Document:

exv4w8

 

 

Exhibit 4.8

WARRANT DEED

     This Deed is made as of 24 April 2006 between Cross Shore Acquisition Corporation, a company
incorporated under the laws of the State of Delaware, with its registered office at Corporation
Trust Center, 1209 Orange Street, City of Wilmington, County of New Castle, Delaware 19801 (the
“Company”), and Capita IRG (OffShore) Limited, a company incorporated under the laws of Jersey,
with its registered office at Victoria Chambers, Liberation Square, 1/3 The Esplanade, St. Helier,
Jersey (the “Warrant Agent”).

     WHEREAS, pursuant to an offering circular dated on or around the date hereof (the “Offering
Circular”) the Company is engaged in an offering (the “Offering”) of Units (“Units”) comprised of
one share of common stock, par value $0.0001 per share, in the capital of the Company (the
“Shares”) and two warrants (the “Warrants”), each Warrant evidencing the right of the holder
thereof to purchase one Share for US$5.00, on the terms and subject to the conditions set forth in
the Offering Circular and subject to adjustment as described herein; and

     WHEREAS the Company desires, for the benefit of the holders from time to time of the
Warrants, the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to
so act, in connection with the issue, registration, transfer, exchange, redemption and exercise of
the Warrants; and

     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
authorise the execution and delivery of this Deed.

     NOW, THEREFORE: the Company and the Warrant Agent have executed as a Deed the following

     1. Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act
as agent for the Company for 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 Deed.

     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 of the Company, any director
of the Company or the company secretary of the Company. 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 issue.

 

 

     2.2 Registration.

          2.2.1 Warrant Register. The Warrant Agent shall maintain books (the “Warrant
Register”) for the registration of original issue and the registration of transfer of the
Warrants. Upon the
initial issue 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.

          2.2.2 Registered Holder. Prior to any Warrant being duly presented for registration of
transfer, the Company and the Warrant Agent may deem and treat the person in whose name such
Warrant shall be registered upon the Warrant Register (“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.

     2.3 Trading of Securities. The Shares and the Warrants comprising the Units will be
separately tradeable from the date on which the Shares and Warrants are admitted to trading on AIM,
a market operated by the London Stock Exchange plc (“AIM”) (the date on which trading commences
being the “Admission Date”).

     3. Terms and Exercise of Warrants.

     3.1 Warrant Price. Each Warrant shall, when accompanied by its duly completed
exercise
notice, entitle the registered holder thereof, subject to the provisions of this Warrant Deed,
to purchase
from the Company the number of Shares stated therein, at the price of $5.00 per 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 Deed refers to the price per share at which Shares 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.

     3.2 Duration of Warrants. A Warrant may only be exercised during the period (“Exercise
Period”):

          3.2.1 commencing on the earlier of (i) the completion by the Company of a Qualified
Business Combination, and (ii) if the Company has completed a Business Combination but has not
completed a Qualified Business Combination by the Qualified Business Combination Deadline, the
Qualified Business Combination Deadline (each defined term in this paragraph as defined in the
Offering
Circular); and

          3.2.2 Terminating at 5:00 p.m., New York City time on the earlier to occur of (i) the
fourth anniversary of the Admission Date and (ii) the date fixed for redemption of the
Warrants as
provided in Section 6 of this Deed (“Expiration Date”).

          Except with respect to the right to receive the Redemption Price (as set forth in Section 6
hereunder), each Warrant not exercised on or before the Expiration Date shall become void, and all
rights thereunder and all rights in respect thereof under this Deed shall cease at the close of
business on the Expiration Date. The Company in its sole discretion may extend the Exercise
Period.

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     3.3 Exercise of Warrants.

          3.3.1 Payment. Subject to the provisions of the Warrants and this Warrant Deed, a
Warrant 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, with the relevant exercise form
(available from the Warrant Agent from time to time), duly executed, and (i) by paying in full, in
lawful money of the United States, in cash, banker’s cheque or good bank draft payable to the order
of the Company (or as otherwise agreed to by the Company), the Warrant Price for each Share 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 Shares, and the issue of the Share; or (ii) in the
event the Company has called the Warrants for redemption pursuant to Section 6 hereof only, the
registered holder may, if the registered holder so elects, exercise its Warrant, through a
“cashless exercise” in which event the Company shall issue to the registered holder the number of
Shares determined by;

X=Y*((A-B)/A)

     where

     X is the number of Shares to be issued to the registered holder on a cashless
exercise;

     Y is the number of Shares underlying the Warrant being exercised;

     A is
the Fair Market Value (defined below) of the Shares; and

     B is the Warrant Price,

     provided however, that in the event the holder of a Warrant would be entitled, upon such
“cashless exercise”, to receive a fractional interest in a share, the Company shall, upon such
exercise, round down to the nearest whole number the number of Shares to be issued to the
registered holder.

The “Fair Market Value” of the Shares shall mean: (i) if the Shares are listed on AIM, the average
of the reported last independent bid price of the Shares as reported by AIM for the ten (10)
trading days ending on the third business day preceding the date in question; or (ii) if the fair
market price of the Shares cannot be determined pursuant to sub-section (i) above, such price as
the board of directors of the Company shall determine, in good faith.

          3.3.2. Issue 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 Shares to
which it is entitled, registered in such name or names as may be directed by it, and if such
Warrant shall not have been exercised in full, a 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 instruct the Warrant Agent to deliver any securities pursuant to the exercise of a
Warrant unless the Company shall, in its sole reasonable discretion, be satisfied that the
transfer procedures for purchasers and sellers have been followed, including, without limitation,
(i) its receipt of a written certification from the holder that it is a qualified institutional
buyer and understands that the Shares to be issued upon exercise of the Warrant have not been
registered under the Securities Act of 1933, as amended (the “Securities Act”) or (ii) supplying
an opinion of counsel that the Warrants and Shares issuable upon exercise are exempt from
registration under the Securities Act, and, in either case, (iii) agreeing that (x) such Shares
will be subject to certain restrictions on transfer, (y) a new holding period for the Shares
issued upon exchange of such Warrant, for the purposes of Rule 144 under the Securities Act, will
commence upon issue of such Shares

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and (z) its acquisition of Shares was not solicited by any form of general solicitation or general
advertising and that it has been given access to information sufficient to permit it to make an
informed decision as to whether to invest in the Shares. The Company may, in its sole discretion,
permit the exercise of the Warrants in certain limited circumstances, including with respect to the
Warrants held by certain of the Founding Shareholders (as defined in the Offering Circular), the
Warrants issued to the holders of a Unit purchase option for 1,100,000 Units issued by the Company
to Sunrise and their permitted assignees, dated on or about the date of this Deed, and the Warrants
held by such limited number of initial purchasers that are not qualified institutional buyers and
purchased Warrants in the Offering with the approval of the Company, in accordance with their terms
if the requirements of other exemptions under the Securities Act and other applicable laws can be
satisfied. Warrants may not be exercised by, or securities issued to, any registered holder in any
state in which such exercise would be unlawful.

