Document:

EX-10.7

 

EX 10.7

JWL PARTNERS ACQUISITION CORP.

AMENDED AND RESTATED INITIAL UNIT SUBSCRIPTION AGREEMENT

          THIS AMENDED AND RESTATED INITIAL UNIT SUBSCRIPTION AGREEMENT (this “Agreement”) is made as of
the 1st day of February, 2008, by and between JWL Partners Acquisition Corp., a Delaware
corporation (the “Company”), and Robert Phillips (“Purchaser”).

          WHEREAS, the Company desires to issue and sell, and Purchaser desires to purchase and acquire,
Units (as defined herein) on the terms and conditions hereinafter set forth; and

          WHEREAS, the Company and the Purchaser have determined to amend and restate the Initial Unit
Subscription Agreement, dated as of January 14, 2008, by and between the Company and the Purchaser
on the terms and conditions hereinafter set forth.

          NOW, THEREFORE, for and in consideration of the promises and mutual covenants set forth
herein, it is agreed between the parties as follows:

	1.	 	Purchase of Units. Purchaser hereby subscribes for and purchases from the Company, and the
Company hereby issues and sells to Purchaser, 23,000 units (the “Units”) at a purchase price
of $0.004348 per Unit for an aggregate purchase price of $100.00. Each Unit consists of one
share of the common stock of the Company, par value $0.0001 per share (the “Common Stock”),
and one warrant (a “Warrant” and, together with the Units and the Common Stock, the
“Securities”) exercisable for one share of Common Stock. Each Warrant shall entitle the holder
thereof to purchase one share of Common Stock at an exercise price of $7.50, in accordance
with the terms of the Warrant as set forth in the Warrant Agreement entered into by and
between the Company and Continental Stock Transfer and Trust Company, as warrant agent. The
Warrant Agreement shall be substantially in the form attached hereto as Exhibit A (the
“Warrant Agreement”).

	2.	 	Payment of Purchase Price. If not previously paid, the purchase price for the Units shall be
tendered in full on the date hereof. Upon payment of the purchase price in full, the Company
will deliver the Securities to the Purchaser.

	3.	 	Forfeiture of Units. If the underwriters (the “Underwriters”) for the Company’s initial
public offering (the “IPO”) do not exercise in full their over-allotment option to be granted
by the Company pursuant to an underwriting agreement by and among the Underwriters and the
Company, then Purchaser shall forfeit a number of Units equal to 3,000 multiplied by the
percentage of the Underwriters’ over-allotment option that remains unexercised as of the
expiration date thereof.

	4.	 	Limitations on Transfer. Purchaser shall not assign, hypothecate, donate, encumber or
otherwise dispose of any interest in the Securities (and the underlying securities) during the
“Escrow Period” for the “Founders’ Units” (as such terms are defined in a securities escrow
agreement substantially in the form attached hereto as Exhibit B (the “Securities
Escrow Agreement”), dated on or about the effective date of the IPO to be entered into by and
between the Company and an escrow agent to be determined by the Company), except (i) as

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	 	 	otherwise permitted by the Securities Escrow Agreement or other agreement among Purchaser, the
Company and the Underwriters, (ii) in compliance with applicable securities laws and (iii) in
compliance with the Warrant Agreement.

	5.	 	Restrictive Legends. All certificates representing the Securities (and any underlying
securities thereof) shall have endorsed thereon legends in substantially the following forms
(in addition to any other legend which may be required by other agreements between the parties
hereto, such as, but not limited to, the Warrant Agreement):

	 	(a)	 	“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED. THE SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE,
PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE
SECURITIES UNDER SAID ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH
REGISTRATION IS NOT REQUIRED.”
	 
	 	(b)	 	“THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE ASSIGNED, HYPOTHECATED,
DONATED, ENCUMBERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT IN ACCORDANCE WITH
THAT CERTAIN SECURITIES ESCROW AGREEMENT DATED      , 2008, AND THAT CERTAIN WARRANT
AGREEMENT DATED AS OF                      , 2008, COPIES OF WHICH ARE AVAILABLE FOR INSPECTION AT
THE OFFICES OF THE COMPANY.”
	 
