
      seek recourse, reimbursement, payment or satisfaction for any Claim against
      the
      Trust Fund for any reason whatsoever.

     

    9.
      MISCELLANEOUS PROVISIONS.

     

    9.1
      Successors. All the covenants and provisions of this Agreement by or for
      the benefit of the Company or the Warrant Agent shall bind and inure to the
      benefit of their respective successors and assigns.

     

    9.2
      Notices. Any notice, statement or demand authorized by this Warrant
      Agreement to be given or made by the Warrant Agent or by the holder of any
      Warrant to or on the Company shall be sufficiently given when so delivered
      if by
      hand or overnight delivery or if sent by certified mail or private courier
      service within five days after 

    

    
      
        
          
          

        

        
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    deposit
      of such notice, postage prepaid, addressed (until another address is filed
      in
      writing by the Company with the Warrant Agent), as follows:

     

    NRDC
      Acquisition Corp.

    3
      Manhattanville Road

    Purchase,
      NY 10577

    Attn:
      Richard A. Baker, Chief Executive Officer

    

    with
      a
      copy in each case to:

     

    Sidley
      Austin LLP

    787
      Seventh Avenue

    New
      York,
      NY 10019

    Attn: Jack
      I. Kantrowitz, Esq.

    Samir
      A.
      Gandhi, Esq.

     

    Any
      notice, statement or demand authorized by this Agreement to be given or made
      by
      the holder of any Warrant or by the Company to or on the Warrant Agent shall
      be
      sufficiently given when so delivered if by hand or overnight delivery or if
      sent
      by certified mail or private courier service within five days after deposit
      of
      such notice, postage prepaid, addressed (until another address is filed in
      writing by the Warrant Agent with the Company), as follows:

     

    Continental
      Stock Transfer & Trust Company

    17
      Battery Place

    New
      York,
      New York 10004

    Attn:
      Compliance Department

     

    9.3
      Applicable Law. The validity, interpretation, and performance of this
      Agreement and of the Warrants shall be governed in all respects by the laws
      of
      the State of New York applicable to contracts formed and to be performed
      entirely within the State of New York, without giving effect to conflict of
      law
      provisions thereof to the extent such principles or rules would require or
      permit the application of the laws of another jurisdiction. The Company hereby
      agrees that any action, proceeding or claim against it arising out of or
      relating in any way to this Agreement shall be brought and enforced in the
      courts of the State of New York or the United States District Court for the
      Southern District of New York. The Company hereby waives any objection to such
      non-exclusive jurisdiction and that such courts represent an inconvenience
      forum. Any such process or summons to be served upon the Company may be served
      by transmitting a copy thereof by registered or certified mail, return receipt
      requested, postage prepaid, addressed to it at the address set forth in
      Section 9.2 hereof. Such mailing shall be deemed personal service and shall
      be legal and binding upon the Company in any action, proceeding or
      claim.

     

    9.4
      Amendment. This Agreement and the warrant certificate issued hereunder
      may be amended by the parties hereto without the consent of any registered
      holder or any Underwriter for the purpose of curing any ambiguity, or curing,
      correcting or supplementing any defective provision contained herein or adding
      or changing any other provisions with respect to matters or questions arising
      under this Agreement as the parties may deem necessary or desirable and that
      the
      parties deem shall not adversely affect the interest of the registered holders.
      All other modifications or amendments, including any amendment to increase
      the
      Warrant Price or shorten the Exercise Period, shall require the written consent
      of the registered holders of a majority of the then outstanding Warrants and
      no
      modification or amendment shall affect the Public Warrants, the Private Warrants
      and the Co-Investment Warrants differently from one another. Notwithstanding
      the
      foregoing, the Company may lower the Warrant Price or extend the duration of
      the
      Exercise Period in accordance with Sections 3.1 and 3.2 hereof, without such
      consent.