          3.3.3 Valid Issue. All Shares issued upon the proper exercise of a Warrant in
conformity with this Deed shall be validly issued, fully paid and non-assessable.

          3.3.4 Date of Issue. Each person in whose name any such certificate evidencing
Shares is issued shall for all purposes be deemed to have become the holder of record of such
Shares on
the date on which such person’s name is entered into the register of members following the
surrender of
its Warrants(s) for exercise and payment of any Warrant Price having been made, irrespective
of the date
of delivery of such certificate, except that, if the date of such surrender and any payment is
a date when
the share 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 share
transfer
books are open.

     4. Adjustments.

     4.1 Share Dividends — Subdivisions. If after the date hereof, and subject to the
provisions of
Section 4.6 below, the number of outstanding Shares is increased by a share dividend payable
in Shares,
or by a subdivision of Shares, or other similar event, then, on the effective date of such
share dividend,
subdivision or similar event, the number of Shares issuable on exercise of each Warrant shall
be increased
in proportion to such increase in outstanding Shares.

     4.2 Aggregation of Shares. If after the date hereof, and subject to the provisions of
Section 4.6, the number of issued Shares is decreased by a consolidation, combination, reverse
share split
or reclassification of Shares, or other similar event, then, on the effective date of such
consolidation,
combination, reverse share split, reclassification or similar event, the number of Shares
issuable on
exercise of each Warrant shall be decreased in proportion to such decrease in issued Shares.

     4.3 Adjustments in Exercise Price. Whenever the number of Shares purchasable upon the
exercise of the Warrants is adjusted, as provided in Section 4.1 and 4.2 above, the Warrant
Price shall be
adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such
adjustment by
a fraction (x) the numerator of which shall be the number of Shares purchasable upon the
exercise of the
Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the
number of
Shares so purchasable immediately thereafter.

     4.4 Replacement of Securities upon Reorganisation, etc. In case of any
reclassification or
reorganisation of the issued Shares (other than a change covered by Section 4.1 or 4.2 hereof
or that
solely affects the par value of such Shares), or in the case of any merger, amalgamation 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
reorganisation of

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the outstanding Shares), 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 the Company immediately theretofore purchasable and receivable upon
the exercise of the rights represented thereby, the kind and amount of shares or other securities
or property (including cash) receivable upon such reclassification, reorganisation, merger,
amalgamation 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 Warrant(s) immediately
prior to such event; and if any reclassification also results in a change in Shares covered by
Section 4.1 or 4.2, then such adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3 and this
Section 4.4. The provisions of this Section 4.4 shall similarly apply to successive
reclassifications, reorganisations, mergers, amalgamations or consolidations, sales or other
transfers.

     4.5 Notices of Changes in Warrant. Upon every adjustment of the Warrant Price or the
number of Shares to be issued 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 or
4.4, 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.

     4.6 No Fractional Shares. Notwithstanding any provision contained in this Warrant Deed
to
the contrary, the Company shall not issue factional 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 down to the nearest whole number the number of Shares to be issued to the
Warrant
holder.

     4.7 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
Deed.
However, the Company may at any time in its sole discretion make any change in the form of
Warrant
that the Company may reasonably deem appropriate and that does not affect the substance
thereof, and
any Warrant thereafter issued, 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 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.

     5.2 Procedure for Surrender of Warrants. Subject to compliance with Section 3.3.2, the
Warrants may be surrendered to the Warrant Agent, together with a written request for exchange
or
transfer, and thereupon the Warrant Agent shall, subject to the Company’s satisfaction that,
in its sole
reasonable discretion, the transfer procedures for purchasers and sellers have been followed,
issue in

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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 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 unless the transfer is pursuant
to an effective registration statement under the Act or pursuant to an exemption from registration
under the Act provided by Rule 144, Rule 144A or Regulation S under the Act (subject to such
transferee making such representations in favour of the Company as the Company may deem advisable
to ensure that such transfer is conducted pursuant to such an exemption from, or in a transaction
not subject to, registration under the Act and in accordance with any applicable laws of state of
the U.S. and any other jurisdiction and, inter alia, agreement by the transferee to take such
securities subject to customary transfer restrictions and appropriate legends), and in each case in
accordance with applicable securities laws of each state of the U.S. and any other jurisdiction.
The Company may request an opinion of counsel reasonably satisfactory to the Company that such
transfer is to be effected in a transaction meeting the requirements of Regulation S under the Act
or is exempt from registration.

     5.3 Fractional Warrants. The Warrant Agent shall not be required to effect any
registration
of transfer or exchange which will result in the issue of a warrant certificate for a fraction
of a Warrant.

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

     5.5 Warrant Execution. The Warrant Agent is hereby authorized to deliver, in
accordance
with the terms of this Deed, 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
Section 6.4 hereof, all (and not less than all) of the
then
outstanding Warrants may be redeemed at the option of the Company with the prior written
consent of
Sunrise Securities Corp. (“Sunrise”), at any time during the Exercise Period, at the office of
the Warrant
Agent, upon the notice referred to in
Section 6.2., at the price of $0.0001 per Warrant
(“Redemption
Price”), provided that the last sales price of the Shares has been at least $8.50 per share,
on each of
twenty (20) trading days within any thirty (30) trading day period ending three business days
prior to the
date on which notice of redemption is given and the weekly trading volume for the Shares has
been at
least 550,000 Shares for each of the two calendar weeks before the notice of redemption is
given. The
provisions of this
Section 6.1 may not be modified, amended or deleted without the prior
written consent of Sunrise.

     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. Notice of
redemption shall
be mailed by first class mail, postage prepaid, by the Company not
less than thirty (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 registration books. Any notice mailed in the manner herein
provided shall be
conclusively presumed to have been duly given whether or not the registered holder received
such notice.

     6.3 Exercise After Notice of Redemption. The Warrants may be exercised for cash or on
a
“cashless” basis in accordance with
Section 3 of this Deed at any time after notice of
redemption 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.

