Document:

Form of Warrant Agreement

 Exhibit 4.4 
  
  
 WARRANT AGREEMENT, dated as of [            ], 2008, by and between Grail Investment Corp., a Delaware corporation, with offices located at 767 Third Avenue, 21st Floor, New York, New York 10017 (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation, with offices at 17
Battery Place, New York, New York 10004 (the “Warrant Agent”). 
  
  
 INTRODUCTION 
 WHEREAS, the Company is engaged in a public offering (“Public Offering”) of securities and, in connection therewith, has determined to issue
and sell up to 23,000,000 Warrants to the public investors (“Public Warrants”), each of such Warrants evidencing the right of the holder thereof to purchase one share of the Company’s common stock, par value $0.0001 per share
(“Common Stock”), for $7.50, subject to adjustment as described herein; 
 WHEREAS, the Company has filed with the Securities and
Exchange Commission a Registration Statement on Form S-1, No. 333-148631 (the “Registration Statement”), for the registration, under the Securities Act of 1933, as amended (the “Act”), of, among other securities, the Public
Warrants and the Common Stock issuable upon exercise of the Public Warrants; 
 WHEREAS, the Company has received binding commitments from
Grail Chalice SPAC Holdings LLC (the “Insider”) to purchase an aggregate of 6,000,000 warrants (the “Insider Warrants” and, together with the Public Warrants, the “Warrants”), which will be identical to the Public
Warrants with certain exceptions set forth herein, in a private placement to take place simultaneously with the consummation of the Public Offering; 
 WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration, transfer, exchange, redemption and exercise of
the Warrants; 
 WHEREAS, the Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be
issued and exercised, and the respective rights, limitation of rights and immunities of the Company, the Warrant Agent and the holders of the Warrants; and 
 WHEREAS, all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or on behalf of the Warrant Agent, as provided herein,
the valid, binding and legal obligations of the Company, and to authorize the execution and delivery of this Agreement. 
 NOW, THEREFORE, in
consideration of the mutual agreements contained herein, the Warrant Agent and the Company agree as follows: 
 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 Agreement. 
  

 2. Warrants. 
 2.1. Form of Warrant. Each Public 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 Board or Chief Executive Officer and Chief Financial Officer, Treasurer or Secretary of the Company. Each Insider Warrant shall be issued in registered form only, shall be in
substantially the form of Exhibit B hereto, the provisions of which are incorporated herein, and shall be signed by, or bear the facsimile signature of, the Chairman of the Board or Chief Executive Officer and Chief Financial Officer,
Treasurer or 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 issuance. 
 2.2. Effect of Countersignature.
Unless and until countersigned by the Warrant Agent pursuant to this Agreement, a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof. 
 2.3. Registration. 
 2.3.1.
Warrant Register. The Warrant Agent shall maintain books (the “Warrant Register”) for the registration of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant
Agent shall issue and register the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered to the Warrant Agent by the Company. 
 2.3.2. Registered Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and
treat the person in whose name such Warrant shall be registered upon the Warrant Register (the “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. 
 2.4. Detachability of Public Warrants. Each Public Warrant shall initially be issued together with one
share of Common Stock as a unit (a “Unit”). The shares of Common Stock and the Public Warrants comprising the Units shall not be separately transferable until 90 days after the date of the prospectus relating to the Public Offering filed
with the U.S. Securities and Exchange Commission (the “SEC”) pursuant to Rule 424 under the Act unless Lazard Capital Markets LLC (“Lazard”) informs the other parties hereto of its decision to allow earlier separate trading, but
in no event will Lazard allow separate trading of the securities comprising the Units until the Company files (a) a Current Report on Form 8-K with the SEC that includes an audited balance sheet reflecting the receipt by the Company of the
gross proceeds of the Public Offering and (b) an additional Current Report on Form 8-K reflecting the receipt of the proceeds from the exercise of the underwriters’ over-allotment option, if the over- 

  

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allotment option is exercised after our initial filing of a Current Report on Form 8-K. The date on which the securities comprising the Units become
separately transferable is referred to herein as the “Detachment Date.” Prior to the Detachment Date, Public Warrants may be transferred or exchanged only together with the Unit in which such Public Warrant is included, and only for the
purpose of effecting, or in conjunction with, a transfer or exchange of such Unit. 
 2.5. Restrictions on Transfer of Insider
Warrants. 
 2.5.1. The Insider Warrants will not be transferable until the later of
[            ], 2009 [one year from the date of the prospectus] and the date that is 90 days after the consummation by the Company of a Business Combination (as defined in
Section 3.2), other than, at the same cost per warrant originally paid by the Insider, to a Permitted Transferee who agrees in writing to be bound by the restrictions set forth in this Section 2.5. “Permitted Transferee” means
(a) any employee or other affiliate of Grail Partners LLC or (b) any director, special advisor or officer of the Company. 
 2.5.2. In addition, no Insider Warrant will be transferable unless and until (a) there is then in effect a registration statement under the Securities Act covering such transfer and such transfer is made in accordance with such
registration statement or (b) if reasonably requested by the Company, (i) the holder of such Insider Warrant shall have furnished to the Company an opinion of counsel reasonably satisfactory to the Company that such disposition does not
require registration under the Act and (ii) the transferee shall have agreed in writing to be bound by the restrictions set forth in this Section 2.5.2. 
 2.5.3. The holders of the Insider Warrants shall give the Company prior written notice of any proposed transfer of Insider Warrants expressing its desire to effect such transfer and describing briefly the proposed
transfer. 
 3. Terms and Exercise of Warrants. 
 3.1. Warrant Price. Each Warrant shall, when countersigned by the Warrant Agent, entitle the registered holder thereof, subject to the provisions of such Warrant and of this Warrant Agreement, to purchase from
the Company the number of shares of Common Stock stated therein, at the price of $7.50 per whole share, subject to the adjustments provided in Section 4 hereof and in the last sentence of this Section 3.1. The term “Warrant
Price” as used in this Warrant Agreement refers to the exercise price per share at which Common Stock may be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any time prior to the
Expiration Date (as defined below) for a period of not less than 10 business days; provided, however, that any such reduction shall be identical in percentage terms among all of the Warrants. 
 3.2. Duration of Warrants. A Warrant may be exercised only during the period (“Exercise Period”) commencing on the later of (i) the
consummation by the Company of a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination, including a joint venture or obtaining a majority interest through contractual arrangements, as
more fully described in the Registration Statement (“Business Combination”) or (ii) [            ], 2009 [one year from the date of the prospectus], and 