     

    9.5
      Persons Having Rights under this Agreement. Nothing in this Agreement
      expressed and nothing that may be implied from any of the provisions hereof
      is
      intended, or shall be construed, to confer upon, or give to, any person or
      corporation other than the parties hereto and the Registered Holders and, for
      the purposes of Sections 6.4 and 7.4 hereof, the Underwriter, any right, remedy,
      or claim under or by reason of this Warrant Agreement or of any covenant,
      condition, stipulation, promise, or agreement hereof. The Underwriter shall
      be
      deemed to be a third-party beneficiary of this Agreement with respect to
      Sections 6.4 and 7.4 hereof. All covenants, conditions, stipulations, promises,
      and agreements contained in this Warrant Agreement shall be for the sole and
      exclusive benefit of the parties hereto (and the Underwriter with respect to
      Sections 6.4 and 7.4 hereof) and their successors and assigns and of the
      registered holders of the Warrants.

    

    
      
        
          
          

        

        
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    9.6
      Examination of the Warrant Agreement. A copy of this Agreement shall be
      available at all reasonable times at the office of the Warrant Agent in the
      Borough of Manhattan, City and State of New York, for inspection by the
      registered holder of any Warrant. The Warrant Agent may require any such holder
      to submit his Warrant for inspection by it.

     

    9.7
      Counterparts. This Agreement may be executed in any number of
      counterparts and each of such counterparts shall for all purposes be deemed
      to
      be an original, and all such counterparts shall together constitute but one
      and
      the same instrument.

     

    9.8
      Effect of Headings. The Section headings herein are for convenience only
      and are not part of this Warrant Agreement and shall not affect the
      interpretation thereof.

     

    [Remainder
      of page intentionally left blank]

    

    
      
        
          
          

        

        
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    IN
      WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto
      as
      of the day and year first above written.

    

    
      	 	 	 	 	 	 	 	 	 
	
              Attest:

            	 	 	 	
              NRDC
                ACQUISITION CORP.

            
	 	 	 	 	 
	 	 	 	 	 	 	
              By:

            	 	 
	 	 	 	 	 	 	 	 	
              Name:
                Richard A. Baker

            
	 	 	 	 	 	 	 	 	
              Title:
                  Chief Executive Officer

            

    

    

    
      	 	 	 	 	 	 	 	 	 
	
              Attest:

            	 	 	 	
              CONTINENTAL
                STOCK TRANSFER & TRUST COMPANY

            
	 	 	 	 	 
	 	 	 	 	 	 	
              By:

            	 	 
	 	 	 	 	 	 	 	 	
              Name:
                Steven Nelson

            
	 	 	 	 	 	 	 	 	
              Title:
                  Chairman

            

    

    

    

    
      
        
          
          

        

        
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    EXHIBIT
      A

    

    [FORM
      OF WARRANT]

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    -
      14
      -Unassociated Document

    
      Exhibit
        10.1

       

      [NRDC
        Capital Management, LLC Letterhead]

       

      [•],
        2007

       

      

      NRDC
        Acquisition Corp.

      3
        Manhattanville Road

      Purchase,
        New York 10577

      

      Banc
        of
        America Securities LLC

      9
        West
        57th Street

      New
        York,
        NY 10019

      

      Re:
        NRDC Acquisition Corp. Initial Public Offering

       

      Gentlemen:

       

      This
        letter agreement (this
“Letter Agreement”) is being delivered to you in
        accordance with the Underwriting Agreement (the “Underwriting
        Agreement”) entered into by and between NRDC Acquisition Corp., a
        Delaware corporation (the “Company”), and Banc of
        America Securities LLC, a Delaware limited liability company, as representative
        of the several underwriters (the “Underwriters”),
        relating to an underwritten initial public offering (the
“Offering”), of 30,000,000 of the Company’s units (the
“Units”), each comprised
        of one share of the Company’s
        common stock, par value $0.0001 per share (the “Common
        Stock”), and one warrant exercisable for one share of Common Stock
        (each, a “Warrant”). The Units sold in the Offering
        will be listed and traded on the American Stock Exchange pursuant to a
        Registration Statement on Form S-1 and prospectus (the
“Prospectus”) filed by the Company with the Securities
        and Exchange Commission (the
“SEC”).  Certain capitalized terms used
        herein are defined in Section 12.

       

      In
        order to induce the Company and the
        Underwriters to enter into the Underwriting Agreement and to proceed with
        the
        Offering and for other good and valuable consideration, the receipt and
        sufficiency of which are hereby acknowledged, the undersigned hereby agrees
        with
        the Company and the Underwriters as follows:

       

      
        	
                1.  

