Document:

W

W A R R A N T S

THIS WARRANT WILL BE VOID IF NOT EXERCISED PRIOR TO 5:00 p.m. 
NEW YORK CITY TIME, ON THE EXPIRATION DATE

MAFS ACQUISITION CORP.

CUSIP TO COME

WARRANT

THIS CERTIFIES THAT, for value received

is the registered holder of such number of Warrants set forth above (the “Warrants”), each such Warrant expiring on the fifth anniversary of the date of the final prospectus that forms
a part of the Registration
Statement (unless earlier redeemed in accordance with the terms hereof) and entitling the holder thereof to purchase one fully paid and non-assessable share of Common Stock, par value $0.0001 per share (“Common Stock”),
of MAFS Acquisition Corp., a Delaware corporation (the “Company”). The Warrant entitles the holder thereof to purchase from the Company, commencing on the later of (i) the consummation by the Company of a Business Combination or (ii) the first
anniversary of the date of the final prospectus that forms a part of the Registration Statement, such number of shares of Common Stock of the Company at the price of $7.50 per share (as such price may be adjusted), upon surrender of this Warrant Certificate
and payment of the Warrant Price at the office or agency of the Warrant Agent, American Stock Transfer & Trust Company (such payment to be made to the Warrant Agent in lawful money of the United States, by cash, by bank wire transfer in immediately
available funds, or by certified check or bank draft payable to the Company or on a cashless basis at the option of the Company as described below), but only subject to the conditions set forth herein and in the Warrant Agreement. The Warrant Agreement
provides that upon the occurrence of certain events the Warrant Price, the Floor Price and the number of shares of Common Stock purchasable upon the exercise of each Warrant may, subject to certain conditions, be adjusted. The term Warrant Price as used
in this Warrant Certificate refers to the price per share at which shares of Common Stock may be purchased at the time the Warrant is exercised. 

   Notwithstanding the foregoing, and subject to Section 7.4 of the Warrant Agreement, no Warrant may be exercised unless (i) a registration statement under the Securities Act of 1933, as amended (the
“Securities Act”), with respect to the issuance of Common Stock upon exercise of the Warrant is effective or (ii) in the opinion of counsel to the Company, the issuance of Common Stock upon the exercise of the Warrants is exempt from the registration
requirements of the Securities Act. 

   No fraction of a share will be issued upon any exercise of a Warrant. If, upon exercise of a Warrant, a holder would be entitled to receive a fractional interest in a share of Common Stock, the Company
shall, upon exercise, round up to the nearest whole number the number of shares of Common Stock to be issued to the warrant holder. 

   Upon any exercise of the Warrant for less than the total number of full shares of Common Stock provided for herein, there shall be issued to the Registered Holder hereof or his assignee a new Warrant
Certificate covering the number of shares of Common Stock for which the Warrant has not been exercised.

    Warrant Certificates, when surrendered at the office or agency of the Warrant Agent by the Registered Holder hereof in person or by attorney duly
authorized in writing, may be exchanged in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor and evidencing in the
aggregate a like number of Warrants. 

   Upon due presentment for registration of transfer of the Warrant Certificate at the office or agency of the Warrant Agent, a new Warrant Certificate or Warrant Certificates of like tenor and evidencing
in the aggregate a like number of Warrants shall be issued to the transferee in exchange for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any applicable tax or other governmental charge.

   The Company and the Warrant Agent may deem and treat the Registered Holder as the absolute owner of this Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made
by anyone), for the purpose of any exercise hereof, of any distribution to the Registered Holder, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. 

   This Warrant does not entitle the Registered Holder to any of the rights of a stockholder of the Company. 

TREASURER 

PRESIDENT 

MAFS ACQUISITION CORP. 

SIGNATURE TO COME

SIGNATURE TO COME

	 	Dated: _________________, 20___

	
       
 	
      COUNTERSIGNED:
 
	
       
 	
      AMERICAN STOCK TRANSFER & TRUST COMPANY
 
	
       
 	
       
 	
      (New York, NY)
 	
      AS WARRANT AGENT
 
	
       
 	
       
 	
       
 	
                        
 
	
       
 	
      BY
 	
       
 	
       
 
	
       
 	
       
 	
       
 	
       
 
	
       
 	
       
 	
       
 	
       
 
	
       
 	
       
 	

      AUTHORIZED SIGNATURE

 

 

MAFS Acquisition Corp.

The Company may redeem all, but not less than all, of the Public Warrants, at the option of the Company, at any time after such Warrants become exercisable and prior to their expiration, at the office of the Warrant Agent, upon the notice referred to in Section 6.2 of the Warrant Agreement, at the price of $0.01 per Warrant (the “Redemption Price”), provided, however, that the last sales price of the Common Stock has been equal to or greater than the Floor Price on each of 20 trading days within any 30 trading day period ending three Business Days prior to the date on which notice of redemption is given; and provided, further that such Warrants (and the Common Stock issuable upon the exercise of such Warrants) are covered by an effective registration statement from the date of notice of redemption through the date fixed for
redemption. If the foregoing conditions are satisfied, and the Warrants are called for redemption, each Registered Holder will be entitled to exercise their Warrants prior to the date scheduled for redemption. In the event the Company calls the Warrants for redemption pursuant to Section 6.1 of the Warrant Agreement, the Company shall have the option to require all (but not part) of the holders of those Warrants who elect to exercise their Warrants prior to the date scheduled for redemption to exercise the Warrants on a cashless basis. If the Company requires holders of the Warrants to exercise the Warrants on a cashless basis, the holder of such Warrants shall pay the Warrant Price by surrendering such 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 the Warrants, multiplied by the difference between the Warrant Price of the Warrants and the Redemption Fair Market Value by
(y) the Redemption Fair Market Value. Any Warrant either not exercised or tendered back to the Company by the end of the date specified in the notice of redemption shall be canceled on the books of the Company and have no further value except for the $0.01 redemption price.

The securities represented by this Warrant Certificate (including the securities issuable upon the exercise of the Warrant) are subject to the terms and conditions set forth in the Warrant Agreement dated as of [  ], 2008, by and between the Company and the Warrant Agent (the “Warrant Agreement”). Copies of such agreement may be obtained by the holder hereof at the Warrant Agent’s principal place of business without charge.

Capitalized terms used herein but not defined shall have the meaning set forth in the Warrant Agreement.

ELECTION TO PURCHASE

(To Be Executed by the Registered Holder in Order to Exercise Warrants)

 

	
                        The undersigned Registered Holder irrevocably elects to exercise ______________ Warrants represented by this Warrant Certificate, and to purchase the shares of Common Stock issuable upon the exercise of such Warrants, and requests that Certificates for such shares shall be issued in the name of
 
	
                        _________________________________________________________________________________________________________________________________________
 
	
                        (PLEASE TYPE OR PRINT NAME AND ADDRESS)
 
	
                        _________________________________________________________________________________________________________________________________________
 
	
                        _________________________________________________________________________________________________________________________________________
 
	
                        _________________________________________________________________________________________________________________________________________
 
	
                        (SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)
 
	
                        and be delivered to ______________________________________________________________________________________________________________
 
	
                        (PLEASE PRINT OR TYPE NAME AND ADDRESS)
 
	
                        _________________________________________________________________________________________________________________________________________
 
	
                        and, if such number of Warrants shall not be all the Warrants evidenced by this Warrant Certificate, that a new Warrant Certificate for the balance of such Warrants be registered in the name of, and delivered to, the Registered Holder at the address stated below:
 

 

	
                        Dated: ________________
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                        (SIGNATURE)
 
	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                        (ADDRESS)
 
	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                        (TAX IDENTIFICATION NUMBER)
 

 

ASSIGNMENT

(To Be Executed by the Registered Holder in Order to Assign Warrants)

 

	
                        For Value Received, _____________________ hereby sells, assigns, and transfers unto
 
	
                        _________________________________________________________________________________________________________________________________________
 
	
                        (PLEASE TYPE OR PRINT NAME AND ADDRESS)
 
	
                        _________________________________________________________________________________________________________________________________________
 
	
                        _________________________________________________________________________________________________________________________________________
 
	
                        _________________________________________________________________________________________________________________________________________
 

	
                        (SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)
 
	
                        and be delivered to _____________________________________________________________________________________________________________
 
	
                        (PLEASE PRINT OR TYPE NAME AND ADDRESS)
 
	
        
	
                        _________________ of the Warrants represented by this Warrant Certificate, and hereby irrevocably constitute and appoint _____________________ Attorney to transfer this Warrant Certificate on the books of the Company, with full power of substitution in the premises. 
 