	 	(c)	 	Any legend required by appropriate blue sky officials.

	6.	 	Investment Representations. In connection with the purchase of the Securities, Purchaser
represents to the Company the following:

	 	(a)	 	Purchaser has been furnished with all materials relating to the Company’s business
affairs and financial condition and materials related to the offer and sale of the
Securities that have been requested by Purchaser and has acquired sufficient information
about the Company to reach an informed and knowledgeable decision to acquire the
Securities. Purchaser has been afforded the opportunity to ask questions of the executive
officers and directors of the Company. Purchaser understands that its investment in the
Securities involves a high degree of risk. Purchaser has sought such accounting, legal and
tax advice as Purchaser has considered necessary to make an informed investment decision
with respect to Purchaser’s acquisition of the Securities. Purchaser has such knowledge and
expertise in financial and business matters, knows of the high degree of risk associated
with investments generally and particularly investments in the securities of companies in
the development stage such as the Company, is capable of evaluating the merits and risks of
an investment in the Securities, and is able to bear the economic risk of an investment in
the Securities in the amount contemplated hereunder. Purchaser has adequate means of
providing for its current financial needs and contingencies and will have no current or
anticipated

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	 	 	 	future needs for liquidity which would be jeopardized by the investment in the
Securities. Purchaser can afford a complete loss of its investment in the Securities.
Purchaser is purchasing the Securities for investment for Purchaser’s own account only
and not with a view to, or for resale in connection with, any “distribution” thereof
within the meaning of the Securities Act of 1933, as amended (the “Act”). Purchaser
understands that the Company is a blank check development stage company recently formed
for the purpose of consummating an initial business combination (a “Business
Combination”) and understands that there is no assurance as to the future performance of
the Company and that the Company may never effectuate a Business Combination.
	 
	 	(b)	 	Purchaser understands that the Securities (and the underlying securities) have not been
registered under the Act or any state securities law by reason of a specific exemption
therefrom, and that the Company is relying on the truth and accuracy of, and Purchaser’s
compliance with, the representations and warranties and agreements of Purchaser set forth
herein to determine the availability of such exemptions and the eligibility of Purchaser to
acquire such Securities, including, but not limited to, the bona fide nature of Purchaser’s
investment intent as expressed herein.
	 
	 	(c)	 	Purchaser further acknowledges and understands that the Securities (and the underlying
securities) must be held indefinitely unless the Securities (and the underlying securities)
are subsequently registered under the Act or an exemption from such registration is
available. Purchaser understands that the certificates evidencing the Securities (and the
underlying securities) will be imprinted with a legend which prohibits the transfer of the
Securities (and the underlying securities) unless the Securities (and the underlying
securities) are registered or such registration is not required in the opinion of counsel
for the Company.
	 
	 	(d)	 	Purchaser is familiar with the provisions of Rule 144 under the Act, as in effect from
time to time (“Rule 144”), which, in substance, permit limited public resale of “restricted
securities” acquired, directly or indirectly, from the issuer thereof (or from an affiliate
of such issuer), in a non-public offering subject to the satisfaction of certain
conditions. Unless the Company registers the Securities (and the underlying securities)
under the Act, the Securities (and the underlying securities) may be resold by Purchaser
only in certain limited circumstances subject to the provisions of Rule 144, which
requires, among other things: (i) the availability of certain public information about the
Company and (ii) the resale occurring following the required holding period under Rule 144
after Purchaser has purchased, and made full payment of (within the meaning of Rule 144),
the securities to be sold.
	 
	 	(e)	 	Purchaser further understands that at the time Purchaser wishes to sell the Securities
there may be no public market upon which to make such a sale, and that, even if such a
public market then exists, the Company may not be satisfying the current public information
requirements of Rule 144, and that, in such event, Purchaser would be precluded from
selling the Securities (and the underlying securities) under Rule 144 even if the minimum
holding period requirement had been satisfied. Notwithstanding

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	 	 	 	Sections 6(d) and (e) hereof, Purchaser understands that it may be considered a promoter
of the Company and understands that the Securities may not be resold under Rule 144 in
certain circumstances until one year after the consummation of a Business Combination.

