Document:

Securities Escrow Agreement

 Exhibit 10.10 
 SECURITIES ESCROW AGREEMENT 
 THIS SECURITIES ESCROW AGREEMENT, dated as of January 17, 2008
(this “Agreement”), by and among Sapphire Industrials Corp., a Delaware corporation (the “Company”), each of the parties set forth on Exhibit A annexed hereto (such parties collectively the “Private
Investors”), Lazard Group LLC (“Lazard Group”), a Delaware limited liability company and Mellon Investor Services LLC, a New Jersey limited liability company (the “Escrow Agent”). 
 WHEREAS, the Company has entered into an Underwriting Agreement, dated January 17, 2008 (the “Underwriting Agreement”), with
Citigroup Global Markets Inc. (the “Underwriter”), pursuant to which, among other matters, the Underwriter has agreed to purchase 80,000,000 units of the Company plus up to an additional 12,000,000 units if the Underwriter exercises
its over-allotment option in full. The Company’s units (the “Units”) each consist of one share of the Company’s common stock, par value $0.001 per share (the “Common Stock”), and one warrant (the
“Warrant”) exercisable to purchase one share of Common Stock, all as more fully described in the Company’s final Prospectus, dated January 17, 2008, comprising part of the Company’s Registration Statement on Form S-1
(File No. 333-146620) (the “Registration Statement”) filed under the Securities Act of 1933, as amended, and declared effective by the Securities and Exchange Commission on January 17, 2008 (the “Effective
Date”); 
 WHEREAS, each of the Private Investors has agreed as a condition of the Underwriter’s purchase of the Units in the
Offering (as hereinafter defined) to deposit its Units purchased on October 2, 2007, in such number giving affect to the split of the Units on January 17, 2007 as set forth opposite each Private Investor’s name on Exhibit A attached
hereto (the “Founder Units”), in escrow as hereinafter provided; 
 WHEREAS, Lazard Funding Limited LLC
(“Lazard”) has agreed as a condition of the Underwriter’s purchase of the Units in the Company’s initial public offering (the “Offering”) to purchase 12,500,000 Warrants for $1.00 per Warrant (the
“Insider Warrants”) immediately prior to and subject to the closing (the “Closing”) of the Offering and to deposit such Insider Warrants in escrow as hereinafter provided; 
 WHEREAS, Lazard has agreed as a condition of the Underwriter’s purchase of the Units in the Offering to place limit orders for up to $37,500,000 of
Common Stock (the “Aftermarket Shares”) commencing two business days after the Company files a proxy statement relating to a Business Combination (as such term is defined in the Amended and Restated Certificate of Incorporation of
the Company) and ending on the business day immediately preceding the record date for the meeting of stockholders at which such Business Combination is to be approved, or earlier in certain circumstances. The limit orders will require Lazard, or,
under certain circumstances described therein, Lazard Group, to purchase any of the Company’s shares of Common Stock offered for sale at or below a price equal to the per-share value of the Trust Account (as defined in that certain Trust
Account Agreement, dated as of the date hereof, by and between the Company and Mellon Bank, N.A. as account agent thereunder) as of the date of the Company’s most recent annual report on Form 10-K or quarterly report on Form 10-Q, as
applicable, filed prior to such purchase; 
 WHEREAS, the Company has asked the Underwriter to reserve 5,000,000 units in the Offering for
sale to Lazard (the “Offering Units” and collectively with the Founder Units, the Aftermarket Shares, the Insider Warrants and the shares of Common Stock underlying such Units and Warrants, the “Escrow Securities”)
and Lazard has agreed to deposit any such Offering Units purchased by it in escrow as hereinafter provided; and 
 WHEREAS, the Company, the
Private Investors and Lazard Group desire that the Escrow Agent accept the Escrow Securities, in escrow, to be held and disbursed as hereinafter provided. 
 IT IS AGREED: 
 1. Appointment of Escrow Agent. The Company, the Private Investors and Lazard Group hereby appoint the
Escrow Agent to act in accordance with and subject to the terms of this Agreement and the Escrow Agent hereby accepts such appointment and agrees to act expressly in accordance with and subject to such terms. 
 2. Deposit of Escrow Securities. 
 2.1. Founder
Units. On or before the Effective Date, each of the Private Investors shall deliver to the Escrow Agent certificates representing such Private Investor’s respective Founder Units as set forth opposite their respective names on Exhibit A
hereto, which certificates shall remain in the name of such Private Investor, to be held and disbursed subject to the terms and conditions of this Agreement. Each Private Investor acknowledges that the certificate representing such Private
Investor’s Founder Units bears a legend to reflect the deposit of such Founder Units under this Agreement. 
 2.2 Insider Warrants
and Offering Units. Promptly following the consummation of the Offering, Lazard shall deliver to the Escrow Agent certificates representing its Insider Warrants and Offering Units, if any, as set forth opposite its name on Exhibit A 