 

	
                        Dated: ________________
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                        (SIGNATURE)
 

	
                        Signature(s) Guaranteed:

                        _______________________________________________

                        THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNION WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTY MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15)Exhibit 4.4

 

 

WARRANT AGREEMENT

by and between

MAFS ACQUISITION CORP.

and

AMERICAN STOCK TRANSFER & TRUST COMPANY

 

Dated as of [    ], 2008

 

 

 

 

 

TABLE OF CONTENTS

 

	
                         
 	
                         
 	
                         
 	
                         
 	
                        Page
 
	
                        ARTICLE I 
 	
                         
 	
                        APPOINTMENT OF WARRANT AGENT
 	
                         
 	
                        2
 
	
                        ARTICLE II 
 	
                         
 	
                        WARRANTS
 	
                         
 	
                        2
 
	
                        2.1
 	
                         
 	
                        Form of Warrant
 	
                         
 	
                        2
 
	
                        2.2
 	
                         
 	
                        Effect of Countersignature
 	
                         
 	
                        2
 
	
                        2.3
 	
                         
 	
                        Registration
 	
                         
 	
                        3
 
	
                        2.4
 	
                         
 	
                        Detachability of Warrants
 	
                         
 	
                        3
 
	
                        2.5
 	
                         
 	
                        Private Warrants
 	
                         
 	
                        4
 
	
                        ARTICLE III 
 	
                         
 	
                        TERMS AND EXERCISE OF WARRANTS
 	
                         
 	
                        5
 
	
                        3.1
 	
                         
 	
                        Warrant Price
 	
                         
 	
                        5
 
	
                        3.2
 	
                         
 	
                        Duration of Warrants
 	
                         
 	
                        5
 
	
                        3.3
 	
                         
 	
                        Exercise of Warrants
 	
                         
 	
                        6
 
	
                        3.4
 	
                         
 	
                        No Cash Settlement
 	
                         
 	
                        9
 
	
                        ARTICLE IV 
 	
                         
 	
                        ADJUSTMENTS
 	
                         
 	
                        9
 
	
                        4.1
 	
                         
 	
                        Stock Dividends; Split-Ups
 	
                         
 	
                        9
 
	
                        4.2
 	
                         
 	
                        Aggregation of Shares
 	
                         
 	
                        9
 
	
                        4.3
 	
                         
 	
                        Adjustments in Warrant Price
 	
                         
 	
                        9
 
	
                        4.4
 	
                         
 	
                        Replacement of Securities upon Reorganization, etc.
 	
                         
 	
                        10
 
	
                        4.5
 	
                         
 	
                        Extraordinary Dividends
 	
                         
 	
                        10
 
	
                        4.6
 	
                         
 	
                        Notices of Changes in Warrant
 	
                         
 	
                        11
 
	
                        4.7
 	
                         
 	
                        No Fractional Shares
 	
                         
 	
                        11
 
	
                        4.8
 	
                         
 	
                        Form of Warrant
 	
                         
 	
                        11
 
	
                        4.9
 	
                         
 	
                        Notice of Certain Transactions
 	
                         
 	
                        11
 
	
                        4.10
 	
                         
 	
                        Other Events
 	
                         
 	
                        12
 
	
                        ARTICLE V 
 	
                         
 	
                        TRANSFER AND EXCHANGE OF WARRANTS
 	
                         
 	
                        12
 
	
                        5.1
 	
                         
 	
                        Transfer of Warrants
 	
                         
 	
                        12
 
	
                        5.2
 	
                         
 	
                        Registration of Transfer
 	
                         
 	
                        12
 
	
                        5.3
 	
                         
 	
                        Procedure for Surrender of Warrants
 	
                         
 	
                        12
 
	
                        5.4
 	
                         
 	
                        Fractional Warrants
 	
                         
 	
                        13
 
	
                        5.5
 	
                         
 	
                        Service Charges
 	
                         
 	
                        13
 
	
                        5.6
 	
                         
 	
                        Warrant Execution and Countersignature
 	
                         
 	
                        13
 
	
                        ARTICLE VI 
 	
                         
 	
                        REDEMPTION
 	
                         
 	
                        13
 
	
                        6.1
 	
                         
 	
                        Redemption
 	
                         
 	
                        13
 
	
                        6.2
 	
                         
 	
                        Date Fixed for, and Notice of, Redemption
 	
                         
 	
                        14
 
	
                        6.3
 	
                         
 	
                        Exercise After Notice of Redemption
 	
                         
 	
                        14
 
	
                        ARTICLE VII 
 	
                         
 	
                        OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF WARRANTS
 	
                         
 	
                        14
 
	
                        7.1
 	
                         
 	
                        No Rights as Stockholder
 	
                         
 	
                        14
 
	
                        7.2
 	
                         
 	
                        Lost, Stolen, Mutilated, or Destroyed Warrants
 	
                         
 	
                        15
 

 

 

i

 

TABLE OF CONTENTS

(Continued)

 

	 
	 
	 
	 
	Page

	
                        7.3
 	
                         
 	
                        Reservation of Common Stock
 	
                         
 	
                        15
 
	
                        7.4
 	
                         
 	
                        Registration of Common Stock
 	
                         
 	
                        15
 
	
                        ARTICLE VIII 
 	
                         
 	
                        CONCERNING THE WARRANT AGENT AND OTHER MATTERS
 	
                         
 	
                        15
 
	
                        8.1
 	
                         
 	
                        Payment of Taxes
 	
                         
 	
                        15
 
	
                        8.2
 	
                         
 	
                        Resignation, Consolidation, or Merger of Warrant Agent
 	
                         
 	
                        15
 
	
                        8.3
 	
                         
 	
                        Fees and Expenses of Warrant Agent
 	
                         
 	
                        16
 
	
                        8.4
 	
                         
 	
                        Liability of Warrant Agent
 	
                         
 	
                        17
 
	
                        8.5
 	
                         
 	
                        Acceptance of Agency
 	
                         
 	
                        17
 
	
                        8.6
 	
                         
 	
                        Waiver
 	
                         
 	
                        18
 
	
                        ARTICLE IX 
 	
                         
 	
                        MISCELLANEOUS PROVISIONS
 	
                         
 	
                        18
 
	
                        9.1
 	
                         
 	
                        Successors
 	
                         
 	
                        18
 
	
                        9.2
 	
                         
 	
                        Notices
 	
                         
 	
                        18
 
	
                        9.3
 	
                         
 	
                        Governing Law; Submission to Jurisdiction
 	
                         
 	
                        18
 
	
                        9.4
 	
                         
 	
                        Persons Having Rights under this Agreement
 	
                         
 	
                        19
 
	
                        9.5
 	
                         
 	
                        Examination of the Warrant Agreement
 	
                         
 	
                        19
 
	
                        9.6
 	
                         
 	
                        Counterparts
 	
                         
 	
                        19
 
	
                        9.7
 	
                         
 	
                        Effect of Headings
 	
                         
 	
                        19
 
	
                        9.8
 	
                         
 	
                        Amendments
 	
                         
 	
                        19
 
	
                        9.9
 	
                         
 	
                        Severability
 	
                         
 	
                        20
 
	
                        9.10
 	
                         
 	
                        Entire Agreement
 	
                         
 	
                        20
 
	
                        Exhibit A
 	
                         
 	
                        Form of Public Warrant
 	
                         
 	
                         
 
	
                        Exhibit B
 	
                         
 	
                        Form of Private Warrant
 	
                         
 	
                         
 

 

 

ii

 

WARRANT AGREEMENT

This WARRANT AGREEMENT (this “Agreement”) is made as of [       ], 2008, by and between MAFS Acquisition Corp., a Delaware corporation (the “Company”), and American Stock Transfer & Trust Company, a New York corporation, as warrant agent (the “Warrant Agent”).