	 	(f)	 	Purchaser represents that Purchaser is an “accredited investor” as that term is defined
in Rule 501 of Regulation D promulgated by the SEC under the Act.
	 
	 	(g)	 	This Agreement has been duly executed and delivered by Purchaser. Subject to the terms
and conditions of this Agreement, this Agreement constitutes the valid, binding and
enforceable obligation of Purchaser, enforceable in accordance with its terms, except as
enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent transfer or similar laws of general application now or hereafter in
effect affecting the rights and remedies of creditors and by general principles of equity
(regardless of whether enforcement is sought in a proceeding at law or in equity); and (ii)
the applicability of the federal and state securities laws and public policy as to the
enforceability of the indemnification provisions of this Agreement. The purchase by
Purchaser of the Securities does not conflict with any material contract by which Purchaser
or his property is bound, or any laws or regulations or decree, ruling or judgment of any
court applicable to Purchaser or his property. The address of Purchaser is as set forth on
the signature page hereto.
	 
	 	(h)	 	Purchaser did not decide to enter into this Agreement as a result of any general
solicitation or general advertising within the meaning of Rule 502(c) of the Securities
Act.
	 
	 	(i)	 	Purchaser understands that no United States federal or state agency or any other
government or governmental agency has passed on or made any recommendation or endorsement
of the Securities or the fairness or suitability of the investment in the Securities, nor
have such authorities passed upon or endorsed the merits of the offering of the Securities.

	7.	 	Company Representations and Warranties. The Company hereby represents and warrants to
Purchaser that the Company has all necessary corporate power and authority to enter into this
Agreement and to consummate the transactions contemplated hereby. All corporate action
necessary to be taken by the Company to authorize the execution, delivery and performance of
this Agreement and all other agreements and instruments delivered by the Company in connection
with the transactions contemplated hereby has been duly and validly taken and this Agreement
has been duly executed and delivered by the Company. Subject to the terms and conditions of
this Agreement, this Agreement constitutes the valid, binding and enforceable obligation of
the Company, enforceable in accordance with its terms, except as enforceability may be limited
by (i) applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or
similar laws of general application now or hereafter in effect affecting the rights and
remedies of creditors and by general principles of equity (regardless of whether enforcement
is sought in a proceeding at law or in equity); and (ii) the applicability of the federal and
state securities laws and public policy as to the enforceability

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	 	 	of the indemnification provisions of this Agreement. The sale by the Company of the Securities
does not conflict with the certificate of incorporation or by-laws of the Company or any
material contract by which the Company or its property is bound, or any federal or state laws or
regulations or decree, ruling or judgment of any United States or state court applicable to the
Company or its property.

	8.	 	Indemnification. Purchaser hereby agrees to indemnify and hold harmless the Company and the
Company’s officers, directors, stockholders, employees, agents, and attorneys against any and
all losses, claims, demands, liabilities and expenses (including reasonable legal or other
expenses incurred by each such person in connection with defending or investigating any such
claims or liabilities, whether or not resulting in any liability to such person or whether
incurred by the indemnified party in any action or proceeding between the indemnitor and
indemnified party or between the indemnified party and any third party) to which any such
indemnified party may become subject, insofar as such losses, claims, demands, liabilities and
expenses (a) arise out of or are based upon any untrue statement or alleged untrue statement
of a material fact made by Purchaser and contained herein, or (b) arise out of or are based
upon any breach by Purchaser of any representation, warranty or agreement made by Purchaser
contained herein.

	9.	 	Miscellaneous.

	 	(a)	 	Notices. All notices required or permitted hereunder shall be in writing and shall be
deemed effectively given: (i) upon personal delivery to the party to be notified, (ii) when
sent by confirmed facsimile if sent during normal business hours of the recipient, and if
not during normal business hours of the recipient, then on the next business day, (iii)
five calendar days after having been sent by registered or certified mail, return receipt
requested, postage prepaid, or (iv) one business day after deposit with a nationally
recognized overnight courier, specifying next day delivery, with written verification of
receipt. All communications shall be sent to the other party hereto at such party’s address
hereinafter set forth on the signature page hereof, or at such other address as such party
may designate by ten days advance written notice to the other party hereto.
	 
