Document:

EX-10.5

 

Exhibit 10.5

REGISTRATION RIGHTS AGREEMENT

     THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as
of the [ ] day of [ ], 2008, by and among Liberty Lane Acquisition Corp., a
Delaware corporation (the “Company”), and the persons listed in Schedule I
hereto (each, an “Investor” and, collectively, the “Investors”).

     WHEREAS, the Investors currently hold all of the issued and outstanding
securities of the Company; and

     WHEREAS, the Investors and the Company desire to enter into this Agreement
to provide the Investors with certain rights relating to the registration of
shares of Common Stock (as defined below), Units (as defined below) and
warrants of the Company held by them from time to time.

     NOW, THEREFORE, in consideration of the mutual covenants and agreements
set forth herein, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

     1.     DEFINITIONS. The following capitalized terms used herein have the
following meanings:

     “Adverse Disclosure” means public disclosure of material non-public
information, which disclosure, in the good faith judgment of the chief
executive officer or principal financial officer of the Company after
consultation with counsel to the Company, (i) would be required to be made in
any Registration Statement or prospectus in order for the applicable
Registration Statement or prospectus not to contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
therein (in the case of any prospectus and any preliminary prospectus, in the
light of the circumstances under which they were made) not misleading, (ii)
would not be required to be made at such time if the Registration Statement
were not being filed, and (iii) the Company has a bona fide business purpose
for not publicly making it.

     “Agreement” means this Agreement, as amended, restated, supplemented, or
otherwise modified from time to time.

     “Business Combination” means the initial acquisition by the Company of one
or more assets or operating businesses through a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or similar business
combination meeting the conditions described in the Company’s Amended and
Restated Certificate of Incorporation.

     “Commission” means the United States Securities and Exchange Commission,
or any other federal agency then administering the Securities Act or the
Exchange Act.

     “Common Stock” means the common stock, par value $0.001 per share, of the
Company.

     “Company” is defined in the preamble to this Agreement.

     “Demand Registration” is defined in Section 2.1.1.

     “Demanding Holder” is defined in Section 2.1.1.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended, and
the rules and regulations of the Commission promulgated thereunder, all as the
same shall be in effect at the time.

     “Form S-3” is defined in Section 2.3.

     “Indemnified Party” is defined in Section 4.3.

     “Indemnifying Party” is defined in Section 4.3.

     “Initial Demand Date” means (i) in the case of the Initial Shares and
Initial Warrants, the 180th day following the completion by the Company of a
Business Combination and (ii) in the case of the Insider Warrants, the 30th day
following the completion by the Company of a Business Combination.

     “Initial Shares” means the 3,264,000 shares of Common Stock (or such
lesser number of shares that the Investors may hold if the Underwriter’s option
to purchase additional Units is not exercised in full) issued to the Sponsor
pursuant to the Initial Securities Subscription Agreement, dated March 14,
2008, between the Company and the Sponsor (the “ISSA”).

     “Initial Warrants” means the 8,703,000 warrants of the Company, each
entitling the holder to purchase one share of Common Stock, subject to
adjustment (including the underlying shares of Common Stock) (or such lesser
number of warrants (and underlying

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shares of Common Stock) that the Investors
may hold if the Underwriter’s option to purchase additional Units is not
exercised in full by the Underwriter) issued to the Sponsor pursuant to the
ISSA.

     “Insider Warrants” means the 3,500,000 warrants of the Company, each
entitling the holder to purchase one share of Common Stock, subject to
adjustment (including the underlying shares of Common Stock) issued to the
Sponsor pursuant to the Warrant Subscription Agreement, dated March 14, 2008,
between the Company and the Sponsor.

     “Investor” is defined in the preamble to this Agreement.

     “Investor Indemnified Party” is defined in Section 4.1.

     “Maximum Threshold” is defined in Section 2.1.4.

     “Notices” is defined in Section 6.3.

     “Permitted Transferees” means (i) the Company, any of the Company’s
officers, directors and employees, any Affiliates or Family Members of such
individuals, the Sponsor, Liberty Lane Partners LLC, any Affiliates of the
Company, the Sponsor, or Liberty Lane Partners LLC and any officers, directors,
members and employees of the Sponsor, Liberty Lane Partners LLC or such
Affiliates, (ii) any charitable organization, (iii) any individual pursuant to
a qualified domestic relations order, (iv) if the transferor is a corporation,
partnership or limited liability company, any stockholder, partner or member of
the transferor, and (v) any individual or entity by virtue of laws or
agreements governing descent or distribution upon the death or dissolution of
the transferor; provided, that, any such transferees agree in writing to become
subject to the same transfer restrictions as the transferor. The term
“Affiliate” has the meaning set forth in Rule 405 under the Securities Act (in
effect on the date hereof). “Family Member” of a person means such person’s
present spouse and/or domestic partner, parents, lineal ascendants or
descendants or any siblings of any of the foregoing, any descendants of any
sibling of such person, or any estate planning vehicle formed primarily for the
benefit of such person or any of the foregoing persons.

     “Piggy-Back Registration” is defined in Section 2.2.1.

     “Pro Rata” is defined in Section 2.1.4.

     “Register,” “Registered” and “Registration” mean a registration effected
by preparing and filing a Registration Statement or similar document in
compliance with the requirements of the Securities Act and such Registration
Statement becoming effective.

     “Registrable Securities” means, collectively, (i) the Initial Warrants,
including the underlying shares of Common Stock underlying the Initial
Warrants, (ii) the Insider Warrants, including the underlying shares of Common
Stock underlying the Insider Warrants, (iii) the Initial Shares and (iv) any
shares of Common Stock, Units (including the underlying shares of Common Stock
and warrants of the Company (including the underlying shares of Common Stock
underlying such warrants)) and warrants of the Company (including the
underlying shares of Common Stock underlying such warrants), purchased by the
Investors on or after the date hereof, whether in the open market, in privately
negotiated transactions or pursuant to a registered offering. Registrable
Securities include any shares of capital stock or other securities of the
Company issued as a dividend or other distribution with respect to or in
exchange for or in replacement of such shares of Common Stock. As to any
particular Registrable Securities, such securities shall cease to be
Registrable Securities when: (a) a Registration Statement with respect to the
sale of such securities by the holders thereof shall have become effective
under the Securities Act and such securities shall have been sold, transferred,
disposed of or exchanged in accordance with such Registration Statement; (b)
such securities shall have been otherwise transferred, new certificates for
them not bearing a legend restricting further transfer shall have been
delivered by the Company and subsequent public distribution of them shall not
require registration under the Securities Act; (c) such securities shall have
ceased to be outstanding; or (d) the entire amount of the Registrable
Securities held by any holder may be sold in a single sale, in the opinion of
counsel reasonably satisfactory to the Company, without any limitation as to
volume or manner of sale pursuant to Rule 144 (or any successor rule or
regulation) under the Securities Act.

     “Registration Statement” means a registration statement filed by the
Company with the Commission in compliance with the Securities Act for a public
offering and sale of Registrable Securities including pursuant to a Shelf
Registration (other than a
registration statement on Form S-4 or Form S-8, or their successors, or
any registration statement covering only securities proposed to be issued in
exchange for securities or assets of another entity).

     “Securities Act” means the Securities Act of 1933, as amended, and the
rules and regulations of the Commission promulgated thereunder, all as the same
shall be in effect at the time.

     “Shelf Registration” is defined in Section Section 2.3(a).

     “Sponsor” means Liberty Lane Funding LLC.

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     “Underwriter” means a securities dealer who purchases any Registrable
Securities as principal in an underwritten offering and not as part of such
dealer’s market-making activities.

     “Unit” means one share of Common Stock and one half (1/2) of one warrant,
each whole warrant entitling the holder to purchase one share of Common Stock,
subject to adjustment.

     2.     REGISTRATION RIGHTS.

     2.1 Demand Registration.

		
	 	     2.1.1 Request for Registration. At any time on or after the date that
is three months prior to the Initial Demand Date, with respect to any
Registrable Securities, the holders of at least 25%, on an as-converted to
Common Stock basis, of the Registrable Securities held by the Investors and
the Permitted Transferees of the Investors, may make a written demand for
Registration under the Securities Act of all or part of their Registrable
Securities (a “Demand Registration”); provided, that any Registration
Statement filed with the Commission with respect to a Demand Registration
need not be declared effective prior to the Initial Demand Date. Any demand
for a Demand Registration shall specify the amount of Registrable Securities
proposed to be sold and the intended method(s) of distribution thereof. The
Company will notify all holders of Registrable Securities of the demand, and
each holder of Registrable Securities who wishes to include all or a portion
of such holder’s Registrable Securities in the Demand Registration (each
such holder including Registrable Securities in such Registration, a
“Demanding Holder”) shall so notify the Company within fifteen (15) days
after the receipt by the holder of the notice from the Company. The Company
may include in such Registration additional securities of the class or
classes of the Registrable Securities to be registered thereunder, including
securities to be sold for the Company’s own account or the account of
persons who are not holders of Registrable Securities. Upon receipt by the
Company of any such notice, the Demanding Holders shall be entitled to have
their Registrable Securities included in the Demand Registration, subject to
Section 2.1.4 and Section 3.1.1. The Company shall not be obligated to
effect more than an aggregate of two (2) Demand Registrations under this
Section 2.1.1 in respect of all Registrable Securities. In addition, the
Company shall not be required to file a Registration Statement for a Demand
Registration within 180 days following the last date on which a Registration
Statement filed in respect of a Registration hereunder, if any, was
effective. Registrations effected pursuant to Section 2.3 shall not be
counted as Demand Registrations effected pursuant to this Section 2.1.1.