  

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terminating at 5:00 p.m., New York City time on the earlier to occur of (i)[            ], 2012
[four years from the date of the prospectus] or (ii) the date fixed for redemption of the Warrants as provided in Section 6 of this Agreement (“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 Agreement, shall cease at the close of business
on the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date; provided, however, that the Company will provide notice to registered holders of the Warrants of such
extension of not less than 20 days, provided that any extension of the duration of the Warrants must apply equally to all of the Warrants. 
 3.3. Exercise of Warrants. 
 3.3.1. Payment. Subject to the provisions of the relevant Warrant and this Warrant
Agreement, including Section 3.3.5 below, a Warrant, when countersigned by the Warrant Agent, may be exercised by the registered holder thereof by surrendering it, at the office of the Warrant Agent, or, if applicable, at the office of its
successor as Warrant Agent, in the Borough of Manhattan, City and State of New York, with the subscription form, as set forth in the Warrant, duly executed, and by paying in full the Warrant Price for each full share of Common Stock as to which the
Warrant is exercised and any and all applicable taxes due in connection with the exercise of the Warrant, the exchange of the Warrant for shares of Common Stock and the issuance of Common Stock, as follows: 
 (a) in cash or by certified or official bank check payable to the order of the Company, or 
 (b) with respect to any Insider Warrant held by the Insider or a Permitted Transferee, by surrendering such Insider Warrants for that number of shares of
Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying such Insider Warrants, multiplied by the difference between the exercise price of such Insider Warrants and the Fair
Market Value (as defined below), by (y) the Fair Market Value. Solely for purposes of this Section 3.3.1(b), the “Fair Market Value” shall mean the average reported last sale price of the Common Stock for the five trading
days ending on the trading day prior to the date on which the Insider Warrants are exercised. 
 3.3.2. Issuance of Certificates. As
soon as practicable after the proper exercise of any Warrant and the clearance of the funds in payment of the Warrant Price, the Company shall issue to the registered holder of such Warrant a certificate or certificates for the number of full shares
of Common Stock to which he, she or it is entitled, registered in such name or names as may be directed by him, her or it, and if such Warrant shall not have been exercised in full, a new countersigned Warrant for the number of shares as to which
such Warrant shall not have been exercised. 
  

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 3.3.3. Valid Issuance. All shares of Common Stock issued upon the proper exercise of a Warrant in
conformity with this Agreement shall be validly issued, fully paid and nonassessable. 
 3.3.4. Date of Issuance. Each person in
whose name any such certificate for shares of Common Stock is issued shall for all purposes be deemed to have become the holder of record of such shares on the date on which the Warrant was surrendered and payment of the Warrant Price was made,
irrespective of the date of delivery of such certificate, except that, if the date of such surrender and payment is a date when the stock transfer books of the Company are closed, such person shall be deemed to have become the holder of such shares
at the close of business on the next succeeding date on which the stock transfer books are open. 
 3.3.5. Restrictions on Exercise.
The Company shall have no obligation to deliver any securities pursuant to the exercise of a Warrant and shall have no obligation to settle such Warrant exercise unless a registration statement under the Act with respect to the Common Stock issuable
upon exercise of such Warrant is effective and a current prospectus relating to the shares of Common Stock issuable upon exercise of such Warrant is available for delivery. In the event that a registration statement with respect to the Common Stock
underlying a Public Warrant is not effective under the Act or a current prospectus is not available, the holder of such Warrant shall not be entitled to exercise such Warrant, such Warrant may have no value and expire worthless and, in the case of a
Public Warrant, the purchaser of the Unit containing such Warrant will have paid the full purchase price for the Unit solely for the share of Common Stock included in such Unit. In no event will the Company be required to “net cash settle”
any such Warrant exercise. The Company, however, is subject to its obligations under Section 7.4. Notwithstanding the foregoing, the shares of Common Stock issuable upon exercise of the Insider Warrants shall be unregistered shares. 

4. Adjustments. 
 4.1.1 Stock
Dividends; Split-Ups. If after the date hereof, and subject to the provisions of Section 4.6 below, the number of outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split-up of
shares of Common Stock, or other similar event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be increased in proportion to such
increase in outstanding shares of Common Stock. 
 4.1.2 Extraordinary Dividend. If the Company, at any time during the Exercise
Period, shall pay a dividend or make a distribution in cash, securities or other assets to the holders of shares of Common Stock, other than (i) as described in Sections 4.1.1, 4.1.2, 4.2 or 4.4; (ii) regular quarterly or other period
dividends; (iii) in connection with the conversion rights of the holders of shares of Common Stock upon consummation of the Company’s Business Combination; or (iv) in connection with the Company’s liquidation and the distribution
of its assets upon its failure to consummate a Business Combination (any such non-excluded event being referred to herein as an “Extraordinary Dividend”), then the Warrant Price shall be decreased, effective immediately after the effective
date of such Extraordinary Dividend, by the 

