Document:

exv10w3

Exhibit 10.3

INDEMNIFICATION AGREEMENT

     THIS INDEMNIFICATION AGREEMENT is made on July 21, 2009, between Weatherford International
Ltd., a corporation incorporated under the laws of Switzerland with its registered address at
Alpenstrasse 15, in 6304 Zug, Switzerland (the “Company”); and Peter T. Fontana
(“Indemnitee”).

     WHEREAS Indemnitee is a director and/or an officer of the Company;

     WHEREAS highly skilled and competent persons are becoming more reluctant to serve public
companies as directors or officers unless they are provided with adequate protection through
insurance and indemnification against inordinate risks of claims and actions against them arising
out of their service to and activities on behalf of such companies;

     WHEREAS uncertainties relating to indemnification increase the difficulty of attracting and
retaining such persons;

     WHEREAS the Board has determined that an inability to attract and retain such persons is
detrimental to the best interests of the Company and that the Company should act to assure such
persons that there will be increased certainty of such protection in the future;

     WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate
itself to indemnify Indemnitee to the fullest extent permitted by Swiss law so that Indemnitee will
serve or continue to serve the Company free from undue concern that Indemnitee will not be so
indemnified; and

     WHEREAS, Indemnitee is willing to serve, continue to serve and to take on additional service
for or on behalf of the Company on the condition that Indemnitee be so indemnified.

     NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the
Company and Indemnitee do hereby covenant and agree as follows:

1. INTERPRETATION

     1.1 In this Agreement unless the context otherwise requires, the following words and
expressions shall have the following meanings:

     “Agreement” means this Indemnification Agreement;

     “Board” means the board of directors of the Company;

     “Business Day” means any day on which banks in Switzerland are open for business;

     “Corporate Status” means the status of a person who is or was a director, officer,
employee, agent, or fiduciary of the Company or any other Group Company, or is or was serving at
the request of the Company as a director, officer, employee, agent or fiduciary of any other

 

 

company, corporation, partnership, limited liability company, joint venture, trust, employee
benefit plan or other entity or enterprise;

     “Disinterested Director” means a director of the Company who is not or was not a party
to a Proceeding in respect of which indemnification is sought by Indemnitee;

     “Group Companies” means the Company and each subsidiary of the Company (wherever
incorporated or organized);

     “Independent Counsel” means a law firm or a member of a law firm that neither is
presently nor in the past five years has been retained to represent: (i) the Company or Indemnitee
in any matter material to either such party, or (ii) any other party to the Proceeding giving rise
to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent
Counsel” shall not include any person who, under the applicable standards of professional conduct
then prevailing, would have a conflict of interest in representing either the Company or Indemnitee
in an action to determine Indemnitee’s right to indemnification under this Agreement;

     “Parties” means the parties to this Agreement collectively, and “Party” means
any one of them; and

     “Proceeding” means any action, suit, arbitration, alternate dispute resolution
mechanism, investigation, administrative hearing or any other proceeding whether civil, criminal,
administrative or investigative and whether formal or informal;

     1.2 In this Agreement unless the context otherwise requires:

          1.2.1 references to statutory provisions shall be construed as references to those provisions
as amended or re-enacted or as their application is modified by other provisions from time to time
and shall include references to any provisions of which they are re-enactments (whether with or
without modification);

          1.2.2 references to clauses and schedules are references to clauses hereof and schedules
hereto; references to sub-clauses or paragraphs are, unless otherwise stated, references to
sub-clauses of the clause or paragraphs of the schedule in which the reference appears;

          1.2.3 references to the singular shall include the plural and vice versa and references to the
masculine shall include the feminine and/or neuter and vice versa; and

          1.2.4 references to persons shall include companies, partnerships, associations and bodies of
persons, whether incorporated or unincorporated.

2. AGREEMENT TO SERVE

     Indemnitee agrees to serve as a director and/or an officer of the Company. This Agreement does
not create or otherwise establish any right on the part of Indemnitee to be and continue to be
elected or appointed a director and/or an officer of the Company or any other

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Group Company and does not create an employment contract between the Company and Indemnitee.

3. INDEMNITY OF DIRECTOR/OFFICER

     3.1 Subject to clause 10, the Company shall indemnify Indemnitee if Indemnitee is a party or
is threatened to be made a party to any threatened, pending or completed Proceeding, including a
Proceeding brought by or in the right of the Company, by reason of the fact that Indemnitee is or
was a director, officer, employee, agent, or fiduciary of the Company or is or was serving at the
request of the Company as a director, officer, employee, agent, or fiduciary of any other company,
corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or
other entity or enterprise or by reason of anything done or not done by Indemnitee in any such
capacity. Subject to clause 10, pursuant to this sub-clause 3.1 Indemnitee shall be indemnified
against expenses (including attorneys’ fees and disbursements), judgments, penalties, fines and
amounts paid in settlement actually and reasonably incurred by Indemnitee in connection with such
Proceeding (including, but not limited to, the investigation, defense, settlement or appeal
thereof).