              	
                The
                  undersigned hereby agrees that in the event that the Company fails
                  to
                  consummate a Business Combination within 24 months after the date
                  of the
                  final Prospectus relating to the Offering, the undersigned shall
                  take all
                  reasonable steps to (a) cause the Trust Account to be liquidated
                  and its
                  assets to be distributed to the Public Stockholders and (b) cause
                  the
                  Company to be liquidated as soon as reasonably practicable. The
                  undersigned agrees that in connection with any cessation of the
                  corporate
                  existence of the Company, the undersigned will take all reasonable
                  steps
                  to cause the Company to adopt a plan of distribution in accordance
                  with
                  Section 281(b) of the General Corporation Law of the State of Delaware
                  or
                  any successor provision thereto.

              

      

       

      
        	
                2.  

              	
                With
                  respect to such undersigned’s Insiders Shares, the undersigned hereby
                  waives (a) any and all right, title, interest or claim of any kind
                  in or
                  to any distributions of the Trust Account as a result of any liquidation
                  of the Company (“Claim”), and to any and all
                  amounts distributed in connection with a liquidation of the Company,
                  and
                  hereby agrees to reimburse the Company for any distribution of
                  the Trust
                  Account received by the undersigned in respect of such undersigned’s
                  Insiders Shares; and (b) any and all right to exercise conversion
                  rights
                  in connection with a proposed Business Combination. The undersigned
                  acknowledges and agrees that, upon the Company’s liquidation, all warrants
                  relating to the Company owned by the undersigned will terminate
                  worthless.  The undersigned hereby waives any Claim the
                  undersigned may have in the future as a result of, or arising out
                  of, any
                  contracts or agreements with the Company and the undersigned will
                  not seek
                  recourse against the Trust Account for any reason
                  whatsoever.

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                3.  

              	
                In
                  the event of the liquidation of the Trust Account, the undersigned
                  agrees
                  to indemnify and hold harmless the Company, on a joint and several
                  basis
                  with the other Founders, against any and all claims by any third
                  party for
                  services rendered, products sold or financing provided to the Company
                  or
                  by any entity that the Company has entered into a letter of intent
                  or an
                  acquisition agreement with, but only to the extent necessary to
                  ensure
                  that such claims do not reduce the amount of funds in the Trust
                  Account
                  and only if any such third party has not executed an agreement
                  in writing
                  waiving claims against the Trust Account.  In the event the
                  Company’s assets held outside the Trust Account are insufficient to pay
                  the costs and expenses of liquidation of the Company, the undersigned
                  agrees to indemnify and hold harmless the Company, on a joint and
                  several
                  basis with the other Founders, against any costs and expenses of
                  such
                  liquidation.

              

      

       

      
        	
                4.  

              	
                (a)                           With
                  respect to the undersigned’s Insiders Shares, the undersigned shall not,
                  until one (1) year after the consummation of an initial Business
                  Combination (the “Insiders Shares Lock-Up
                  Period”), (i) sell, offer to sell, contract or agree to
                  sell, hypothecate, pledge, grant any option to purchase or otherwise
                  dispose of or agree to dispose of, directly or indirectly, or establish
                  or
                  increase a put equivalent position or liquidate or decrease a call
                  equivalent position within the meaning of Section 16 of the Securities
                  Exchange Act of 1934, as amended, and the rules and regulations
                  of the SEC
                  promulgated thereunder with respect to, any Insiders Shares, (ii)
                  enter
                  into any swap or other arrangement that transfers to another, in
                  whole or
                  in part, any of the economic consequences of ownership of Insiders
                  Shares,
                  whether any such transaction is to be settled by delivery of shares
                  of
                  Common Stock, in cash or otherwise, or (iii) publicly announce
                  an
                  intention to effect any transaction specified in clause (i) or
                  (ii).

