Document:

AMENDMENT
      NO. 1

    

    TO
      THE

    

    SUBSCRIPTION
      AGREEMENT

    

    

    This
      AMENDMENT
      NO. 1 dated
      as
      of the 10th day of March, 2006 (the “Amendment”)
      to the
      Subscription Agreement, dated as of January 31, 2006 (the “Subscription
      Agreement”),
      by
      and among Fortissimo Capital Fund GP, L.P., Fortissimo Acquisition Corp. (the
      “Corporation”) and Proskauer Rose LLP. Capitalized terms not defined herein
      shall have the meanings ascribed to them in the Subscription
      Agreement.

     

    WHEREAS,
      the Corporation has filed a registration statement in connection with its
      initial public offering of securities, which is being underwritten by
      EarlyBirdCapital, Inc. (“EarlyBirdCapital”); and

     

    WHEREAS,
      the parties to the Subscription Agreement wish to amend the agreement to
      restrict transferability of the Insider Units by Fortissimo Capital Fund GP,
      L.P. without the prior written consent of EarlyBirdCapital;

    

    NOW,
      THEREFORE, in consideration of the premises and agreements herein contained,
      and
      for other good and valuable consideration and intending to be legally bound
      hereby, the parties hereto agree as follows:

     

    	1.  	
            The
              first sentence of the fourth paragraph of the Subscription Agreement
              may
              not be amended, modified in any way, or otherwise waived, except with
              the
              prior written consent of
              EarlyBirdCapital.

          

     

    	2.  	
            Except
              as otherwise specified, this Amendment shall not amend or modify any
              other
              provisions of the Subscription Agreement, and such Subscription Agreement,
              as herein modified, is hereby ratified and confirmed and shall remain
              in
              full force and effect.

          

     

    	3.  	
            This
              Amendment may be executed in two or more counterparts (including
              counterparts executed and delivered by facsimile, which shall be treated
              as counterparts executed and delivered manually), and by different
              parties
              hereto on separate counterparts, each of which shall be deemed an
              original, but all of which together shall constitute one and the same
              instrument.

          

     

    	4.  	
            Each
              of this Amendment and the Subscription Agreement shall be governed
              by,
              interpreted under, and construed in accordance with the internal laws
              of
              the State of New York applicable to agreements made and to be performed
              within the State of New York, without giving effect to any choice-of-law
              provisions thereof that would compel the application of the substantive
              laws of any other jurisdiction.

          

    

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK]

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the undersigned have executed this Amendment No. 1 to the
      Subscription Agreement, as of the day, month and year first above
      written.

     

    

    FORTISSIMO
      CAPITAL FUND GP, L.P.

    

    

    By:
      /s/
      Yuval Cohen  

    Name:
      Yuval Cohen

    Title:
      Managing Partner

    

    

    

    FORTISSIMO
      ACQUISITION CORP.

    

    

    By:
      /s/
      Yuval Cohen  

    Name:
      Yuval Cohen

    Title:
      Chairman of the Board and

    Chief
      Executive Officer

    

    

    

    PROSKAUER
      ROSE LLP

    

    

    By:
      /s/
      Brian B. Margolis 

    Name:
      Brian B. Margolis

    Title:
      Partner

    

    

    

    EARLYBIRDCAPITAL,
      INC.

    

    

    By:
      /s/
      Steven Levine  

    Name:
      Steven Levine

    Title:
      Managing Director

    

    

    

    
      
         

      

      
        2EXHIBIT
      4.1

     

    STOCK
      OPTION AGREEMENT

     

    STOCK
      OPTION AGREEMENT, made as of the 14th
      day of
      November, 2005, by and between Shells Seafood Restaurants, Inc., a Delaware
      corporation (the “Company”), and Leslie J. Christon (the
“Executive”).

     

    1.  Grant
      of Option.
      The
      Company hereby grants to the Executive an option (the “Option”) to purchase
      903,528 shares
      of
      the Company’s common stock, $.01 par value per share (the “Common Stock”), at a
      purchase price per share of $0.85.

     

    2.  Term
      of Option.
      Unless
      sooner terminated as provided herein, this Option shall expire on July 1,
      2012.