     3.2 Notwithstanding any other provision of this Agreement other than clause 10, Indemnitee
shall be indemnified against all expenses (including attorneys’ fees and disbursements) actually
and reasonably incurred by Indemnitee or on Indemnitee’s behalf in defending any Proceedings
referred to in clause 3.1 in which judgment is given in his favour, in which he is acquitted, or in
respect of which relief is granted to him.

Subject to clause 10, the Company shall indemnify Indemnitee for such portion of the expenses
(including attorneys’ fees), witness fees, damages, judgments, fines and amounts paid in settlement
and any other amounts that Indemnitee becomes legally obligated to pay in connection with any
Proceeding referred to in clause 3.1 in respect of which Indemnitee is entitled to indemnification
hereunder, even if Indemnitee is not entitled to indemnification hereunder for the total amount
thereof.

4. INDEMNIFICATION FOR EXPENSES OF A WITNESS

     Subject to clause 10, to the extent that Indemnitee is, by reason of Indemnitee’s Corporate
Status, a witness in any proceeding, Indemnitee shall be indemnified by the Company against all
expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection
therewith.

5. DETERMINATION OF ENTITLEMENT TO INDEMNIFICATION

     5.1 Indemnitee shall request indemnification pursuant to this Agreement by notice in writing
to the secretary of the Company. The secretary shall, promptly upon receipt of Indemnitee’s request
for indemnification, advise in writing the Board or such other person or persons empowered to make
the determination as provided in sub-clause 5.2 that Indemnitee has made such request for
indemnification. Subject to clause 10, upon making such request for indemnification, Indemnitee
shall be presumed to be entitled to indemnification hereunder and

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the Company shall have the burden of proof in the making of any determination contrary to such
presumption.

     5.2 Upon written request by Indemnitee for indemnification pursuant to sub-clause 3.1, the
entitlement of Indemnitee to indemnification pursuant to the terms of this Agreement shall be
determined by the following person or persons who shall be empowered to make such determination:

          5.2.1 the Board, by a majority vote of the Disinterested Directors; or

          5.2.2 if such vote is not obtainable or, even if obtainable, if such Disinterested Directors
so direct by majority vote, by Independent Counsel in a written opinion to the Board, a copy of
which shall be delivered to Indemnitee; or

          5.2.3 by a majority vote of the shareholders.

     5.3 For purposes of sub-clause 5.2, Independent Counsel shall be selected by the Board and
approved by Indemnitee. Upon failure of the Board to so select such Independent Counsel or upon
failure of Indemnitee to so approve, either the Board or Indemnitee may request the International
Chamber of Commerce (the “ICC”) to appoint an Independent Counsel in accordance with the
provisions regarding the appointment of experts contained in the ICC’s Rules for Expertise. Such
determination of entitlement to indemnification shall be made not later than 60 days after receipt
by the Company of a written request for indemnification. Such request shall include documentation
or information which is necessary for such determination and which is reasonably available to
Indemnitee. Subject to clause 10, any expenses (including attorneys’ fees) incurred by Indemnitee
in connection with Indemnitee’s request for indemnification hereunder shall be borne by the Company
irrespective of the outcome of the determination of Indemnitee’s entitlement to indemnification.
If the person or persons making such determination shall determine that Indemnitee is entitled to
indemnification as to part (but not all) of the application for indemnification, such persons may
reasonably prorate such partial indemnification among such claims, issues or matters in respect of
which indemnification is requested.

6. ADVANCEMENT OF EXPENSES

     All reasonable expenses incurred by Indemnitee (including attorneys’ fees, retainers and
advances of disbursements required of Indemnitee) shall be paid by the Company in advance of the
final disposition of any Proceeding at the request of Indemnitee as promptly as possible, and in
any event within twenty days after the receipt by the Company of a statement or statements from
Indemnitee requesting such advance or advances from time to time. Indemnitee’s entitlement to such
expenses shall include those incurred in connection with any Proceeding by Indemnitee seeking an
adjudication or award in arbitration pursuant to this Agreement. Such statement or statements
shall reasonably evidence the expenses incurred by Indemnitee in connection therewith and shall
include or be accompanied by an undertaking by or on behalf of Indemnitee to repay such amount if
it is ultimately determined that Indemnitee is not entitled to be indemnified against such expenses
by the Company as provided by this Agreement or otherwise. Subject to clause 10, the Company shall
have the burden of proof in any

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determination under this clause 6. No amounts advanced hereunder shall be deemed an extension of
credit by the Company to Indemnitee.