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     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 is met. The provisions of this Section 6.4
may not be modified, amended or deleted without the prior written consent of Sunrise.

     7. Other Provisions Relating to Rights of Holders of Warrants.

     7.1 No Rights as Shareholder. A Warrant does not entitle the registered holder thereof
to any
of the rights of a shareholder 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 shareholders in respect of the meetings of shareholders 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 Shares. The Company shall at all times reserve and keep available a
number of its authorised but unissued Shares that will be sufficient to permit the exercise in
full of all
outstanding Warrants issued pursuant to this Deed.

     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 issue or
delivery
of Shares 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’ notice in writing 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 thirty (30) days after it has been
notified in writing of such resignation or incapacity by the Warrant Agent or by the holder of a
Warrant (who shall, with such notice, submit his Warrant for inspection by the Company), then the
holder of any Warrant may apply to the High Court of Justice in England 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 in good standing authorised to exercise the
functions of the Warrant Agent pursuant to this Deed and shall be subject to supervision or
examination by appropriate regulatory authorities. 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

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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.

          8.2.2
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 Shares not later than the effective date of any such appointment.

          8.2.3
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 to which the Warrant Agent shall be a party shall be the successor
Warrant
Agent under this Deed without any further act.

     8.3
Fees and Expenses of Warrant Agent.

          8.3.1 Remuneration. The Company agrees to pay the Warrant Agent reasonable
remuneration for its services as such 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.

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

     8.4 Liability of Warrant Agent.

          8.4.1
Reliance on Company Statement. Whenever in the performance of its duties
under this Warrant Deed, 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 chairman or deputy chairman
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 Deed.

          8.4.2 Indemnity. The Warrant Agent shall be liable hereunder only for its own
negligence, fraud, willful misconduct or bad faith provided that the aggregate liability of
the Warrant
Agent will be limited to the lesser of £1,000,000 (one million pounds) or an amount equal to
ten (10)
times the total annual fee payable to the Warrant Agent under the registrar agreement between
the
Company and the Warrant Agent dated on or about the date of this Deed. 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 Deed except as a result of the Warrant Agent’s negligence, fraud, wilful misconduct or
bad faith

          8.4.3 Exclusions. The Warrant Agent shall have no responsibility with respect to the
validity of this Deed or with respect to the validity or execution of any Warrant; nor shall
it be responsible
for any breach by the Company of any covenant or condition contained in this Deed or in any
Warrant;
nor shall it be responsible to make any adjustments required under the provisions of Section 4
hereof or

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be 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 authorisation or reservation of any Shares
to be issued pursuant to this Deed or any Warrant or as to whether any Shares 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 Deed 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 through the exercise of Warrants.

     9. Miscellaneous Provisions.

     9.1 Successors. All the covenants and provisions of this Deed 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 authorised by this Deed 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 deposit of such notice, postage prepaid,
addressed (until another address is filed in writing by the Company with the Warrant Agent), as
follows:

Cross Shore Acquisition Corporation

 Corporation Trust Center 
1209 Orange Street 
City of Wilmington 
Delaware 19801

Attn: Dennis Smith

     Any notice, statement or demand authorised by this Deed 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:

Capita IRG (Offshore) Limited

Victoria Chambers

Liberation Square

1/3 The Esplanade

St. Helier

Jersey

Attn: Compliance Department

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     A copy of any notice hereunder shall be sent to (but shall not constitute notice):

Sunrise Securities Corp.

641 Lexington Avenue, 25th Floor

New York, New York 10022

Attn: Sheldon Goldman

and:

Weil, Gotshal & Manges

One South Place 

London, BC2M2WG 
United Kingdom

Attn: Graham Defries

Wayne Rapozo

and:

Fried, Frank, Harris, Shriver & Jacobson (London) LLP.

99 City Road

London, EC1Y 0TT

United Kingdom

Attn: Sian Withey

     9.3 Applicable law. The validity, interpretation, and performance of this Deed and of
the
Warrants shall be governed in all respects by the laws of England & Wales, without giving
effect to
conflict of laws. The Company hereby agrees that any action, proceeding or claim against it
arising out of
or relating in any way to this Deed shall be brought and enforced in the courts of England,
and
irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company
hereby
waives any objection to such exclusive jurisdiction and to such courts representing an
inconvenient
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 Persons Having Rights under this Deed. Nothing in this Deed 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
of the
Warrants and, for the purposes of Sections 6.1, 6.4 and 9.2 hereof, Sunrise, any right,
remedy, or claim
under or by reason of this Warrant Deed or of any covenant, condition, stipulation,
promise, or agreement hereof. Sunrise shall be deemed to be a third-party beneficiary of this Deed with respect to
Sections 6.1,
6.4 and 9.2 hereof. All covenants, conditions, stipulations, promises, and agreements
contained in this
Warrant Deed shall be for the sole and exclusive benefit of the parties hereto (and Sunrise
with respect to
the Sections 6.1, 6.4 and 9.2 hereof) and their successors and assigns and of the registered
holders of the
Warrants.

10

 

     9.5 Founder. The term Founder means CSA II, LLC, Elrnwood Capital, LLC or entities
controlled by such persons.

     9.6 Examination of the Warrant Deed. A copy of this Deed shall be available at all
reasonable times at the office of the Warrant Agent, 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 Deed 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 Deed and shall not affect the interpretation thereof.

     9.9 Waiver of Claims. Notwithstanding any other provision of this Warrant Deed, the
Warrant Agent confirms its understanding that the Company has established a trust fund (the
“Trust
Fund”) relating to the Shares and Warrants. The Warrant Agent acknowledges that the Trust Fund
will
exist for the benefit of the Company’s New Shareholders (as defined in the Offering Circular)
and that
monies from the Trust Fund may be disbursed only to the New Shareholders in the event of the
liquidation of the Company or in certain other events as more fully described in the Offering
Circular.
The Warrant Agent agrees that neither it nor any of its affiliates have or will have any
claim, right, title or
interest of any kind in or to any monies in the Trust Fund (a “Claim”) and the Warrant Agent
and its
affiliates hereby waive any Claim against the Trust Fund that it or any of them may have now
or in the
future as a result of or arising out of this Warrant Deed and will not seek recourse against
the Trust Fund
for any reason whatsoever, including in respect of the Company’s indemnification obligations
under this
Warrant Deed.