		
	 	     2.1.2 Effective Registration. A Registration will not count as a Demand
Registration until the Registration Statement filed with the Commission with
respect to such Demand Registration has been declared effective and the
Company has complied with all of its obligations under this Agreement with
respect thereto; provided, however, that if, after such Registration
Statement has been declared effective, the offering of Registrable
Securities pursuant to a Demand Registration is interfered with by any stop
order or injunction of the Commission or any other governmental agency or
court, the Registration Statement with respect to such Demand Registration
will be deemed not to have been declared effective, unless and until, (i)
such stop order or injunction is removed, rescinded or otherwise terminated,
and (ii) a majority-in-interest, on an as-converted to Common Stock basis,
of the Demanding Holders thereafter elect to continue the offering;
provided, further, that the Company shall not be obligated to file a second
Registration Statement until a Registration Statement that has been filed is
counted as a Demand Registration or is terminated.

		
	 	     2.1.3 Underwritten Offering. If a majority-in-interest, on an
as-converted to Common Stock basis, of the Demanding Holders so elect and
such holders so advise the Company as part of their written demand for a
Demand Registration, the offering of such Registrable Securities pursuant to
such Demand Registration shall be in the form of an underwritten offering.
In such event, the right of any holder to include its Registrable Securities
in such Registration shall be conditioned upon such holder’s participation
in such underwriting and the inclusion of such holder’s Registrable
Securities in the underwriting to the extent provided herein. All Demanding
Holders proposing to distribute their securities through such underwriting
shall enter into an underwriting agreement in customary form with the
Underwriter or Underwriters selected for such underwriting by a
majority-in-interest, on an as-converted to Common Stock basis, of the
Demanding Holders, which Underwriter or Underwriters shall be reasonably
acceptable to the Company.
	 
	 	     2.1.4 Reduction of Offering. If the managing Underwriter or
Underwriters for a Demand Registration that is to be an underwritten
offering advises the Company and the Demanding Holders in writing that the
dollar amount or number of Registrable Securities which the Demanding
Holders desire to sell, taken together with all other shares of Common Stock
or other securities which the Company desires to sell and the shares of
Common Stock, if any, as to which Registration has been requested pursuant
to written contractual piggy-back registration rights held by other
stockholders of the Company who desire to sell, exceeds the maximum dollar
amount or maximum number of shares that such managing Underwriter or
Underwriters believe can be sold in such offering without adversely
affecting the proposed offering price, the timing, the distribution method,
or the probability of success of such offering (such maximum dollar amount
or maximum number of shares, as applicable, the “Maximum Threshold”), then
the Company shall include in such Registration: (i) first, the Registrable
Securities as to which

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	 	Demand Registration has been requested by the
Demanding Holders (pro rata in accordance with the number of shares that
each such Person has requested be included in such Registration, regardless
of the number of shares held by each such Person (such proportion is
referred to herein as “Pro Rata”)) that can be sold without exceeding the
Maximum Threshold; (ii) second, to the extent that the Maximum Threshold has
not been reached under the foregoing clause (i), the shares of Common Stock
or other securities that the Company desires to sell that can be sold
without exceeding the Maximum Threshold; and (iii) third, to the extent that
the Maximum Threshold has not been reached under the foregoing clauses (i),
and (ii), the shares of Common Stock or other securities for the account of
other persons that the Company is obligated to register pursuant to written
contractual arrangements with such persons and that can be sold without
exceeding the Maximum Threshold.

		
	 	     2.1.5 Withdrawal. A holder may withdraw its Registrable Securities from
a Demand Registration at any time. If all holders withdraw, the Company
shall cease all efforts to secure Registration and such withdrawn
Registration shall be deemed a Demand Registration for purposes of Section
2.1 unless the withdrawal is based on the reasonable determination of the
counsel to the Demanding Holders that there has been, since the date of such
request, a material adverse change in the business or prospects of the
Company or in general market conditions and the Demanding Holders who
requested such Registration shall have paid or reimbursed the Company for
all of the reasonable out-of-pocket fees and expenses incurred by the
Company in connection with the withdrawn Registration.

		
	 	     2.1.6 Suspension of Registration. Subject to Section 3.1.1, if the
filing, initial effectiveness or continued use of a Registration Statement
in respect of a Demand Registration at any time would require the Company to
make an Adverse Disclosure or would require the inclusion in such
Registration Statement of financial statements that are unavailable to the
Company for reasons beyond the Company’s control, the Company may, upon
giving prompt written notice of such action to the Demanding Holders, delay
the filing or initial effectiveness of, or suspend use of, such Registration
Statement for the shortest possible period of time determined in good faith
by the Company to be necessary for such purpose; provided that no single
period of suspension may exceed 60 consecutive days and the Company shall
not be entitled to exercise such right to suspend use of a Registration
Statement more than twice in any calendar year or less than 30 days from a
prior suspension. In the event the Company exercises its rights under the
preceding sentence, the Demanding Holders agree to suspend, immediately upon
their receipt of the notice referred to above, their use of the prospectus
relating to the Demand Registration in connection with any sale or offer to
sell Registrable Securities. The Company shall immediately notify the
Demanding Holders of the expiration of any period during which it exercised
its rights under this Section 2.1.6.

		
	 	     2.1.7 Registration Statement Form. Registrations under this Section 2.1
shall be on such appropriate registration form of the Commission (i) as
shall be selected by the Company and as shall be reasonably acceptable to a
majority-in-interest, on an as-converted to Common Stock basis, of the
Demanding Holders and (ii) as shall permit the disposition of the
Registrable Securities in accordance with the intended method or methods of
disposition specified in the Demanding Holders’ requests for such
Registration. Notwithstanding the foregoing, if, pursuant to a Demand
Registration, (x) the Company proposes to effect Registration by filing a
Registration Statement on Form S-3, (y) such Registration is in connection
with an underwritten offering, and (z) the managing Underwriter or
Underwriters shall advise the Company in writing that, in its or their
opinion, the inclusion, rather than the incorporation by reference, of
information in the prospectus related to a Registration Statement on Form
S-3 is of material importance to the success of such proposed offering, then
such information shall be so included in such prospectus.

     2.2 Piggy-Back Registration.

		
	 	     2.2.1 Piggy-Back Rights. If at any time on or after the Initial Demand
Date, the Company proposes to file a Registration Statement under the
Securities Act with respect to an offering of equity securities, or
securities or other obligations exercisable or exchangeable for, or
convertible into, equity securities, by the Company for its own account or
for stockholders of the Company for their account (or by the Company and by
stockholders of the Company including, without limitation, pursuant to
Section 2.1), other than a Registration Statement (i) filed in connection
with any employee stock option or other benefit plan, (ii) filed on Form S-4
or S-8 or any successor to such forms, (iii) for an exchange offer or
offering of securities solely to the Company’s existing stockholders or
debtholders, (iv) for an offering of debt that is convertible into equity
securities of the Company, (v) for a dividend reinvestment plan, or (vi) for
the acquisition or purchase by or combination by merger or otherwise
of the Company of or with another company or business entity or
partnership, then the Company shall (x) give written notice of such proposed
filing to the holders of Registrable Securities as soon as practicable but
in no event less than ten (10) days before the anticipated filing date,
which notice shall describe the amount and type of securities to be included
in such offering, the intended method(s) of distribution, and the name of
the proposed managing Underwriter or Underwriters, if any, of the offering,
and (y) offer to the holders of Registrable Securities in such notice the
opportunity to register the sale of such number of shares of Registrable
Securities as such holders may request in writing within five (5) days
following receipt of such notice (a “Piggy-Back Registration”). Subject to
Section 2.2.2, the Company shall cause such Registrable
Securities to be included in such Registration and shall use commercially reasonable efforts
to cause the managing Underwriter or Underwriters of a proposed underwritten
offering to permit the Registrable Securities requested to be included in a
Piggy-Back Registration to be so

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	 	included on the terms and conditions no
less favorable than those applicable to any similar securities of the
Company and to permit the sale or other disposition of such Registrable
Securities in accordance with the intended method(s) of distribution
thereof. All holders of Registrable Securities proposing to distribute
their securities through a Piggy-Back Registration that involves an
Underwriter or Underwriters shall enter into an underwriting agreement in
customary form with the Underwriter or Underwriters selected for such
Piggy-Back Registration.