7. REMEDIES OF INDEMNITEE IN CASES OF DETERMINATION NOT TO INDEMNIFY OR TO ADVANCE EXPENSES

     7.1 In the event that: (a) a determination is made that Indemnitee is not entitled to
indemnification hereunder; (b) payment has not been timely made following a determination of
entitlement to indemnification pursuant to clause 5; or (c) expenses are not advanced pursuant to
clause 6, Indemnitee shall be entitled to apply to a court of competent jurisdiction at the place
of incorporation of the Company for a determination of Indemnitee’s entitlement to such
indemnification or advance.

     7.2 Alternatively to sub-clause 7.1, Indemnitee, at Indemnitee’s option, may seek an award in
arbitration to be conducted by an arbitral tribunal administered by the Swiss Chambers of Commerce
in accordance with the Swiss Rules of International Arbitration in force on the date when the
notice of arbitration is submitted in accordance with the rules set out in this Agreement. The seat
of the arbitration shall be at the place of incorporation of the Company. The arbitral proceedings
shall be conducted in the English language. The Company shall not oppose Indemnitee’s right to
seek any such adjudication or award in arbitration or any other claim.

     7.3 Subject to clause 10, if a determination is made pursuant to the terms of clause 5 that
Indemnitee is entitled to indemnification, the Company shall be bound by such determination and is
precluded from asserting that such determination has not been made or that the procedure by which
such determination was made is not valid, binding and enforceable. If the court or arbitral
tribunal shall determine that Indemnitee is entitled to any indemnification hereunder, the Company
shall pay all reasonable expenses (including attorneys’ fees and disbursements) actually incurred
by Indemnitee in connection with such adjudication or award in arbitration (including, but not
limited to, any appellate proceedings).

8. OTHER RIGHTS TO INDEMNIFICATION

     The indemnification and advancement of expenses (including attorneys’ fees) provided by this
Agreement shall not be deemed exclusive of any other right to which Indemnitee may now or in the
future be entitled under any provision of the Company’s articles of association or organizational
regulations or any agreement, vote of shareholders, the Board or Disinterested Directors, provision
of law, or otherwise, provided, however, that where the Company may indemnify Indemnitee pursuant
to either this Agreement or the articles of association or organizational regulations of the
Company, the Company may indemnify Indemnitee under either this Agreement or the articles of
association or organizational regulations of the Company but Indemnitee shall, in no case, be
indemnified by the Company in respect of any expense, liability or cost of any type for which
payment is or has been actually made to Indemnitee under any insurance policy, indemnity clause,
articles of association or organizational regulations of the Company or agreement, except in
respect of any excess beyond such payment. This Agreement shall not supersede any indemnification
or other agreements previously entered into between Indemnitee and Weatherford International Ltd.,
a Bermuda company, and/or Weatherford International, Inc., a Delaware corporation, it being the
intention of the Parties that

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Indemnitee shall be entitled to the indemnification provided under any or all agreements to the
fullest extent permitted by Swiss or other applicable law.

9. ATTORNEYS’ FEES AND OTHER EXPENSES TO ENFORCE AGREEMENT

     In the event that Indemnitee is subject to or intervenes in any Proceeding in which the
validity or enforceability of this Agreement is at issue or seeks an adjudication or award in
arbitration to enforce Indemnitee’s rights under, or to recover damages for breach of, this
Agreement, Indemnitee, if Indemnitee prevails in whole or in part in such action, shall be entitled
to recover from the Company and shall be indemnified by the Company against, any actual expenses
for attorneys’ fees and disbursements reasonably incurred by Indemnitee, provided that in bringing
such action, Indemnitee acted in good faith.

10. LIMITATION OF INDEMNIFICATION

     10.1 Notwithstanding any other terms of this Agreement, nothing herein shall indemnify
Indemnitee against, or exempt Indemnitee from, any liability in respect of Indemnitee’s gross
negligence and willful intent pursuant to Art. 100 § 1 of the Swiss Code of Obligations; provided
however, that to the extent Swiss applicable law changes after the date of this Agreement so that
the Company may, under such law, at the applicable time, indemnify Indemnitee to an extent greater
than provided in this clause 10 (as a result of the restrictions contained in this clause 10), the
Company shall indemnify Indemnitee without regard to the restrictions contained in this clause 10
to the fullest extent permitted under applicable law at such time.

     10.2 In addition, notwithstanding any other terms of this Agreement, nothing herein shall
indemnify Indemnitee against, or exempt Indemnitee from, any liability in respect of Indemnitee’s
fraud and dishonesty.

11. LIABILITY INSURANCE

     To the extent the Company maintains an insurance policy or policies providing directors’ and
officers’ liability insurance, Indemnitee shall be covered by such policy or policies, in
accordance with its or their terms, to the maximum extent of the coverage available for any Company
director or officer and to the fullest extent permitted by Swiss law.