11

 

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

	 	 	 	 	 	 	 
	Attest	 	CROSS SHORE ACQUISITION CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Dennis Smith	 	 
	 

	 	 Name:
	 	 

Dennis Smith
	 
	 

	 	Title:
	 	CEO	 	 
	 
	 	 	 	 	 	 
	 	 	CAPITA IRG (OFFSHORE) LIMITED	 	 
	 
	 	 	 	 	 	 
	Attest
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	/s/ Alex Horuby

	 	By:	 	/s/ Anthony O’Keeff	 	 
	Alex Horuby

	 	 Name:
	 	Anthony O’Keeff

	 
	 
	Corporate Administrator

	 	Title:	 	Directorexv4w9

 

Exhibit 4.9

UNIT PURCHASE OPTION

FOR THE PURCHASE OF

933,333 UNITS

OF

CROSS SHORE ACQUISITION CORPORATION

i

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Page	 
	 
	 	 	 	 	 	 	 	 	 	 
	1.	 	Purchase Option	 	 	1	 
	2.	 	Exercise	 	 	2	 
	 	 	2.1	 	Exercise Form	 	 	2	 
	 	 	2.2	 	Legend	 	 	2	 
	 	 	2.3	 	Cashless Exercise	 	 	2	 
	 
	 	 	 	2.3.1	 	Cashless Exercise	 	 	2	 
	 
	 	 	 	2.3.2	 	Mechanics of Cashless Exercise	 	 	2	 
	 	 	2.4	 	Mandatory Exercise	 	 	2	 
	 	 	2.5	 	Reduction in Option Shares upon Liquidation of Trust Fund	 	 	3	 
	3.	 	Transfer	 	 	3	 
	 	 	3.1	 	General Restrictions	 	 	3	 
	 	 	3.2	 	Restrictions Imposed by the Securities Act	 	 	3	 
	4.	 	New Purchase Options to be Issued	 	 	3	 
	 	 	4.1	 	Partial Exercise or Transfer	 	 	3	 
	 	 	4.2	 	Lost Certificate	 	 	3	 
	5.	 	Adjustments	 	 	3	 
	 	 	5.1	 	Adjustments to Exercise Price and Number of Securities	 	 	3	 
	 
	 	 	 	5.1.1	 	Share Dividends - Subdivisions	 	 	4	 
	 
	 	 	 	5.1.2	 	Aggregation of Shares	 	 	4	 
	 
	 	 	 	5.1.3	 	Replacement of Securities upon Reorganization, etc	 	 	4	 
	 
	 	 	 	5.1.4	 	Notice of Changes in Purchase Option	 	 	4	 
	 
	 	 	 	5.1.5	 	Changes in Form of Purchase Option	 	 	4	 
	 	 	5.2	 	Elimination of Fractional Interests	 	 	5	 
	6.	 	Reservation	 	 	5	 
	7.	 	Certain Notice Requirements	 	 	5	 
	 	 	7.1	 	Holder’s Right to Receive Notice	 	 	5	 
	 	 	7.2	 	Events Requiring Notice	 	 	5	 
	 	 	7.3	 	Notice of Change in Exercise Price	 	 	5	 
	 	 	7.4	 	Transmittal of Notices	 	 	5	 
	8.	 	Miscellaneous	 	 	6	 

ii

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Page	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	8.1	 	Amendments	 	 	6	 
	 	 	8.2	 	Headings	 	 	6	 
	9.	 	Entire Agreement	 	 	6	 
	 	 	9.1	 	Binding Effect	 	 	6	 
	 	 	9.2	 	Governing Law	 	 	6	 
	 	 	9.3	 	Arbitration; Submission to Jurisdiction	 	 	6	 
	 	 	9.4	 	Waiver, Etc	 	 	7	 
	 	 	9.5	 	Execution in Counterparts	 	 	7	 
	 	 	9.6	 	Exchange Agreement	 	 	7	 
	 	 	9.7	 	Registration Rights	 	 	7	 

iii

 

THE REGISTERED HOLDER OF THIS PURCHASE OPTION BY ITS ACCEPTANCE HEREOF,
AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE OPTION
EXCEPT AS HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE OPTION
AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS
PURCHASE OPTION TO ANYONE OTHER THAN SUNRISE SECURITIES CORP. (“SUNRISE”),
ANY PLACEMENT AGENT PARTICIPATING IN THE OFFERING OF THE UNITS (DEFINED
BELOW) OR THEIR BONA FIDE OFFICERS OR PARTNERS, OR TO AN EMPLOYEE OF
SUNRISE, OR A FAMILY MEMBER OF AN OFFICER OR DIRECTOR OF SUNRISE OR TO A
CHARITABLE ORGANIZATION (DEFINED BELOW).

THIS PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO THE EARLIER OF (I) THE
CONSUMMATION BY CROSS SHORE ACQUISITION CORPORATION OF A QUALIFIED BUSINESS
COMBINATION (DEFINED BELOW) AND (II) IF A BUSINESS COMBINATION HAS OCCURRED
BUT A QUALIFIED BUSINESS COMBINATION HAS NOT OCCURRED, THE QUALIFIED
BUSINESS COMBINATION DEADLINE (DEFINED BELOW). VOID AFTER 5:00 P.M EASTERN
TIME ON THE DATE THAT IS FOUR YEARS LESS ONE DAY FROM THE ADMISSION DATE
(DEFINED BELOW).