		
	 	     2.2.2 Reduction of Offering. If the managing Underwriter or
Underwriters for a Piggy-Back Registration that is to be an underwritten
offering advises the Company and the holders of Registrable Securities in
writing that the dollar amount or number of securities which the Company
desires to sell, taken together with securities, if any, as to which
Registration has been demanded pursuant to written contractual arrangements
with persons other than the holders of Registrable Securities hereunder, the
Registrable Securities as to which Registration has been requested under
this Section 2.2, and the securities, if any, as to which Registration has
been requested pursuant to the written contractual piggy-back registration
rights of other stockholders of the Company, exceeds the Maximum Threshold,
then the Company shall include in any such Registration:

		
	 	     (a) If the Registration is undertaken for the Company’s
account: (A) first, the shares of Common Stock or other securities
that the Company desires to sell that can be sold without
exceeding the Maximum Threshold; (B) second, to the extent that
the Maximum Threshold has not been reached under the foregoing
clause (A), the shares of Common Stock or other securities, if
any, comprised of Registrable Securities, as to which Registration
has been requested pursuant to the applicable written contractual
piggy-back registration rights of such security holders, Pro Rata,
that can be sold without exceeding the Maximum Threshold; and (C)
third, to the extent that the Maximum Number of shares has not
been reached under the foregoing clauses (A) and (B), the shares
of Common Stock or other securities for the account of other
persons that the Company is obligated to register pursuant to
written contractual piggy-back registration rights with such
persons and that can be sold without exceeding the Maximum
Threshold; and

		
	 	     (b) If the Registration is a “demand” Registration undertaken
at the demand of persons other than the holders of Registrable
Securities, (A) first, the shares of Common Stock or other
securities for the account of the demanding persons that can be
sold without exceeding the Maximum Threshold; (B) second, to the
extent that the Maximum Threshold has not been reached under the
foregoing clause (A), the shares of Common Stock or other
securities that the Company desires to sell that can be sold
without exceeding the Maximum Threshold; (C) third, to the extent
that the Maximum Threshold has not been reached under the
foregoing clauses (A) and (B), collectively the shares of Common
Stock or other securities comprised of Registrable Securities, Pro
Rata, as to which Registration has been requested pursuant to the
terms hereof, that can be sold without exceeding the Maximum
Threshold; and (D) fourth, to the extent that the Maximum
Threshold has not been reached under the foregoing clauses (A),
(B) and (C), the shares of Common Stock or other securities for
the account of other persons that the Company is obligated to
register pursuant to written contractual arrangements with such
persons, that can be sold without exceeding the Maximum Threshold.

		
	 	     2.2.3 Withdrawal. Any holder of Registrable Securities may elect to
withdraw such holder’s request for inclusion of Registrable Securities in
any Piggy-Back Registration by giving written notice to the Company of such
request to withdraw prior to the effectiveness of the Registration
Statement. The Company (whether on its own determination or as the result of
a withdrawal by persons making a demand pursuant to written contractual
obligations) may withdraw a Registration Statement at any time prior to the
effectiveness of the Registration Statement or may delay the filing thereof
for any period of time. Notwithstanding any such withdrawal, the Company
shall pay all expenses incurred by the holders of Registrable Securities in
connection with such Piggy-Back Registration as provided in Section 3.3.

		
	 	     2.2.4 Suspension of Registration. Subject to Section 3.1.1., if the
filing, initial effectiveness, or continued use of a Registration Statement
in respect of a Piggy-Back Registration at any time would require the
Company to make an Adverse Disclosure or would require the inclusion in such
Registration Statement of financial statements that are unavailable to the
Company for reasons beyond the Company’s control, the Company may, upon
giving prompt written notice of such action to the holders of Registrable
Securities, delay the filing or initial effectiveness of, or suspend use of,
the Registration Statement for the shortest period of time determined in
good faith by the Company to be necessary for such purpose; provided that no
single
period of suspension may exceed 60 consecutive days and the Company
shall not be entitled to exercise such right to suspend use of a
Registration Statement more than twice in any calendar year or less than 30
days from a prior suspension. In the event the Company exercises its rights
under the preceding sentence, the holders of Registrable Securities agree to
suspend, immediately upon their receipt of the notice referred to above,
their use of the prospectus relating to the Piggy-Back Registration in
connection with any sale or offer to sell Registrable Securities. The
Company shall immediately notify the holders of Registrable Securities upon
the expiration of any period during which it exercised its rights under this
Section 2.2.4.

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     2.3 Registration on Form S-3. (a) After the Company has qualified for the
use of Form S-3 under the Securities Act, or any successor or substantially
similar form (“Form S-3”), for sales of Registrable Securities, in addition to
the rights contained in Section 2.1 and 2.2, the Investors shall have the right
to request an unlimited number of Registrations on Form S-3 (a “Shelf
Registration”) (such requests shall be in writing and shall state the number of
Registrable Securities to be disposed of and the intended methods of
disposition of such Registrable Securities by such Investors, including whether
such offering is requested to be an underwritten public offering), and upon
such request, the Company shall, subject to paragraph (b) below, use its
commercially reasonable efforts to effect the Registration under the Securities
Act of the Registrable Securities which the Company has been so requested to
register by such Investors; provided, however, that the Company shall not be
obligated to effect a Registration pursuant to this Section 2.3(a) within 180
days following the last date on which a Registration Statement filed in respect
of a Registration hereunder, if any, was effective. Any Registration under
this Section 2.3(a) shall be underwritten at the request of Investors holding a
majority-in-interest, on an as-converted to Common Stock basis, of the
Registrable Securities held by all Investors participating in such
Registration.

		
	 	     (b) If a request complying with the requirements of Section
2.3(a) hereof is delivered to the Company, the provisions set
forth in Section 2.1 shall apply to such Registration; provided,
that only the third, fourth and fifth sentences of Section 2.1.1
shall so apply; and provided further, that if such request is for
an offering other than an underwritten public offering, the
portions of Section 2.1 applying to an underwritten public
offering shall not apply.

		
	 	     (c) The Investors shall have the right to request that two
(2) Registrations made pursuant to Section 2.3(a) constitute an
offering of Registrable Securities under the Securities Act in a
manner that permits sales on a continuous or delayed basis
pursuant to Rule 415 under the Securities Act (or any similar
successor rule thereto). The Company shall, subject to Section
2.1.6, use its commercially reasonable efforts to cause the
Registration Statement relating to the Shelf Registration to
become effective as promptly as practicable and maintain the
effectiveness of such Registration Statement for a period
terminating at such time as all Registrable Securities have been
issued and have ceased to be Registrable Securities. Any
“takedown” under the Shelf Registration shall be underwritten at
the request of Investors holding a majority-in-interest, on an
as-converted to Common Stock basis, of the Registrable Securities
held by all Investors participating in such “takedown.” Any
request for such a “takedown” that is intended to be an
underwritten public offering shall be made pursuant to this
Section 2.3 such that the provisions relating to effecting a
Registration Statement hereunder apply to effecting the takedown
under the Shelf Registration. Any sales made on a delayed or
continuous basis under the Shelf Registration that do not
constitute an underwritten public offering shall not be required
to comply with such provisions. No Registration effected pursuant
to this Section 2.3 shall be counted as a Demand Registration
effected pursuant to Section 2.1.1.

     3.     REGISTRATION; PROCEDURES.

     3.1 Filings; Information. Whenever the Company is required to effect the
Registration of any Registrable Securities pursuant to Section 2, the Company
shall use its commercially reasonable efforts to effect the Registration and
sale of such Registrable Securities in accordance with the intended method(s)
of distribution thereof as promptly as practicable, and in connection with any
such request:

		
	 	     3.1.1 Filing Registration Statement. The Company shall, as promptly as
practicable (and in any event within seventy-five (75) days) after receipt
of a request for a Demand Registration pursuant to Section 2.1, prepare and
file with the Commission a Registration Statement on any form for which the
Company then qualifies or which counsel for the Company shall deem
appropriate and which form shall be available for the sale of all
Registrable Securities to be registered thereunder in accordance with the
intended method(s) of distribution thereof, and shall use its commercially
reasonable efforts to cause such Registration Statement to become and remain
effective for the period required by Section 3.1.3; provided, however, that
the Company shall have the right to defer any Demand Registration for up to
an additional thirty (30) days, and any Piggy-Back Registration for such
period as may be applicable to deferment of any Registration to which such
Piggy-Back Registration related, in each case, if the Company shall furnish
to the holders a certificate signed by the President of the Company stating
that, in the good faith judgment of the Board of Directors of the Company,
it would be materially detrimental to the Company and its stockholders for
such Registration Statement to be effected at such time.