              

      

       

      (b)                           With
        respect to the undersigned’s Placement Warrants or shares issuable upon exercise
        of the Placement Warrants (the “Placement
        Securities”), the undersigned shall not, until the consummation of
        an initial Business Combination (the “Placement Securities Lock-Up
        Period”), (i) sell, offer to sell, contract or agree to sell,
        hypothecate, pledge, grant any option to purchase or otherwise dispose of
        or
        agree to dispose of, directly or indirectly, or, except as provided in that
        certain Registration Rights Agreement dated as of the date hereof, file (or
        participate in the filing of) a registration statement with the SEC in respect
        of, or establish or increase a put equivalent position or liquidate or decrease
        a call equivalent position within the meaning of Section 16 of the Securities
        Exchange Act of 1934, as amended, and the rules and regulations of the SEC
        promulgated thereunder with respect to, any Placement Securities, (ii) enter
        into any swap or other arrangement that transfers to another, in whole or
        in
        part, any of the economic consequences of ownership of Placement Securities,
        whether any such transaction is to be settled by delivery of shares of Common
        Stock or other securities, in cash or otherwise, or (iii) publicly announce
        an
        intention to effect any transaction specified in clause (1) or
        (ii).

       

      (c)                           With
        respect to any Units acquired in a private placement immediately prior to
        the
        consummation of the Company’s initial Business Combination, the Common Stock and
        Warrants comprising such Units, and/or the Common Stock issuable upon exercise
        of the Warrants comprising such Units (the “Co-Investment
        Securities”), the undersigned shall not, until one year after the
        consummation of an initial Business Combination (the “Co-Investment
        Securities Lock-Up Period”, and considered together with the
        Insiders Shares Lock-Up Period and the Placement Securities Lock-Up Period,
        each
        a “Lock-Up Period”), (i) sell, offer to sell,
        contract or agree to sell, hypothecate, pledge, grant any option to purchase
        or
        otherwise dispose of or agree to dispose of, directly or indirectly, or
        establish or increase a put equivalent position or liquidate or decrease
        a call
        equivalent position within the meaning of Section 16 of the Securities Exchange
        Act of 1934, as amended, and the rules and regulations of the SEC promulgated
        thereunder, with respect to the Co-Investment Securities (ii) enter into
        any
        swap or other arrangement that transfers to another, in whole or in part,
        any of
        the economic consequences of ownership of the Co-Investment Securities, whether
        any such transaction is to be settled by delivery of Common Stock or such
        other
        securities, in cash or otherwise, or (iii) publicly announce any intention
        to
        effect any transaction specified in clause (i) or (ii).

       

       (d)                           Notwithstanding
        the foregoing, the undersigned may transfer the undersigned’s Insiders Shares,
        Placement Securities and/or Co-Investment Securities during the applicable
        Lock-Up Period

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      

      (as
        applicable) (i) to a member of the undersigned’s immediate family or to an
        affiliate of the undersigned, (ii) to a trust, the beneficiary of which is
        a
        member of the undersigned’s immediate family, (iii) by virtue of the laws of
        descent and distribution upon death of the undersigned, (iv) to other officers
        or directors of the Company, (v) pursuant to a qualified domestic relations
        order, or (vi) in the event of a merger, capital stock exchange, stock purchase,
        asset acquisition or other similar transaction which results in all the
        Company’s stockholders having the right to exchange their shares of Common Stock
        or other securities for cash, securities or other property subsequent to
        the
        Company’s consummating a Business Combination with a target business;
provided, however, that the permissive transfers pursuant to
        clauses (i) — (v) may be implemented only upon the respective transferee’s
        written agreement to be bound by the terms and conditions of this Letter
        Agreement. During the applicable Lock-Up Period, the undersigned shall not
        grant
        a security interest in the undersigned’s Insiders Shares, Placement Securities
        and/or Co-Investment Securities.

       

      (e)                           If
        (i) during the last 17 days of the applicable Lock-Up Period, the Company
        issues
        material news or a material event relating to the Company occurs or (ii)
        before
        the expiration of the applicable Lock-Up Period, the Company announces that
        material news or a material event relating to the Company will occur during
        the
        16-day period beginning on the last day of the Lock-Up Period, said Lock-Up
        Period will be extended for up to 18 days beginning on the issuance of the
        material news or the occurrence of the material event.