  

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amount of cash and/or the Fair Market Value (as determined by the Company’s Board of Directors, in good faith) or any securities or other assets paid on
each share of Common Stock in respect of such Extraordinary Dividend. 
 4.2. Aggregation of Shares. If after the date hereof, and
subject to the provisions of Section 4.6, the number of outstanding shares of Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of Common Stock or other similar event, then, on the
effective date of such consolidation, combination, reverse stock split, reclassification or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be decreased in proportion to such decrease in outstanding
shares of Common Stock. 
 4.3. Adjustments in Exercise Price. Whenever the number of shares of Common Stock purchasable upon the
exercise of the Warrants is adjusted, as provided in Sections 4.1.1 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 (i) the numerator
of which shall be the number of shares of Common Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment and (ii) the denominator of which shall be the number of shares of Common Stock so purchasable immediately
thereafter. 
 4.4. Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the
outstanding shares of Common Stock (other than a change covered by Section 4.1.1, 4.1.2 or 4.2 hereof or that solely affects the par value of such shares of Common Stock), or in the case of any merger or consolidation of the Company with or
into another corporation (other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding shares of Common Stock), or in the case of any
sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Warrant holders shall thereafter have the right
to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the shares of Common Stock of the Company immediately theretofore purchasable and receivable upon the exercise of the rights
represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer,
that the Warrant holder would have received if such Warrant holder had exercised his, her or its Warrant(s) immediately prior to such event; and if any reclassification also results in a change in shares of Common Stock covered by
Section 4.1.1, 4.1.2 or 4.2, then such adjustment shall be made pursuant to Sections 4.1.1, 4.1.2, 4.2, 4.3 and this Section 4.4. The provisions of this Section 4.4 shall similarly apply to successive reclassifications,
reorganizations, mergers 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 issuable upon exercise of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the increase or
decrease, if any, in the number of shares purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the 

  

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method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified in Sections 4.1.1, 4.1.2, 4.2, 4.3 or
4.4, then, in any such event, the Company shall give written notice to each 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 Agreement to the contrary, the Company shall not issue fractional shares upon exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant would be
entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise, round up or down to the nearest whole number the number of the shares of Common Stock 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 Agreement. However, the Company may at any time in its sole discretion make any
change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may
be in the form as so changed. 
 5. Transfer and Exchange of Warrants. 
 5.1. 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 and, with respect to any Insider Warrant, subject to the terms and limitations
imposed by Section 2.5 above. Upon any such transfer, a new Warrant representing an equal aggregate number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. The Warrants so cancelled shall be delivered by
the Warrant Agent to the Company from time to time upon request. 
 5.2. Procedure for Surrender of Warrants. Warrants may be
surrendered to the Warrant Agent, together with a written request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the registered holder of the Warrants so
surrendered, representing an equal aggregate number of Warrants; provided, however, that in the event that a Warrant surrendered for transfer bears a restrictive legend, the Warrant Agent shall not cancel such Warrant and issue new
Warrants in exchange therefor until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend. 
 5.3. Fractional Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which will result in the
issuance of a warrant certificate for a fraction of a warrant. 
  

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 5.4. Service Charges. No service charge shall be made for any exchange or registration of transfer
of Warrants. 
 5.5. Warrant Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in
accordance with the terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant Agent, will supply the Warrant Agent with Warrants duly executed on
behalf of the Company for such purpose. 
 6. Redemption. 
 6.1. Redemption. Subject to Section 6.4 hereof, not less than all of the outstanding Public Warrants and any Insider Warrant not currently
held by the Insider or a Permitted Transferee (collectively, the “Redeemable Warrants”) may be redeemed, at the option of the Company, at any time while they are exercisable and prior to their expiration, if and only if an effective
registration statement with respect to the Redeemable Warrants has been filed with the Commission, at the office of the Warrant Agent, upon the notice referred to in Section 6.2, at the price of $0.01 per Warrant (“Redemption Price”),
provided that the last sales price of the Common Stock has been at least $14.25 per share (appropriately adjusted for any stock split, reverse stock split, stock dividend or other reclassification or combination of the Common Stock occurring
after the date hereof), on each of twenty (20) trading days within any thirty (30) trading day period ending on the third business day prior to the date on which notice is given in accordance with Section 6.2. 
 6.2. Date Fixed for, and Notice of, Redemption. In the event the Company shall elect to redeem all of the Redeemable 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 30 days prior to the date fixed for redemption to the registered holders of the Redeemable 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 Redeemable Warrants may be exercised in accordance with Section 3 of this Agreement 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 Redeemable Warrants shall have no
further rights except to receive, upon surrender of the Redeemable Warrants, the Redemption Price. 
 6.4. Outstanding Warrants; Insider
Warrants. Notwithstanding anything to the contrary herein, the redemption rights provided in this Section 6 apply only to outstanding Warrants. To the extent a person or entity holds rights to purchase Warrants, such purchase rights shall
not be extinguished by any redemption hereunder. However, once such purchase rights are exercised, the Company may redeem the Warrants issued upon such exercise provided that the criteria for redemption are otherwise met. 
  