	 	(b)	 	Successors and Assigns. This Agreement shall inure to the benefit of the successors and
assigns of the Company and, subject to the restrictions on transfer herein set forth, shall
be binding upon Purchaser and Purchaser’s successors and assigns.
	 
	 	(c)	 	Attorneys’ Fees; Specific Performance. Purchaser shall reimburse the Company for all
costs incurred by the Company in enforcing the performance of, or protecting its rights
under, any part of this Agreement, including reasonable costs of investigation and
attorneys’ fees.
	 
	 	(d)	 	Governing Law; Venue. This Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware without regard to the principles of conflicts of law
thereof. The parties agree that any action brought by either party to interpret or enforce
any provision of this Agreement shall be brought in, and each

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	 	 	 	party agrees to, and does hereby, submit to the jurisdiction and venue of, the
appropriate state or federal court for the district encompassing the Company’s principal
place of business.
	 
	 	(e)	 	Further Execution. The parties agree to take all such further action(s) as may
reasonably be necessary to carry out and consummate this Agreement as soon as practicable,
and to take whatever steps may be necessary to obtain any governmental approval in
connection with or otherwise qualify the issuance of the securities that are the subject of
this Agreement.
	 
	 	(f)	 	Independent Counsel. Purchaser acknowledges that this Agreement has been prepared on
behalf of the Company by Greenberg Traurig, LLP, counsel to the Company and that Greenberg
Traurig, LLP does not represent, and is not acting on behalf of, Purchaser. Purchaser has
been provided with an opportunity to consult with Purchaser’s own counsel with respect to
this Agreement.
	 
	 	(g)	 	Entire Agreement; Amendment. This Agreement constitutes the entire agreement between
the parties with respect to the subject matter hereof and supersedes and merges all prior
agreements or understandings, whether written or oral, including the Initial Unit
Subscription Agreement, dated as of January 14, 2008, by and between the Company and the
Purchaser. This Agreement may not be amended, modified or revoked, in whole or in part,
except by an agreement in writing signed by each of the parties hereto.
	 
	 	(h)	 	Severability. If one or more provisions of this Agreement are held to be unenforceable
under applicable law, the parties agree to renegotiate such provision in good faith. In the
event that the parties cannot reach a mutually agreeable and enforceable replacement for
such provision, then (i) such provision shall be excluded from this Agreement, (ii) the
balance of the Agreement shall be interpreted as if such provision were so excluded and
(iii) the balance of the Agreement shall be enforceable in accordance with its terms.
	 
	 	(i)	 	Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original and all of which together shall constitute one
instrument. This Agreement or any counterpart may be executed via facsimile or electronic
mail transmission, and any such executed facsimile or electronic mail copy shall be treated
as an original.
	 
	 	(j)	 	Survival. The representations and warranties contained herein will survive the
delivery of, and the payment for, the Securities.
	 
	 	(k)	 	Waiver of Jury Trial. Each party hereto 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 Purchaser in the
negotiation, administration, performance or enforcement hereof.

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          IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first above written.

COMPANY:

	 	 	 	 	 
	 	

JWL PARTNERS ACQUISITION CORP.

 	 
	 	By:  	/s/ Steven R. Isko
 	 
	 	 	Name:  	Steven R. Isko 	 
	 	 	Title:  	Vice Chairman and Corporate Secretary

      	 
	 	 	Address:  	9 West 57th Street, 26th Floor

New York, New York 10019 	 
	 

PURCHASER:

	 	 	 	 	 
	 	ROBERT PHILLIPS

 	 
	 	/s/ Robert Phillips
 	 
	 	Address: 	 c/o JWL Partners Acquisition Corp. 	 
	 	 	 	9 West 57th Street, 26th Floor

New York, New York 10019 	 

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Exhibit A

Form of Warrant Agreement

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Exhibit B

Form of Securities Escrow Agreement

9EX-10.8

 

EX 10.8

JWL PARTNERS ACQUISITION CORP.

