Document:

Unassociated Document

     

    
      SECURITIES
ESCROW AGREEMENT

      

      SECURITIES
ESCROW AGREEMENT, dated as of May [__], 2010 (the “Agreement”) by and among 57th
Street General Acquisition Corp., a Delaware corporation (the “Company”), 57th
Street GAC Holdings LLC (“Holdings” or the “Initial Stockholder”), the
undersigned parties listed as the Underwriter Warrantholders on the signature
pages hereto (the “Underwriter Warrantholders”), and Continental Stock Transfer
& Trust Company, a New York corporation (the “Escrow Agent”).

      

      WHEREAS,
the Company has entered into an Underwriting Agreement, dated May [__], 2010
(“Underwriting Agreement”) with Morgan Joseph & Co. Inc., (“MJ” or the
“Representative”), acting as representative of the several underwriters
(collectively, the “Underwriters”), pursuant to which, among other matters, the
Underwriters have agreed to purchase 5,000,000 units (not including the
underwriters’ over-allotment option) (“Units”) of the Company’ securities. Each
Unit consists of one share of the Company’s common stock, par value $.0001 per
share (the “Common Stock”), and one warrant (“Warrant”), each Warrant to
purchase one share of Common Stock, all as more fully described in the Company’s
definitive Prospectus, dated May [__], 2010 (“Prospectus”) comprising part of
the Company’s Registration Statement on Form S-1 (File No. 333-163134) under the
Securities Act of 1933, as amended (the “Registration Statement”), declared
effective on May [__], 2010 (the “Effective Date”);

      

      WHEREAS,
the Initial Stockholder has agreed, as a condition of the Underwriters’
obligation to purchase the Units pursuant to the Underwriting Agreement and to
offer them to the public, to deposit all of its shares of Common Stock, as set
forth opposite its name on Exhibit A attached hereto, in aggregate 638,889
shares (83,333 of which are subject to forfeiture to the extent the
over-allotment option is not exercised in full) (the “Escrow Shares”), in escrow
as hereinafter provided;

      

      WHEREAS,
the Company has entered into an amended and restated Warrant Subscription
Agreement with Holdings and the Underwriter Warrantholders (collectively, the
“Initial Warrantholders”), dated May 13, 2010 (the “Subscription Agreement”),
pursuant to which the Initial Warrantholders have agreed to purchase 3,700,000
warrants (the “Private Warrants”) in a private placement
transaction;

      

      WHEREAS,
the Initial Warrantholders have agreed as a condition of the sale of the Private
Warrants to deposit all of their respective Private Warrants (together with the
Escrow Shares, the “Escrow Securities”), as set forth opposite their respective
names on Exhibit A attached hereto, with the Escrow Agent as hereinafter
provided; and

      

      WHEREAS,
the Company and the Initial Stockholder and Initial Warrantholders desire that
the Escrow Agent accept the Escrow Securities, in escrow, to be held and
disbursed as hereinafter provided.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      IT IS
AGREED:

      

      1.  Appointment of Escrow
Agent. The Company, the Initial Stockholder and Initial Warrantholders
hereby appoint the Escrow Agent to act in accordance with and subject to the
terms of this Agreement and the Escrow Agent hereby accepts such appointment and
agrees to act in accordance with and subject to such terms.

      

      2.   Deposit of Escrow
Securities. On or before the Effective Date, the Initial Stockholder and
Initial Warrantholders shall deliver to the Escrow Agent certificates
representing their respective Escrow Securities, in proper transfer order with
Medallion guaranteed stock powers, to be held and disbursed subject to the terms
and conditions of this Agreement. The Initial Stockholder and Initial
Warrantholders acknowledge and agree that the certificates representing the
Escrow Securities will bear a legend to reflect the deposit of such Escrow
Securities under this Agreement.

       

      3.   Disbursement of the Escrow
Securities.  The Escrow Agent shall hold each of the Escrow
Shares and the Private Warrants until the termination of their respective Escrow
Period (as defined below). In the case of the Escrow Shares, the “Escrow Period”
shall be the period beginning on the date the certificates representing the
Shares are deposited with the Escrow Agent and ending on the date that is one
year following the consummation of the initial Business Transaction (as such
term is defined in the Registration Statement) or earlier if, subsequent to the
Business Transaction the Company consummates a subsequent liquidation, merger,
stock exchange or other similar transaction which results in all of the Company
stockholders having the right to exchange their shares of Common Stock for cash,
securities or other property.  In the case of the Private Warrants,
the “Escrow Period” shall be the period beginning on the date the certificates
representing the Private Warrants are deposited with the Escrow Agent and ending
30 days following the date of the consummation of the initial Business
Transaction. On the termination date of the applicable Escrow Period, the Escrow
Agent shall, upon written instructions from the Company, disburse the Escrow
Securities to such holders; provided, however, that if the Escrow Agent is
notified by the Company pursuant to Section 6.7 hereof that the Company is (i)
being liquidated at any time during the Escrow Period, or (ii) that up to 83,333
of the Escrow Shares have been forfeited, then the Escrow Agent shall promptly
destroy the certificates representing such Escrow Securities (or portion
thereof, as applicable).  The Escrow Agent shall have no further
duties hereunder after the disbursement or destruction of the Escrow Securities
in accordance with this Section 3.