		
	 	     3.1.2 Copies. The Company shall, prior to filing a Registration
Statement or prospectus, or any amendment or supplement thereto, furnish
without charge to the holders of Registrable Securities included in such
Registration, and such holders’ legal counsel, copies of such Registration
Statement as proposed to be filed, each amendment and supplement to such
Registration Statement (in each case including all exhibits thereto and
documents incorporated by reference therein), the prospectus included
in such Registration Statement (including each preliminary prospectus),
and such other documents as the holders of Registrable Securities included
in such Registration or legal counsel for any such holders may request in
order to facilitate the disposition of the Registrable Securities owned by
such holders.

		
	 	     3.1.3 Amendments and Supplements. Subject to Section 2.3(c) with
respect to a Shelf Registration, the Company shall use commercially
reasonable efforts to prepare and file with the Commission such amendments,
including post-effective

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	 	amendments, and supplements to such Registration
Statement and the prospectus used in connection therewith as may be
necessary to keep such Registration Statement effective and in compliance
with the provisions of the Securities Act until all Registrable Securities
and other securities covered by such Registration Statement have been
disposed of in accordance with the intended method(s) of distribution set
forth in such Registration Statement (which period shall not exceed the sum
of one hundred eighty (180) days plus any period during which any such
disposition is interfered with by any stop order or injunction of the
Commission or any governmental agency or court) or such securities have been
withdrawn or have otherwise ceased to be Registrable Securities.

		
	 	     3.1.4 Notification. After the filing of a Registration Statement, the
Company shall promptly, and in no event more than two (2) business days
after such filing, notify the holders of Registrable Securities included in
such Registration Statement of such filing, and shall further notify such
holders promptly and confirm such advice in writing in all events within two
(2) business days of the occurrence of any of the following: (i) when such
Registration Statement becomes effective; (ii) when any post-effective
amendment to such Registration Statement becomes effective; (iii) the
issuance or threatened issuance by the Commission of any stop order (and the
Company shall use commercially reasonable efforts to take all actions
required to prevent the entry of such stop order or to remove it if
entered); and (iv) any request by the Commission for any amendment or
supplement to such Registration Statement or any prospectus relating thereto
or for additional information or the occurrence of an event requiring the
preparation of a supplement or amendment to such prospectus so that, as
thereafter delivered to the purchasers of the securities covered by such
Registration Statement, such prospectus will not contain an untrue statement
of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein not misleading, and
promptly make available to the holders of Registrable Securities included in
such Registration Statement any such supplement or amendment; except that
before filing with the Commission a Registration Statement or prospectus or
any amendment or supplement thereto the Company shall furnish to the holders
of Registrable Securities included in such Registration Statement and to the
legal counsel for any such holders, copies of all such documents proposed to
be filed sufficiently in advance of filing to provide such holders and legal
counsel with a reasonable opportunity to review such documents and comment
thereon, and the Company shall not file any Registration Statement or
prospectus or amendment or supplement thereto to which such holders or their
legal counsel shall reasonably object.

		
	 	     3.1.5 State Securities Laws Compliance. The Company shall use its
commercially reasonable efforts to (i) register or qualify the Registrable
Securities covered by the Registration Statement under such securities or
“blue sky” laws of such jurisdictions in the United States as the holders of
Registrable Securities included in such Registration Statement (in light of
their intended plan of distribution) may reasonably request and (ii) take
such action necessary to cause such Registrable Securities covered by the
Registration Statement to be registered with or approved by such other
governmental authorities as may be necessary by virtue of the business and
operations of the Company and do any and all other acts and things that may
be necessary or advisable to enable the holders of Registrable Securities
included in such Registration Statement to consummate the disposition of
such Registrable Securities in such jurisdictions; provided, however, that
the Company shall not be required to qualify generally to do business in any
jurisdiction where it would not otherwise be required to qualify but for
this paragraph or subject itself to taxation in any such jurisdiction.

		
	 	     3.1.6 Agreements for Disposition. The Company shall enter into
customary agreements (including, if applicable, an underwriting agreement in
customary form) and take such other actions as are reasonably required in
order to expedite or facilitate the disposition of such Registrable
Securities. The representations, warranties and covenants of the Company in
any underwriting agreement which are made to or for the benefit of any
Underwriters, to the extent applicable, shall also be made to and for the
benefit of the holders of Registrable Securities included in such
Registration Statement. No holder of Registrable Securities included in such
Registration Statement shall be required to make any representations or
warranties in the underwriting agreement except, if applicable, with respect
to such holder’s organization, good standing, authority, title to
Registrable Securities, lack of conflict of such sale with such holder’s
material agreements and organizational documents, and with respect to
written information relating to such holder that such holder has furnished
in writing expressly for inclusion in such Registration Statement. Holders
of Registrable Securities shall agree to such covenants and indemnification
and contribution obligations for selling stockholders as are customarily
contained in agreements of that type. Further, such holders shall cooperate
fully in the preparation of the Registration Statement and other documents
relating to any offering in which they include securities pursuant to
Section 2 hereof; provided, however, that such cooperation shall be limited
to furnishing to the Company such information regarding itself, the
Registrable Securities held by such holder and the intended method of
disposition of such securities as shall be reasonably required to effect the
registration of the Registrable Securities
	 
	 	     3.1.7 Cooperation. The principal executive officer of the Company, the
principal financial officer of the Company, the principal accounting officer
of the Company and all other officers and members of the management of the
Company shall cooperate fully in any offering of Registrable Securities
hereunder, which cooperation shall include, without limitation, the
preparation of the Registration Statement with respect to such offering and
all other offering materials and related documents, and participation in
meetings with Underwriters, attorneys, accountants and potential investors.

7

 

		
	 	     3.1.8 Records. The Company shall make available for inspection by the
holders of Registrable Securities included in such Registration Statement,
any Underwriter participating in any disposition pursuant to such
Registration Statement and any attorney, accountant or other professional
retained by any holder of Registrable Securities included in such
Registration Statement or any Underwriter (each an “Inspector” and,
collectively, the “Inspectors”), all financial and other records, pertinent
corporate documents and properties of the Company (collectively, the
“Records”), as shall be necessary to enable them to exercise their due
diligence responsibility, and cause the Company’s officers, directors and
employees to supply all information requested by any of them in connection
with such Registration Statement. Records that the Company determines, in
good faith, to be confidential and which it notifies the Inspectors are
confidential shall not be disclosed by the Inspectors (and the Inspectors
shall confirm their agreement in writing in advance to the Company if the
Company shall so request) unless (x) the disclosure of such Records is
necessary, in the Company’s judgment, to avoid or correct a misstatement or
omission in the Registration Statement, (y) the release of such Records is
ordered pursuant to a subpoena or other order from a court of competent
jurisdiction after exhaustion of all appeals therefrom or (z) the
information in such Records was known to the Inspectors on a
non-confidential basis prior to its disclosure by the Company or has been
made generally available to the public.

		
	 	     3.1.9 Opinions and Comfort Letters. If a Registration Statement in
respect of Registrable Securities includes an underwritten public offering,
the Company shall furnish or cause to be furnished such documents and
certificates as may be reasonably requested by the participating holders and
the managing Underwriters, including customary opinions of counsel and “cold
comfort” letters as may be reasonably required pursuant to the underwriting
agreement relating thereto. In the event no legal opinion is delivered to
any Underwriter, the Company shall furnish to each holder of Registrable
Securities included in such Registration Statement, at any time that such
holder elects to use a prospectus, an opinion of counsel to the Company
(based solely on the oral advice of the Commission) to the effect that the
Registration Statement containing such prospectus has been declared
effective and that no stop order is in effect.

		
	 	     3.1.10 Earnings Statement. The Company shall comply with all applicable
rules and regulations of the Commission and the Securities Act, and make
available to its stockholders, as soon as practicable but not more than
fifteen (15) months after the effective date of the Registration Statement,
an earnings statement satisfying the provisions of Section 11(a) of the
Securities Act and Rule 158 thereunder.

		
	 	     3.1.11 Listing. The Company shall use its commercially reasonable
efforts to cause all Registrable Securities included in any Registration to
be listed on such exchanges or otherwise designated for trading in the same
manner as similar securities issued by the Company are then listed or
designated or, if no such similar securities are then listed or designated,
in a manner satisfactory to the holders of a majority-in-interest, on an
as-converted to Common Stock basis, of the Registrable Securities included
in such Registration.

		
	 	     3.1.12. Withdrawal of Stop Order. The Company shall make every
commercially reasonable effort to prevent or obtain at the earliest possible
moment the withdrawal of any stop order with respect to the applicable
Registration Statement or other order suspending the use of any preliminary
or final prospectus.