AMENDED AND RESTATED INITIAL UNIT SUBSCRIPTION AGREEMENT

          THIS AMENDED AND RESTATED INITIAL UNIT SUBSCRIPTION AGREEMENT (this “Agreement”) is made as of
the 1st day of February, 2008, by and between JWL Partners Acquisition Corp., a Delaware
corporation (the “Company”), and David Glew (“Purchaser”).

          WHEREAS, the Company desires to issue and sell, and Purchaser desires to purchase and acquire,
Units (as defined herein) on the terms and conditions hereinafter set forth; and

          WHEREAS, the Company and the Purchaser have determined to amend and restate the Initial Unit
Subscription Agreement, dated as of January 14, 2008, by and between the Company and the Purchaser
on the terms and conditions hereinafter set forth.

          NOW, THEREFORE, for and in consideration of the promises and mutual covenants set forth
herein, it is agreed between the parties as follows:

	1.	 	Purchase of Units. Purchaser hereby subscribes for and purchases from the Company, and the
Company hereby issues and sells to Purchaser, 23,000 units (the “Units”) at a purchase price
of $0.004348 per Unit for an aggregate purchase price of $100.00. Each Unit consists of one
share of the common stock of the Company, par value $0.0001 per share (the “Common Stock”),
and one warrant (a “Warrant” and, together with the Units and the Common Stock, the
“Securities”) exercisable for one share of Common Stock. Each Warrant shall entitle the holder
thereof to purchase one share of Common Stock at an exercise price of $7.50, in accordance
with the terms of the Warrant as set forth in the Warrant Agreement entered into by and
between the Company and Continental Stock Transfer and Trust Company, as warrant agent. The
Warrant Agreement shall be substantially in the form attached hereto as Exhibit A (the
“Warrant Agreement”).

	2.	 	Payment of Purchase Price. If not previously paid, the purchase price for the Units shall be
tendered in full on the date hereof. Upon payment of the purchase price in full, the Company
will deliver the Securities to the Purchaser.

	3.	 	Forfeiture of Units. If the underwriters (the “Underwriters”) for the Company’s initial
public offering (the “IPO”) do not exercise in full their over-allotment option to be granted
by the Company pursuant to an underwriting agreement by and among the Underwriters and the
Company, then Purchaser shall forfeit a number of Units equal to 3,000 multiplied by the
percentage of the Underwriters’ over-allotment option that remains unexercised as of the
expiration date thereof.

	4.	 	Limitations on Transfer. Purchaser shall not assign, hypothecate, donate, encumber or
otherwise dispose of any interest in the Securities (and the underlying securities) during the
“Escrow Period” for the “Founders’ Units” (as such terms are defined in a securities escrow
agreement substantially in the form attached hereto as Exhibit B (the “Securities
Escrow Agreement”), dated on or about the effective date of the IPO to be entered into by and
between the Company and an escrow agent to be determined by the Company), except (i) as

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     otherwise permitted by the Securities Escrow Agreement or other agreement among Purchaser, the
Company and the Underwriters, (ii) in compliance with applicable securities laws and (iii) in
compliance with the Warrant Agreement.

	5.	 	Restrictive Legends. All certificates representing the Securities (and any underlying
securities thereof) shall have endorsed thereon legends in substantially the following forms
(in addition to any other legend which may be required by other agreements between the parties
hereto, such as, but not limited to, the Warrant Agreement):

	 	(a)	 	“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED. THE SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE,
PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE
SECURITIES UNDER SAID ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH
REGISTRATION IS NOT REQUIRED.”
	 
	 	(b)	 	“THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE ASSIGNED, HYPOTHECATED,
DONATED, ENCUMBERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT IN ACCORDANCE WITH
THAT CERTAIN SECURITIES ESCROW AGREEMENT DATED      , 2008, AND THAT CERTAIN WARRANT
AGREEMENT DATED AS OF                      , 2008, COPIES OF WHICH ARE AVAILABLE FOR INSPECTION AT
THE OFFICES OF THE COMPANY.”
	 