  

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attached hereto, which certificates shall remain in the name of Lazard, to be held and disbursed subject to the terms and conditions of this Agreement.
Lazard and Lazard Group each acknowledge that the certificates representing its Offering Units and Insider Warrants shall bear a legend to reflect the deposit of such securities under this Agreement. 
 2.3 Aftermarket Shares. Promptly following Lazard’s or Lazard Group’s purchase, as applicable, of any Aftermarket Shares, Lazard or
Lazard Group, as applicable, shall deliver to the Escrow Agent certificates representing such Aftermarket Shares, which certificates shall remain in the name of Lazard or Lazard Group, as applicable, to be held and disbursed subject to the terms and
conditions of this Agreement. Lazard or Lazard Group, as applicable, acknowledges that the certificates representing such Aftermarket Shares shall bear a legend to reflect the deposit of such securities under this Agreement. 
 3. Disbursement of the Escrow Securities. The Escrow Agent shall hold the Founder Units until the first
anniversary of the consummation of a Business Combination, shall hold the Insider Warrants until but excluding the 90th day after the consummation
of a Business Combination, and shall hold the Offering Units and the Aftermarket Shares, if any, until but excluding the 180th day after the
consummation of a Business Combination (each such period, an “Escrow Period”); provided, however, that if the over-allotment granted to the Underwriter pursuant to the Underwriting Agreement is not exercised in full prior to
the expiration of the over-allotment option, then the Escrow Agent shall release to the Company up to 3,000,000 Founder Units, giving effect to the split of the Founder Units, for redemption as described in the Registration Statement as directed in
writing by the Company. The Company shall promptly provide written notice of the consummation of a Business Combination to the Escrow Agent. Upon the completion of each Escrow Period, the Escrow Agent shall automatically disburse the applicable
Escrow Securities to each Private Investor or Lazard Group, as applicable; provided further, however, that if the Escrow Agent is notified in writing by the Company pursuant to Section 6.8 hereof that the Company has been liquidated at
any time during the Escrow Period, then the Escrow Agent shall promptly destroy the certificates representing the Founder Units and the Insider Warrants and shall promptly release the Offering Units and the Aftermarket Shares, if any, to Lazard or
Lazard Group, as applicable; provided further, however, that if the consummation of a Business Combination takes the form of a merger, stock exchange or other similar transaction which results in any of the security holders of the Company
having the right to exchange their securities for other securities, then the Escrow Agent shall, upon receipt of a certificate in form reasonably acceptable to the Escrow Agent, executed by the Chief Executive Officer of the Company, release the
Escrow Securities to the Private Investors immediately prior and subject to consummation of the Business Combination, if the Escrow Agent has been given notice in accordance with the terms of this Agreement, so that they can similarly participate,
and upon receipt of such other securities, the Private Investors shall deposit such securities into escrow with the Escrow Agent for the remainder of the applicable Escrow Periods; and provided further, however, that if, after the Company
consummates a Business Combination and the Company or the surviving entity of such Business Combination subsequently consummates a liquidation, merger, stock exchange or other similar transaction which results in any of the security holders of the
Company or such entity having the right to exchange their securities for cash, securities or other property, then the Escrow Agent shall, upon receipt of a certificate in form reasonably acceptable to the Escrow Agent, executed by the Chief
Executive Officer, the President, any Vice President or the Chief Financial Officer of the Company, that such transaction is then being consummated, release the Escrow Securities to the Private Investors or Lazard Group, as applicable, immediately
prior and subject to consummation of the Business Combination, if the Escrow Agent has been given notice in accordance with the terms of this Agreement, so that they can similarly participate. The Escrow Agent shall act as soon as reasonably
possible following the receipt of the certificate, and shall not be held liable for any delay in sending the Escrow Securities caused by the delayed receipt of the certificate. The Escrow Agent shall have no further duties hereunder with respect to
the Escrow Securities, express or implied, after the disbursement or destruction of all the Escrow Securities in accordance with this Section 3. 
 4.
Rights of Private Investors in Escrow Securities.  
 4.1. Rights as a Security Holder. Subject to the terms of their respective
Insider Letters as described in Section 4.4 hereof and except as herein provided, each Private Investor and Lazard Group, as applicable, shall retain all of its rights as a stockholder of the Company during the Escrow Period, including without
limitation, the right to vote Common Stock. The Escrow Agent shall have no responsibility to determine or verify the contents or limitations of the Insider Letters and shall be bound only by the express terms of this Agreement. 
 4.2. Dividends and other Distributions in Respect of the Escrow Securities. During the Escrow Period with respect to the Escrow Securities, all
dividends payable in cash with respect to the Escrow Securities shall be paid to the Private Investors or Lazard Group, as applicable, but all dividends payable in stock or other non-cash property (the “Non-Cash Dividends”) shall be
delivered to the Escrow Agent to hold in accordance with the terms hereof. As used herein, the term “Escrow Securities” shall be deemed to include the Non-Cash Dividends distributed thereon, if any. 
 4.3. Restrictions on Transfer. During the Escrow Period, no sale, transfer or other disposition (a “Transfer”) may be made of any
or all of the Escrow Securities by a Private Investor except (i) by gift to a member of the Private Investor’s immediate family (which shall be deemed to include, without limitation, children, grandchildren and their respective
descendants) for estate planning purposes or to a trust, the beneficiary of which is the Private Investor or a member of the Private Investor’s immediate family (which shall be deemed to include, without limitation, children, grandchildren and
their respective descendants), (ii) if the Private Investor is not a natural person, by gift to a member of the immediate family (which shall be deemed to include, without limitation, children, 