		
	 	     3.1.13. CUSIP Number. The Company shall, not later than the effective
date of the applicable Registration Statement, provide a CUSIP number for
all Registrable Securities and provide the applicable transfer agent with
printed certificates for the Registrable Securities which certificates shall
be in a form eligible for deposit with The Depository Trust Company.

		
	 	     3.1.14. FINRA. The Company shall cooperate with each seller of
Registrable Securities and each Underwriter or agent, if any, participating
in the disposition of such Registrable Securities and their respective
counsel in connection with any filings required to be made with the
Financial Industry Regulatory Authority.

		
	 	     3.1.15. Transfer Agent. The Company shall provide and cause to be
maintained a transfer agent and registrar for all Registrable Securities
covered by the applicable Registration Statement from and after a date not
later than the effective date of such Registration Statement.

     3.2 Obligation to Suspend Distribution. Upon receipt of any notice from
the Company of the happening of any event of the kind described in Sections
3.1.4(iii) or 3.1.4(iv), or upon any suspension of a Registration by the
Company pursuant to Section 2.1.6, 2.2.4 or 2.3(b) hereof, each holder of
Registrable Securities included in any Registration shall immediately
discontinue disposition of such Registrable Securities pursuant to the
Registration Statement covering such Registrable Securities until any stop
order has been
removed with respect to an event described in 3.1.4 (iii) or such holder
receives the supplemented or amended prospectus contemplated by Section
3.1.4(iv) and, if so directed by the Company, each such holder will deliver to
the Company all copies, other than permanent file copies then in such holder’s
possession, of the most recent prospectus covering such Registrable Securities
at the time of receipt of such notice.

8

 

     3.3 Registration Expenses. The Company shall bear all costs and expenses
incurred in connection with any Registration under this Agreement, and all
expenses incurred in performing or complying with its other obligations under
this Agreement, whether or not the Registration Statement becomes effective,
including, without limitation: (i) all registration and filing fees; (ii) fees
and expenses of compliance with securities or “blue sky” laws (including fees
and disbursements of counsel in connection with blue sky qualifications of the
Registrable Securities); (iii) printing expenses; (iv) the Company’s internal
expenses (including, without limitation, all salaries and expenses of its
officers and employees); (v) the fees and expenses incurred in connection with
the listing of the Registrable Securities as required by Section 3.1.11; (vi)
Financial Industry Regulatory Authority fees; (vii) fees and disbursements of
counsel for the Company and fees and expenses for independent certified public
accountants retained by the Company (including the expenses or costs associated
with the delivery of any opinions or comfort letters requested pursuant to
Section 3.1.9); (viii) the fees and expenses of any special experts retained by
the Company in connection with such Registration and (ix) the reasonable fees
and expenses of one legal counsel selected by the holders of a
majority-in-interest, on an as-converted to Common Stock basis, of the
Registrable Securities included in such Registration. The Company shall have no
obligation to pay any other costs or expenses in the course of the transaction
contemplated hereby, including underwriting discounts or selling commissions
attributable to the Registrable Securities being sold by the holders thereof,
which underwriting discounts or selling commissions shall be borne by such
holders. The Company shall have the right to exclude any holder that does not
comply with the preceding sentence from the applicable Registration.

     3.4 Information. The holders of Registrable Securities shall provide such
information as may reasonably be requested by the Company, or the managing
Underwriter, if any, in connection with the preparation of any Registration
Statement, including amendments and supplements thereto, in order to effect the
Registration of any Registrable Securities under the Securities Act pursuant to
Section 2 and in connection with the Company’s obligation to comply with
federal and applicable state securities laws.

     4.     INDEMNIFICATION AND CONTRIBUTION.

     4.1 Indemnification by the Company. The Company agrees to indemnify and
hold harmless each Investor and each other holder of Registrable Securities,
and each of their respective officers, employees, affiliates, directors,
partners, members, attorneys and agents, and each person, if any, who controls
an Investor and each other holder of Registrable Securities (within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act) (each,
an “Investor Indemnified Party”), from and against any expenses, losses,
judgments, claims, damages or liabilities, whether joint or several, arising
out of or based upon any untrue statement (or allegedly untrue statement) of a
material fact contained in any Registration Statement under which the sale of
such Registrable Securities was registered under the Securities Act, any
preliminary prospectus, final prospectus or summary prospectus contained in the
Registration Statement, or any amendment or supplement to such Registration
Statement, or arising out of or based upon any omission (or alleged omission)
to state a material fact required to be stated therein or necessary to make the
statements therein not misleading, or any violation by the Company of the
Securities Act or any rule or regulation promulgated thereunder applicable to
the Company and relating to action or inaction required of the Company in
connection with any such Registration; and the Company shall promptly reimburse
the Investor Indemnified Party for any legal and any other expenses reasonably
incurred by such Investor Indemnified Party in connection with investigating
and defending any such expense, loss, judgment, claim, damage, liability or
action; provided, however, that the Company will not be liable in any such case
to the extent that any such expense, loss, claim, damage or liability arises
out of or is based upon any untrue statement or allegedly untrue statement or
omission or alleged omission made in such Registration Statement, preliminary
prospectus, final prospectus, or summary prospectus, or any such amendment or
supplement, in reliance upon and in conformity with information furnished to
the Company, in writing, by such selling holder expressly for use therein. The
Company also shall indemnify any Underwriter of the Registrable Securities,
their officers, affiliates, directors, partners, members and agents and each
person who controls such Underwriter on substantially the same basis as that of
the indemnification provided above in this Section 4.1.

     4.2 Indemnification by Holders of Registrable Securities. Each selling
holder of Registrable Securities will, in the event that any Registration is
being effected under the Securities Act pursuant to this Agreement of any
Registrable Securities held by such selling holder, indemnify and hold harmless
the Company, each of its directors and officers and each underwriter (if any),
and each other person, if any, who controls the Company or such underwriter
within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act, against any losses, claims, judgments, damages or liabilities,
whether joint or several, insofar as such losses, claims, judgments, damages or
liabilities (or actions in respect thereof) arise out of or are based upon any
untrue statement or allegedly untrue statement of a material fact contained in
any Registration Statement under which the sale of such Registrable Securities
was registered under the Securities Act, any preliminary prospectus, final
prospectus or summary prospectus contained in the Registration Statement, or
any amendment or supplement to the Registration Statement, or arise out of or
are based upon any omission or the alleged omission to state a material fact
required to be stated therein or necessary to make the statement therein not
misleading, if the statement or omission was made in reliance upon and in
conformity with information furnished in writing to the Company by such selling
holder expressly for use therein, and shall reimburse the Company, its
directors and officers, and each such
controlling person for any legal or other expenses reasonably incurred by
any of them in connection with investigation or defending any such loss, claim,
damage, liability or action. Each selling holder’s indemnification obligations
hereunder shall be several and not joint and shall be limited to the amount of
any net proceeds actually received by such selling holder in connection with
the sale of the

9

 

Registrable Securities by such selling holder pursuant to the
Registration Statement containing such untrue statement or allegedly untrue
statement.

     4.3 Conduct of Indemnification Proceedings. Promptly after receipt by any
person of any notice of any loss, claim, damage or liability or any action in
respect of which indemnity may be sought pursuant to Sections 4.1 or 4.2, such
person (the “Indemnified Party”) shall, if a claim in respect thereof is to be
made against any other person for indemnification hereunder, promptly notify
such other person (the “Indemnifying Party”) in writing of the loss, claim,
judgment, damage, liability or action; provided, however, that the failure by
the Indemnified Party to notify the Indemnifying Party shall not relieve the
Indemnifying Party from any liability which the Indemnifying Party may have to
such Indemnified Party hereunder, except and solely to the extent the
Indemnifying Party is actually prejudiced by such failure. If the Indemnified
Party is seeking indemnification with respect to any claim or action brought
against the Indemnified Party, then the Indemnifying Party shall be entitled to
participate in such claim or action, and, to the extent that it elects, jointly
with all other Indemnifying Parties, to assume control of the defense thereof
with counsel satisfactory to the Indemnified Party. After notice from the
Indemnifying Party to the Indemnified Party of its election to assume control
of the defense of such claim or action, the Indemnifying Party shall not be
liable to the Indemnified Party for any legal or other expenses subsequently
incurred by the Indemnified Party in connection with the defense thereof other
than reasonable costs of investigation; provided, however, that in any action
in which both the Indemnified Party and the Indemnifying Party are named as
defendants, the Indemnified Party shall have the right to employ separate
counsel (but no more than one such separate counsel) to represent the
Indemnified Party and its controlling persons who may be subject to liability
arising out of any claim in respect of which indemnity may be sought by the
Indemnified Party against the Indemnifying Party, with the fees and expenses of
such counsel to be paid by such Indemnifying Party if, based upon the written
opinion of counsel of such Indemnified Party, representation of both parties by
the same counsel would be inappropriate due to actual or potential differing
interests between them. No Indemnifying Party shall, without the prior written
consent of the Indemnified Party, consent to entry of judgment or effect any
settlement of any claim or pending or threatened proceeding in respect of which
the Indemnified Party is or could have been a party and indemnity could have
been sought hereunder by such Indemnified Party, unless such judgment or
settlement includes an unconditional release of such Indemnified Party from all
liability arising out of such claim or proceeding.