	 	(c)	 	Any legend required by appropriate blue sky officials.

	6.	 	Investment Representations. In connection with the purchase of the Securities, Purchaser
represents to the Company the following:

	 	(a)	 	Purchaser has been furnished with all materials relating to the Company’s business
affairs and financial condition and materials related to the offer and sale of the
Securities that have been requested by Purchaser and has acquired sufficient information
about the Company to reach an informed and knowledgeable decision to acquire the
Securities. Purchaser has been afforded the opportunity to ask questions of the executive
officers and directors of the Company. Purchaser understands that its investment in the
Securities involves a high degree of risk. Purchaser has sought such accounting, legal and
tax advice as Purchaser has considered necessary to make an informed investment decision
with respect to Purchaser’s acquisition of the Securities. Purchaser has such knowledge and
expertise in financial and business matters, knows of the high degree of risk associated
with investments generally and particularly investments in the securities of companies in
the development stage such as the Company, is capable of evaluating the merits and risks of
an investment in the Securities, and is able to bear the economic risk of an investment in
the Securities in the amount contemplated hereunder. Purchaser has adequate means of
providing for its current financial needs and contingencies and will have no current or
anticipated

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	 	 	 	future needs for liquidity which would be jeopardized by the investment in the
Securities. Purchaser can afford a complete loss of its investment in the Securities.
Purchaser is purchasing the Securities for investment for Purchaser’s own account only
and not with a view to, or for resale in connection with, any “distribution” thereof
within the meaning of the Securities Act of 1933, as amended (the “Act”). Purchaser
understands that the Company is a blank check development stage company recently formed
for the purpose of consummating an initial business combination (a “Business
Combination”) and understands that there is no assurance as to the future performance of
the Company and that the Company may never effectuate a Business Combination.
	 
	 	(b)	 	Purchaser understands that the Securities (and the underlying securities) have not been
registered under the Act or any state securities law by reason of a specific exemption
therefrom, and that the Company is relying on the truth and accuracy of, and Purchaser’s
compliance with, the representations and warranties and agreements of Purchaser set forth
herein to determine the availability of such exemptions and the eligibility of Purchaser to
acquire such Securities, including, but not limited to, the bona fide nature of Purchaser’s
investment intent as expressed herein.
	 
	 	(c)	 	Purchaser further acknowledges and understands that the Securities (and the underlying
securities) must be held indefinitely unless the Securities (and the underlying securities)
are subsequently registered under the Act or an exemption from such registration is
available. Purchaser understands that the certificates evidencing the Securities (and the
underlying securities) will be imprinted with a legend which prohibits the transfer of the
Securities (and the underlying securities) unless the Securities (and the underlying
securities) are registered or such registration is not required in the opinion of counsel
for the Company.
	 
	 	(d)	 	Purchaser is familiar with the provisions of Rule 144 under the Act, as in effect from
time to time (“Rule 144”), which, in substance, permit limited public resale of “restricted
securities” acquired, directly or indirectly, from the issuer thereof (or from an affiliate
of such issuer), in a non-public offering subject to the satisfaction of certain
conditions. Unless the Company registers the Securities (and the underlying securities)
under the Act, the Securities (and the underlying securities) may be resold by Purchaser
only in certain limited circumstances subject to the provisions of Rule 144, which
requires, among other things: (i) the availability of certain public information about the
Company and (ii) the resale occurring following the required holding period under Rule 144
after Purchaser has purchased, and made full payment of (within the meaning of Rule 144),
the securities to be sold.
	 
	 	(e)	 	Purchaser further understands that at the time Purchaser wishes to sell the Securities
there may be no public market upon which to make such a sale, and that, even if such a
public market then exists, the Company may not be satisfying the current public information
requirements of Rule 144, and that, in such event, Purchaser would be precluded from
selling the Securities (and the underlying securities) under Rule 144 even if the minimum
holding period requirement had been satisfied. Notwithstanding

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	 	 	 	Sections 6(d) and (e) hereof, Purchaser understands that it may be considered a promoter
of the Company and understands that the Securities may not be resold under Rule 144 in
certain circumstances until one year after the consummation of a Business Combination.
	 