  

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grandchildren and their respective descendants) of such Private Investor’s controlling person for estate planning purposes or to a trust, the
beneficiary of which is such Private Investor’s controlling person or a member of the immediate family (which shall be deemed to include, without limitation, children, grandchildren and their respective descendants) of such Private
Investor’s controlling person, (iii) by virtue of the laws of descent and distribution upon death of the Private Investor, (iv) pursuant to a qualified domestic relations order, (v) to employees of Lazard or the Company,
(vi) to an entity’s members upon its liquidation, (vii) by private sales with respect to up to 33% of the Founder Units made at or prior to the consummation of a Business Combination at prices no greater than the price at which the
securities were originally purchased from the Company, or (viii) Lazard may transfer up to 2,000,000 Units to LFCM Holdings or its subsidiaries prior to the announcement of a Business Combination; provided, however, that such permitted
Transfers may be implemented only upon the respective transferee’s written agreement to be bound by the terms and conditions of this Agreement and of the Insider Letter signed by such Private Investor or Lazard Group, as applicable,
transferring such Escrow Securities and such other documents as the Company or Citigroup Global Markets Inc. may reasonably require. During the Escrow Period, no Private Investor shall pledge or grant a security interest in such Private
Investor’s Escrow Securities or grant a security interest in such Private Investor’s rights under this Agreement. Even if transferred in accordance with this Section 4.3, the Escrow Securities will remain subject to this Agreement and
may only be released from escrow in accordance with Section 3 hereof. Any request to the Escrow Agent to transfer Escrow Securities in accordance with this Section 4.3 shall be accompanied by a certificate of the transferor stating that
such request is in compliance with this Section 4.3. 
 4.4. Insider Letters. Each of the Private Investors has executed a letter
agreement with the Company and Citigroup Global Markets Inc., which has been filed as an exhibit to the Registration Statement (the “Insider Letter”), with respect to the rights and obligations of such Private Investors in certain
events, including but not limited to the liquidation of the Company and certain voting and transfer restrictions which will apply during the Escrow Period. 
 5. Concerning the Escrow Agent.  
 5.1. Reliance. 
 (a) The Escrow Agent shall be protected and shall not be liable for any action taken, suffered or omitted by it, in good faith, absent
gross negligence or willful misconduct (as determined by a final non-appealable order of a court of competent jurisdiction). The Escrow Agent may rely conclusively and shall be protected in acting upon any order, judgment, instruction, notice,
demand, certificate, opinion or advice of counsel (including counsel chosen by or who may be an employee of the Escrow Agent or one of its affiliates), statement, instrument, report or other paper or document (in each case an
“Instruction”) (not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which is believed by the Escrow Agent, in good
faith, to be genuine and to be signed on behalf of the Company by its Chief Executive Officer, President or Chief Financial Officer. 
 (b) The Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties and,
if the duties or rights of the Escrow Agent are materially affected, unless it shall have given its prior written consent thereto. 
 (c) In no event shall the Escrow Agent be (A) liable for acting in accordance with an Instruction in accordance with paragraph (a) of this Section 5.1, even if the Escrow Agent has been advised of the likelihood of such loss
or damage or (B) liable or responsible for special, punitive, indirect, consequential or incidental loss or damages of any kind whatsoever to any person or entity (including, without limitation, lost profits). 
 (d) The Escrow Agent may engage or be interested in any financial or other transaction with the Company or any party hereto or affiliate
thereof, and may act on, or as depositary, trustee or agent for, any committee or body of holders of obligations of such party or affiliate, as freely as if it were not the Escrow Agent hereunder. 
 (e) The Escrow Agent shall not be obligated to expend or risk its own funds or to take any action which it believes would expose it to
expense or liability or to a risk of incurring expense or liability, unless it has been furnished with assurances of repayment or indemnity satisfactory to it, provided the Escrow Agent shall provide the Company with prior notice in the event it
determines to refrain from any action required of the Escrow Agent under the terms of this Agreement. 
 (f) The Escrow Agent
shall not take instructions or directions except those Instructions given in accordance with this Agreement. 
 (g) In no
event shall the Escrow Agent be liable or responsible for any failure or delay in the performance of its obligations under this Agreement arising out of or caused by, directly or indirectly, forces beyond its reasonable control, including without
limitation strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or widespread malfunctions of utilities, communications or computer
(software or hardware) services. 
  