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 7. Other Provisions Relating to Rights of Holders of Warrants. 
 7.1. No Rights as Stockholder. A Warrant does not entitle the registered holder thereof to any of the rights of a stockholder of the Company,
including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as stockholders in respect of the meetings of stockholders or the election of directors
of the Company or any other matter. 
 7.2. Lost, Stolen, Mutilated or Destroyed Warrants. If any Warrant is lost, stolen, mutilated
or destroyed, the Company and the Warrant Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like
denomination, tenor and date as the Warrant so lost, stolen, mutilated or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated or destroyed Warrant
shall be at any time enforceable by anyone. 
 7.3. Reservation of Common Stock. The Company shall at all times reserve and keep
available a number of its authorized but unissued shares of Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement. 
 7.4. Registration of Common Stock. The Company agrees that, prior to the commencement of the Exercise Period, it shall use its best efforts to
file with the Securities and Exchange Commission a post-effective amendment to the Registration Statement, or a new registration statement, for the registration under the Act of the Common Stock issuable upon exercise of the Warrants, and it shall
use its best efforts to take such action as is necessary to qualify for sale in those states in which the Warrants were initially offered by the Company. The Company will use its best efforts to cause the registration statement to become effective
and to maintain the effectiveness of such registration statement and to maintain a current prospectus with respect to, until the expiration of the Warrants in accordance with the provisions of this Agreement. 
 8. Concerning the Warrant Agent and Other Matters. 
 8.1. Payment of Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant Agent in respect of the issuance or delivery of shares of Common
Stock upon the exercise of Warrants, but the Company shall not be obligated to pay any transfer taxes in respect of the Warrants or such shares. 
 8.2. Resignation, Consolidation, or Merger of Warrant Agent. 
 8.2.1. Appointment of Successor Warrant Agent. The
Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from all further duties and liabilities hereunder after giving 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 

  

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Warrant Agent. If the Company shall fail to make such appointment within a period of 30 days after it has been notified in writing of such resignation or
incapacity by the Warrant Agent or by the holder of the Warrant (who shall, with such notice, submit his or her Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of the State of New York for the
County of New York for the appointment of a successor Warrant Agent at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under the laws of the State
of New York, in good standing and having its principal office in the Borough of Manhattan, City and State of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state
authority. After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder,
without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the
authority, powers and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge and deliver any and all instruments in writing for more fully and effectually
vesting in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties and obligations. 
 8.2.2.
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 Common Stock 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 Agreement without any further act. 
 8.3. Fees and Expenses of Warrant Agent. 
 8.3.1. Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder as the Company and the Warrant Agent shall agree in writing 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 Agreement. 
  

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 8.4. Liability of Warrant Agent. 
 8.4.1. Reliance on Company Statement. Whenever in the performance of its duties under this Warrant Agreement, the Warrant Agent shall deem it
necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed
to be conclusively proved and established by a statement signed by the Chief Executive Officer or Chairman of the Board of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken or
suffered in good faith by it pursuant to the provisions of this Agreement. 
 8.4.2. Indemnity. The Warrant Agent shall be liable
hereunder only for its own negligence, willful misconduct or bad faith. The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel fees, for anything done
or omitted by the Warrant Agent in the execution of this Agreement except as a result of the Warrant Agent’s negligence, willful misconduct or bad faith. 
 8.4.3. Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or execution of any Warrant (except its countersignature
thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in this Agreement or in any Warrant; nor shall it be responsible to make any adjustments required under the provisions of Section 4
hereof or responsible for the manner, method or amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as
to the authorization or reservation of any shares of Common Stock to be issued pursuant to this Agreement or any Warrant or as to whether any shares of Common Stock will when issued be valid and fully paid and nonassessable. 
 8.5. Acceptance of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms
and conditions herein set forth and among other things, shall account promptly to the Company with respect to Warrants exercised and concurrently account for, and pay to the Company, all moneys received by the Warrant Agent for the purchase of
shares of Common Stock through the exercise of Warrants. 
 8.6. Waiver. The Warrant Agent hereby waives any right, title, interest or
claim of any kind (a “Claim”) or to any monies to be deposited and held in the trust account by JPMorgan Chase Bank, N.A. (the “Trust Account”) established on or about the date hereof and hereby agrees not to seek recourse,
reimbursement, payment or satisfaction for any claim against the funds in the Trust Account for any reason whatsoever. 
  

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 9. Miscellaneous Provisions. 
 9.1. Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure
to the benefit of their respective successors and assigns. 
 9.2. Notices. Any notice, statement or demand authorized by this Warrant
Agreement to be given or made by the Warrant Agent or by the holder of any Warrant to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within
five days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Company with the Warrant Agent), as follows: 
 Grail Investment Corp. 
 767 Third Avenue, 21st Floor 
 New York, New York 10017 
 Attn: Chief Executive Officer 
 Any notice,
statement or demand authorized by this Warrant Agreement to be given or made by the Company or by the holder of any Warrant 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 Company with the Warrant Agent), as follows: 
 Continental Stock Transfer & Trust Company 
 17 Battery Place 
 New York, New York 10004 
 Attn: Compliance Department 
 in each case with a copy to: 
 Dechert LLP

 1775 I Street, N.W. 
 Washington, D.C. 20006 
 Attn: Thomas J. Friedmann 
 and: 
 Davis Polk & Wardwell

 450 Lexington Avenue 
 New York, NY 10017 
 Attn: Deanna L. Kirkpatrick 
 9.3. Applicable Law. This Agreement and the Warrants shall be governed by, and construed in accordance with, the laws of the State of New York.
Each of the parties hereto (a) consents to submit itself to the personal jurisdiction of the United States District Court for the Southern District of New York or the Supreme Court of The State of New York, New York County in the event any
dispute arises out of this Agreement or any of the 

  

 12 

 
transactions contemplated hereby, (b) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave
from any such court and (c) agrees that it will not bring any action relating to this Agreement or any of the transactions contemplated hereby in any court other than the United States District Court for the Southern District of New York or the
Supreme Court of the State of New York, New York County. 
 9.4. Persons Having Rights under this Agreement. Nothing in this Agreement
expressed and nothing that may be implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the registered holders of the Warrants any right,
remedy or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise or agreement hereof. All covenants, conditions, stipulations, promises and agreements contained in this Warrant Agreement shall be for
the sole and exclusive benefit of the parties hereto and their successors and assigns and of the registered holders of the Warrants. 
 9.5.
Examination of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant Agent in the Borough of Manhattan, City and State of New York, for inspection by the registered holder of
any Warrant. The Warrant Agent may require any such holder to submit his Warrant for inspection by it. 
 9.6. Counterparts. This
Agreement may be executed in any number of original or facsimile 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.