UNIT PURCHASE OPTION

FOR THE PURCHASE OF

933,333 UNITS

OF

CROSS SHORE ACQUISITION CORPORATION

	1.	 	Purchase Option.

     THIS CERTIFIES THAT, in consideration of $100 duly paid by or on behalf of
                     (the “Holder”), as registered owner of this Purchase Option, to Cross Shore
Acquisition Corporation (“Company”), the Holder is entitled, at any time or
from time to time upon the earlier of (i) the consummation by the Company
of a Business Combination (as defined in the Offering Circular) which, when
combined with all of the Company’s previous Business Combinations, has an
aggregate transaction value of at least 50 % of the initial amount held in
trust immediately following the end of the Stabilization Period (as defined
in the Offering Circular) (a “Qualified Business Combination”), or (ii) if
a Business Combination has occurred but a Qualified Business Combination
has not occurred, the date that is (A) 12 months from the Admission Date
(defined below) (or the date which is 18 months from the Admission Date if,
within such 12 month period, the Company has signed a letter of intent,
agreement in principle or definitive agreement in respect of a proposed
Business Combination) or (B) an extended date approved by a majority of
the Company’s New Shareholders (as defined in the Offering Circular) (the
date in any of these circumstances, the “Qualified Business Combination
Deadline”) (the date in (i) or (ii) above, the “Commencement Date”), and at
or before 5:00 p.m., Eastern Time on the date that is four years less one
day from the Admission Date (“Expiration Date”), but not thereafter, to
subscribe for, purchase and receive, in whole or in part, up to nine
hundred thirty three thousand three hundred thirty three (933,333) units
(“Unit(s)”) of the Company, each Unit consisting of one share of the
Company’s common stock, par value $.0001 per share (“Share(s)”), and two
warrants (“Warrant(s)”) expiring four years from the date (the “Admission
Date”) on which the Shares and Warrants are admitted for trading on AIM, a
market operated by the London Stock Exchange plc (“AIM”). Each Warrant is
identical to the warrants included in the Units being registered for sale
to the investors by way of the Company’s offering circular, to be dated on
or about the date hereof (the “Offering Circular”). If the Expiration Date
is a day on which banking institutions are authorized by law to close, then
this Purchase Option may be exercised on the next succeeding day which is
not such a day in accordance with the terms herein. During the period
ending on the Expiration Date, the Company agrees not to take any action
that would terminate the Purchase Option. This Purchase Option is initially
exercisable at $6.60 per Unit so purchased; provided, however, that upon
the occurrence of any of the events specified in Section 5 hereof, the
rights granted by this Purchase Option, including the exercise price per
Unit and the number of Units (and Shares and Warrants) to be received upon
such exercise, shall be adjusted as therein specified. The term “Exercise
Price” shall mean the initial exercise price or the adjusted exercise
price, depending on the context.

 

 

	2.	 	Exercise.

     2.1 Exercise Form. In order to exercise this Purchase Option,
the exercise form attached hereto must be duly executed and completed and
delivered to the Company, together with this Purchase Option and payment of
the Exercise Price for the Units being purchased payable in cash or by
certified check or official bank check. If the subscription rights
represented hereby shall not be exercised at or before 5:00 p.m., Eastern
time, on the Expiration Date, this Purchase Option shall become and be void
without further force or effect, and all rights represented hereby shall
cease and expire.

     2.2 Legend. Each certificate for the securities purchased
under this Purchase Option shall bear a legend substantially as follows (or
in such other form as shall be agreed between the Company and Sunrise)
unless such securities have been registered under the Securities Act of
1933, as amended (“Securities Act”):-

“The securities represented by this certificate have not
been registered under the Securities Act of 1933, as
amended (“Securities Act”) or applicable state law. The
securities may not be offered for sale, sold or otherwise
transferred except pursuant to an effective registration
statement under the Securities Act, or pursuant to an
exemption from registration under the Securities Act and
applicable state law.”

     2.3 Cashless Exercise.

          2.3.1 Cashless Exercise. In lieu of the payment of the
Exercise Price multiplied by the number of Units for which this Purchase
Option is exercisable (and in lieu of being entitled to receive Shares and
Warrants) in the manner required by Clause 2.1, the Holder shall have the
right (the “Cashless Exercise Right”) (but not the obligation) to convert
any exercisable but unexercised portion of this Purchase Option into Units
(“Conversion Right”) as follows: upon exercise of the Conversion Right, the
Company shall deliver to the Holder (without payment
by the Holder of any of the Exercise Price in cash) that number of
Units (or that number of Shares and Warrants comprising that number of
Units) equal to the quotient obtained by dividing (x) the “Value” (as
defined below) of the portion of the Purchase Option being converted by (y)
the “Current Market Value” (as defined below) of the portion of the
Purchase Option being converted. The “Value” of the portion of the Purchase
Option being converted shall equal the remainder derived from subtracting
(a) (i) the Exercise Price multiplied by (ii) the number of Units
underlying the portion of the Purchase Option being converted from (b) the
Current Market Value of a Unit multiplied by the number of Units underlying
the portion of the Purchase Option being converted. As used herein, the
“Current Market Value” per Unit at any date means the Current Market Price
of the Shares plus the product of (x) the Current Market Price of the
Warrants and (y) the number of Shares underlying the Warrants included in
one Unit. The “Current Market Price” shall mean (i) if the Shares (or
Warrants, as the case may be) are listed on AIM, the average of the reported
last independent bid price of the Shares (or Warrants, as the case may be)
as reported by AIM for the ten (10) trading days ending on the third
business day preceding the date in question; or (ii) if the fair market
value of the Shares (or Warrants, as the case may be) cannot be determined
pursuant to subsection (i) above, such price as the board of directors of
the Company shall determine, in good faith.

          2.3.2 Mechanics of Cashless Exercise. The Cashless Exercise
Right may be exercised by the Holder on any business day on or after the
Commencement Date and not later than the Expiration Date by delivering the
Purchase Option with the duly executed exercise form attached hereto as
Exhibit A with the cashless exercise section completed to the Company,
specifying the total number of Units the Holder will purchase pursuant to
such Cashless Exercise Right.

     2.4 Mandatory Exercise. Notwithstanding any other provision
hereof, in the event that the Company shall call the Warrants for redemption
pursuant to Section 6 of that certain warrant deed, dated on or about the
date hereof, between the Company and Capita IRG (Offshore) Limited, as
warrant agent, the Holder shall be required, prior to the date of redemption
set forth in the notice of redemption (which notice shall be provided to the
Holder at the same time it is provided to the registered holders of the
Warrants), to exercise any unexercised portion of this Purchase Option in
accordance with the provisions of this Section 2, and the Warrants issued
upon such exercise shall be subject to the call for redemption upon the same
terms as all of the other outstanding Warrants. On and after the redemption
date, the Holder of the Warrants underlying this Purchase Option shall have
no further rights except to receive, upon surrender of the Warrants, the
redemption price of $0.0001 per Warrant.

2

 

     2.5 Reduction in Option Shares upon Liquidation of Trust Fund.
In the event that (i) the Company has completed a Business Combination but
fails to complete a Qualified Business Combination by the Qualified
Business Combination Deadline and the Shares are repurchased as more fully
described in the Offering Circular and (ii) the Current Market Value of a
Unit exceeds $6.60, the number of Shares underlying this Purchase Option
(the “Option Shares”) shall be reduced, such that the number of Option
Shares immediately following such repurchase shall equal the number of
shares of Option Shares immediately prior to such repurchase multiplied by
a fraction, the numerator of which shall be the number of Shares held by
the New Shareholders that are not eligible for repurchase by the Company,
and the denominator of which is the total number of Shares held by the New
Shareholders immediately prior to such repurchase.