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 (h) The Escrow Agent shall not be called upon to advise any person or entity as to any
investments with respect to any security held in escrow hereunder or the dividends, distributions, income, interest or earnings thereon. 
 5.2. Indemnification. The Escrow Agent and its affiliates and their respective successors, assigns, directors, officers, managers, employees, agents, attorneys, accountants and experts (collectively, the
“Indemnitees”) shall be indemnified, defended, protected, saved and held harmless by the Company from and against any losses, damages, claims, liabilities, penalties, judgments, settlements, actions, suits, proceedings, litigations,
investigations, costs or expenses, including, without limitation, reasonable counsel fees and disbursements (collectively, “Losses”), that may be imposed upon, incurred by or asserted against any Indemnitee, at any time, in any way,
relating to or arising out of the execution, delivery or performance of this Agreement, the enforcement of any rights or remedies under or in connection with this Agreement, the acceptance or administration of the Escrow Securities; provided,
however, that no Indemnitee shall be entitled to be so indemnified, defended, protected, saved or held harmless to the extent that such Loss was proximately caused by its own gross negligence or willful misconduct, each as determined by a final
non-appealable order, judgment, decree or ruling of a court of competent jurisdiction. Promptly after the receipt by the Escrow Agent of notice of any demand or claim or the commencement of any action, suit or proceeding, or upon any dispute between
or conflicting claims by or among the parties hereto, the Escrow Agent shall notify the other parties hereto in writing. In the event of the receipt of such notice, the Escrow Agent, in its sole discretion, may (A) commence an action in the
nature of interpleader in an appropriate court to determine ownership or disposition of the Escrow Securities, or (B) refrain from complying with any claim, notice, instruction, direction, request or other communication, paper or document
relating such dispute, so long as such dispute or conflict shall continue, and (in either case) shall be fully protected and shall not be liable in any way to any party hereto or any other person or entity for failure or refusal to comply with such
conflicting claims, notices, instructions, directions, requests, communications, papers or documents until the Escrow Agent is satisfied, in its reasonable discretion, that such conflicting claims, notices, instructions, directions, requests,
communications, papers or documents have been definitely determined by a final, non-appealable order of a court of competent jurisdiction, provided that in each case the Escrow Agent provides prior written notice to the Company of its intention to
refrain from complying with such conflicting claims, notices, instructions, directions, requests, communications, papers or documents. The provisions of this Section shall survive the termination of this Agreement and the resignation, removal or
replacement of the Escrow Agent. 
 5.3. Compensation. The Escrow Agent shall be entitled to compensation from the Company in
accordance with Schedule I hereto for all services rendered by it hereunder and to reimbursement for all its reasonable out-of-pocket costs and expenses (including, without limitation, reasonable fees and disbursements of counsel) in connection with
the preparation, negotiation, amendment, modification, waiver, execution, delivery, performance or enforcement of this Agreement. The obligations of this Section 5.3 shall survive the termination of this Agreement and the resignation, removal
or replacement of the Escrow Agent. 
 5.4. Further Assurances. From time to time on and after the date hereof, the Company and the
Private Investors shall deliver or cause to be delivered to the Escrow Agent such further documents and instruments and shall do or cause to be done such further acts as the Escrow Agent shall reasonably request to carry out more effectively the
provisions and purposes of this Agreement or to evidence compliance herewith. 
 5.5. Resignation. The Escrow Agent may resign from
its duties as escrow agent hereunder by its giving the other parties hereto forty-five (45) days’ written notice. If no successor escrow agent is appointed within the forty-five (45) day period following the giving of such notice of
resignation, the Escrow Agent may deposit the Escrow Securities with the United States District Court for the Southern District of New York, provided the Escrow Agent provides notice of such deposit to the Company and the Private Investors in
accordance with Section 6.7 hereof. 
 5.6. Discharge of Escrow Agent. The Escrow Agent shall resign and be discharged from its
duties as escrow agent hereunder if so requested in writing at any time by the other parties hereto, jointly; provided, however, that such resignation shall become effective only upon acceptance of appointment by a successor escrow agent as
provided in Section 5.5. 
 5.7. Waiver. The Escrow Agent hereby waives any and all right, title, interest or claim of any kind
(each, a “Claim”) in or to any distribution of the Trust Account, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever. 
 5.8. Standard of Care. The Escrow Agent shall be obligated to perform only the duties, responsibilities or obligations as Escrow Agent expressly
set forth in this Escrow Agreement, which shall be deemed purely ministerial in nature, and the Escrow Agent shall under no circumstances be deemed to be a fiduciary to any party hereto or any other person. Without limiting the foregoing, the Escrow
Agent shall not be subject to, nor be required to comply with, or determine if any person has complied with, the Underwriting Agreement, the Registration Statement or the Insider Letters, or any other agreement between or among the parties hereto,
even though references thereto may be made in this Agreement. This Escrow Agreement sets forth all matters pertinent to the escrow contemplated hereunder, and no additional obligations of the Escrow Agent shall be inferred from the terms of this
Escrow Agreement or any other agreement or document. IN NO EVENT SHALL THE ESCROW AGENT BE LIABLE, DIRECTLY OR INDIRECTLY, FOR ANY DAMAGES OR EXPENSES ARISING OUT OF THE SERVICES PROVIDED HEREUNDER, OTHER THAN DAMAGES WHICH RESULT FROM THE ESCROW
AGENT’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. 
  