WHEREAS, in connection with its formation, the Company has issued and sold to MAFS Acquisition  LLC, a Delaware limited liability company (the “Sponsor”), an aggregate of 21,562,500 units (the “Sponsor Units”), each consisting of one share of common stock, par value $0.0001 per share, of the Company (“Common Stock”) and one warrant entitling the holder thereof to purchase one share of Common Stock for $7.50, subject to adjustment as described herein (such warrants, the “Initial Sponsor Warrants”); 

WHEREAS, the Company has filed a registration statement (the “Registration Statement”) on Form S-1 under the Securities Act of 1933, as amended (the “Securities Act”), with the Securities and Exchange Commission in connection with an initial public offering (the “Initial Public Offering”) of 50,000,000 units (or up to 57,500,000 units if and to the extent that the underwriter exercises its over-allotment option) (the “Public Units”), each consisting of one share of Common Stock and one warrant entitling the holder thereof to
purchase one share of Common Stock for $7.50, subject to adjustment as described herein (such warrants, the “Public Warrants”);

WHEREAS, the Sponsor has agreed to purchase (or to cause one or more of its Affiliates (as defined below) to purchase) from the Company an aggregate of 10,000,000 additional warrants at a price of $1.00 per warrant in a private placement that will occur immediately prior to the consummation of the Initial Public Offering, each such Warrant entitling the holder thereof to purchase one share of Common Stock for $7.50, subject to adjustment as described herein (such warrants, the “Sponsor Warrants”);

WHEREAS, prior to the consummation of the Initial Public Offering, the Company will enter into an agreement with MacAndrews & Forbes Holdings Inc. (“MacAndrews & Forbes”), an affiliate of the Sponsor, and Citigroup Global Markets Inc., pursuant to which MacAndrews & Forbes or one or more of its Affiliates may purchase from the Company immediately prior to the consummation of a Business Combination (as defined below) up to $40,000,000 of units (the “Co-Investment Units”) at a price of $10.00 per unit (to the extent such funds have not previously been used to make open market purchases of Common Stock as described in the Registration Statement), each such unit consisting of one share of Common
Stock and one warrant entitling the holder thereof to purchase one share of Common Stock for $7.50, subject to adjustment as described herein (such warrants, the “Co-Investment Warrants,” and together with the Initial Sponsor Warrants and the Sponsor Warrants, the “Private Warrants”);

WHEREAS, the Public Warrants and the Private Warrants are sometimes collectively referred to herein as the “Warrants;” 

 

 

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, exercise and cancellation 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 that 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 herein contained, the parties hereto agree as follows:

ARTICLE I

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.

ARTICLE II

WARRANTS

2.1 Form of Warrant. Each Public Warrant shall be issued in registered form only in substantially the form of Exhibit A hereto and each Private Warrant shall be issued in registered form only in substantially the form of Exhibit B hereto, the provisions of which exhibits are incorporated herein. Each Warrant shall be signed by, or bear the facsimile signature of, any one of the Chairman of the Board of Directors, the Vice Chairman, President, Chief Financial Officer, Treasurer, Chief Legal Officer, Secretary or Assistant 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. All of the Public Warrants shall initially be represented by one or more book-entry certificates (each a “Book-Entry Warrant Certificate”).

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

 

2.3 Registration.

(a) Warrant Register. The Warrant Agent shall maintain books for the registration of original issuance and the registration of transfer of the Warrants (the “Warrant Register”). Upon the initial issuance of the Warrants, the Warrant Agent shall issue and register such 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. All of the Public Warrants shall initially be represented by one or more Book-Entry Warrant Certificates deposited with the Depository Trust Company (the “Depository”) and registered in the
name of Cede & Co., a nominee of the Depository. Ownership of beneficial interests in the Public Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained by (i) the Depository or its nominee for each Book-Entry Warrant Certificate, or (ii) institutions that have accounts with the Depository (any such institution, with respect to a Public Warrant in its account, a “Participant”).

If the Depository subsequently ceases to make its book-entry settlement system available for the Public Warrants, the Company may instruct the Warrant Agent regarding making other arrangements for book-entry settlement. In the event that the Public Warrants are not eligible for, or it is no longer necessary to have the Public Warrants available in, book-entry form, the Warrant Agent shall provide written instructions to the Depository to deliver to the Warrant Agent for cancellation each Book-Entry Warrant Certificate, and the Company shall instruct the Warrant Agent to deliver to the Depository definitive certificates representing the Warrants substantially in the form of Exhibit A hereto (“Definitive Warrant Certificates”).

(b) Beneficial Owner; Registered Holder. The term “beneficial owner” shall mean, on or after the Detachment Date (as defined below), any person in whose name ownership of a beneficial interest in the Public Warrants evidenced by a Book-Entry Warrant Certificate is recorded in the records maintained by the Depository or its nominee, and prior to the Detachment Date, the person in whose name the Public Unit of which such Public Warrant or part thereof was originally part of, as registered upon the register relating to such Public Units. 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 (“Registered Holder”) as the absolute owner of such Warrant (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 Warrants. 

(a) Public Units. The securities comprising the Public Units will not be separately transferable until 35 days (or such earlier number of days as the underwriter of the Initial Public Offering may permit) after the consummation of the Initial Public Offering (or as soon as practicable thereafter) (the “Detachment Date”), 

 

 

3

 

subject to the Company having filed a Current Report on Form 8-K, which includes an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Initial Public Offering, and having issued a press release announcing when such separate trading will begin. 

(b) Sponsor Units and Co-Investment Units. The securities comprising the Sponsor Units and the Co-Investment Units will be separately transferable at any time, subject to the transfer restrictions on the Initial Sponsor Warrants and the Co-Investment Warrants described below in Section 2.5.

2.5 Private Warrants. The Private Warrants shall have the same terms and be in the same form as the Public Warrants, except that:

(i)  the Initial Sponsor Warrants may not be exercised unless and until the last sales price of the Common Stock equals or exceeds $13.75 per share, as such price may be adjusted pursuant to Section 4.3 (the “Floor Price”), for any 20 trading days within a 30 trading day period beginning 90 days after the consummation by the Company of a Business Combination (as defined below); 

(ii) the Initial Sponsor Warrants and the Sponsor Warrants will be non-redeemable as long as they are held by the Sponsor or its Permitted Transferees, other than as part of a redemption of Sponsor Units if and to the extent the underwriter’s over-allotment option is not exercised in full; 

(iii) the Initial Sponsor Warrants and the Sponsor Warrants may be exercised at the option of the holder on a cash or cashless basis; 

(iv) the Initial Sponsor Warrants and the Co-Investment Warrants (and the Common Stock issuable upon exercise of such Warrants) may not be transferred, assigned or sold, directly or indirectly, other than to a Permitted Transferee, until 180 days after the consummation by the Company of a Business Combination; and 

(v) the Sponsor Warrants may not be (and the Common Stock issuable upon exercise of such Warrants may not be) transferred, assigned or sold, directly or indirectly, other than to a Permitted Transferee, until after the consummation by the Company of a Business Combination.

“Business Combination” means the Company’s initial business combination, through a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination, with one or more domestic or international operating businesses or assets meeting the conditions described in the Registration Statement and the Company’s Amended and Restated Certificate of Incorporation at the time of the consummation of the Initial Public Offering.

 

 

4

 

“Permitted Transferee” means (i) any of the Company’s officers, directors and employees, any Affiliates or Family Members of such individuals, the Sponsor, MacAndrews & Forbes, any Affiliates of the Company, the Sponsor or MacAndrews & Forbes and any officers, directors, members and employees of the Sponsor, MacAndrews & Forbes or such Affiliates, (ii) any charitable organization, (iii) any individual pursuant to a qualified domestic relations order, (iv) if the transferor is a corporation, partnership or limited liability company, any stockholder, partner or member of the transferor, and (v) any individual or entity by virtue of laws or agreements governing descent or distribution upon the death or dissolution of the transferor; provided, that any such transferees agree in writing to become subject to the same transfer restrictions as the transferor.

The term “Affiliate” has the meaning set forth in Rule 405 under the Securities Act (in effect on the date hereof).