      

      4.   Rights of Initial Holder in
Escrow Securities.

      

      4.1.  Voting Rights as a
Stockholder. Subject to the terms of the Insider Letter described in
Section 4.4 hereof and except as herein provided, the Initial Stockholder shall
retain all of its rights as a stockholder of the Company during the Escrow
Period, including, without limitation, the right to vote the Escrow
Shares.

      

      4.2.  Dividends and Other
Distributions in Respect of the Escrow Securities. During the Escrow
Period, all dividends payable in cash with respect to the Escrow Securities
shall be paid to the Initial Stockholder, but all dividends payable in stock or
other non-cash property (“Non-Cash Dividends”) shall be delivered to the Escrow
Agent to hold in accordance with the terms hereof. As used herein, the term
“Escrow Securities” shall be deemed to include the Non-Cash Dividends
distributed thereon, if any.

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

       

      4.3.  Restrictions
on Transfer.  During the
Escrow Period, no sale, transfer or other disposition may be made of any or all
of the Escrow Securities except (i) upon the dissolution and
liquidation of holder and the distribution of assets to its members; (ii) by
gift to an immediate family member of any Initial Stockholder or the Initial
Warrantholders members or to a trust, the beneficiary of which is an immediate
family member of such Initial Stockholder or a member of the immediate family of
the Initial Warrantholders’ members, (iii) by virtue of the laws of descent and
distribution upon death of any Initial Stockholder or any member of an Initial
Warrantholder, (iv) pursuant to a qualified domestic relations order,
(v) in the
event of the Company’s liquidation prior to completion of its initial Business
Transaction or (vi) in the event of the Company’s consummation of a liquidation,
merger, stock exchange or other similar transaction which results in all of the
Company’s stockholders having the right to exchange their shares of common stock
for cash, securities or other property subsequent to the Company’s consummation
of an initial Business Transaction; provided, however, that such
permissive transfers may be implemented only upon the respective transferee’s
written agreement to be bound by the terms and conditions of this Agreement and
of the Insider Letter signed by the Initial Stockholder that is transferring the
Escrow Shares. Even if transferred in accordance with this Section 4.3, the
Escrow Securities will remain subject to this agreement and may be released from
escrow only in accordance with Section 3 hereof.  During the Escrow
Period, the Initial Stockholder shall not pledge or grant a security interest in
the Escrow Securities or grant a security interest in its rights under this
Agreement.

      

      4.4.  Insider Letters. The
Initial Stockholder has executed a letter agreement with the Representative and the Company, dated as of
the Effective Date, and which is filed as an exhibit to the Registration
Statement (each an “Insider Letter”), respecting the rights and obligations of
such Initial Stockholder in certain events, including, but not limited to, the
liquidation of the Company.

      

      5.  Concerning the Escrow
Agent.

      

      5.1.  Good Faith Reliance.
The Escrow Agent shall not be liable for any action taken or omitted by it in
good faith and in the exercise of its own best judgment, and may rely
conclusively and shall be protected in acting upon any order, notice, demand,
certificate, opinion or advice of counsel (including counsel chosen by the
Escrow Agent, which counsel may be company counsel), statement, instrument,
report or other paper or document (not only as to its due execution and the
validity and effectiveness of its provisions, but also as to the truth and
acceptability of any information therein contained) which is believed by the
Escrow Agent to be genuine and to be signed or presented by the proper person or
persons. The Escrow Agent shall not be bound by any notice or demand, or any
waiver, modification, termination or rescission of this Agreement unless
evidenced by a writing delivered to the Escrow Agent signed by the proper party
or parties and, if the duties or rights of the Escrow Agent are affected, unless
it shall have given its prior written consent thereto.