	3.	 	Transfer.

     3.1 General Restrictions. The Holder, by its acceptance
hereof, agrees that it will not sell, transfer, assign, pledge or
hypothecate this Purchase Option to anyone other than (i) any placement
agent participating in the offering of Shares and Warrants contemplated by
the Offering Circular (or a bona fide officer or partner thereof), (ii) an
employee of Sunrise, (iii) any family member of an officer, director or
shareholder of Sunrise or (iv) an entity exempt from federal income tax
under section 501(c)(3) of the United States Internal Revenue Code, as is
now in effect or may hereafter be amended, or the corresponding provision
of any future United States federal tax code (a “Charitable
Organization”),
and subject to compliance with or exemptions from, applicable securities
laws.

     3.2 Restrictions Imposed by the Securities Act. The securities
evidenced by this Purchase Option shall not be transferred unless the
Company shall, in its sole reasonable discretion, be satisfied that the
transfer procedures for purchasers and sellers have been followed,
including, without limitation, (i) its receipt of a written certification
from the holder that it is a qualified institutional buyer and understands
that the Warrants and Shares to be issued upon exercise of this Purchase
Option have not been registered under the Securities Act or (ii) the holder
supplying an opinion of counsel that such Warrants and Shares are exempt
from registration under the Securities Act, and, in either case, (iii) the
holder agreeing that (x) such Shares will be subject to certain
restrictions on transfer, (y) a new holding period for the Shares issued
upon exchange of such Warrant, for the purposes of Rule 144 under the
Securities Act, will commence upon issue of such Shares and (z) its
acquisition of Shares was not solicited by any form of general solicitation
or general advertising and that it has been given access to information
sufficient to permit it to make an informed decision as to whether to
incest in the Shares.

	4.	 	New Purchase Options to be
Issued,

     4.1 Partial Exercise or Transfer. Subject to the restrictions
in Section 3 hereof, this Purchase Option may be exercised or assigned (in
accordance with Clause 3 above) in whole or in part. In the event of the
exercise or assignment hereof (in accordance with Clause 3 above) in part
only, upon surrender of this Purchase Option for cancellation, together
with the duly executed exercise or assignment form and funds sufficient to
pay any Exercise Price and/or transfer or other duties or tax, the Company
shall cause to be delivered to the Holder without charge a new Purchase
Option of like tenor to this Purchase Option in the name of the Holder
evidencing the right of the Holder to purchase the number of Units
purchasable hereunder as to which this Purchase Option has not been
exercised or assigned.

     4.2 Lost Certificate. Upon receipt by the Company of evidence
satisfactory to it of the loss, theft, destruction or mutilation of this
Purchase Option and upon being indemnified to its satisfaction, the Company
shall execute and deliver a new Purchase Option of like tenor and date. Any
such new Purchase Option executed and delivered as a result of such loss,
theft, mutilation or destruction shall constitute a substitute contractual
obligation on the part of the Company.

	5.	 	Adjustments.

     5.1 Adjustments to Exercise Price and Number of Securities.
The Exercise Price and the number of Units underlying the Purchase Option
shall be subject to adjustment from time to time as hereinafter set forth:

3

 

          5.1.1 Share Dividends — Subdivisions. If after the date hereof, and
subject to the provisions of Section 5.2 below, the number of outstanding
Shares is increased by a share dividend payable in Shares or by a subdivision of
Shares or other similar event, then, on the effective date of such share
dividend, subdivision or similar event, the number of Shares underlying each of
the Units purchasable hereunder shall be increased in proportion to such
increase in outstanding shares. In such case, the number of Shares, and the
exercise price applicable thereto, underlying the Warrants underlying each of
the Units purchasable hereunder shall be adjusted in accordance with the terms
of the Warrants. For example, if the Company declares a two-for-one share
dividend and at the time of such dividend this Purchase Option is for the
purchase of one Unit at $6.60 per whole Unit (each Warrant underlying the Units
is exercisable for $5.00 per share), upon effectiveness of the dividend, this
Purchase Option will be adjusted to allow for the purchase of one Unit at $6.60
per Unit, each Unit entitling the holder to receive two Shares and two Warrants
(each Warrant exercisable for two Shares at $2.50 per share).

          5.1.2 Aggregation of Shares. If after the date hereof, and subject
to the provisions of Section 5.2, the number of outstanding Shares is decreased
by a consolidation, combination, reverse share-split, reclassification of Shares
or other similar event, then, on the effective date thereof, the number of
Shares underlying each of the Units purchasable hereunder shall be decreased in
proportion to such decrease in outstanding Shares. In such case, the number of
Shares, and the exercise price applicable thereto, underlying the Warrants
underlying each of the Units purchasable hereunder shall be adjusted in
accordance with the terms of the Warrants. For example, if the Company declares
a one-for-two reverse share split and at the time of such share split this
Purchase Option is for the purchase of one Unit at $6.60 per whole Unit (with
each Warrant underlying the Units being exercisable for $5.00 per share), upon
effectiveness of the reverse stock split, this Purchase Option will be adjusted
to allow for the purchase of one Unit at $6.60 per Unit, each Unit entitling the
holder to receive one half of one Share and one Warrant (such Warrant being
exercisable for $10.00 per share).

          5.1.3 Replacement of Securities upon Reorganization, etc. In case
of any reclassification or reorganization of the outstanding Shares other than a
change covered by Section 5.1.1 or 5.1.2 hereof or that solely affects the par
value of such Shares, 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), or in the
case of any sale or conveyance to another corporation or entity of the property
of the Company as an entirety or substantially as an entirety in connection with
which the Company is dissolved, the Holder shall have the right thereafter
(until the expiration of the right of exercise of this Purchase Option), upon
the terms and conditions specified in the Purchase Option and in lieu of the
Shares and Warrants of the Company immediately theretofore purchaseable and
receivable upon the exercise of the rights represented thereby, the kind and
amount of shares 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 (i) the Holder of the
number of Shares of the Company obtainable upon exercise of this Purchase Option
would have received immediately prior to such event and (ii) the holder of the
Warrants of the Company obtainable upon exercise of this Purchase Option would
have received upon exercise of such Warrant immediately prior to such event. If
any reclassification also results in a change in Shares covered by Section 5.1.1
or 5.1.2, then such adjustment shall be made pursuant to Sections 5.1.1, 5.1.2
and this Section 5.1.3 The provisions of this Section 5.1.3 shall similarly
apply to successive reclassifications, reorganizations, mergers or
consolidations, sales or other transfers.