“Family Member” of a person means such person’s present spouse and/or domestic partner, parents, lineal ascendants or descendants or any siblings of any of the foregoing, any descendants of any sibling of such person, or any estate planning vehicle formed primarily for the benefit of such person or any of the foregoing persons.

ARTICLE III

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 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 Article IV hereof and in the last sentence of this Section 3.1. The term “Warrant Price” as used in this Agreement refers to the 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 20 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 (the “Exercise Period”) commencing on the later of the consummation by the Company of a Business Combination and the first anniversary of the date of the final prospectus that forms a part of the Registration Statement, and terminating at 5:00 p.m., New York time on the earlier to occur of (i) the fifth anniversary of the date of the final prospectus that forms a part of the Registration Statement and (ii) the date fixed for redemption of the Warrants as provided in Article VI of this Agreement
(“Expiration Date”); provided, however, that, (i) the Warrants shall not be exercisable and the Company shall not be obligated to issue Common Stock in respect thereof unless, at the time a holder seeks to exercise such Warrants, a prospectus relating to the Common Stock issuable upon exercise of the Public Warrants is current and the issuance of such Common Stock has been registered or qualified or deemed to be exempt under the securities laws of the state of residence of the holder of such Warrants and (ii) in addition to the exercise conditions set forth in this Section 3.2, the Initial Sponsor Warrants
may not be exercised unless and until the last sales price of the Common Stock exceeds the 

 

 

5

 

Floor Price for any 20 trading days within a 30 trading day period beginning 90 days after the consummation by the Company of a Business Combination. Except with respect to the right to receive the Redemption Price (as set forth in Article VI 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 any extension of the duration of the Warrants must apply
equally to all of the Warrants. Should the Company wish to extend the Expiration Date of the Warrants, the Company shall provide advance notice (i) to Registered Holders of the Warrants of such extension of not less than 20 days and (ii) to any stock exchange on which the Warrants are listed in accordance with the requirements of such exchange.

3.3 Exercise of Warrants.

(a) Payment. Subject to the provisions of the Warrant and this Agreement, a Warrant, when countersigned by the Warrant Agent, may be exercised by the Registered Holder thereof by delivering, not later than 5:00 p.m., New York time, on any Business Day during the Exercise Period (the “Exercise Date”) to the Warrant Agent at the office of the Warrant Agent, or at the office of its successor as Warrant Agent (i) the Definitive Warrant Certificate evidencing the Warrants to be exercised, or in the case of a Book-Entry Warrant Certificate, the Warrants to be exercised (the “Book-Entry Warrants”) on the records of
the Depositary to an account of the Warrant Agent at the Depositary designated for such purpose in writing by the Warrant Agent to the Depository from time to time, (ii) an election to purchase in the form attached hereto as part of Exhibit A or Exhibit B, as applicable, the shares of Common Stock underlying the Warrants to be exercised, properly completed and executed, or in the case of a Book-Entry Warrant Certificate, properly delivered by the Participant in accordance with the Depository’s procedures and (iii) the Warrant Price for each full share of Common Stock as to which the Warrants are exercised and any and all applicable taxes due in connection with the exercise of the Warrants, the exchange of the Warrants for the Common Stock, and the issuance of the Common Stock in full, in lawful money of
the United States, by cash, by bank wire transfer in immediately available funds or by certified check or bank draft payable to the Company; provided, however, that the holders of the Initial Sponsor Warrants and the Sponsor Warrants may pay the Warrant Price by surrendering such 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 the Warrant, multiplied by the difference between the Fair Market Value and the Warrant Price by (y) the Fair Market Value. The “Fair Market Value” means the average last sales price of the Common Stock in the principal trading market for the Common Stock as reported by any national securities
exchange or quoted on the FINRA OTC Bulletin Board (or successor exchange), as the case may be, for the 10 consecutive trading days ending on the third trading day preceding the date the Initial Sponsor Warrants or the Sponsor Warrants, as applicable, are exercised. “Business Day” means any day on which the Depository is open for trading. 

 

 

6

 

(i) If any of (A) the Definitive Warrant Certificate or the Book-Entry Warrant Certificate, (B) the Election to Purchase or (C) the Warrant Price therefor, is received by the Warrant Agent after 5:00 p.m., New York time, on a specified day or if such day is not a Business Day, the Warrants will be deemed to be received and exercised on, and the applicable Exercise Date shall be the Business Day next succeeding such day. If the Warrants are received or deemed to be received after the Expiration Date, the exercise thereof will be null and void and any funds delivered to the Warrant Agent will be returned to the Registered Holder or the Participant, as the case may be, as soon as practicable. In no event will interest accrue on funds deposited with the Warrant Agent in respect of an exercise or attempted exercise of Warrants. The validity
of any exercise of Warrants will be determined by the Company in its sole discretion and such determination will be final and binding upon the Registered Holder and the Warrant Agent. Neither the Company nor the Warrant Agent shall have any obligation to inform a Registered Holder of the invalidity of any exercise of Warrants.

(ii) The Warrant Agent shall deposit all funds received by it in payment of the Warrant Price in the account of the Company maintained with the Warrant Agent for such purpose and shall advise the Company at the end of each Business Day on which funds for the exercise of the Warrants are received and of the amount so deposited to its account. The Warrant Agent shall promptly confirm such telephonic advice to the Company in writing.

(iii) The Warrant Agent shall, by 11:00 a.m. New York time on the Business Day following the Exercise Date of any Warrant, advise the Company and the transfer agent and registrar in respect of (a) the shares of Common Stock (the “Shares”) issuable upon such exercise in accordance with the terms and conditions of this Agreement, (b) the instructions of each Registered Holder or Participant, as the case may be, with respect to delivery of the Shares issuable upon such exercise, and the delivery of Definitive Warrant Certificates, as appropriate, evidencing the balance, if any, of the Warrants remaining after such exercise, (c) in case of a Book-Entry Warrant Certificate, the notation that shall be made to the records maintained by the Depository, its
nominee for each Book-Entry Warrant Certificate, or a Participant, as appropriate, evidencing the balance, if any, of the Warrants remaining after such exercise and (d) such other information as the Company or such transfer agent and registrar shall reasonably require.

(iv) The Company shall, by 5:00 p.m., New York time, on the third Business Day next succeeding the Exercise Date of any Warrant and the clearance of the funds in payment of the Warrant Price, execute, issue and deliver to the Warrant Agent, the Shares to which such Registered Holder or Participant, as the case may be, is entitled, in fully registered form, registered in such name or names as may be directed by such Registered Holder or the Participant, as the case may be. Upon receipt of such Shares, the Warrant Agent shall, by 5:00 p.m., New York time, on the fifth Business Day next succeeding such Exercise Date, transmit such Shares to or upon the order of the Registered Holder or the Participant, as the case may be.

 

 

7

 

(v) In lieu of delivering physical certificates representing the Shares issuable upon exercise, provided the Company’s transfer agent is participating in the Depository Fast Automated Securities Transfer program, the Company shall use its commercially reasonable efforts to cause its transfer agent to electronically transmit the Shares issuable upon exercise to the Registered Holder or the Participant by crediting the account of the Registered Holder’s prime broker with the Depository or of the Participant through its Deposit Withdrawal Agent Commission system. The time periods for delivery described in the immediately preceding paragraph shall apply to the electronic transmittals described herein.

(vi) The accrual of dividends, if any, on the Shares issued upon the valid exercise of any Warrant will be governed by the terms generally applicable to the Shares. Starting with the Exercise Date, the former holder of the Warrants exercised will be entitled to the benefits generally available to other holders of Shares and such former holder’s right to receive payments of dividends and any other amounts payable in respect of the Shares shall be governed by, and shall be subject to, the terms and provisions generally applicable to such Shares.

(vii) Subject to Section 4.7, Warrants may be exercised only in whole numbers of Shares. If fewer than all of the Warrants evidenced by a Warrant Certificate are exercised, a new Warrant Certificate for the number of unexercised Warrants remaining shall be executed by the Company and countersigned by the Warrant Agent as provided in Article II hereof, and delivered to the holder of this Warrant Certificate at the address specified on the books of the Warrant Agent or as otherwise specified by such Registered Holder. If fewer than all the Warrants evidenced by a Book-Entry Warrant Certificate are exercised, a notation shall be made to the records maintained by the Depository, its nominee for each
Book-Entry Warrant Certificate, or a Participant, as appropriate, evidencing the balance of the Warrants remaining after such exercise.