     4.4 Contribution.

		
	 	     4.4.1 If the indemnification provided for in the foregoing Sections
4.1, 4.2 and 4.3 is unavailable to any Indemnified Party in respect of any
loss, claim, damage, liability or action referred to herein, then each such
Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall
contribute to the amount paid or payable by such Indemnified Party as a
result of such loss, claim, damage, liability or action in such proportion
as is appropriate to the relative fault of the Indemnified Parties and the
Indemnifying Parties in connection with the actions or omissions which
resulted in such loss, claim, damage, liability or action, as well as any
other relevant equitable considerations. The relative fault of any
Indemnified Party and any Indemnifying Party shall be determined by
reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a
material fact relates to information supplied by such Indemnified Party or
such Indemnifying Party and the parties’ relative intent, knowledge, access
to information and opportunity to correct or prevent such statement or
omission. The parties hereto agree that it would not be just and equitable
if contribution pursuant to this Section 4.4.1 were determined by pro rata
allocation or by any other method of allocation which does not take account
of the equitable considerations referred to in this Section 4.4.1. The
amount paid or payable by an Indemnified Party as a result of any loss,
claim, damage, liability or action referred to in the immediately preceding
paragraph shall be deemed to include, subject to the limitations set forth
above, any legal or other expenses incurred by such Indemnified Party in
connection with investigating or defending any such action or claim.
Notwithstanding the provisions of this Section 4.4.1, no holder of
Registrable Securities shall be required to contribute any amount in excess
of the dollar amount of the net proceeds (after payment of any underwriting
fees, discounts, commissions or taxes) actually received by such holder from
the sale of Registrable Securities which gave rise to such contribution
obligation. No person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent
misrepresentation.

     5.     UNDERWRITING AND DISTRIBUTION.

     5.1 Rule 144. The Company covenants that it shall use its commercially
reasonable efforts to file any reports required to be filed by it under the
Securities Act and the Exchange Act and shall use its commercially reasonable
efforts to take such further action as the holders of Registrable Securities
may reasonably request, all to the extent required from time to time to enable
such holders to sell Registrable Securities without registration under the
Securities Act within the limitation of the exemptions provided by Rule 144
under the Securities Act, as such Rules may be amended from time to time, or
any similar Rule or regulation hereafter adopted by the Commission.

10

 

6.     MISCELLANEOUS.

     6.1 Other Registration Rights. The Company represents and warrants that no
person, other than a holder of the Registrable Securities, has any right to
require the Company to register any shares of the Company’s capital stock for
sale or to include shares of the Company’s capital stock in any Registration
filed by the Company for the sale of shares of capital stock for its own
account or for the account of any other person.

     6.2 Assignment; No Third Party Beneficiaries. This Agreement and the
rights, duties and obligations of the Company hereunder may not be assigned or
delegated by the Company in whole or in part. This Agreement and the rights,
duties and obligations of the holders of Registrable Securities hereunder may
be freely assigned or delegated by such holder of Registrable Securities in
conjunction with and to the extent of any transfer of Registrable Securities by
any such holder; provided, in the case of any transfer prior to the applicable
Initial Demand Date, that such transfer is to a Permitted Transferee. This
Agreement and the provisions hereof shall be binding upon and shall inure to
the benefit of each of the parties, provided, however, that no such transfer or
assignment shall be binding upon or obligate the Company to any such assignee
unless and until the Company shall have received written notice of such
transfer or assignment as herein provided and a written agreement of the
assignee to be bound by the provisions of this Agreement and the permitted
assigns of the Investor or holder of Registrable Securities or of any assignee
of the Investor or holder of Registrable Securities. This Agreement is not
intended to confer any rights or benefits on any persons that are not party
hereto other than as expressly set forth in Article 4 and this Section 6.2.

     6.3 Notices. All notices, demands, requests, consents, approvals or other
communications (collectively, “Notices”) required or permitted to be given
hereunder or which are given with respect to this Agreement shall be in writing
and shall be personally served, delivered by reputable air courier service with
charges prepaid, or transmitted by hand delivery, telegram, telex or facsimile,
addressed as set forth below, or to such other address as such party shall have
specified most recently by written notice. Notice shall be deemed given on the
date of service or transmission if personally served or transmitted by
telegram, telex or facsimile; provided, however, that if such service or
transmission is not on a business day or is after normal business hours, then
such notice shall be deemed given on the next business day. Notice otherwise
sent as provided herein shall be deemed given on the next business day
following timely delivery of such notice to a reputable air courier service
with an order for next-day delivery.

	 	To the Company:

Liberty Lane Acquisition Corp.

One Liberty Lane

Hampton, NH 03842

Attn: Kevin P. Clark, Treasurer

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

	 	Skadden, Arps, Slate, Meagher & Flom LLP

Four Times Square

New York, New York 10036

Attn: Jennifer A. Bensch, Esq.

	 	To an Investor, to:

	 	To the address of such Investor(s) as is then reflected on the records of

the Company.

     6.4 Severability. This Agreement shall be deemed severable, and the
invalidity or unenforceability of any term or provision hereof shall not affect
the validity or enforceability of this Agreement or of any other term or
provision hereof. Furthermore, in lieu of any such invalid or unenforceable
term or provision, the parties hereto intend that there shall be added as a
part of this Agreement a provision as similar in terms to such invalid or
unenforceable provision as may be possible that is valid and enforceable.

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

     6.6 Entire Agreement. This Agreement (including all agreements entered
into pursuant hereto and all certificates and instruments delivered pursuant
hereto and thereto) constitute the entire agreement of the parties with respect
to the subject matter hereof and supersede all prior and contemporaneous
agreements, representations, understandings, negotiations and discussions
between the parties, whether oral or written.

     6.7 Modifications and Amendments. No amendment, modification or
termination of this Agreement shall be binding upon any party unless executed
in writing by such party and signed by the Company and the holders of a
majority-in-interest, on an as-
converted to Common Stock basis, of Registrable Securities. Each holder of
any Registrable Securities at the time or thereafter

11

 

outstanding shall be bound
by any amendment, modification, waiver or consent authorized by this Section
6.7 whether or not such Registrable Securities shall have been marked
accordingly.

     6.8 Titles and Headings. Titles and headings of sections of this Agreement
are for convenience only and shall not affect the construction of any provision
of this Agreement.

     6.9 Waivers and Extensions. Any party to this Agreement may waive any
right, breach or default which such party has the right to waive, provided,
however, that such waiver will not be effective against the waiving party
unless it is in writing, is signed by such party, and specifically refers to
this Agreement. Waivers may be made in advance or after the right waived has
arisen or the breach or default waived has occurred. Any waiver may be
conditional. No waiver of any breach of any agreement or provision herein
contained shall be deemed a waiver of any preceding or succeeding breach
thereof nor of any other agreement or provision herein contained. No waiver or
extension of time for performance of any obligations or acts shall be deemed a
waiver or extension of the time for performance of any other obligations or
acts. Except as otherwise expressly provided herein, no failure on the part of
any party to exercise, and no delay in exercising, any right, power or remedy
hereunder, or otherwise available in respect hereof at law or in equity, shall
operate as a waiver thereof, nor shall any single or partial exercise of such
right, power or remedy by such party preclude any other or further exercise
thereof or the exercise of any other right, power, or remedy.

     6.10 Remedies Cumulative. In the event that the Company fails to observe
or perform any covenant or agreement to be observed or performed under this
Agreement, the Investor or any other holder of Registrable Securities may
proceed to protect and enforce its rights by suit in equity or action at law,
whether for specific performance of any term contained in this Agreement or for
an injunction against the breach of any such term or in aid of the exercise of
any power granted in this Agreement or to enforce any other legal or equitable
right, or to take any one or more of such actions, without being required to
post a bond. None of the rights, powers or remedies conferred under this
Agreement shall be mutually exclusive, and each such right, power or remedy
shall be cumulative and in addition to any other right, power or remedy,
whether conferred by this Agreement or now or hereafter available at law, in
equity, by statute or otherwise.

     6.11 Governing Law. This Agreement shall be governed by, interpreted
under, and construed in accordance with the internal laws of the State of New
York applicable to agreements made and to be performed within the State of New
York, without giving effect to any choice-of-law provisions thereof that would
compel the application of the substantive laws of any other jurisdiction.

     6.12 Waiver of Trial by Jury. Each party 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 Agreement, the transactions
contemplated hereby, or the actions of the Investor in the negotiation,
administration, performance or enforcement hereof.