     

    3.  Vesting
      of Option.
      This
      Option shall become vested and exercisable with respect to 353,845 shares of
      Common Stock on December 31, 2005, with respect to an additional 274,842 shares
      of Common Stock on July 1, 2007 and with respect to the remaining 274,841 shares
      on July 1, 2008, subject to the Executive remaining in the continuous employment
      or other service with the Company through each applicable vesting date.
      Notwithstanding the preceding sentence, in the event that, within six (6) months
      of a Change in Control of the Company (as defined in the Amended and Restated
      Employment Agreement dated as of July 1, 2005 between the Executive and the
      Company (the “Employment Agreement”)), (i) the Executive is terminated without
      Cause (as defined in the Employment Agreement) or (ii) the Executive terminates
      her employment with the Company due to (w) a significant diminution in the
      Executive’s job responsibilities or title or (x) the Executive being required to
      relocate outside of the Tampa, Florida market (which shall mean to a location
      which is more than 50 miles outside of the city borders of Tampa), and, in
      any
      such instance, provided the Executive executes a general release of all claims
      against the Company, its officers, directors and affiliates and abides by the
      provisions of Sections 7 and 8(a) (iii) and (iv) of the Employment Agreement,
      then this Option shall immediately become vested and exercisable, all in
      accordance with Section 5(b) of the Employment Agreement.

     

    4.  Termination
      of Employment.

     

    (a)  Termination
      by Reason of Death or Permanent Disability.
      If the
      Executive’s employment with the Company is terminated due to her death or
      permanent disability (as defined in Section 6 of the Employment Agreement),
      then: (i) that portion of this Option that is vested and exercisable on the
      date
      of termination shall remain exercisable by the Executive (or, in the event
      of
      death, the Executive’s beneficiary) during the one year period following the
      date of termination but in no event after expiration of the stated term hereof
      and, to the extent not exercised during such period, shall thereupon terminate,
      provided that, in the event of a termination due to permanent disability, if
      the
      Executive dies during such one-year period, then the Executive’s beneficiary may
      exercise this Option, to the extent vested and exercisable by the Executive
      immediately prior to her death, for a period of one year following the date
      of
      death but in no event after expiration of the stated term hereof, and (ii)
      that
      portion of this Option that is not vested and exercisable on the date of
      termination shall thereupon terminate.

     

    
      
         

      

      
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    (b)  Termination
      for Cause.
      If the
      Executive’s employment is terminated by the Company for Cause, then this Option
      (whether or not then vested and exercisable) shall immediately terminate and
      cease to be exercisable.

     

    (c)  Other
      Termination.
      If the
      Executive’s employment with the Company terminates for any other reason (other
      than those described in Section 5(a) or 5(b) above) or no reason, then: (i)
      that
      portion of this Option that is vested and exercisable on the date of termination
      shall remain exercisable by the Executive during the ninety (90) day period
      following the date of termination but in no event after expiration of the stated
      term hereof and, to the extent not exercised during such period, shall thereupon
      terminate, and (ii) that portion of this Option that is not vested and
      exercisable on the date of termination shall thereupon terminate.

     

    5.  Method
      of Exercise.
      To the
      extent vested and exercisable in accordance herewith, this Option may be
      exercised in whole or in part by delivering to the Secretary of the Company
      (a)
      a written notice specifying the number of shares to be purchased, and (b)
      payment in full of the exercise price, together with the amount, if any, deemed
      necessary by the Company to enable it to satisfy any tax withholding obligations
      with respect to the exercise (unless other arrangements, acceptable to the
      Company, are made for the satisfaction of such withholding obligation). The
      exercise price shall be payable in cash, bank or certified check or such other
      methods permitted by the Compensation Committee of the Company’s Board of
      Directors (the “Committee”) from time to time, including, without limitation,
      pursuant to a cashless exercise procedure approved by the Committee. The
      Committee may (in its sole discretion) permit all or part of the exercise price
      to be paid with shares of Common Stock which, if acquired through the Company,
      have been owned by the Executive for at least six (6) months (or such lesser
      or
      greater period deemed necessary by the Company to avoid the imposition of
      adverse accounting consequences to the Company) free and clear of any liens
      or
      encumbrances.

     

    6.  Rights
      as a Stockholder.
      No
      shares of Common Stock shall be issued hereunder until full payment for such
      shares has been made and any other exercise conditions have been fully
      satisfied. The Executive shall have no rights as a stockholder with respect
      to
      any shares covered by this Option until the date such shares are reflected
      as
      having been issued to the Executive on the Company’s records. Except as
      otherwise specifically provided herein, no adjustment shall be made for
      dividends or distributions or the granting of other rights for which the record
      date is prior to the date such shares are issued.

     

    7.  Nontransferability.
      The
      Option is not assignable or transferable other than to a beneficiary designated
      to receive this Option upon the Executive’s death in a manner acceptable to the
      Company or by will or the laws of descent and distribution, and this Option
      shall be exercisable during the lifetime of the Executive only by the Executive
      (or, in the event of the Executive’s incapacity, the Executive’s legal
      representative or guardian). Any attempt by the Executive or any other person
      claiming against, through or under the Executive to cause this Option or any
      part of it to be transferred or assigned in any manner and for any purpose
      shall
      be null and void and without effect upon the Company, the Executive or any
      other
      person.