(b) Issuance of Certificates. Notwithstanding the foregoing, and subject to Section 7.4 of this Agreement, the Company shall not be obligated to deliver any securities pursuant to the exercise of a Warrant unless (i) a registration statement under the Securities Act with respect to the issuance of Common Stock upon exercise of the Warrant is effective or (ii) in the opinion of counsel to the Company, the issuance of the Common Stock upon the exercise of the Warrants is exempt from the registration requirements of the Securities Act and such securities are qualified for sale or exempt from qualification under applicable securities laws of the states or other jurisdictions in which the Registered Holders
reside. Warrants may not be exercised by, or securities issued to, any Registered Holder in any state in which such exercise would be unlawful. As a result of the provisions of this Section 3.3(b), any or all of the Warrants may expire unexercised. In no event shall the Registered Holder of a Warrant 

 

 

8

 

be entitled to receive any monetary damages if the issuance of the shares of Common Stock underlying the Warrants has not been registered by the Company pursuant to an effective registration statement or if a current prospectus is not available for delivery by the Warrant Agent; provided, that the Company has fulfilled its obligation to use its commercially reasonable efforts to effect such registration and ensure a current prospectus is available for delivery by the Warrant Agent.

(c) 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.

(d) 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 Exercise Date in accordance with Section 3.3(a), irrespective of the date of delivery of such certificate to the holder, except that, if delivery of the items set forth in Section 3.3(a) occurs after 5:00 p.m., New York time, on any Business Day during the Exercise Period, such person shall be deemed to have become the holder of such shares at the close of business on the next succeeding Business Day.

3.4 No Cash Settlement. Notwithstanding anything to the contrary contained in this Agreement, under no circumstances will the Company be required to net cash settle the exercise of the Warrants. 

ARTICLE IV

ADJUSTMENTS

4.1 Stock Dividends; Split-Ups. If after the date hereof, and subject to the provisions of Section 4.7, 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.

4.2 Aggregation of Shares. If after the date hereof, and subject to the provisions of Section 4.7, 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 Warrant Price. Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants is adjusted, as provided in Sections 4.1 and 4.2 above, each of the Warrant Price and the Floor Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price and Floor Price, as the 

 

 

9

 

case may be, immediately prior to such adjustment by a fraction (x) 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 (y) the denominator of which shall be the number of shares of Common Stock so purchasable immediately thereafter; provided, that, with respect to any adjustment occurring prior to the consummation of the Initial Public Offering, the Company may determine (with the consent of the Sponsor) not to adjust the Warrant Price and the Floor Price. Before taking any action that would cause an adjustment pursuant to Section 4.3 hereof to reduce the Warrant Price below the then par value (if any) of the Common Stock, the Company will take any commercially
reasonable corporate action that may, in the opinion of its counsel (which may be counsel employed by the Company), be necessary in order that the Company may validly and legally issue fully paid and nonassessable Common Stock at the Warrant Price as so adjusted.

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 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 Registered 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, by a Registered Holder of the number of shares of Common Stock of the Company obtainable upon exercise of the Warrants immediately prior to such event; and if any reclassification also results in a change in shares of Common Stock covered by Sections 4.1 or 4.2, then such adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3 and this Section 4.4. The provisions of this Section 4.4 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers.

4.5 Extraordinary Dividends. 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 Common Stock (or other shares of the Company’s capital stock into which the Warrants are convertible), other than (i) as described in Sections 4.1, 4.2 or 4.4, (ii) regular quarterly or other periodic dividends, (iii) in connection with the conversion rights of the holders of Common Stock upon consummation by the Company of a Business
Combination or the approval of an extension to its corporate existence by up to 12 additional months as described in the Registration Statement or (iv) in connection with the Company’s liquidation and the distribution of its assets upon its 

 

 

10

 

failure to consummate a Business Combination (any such non-excluded event being referred to herein as an “Extraordinary Dividend”), then the Warrant Price and the Floor Price shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and/or the fair market value (as determined by the Company’s Board of Directors, in good faith) of any securities or other assets paid on each share of Common Stock (or other shares of the Company’s capital stock into which the Warrants are convertible) in respect of such Extraordinary Dividend.

4.6 Notices of Changes in Warrant. Upon every adjustment of the Warrant Price, Floor Price or the number of shares issuable on exercise of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price or Floor Price resulting from such adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified in Sections 4.1, 4.2, 4.3, 4.4 or 4.5, then, in any such event, the Company shall give written notice to each Registered 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.

4.7 No Fractional Shares. Notwithstanding any provision contained in this 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 Article IV or by reason of any cashless exercise pursuant to Sections 3.3(a) or 6.1, the Registered Holder 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 to the nearest whole number the number of the shares of
Common Stock to be issued to the Registered Holder.

4.8 Form of Warrant. The forms of Warrants need not be changed because of any adjustment pursuant to this Article IV, 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.

4.9 Notice of Certain Transactions. In the event that the Company shall propose to (a) offer the holders of its Common Stock rights to subscribe for or to purchase any securities convertible into shares of Common Stock or shares of stock of any class or any other securities, rights or options, (b) issue any rights, options or warrants entitling the holders of Common Stock to subscribe for shares of Common Stock or (c) make a tender offer, redemption offer or exchange offer with respect to the Common Stock, the Company shall send to the Registered Holders a notice of such proposed action or offer. Such notice shall be mailed to the Registered Holders at their addresses as they appear in the Warrant Register, which shall specify the record date for

 

 

11

 

the purposes of such dividend, distribution or rights, or the date such issuance or event is to take place and the date of participation therein by the holders of Common Stock, if any such date is to be fixed, and shall briefly indicate the effect of such action on the Common Stock and on the number and kind of any other shares of stock and on other property, if any, and the number of shares of Common Stock and other property, if any, issuable upon exercise of each Warrant and the Warrant Price or Floor Price after giving effect to any adjustment pursuant to this Article IV that would be required as a result of such action. Such notice shall be given as promptly as practicable after the Company’s Board of Directors has determined to take any such action and (x) in the case of any action covered by
clause (a) or (b) above at least 10 days prior to the record date for determining the holders of the Common Stock for purposes of such action or (y) in the case of any other such action at least 20 days prior to the date of the taking of such proposed action or the date of participation therein by the holders of Common Stock, whichever shall be the earlier.

4.10 Other Events. If any event occurs as to which the foregoing provisions of this Article 4 are not strictly applicable or, if strictly applicable, would not, in the good faith judgment of the Company’s Board of Directors, fairly and adequately protect the purchase rights of the registered holders of the Warrants in accordance with the essential intent and principles of such provisions, then the Company’s Board of Directors may make such adjustments in the application of such provisions, in accordance with such essential intent and principles, as may be reasonably necessary, in the good faith opinion of the Company’s Board of Directors, to protect such purchase rights as aforesaid.

ARTICLE V

TRANSFER AND EXCHANGE OF WARRANTS

5.1 Transfer of Warrants. Prior to the Detachment Date, the Public Warrants may be transferred or exchanged only as part of the Public Units in which such Warrants are included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of such Public Unit. For the avoidance of doubt, each transfer of a Public Unit on the register relating to such Public Units shall operate also to transfer the Warrants included in such Public Unit.

5.2 Registration of Transfer. Subject to Section 5.3 below, the Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant Register, upon surrender of such Warrant for transfer, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. The Warrants so cancelled shall be delivered by the Warrant Agent to the Company from time to time upon request.

5.3 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

 

 

12

 

 

new Warrants as requested by the Registered Holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however, that except as otherwise provided herein or in any Book-Entry Warrant Certificate, each Book-Entry Warrant Certificate may be transferred only in whole and only to the Depository, to another nominee of the Depository, to a successor depository, or to a nominee of a successor depository; provided further, 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, if requested by the Company, 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. Upon any such registration of transfer, the Company shall execute, and the Warrant Agent shall countersign and deliver, in the name of the designated transferee a new Warrant certificate or Warrant certificates of any authorized denomination evidencing in the aggregate a like number of unexercised Warrants.