 9.7. Effect of Headings. The Section headings herein are for convenience only and are not part of this Warrant Agreement and shall
not affect the interpretation thereof. 
 9.8. Amendments. This Agreement may be amended by the parties hereto without the consent of
any registered holder for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect to matters or questions arising under this
Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely affect the interest of the registered holders. All other modifications or amendments, including any amendment to increase the Warrant Price or
shorten the Exercise Period, shall require the written consent of the registered holders of a majority of the then outstanding Warrants; Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise
Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the registered holders. 
  

 13 

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

			
	GRAIL INVESTMENT CORP.
		
	By:	 	 
	 Name:
 Title:
	 	 John C. Siciliano
 President and Chief Executive
Officer

  

			
	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
		
	By:	 	 
	 Name:
 Title:
	 	

  

 14 

 Exhibit A 
 Form of Public Warrant 
  

 Exhibit B 
 Form of Insider WarrantForm of Investment Management Trust Agreement

 EXHIBIT 10.2 
 INVESTMENT MANAGEMENT TRUST AGREEMENT 
 This Agreement is made as of ________________, 2008 by and
between Grail Investment Corp. (the “Company”) its principal office located at 767 Third Avenue, 21st Floor, New York, New York 10017 and Continental Stock Transfer & Trust Company (the “Trustee”) located at 17 Battery
Place, New York, New York 10004. 
 WHEREAS, the Company’ s registration statement on Form S-1, No. 333-148631 (the
“Registration Statement”), for its initial public offering of securities (the “IPO”) has been declared effective as of the date hereof (the “Effective Date”) by the Securities and Exchange Commission (capitalized terms
used herein and not otherwise defined shall have the meanings set forth in the Registration Statement); and 
 WHEREAS, Lazard Capital
Markets LLC (“Lazard”) is acting as the representative of the underwriters in the IPO; 
 WHEREAS, Grail Chalice SPAC Holdings LLC
is purchasing 6,000,000 warrants in a private placement occurring simultaneously with the consummation of the Company’s IPO (the “Insider Warrants”); and 
 WHEREAS, as described in the Registration Statement, and in accordance with the Company’ s Amended and Restated Certificate of Incorporation, $197,295,000 of the gross proceeds of the IPO and sale of the Insider
Warrants (or $226,095,000 if the underwriters’ over-allotment option is exercised in full) will be delivered to the Trustee to be deposited and held in a trust account for the benefit of the Company and the holders of the Company’ s common
stock, par value $0.0001 per share, issued in the IPO as hereinafter provided (the amount to be delivered to the Trustee will be referred to herein as the “Property”, the stockholders for whose benefit the Trustee shall hold the Property
will be referred to as the “Public Stockholders,” and the Public Stockholders and the Company will be referred to together as the “Beneficiaries”); and 
 WHEREAS, the Company and the Trustee desire to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold
the Property; 
 IT IS AGREED: 
 1.       Agreements and Covenants of Trustee. The Trustee hereby agrees and covenants to: 
 (a) Hold the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in a segregated trust accounts (the “Trust Account”) established by the Trustee at JPMorgan Chase Bank, N.A. and at a brokerage
institution selected by the Company and satisfactory to the Trustee; 
 (b) Manage, supervise and administer the Trust Account subject to the
terms and conditions set forth herein; 
 (c) In a timely manner, upon the instruction of the Company, to invest and reinvest the Property in
U.S. “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “1940 Act”), having a maturity of 180 days or less and/or in any money market funds selected by the
Company meeting the conditions of paragraphs (c)(2), (c)(3) and (c)(4) of Rule 2a-7 promulgated under the 1940 Act, as determined by the Company, and which invest only in U.S. “government securities” within the meaning of
Section 2(a)(16) of the 1940 Act; 
 (d) Collect and receive, when due, all principal and income arising from the Property, which shall
become part of the “Property,” as such term is used herein; 
  