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 6. Miscellaneous.  
 6.1. Governing Law and Consent to Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York applicable to contracts executed in and to be performed
in that State, including, without limitation, Sections 5-1401 and 5-1402 of the New York General Obligations Law and the New York Civil Practice Laws and Rules 327(b). The parties hereto 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 the parties hereto irrevocably submit to such
jurisdiction, which jurisdiction shall be exclusive. The parties hereto hereby waive any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. 
 6.2. Waiver of Trial by Jury. Each party hereto hereby irrevocably and unconditionally waives the right to a trial by jury in any action, suit,
counterclaim or other proceeding (whether based on contract, tort or otherwise) arising out of, connected with or relating to this Agreement, the transactions contemplated hereby, or the actions of the parties in the negotiation, administration,
performance or enforcement hereof. 
 6.3 Third Party Beneficiaries. Each of the Private Investors hereby acknowledges that the
Underwriter is a third party beneficiary of this Agreement and this Agreement may not be modified or changed without the prior written consent of Citigroup Global Markets Inc., such consent not to be unreasonably withheld or delayed. 
 6.4. Entire Agreement. This Agreement and the Insider Letters and Warrant Agreement as referenced herein contain the entire agreement of the
Company and the Private Investors with respect to the subject matter hereof, and this Agreement contains the entire agreement as it pertains to the Escrow Agent and the other parties hereto and, except as expressly provided herein, may not be
changed or modified except by an instrument in writing signed by all parties to this Agreement and Citigroup Global Markets Inc. This Agreement may be executed in several original or facsimile counterparts, each one of which shall constitute an
original, and together shall constitute but one instrument. 
 6.5. Headings. The headings contained in this Agreement are for
reference purposes only and shall not affect in any way the meaning or interpretation hereof. 
 6.6. Binding Effect. This Agreement
shall be binding upon and inure to the benefit of the respective parties hereto and their legal representatives, successors and permitted assigns. Any entity into which the Escrow Agent may be converted or merged, or with which it may be
consolidated, or to which it may sell or transfer all or substantially all of its shareholder services business and assets as a whole or substantially as a whole, or any entity resulting from any such conversion, sale, merger, consolidation or
transfer to which the Escrow Agent is a party, shall be and become the successor escrow agent under this Escrow Agreement and shall have and succeed to the rights, powers, duties, obligations, immunities and privileges of the Escrow Agent, without
the execution or filing of any instrument or paper or the performance of any further act. 
 6.7. Notices. Any notice or other
communication required or which may be given hereunder shall be in writing and shall be sent by certified or registered mail, by private national courier service (return receipt requested, postage prepaid), by personal delivery or by facsimile
transmission. Such notice or communication shall be deemed given (a) if mailed, two days after the date of mailing, (b) if sent by national courier service, one business day after being sent, (c) if delivered personally, when so
delivered, or (d) if sent by facsimile transmission, on the second business day after such facsimile is transmitted, in each case as follows: 
 If to
the Company, to: 
 Sapphire Industrials Corp. 
 30 Rockefeller Plaza 
 62nd Floor 
 New York, New York 10020 
 Attn: Scott Hoffman, Esq. 
 Fax:
(212) 632-6060 
 If to a Private Investor, to his address set forth in Exhibit A. 
 If to the Escrow Agent, to: 
 Mellon Investor Services LLC 
 Newport Office Center VII 
 480 Washington
Blvd. 
 Jersey City, NJ 07310 
 Attn: Relationship Manager 
 Fax: (201) 680-4610 
  