5.4 Fractional Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange that will result in the issuance of a Warrant certificate for a fraction of a Warrant.

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

5.6 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 Article V, and the Company, whenever required by the Warrant Agent, shall supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose.

ARTICLE VI

REDEMPTION

6.1 Redemption. All but not less than all of the outstanding Warrants (other than any Initial Sponsor Warrants or Sponsor Warrants that are held by the Sponsor or any Permitted Transferees) may be redeemed, at the option of the Company, at any time after they become exercisable and prior to their expiration, at the office of the Warrant Agent, upon the notice referred to in Section 6.2, at the price of $0.01 per Warrant (the “Redemption Price”); provided, however, that the last sales price of the Common Stock has been equal to or greater than the Floor Price on each of 20 trading days within any 30 trading day period ending three Business Days prior to the date on which notice of redemption is given; and provided, further, that with respect to the Public Warrants and the Co-Investment Warrants, such Warrants (and the Common Stock issuable upon the exercise of such Warrants) are covered by an effective registration statement from the date of notice of redemption through the date fixed for redemption. If the foregoing conditions are satisfied, and such Warrants are called for redemption, each Registered Holder will be entitled to exercise their Warrants prior to the date scheduled for redemption. In the event the Company
calls any such Warrants for redemption pursuant to this Section 6.1, the Company shall have the option to require all (but not

 

 

13

 

 

part) of the holders of those Warrants who elect to exercise their Warrants prior to the date scheduled for redemption to exercise the Warrants on a cashless basis. If the Company requires the Registered Holders of such Warrants to exercise on a cashless basis, each holder of such Warrants shall pay the Warrant Price by surrendering such 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 the Warrants, multiplied by the difference between the Redemption Fair Market Value and the Warrant Price of the Warrants by (y) the Redemption Fair Market Value. The “Redemption Fair Market Value” shall mean the average reported last sales price of the Common Stock in the principal trading market for the
Common Stock as reported by any national securities exchange or quoted on the FINRA OTC Bulletin Board (or successor exchange), as the case may be, for the 10 consecutive trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the Registered Holders of such Warrants.

6.2 Date Fixed for, and Notice of, Redemption. In the event the Company shall elect to redeem all of the outstanding Warrants (other than any Initial Sponsor Warrants or Sponsor Warrants that are held by the Sponsor or any Permitted Transferees) pursuant to Section 6.1 (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 at their last addresses as they shall appear in the Warrant
Register. Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given on the date sent whether or not the Registered Holder received such notice.

6.3 Exercise After Notice of Redemption. The Redeemable Warrants may be exercised, for cash or, if required by the Company, on a cashless basis, in accordance with Section 6.1 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. In the event the Company determines to require all holders of Warrants to exercise their Warrants on a “cashless basis” pursuant to Section 6.1, the notice of redemption will contain the information necessary to calculate the number of shares of Common
Stock to be received upon exercise of the Warrants, including the “Redemption Fair Market Value” in such case. On and after the redemption date, the Registered Holder of the Redeemable Warrants shall have no further rights except to receive the Redemption Price upon surrender of the Redeemable Warrants.

ARTICLE VII

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,

 

 

14

 

 

exercise any preemptive rights, to vote or to consent or to receive notice as stockholders in respect of the meetings of stockholders for 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 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 Securities Act of, and it shall take such action as may be necessary to qualify for sale, in those states in which the Public Warrants were initially offered by the Company, the issuance of the Common Stock issuable upon exercise of the Public Warrants. In either case, the Company shall use its commercially reasonable efforts to cause the same to become effective on or prior to the commencement of the Exercise Period and to maintain the effectiveness of such registration statement until the
expiration of the Public Warrants in accordance with the provisions of this Agreement.

ARTICLE VIII

CONCERNING THE WARRANT AGENT AND OTHER MATTERS

8.1 Payment of Taxes. The Company shall 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 the Warrants, but the Company shall not be obligated to pay any transfer taxes in respect of the Warrants or of such shares of the Common Stock.

8.2 Resignation, Consolidation, or Merger of Warrant Agent.

(a) 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 Warrant Agent. If the Company shall fail to make such

 

 

15

 

 

appointment within a period of 30 days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or any Registered Holder (who shall, with such notice, submit his 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.

(b) 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.

(c) Merger or Consolidation of Warrant Agent. Any corporation or other entity 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.

(a) Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and shall reimburse the Warrant Agent upon written demand for all reasonable expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder.

(b) 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.

 

 

16

 

 

8.4 Liability of Warrant Agent.

(a) Reliance on Company Statement. Whenever in the performance of its duties under this 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 Chairman of the Board of Directors, Vice Chairman, President, Chief Financial Officer, Treasurer, Chief Legal Officer, Secretary or Assistant Secretary 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.

(b) Indemnity.

(i) 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.

(ii) In case any action arising out of this Agreement is brought against the Warrant Agent, the Company will be entitled to participate therein and, to the extent that it may wish, to assume the defense thereof, and after notice from the Company to the Warrant Agent of its election so to assume the defense, the Company will not be liable to the Warrant Agent under this Section 8.4(b) for any legal or other expenses subsequently incurred by the Warrant Agent in connection with the defense thereof. The Warrant Agent shall not, without the prior written consent of the Company, effect any settlement of any pending or threatened action hereunder.

(c) 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 Article IV 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

 

 

17

 

 

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 the Company’s Common Stock through the exercise of Warrants.

8.6 Waiver. The Warrant Agent hereby waives any and all right or set-off of any and all title, interest or claim of any kind (“Claim”) in or to any distribution of the Trust Account (as defined in that certain Investment Management Trust Agreement to be entered into by and between the Company and the trustee thereunder), 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 including, without limitation, pursuant to Section 8.4(b) hereunder, and to pursue any such Claims solely against the Company.

ARTICLE IX

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 Agreement to be given or made by the Warrant Agent or by any Registered Holder 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:

MAFS Acquisition Corp.

35 East 62nd Street

New York, New York 10065

Attn: Chief Legal Officer

Any notice, statement or demand authorized by this Agreement to be given or made by any Registered Holder or by the Company to or on the Warrant Agent shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with the Company), as follows:

American Stock Transfer & Trust Company

59 Maiden Lane

New York, New York 10038

Attn: George Karfunkel

9.3 Governing Law; Submission to Jurisdiction. The validity, interpretation and performance of this Agreement and of the Warrants shall be governed in all respects by the laws of the State of New York, without giving effect to conflict of

 

 

18

 

 

laws. The Company and the Warrant Agent hereby agree that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company and the Warrant Agent hereby waive any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process or summons to be served upon the Company or the Warrant Agent may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.2 hereof. Such mailing
shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim; provided, that such service shall not preclude any other manner of service permitted by law.

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 Agreement or of any covenant, condition, stipulation, promise or agreement hereof. All covenants, conditions, stipulations, promises and agreements contained in this 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 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 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 in accordance with Sections 3.1 and 3.2, respectively, without such consent.

 

 

19

 

 

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

9.10 Entire Agreement. This Agreement constitutes the entire understanding of the parties and supersedes all prior agreements, understandings, arrangements, promises and commitments, whether written or oral, express or implied, relating to the subject matter hereof, and all such prior agreements, understandings, arrangements, promises and commitments are hereby canceled and terminated.

[Remainder of Page Intentionally Left Blank]

 

 

20

 

 

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

 

	
                         
 	
                         
 	
                        MAFS ACQUISITION CORP.
 
	
                          
 	
                         
 	
                        By: 
 	
                        
  
 
	
                         
 	
                         
 	
                         
 	
                        Name:
 	
                         
 
	
                         
 	
                         
 	
                         
 	
                        Title:
 	
                         
 

 

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

 

 

21

 

EXHIBIT A

 

Form of Public Warrant

SPECIMEN WARRANT CERTIFICATE

 

	
                        NUMBER
 	
                         
 	
                        ____________ WARRANTS
 
	
                                              ____________-
 	
                         
 	
                         
 

THIS WARRANT WILL BE VOID IF NOT EXERCISED PRIOR TO 5:00 p.m.

NEW YORK CITY TIME, ON THE EXPIRATION DATE

MAFS ACQUISITION CORP.