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

       

      5.2.  Indemnification. The
Escrow Agent shall be indemnified and held harmless by the Company from and
against any expenses, including reasonable counsel fees and disbursements, or
loss suffered by the Escrow Agent in connection with any action taken by it
hereunder, action, suit or other proceeding involving any claim which in any
way, directly or indirectly, arises out of or relates to this Agreement, the
services of the Escrow Agent hereunder, or the Escrow Securities held by it
hereunder, other than expenses or losses arising from the gross negligence or
willful misconduct of the Escrow Agent. Promptly after the receipt by the Escrow
Agent of notice of any demand or claim or the commencement of any action, suit
or proceeding, the Escrow Agent shall notify the other parties hereto in
writing. In the event of the receipt of such notice, the Escrow Agent, in its
sole discretion, may commence an action in the nature of interpleader in an
appropriate court to determine ownership or disposition of the Escrow Securities
or it may deposit the Escrow Securities with the clerk of any appropriate court
or it may retain the Escrow Securities pending receipt of a final, non
appealable order of a court having jurisdiction over all of the parties hereto
directing to whom and under what circumstances the Escrow Securities are to be
disbursed and delivered. The provisions of this Section 5.2 shall survive in the
event the Escrow Agent resigns or is discharged pursuant to Sections 5.5 or 5.6
below.

      

      5.3.  Compensation. The
Escrow Agent shall be entitled to reasonable compensation from the Company for
all services rendered by it hereunder, as set forth on Exhibit B hereto. The
Escrow Agent shall also be entitled to reimbursement from the Company for all
expenses paid or incurred by it in the administration of its duties hereunder
including, but not limited to, all counsel, advisors’ and agents’ fees and
disbursements and all taxes or other governmental charges.

      

      5.4.  Further Assurances.
From time to time on and after the date hereof, the Company and the Initial
Stockholder shall deliver or cause to be delivered to the Escrow Agent such
further documents and instruments and shall do or cause to be done such further
acts as the Escrow Agent shall reasonably request to carry out more effectively
the provisions and purposes of this Agreement, to evidence compliance herewith
or to assure itself that it is protected in acting hereunder.

      
 

      5.5.  Resignation. The
Escrow Agent may resign at any time and be discharged from its duties as escrow
agent hereunder by its giving the other parties hereto written notice and such
resignation shall become effective as hereinafter provided. Such resignation
shall become effective at such time that the Escrow Agent shall turn over to a
successor escrow agent appointed by the Company and approved by the Representative, which approval will not be
unreasonably withheld, conditioned or delayed, the Escrow Securities held
hereunder. If no new escrow agent is so appointed within the 60 day period
following the giving of such notice of resignation, the Escrow Agent may deposit
the Escrow Securities with any court it reasonably deems
appropriate.

      

      5.6.  Discharge of Escrow
Agent. The Escrow Agent shall resign and be discharged from its duties as
escrow agent hereunder if so requested in writing at any time by the other
parties hereto, jointly, provided, however, that such resignation shall become
effective only upon acceptance of appointment by a successor escrow agent as
provided in Section 5.5.

       

      
        
           

        

        
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      5.7.  Liability.
Notwithstanding anything herein to the contrary, the Escrow Agent shall not be
relieved from liability hereunder for its own gross negligence or its own
willful misconduct.

      

      6.  Miscellaneous.

      

      6.1.  Governing Law. This
Agreement shall for all purposes be deemed to be made under and shall be
construed in accordance with the laws of the State of New York. Each of the
parties hereby agrees that any action, proceeding or claim against it arising
out of or relating in any way to this Agreement shall be brought and enforced in
the courts of the State of New York or the United States District Court for the
Southern District of New York, and irrevocably submits to such personal
jurisdiction, which jurisdiction shall be exclusive. Each of the parties hereby
waives any objection to such exclusive jurisdiction and that such courts
represent an inconvenient forum.

      

      6.2.  Entire Agreement.
This Agreement and the Insider Letters contain the entire agreement of the
parties hereto with respect to the subject matter hereof and, except as
expressly provided herein, may not be changed or modified except by an
instrument in writing signed by the party to the charged.  In
connection with any proposed amendment, the Escrow Agent may request an opinion
of issuer’s counsel as to the validity of the proposed amendment as a condition
to its execution of said amendment. 

      

      6.3.  Headings. The
headings contained in this Agreement are for reference purposes only and shall
not affect in any way the meaning or interpretation thereof.

      

      6.4.  Binding Effect. This
Agreement shall be binding upon and inure to the benefit of the respective
parties hereto and their legal representative, successors and
assigns.

      
 

      6.5.  Notices. Any notice
or other communication required or which may be given hereunder shall be in
writing and either be delivered personally or by private national courier
service, or be mailed, certified or registered mail, return receipt requested,
postage prepaid, and shall be deemed given when so delivered personally or, if
sent by private national courier service, on the next business day after
delivery to the courier, or, if mailed, two business days after the date of
mailing, as follows:

      

      if to the
Escrow Agent, to:

      

      Continental
Stock Transfer & Trust Company

      17
Battery Place

      New York,
NY 10004

      Attn:
[        ]

      Fax No.:
[           ]

       

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

       

      if to the
Company, to:

      

      57th
Street General Acquisition Corp.