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 A copy of any notice (which shall not constitute notice) sent hereunder shall be sent to each of: 
 Skadden, Arps, Slate, Meagher & Flom LLP 
 Four Times Square 
 New York, New York 10036 
 Attn: Stacy J. Kanter, Esq. 
 Fax: (212) 735-2000 
 Citigroup Global Markets Inc. 
 388 Greenwich
St. 
 New York, NY 10013 
 Attn:
David Spivak 
 Fax: (212) 723-8871 
 Akin Gump Strauss Hauer & Feld LLP 
 590 Madison Avenue 
 New York, NY 10022-2524 
 Attn: Bruce S.
Mendelsohn, Esq. 
 Fax: (212) 872-1002 
 The parties may change the persons and addresses to which the notices or other communications are to be sent by giving written notice to any such change in the manner provided herein for giving notice. 
 6.8. Liquidation of the Company. The Company shall give the Escrow Agent written notification of the liquidation and dissolution of the Company in
the event that the Company fails to consummate a Business Combination within the time period specified in the Registration Statement. 
 6.9
Disputes. If any disagreement or dispute arises among the Company and the Private Investors concerning the meaning or validity of any provision hereunder or concerning any other matter relating to this Escrow Agreement, or in the event the
Escrow Agent believes any ambiguity or uncertainty exists hereunder or in any notice, instruction, direction, request or other communication, paper or document received by the Escrow Agent hereunder, the Escrow Agent may, in its sole discretion,
refrain from taking any action, and shall be fully protected and shall not be liable in any way to any party hereto or other person or entity for refraining from taking such action, provided that the Escrow Agent provides written notice to the
Company and the Private Investors of its intention to refrain from taking such action, unless the Escrow Agent receives (i) joint written instruction of the Company and the Private Investors which eliminates such ambiguity or uncertainty to the
reasonable satisfaction of the Escrow Agent, or (ii) an order of court. 
 6.10 Authorized Signatures. Concurrent with the
execution of this Agreement, the Company will provide a completed certificate of parties authorized to sign on its behalf, in the form attached hereto as Schedule II. 
 6.11 Termination. This Agreement shall terminate on the final distribution or destruction of all of the Escrow Securities in accordance with the terms of this Agreement. 
  

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 IN WITNESS WHEREOF, the parties have duly executed this Security Escrow Agreement as of the date first
written above. 
  

			
	SAPPHIRE INDUSTRIALS CORP.
		