CUSIP ______________

WARRANT

THIS CERTIFIES THAT, for value received

is the registered holder of such number of Warrants set forth above (the “Warrants”), each such Warrant expiring on the fifth anniversary of the date of the final prospectus that forms a part of the Registration Statement (unless earlier redeemed in accordance with the terms hereof) and entitling the holder thereof to purchase one fully paid and non-assessable share of Common Stock, par value $0.0001 per share (“Common Stock”), of MAFS Acquisition Corp., a Delaware corporation (the “Company”). The Warrant entitles the holder thereof to purchase from the Company, commencing on the later of (i) the consummation by the Company of
a Business Combination or (ii) the first anniversary of the date of the final prospectus that forms a part of the Registration Statement, such number of shares of Common Stock of the Company at the price of $7.50 per share (as such price may be adjusted), upon surrender of this Warrant Certificate and payment of the Warrant Price at the office or agency of the American Stock Transfer & Trust Company (the “Warrant Agent”) (such payment to be made to the Warrant Agent in lawful money of the United States, by cash, by bank wire transfer in immediately available funds, or by certified check or bank draft payable to the Company or on a cashless basis at the option of the Company as described below), but only subject to the conditions set forth herein and in the Warrant Agreement dated as of [  ], 2008, by and between the Company and the Warrant Agent (the “Warrant Agreement”). The Warrant Agreement provides that upon the occurrence of certain events the Warrant Price, the Floor Price and the number of shares of Common Stock purchasable upon the exercise of each Warrant may, subject to certain conditions, be adjusted. The term Warrant Price as used in this Warrant Certificate refers to the price per share at which shares of Common Stock may be purchased at the time the Warrant is exercised.

Notwithstanding anything else in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise (i) a registration statement covering the Common Stock to be issued upon exercise of the Public Warrants 

 

 

A–1

 

(as defined in the Warrant Agreement) is effective under the Securities Act of 1933, as amended, and (ii) a prospectus thereunder relating to the Common Stock is current. In no event shall the Warrants be settled on a net cash basis nor shall the Company be required to issue unregistered shares upon the exercise of any Public Warrant.

No fraction of a share will be issued upon any exercise of a Warrant. If, upon exercise of a Warrant, a holder would be entitled to receive a fractional interest in a share of Common Stock, the Company shall, upon exercise, round up to the nearest whole number the number of shares of Common Stock to be issued to the warrant holder.

Upon any exercise of the Warrant for less than the total number of full shares of Common Stock provided for herein, there shall be issued to the Registered Holder hereof or his assignee a new Warrant Certificate covering the number of shares of Common Stock for which the Warrant has not been exercised.

Warrant Certificates, when surrendered at the office or agency of the Warrant Agent by the Registered Holder hereof in person or by attorney duly authorized in writing, may be exchanged in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants.

Upon due presentment for registration of transfer of the Warrant Certificate at the office or agency of the Warrant Agent, a new Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee in exchange for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any applicable tax or other governmental charge.

The Company and the Warrant Agent may deem and treat the Registered Holder as the absolute owner of this Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the Registered Holder, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

This Warrant does not entitle the Registered Holder to any of the rights of a stockholder of the Company.

The Company may redeem all, but not less than all, of the Public Warrants, at the option of the Company, at any time after such Warrants become exercisable and prior to their expiration, at the office of the Warrant Agent, upon the notice referred to in Section 6.2 of the Warrant Agreement, at the price of $0.01 per Warrant (the “Redemption Price”); provided, however, that the last sales price of the Common Stock has been equal to or greater than the Floor Price on each of 20 trading days within any 30 trading day period ending three Business Days prior
to the date on which notice of redemption is given; and provided, further that with respect to the Public 

 

 

A–2

 

Warrants and the Co-Investment Warrants, such Warrants (and the Common Stock issuable upon the exercise of such Warrants) are covered by an effective registration statement from the date of notice of redemption through the date fixed for redemption. If the foregoing conditions are satisfied, and the Warrants are called for redemption, each Registered Holder will be entitled to exercise their Warrants prior to the date scheduled for redemption. In the event the Company calls the Warrants for redemption pursuant to Section 6.1 of the Warrant Agreement, the Company shall have the option to require all (but not part) of the holders of those Warrants who elect to exercise their Warrants prior to the date scheduled for redemption to exercise the Warrants on a cashless basis. If the Company requires holders of the
Warrants to exercise the Warrants on a cashless basis, the holder of such Warrants shall pay the Warrant Price by surrendering such 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 the Warrants, multiplied by the difference between the Redemption Fair Market Value and the Warrant Price of the Warrants by (y) the Redemption Fair Market Value. Any Warrant either not exercised or tendered back to the Company by the end of the date specified in the notice of redemption shall be canceled on the books of the Company and have no further value except for the $0.01 redemption price. 

The securities represented by this Warrant Certificate (including the securities issuable upon the exercise of the Warrant) are subject to the terms and conditions set for in the Warrant Agreement. Copies of such agreement may be obtained by the holder hereof at the Warrant Agent’s principal place of business without charge. Capitalized terms used herein but not defined shall have the meaning set forth in the Warrant Agreement.

 

	
                         
 	
                         
 	
                        MAFS ACQUISITION CORP.
 
	
                          
 	
                         
 	
                        By: 
 	
                        
  
 
	
                         
 	
                         
 	
                         
 	
                        Name:
 	
                         
 
	
                         
 	
                         
 	
                         
 	
                        Title:
 	
                         
 

 

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

 

 

A–3

 

 

ELECTION TO PURCHASE

To Be Executed by the Registered Holder in Order to Exercise Warrants

The undersigned registered holder irrevocably elects to exercise _______________________ Warrants represented by this Warrant Certificate, and to purchase the shares of Common Stock issuable upon the exercise of such Warrants, and requests that Certificates for such shares shall be issued in the name of

 

	
                         
 
	
                        (PLEASE TYPE OR PRINT NAME AND ADDRESS)
 
	
                         
 

(SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)

and be delivered to

	
                         
 	
                         
 
	
                         
 	
                        (PLEASE PRINT OR TYPE NAME AND ADDRESS)
 

and, if such number of Warrants shall not be all the Warrants evidenced by this Warrant Certificate, that a new Warrant Certificate for the balance of such Warrants be registered in the name of, and delivered to, the registered holder at the address stated below:

 

	
                        Dated: __________________________
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 	
                        (SIGNATURE)
 
	
                         
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 	
                        (ADDRESS)
 
	
                         
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 	
                        (TAX IDENTIFICATION NUMBER)
 

 

 

ASSIGNMENT

To Be Executed by the Registered Holder in Order to Assign Warrants

For Value Received, _________________________________________________ hereby sells, assigns, and transfers unto

	
                         
 
	
                        (PLEASE TYPE OR PRINT NAME AND ADDRESS)
 
	
                         
 

(SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)

and be delivered to

 

	
                         
 	
                         
 
	
                         
 	
                        (PLEASE PRINT OR TYPE NAME AND ADDRESS)
 

___________________________________ of the Warrants represented by this Warrant Certificate, and hereby irrevocably constitute and appoint __________________________________________________________ Attorney to transfer this Warrant Certificate on the books of the Company, with full power of substitution in the premises.

 

	
                        Dated: ____________________________
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 	
                        (SIGNATURE)
 

The signature to the assignment of the subscription form must correspond to the name written upon the face of this warrant certificate in every particular, without alteration or enlargement or any change whatsoever, and must be guaranteed by a commercial bank or trust company or a member firm of the American Stock Exchange, New York Stock Exchange, Pacific Stock Exchange or Chicago Stock Exchange.

 

 

EXHIBIT B

Form of Private Warrant

The securities represented by this Warrant Certificate (including the securities issuable upon exercise of the Warrant) have not been registered under the Securities Act of 1933, as amended (the “Securities Act”). 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 the Securities Act or, if requested by the Company, an opinion of counsel satisfactory to the Company that such registration statement is not required.

The securities represented by this Warrant Certificate (including the securities issuable upon the exercise of the Warrant) are subject to the terms and conditions, including certain restrictions on transfer, set forth in the Warrant Agreement dated as of [       ], 2008, by and between the Company and the Warrant Agent (the “Warrant Agreement”). Copies of such agreement may be obtained by the holder hereof at the Warrant Agent’s principal place of business without charge.