      590
Madison Avenue, 35th
Floor

      New York,
NY 10022

      Attn:
Mark D. Klein

      Fax No.:
[              ]

      

      and a
copy, which shall not constitute notice, to:

      

      Ellenoff,
Grossman & Schole LLP

      150 East
42nd
Street, 11th
Floor

      New York,
New York 10017

      Attn:
Douglas Ellenoff, Esq.

      Fax No.:
(212) 370-7889

      

      if to any
Initial Stockholder or Initial Warrantholders, to the address set forth in
Exhibit A hereto.

      

      if the to
the representative of the underwriters, to:

      

      Morgan
Joseph & Co. Inc.,

      Morgan
Joseph & Co. Inc.

      600 Fifth
Avenue, 19th
Floor

      New York,
NY 10020

      Attn:
Tina Pappas

      Fax No.:
(212) 218-3760

      

      with a
copy, to:

      

      McDermott
Will & Emery LLP

      340
Madison Avenue

      New York,
New York 10173

      Attn:
Joel L. Rubinstein, Esq.

      Fax No.:
(212) 547-5444

      

      The
parties may change the persons and addresses to which the notices or other
communications are to be sent by giving written notice to any such change in the
manner provided herein for giving notice.

      

      6.6.  Liquidation of Company;
Forfeiture. The Company shall give the Escrow Agent prompt written
notification of (i) the liquidation of the Company or (ii) forfeiture of up to
83,333 Escrow Shares held by 57th Street GAC Holdings LLC to the extent the
underwriters over-allotment option is not exercised in full, as further
described in the Registration Statement.

      

      6.7.  Trust Account Waiver.
Notwithstanding anything herein to the contrary, the Escrow Agent hereby waives
any and all right, title, interest or claim of any kind (“Claim”) in or to any
distribution of the trust account (the “Trust Account”) in which the proceeds of
the initial public offering conducted by the Company pursuant to the Prospectus
(the “IPO”) and the proceeds of the sale of the Private Warrants will be
deposited and held for the benefit of the holders of the securities purchased in
the IPO, as described in greater detail in the Prospectus, and hereby agrees not
to seek recourse, reimbursement, payment or satisfaction for any Claim against
the Trust Account for any reason whatsoever.

       

      
        
           

        

        
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      6.8.  Third Party
Beneficiaries. The Initial Stockholder hereby acknowledges that the
Underwriters, including, without limitation, the Representative, are third party
beneficiaries of this Agreement and this Agreement cannot be modified or changed
without the prior written consent of the Representative.

      

      6.9.  Counterparts. This
Agreement may be executed in several counterparts each one of which shall
constitute an original and may be delivered by facsimile transmission and
together shall constitute one instrument.

      

      [remainder
of page intentionally left blank]

       

      
        
           

        

        
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      IN
WITNESS WHEREOF, the Company has caused the execution of this Agreement as of
the date first above written.

      
 

      
        	 
      	
                57TH
      STREET GENERAL ACQUISITION CORP.

              
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                By:  
      

              	
                 

              	 
      
	 
      	 
      	
                Name:

              	 
      
	 
      	 
      	
                Title:

              	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                CONTINENTAL
      STOCK TRANSFER

              	 
      
	 
      	
                  &
      TRUST COMPANY

              	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                By:

              	
                 

              	 
      
	 
      	 
      	
                Name:

              	 
      
	 
      	 
      	
                Title:

              	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                57TH
      STREET GAC HOLDINGS LLC

              	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                By:

              	 
      	 
      
	 
      	 
      	
                Name:
      Mark D. Klein

              	 
      
	 
      	 
      	
                Title:
      A Managing Member

              	 
      

      

      

      
        
           

        

        
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                UNDERWRITER
      WARRANTHOLDERS:

              	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                MORGAN
      JOSEPH & CO. INC.

              	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                By:  

              	
                 

              	 
      
	 
      	 
      	
                Name:

              	 
      
	 
      	 
      	
                Title:

              	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                LADENBURG
      THALMANN & CO. INC.

              	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                By:

              	
                 

              	 
      
	 
      	 
      	
                Name:

              	 
      
	 
      	 
      	
                Title:

              	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                I-BANKERS
      SECURITIES, INC.