     

    
      
         

      

      
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    8.  Adjustments
      Upon Changes in Capitalization.
      Upon
      any increase, reduction, or change or exchange of the Common Stock for a
      different number or kind of shares or other securities, cash or property by
      reason of a reclassification, recapitalization, merger, consolidation,
      reorganization, issuance of warrants or rights, stock dividend, stock split
      or
      reverse stock split, combination or exchange of shares, repurchase of shares,
      change in corporate structure or otherwise, or any other corporate action,
      such
      as declaration of a special dividend, that affects the capitalization of the
      Company (a “Change in Capitalization”), an equitable substitution or adjustment
      may be made in the kind, number and/or exercise price of shares or other
      property subject to this Option, as may be determined by the Committee, in
      its
      sole discretion. Such other equitable substitutions or adjustments shall be
      made
      as may be determined by the Committee, in its sole discretion. Without limiting
      the generality of the foregoing, in connection with a Change in Capitalization,
      the Committee may provide, in its sole discretion, for the cancellation of
      this
      Option (i) in exchange for payment in cash or other property equal to the Fair
      Market Value of the shares of Common Stock covered by this Option (whether
      or
      not otherwise vested or exercisable), reduced by the aggregate exercise price
      of
      this Option, or (ii) for no consideration, in the case (and to the extent)
      this
      Option is not otherwise then vested or exercisable. In the event of any
      adjustment in the number of shares covered by this Option pursuant to the
      provisions hereof, any fractional shares resulting from such adjustment shall
      be
      disregarded, and this Option shall cover only the number of full shares
      resulting from the adjustment. All adjustments under this Section 8 shall be
      made by the Committee, and its determination as to what adjustments shall be
      made, and the extent thereof, shall be final, binding and conclusive. For
      purposes hereof, “Fair Market Value” on any date shall be equal to the closing
      sale price per share as published by a national securities exchange on which
      shares of the Common Stock are traded on such date or, if there is no sale
      of
      Common Stock on such date, the average of the bid and asked prices on such
      exchange at the closing of trading on such date or, if shares of the Common
      Stock are not listed on a national securities exchange on such date, the closing
      price or, if none, the average of the bid and asked prices in the over the
      counter market at the close of trading on such date, or if the Common Stock
      is
      not traded on a national securities exchange or the over the counter market,
      the
      fair market value of a share of the Common Stock on such date as determined
      in
      good faith by the Committee.

     

    9.  No
      Employment Rights.
      Nothing
      contained in this Agreement shall confer upon the Executive any right with
      respect to the continuation of the Executive’s employment with the Company, or
      interfere in any way with the right of the Company at any time to terminate
      such
      employment or to increase or decrease, or otherwise adjust, the other terms
      and
      conditions of the Executive’s employment with the Company.

     

    10.  Compliance
      with Law.
      Shares
      of Common Stock shall not be issued pursuant to the exercise of this Option
      unless such exercise and the issuance and delivery of such shares pursuant
      thereto shall comply with all relevant provisions of law, including, without
      limitation, the Securities Act of 1933, as amended, the Securities Exchange
      Act
      of 1934, as amended, and the requirements of any stock exchange or market upon
      which the Common Stock may then be listed, and shall be further subject to
      the
      approval of counsel for the Company with respect to such compliance. The
      Committee may require each person acquiring shares of Common Stock to represent
      to and agree with the Company in writing that such person is acquiring the
      shares without a view to distribution thereof. All certificates for shares
      of
      Common Stock delivered hereunder shall be subject to such stock-transfer orders
      and other restrictions as the Committee may deem advisable under the rules,
      regulations, and other requirements of the Securities and Exchange Commission,
      any stock exchange or market upon which the Common Stock may then be listed,
      and
      any applicable federal or state securities law. The Committee may cause a legend
      or legends to be placed on any such certificates to make appropriate reference
      to such restrictions.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

       

    

    11.  Miscellaneous.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of Delaware, without regard to its principles of conflict of laws. This
      Agreement constitutes the entire agreement between the parties with respect
      to
      the subject matter hereof and may not be amended other than by a written
      instrument executed by the parties hereto.

     

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

     

    

    
      	 	 	 
	 	SHELLS
              SEAFOOD
              RESTAURANTS, INC.
	 
 	 
 	 
 
	 	By:  	/s/ Philip
              R.
              Chapman
	 	
               

              Name: Philip R. Chapman

            
	 	Title:
              Chairman of the Board 

    

    

     

    
      	 	 /s/ Leslie J. Christon
	 	 Leslie
              J. Christon

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