	By:	 	 /s/ Donald G. Drapkin

	Name:	 	Donald G. Drapkin
	Title:	 	Chief Executive Officer and President
	
	 MELLON INVESTOR SERVICES LLC,
 AS ESCROW
AGENT

		
	By:	 	 /s/ Declan Denehan

	Name:	 	Declan Denehan
	Title:	 	SVP

 [Escrow Agreement] 

			
	PRIVATE INVESTORS:
	
	LAZARD FUNDING LIMITED LLC
		
	By:	 	 /s/ Michael J. Castellano

	Name:	 	Michael J. Castellano
	Title:	 	Chief Financial Officer
	
	 /s/ Donald G. Drapkin

	Donald G. Drapkin
	
	 /s/ Douglas C. Taylor

	Douglas C. Taylor
	
	 /s/ Charles G. Ward

	Charles G. Ward
	
	 /s/ Thomas Dooley

	Thomas Dooley
	
	 /s/ R. Ian Molson

	R. Ian Molson
	
	 /s/ David M. Schizer

	David M. Schizer
	
	 /s/ Ronald J. Kramer

	Ronald J. Kramer

 [Escrow Agreement] 

			
	LAZARD GROUP LLC
		
	By:	 	 /s/ Michael J. Castellano

	Name:	 	Michael J. Castellano
	Title:	 	Chief Financial Officer

 [Escrow Agreement] 

 Exhibit A 
  

									
	 Name and Address of Private Investor:
	  	Number of
Founder
Units	  	Number of
Insider
Warrants	  	Number of
Offering
Units	  	Number of
Aftermarket
Shares
	 Lazard Funding Limited LLC
	  	17,415,600	  	12,500,000	  	5,000,000	  	TBD
					
	 Address:
 30 Rockefeller Plaza
 62nd Floor
 New York, New York 10020
	  		  		  		  	
					
	 Donald G. Drapkin
	  	4,600,000	  	—  	  	—  	  	—  
	  
 Address:
 30 Rockefeller Plaza
 62nd Floor
 New York, New York 10020
	  		  		  		  	
					
	 Douglas C. Taylor
	  	383,333	  	—  	  	—  	  	—  
	  
 Address:
 30 Rockefeller Plaza
 62nd Floor
 New York, New York 10020
	  		  		  		  	
					
	 Charles G. Ward
	  	306,667	  	—  	  	—  	  	—  
	  
 Address:
 30 Rockefeller Plaza
 62nd Floor
 New York, New York 10020
	  		  		  		  	
					
	 Thomas Dooley
	  	73,600	  	—  	  	—  	  	—  
	  
 Address:
 Viacom Inc.
 1515 Broadway
 52nd Floor
 New York, New York 10036
	  		  		  		  	
					
	 R. Ian Molson
	  	73,600	  	—  	  	—  	  	—  
	  
 Address:
 14 Mallord Street
 London SW3 6DV, England
	  		  		  		  	
					
	 David M. Schizer
	  	73,600	  	—  	  	—  	  	—  
	  
 Address:
 Columbia Law School
 435 West 116th Street
 New York, New York 10027
	  		  		  		  	
					
	 Ronald J. Kramer
	  	73,600	  	—  	  	—  	  	—  
	  
 Address:
 829 Park Avenue, Apt. 7A
 New York, New York 10021
	  		  		  		  	
					
	 Lazard Group LLC
	  	—  	  	—  	  	—  	  	TBD
	  
 Address:
 30 Rockefeller Plaza
 New York, New York 10020Letter Agreement between Lazard and Registrant

 Exhibit 10.11 
 SAPPHIRE INDUSTRIALS CORP. 
 January 17, 2008 
 Lazard Funding Limited LLC 
 30 Rockefeller Plaza 
 62nd Floor

 New York, New York 10020 
 Ladies and Gentlemen: 

This letter sets forth the agreement (the “Agreement”) between Sapphire Industrials Corp., a Delaware Corporation (the
“Company”), and Lazard Funding Limited LLC, a Delaware limited liability company (“Lazard”), in connection with the services to be provided by Lazard. The Company expects to complete an offering of units (the
“Offering”) to be listed on the American Stock Exchange (“Amex”). This letter will confirm our agreement that, commencing on the date upon which the units issued in the Offering are admitted to trading on Amex (the
“Admission Date”) and continuing until the earlier of the consummation by the Company of a Business Combination (as described in the final prospectus (the “Prospectus”) contained in a registration statement on Form
S-1 relating to the Offering (File No. 333-146620)) and the Company’s liquidation (the “Termination Date”), Lazard shall: 
 (i) provide administrative services as may be required by the Company from time to time, including the administration of the Company’s day-to-day activities; 
 (ii) provide office space, including a conference room in New York City, to the Company for use by the Company’s employees and service providers for
purposes of conducting the Company’s business; 
 (iii) perform accounting and controller-related services for the Company, including
correspondence with the Company’s auditors; 
 (iv) make available the services of such employees of Lazard as may be agreed between the
parties hereto from time to time (collectively, the “Approved Employees”), including to assist in sourcing acquisition candidates; provided that Lazard shall have no liability to the Company for the acts and/or omissions of
the Approved Employees while performing such services and Lazard shall not be regarded as having provided any service performed by the Approved Employees for the Company (including, but not limited to, the giving of investment advice); and