              	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                By:

              	
                 

              	 
      
	 
      	 
      	
                Name:

              	 
      
	 
      	 
      	
                Title:

              	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                RODMAN
      & RENSHAW, LLC

              	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                By:

              	
                 

              	 
      
	 
      	 
      	
                Name:

              	 
      
	 
      	 
      	
                Title:

              	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                MAXIM
      GROUP LLC

              	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                By:

              	
                 

              	 
      
	 
      	 
      	
                Name:

              	 
      
	 
      	 
      	
                Title:

              	 
      

      

      

      
        
           

        

        
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      EXHIBIT
A

     

    
      57th
Street GAC Holdings LLC

      590
Madison Avenue, 35th
Floor

      New York,
NY 10022

      Attn:

      Facsimile
Number:

      EIN:
27-1215274

      Number of
Shares: 638,889 (up to 83,333) of which are subject to forfeiture in the event
the underwriters over-allotment option is not exercised in full)

      Number of
Warrants: 3,500,000

       

      Morgan
Joseph & Co. Inc.

      600 Fifth
Avenue, 19th
Floor

      New York,
NY 10020

      Attn:
Tina Pappas

      Fax No.:
(212) 218-3760

      Number of
Warrants: [________]

       

      Ladenburg
Thalmann & Co. Inc.

      153 East
53rd Street, 49th Floor

      New York,
NY  10022

      Attn:
Steven Kaplan

      Fax No.:
(212) 409-2169

      Number of
Warrants: [________]

       

      I-Bankers
Securities Incorporated

      810
Seventh Avenue, 11th Floor

      New York,
NY  10019

      Attn:
Robert E. Parker III

      Fax No.:
(212) 419-3895

      Number of
Warrants: [________]

       

      Maxim
Group LLC

      405
Lexington Avenue

      New York,
NY 10174

      Attn:
Paul G. LaRosa

      Fax No.:
(212) 895-3762

      Number of
Warrants: [________]

       

      Rodman
& Renshaw, LLC

      1251
Avenue of the Americas, 20th Floor

      New York,
NY 10020

      Attn:
Ramnarain Jaigobind

      Fax No.:
212-581-5690

      Number of
Warrants: [________]

       

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

       

    

    
      EXHIBIT
B

      

      Escrow
Agent Fees

      

      $______
annually for acting agent escrow fee.

      

      First
year agent fee to be paid at closing.

       

      
        
           

        

        
          11Unassociated Document

     

    
      REGISTRATION
RIGHTS AGREEMENT

      

      THIS
REGISTRATION RIGHTS AGREEMENT (this “Agreement”)
is entered into as of the ____ day of _______, 2010, by and among 57th Street
General Acquisition Corp., a Delaware corporation (the “Company”),
the undersigned party listed under Investor on the signature page hereto (the
“Investor”) and the
underwriter warrantholders with Morgan Joseph & Co. Inc. (“MJ” or the “Representative”) acting as representative of the several underwriters
(collectively, the “Underwriter
Warrantholders”).

      

      WHEREAS,
the Investor currently holds all of the outstanding Common Stock of the Company
issued prior to the consummation of the Company’s initial public offering (the
“Initial
Shares”);

      

      WHEREAS,
the Investor and the Underwriter Warrantholders have entered into an Amended and
Restated Warrant Subscription Agreement with the Company, the Investor and the
Underwriter Warrantholders pursuant to which the Investor and Underwriter
Warrantholders are purchasing 3,700,000 warrants in a private placement
transaction occurring simultaneously with or prior to the consummation of the
Company’s initial public offering (the “Insider
Warrants”);

      

      WHEREAS,
the Investor, the Underwriter Warrantholders and the Company desire to enter
into this Agreement to provide the Investor with certain rights relating to the
registration of the Initial Shares and the Investor and Underwriter
Warrantholders certain rights relating to the registration of the Insider
Warrants;

      

      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:

      

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

      

      “Business
Transaction” means any merger, share exchange, asset acquisition, plan of
arrangement, recapitalization, reorganization or similar business combination
involving the Company.

      

      “Commission”
means the 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 $0.0001 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
Shares” is defined in the preamble to this Agreement.

      

      “Insider
Warrants” is defined in the preamble to this Agreement.

      

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

      

      “Investor
Indemnified Party” is defined in Section 4.1.

      

      “Maximum
Number of Shares” is defined in Section 2.1.4.

      

      “Notices”
is defined in Section 6.3.

      

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

      

      “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
the applicable rules and regulations promulgated thereunder, and such
registration statement becoming effective.

      

      “Registrable
Securities” means (i) all of the Initial Shares or (ii) all of the
Insider Warrants (and underlying Common Stock) owned or held by Investor and
Underwriter Warrantholders upon consummation of the Company’s initial public
offering. Registrable Securities include any warrants, 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 Initial Shares and
Insider Warrants (and underlying 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 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 Securities and Exchange
Commission makes a definitive determination to the Company that the Registrable
Securities are saleable under Rule 144(k).

      

      “Registration
Statement” means a registration statement filed by the Company with the
Commission in compliance with the Securities Act and the rules and regulations
promulgated thereunder for a public offering and sale of equity securities, or
securities or other obligations exercisable or exchangeable for, or convertible
into, equity securities (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).