 1 

 (e) Notify the Company of all communications received by it with respect to any Property requiring action
by the Company; 
 (f) Supply any necessary information or documents as may be requested by the Company in connection with the Company’
s preparation of the tax returns for the Trust Account; 
 (g) Participate in any plan or proceeding for protecting or enforcing any right or
interest arising from the Property if, as and when instructed by the Company and/or Lazard to do so; 
 (h) Render to the Company, and to
such other person as the Company may instruct, monthly written statements of the activities of and amounts in the Trust Account reflecting all receipts and disbursements of the Trust Account; and 
 (i) Commence liquidation of the Trust Account only after and promptly after receipt of, and only in accordance with, the terms of a letter (the
“Termination Letter”), in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B hereto, signed on behalf of the Company by its President or Chairman of the Board and Secretary or Assistant Secretary of the
Company, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account only as directed in the Termination Letter and the other documents referred to therein; provided, however, that in the event
that a Termination Letter has not been received by the Trustee by the close of business on the 24-month anniversary of the effective date of the Registration Statement (the “Last Date”), the Trust Account shall be liquidated in accordance
with the procedures set forth in the Termination Letter attached as Exhibit B hereto and distributed to the stockholders of record on the Last Date. The Last Date may be extended to up to 30 months from the date of the Registration Statement
pursuant to the provisions of the Company’s Amended and Restated Certificate of Incorporation, and the Company shall inform the Trustee in writing of any such extension. The provisions of this Section 1(i) may not be modified, amended or
deleted under any circumstances. 
 2.       Limited Distributions of Income from Trust Account. 
 (a) Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit C, the
Trustee shall distribute to the Company the amount requested by the Company to cover any income or franchise tax obligation owed by the Company as a result of interest or other income earned on the funds held in the Trust Account; 
 (b) Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit D, the
Trustee shall distribute to the Company the amount requested by the Company to cover expenses related to investigating and selecting a target business and other working capital requirements; provided, however, that the aggregate amount of all
such distributions shall not exceed $2,800,000; and 
 (c) The limited distributions referred to in Sections 2(a) and 2(b) above shall be
made only from income collected on the Property. Except as provided in Section 2(a) and 2(b) above, no other distributions from the Trust Account shall be permitted except in accordance with Section 1(i) hereof. 
 3.       Agreements and Covenants of the Company. The Company hereby agrees and covenants to: 
 (a) Give all instructions to the Trustee hereunder in writing, signed by the Company’s Chairman of the Board or President. In all cases, the Company
shall provide Lazard with a copy of any Termination Letters and/or any other correspondence that it issues with respect to any proposed withdrawal from the Trust Account at the time it issues same. In addition, except with respect to its duties
under paragraphs 1(i), 2(a) and 2(b) above, the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction which it in good faith believes to be given by any one of the persons
authorized above to give written instructions, provided that the Company shall promptly confirm such instructions in writing; 
  

 2 

 (b) Hold the Trustee harmless and indemnify the Trustee from and against, any and all documented,
out-of-pocket expenses, including reasonable counsel fees and disbursements, or loss suffered by the Trustee in connection with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection with any claim or
demand which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the Property or any income earned from investment of the Property, except for expenses and losses resulting from the Trustee’s gross
negligence or willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this paragraph, it
shall notify the Company in writing of such claim (hereinafter referred to as the “Indemnified Claim”). The Trustee shall have the right to conduct and manage the defense against such Indemnified Claim, provided, that the Trustee shall
obtain the consent of the Company with respect to the selection of counsel, which consent shall not be unreasonably withheld. The Trustee may not agree to settle any Indemnified Claim without the prior written consent of the Company, which consent
shall not be unreasonably withheld. The Company may participate in such action with its own counsel; 
 (c) Pay the Trustee an initial
acceptance fee of $1,000 and an annual fee of $3,000 (it being expressly understood that the Property shall not be used to pay such fee). The Company shall pay the Trustee the initial acceptance fee and first year’s fee at the consummation of
the IPO and thereafter on the anniversary of the Effective Date. The Trustee shall refund to the Company the annual fee (on a pro rata basis) with respect to any period after the liquidation of the Trust Fund. The Company shall not be responsible
for any other fees or charges of the Trustee except as set forth in this Section 3(c) and as may be provided in Section 3(b) hereof (it being expressly understood that the Property shall not be used to make any payments to the Trustee
under such Sections, except to the extent it is distributed to the Company pursuant to Section 2); 
 (d) In connection with any vote of
the Company’ s stockholders regarding a Business Combination, as defined in the Registration Statement, provide to the Trustee an affidavit or certificate of a firm regularly engaged in the business of soliciting proxies and/or tabulating
stockholder votes verifying the vote of the Company’s stockholders regarding such Business Combination. 
 4.       Limitations of Liability. The Trustee shall have no responsibility or liability to: 
 (a) Take any action with respect to the Property, other than as directed in paragraphs 1 and 2 hereof, and the Trustee shall have no liability to any party except for liability arising out of its own gross negligence or willful misconduct;

 (b) Institute any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding
of any kind with respect to, any of the Property unless and until it shall have received instructions from the Company given as provided herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses
incident thereto; 
 (c) Change the investment of any Property, other than in compliance with paragraph 1(c); 
 (d) Refund any depreciation in principal of any Property; 
 (e) Assume that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless provided otherwise in such designation, or unless the Company shall have delivered a
written revocation of such authority to the Trustee; 
  

 3 

 (f) The other parties hereto or to anyone else for any action taken or omitted by it, or any action
suffered by it to be taken or omitted, in good faith and in the exercise of its own best judgment, except for its gross negligence or willful misconduct. The Trustee 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 Trustee), 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 Trustee, in good faith, to be genuine and to be signed or presented by the proper person or persons. The Trustee shall not be bound by any notice or
demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee signed by the proper party or parties and, if the duties or rights of the
Trustee are affected, unless it shall give its prior written consent thereto; 
 (g) Verify the correctness of the information set forth in
the Registration Statement or to confirm or assure that any acquisition made by the Company or any other action taken by it is as contemplated by the Registration Statement; 
 (h) File information returns with the U.S. Internal Revenue Service and payee statements with the Company, documenting the taxes payable by the Company,
if any, relating to interest earned on the Property; 
 (i) Prepare, execute and file tax reports, income or other tax returns and pay any
taxes with respect to income and activities relating to the Trust Account, regardless of whether such tax is payable by the Trust Account or the Company (including but not limited to income tax obligations), it being expressly understood that as set
forth in Section 2(a), if there is any income or other tax obligation relating to the Trust Account or the Property in the Trust Account, as determined from time to time by the Company and regardless of whether such tax is payable by the
Company or the Trust, at the written instruction of the Company, the Trustee shall make funds available in cash from the Property in the Trust Account an amount specified by the Company as owing to the applicable taxing authority, which amount shall
be paid directly to the Company by electronic funds transfer, account debit or other method of payment, and the Company shall forward such payment to the taxing authority; and 
 (j) Verify calculations, qualify or otherwise approve Company requests for distributions pursuant to Section 1(i), 2(a) or 2(b) above. 