       

      (f)                           The
        undersigned agrees that after the applicable Lock-Up Period has elapsed,
        the
        undersigned’s Insiders Shares, Placement Warrants and/or Co-Investment
        Securities shall only be transferable or saleable pursuant to a sale registered
        under the Securities Act of 1933, as amended (the “Securities
        Act”), or pursuant to an available exemption from registration,
        other than Regulations S of the Securities Act.

       

      
        	
                5.  

              	
                The
                  undersigned agrees that in connection with any proposed Business
                  Combination, the undersigned will vote (a) all Insiders Shares
                  owned by
                  the undersigned in accordance with the majority of the votes cast
                  by the
                  Public Stockholders in connection with the vote required to approve
                  the
                  Business Combination; (b) all shares of Common Stock acquired by
                  the
                  undersigned in the Offering or in the secondary market in favor
                  of the
                  Business Combination; and (c) all Insiders Shares and all shares
                  of Common
                  Stock acquired by the undersigned in the Offering or in the secondary
                  market in favor of an amendment to the Second Restated Certificate
                  providing for the Company’s perpetual
                  existence.

              

      

       

      
        	
                6.  

              	
                Except
                  as disclosed in the Prospectus, neither the undersigned nor any
                  affiliate
                  of the undersigned will be entitled to receive, and no such person
                  will
                  accept:

              

      

       

      (a)                           any
        compensation, finder’s fee, reimbursement or cash payment from the Company for
        services rendered to the Company prior to or in connection with the consummation
        of a Business Combination, other than reimbursement from the Company for
        the
        undersigned’s reasonable out-of-pocket expenses related to the Offering and
        identifying, investigating and consummating a Business Combination;
        and

       

      (b)                           any
        finder’s fee, consulting fee or any other compensation or fees from the Company
        or any other person or entity in the event the undersigned or any family
        member
        or affiliate of the undersigned originates a Business Combination.

       

      
        	
                7.  

              	
                The
                  undersigned acknowledges and agrees that the Company will not consummate
                  any Business Combination with any entity that is affiliated with
                  any
                  Insiders or any of their respective affiliates unless the Company
                  obtains
                  an opinion from an independent investment banking firm that the
                  Business
                  Combination is fair to the Company’s stockholders from a financial
                  perspective.

              

      

       

      
        	
                8.  

              	
                The
                  undersigned has full right and power, without violating any agreement by
                  which the undersigned is bound (including, without limitation,
                  any
                  non-competition or non-solicitation agreement), to enter into this
                  Letter
                  Agreement.  The undersigned hereby consents to being named in
                  the Prospectus.

              

      

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      

      
        	
                9.  

              	
                The
                  undersigned agrees that until the consummation of a Business Combination
                  or the cessation of the corporate existence of the Company, whichever
                  is
                  earlier, the undersigned will not participate in the formation
                  of any
                  blank check company or any entity commonly regarded as a “special purpose
                  acquisition company.”

              

      

       

      
        	
                10.  

              	
                The
                  undersigned agrees that until the consummation of a Business Combination,
                  the undersigned will not recommend or take any action to amend
                  or waive
                  any provisions of Article Fifth or Article Sixth of the Second
                  Restated
                  Certificate.

              

      

       

      
        	
                11.  

              	
                The
                  undersigned hereby agrees that, on a date that is within the five-day
                  period following the date that is 30 days after the date of the
                  Underwriting Agreement or, if earlier, the date the Underwriters
                  terminate
                  their option to purchase Optional Units (as defined in the Underwriting
                  Agreement) pursuant to the terms of the Underwriting Agreement,
                  the
                  undersigned will forfeit to the Company, and the Company shall
                  accept from
                  the undersigned, at no cost, the number of shares of Common Stock
                  determined by multiplying (a) the product of (i) 1,125,000, multiplied
                  by
                  (ii) a fraction, (x) the numerator of which is the number of Insiders
                  Shares held by the undersigned, and (y) the denominator of which
                  is the
                  number of Insiders Shares held by all Insiders, by (b) a fraction,
                  (i) the
                  numerator of which is 4,500,000 minus the number of shares of Common
                  Stock
                  purchased by the Underwriters upon the exercise of their option
                  to
                  purchase Optional Units, and (ii) the denominator of which is
                  4,500,000.