       

      
        
          
          

        

        
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      “Release
Date” means the date on which Initial Shares or Insider Warrants, as the
case may be, are disbursed from escrow pursuant to Section 3 of that certain
Securities Escrow Agreement dated as of May ___, 2010 by and among the parties
hereto and Continental Stock Transfer & Trust Company.

      

      “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.

      

      “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.

      

      2.  REGISTRATION
RIGHTS.

      

      2.1  Demand
Registration.

      

      2.1.1  Request for
Registration. At any time and from time to time on or after the date that
is (i) in the case of the Insider Warrants (or underlying Common Stock), after
the Company consummates a Business Transaction or (ii) in the case of the
Initial Shares, three months prior to the Release Date, the holders of a
majority-in-interest of such Insider Warrants (or underlying Common Stock),
Initial Shares or other Registrable Securities, as the case may be, may make a
written demand for registration under the Securities Act of all or part of their
Insider Warrants (or underlying Common Stock), Initial Shares or other
Registrable Securities, as the case may be (a “Demand
Registration”). Any demand for a Demand Registration shall specify the
type and number 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 shares of 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. Upon any such request, the
Demanding Holders shall be entitled to have their Registrable Securities
included in the Demand Registration, subject to Section 2.1.4 and the provisos
set forth in 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.

      

      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 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.

       

      
        
          
          

        

        
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      2.1.3  Underwritten
Offering. If a majority-in-interest 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 Registrable 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 of the
holders initiating the Demand Registration.

      

      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 shares of
Registrable Securities which the Demanding Holders desire to sell, taken
together with all other Common Stock or other securities which the Company
desires to sell and the 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 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
Number of Shares”), then the Company shall include in such registration:
(i) first, the Registrable Securities as to which 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 Number of Shares;
(ii) second, to the extent that the Maximum Number of Shares has not been
reached under the foregoing clause (i), the Common Stock or other securities
that the Company desires to sell that can be sold without exceeding the Maximum
Number of Shares; (iii) third, to the extent that the Maximum Number of Shares
has not been reached under the foregoing clauses (i) and (ii), to the extent
that the Maximum Number of Shares have not been reached under the foregoing
clauses (i), (ii), and (iii), the 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 Number of Shares.

      

      2.1.5  Withdrawal. If a
majority-in-interest of the Demanding Holders disapprove of the terms of any
underwriting or are not entitled to include all of their Registrable Securities
in any offering, such majority-in-interest of the Demanding Holders may elect to
withdraw from such offering by giving written notice to the Company and the
Underwriter or Underwriters of their request to withdraw prior to the
effectiveness of the Registration Statement filed with the Commission with
respect to such Demand Registration. If the majority-in-interest of the
Demanding Holders withdraws from a proposed offering relating to a Demand
Registration, then such registration shall not count as a Demand Registration
provided for in Section 2.1.

       

      
        
          
          

        

        
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      2.2  Piggy-Back
Registration.

      

      2.2.1  Piggy-Back Rights. If
at any time on or after the date the Company consummates a Business Transaction
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) for an exchange offer or offering of securities solely
to the Company’s existing stockholders, (iii) for an offering of debt that is
convertible into equity securities of the Company or (iv) for a dividend
reinvestment plan, 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”). The Company shall cause such Registrable Securities to be
included in such registration and shall use its best 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 on the same terms and conditions as 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
Common Stock which the Company desires to sell, taken together with Common
Stock, 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 Common Stock, 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
Number of Shares, then the Company shall include in any such
registration:

      

      a)  If
the registration is undertaken for the Company’s account: (A) first, the Common
Stock or other securities that the Company desires to sell that can be sold
without exceeding the Maximum Number of Shares; (B) second, to the extent that
the Maximum Number of Shares has not been reached under the foregoing clause
(A), the 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 Number of Shares; and (C) third, to the extent that the Maximum
Number of shares has not been reached under the foregoing clauses (A) and (B),
the 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 Number of Shares;

       

      
        
          
          

        

        
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      b)  If
the registration is a “demand” registration undertaken at the demand of persons
other than either the holders of Registrable Securities, (A) first, the Common
Stock or other securities for the account of the demanding persons that can be
sold without exceeding the Maximum Number of Shares; (B) second, to the extent
that the Maximum Number of Shares has not been reached under the foregoing
clause (A), the Common Stock or other securities that the Company desires to
sell that can be sold without exceeding the Maximum Number of Shares; (C) third,
to the extent that the Maximum Number of Shares has not been reached under the
foregoing clauses (A) and (B), collectively the 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 Number of Shares; and (D) fourth, to the extent that the Maximum Number
of Shares has not been reached under the foregoing clauses (A), (B) and (C), the
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 Number of
Shares.