 (v) provide investment advisory services to the Company, including, without limitation: 
 (a) financial advice and services in connection with public or private equity and debt financing; 
 (b) corporate planning and corporate development advice and services; 
 (c) public relations and press relations advice and services; and 
 (d) such other advice and services necessitated by the ordinary course of the Company’s business, as the Company may reasonably
request from time to time. 
 In exchange therefor, the Company shall pay Lazard the sum of $15,000 per month, commencing on the Admission
Date and continuing monthly thereafter until the Termination Date. In addition, the Company undertakes to reimburse Lazard, monthly in arrears, all out-of-pocket expenses incurred by Lazard in performing these services. Such reimbursement payments
will be subject to review and approval by the Company’s audit committee to the extent in excess of $300,000 in the aggregate in any fiscal quarter. 
 The Company and Lazard accept and acknowledge that the Approved Employees may act in circumstances which are in the interests of one of the parties hereto but not the other (a “Conflict Situation”)
and agree that neither the Company nor Lazard shall have any liability to the other in respect of any act or omission taken by the Approved Employees in a Conflict Situation and further agree, for the benefit of the Approved Employees, that the
Approved Employees shall have no liability to either the Company or Lazard in respect of any such act or omission which is not in the interests of that one of the parties hereto (except where such Approved Employee acts fraudulently). 
 The Company acknowledges that the Approved Employees have obligations and duties to perform in their capacity as employees of Lazard (or one or more of
its affiliates) and that Lazard makes no guarantee that any of the Approved Employees will devote any amount of time to the affairs of the Company. 

 In the event that any of the Approved Employees ceases to be an employee of Lazard (or its affiliates),
Lazard shall no longer be required to make the services of such person available to the Company, but shall use its reasonable efforts to provide the services of another employee of Lazard (or its affiliates) having similar experience and skills to
the extent Lazard then has such an employee. 
 Lazard acknowledges that it has read the Prospectus and understands that the Company has
established a trust fund (the “Trust Fund”) with the net proceeds of the Offering (excluding $125,000 to fund expenses incurred by the Company) and the insider private placement of insider warrants for the benefit of the public
stockholders and that the Company may disburse monies from the Trust Fund only (i) to the Company up to an aggregate of $6,000,000 to fund expenses related to investigating and selecting a target business or businesses and other working capital
requirements, (ii) to the Company any amounts it may need to pay its income or other tax obligations, (iii) to the public stockholders in the event of the conversion of their shares or the liquidation of the Company, (iv) to Lazard in
the event of the liquidation of the Company to the extent Lazard purchased the 5,000,000 units reserved for it in the Offering or up to $37,500,000 of the Company’s common stock in the open market, (v) to the Company after it consummates
an initial Business Combination as described in the Prospectus or (vi) to Citigroup Global Markets Inc. an aggregate of $27,750,000 (or $32,190,000 if the underwriter’s over-allotment option is exercised in full), for deferred underwriting
discounts and commissions after the Company consummates an initial Business Combination as described in the Prospectus. For and in consideration of the Company agreeing to this agreement, Lazard hereby agrees that, other than as set forth in clause
(iv) of this paragraph, it does not have any right, title, interest or claim of any kind in or to any monies in the Trust Fund (each a “Claim”), and hereby waives any Claim it may have in the future as a result of, or arising
out of, any negotiations, contracts or agreements with the Company, and will not seek recourse against the Trust Fund for any reason whatsoever. 

			
	 Very truly yours,

	
	SAPPHIRE INDUSTRIALS CORP.
		
	By:	 	 /s/ Donald G. Drapkin

	Name:	 	Donald G. Drapkin
	Title:	 	Chief Executive Officer and President

  

			
	AGREED TO AND ACCEPTED BY:
	
	Lazard Funding Limited LLC
		
	By:	 	 /s/ Michael J. Castellano

	Name:	 	Michael J. Castellano
	Title:	 	Chief Financial Officer

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