              

      

       

      
        	
                12.  

              	
                As
                  used herein, (a) a “Business Combination” shall
                  mean the Company’s initial acquisition of one or more operating
                  businesses, through a merger, capital stock exchange, stock purchase,
                  asset acquisition, or other similar business combination, having
                  an
                  aggregate fair market value of at least eighty percent (80%) of
                  the
                  balance held in the Trust Account (excluding the amount held in
                  the Trust
                  Account representing the deferred underwriting discounts and commissions
                  and taxes payable) at the time of such acquisition; (b)
                  “Founders” shall mean NRDC Capital Management
                  LLC, William L. Mack, Robert C. Baker, Richard A. Baker and Lee
                  Neibart;
                  (c) “Insiders” shall mean the Founders and all
                  other officers, directors and stockholders of the Company immediately
                  prior to the Offering; (d) “Insiders Shares”
                  shall mean all of the shares of Common Stock owned by a Founder
                  prior to
                  the Offering (and shall include any shares of Common Stock issued
                  as
                  dividends with respect to such shares); (e) “Placement
                  Warrants” means the Warrants the undersigned has agreed to
                  purchase in a private placement concurrently with the Offering;
                  (f)
                  “Public Stockholders” shall mean the holders of
                  securities issued in the Offering; (g) “Second Restated
                  Certificate” shall mean the Company’s Second Amended and
                  Restated Certificate of Incorporation, as the same may be amended
                  from
                  time to time; and (h) “Trust Account” shall mean
                  the trust account established for the benefit of the Public Stockholders
                  into which a portion of the net proceeds of the Offering will be
                  deposited.

              

      

       

      
        	
                13.  

              	
                The
                  undersigned acknowledges and understands that the Company will
                  rely upon
                  the agreements, representations and warranties set forth herein
                  in
                  proceeding with the Offering. Nothing contained herein shall be
                  deemed to
                  render the Underwriters a representative of, or a fiduciary with
                  respect
                  to, the Company, its stockholders, or any creditor or vendor of
                  the
                  Company with respect to the subject matter
                  hereof.

              

      

       

      
        	
                14.  

              	
                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
                  parties hereto. Any purported assignment in violation of this Section
                  14
                  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 State of New
                  York,
                  without giving effect to its choice of laws principles. The undersigned
                  hereby agrees that any action, proceeding or claim against the
                  undersigned
                  arising out of, or relating in any

              

      

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      

      
        	
                  

              	
                way
                  to this Letter Agreement shall be brought and enforced in the courts
                  of
                  the State of New York or the United States District Court for the
                  Southern
                  District of New York, and irrevocably submits to such
                  jurisdiction.  The undersigned hereby irrevocably and
                  unconditionally waives the right to a trial by jury in any action,
                  suit,
                  counterclaim or other proceeding (whether based on contract, tort
                  or
                  otherwise) arising out of, connected with or relating to this Letter
                  Agreement.  This Letter Agreement shall be binding on the
                  undersigned and such person’s respective heirs, personal representatives,
                  successors and assigns. This Letter Agreement shall terminate on
                  the later
                  of (a) the expiration of the Lock-Up Period applicable to the
                  undersigned’s Insiders Shares, Placement Securities or Co-Investment
                  Securities, as the case may be, whichever occurs earlier, and (b)
                  the
                  liquidation of the Company; provided that such termination shall
                  not
                  relieve the undersigned from liability for any breach of this Letter
                  Agreement prior to its termination; and provided further that Section
                  3 of
                  this Letter Agreement shall survive the termination of this Letter
                  Agreement.

              

      

       

      [SIGNATURES
        COMMENCE ON NEXT PAGE]

       

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

    

     

    
      
        	 	
                Sincerely,

              	 
	 	 	 
	 	
                NRDC
                  CAPITAL MANAGEMENT LLC

              	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	Name: 	 
	 	Title:	 
	 	 	 	 

      

       

    

    
      Accepted
        and agreed:

       

      NRDC
        ACQUISITION CORP.

       

      

      By:_________________________________

      Name:

      Title:

      

       

      BANC
        OF
        AMERICA SECURITIES LLC

       

      

      By:_________________________________

      Name:

      Title:

       

      6

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