SPECIMEN WARRANT CERTIFICATE

 

	
                        NUMBER
 	
                         
 	
       ___________WARRANTS
 
	
                        ________ -
 	
                         
 	
                        
 
	
                         
 	
                         
 	
                         
 

THIS WARRANT WILL BE VOID IF NOT EXERCISED PRIOR TO 5:00 p.m.

NEW YORK CITY TIME, ON THE EXPIRATION DATE

MAFS ACQUISITION CORP.

CUSIP ______________

WARRANT

THIS CERTIFIES THAT, for value received

is the registered holder of such number of Warrants set forth above (the “Warrants”), each such Warrant expiring on the fifth anniversary of the date of the final prospectus that forms a part of the Registration Statement (unless earlier redeemed in accordance with the terms hereof) and entitling the holder thereof to purchase one fully paid and non-assessable share of Common Stock, par value $0.0001 per share (“Common Stock”), of MAFS Acquisition Corp., a Delaware corporation (the “Company”). The Warrant entitles the holder thereof to purchase from the Company, commencing on the later of (i) the consummation by the
Company of a Business Combination or (ii) the first anniversary of the date of the final prospectus that forms a part of the Registration Statement, such number of shares of Common Stock of the Company at the price of $7.50 per share (as such price may be adjusted), upon surrender of this Warrant Certificate and payment of the Warrant Price at the office or agency of the Warrant 

 

 

B–1

 

Agent, American Stock Transfer & Trust Company (such payment to be made to the Warrant Agent in lawful money of the United States, by cash, by bank wire transfer in immediately available funds, or by certified check or bank draft payable to the Company or, with respect to the Initial Sponsor Warrants and the Sponsor Warrants, on a cashless basis as described in Section 3.3(a) of the Warrant Agreement and below), but only subject to the conditions set forth herein and in the Warrant Agreement; provided, that the Initial Sponsor Warrants may not be exercised unless and until the last sales price of the Common Stock exceeds the Floor Price for any 20 trading days within a 30 day trading period beginning 90 days after a Business
Combination; and provided further that the Warrants may not be exercised unless a registration statement under the Securities Act with respect to the issuance of Common Stock upon exercise of the Public Warrants (as defined in the Warrant Agreement) is effective. The Warrant Agreement provides that upon the occurrence of certain events the Warrant Price, the Floor Price and the number of shares of Common Stock purchasable upon the exercise of each Warrant, may, subject to certain conditions, be adjusted. The term Warrant Price as used in this Warrant Certificate refers to the price per share at which shares of Common Stock may be purchased at the time the Warrant is exercised.

No fraction of a share of Common Stock will be issued upon any exercise of a Warrant. If, upon exercise of a Warrant, a holder would be entitled to receive a fractional interest in a share of Common Stock, the Company shall, upon exercise, round up to the nearest whole number the number of shares to be issued to the Warrant holder.

Upon any exercise of the Warrant for less than the total number of full shares of Common Stock provided for herein, there shall be issued to the Registered Holder hereof or his assignee a new Warrant Certificate covering the number of shares of Common Stock for which the Warrant has not been exercised.

Warrant Certificates, when surrendered at the office or agency of the Warrant Agent by the Registered Holder hereof in person or by attorney duly authorized in writing, may be exchanged in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants.

Upon due presentment for registration of transfer of the Warrant Certificate at the office or agency of the Warrant Agent, a new Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee in exchange for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any applicable tax or other governmental charge.

The Company and the Warrant Agent may deem and treat the Registered Holder as the absolute owner of this Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the Registered Holder, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

 

 

B–2

 

This Warrant does not entitle the holder to any of the rights of a stockholder of the Company.

The Company may redeem all, but not less than all, of the Co-Investment Warrants and any other Private Warrants that are not held by the Sponsor or any Permitted Transferees, at the option of the Company, at any time after the Warrants become exercisable and prior to their expiration, at the office of the Warrant Agent, upon the notice referred to in Section 6.2 of the Warrant Agreement, at the price of $0.01 per Warrant (the “Redemption Price”), provided, however, that the last sales price of the Common Stock has been equal to or greater than the Floor
Price, on each of 20 trading days within any 30 trading day period ending three Business Days prior to the date on which notice of redemption is given; and provided further that with respect to the Co-Investment Warrants such Warrants (and the Common Stock issuable upon exercise of such Warrants) are covered by an effective registration statement from the date of notice of redemption through the date fixed for redemption. If the foregoing conditions are satisfied, and the Warrants are called for redemption, each Registered Holder will be entitled to exercise their Warrants prior to the date scheduled for redemption. In the event the Company calls the Warrants for redemption pursuant to Section 6.1 of the Warrant Agreement, the Company shall have the option to require all (but not part) of the holders of those Warrants who elect to exercise their Warrants prior to the date scheduled for redemption to
exercise the Warrants on a cashless basis. If the Company requires holders of the Warrants to exercise the Warrants on a cashless basis, the holder of such Warrants shall pay the Warrant Price by surrendering such 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 the Warrants, multiplied by the difference between the Redemption Fair Market Value and the Warrant Price of the Warrants by (y) the Redemption Fair Market Value. Any Warrant either not exercised or tendered back to the Company by the end of the date specified in the notice of redemption shall be canceled on the books of the Company and have no further value except for the $0.01 redemption price. 

Capitalized terms used herein but not defined shall have the meaning set forth in the Warrant Agreement.

 

	
                         
 	
                         
 	
                        MAFS ACQUISITION CORP.
 
	
                          
 	
                         
 	
                        

                        By: 
 	
                          
 
	
                         
 	
                         
 	
                         
 	
                        Name:  
 Title:
 

 

 

B–3

 

 

	
                         
 	
                         
 	
                        AMERICAN STOCK TRANSFER & TRUST COMPANY
 
	
                          
 	
                         
 	
                        

                        By: 
 	
                          
 
	
                         
 	
                         
 	
                         
 	
                        Name:  
 Title:
 

 

 

B–4

 

ELECTION TO PURCHASE

To Be Executed by the Registered Holder in Order to Exercise Warrants

The undersigned Registered Holder irrevocably elects to exercise _________________ Warrants represented by this Warrant Certificate, and to purchase the shares of Common Stock issuable upon the exercise of such Warrants, and requests that Certificates for such shares shall be issued in the name of

 

	
                         
 
	
                        (PLEASE TYPE OR PRINT NAME AND ADDRESS)
 
	
                         
 

 

(SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)

and be delivered to

 

	
                         
 	
                         
 
	
                         
 	
                        (PLEASE PRINT OR TYPE NAME AND ADDRESS)
 

and, if such number of Warrants shall not be all the Warrants evidenced by this Warrant Certificate, that a new Warrant Certificate for the balance of such Warrants be registered in the name of, and delivered to, the Registered Holder at the address stated below:

 

	
                        Dated: __________________________
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 	
                        (SIGNATURE)
 
	
                         
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 	
                        (ADDRESS)
 
	
                         
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 	
                        (TAX IDENTIFICATION NUMBER)
 

 

 

ASSIGNMENT

To Be Executed by the Registered Holder in Order to Assign Warrants

For Value Received, __________________________________ hereby sells, assigns, and transfers unto

	
                         
 
	
                        (PLEASE TYPE OR PRINT NAME AND ADDRESS)
 
	
                         
 

 

(SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)

and be delivered to

 

	
                         
 	
                         
 
	
                         
 	
                        (PLEASE PRINT OR TYPE NAME AND ADDRESS)
 

 

_______________________ of the Warrants represented by this Warrant Certificate, and hereby irrevocably constitute and appoint _________________________________________________________ Attorney to transfer this Warrant Certificate on the books of the Company, with full power of substitution in the premises.

 

	
                        Dated: ________________________
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 	
                        (SIGNATURE)
 

The signature to the assignment of the subscription form must correspond to the name written upon the face of this warrant certificate in every particular, without alteration or enlargement or any change whatsoever, and must be guaranteed by a commercial bank or trust company or a member firm of the American Stock Exchange, New York Stock Exchange, Pacific Stock Exchange or Chicago Stock Exchange.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}]]