	 	(f)	 	Purchaser represents that Purchaser is an “accredited investor” as that term is defined
in Rule 501 of Regulation D promulgated by the SEC under the Act.
	 
	 	(g)	 	This Agreement has been duly executed and delivered by Purchaser. Subject to the terms
and conditions of this Agreement, this Agreement constitutes the valid, binding and
enforceable obligation of Purchaser, enforceable in accordance with its terms, except as
enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent transfer or similar laws of general application now or hereafter in
effect affecting the rights and remedies of creditors and by general principles of equity
(regardless of whether enforcement is sought in a proceeding at law or in equity); and (ii)
the applicability of the federal and state securities laws and public policy as to the
enforceability of the indemnification provisions of this Agreement. The purchase by
Purchaser of the Securities does not conflict with any material contract by which Purchaser
or his property is bound, or any laws or regulations or decree, ruling or judgment of any
court applicable to Purchaser or his property. The address of Purchaser is as set forth on
the signature page hereto.
	 
	 	(h)	 	Purchaser did not decide to enter into this Agreement as a result of any general
solicitation or general advertising within the meaning of Rule 502(c) of the Securities
Act.
	 
	 	(i)	 	Purchaser understands that no United States federal or state agency or any other
government or governmental agency has passed on or made any recommendation or endorsement
of the Securities or the fairness or suitability of the investment in the Securities, nor
have such authorities passed upon or endorsed the merits of the offering of the Securities.

	7.	 	Company Representations and Warranties. The Company hereby represents and warrants to
Purchaser that the Company has all necessary corporate power and authority to enter into this
Agreement and to consummate the transactions contemplated hereby. All corporate action
necessary to be taken by the Company to authorize the execution, delivery and performance of
this Agreement and all other agreements and instruments delivered by the Company in connection
with the transactions contemplated hereby has been duly and validly taken and this Agreement
has been duly executed and delivered by the Company. Subject to the terms and conditions of
this Agreement, this Agreement constitutes the valid, binding and enforceable obligation of
the Company, enforceable in accordance with its terms, except as enforceability may be limited
by (i) applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or
similar laws of general application now or hereafter in effect affecting the rights and
remedies of creditors and by general principles of equity (regardless of whether enforcement
is sought in a proceeding at law or in equity); and (ii) the applicability of the federal and
state securities laws and public policy as to the enforceability

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	 	 	of the indemnification provisions of this Agreement. The sale by the Company of the Securities
does not conflict with the certificate of incorporation or by-laws of the Company or any
material contract by which the Company or its property is bound, or any federal or state laws or
regulations or decree, ruling or judgment of any United States or state court applicable to the
Company or its property.

	8.	 	Indemnification. Purchaser hereby agrees to indemnify and hold harmless the Company and the
Company’s officers, directors, stockholders, employees, agents, and attorneys against any and
all losses, claims, demands, liabilities and expenses (including reasonable legal or other
expenses incurred by each such person in connection with defending or investigating any such
claims or liabilities, whether or not resulting in any liability to such person or whether
incurred by the indemnified party in any action or proceeding between the indemnitor and
indemnified party or between the indemnified party and any third party) to which any such
indemnified party may become subject, insofar as such losses, claims, demands, liabilities and
expenses (a) arise out of or are based upon any untrue statement or alleged untrue statement
of a material fact made by Purchaser and contained herein, or (b) arise out of or are based
upon any breach by Purchaser of any representation, warranty or agreement made by Purchaser
contained herein.

	9.	 	Miscellaneous.

	 	(a)	 	Notices. All notices required or permitted hereunder shall be in writing and shall be
deemed effectively given: (i) upon personal delivery to the party to be notified, (ii) when
sent by confirmed facsimile if sent during normal business hours of the recipient, and if
not during normal business hours of the recipient, then on the next business day, (iii)
five calendar days after having been sent by registered or certified mail, return receipt
requested, postage prepaid, or (iv) one business day after deposit with a nationally
recognized overnight courier, specifying next day delivery, with written verification of
receipt. All communications shall be sent to the other party hereto at such party’s address
hereinafter set forth on the signature page hereof, or at such other address as such party
may designate by ten days advance written notice to the other party hereto.
	 