[Signatures appear on the following page]

12

 

     IN WITNESS WHEREOF, the parties have caused this Registration Rights
Agreement to be executed and delivered by their duly authorized representatives
as of the date first written above.

	 	 
	 	COMPANY:
	 
	 	LIBERTY LANE ACQUISITION CORP
	 
	 	By:   

	 	Name:
	 	Title:
	 
	 	INVESTORS:
	 
	 	LIBERTY LANE FUNDING LLC
	 
	 	By:   

	 	Name:
	 	Title:
	 
	 	 
Koepfgen Investments LLC
	 
	 	By:   

	 
	 	Name:
	 	Title:
	 
	 	 
W. Clayton Stephens
	 
	 	 
Simon B. Rich

13

 

Schedule I

INVESTORS:

Liberty Lane Funding LLC

Koepfgen Investments LLC

W. Clayton Stephens

Simon B. Rich

14EX-10.9

 

Exhibit 10.9

INDEMNIFICATION AGREEMENT

          THIS INDEMNIFICATION AGREEMENT (this “Agreement”) is made and entered into as of [          ], 2008
between Liberty Lane Acquisition Corp., a Delaware corporation (the “Company”), and [               ] (the
“Indemnitee”).

          WHEREAS, it is essential to the Company to retain and attract as directors and officers the
most capable persons available;

          WHEREAS, Indemnitee is a director and/or officer of the Company;

          WHEREAS, both the Company and Indemnitee recognize the increased risk of litigation and other
claims being asserted against directors and officers of public companies in today’s environment;

          WHEREAS, basic protection against undue risk of personal liability of directors and officers
heretofore has been provided through insurance coverage providing reasonable protection at
reasonable cost, and Indemnitee has relied on the availability of such coverage; but as a result of
substantial changes in the marketplace for such insurance it has become increasingly more difficult
to obtain such insurance on terms providing reasonable protection at reasonable cost;

          WHEREAS, the By-Laws of the Company and the Certificate of Incorporation of the Company
require the Company to indemnify and advance expenses to its directors and officers to the fullest
extent permitted by law and the Indemnitee has been serving and continues to serve as a director or
officer of the Company in part in reliance on such By-Laws and Certificate of Incorporation;

          WHEREAS, in recognition of Indemnitee’s need for substantial protection against personal
liability in order to enhance the Indemnitee’s continued service to the Company in an effective
manner, the increasing difficulty in obtaining satisfactory director and officer liability
insurance coverage, and the Indemnitee’s reliance on the aforesaid By-Laws and Certificate of
Incorporation, and in part to provide the Indemnitee with specific contractual assurance that the
protection promised by such By-Laws and Certificate of Incorporation will be available to
Indemnitee (regardless of, among other things, any amendment to or revocation of such By-Laws or
Certificate of Incorporation or any change in the composition of the Company’s Board of Directors
or acquisition transaction relating to the Company), the Company wishes to provide in this
Agreement for the indemnification of and the advancing of expenses to Indemnitee to the fullest
extent (whether partial or complete) permitted by law and as set forth in this Agreement, and, to
the extent insurance is maintained, for the continued coverage of Indemnitee under the Company’s
directors’ and officers’ liability insurance policies;

          NOW, THEREFORE, in consideration of the premises and of Indemnitee continuing to serve the
Company directly or, at its request, another enterprise, and intending to be legally bound hereby,
the parties hereto agree as follows:

	 	1.	 	Certain Definitions:
	 
	 	(a)	 	Change in Control: shall be deemed to have occurred if (i) any
“person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934, as amended), other than a trustee or other fiduciary holding securities
under an employee benefit plan of the Company or a corporation owned directly or

1

 

	 	 	 	indirectly by the stockholders of the Company in substantially the same
proportions as their ownership of stock of the Company, is or becomes the
“beneficial owner” (as defined in Rule 13d-3 under said Act), directly or
indirectly, of securities of the Company representing 20% or more of the
total voting power represented by the Company’s then outstanding Voting
Securities, or (ii) during any period of two consecutive years, individuals
who at the beginning of such period constitute the Board of Directors of the
Company and any new director whose election by the Board of Directors or
nomination for election by the Company’s stockholders was approved by a vote
of at least two-thirds (2/3) of the directors then still in office who
either were directors at the beginning of the period or whose election or
nomination for election was previously so approved, cease for any reason to
constitute a majority thereof, or (iii) the stockholders of the Company
approve a merger or consolidation of the Company with any other corporation,
other than a merger or consolidation which would result in the Voting
Securities of the Company outstanding immediately prior thereto continuing
to represent (either by remaining outstanding or by being converted into
Voting Securities of the surviving entity) at least 80% of the total voting
power represented by the Voting Securities of the Company or such surviving
entity outstanding immediately after such merger or consolidation, or the
stockholders of the Company approve a plan of complete liquidation of the
Company or an agreement for the sale or disposition by the Company of (in
one transaction or a series of transactions) all or substantially all the
Company’s assets.
	 
	 	(b)	 	Claim: any threatened, pending or completed action, suit or
proceeding, or any inquiry or investigation, whether instituted by the Company or any
other party, that Indemnitee in good faith believes might lead to the institution of
any such action, suit or proceeding, whether civil, criminal, administrative,
investigative or other.
	 
	 	(c)	 	Expenses: include attorneys’ fees and all other professional or other
fees, costs, expenses and obligations paid or incurred in connection with
investigating, defending, being a witness in or participating in (including on appeal),
or preparing to defend, be a witness in or participate in, any Claim relating to any
Indemnifiable Event.
	 
	 	(d)	 	Indemnifiable Event: any event or occurrence related to the fact that
Indemnitee is or was a director, officer, employee, agent or fiduciary of the Company,
or is or was serving at the request of the Company as a director, officer, employee,
trustee, agent or fiduciary of another corporation, partnership, joint venture,
employee benefit plan, trust or other enterprise, or by reason of anything done or not
done by Indemnitee in any such capacity.
	 
	 	(e)	 	Independent Legal Counsel: an attorney or firm of attorneys, selected
in accordance with the provisions of Section 3, who shall not have otherwise performed
services for the Company or Indemnitee within the last five years (other than with
respect to matters concerning the rights of Indemnitee under this Agreement, or of
other indemnitees under similar indemnity agreements).
	 
	 	(f)	 	Potential Change in Control: shall be deemed to have occurred if (i)
the Company enters into an agreement, the consummation of which would result in the
occurrence of a Change in Control; (ii) any person (including the Company)
publicly announces an intention to take or to consider taking actions which
if consummated would constitute a Change in Control; (iii) any person, other
than a 

2

 

	 	 	 	trustee or other fiduciary holding securities under an employee
benefit plan of the Company or a corporation owned, directly or indirectly,
by the stockholders of the Company in substantially the same proportions as
their ownership of stock of the Company, who is or becomes the beneficial
owner, directly or indirectly, of securities of the Company representing
9.5% or more of the combined voting power of the Company’s then outstanding
Voting Securities, increases his beneficial ownership of such securities by
five percentage points (5%) or more over the percentage so owned by such
person; or (iv) the Board adopts a resolution to the effect that, for
purposes of this Agreement, a Potential Change in Control has occurred.
	 
	 	(g)	 	Reviewing Party: any appropriate person or body consisting of a member
or members of the Company’s Board of Directors or any other person or body appointed by
the Board who is not a party to the particular Claim for which Indemnitee is seeking
indemnification, or Independent Legal Counsel.
	 
	 	(h)	 	Voting Securities: any securities of the Company which vote generally
in the election of directors.

     2. Basic Indemnification Arrangement. (a) In the event Indemnitee was, is or becomes
a party to or witness or other participant in, or is threatened to be made a party to or witness or
other participant in, a Claim by reason of (or arising in part out of) an Indemnifiable Event, the
Company shall indemnify Indemnitee to the fullest extent permitted by law as soon as practicable
but in any event no later than thirty days after written demand is presented to the Company,
against any and all Expenses, judgments, fines, penalties and amounts paid in settlement (including
all interest, assessments and other charges paid or payable in connection with or in respect of
such Expenses, judgments, fines, penalties or amounts paid in settlement) of such Claim.
Notwithstanding anything in this Agreement to the contrary, except for proceedings to enforce
rights to Indemnification, Indemnitee shall not be entitled to indemnification pursuant to this
Agreement in connection with any Claim initiated by Indemnitee unless the Board of Directors has
authorized or consented to the initiation of such Claim. If so requested by Indemnitee, the
Company shall advance (within two business days of such request) any and all Expenses to Indemnitee
(an “Expense Advance”).