      

      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 such Registration Statement.
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  Registrations on Form
S-3. The holders of Registrable Securities may at any time and from time
to time, request in writing that the Company register the resale of any or all
of such Registrable Securities on Form S-3 or any similar short-form
registration which may be available at such time (“Form
S-3”); provided, however, that the Company shall not be obligated to
effect such request through an underwritten offering. Upon receipt of such
written request, the Company will promptly give written notice of the proposed
registration to all other holders of Registrable Securities, and, as soon as
practicable thereafter, effect the registration of all or such portion of such
holder’s or holders’ Registrable Securities as are specified in such request,
together with all or such portion of the Registrable Securities or other
securities of the Company, if any, of any other holder or holders joining in
such request as are specified in a written request given within fifteen (15)
days after receipt of such written notice from the Company; provided, however,
that the Company shall not be obligated to effect any such registration pursuant
to this Section 2.2: (i) if Form S-3 is not available for such offering; or (ii)
if the holders of the Registrable Securities, together with the holders of any
other securities of the Company entitled to inclusion in such registration,
propose to sell Registrable Securities and such other securities (if any) at any
aggregate price to the public of less than $500,000.  Registrations
effected pursuant to this Section 2.2 shall not be counted as Demand
Registrations effected pursuant to Section 2.1.

       

      
        
          
          

        

        
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      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 best efforts to
effect the registration and sale of such Registrable Securities in accordance
with the intended method(s) of distribution thereof as expeditiously as
practicable, and in connection with any such request:

      

      3.1.1  Filing Registration
Statement. The Company shall use its best efforts to, as expeditiously as
possible 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 best efforts to
cause such Registration Statement to become effective and use its best efforts
to keep it 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 thirty (30) days, and any Piggy-Back Registration for such period as
may be applicable to deferment of any demand registration to which such
Piggy-Back Registration relates, in each case if the Company shall furnish to
the holders a certificate signed by the Chief Executive Officer or Vice Chairman
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;
provided further, however, that the Company shall not have the right to exercise
the right set forth in the immediately preceding proviso more than once in any
365-day period in respect of a Demand Registration hereunder.

      

      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.

       

      
        
          
          

        

        
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      3.1.3  Amendments and
Supplements. The Company shall prepare and file with the Commission such
amendments, including post-effective 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 or such securities have been withdrawn.

      

      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 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 of 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, including documents incorporated by reference,
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,
including documents incorporated by reference, to which such holders or their
legal counsel shall object.

      

      3.1.5  State Securities Laws
Compliance. The Company shall use its best 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 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.

       

      
        
          
          

        

        
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      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.

      

      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.

      

      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, all financial and other
records, pertinent corporate documents and properties of the Company, 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.

      

      3.1.9  Opinions and Comfort
Letters. The Company shall furnish to each holder of Registrable
Securities included in any Registration Statement a signed counterpart,
addressed to such holder, of (i) any opinion of counsel to the Company delivered
to any Underwriter and (ii) any comfort letter from the Company’s independent
public accountants delivered to any Underwriter. 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 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, an earnings statement covering a period of twelve (12)
months, which earnings statement shall satisfy the provisions of Section 11(a)
of the Securities Act and Rule 158 thereunder.

       

      
        
          
          

        

        
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      3.1.11  Listing. The Company
shall use its best 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 of the Registrable
Securities included in such registration.

      

      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 Section 3.1.4(iv), or, in the
case of a resale registration on Form S-3 pursuant to Section 2.2 hereof, upon
any suspension by the Company, pursuant to a written insider trading compliance
program adopted by the Company’s Board of Directors, of the ability of all
“insiders” covered by such program to transact in the Company’s securities
because of the existence of material non-public information, 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 such holder
receives the supplemented or amended prospectus contemplated by Section
3.1.4(iv) or the restriction on the ability of “insiders” to transact in the
Company’s securities is removed, as applicable, 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.

      

      3.3  Registration
Expenses. The Company shall bear all costs and expenses incurred in
connection with any Demand Registration pursuant to Section 2.1, any Piggy-Back
Registration pursuant to Section 2.2, and any registration on Form S-3 effected
pursuant to Section 2.2, 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, Inc. 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 fees
and expenses of one legal counsel selected by the holders of a
majority-in-interest of the Registrable Securities included in such
registration. The Company shall have no obligation to pay any 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.  Additionally, in an
underwritten offering, all selling stockholders and the Company shall bear the
expenses of the Underwriter pro rata in proportion to the respective amount of
shares each is selling in such offering.

      

      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.

       

      
        
          
          

        

        
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      4.  INDEMNIFICATION AND
CONTRIBUTION.