	 	(b)	 	Successors and Assigns. This Agreement shall inure to the benefit of the successors and
assigns of the Company and, subject to the restrictions on transfer herein set forth, shall
be binding upon Purchaser and Purchaser’s successors and assigns.
	 
	 	(c)	 	Attorneys’ Fees; Specific Performance. Purchaser shall reimburse the Company for all
costs incurred by the Company in enforcing the performance of, or protecting its rights
under, any part of this Agreement, including reasonable costs of investigation and
attorneys’ fees.
	 
	 	(d)	 	Governing Law; Venue. This Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware without regard to the principles of conflicts of law
thereof. The parties agree that any action brought by either party to interpret or enforce
any provision of this Agreement shall be brought in, and each

5

 

	 	 	 	party agrees to, and does hereby, submit to the jurisdiction and venue of, the
appropriate state or federal court for the district encompassing the Company’s principal
place of business.
	 
	 	(e)	 	Further Execution. The parties agree to take all such further action(s) as may
reasonably be necessary to carry out and consummate this Agreement as soon as practicable,
and to take whatever steps may be necessary to obtain any governmental approval in
connection with or otherwise qualify the issuance of the securities that are the subject of
this Agreement.
	 
	 	(f)	 	Independent Counsel. Purchaser acknowledges that this Agreement has been prepared on
behalf of the Company by Greenberg Traurig, LLP, counsel to the Company and that Greenberg
Traurig, LLP does not represent, and is not acting on behalf of, Purchaser. Purchaser has
been provided with an opportunity to consult with Purchaser’s own counsel with respect to
this Agreement.
	 
	 	(g)	 	Entire Agreement; Amendment. This Agreement constitutes the entire agreement between
the parties with respect to the subject matter hereof and supersedes and merges all prior
agreements or understandings, whether written or oral, including the Initial Unit
Subscription Agreement, dated as of January 14, 2008, by and between the Company and the
Purchaser. This Agreement may not be amended, modified or revoked, in whole or in part,
except by an agreement in writing signed by each of the parties hereto.
	 
	 	(h)	 	Severability. If one or more provisions of this Agreement are held to be unenforceable
under applicable law, the parties agree to renegotiate such provision in good faith. In the
event that the parties cannot reach a mutually agreeable and enforceable replacement for
such provision, then (i) such provision shall be excluded from this Agreement, (ii) the
balance of the Agreement shall be interpreted as if such provision were so excluded and
(iii) the balance of the Agreement shall be enforceable in accordance with its terms.
	 
	 	(i)	 	Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original and all of which together shall constitute one
instrument. This Agreement or any counterpart may be executed via facsimile or electronic
mail transmission, and any such executed facsimile or electronic mail copy shall be treated
as an original.
	 
	 	(j)	 	Survival. The representations and warranties contained herein will survive the
delivery of, and the payment for, the Securities.
	 
	 	(k)	 	Waiver of Jury Trial. Each party hereto 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 Purchaser in the
negotiation, administration, performance or enforcement hereof.

6

 

          IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first above written.

COMPANY:

	 	 	 	 	 
	 	

JWL PARTNERS ACQUISITION CORP.

 	 
	 	By:  	/s/ Steven R. Isko
 	 
	 	 	Name:  	Steven R. Isko 	 
	 	 	Title:  	Vice Chairman and Corporate Secretary

     	 
	 	 	Address:  	9 West 57th Street, 26th Floor

New York, New York 10019 	 
	 

PURCHASER:

	 	 	 	 	 
	 	DAVID GLEW

 	 
	 	/s/ David Glew
 	 
	 	Address:  	  c/o JWL Partners Acquisition Corp. 	 
	 	 	 	  9 West 57th Street, 26th Floor

  New York, New York 10019 	 

7

 

	 	 	 	 	 

Exhibit A

Form of Warrant Agreement

8

 

Exhibit B

Form of Securities Escrow Agreement

9

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