          5.1.4 Notice of Changes in Purchase Option. Upon every adjustment
of the Exercise Price or the number of Shares or Warrants to be issued upon
exercise of this Purchase Option, the Company shall as soon as reasonably
practicable give notice thereof to the Holder which notice shall state the
Exercise Price resulting from such adjustment and the increase or decrease, if
any, in the number of Shares this Purchase Option and the number of Shares
issuable upon exercise of the Warrants underlying this Purchase Option, 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 5.1.1, 5.1.2 or 5.1.3 then, in any such event, the Company shall give
written notice to the Holder, at the last address set forth for the Holder, 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.

          5.1.5 Changes in Form of Purchase Option. This form of Purchase
Option need not be changed because of any change to the terms of this Purchase
Option pursuant to this Section 5. The acceptance by the Holder of such new
terms shall not be deemed to waive any rights to an adjustment occurring after
the Commencement

4

 

Date or the computation thereof. However, the Company may at any time in its
sole discretion make any change in the form of the Purchase Option that the
Company may reasonably deem appropriate and that does not affect the substance
thereof.

     5.2 Elimination of Fractional Interests. The Company shall not be
required to issue certificates representing fractions of Shares or Warrants upon
the exercise of the Purchase Option, nor shall it be required to issue scrip or
pay cash in lieu of any fractional interests, it being the intent of the parties
that all fractional interests shall be eliminated by rounding any fraction down
to the nearest whole number of Warrants, Shares or other securities, properties
or rights.

6. Reservation. The Company shall at all times reserve and keep
available out of its authorized Shares, solely for the purpose of issuance upon
exercise of this Purchase Option or the Warrants underlying this Purchase
Option, such number of Shares or other securities, properties or rights as shall
be issuable upon the exercise thereof. The Company covenants and agrees that,
upon exercise of this Purchase Option and payment of the Exercise Price
therefor, all Shares and other securities issuable upon such exercise shall be
duly and validly issued, fully paid and non-assessable and not subject to
preemptive rights of any shareholder. The Company further covenants and agrees
that upon exercise of the Warrants underlying this Purchase Option and payment
of the respective Warrant exercise price therefor, all Shares and other
securities issuable upon such exercise shall be duly and validly issued, fully
paid and non-assessable and not subject to preemptive rights of any shareholder.

7. Certain Notice Requirements.

     7.1 Holder’s Right to Receive Notice. Nothing herein shall be
construed as conferring upon the Holder the right to vote or consent as a
shareholder for the election of directors or any other matter, or as having any
rights whatsoever as a shareholder of the Company. If, however, at any time
prior to the expiration of the Purchase Option and its exercise, any of the
events described in Section 7.2 shall occur, then, in one or more of said
events, the Company shall give written notice of such event at least fifteen
days prior to the date fixed as a record date or the date of closing the
transfer books for the determination of the shareholders entitled to such
dividend, distribution, conversion or exchange of securities or subscription
rights, or entitled to vote on such proposed dissolution, liquidation, winding
up or sale. Such notice shall specify such record date or the date of the
closing of the transfer books, as the case may be. Notwithstanding the
foregoing, the Company shall deliver to the Holder a copy of each notice given
to the other shareholders of the Company at the same time and in the same manner
that such notice is given to the shareholders.

     7.2 Events Requiring Notice. The Company shall be required to give
the notice described in this Section 7 upon one or more of the following events:
(i) if the Company shall take a record of the holders of its Shares for the
purpose of entitling them to receive a dividend or distribution payable
otherwise than in cash, or a cash dividend or distribution payable otherwise
than out of retained earnings, as indicated by the accounting treatment of such
dividend or distribution on the books of the Company, or (ii) the Company shall
offer to all the holders of its Shares any additional capital stock of the
Company or securities convertible into or exchangeable for capital stock of the
Company, or any option, right or warrant to subscribe therefor, or (iii) a
dissolution, liquidation or winding up of the Company (other than in connection
with a consolidation or merger) or a sale of all or substantially all of its
property, assets and business shall be proposed.

     7.3 Notice of Change in Exercise Price. The Company shall, promptly
after an event requiring a change in the Exercise Price pursuant to Section 5
hereof, send notice to the Holder of such event and change
(“Price Notice”). The
Price Notice shall describe the event causing the change and the method of
calculating same and shall be certified as being true and accurate by the
Company’s Chairman and Chief Executive Officer.

     7.4 Transmittal of Notices. All notices, requests, consents and
other communications under this Purchase Option shall be in writing and shall be
deemed to have been duly made when hand delivered, or mailed by express mail or
private courier service: if to the Company, to the following address or to such
other address as the Company may designate by notice to the Holder:

Cross Shore Acquisition Corporation

Corporation Trust Center

5

 

1209 Orange Street

City of Wilmington
County of New Castle
Delaware 19801
Attn: Dennis Smith

     if to the Holder, to the following address or to such other address as
Sunrise may designate by notice to the Company:

Sunrise Securities Corp.

641 Lexington Avenue
New York, NY 10022
Attn: President

8. Miscellaneous.

     8.1 Amendments. The Company and the Holder may from time to time
supplement or amend this Purchase Option.

     8.2 Headings. The headings contained herein are for the sole
purpose of convenience of reference, and shall not in any way limit or affect
the meaning or interpretation of any of the terms or provisions of this Purchase
Option.

9. Entire Agreement. This Purchase Option (together with the other
agreements and documents being delivered pursuant to or in connection with
this Purchase Option) constitutes the entire agreement of the parties hereto
with respect to the subject matter hereof, and supersedes all prior
agreements and understandings of the parties, oral and written, with respect
to the subject matter hereof.

     9.1 Binding Effect. This Purchase Option shall inure solely to the
benefit of and shall be binding upon, the Holder and the Company and their
permitted assignees, respective successors, legal representative and assigns,
and no other person shall have or be construed to have any legal or equitable
right, remedy or claim under or in respect of or by virtue of this Purchase
Option or any provisions herein contained.

     9.2 Governing Law. This Purchase Option shall be governed by and
construed and enforced in accordance with the laws of the State of New York,
without giving effect to conflicts of laws.