5.       Termination. This Agreement shall terminate as follows: 
 (a) If the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable efforts to
locate a successor trustee. At such time that the Company notifies the Trustee that a successor trustee has been appointed by the Company and has agreed to become subject to the terms of this Agreement, the Trustee shall transfer the management of
the Trust Account to the successor trustee, including but not limited to the transfer of copies of the reports and statements relating to the Trust Account, whereupon this Agreement shall terminate; provided, however, that, in the event that
the Company does not locate a successor trustee within ninety (90) days of receipt of the resignation notice from the Trustee, the Trustee may submit an application to have the Property deposited with any court in the State of New York or with
the United States District Court for the Southern District of New York and upon such deposit, the Trustee shall be immune from any liability whatsoever that arises due to any actions or omissions to act by any party after such deposit; or

 (b) At such time that the Trustee has completed the liquidation of the Trust Account in accordance with the provisions of paragraph 1(i)
hereof, and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate except with respect to Paragraph 3(b). 
 6.       Miscellaneous. 
 (a) The Company and the Trustee each
acknowledge that the Trustee will follow the procedures set forth below with respect to funds transferred from the Trust Account. Subject to Section 3(a), in executing funds transfers, the Trustee will rely upon the information provided by the
Company, including names, account numbers 

  

 4 

 
or other identifying numbers of a beneficiary, beneficiary’ s bank or intermediary bank. Subject to Section 4(a), the Trustee shall not be liable
for any loss, liability or expense resulting from any error in an account number or other identifying number. 
 (b) This Agreement shall be
governed by and construed and enforced in accordance with the laws of the State of New York. It may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and together shall constitute but one
instrument. 
 (c) This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter
hereof. Except for Section 1(i) (which may not be amended under any circumstances), this Agreement or any provision hereof may only be changed, amended or modified by a writing signed by each of the parties hereto; provided, however,
that no such change, amendment or modification may be made without the prior written consent of Lazard. As to any claim, cross-claim or counterclaim in any way relating to this Agreement, each party waives the right to trial by jury. 
 (d) The parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, Borough of Manhattan, for
purposes of resolving any disputes hereunder. 
 (e) Any notice, consent or request to be given in connection with any of the terms or
provisions of this Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or by facsimile transmission: 
 if to the Trustee, to: 
 Continental Stock Transfer & Trust Company 
 17 Battery Place 
 New York, New York 10004 
 Attn: Steven G. Nelson 
 Fax No.: (212) 509-5150 
 if to the Company, to: 
 Grail Investment Corp. 
 767 Third Avenue, 21st Floor 
 New York, New York 10017

 Attn: John C. Siciliano, Chief Executive Officer 
 Fax No.: (212) 676-5524 
 in either case with a copy to: 
 Lazard Capital Markets LLC 
 30 Rockefeller Plaza 
 New York, New York 10020 
 Attn: Robert Lagay, General Counsel 
 Fax No.: (212) 830-3651 
 (f) This Agreement may not be assigned by the Trustee without the prior consent of the Company and Lazard. 
 (g) Each of the
Trustee and the Company hereby represents that it has the full right and power and has been duly authorized to enter into this Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees that it
shall not make any claims or proceed against the Trust 

  

 5 

 
Account, including by way of set-off, and shall not be entitled to any funds in the Trust Account under any circumstance. 
 (h) Each of the Company and the Trustee hereby acknowledge that Lazard is a third party beneficiary of this Agreement. 
  

 6 

 IN WITNESS WHEREOF, the parties have duly executed this Investment Management Trust Agreement as of the
date first written above. 
  

			
	 CONTINENTAL STOCK TRANSFER & TRUST
     COMPANY, as Trustee

		
	By:	 	 
	Name:	 	Steven G. Nelson
	Title:	 	President and Chairman of the Board
	
	  
 GRAIL INVESTMENT CORP.

		
	By:	 	 
	Name:	 	John C. Siciliano
	Title:	 	President and Chief Executive Officer

  

 7 

 EXHIBIT A 
 [Letterhead of Company] 
 [Insert date] 
 Continental Stock Transfer 
     & Trust Company

 17 Battery Place 
 New York, New York 10004 
 Attn: Steven Nelson 
  

	 	Re:	Trust Account No.                      Termination Letter

 Gentlemen: 
 Pursuant to
paragraph 1(i) of the Investment Management Trust Agreement between Grail Investment Corp. (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of ____________, 2008 (the “Trust
Agreement”), this is to advise you that the Company has entered into an agreement (the “Business Agreement”) with ___________________ (the “Target Business”) to consummate a business combination with Target Business (a
“Business Combination”) on or about [insert date]. The Company shall notify you at least 48 hours in advance of the actual date of the consummation of the Business Combination (the “Consummation Date”). 
 In accordance with the terms of the Trust Agreement, we hereby authorize you to commence liquidation of the Trust Account to the effect that, on the
Consummation Date, all of funds held in the Trust Account will be immediately available for transfer to the account or accounts that the Company shall direct on the Consummation Date. 
 On the Consummation Date (i) counsel for the Company shall deliver to you written notification that the Business Combination has been consummated
(the “Counsel’s Letter”) and (ii) the Company shall deliver to you (a) [an affidavit] [a certificate] of __________________, which verifies the vote of the Company’s stockholders in connection with the Business
Combination and (b) written instructions with respect to the transfer of the funds held in the Trust Account (the “Instruction Letter”). You are hereby directed and authorized to transfer the funds held in the Trust Account
immediately upon your receipt of the Counsel’s Letter and the Instruction Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits held in the Trust Account may not be liquidated by the Consummation
Date without penalty, you will notify the Company of the same and the Company shall direct you as to whether such funds should remain in the Trust Account and distributed after the Consummation Date to the Company. Upon the distribution of all the
funds in the Trust Account pursuant to the terms hereof, the Trust Agreement shall be terminated and the Trust Account closed. 
 In the
event that the Business Combination is not consummated on the Consummation Date described in the notice thereof and we have not notified you on or before the original Consummation Date of a new Consummation Date, then the funds held in the Trust
Account shall be reinvested as provided in the Trust Agreement on the business day immediately following the original Consummation Date as set forth in the notice. 
  