      

      4.1  Indemnification by the
Company. The Company agrees to indemnify and hold harmless Investor, the
Underwriter Warrantholders 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, an Underwriter Warrantholder 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 selling holder and
each other person, if any, who controls another selling holder or such
Underwriter within the meaning of the Securities 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 other selling holder or
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.

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      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 Section 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, 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 wishes, 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 reflect 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.

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

      4.4.2  The
parties hereto agree that it would not be just and equitable if contribution
pursuant to this Section 4.4 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 the immediately preceding Section
4.4.1.

      

      4.4.3  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, 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 file any reports required to be filed by it under the
Securities Act and the Exchange Act and shall 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.

      

      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. This Agreement and the
provisions hereof shall be binding upon and shall inure to the benefit of each
of the parties and its successors 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.

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

       

      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, 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:

      

      57th Street
General Acquisition Corp.

      590
Madison Avenue, 35th Floor

      New York,
New York 10022

      Attn:  Chief
Executive Officer

      

      with a
copy to:

      

      Ellenoff
Grossman & Schole LLP

      150 East
42nd
Street

      11th
Floor

      New York
NY 10017

      Attn:  Douglas
Ellenoff, Esq.

      

      To the
Investor, to:

      

      57th Street
GAC Holdings LLC

      590
Madison Avenue, 35th Floor

      New York,
New York 10022

      Attn:  Chief
Executive Officer

       

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

       

      To any
Underwriters, to:

      

      The
address listed on the signature pages hereto

      

      if the to
the Representative of the Underwriters, to:

      

      Morgan
Joseph & Co. Inc.

      600 Fifth
Avenue, 19th
Floor

      New York,
NY 10020

      Attn:
Tina Pappas

      Fax No.:
(212) 218-3760

      

      with a
copy, to:

      

      McDermott
Will & Emery LLP

      340
Madison Avenue

      New York,
New York 10173

      Attn:
Joel L. Rubinstein, Esq.

      Fax No.:
(212) 547-5444

      

      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.
Notwithstanding the foregoing, any and all parties must obtain the written
consent of Morgan Joseph & Co., Inc. to amend or modify this
Agreement.

      

      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 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.

       

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

       

      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.

      

      [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

      

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

      

      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.

      

      
        	 
      	 
      	
                57TH
      STREET GENERAL ACQUISITION CORP.

              
	 
      	 
      	 
      	 
      
	 
      	
                By:

              	
                 

              	 
      
	 
      	 
      	
                Name:

              	 
      
	 
      	 
      	
                Title:

              	 
      
	 
      	 
      	 
      	 
      
	 	 	 	 
	 
      	 
      	
                INVESTORS:

              	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	
                57TH
      STREET GAC HOLDINGS, LLC

              
	 
      	 
      	 
      	 
      
	 
      	
                By: 
      

              	
                 

              	 
      
	 
      	 
      	
                Name:

              	 
      
	 
      	 
      	
                Title:

              	 
      
	 
      	 
      	 
      	 
      
	 	 	 	 
	 
      	 
      	
                REPRESENTATIVE:

              	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	
                MORGAN JOSEPH & CO.
  INC.

              
	 
      	 
      	 
      	 
      
	 
      	
                By:

              	
                 

              	 
      
	 
      	 
      	
                Name: Tina Pappas 

              	 
      
	 
      	 
      	
                Title:

              	 
      
	 	 	 	 
	 
      	 
      	 
      	 
      
	 
      	 
      	
                UNDERWRITERS:

              	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	
                LADENBURG
      THALMANN & CO. INC.

              
	 
      	 
      	 
      	 
      
	 
      	
                By:

              	
                 

              	 
      
	 
      	 
      	
                Name: Steven Kaplan

              	 
      
	 
      	 
      	
                Title:

              	 
      
	 	 	 	 
	 
      	 
      	 
      	 
      
	 
      	 
      	
                I-BANKERS
      SECURITIES INCORPORATED

              
	 
      	 
      	 
      	 
      
	 
      	
                By:

              	
                 

              	 
      
	 
      	 
      	
                Name: Robert E. Parker III

              	 
      
	 
      	 
      	
                Title:

              	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	
                MAXIM
      GROUP LLC

              	 
      
	 
      	 
      	 
      	 
      
	 
      	
                By:

              	
                 

              	 
      
	 
      	 
      	
                Name: Paul G. LaRosa

              	 
      
	 
      	 
      	
                Title:

              	 
      
	 	 	 	 
	 
      	 
      	 
      	 
      
	 
      	 
      	
                RODMAN
      & RENSHAW, LLC

              
	 
      	 
      	 
      	 
      
	 
      	
                By:

              	
                 

              	 
      
	 
      	 
      	
                Name: Ramnarain Jaigobind

              	 
      
	 
      	 
      	
                Title:

              	 
      

      

      

      
        
          
          

        

        
          17

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