     9.3 Arbitration; Submission to Jurisdiction. The Company hereby
agrees that any action, proceeding or claim against it arising out of, or
relating in any way to this Purchase Option shall be resolved by a binding
arbitration, to be held in New York, New York at the offices of the
International Chamber of Commerce (“ICC”), under the Rules of Conciliation and
Arbitration of the International Chamber of Commerce then in effect
(the “ICC
Rules”). The arbitration provided for hereunder will be undertaken by a single
arbitrator, jointly appointed by the Company and the Holder and if they are
unable to agree on an arbitrator, then the arbitrator shall be selected by the
manager of the ICC office in New York in accordance with the ICC Rules, provided
that such arbitrator shall be qualified to practice law in the State of New
York. Each party shall bear its own expenses incurred in connection with
arbitration and the fees and expenses of the arbitrator shall be shared equally
by the parties involved in the dispute and advanced by them from time to time as
required. The arbitrator shall render their final award within sixty (60) days,
subject to extension by the arbitrator upon substantial justification shown of
extraordinary circumstances, following conclusion of the hearing and any
required post-hearing briefing or other proceedings ordered by the arbitrator,
Any discovery in connection with arbitration hereunder shall be limited to
information directly relevant to the controversy or claim in arbitration. The
arbitrator will state the factual and legal basis for the award. The decision of
the arbitrator in any such proceeding will be final and binding and not subject
to judicial review and final judgment may be entered upon such an award in any
court of competent jurisdiction, but entry of such judgment will not be required
to make such award effective. The Company and the Holder hereby agree that any
action against either party ancillary to arbitration pursuant to this Section
9.3 (as determined by the arbitrator),

6

 

including any action for provisional or conservatory measures or action to
enforce an arbitration award or any judgment entered by any court in respect of
any thereof shall be brought and enforced in the courts of the State of New York
or of the United States of America for the Southern District of New York, and
irrevocably submit to such jurisdiction, which jurisdiction shall be exclusive.
The Company and the Holder hereby waive any objection to such exclusive
jurisdiction and that such courts represent an inconvenient forum. Any process
or summons to be served upon the Company and the Holder 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
7 hereof. Such mailing shall be deemed personal service and shall be legal and
binding upon either party in any action, proceeding or claim. The Company and
the Holder agree that the prevailing party(ies) in any such action shall be
entitled to recover from the other party(ies) all of its reasonable attorneys’
fees and expenses relating to such action or proceeding and/or incurred in
connection with the preparation therefor.

     9.4 Waiver. Etc. The failure of the Company or the Holder to at any
time enforce any of the provisions of this Purchase Option shall not be deemed or
construed to be a waiver of any such provision, nor to in any way affect the
validity of this Purchase Option or any provision hereof or the right of the
Company or the Holder to thereafter enforce each and every provision of this
Purchase Option. No waiver of any breach, non-compliance or non-fulfillment of
any of the provisions of this Purchase Option shall be effective unless set forth
in a written instrument executed by the party or parties against whom or which
enforcement of such waiver is sought; and no waiver of any such breach,
non-compliance or non-fulfillment shall be construed or deemed to be a waiver of
any other or subsequent breach, non-compliance or non-fulfillment.

     9.5 Execution in Counterparts. This Purchase Option may be executed
in one or more counterparts, and by the different parties hereto in separate
counterparts, each of which shall be deemed to be an original, but all of which
taken together shall constitute one and the same agreement, and shall become
effective when one or more counterparts has been signed by each of the parties
hereto and delivered to each of the other parties hereto.

     9.6 Exchange Agreement. As a condition of the Holder’s receipt and
acceptance of this Purchase Option, the Holder agrees that, at any time prior to
the complete exercise of this Purchase Option by the Holder, if the Company and
the Holder enter into an agreement (“Exchange
Agreement”) pursuant to which they
agree that all outstanding Purchase Options will be exchanged for securities or
cash or a combination of both, then the Holder shall agree to such exchange and
become a party to the Exchange Agreement.

     9.7 Registration Rights. The Holder of this Purchase Option or
securities acquired upon the exercise of this Purchase Option shall be entitled
to the same registration rights with respect to the Shares underlying this
Purchase Option, including the Shares underlying the Warrants assumable upon
exercise of this Purchase Option, as the investors in the Units have pursuant to
an investor rights agreement between the Company, Sunrise and Collins Stewart
Limited.

7

 

     IN WITNESS WHEREOF, the Company has caused this Purchase Option to be
signed by its duly authorized officer as of the 24 day of April 2006.

	 	 	 	 	 
	 	CROSS SHORE ACQUISITION CORPORATION
 	 
	 	By:  	/s/ Dennis Smith 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

8

 

Form to be used to exercise Purchase Option:

[COMPANY]
[ADDRESS]

Date:       
              , 200   

     [If not making cashless exercise] The undersigned hereby elects irrevocably
to exercise all or a portion of the units within the Purchase Option and to
purchase            Units of Cross Shore
Acquisition Corporation and hereby makes payment of $         
            (at the rate of
$               
      per Unit) in payment of the Exercise Price pursuant
thereto.

     [If making cashless
exercise] The undersigned hereby elects irrevocably to
exercise all or a portion of the units within the Purchase Option utilizing the
cashless exercise related to            Units of Cross Shore
Acquisition Corporation. The average closing price of the stock for the previous twenty trading days as of
[date] was $          /share and the average closing price of the warrants for the
previous twenty trading days as of such data was $          
/warrant, implying the
issuance of                 shares
of stock and                 warrants.

     Please issue the Shares and Warrants as to which this Purchase Option is
exercised in accordance with the instructions given below.

	 	 	 	 	 
	 

	 	 
Signature
	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 
	 	 
Signature Guaranteed	 	 

INSTRUCTIONS FOR REGISTRATION OF SECURITIES

	 	 	 	 	 	 	 
	Name 
	 	 	 	 	 
	 	 	 
(Print in Block Letters)
	 	 
	 
	 	 	 	 	 	 
	Address 	 	 	 	 
	 
	 	 	 
	 	 

     NOTICE: THE SIGNATURE TO THIS FORM MUST CORRESPOND WITH THE NAME AS WRITTEN
UPON THE FACE OF THE WITHIN PURCHASE OPTION IN EVERY PARTICULAR WITHOUT
ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE GUARANTEED BY A
BANK, OTHER THAN A SAVINGS BANK, OR BY A TRUST COMPANY OR BY A FIRM HAVING
MEMBERSHIP ON A REGISTERED NATIONAL SECURITIES EXCHANGE.

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