 A-1 

			
	Very truly yours,
	
	GRAIL INVESTMENT CORP.
		
	By:	 	 
		 	John C. Siciliano, President and Chief Executive Officer
		
	By:	 	 
		 	J. Clarke Gray, Secretary

  
 cc: Lazard Capital Markets LLC

  

 A-2 

 EXHIBIT B 
 [Letterhead of Company] 
 [Insert date] 
 Continental Stock Transfer 
     & Trust Company

 17 Battery Place 
 New York, New York 10004 
 Attn: Steven Nelson 
  

	 	Re:	Trust Account No.                      Termination Letter

 Gentlemen: 
 Pursuant to
paragraph 1(i) of the Investment Management Trust Agreement between Grail Investment Corp. (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of _________________, 2008 (the
“Trust Agreement”), this is to advise you that the Company has been unable to effect a Business Combination with a Target Company within the time frame specified in the Company’s Certificate of Incorporation, as described in the
Company’s prospectus relating to its IPO. 
 In accordance with the terms of the Trust Agreement, we hereby authorize you, to commence
liquidation of the Trust Account as promptly as practicable to stockholders of record on the Last Date (as defined in the Trust Agreement). You will notify the Company in writing as to when all of the funds in the Trust Account will be available for
immediate transfer (the “Transfer Date”) in accordance with the terms of the Trust Agreement and the Amended and Restated Certificate of Incorporation of the Company. You shall commence distribution of such funds in accordance with the
terms of the Trust Agreement and the Certificate of Incorporation of the Company and you shall oversee the distribution of the funds. Upon the distribution of all the funds in the Trust Account, your obligations under the Trust Agreement shall be
terminated. 
  

			
	Very truly yours,
	
	GRAIL INVESTMENT CORP.
		
	By:	 	 
		 	John C. Siciliano, President and Chief Executive Officer
		
	By:	 	 
		 	J. Clarke Gray, Secretary

  
 cc: Lazard Capital Markets LLC

  

 B-1 

 EXHIBIT C 
 [Letterhead of Company] 
 [Insert date] 
 Continental Stock Transfer 
     & Trust Company

 17 Battery Place 
 New York, New York 10004 
 Attn: Steven Nelson 
  

	 	Re:	Trust Account No.                     

 Gentlemen: 
 Pursuant to paragraph 2(a) of the Investment
Management Trust Agreement between Grail Investment Corp. (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of ________________, 2008 (the “Trust Agreement”), the Company
hereby requests that you deliver to the Company $___________ of the income earned on the Property as of the date hereof. 
 The Company needs
such funds to pay for the tax obligations as set forth on the attached tax return or tax statement. In accordance with the terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon
your receipt of this letter to the Company’s operating account at: 
 [WIRE INSTRUCTION INFORMATION] 
  

			
	Very truly yours,
	
	GRAIL INVESTMENT CORP.
		
	By:	 	 
		 	John C. Siciliano, President and Chief Executive Officer
		
	By:	 	 
		 	J. Clarke Gray, Secretary

  
 cc: Lazard Capital Markets LLC

  

 C-1 

 EXHIBIT D 
 [Letterhead of Company] 
 [Insert date] 
 Continental Stock Transfer 
     & Trust Company

 17 Battery Place 
 New York, New York 10004 
 Attn: Steven Nelson 
  

	 	Re:	Trust Account No.                     

 Gentlemen: 
 Pursuant to paragraph 2(b) of the Investment
Management Trust Agreement between Grail Investment Corp. (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of ____________, 2008 (the “Trust Agreement”), the Company
hereby requests that you deliver to the Company $_______________ of the income earned on the Property as of the date hereof, which does not exceed, in the aggregate with all such prior disbursements pursuant to paragraph 2(b), if any, the maximum
amount set forth in paragraph 2(b). The Company needs such funds to pay its expenses relating to investigating and selecting a target business and other working capital requirements. In accordance with the terms of the Trust Agreement, you are
hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s operating account at: 
 [WIRE INSTRUCTION INFORMATION] 
  

			
	Very truly yours,
	
	GRAIL INVESTMENT CORP.
		
	By:	 	 
		 	John C. Siciliano, President and Chief Executive Officer
		
	By:	 	 
		 	J. Clarke Gray, Secretary

  
 cc: Lazard Capital Markets LLC

  

 D-1 

 EXHIBIT E 
  

			
	 AUTHORIZED INDIVIDUAL(S) FOR TELEPHONE CALL BACK
	  	 AUTHORIZED TELEPHONE
 NUMBER(S)

		
	 Company:
  
	  	
	 Grail Investment Corp.
 767 Third Avenue, 21st Floor
 New York, New York 10017
 Attn: John C. Siciliano, President and Chief Executive Officer
 Attn: J. Clarke Gray, Chief Financial Officer
	  	(212) 676-5525
		
	 Trustee:
  
	  	
	 Continental Stock Transfer & Trust Company
 17
Battery Place
 New York, New York 10004
 Attn: Frank Di Paolo,
Chief Financial Officer
	  	(212) 845-4000

  

 E-1

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