          (b) Notwithstanding the foregoing, (i) the obligations of the Company under Section 2(a)
(other than as set forth in the last sentence thereof) shall be subject to the condition that the
Reviewing Party shall not have determined (based on an unqualified written legal opinion, in any
case in which the Independent Legal Counsel referred to in Section 3 hereof is involved) that
Indemnitee would not be permitted to be indemnified under applicable law construed in favor of
Indemnitee to the fullest extent permitted by law, and (ii) the obligation of the Company to make
an Expense Advance pursuant to Section 2(a) shall be subject to the condition that, if, when and to
the extent that the Reviewing Party determines that Indemnitee would not be permitted to be so
indemnified under applicable law, the Company shall be entitled to be reimbursed by Indemnitee (who
hereby agrees to reimburse the Company) for all such amounts theretofore paid; provided, however,
that if Indemnitee has commenced or thereafter commences legal proceedings in a court of competent
jurisdiction to secure a determination that Indemnitee should be indemnified under applicable law,
any determination made by the Reviewing Party that Indemnitee would not be permitted to be
indemnified under applicable law shall not be binding and Indemnitee shall not be required to
reimburse the Company for any Expense Advance until a final judicial determination is made with
respect thereto (as to which all rights of appeal therefrom have been exhausted or lapsed). If
there has not been a Change in Control, the Reviewing Party shall be selected by
the Board of Directors, and if there has been such a Change in Control (other than a Change in
Control which has been approved by a majority of the Company’s Board of Directors who were
directors

3

 

immediately prior to such Change in Control), the Reviewing Party shall be the
Independent Legal Counsel referred to in Section 3 hereof. If there has been no determination by
the Reviewing Party or if the Reviewing Party determines that Indemnitee substantively would not be
permitted to be indemnified in whole or in part under applicable law, Indemnitee shall have the
right to commence litigation in any court in the State of Delaware having subject matter
jurisdiction thereof and in which venue is proper seeking an initial determination by the court or
challenging any such determination by the Reviewing Party or any aspect thereof, including the
legal or factual bases therefor, and the Company hereby consents to service of process and to
appear in any such proceeding. Any determination by the Reviewing Party otherwise shall be
conclusive and binding on the Company and Indemnitee.

     3. Change in Control. The Company agrees that if there is a Change in Control of the
Company (other than a Change in Control which has been approved by a majority of the Company’s
Board of Directors who were directors immediately prior to such Change in Control) then with
respect to all matters thereafter arising concerning the rights of Indemnitee to indemnity payments
and Expense Advances under this Agreement or any other agreement or Company By-Law or Certificate
of Incorporation Article now or hereafter in effect relating to Claims for Indemnifiable Events,
the Company shall seek legal advice only from Independent Legal Counsel selected by Indemnitee and
approved by the Company (which approval shall not be unreasonably withheld or delayed). Such
counsel, among other things, shall render its written opinion to the Company and Indemnitee as to
whether and to what extent the Indemnitee would be permitted to be indemnified under applicable
law. The Company agrees to pay the reasonable fees of the Independent Legal Counsel referred to
above and to indemnify fully such counsel against any and all expenses (including attorneys’ fees),
claims, liabilities and damages arising out of or relating to this Agreement or its engagement
pursuant hereto.

     4. Indemnification for Additional Expenses. Subject to Section 2(b), the Company
shall indemnify Indemnitee against any and all Expenses (including attorneys’ fees) and, if
requested by Indemnitee, shall (within two business days of such request) advance such Expenses to
Indemnitee, which are incurred by Indemnitee in connection with any action brought by Indemnitee
for (i) indemnification or advance payment of Expenses by the Company under this Agreement or any
other agreement or Company By-Law or Certificate of Incorporation Article now or hereafter in
effect relating to Claims for Indemnifiable Events and/or (ii) recovery under any directors’ and
officers’ liability insurance policies maintained by the Company, in each case, regardless of
whether Indemnitee ultimately is determined to be entitled to such indemnification, advance expense
payment or insurance recovery, as the case may be.

     5. Partial Indemnity, Etc. If Indemnitee is entitled under any provision of this
Agreement to indemnification by the Company for some or a portion of the Expenses, judgments,
fines, penalties and amounts paid in settlement of a Claim but not, however, for all of the total
amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to
which Indemnitee is entitled. Moreover, notwithstanding any other provision of this Agreement, to
the extent that Indemnitee has been successful on the merits or otherwise in defense of any or all
Claims relating in whole or in part to an Indemnifiable Event or in defense of any issue or matter
therein, including dismissal without prejudice, Indemnitee shall be indemnified against all
Expenses incurred in connection therewith.

     6. Burden of Proof. It is the intent of the parties that the Indemnitee shall be
indemnified hereunder to the fullest extent permitted by applicable law, and in connection with any
determination by the Reviewing Party or otherwise as to whether Indemnitee is entitled to be
indemnified hereunder the burden of proof shall be on the Company to establish that Indemnitee is
not so entitled.

     7. No Presumptions. For purposes of this Agreement, the termination of any claim,
action, suit or proceeding, by judgment, order, settlement (whether with or without court approval)
or conviction, or upon a plea of nolo contendere, or its equivalent, shall not create a presumption
that

4

 

Indemnitee did not meet any particular standard of conduct or have any particular belief or
that a court has determined that indemnification is not permitted by applicable law. In addition,
neither the failure of the Reviewing Party to have made a determination as to whether Indemnitee
has met any particular standard of conduct or had any particular belief, nor an actual
determination by the Reviewing Party that Indemnitee has not met such standard of conduct or did
not have such belief, prior to the commencement of legal proceedings by Indemnitee to secure a
judicial determination that Indemnitee should be indemnified under applicable law shall be a
defense to Indemnitee’s claim or create a presumption that Indemnitee has not met any particular
standard of conduct or did not have any particular belief.

     8. Nonexclusivity, Etc. The rights of the Indemnitee hereunder shall be in addition
to any other rights Indemnitee may have under the Company’s By-Laws or Certificate of Incorporation
or the Delaware General Corporation Law or otherwise. To the extent that a change in the Delaware
General Corporation Law (whether by statute or judicial decision) permits greater indemnification
by agreement than would be afforded currently under the Company’s By-Laws, Certificate of
Incorporation and this Agreement, it is the intent of the parties hereto that Indemnitee shall
enjoy by this Agreement the greater benefits so afforded by such change.

     9. Liability Insurance. To the extent the Company maintains an insurance policy or
policies providing directors’ and officers’ liability insurance, Indemnitee shall be covered by
such policy or policies, in accordance with its or their terms, to the maximum extent of the
coverage available for any Company director or officer.

     10. Period of Limitations. No legal action shall be brought and no cause of action
shall be asserted by or in the right of the Company against Indemnitee, Indemnitee’s spouse, heirs,
executors or personal or legal representatives after the expiration of two years from the date of
accrual of such cause of action, and any claim or cause of action of the Company shall be
extinguished and deemed released unless asserted by the timely filing of a legal action within such
two-year period; provided, however, that if any shorter period of limitations is otherwise
applicable to any such cause of action such shorter period shall govern.

     11. Amendments, Etc. No supplement, modification or amendment of this Agreement shall
be binding unless executed in writing by both of the parties hereto. No waiver of any of the
provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions
hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

     12. Subrogation. In the event of payment under this Agreement, the Company shall be
subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall
execute all papers required and shall do everything that may be necessary to secure such rights,
including the execution of such documents necessary to enable the Company effectively to bring suit
to enforce such rights.

     13. No Duplication of Payments. The Company shall not be liable under this Agreement
to make any payment in connection with any Claim made against Indemnitee to the extent Indemnitee
has otherwise actually received payment (under any insurance policy, By-Law, Certificate of
Incorporation Article or otherwise) of the amounts otherwise indemnifiable hereunder.

     14. Binding Effect, Etc. This Agreement shall be binding upon and inure to the
benefit of and be enforceable by the parties hereto and their respective successors, assigns,
including any
direct or indirect successor by purchase, merger, consolidation or otherwise to all or
substantially all of the business and/or assets of the Company, spouses, heirs, executors and
personal and legal

5

 

representatives. This Agreement shall continue in effect regardless of whether
Indemnitee continues to serve as an officer or director of the Company or of any other enterprise
at the Company’s request.

     15. Severability. The provisions of this Agreement shall be severable in the event
that any of the provisions hereof (including any provision within a single section, paragraph or
sentence) are held by a court of competent jurisdiction to be invalid, void or otherwise
unenforceable in any respect, and the validity and enforceability of any such provision in every
other respect and of the remaining provisions hereof shall not be in any way impaired and shall
remain enforceable to the fullest extent permitted by law.

     16. Governing Law. This Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of Delaware applicable to contracts made and to be performed
in such state without giving effect to the principles of conflicts of laws.

          IN WITNESS WHEREOF, the parties hereto have executed this Agreement this [     ] day of [               ],
2008.

	 	 	 	 	 	 	 
	 	 	LIBERTY LANE ACQUISITION CORP.	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

[Name of Indemnitee]
	 	 

[Indemnification Agreement]

6

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