12. DURATION OF AGREEMENT

     This Agreement shall apply with respect to Indemnitee’s occupation of any of the position(s)
described in sub-clause 3.1 of this Agreement prior to the date of this Agreement and with respect
to all periods of such service after the date of this Agreement, even though Indemnitee may have
ceased to occupy such positions(s).

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13. NOTICE OF PROCEEDINGS BY INDEMNITEE

     13.1 Indemnitee agrees promptly to notify the Company in writing upon being served with any
summons, citation, subpoena, complaint, indictment, information or other document relating to any
Proceeding which may be subject to indemnification hereunder, provided, however, that the failure
to so notify the Company will not relieve the Company from any liability it may have to Indemnitee
except to the extent that such failure materially prejudices the Company’s ability to defend such
claim. With respect to any such Proceeding as to which Indemnitee notifies the Company of the
commencement thereof:

          13.1.1 the Company will be entitled to participate therein at its own expense; and

          13.1.2 except as otherwise provided below, to the extent that it may wish, the Company jointly
with any other indemnifying party similarly notified will be entitled to assume the defense
thereof, with counsel reasonably satisfactory to Indemnitee. After notice from the Company to
Indemnitee of its election so to assume the defense thereof, the Company will not be liable to
Indemnitee under this Agreement for any legal or other expenses subsequently incurred by Indemnitee
in connection with the defense thereof other than reasonable costs of investigation or as otherwise
provided below. Indemnitee shall have the right to employ Indemnitee’s own counsel in such
Proceeding, but the fees and expenses of such counsel incurred after notice from the Company of its
assumption of the defense thereof shall be at the expense of Indemnitee and not subject to
indemnification hereunder unless: (a) the employment of counsel by Indemnitee has been authorized
by the Company; (b) in the reasonable opinion of counsel to Indemnitee there is or may be a
conflict of interest between the Company and Indemnitee in the conduct of the defense of such
Proceeding; or (c) the Company shall not in fact have employed counsel to assume the defense of
such action, in each of which cases, subject to clause 10, the fees and expenses of counsel shall
be at the expense of the Company.

          13.2 Neither the Company nor Indemnitee shall settle any claim without the prior written
consent of the other (which shall not be unreasonably withheld).

14. NOTICES

     Any notice required to be given hereunder shall be in writing in the English language and
shall be served by sending the same by prepaid recorded post, facsimile or by delivering the same
by hand to the address of the Party or Parties in question as set out below (or such other address
as such Party or Parties shall notify the other Parties of in accordance with this clause). Any
notice sent by post as provided in this clause shall be deemed to have been served five Business
Days after dispatch and any notice sent by facsimile as provided in this clause shall be deemed to
have been served at the time of dispatch and in proving the service of the same it will be
sufficient to prove in the case of a letter that such letter was properly stamped, addressed and
placed in the post; and in the case of a facsimile that such facsimile was duly dispatched to a
current facsimile number of the addressee.

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Company

Weatherford International Ltd.

Alpenstrasse 15

6304 Zug

Switzerland

Attn: Secretary

Indemnitee

Peter T. Fontana

515 Post Oak Blvd.

Houston, TX 77027

15. MISCELLANEOUS

     15.1 Notwithstanding the expiration or termination of this Agreement howsoever arising, such
expiration or termination shall not operate to affect such of the provisions hereof as are
expressed or intended to remain in full force and effect.

     15.2 If any of the clauses, conditions, covenants or restrictions of this Agreement or any
deed or document emanating from it shall be found to be void but would be valid if some part
thereof were deleted or modified, then such clause, condition, covenant or restriction shall apply
with such deletion or modification as may be necessary to make it valid and effective so as to give
effect as nearly as possible to the intent manifested by such clause, condition, covenant or
restriction.

     15.3 This Agreement shall be binding upon the Company and its successors and assigns
(including any transferee of all or substantially all of its assets and any successor or resulting
company by merger, amalgamation or operation of law) and shall inure to the benefit of Indemnitee
and Indemnitee’s spouse, assigns, heirs, estate, devises, executors, administrators or other legal
representatives.

     15.4 This Agreement (together with any documents referred to herein) constitutes the whole
agreement between the Parties relating to its subject matter and supersedes any prior
indemnification arrangement between the Company (or its predecessor) and Indemnitee (except as
specifically set forth in clause 8).

     15.5 No provision in this Agreement may be amended unless such amendment is agreed to in
writing, signed by Indemnitee and by a duly authorized officer of the Company. No waiver by either
Party of any breach by the other Party of any condition or provision of this Agreement to be
performed by such other Party shall be deemed a waiver of a similar or dissimilar condition or
provision at the same or any prior or subsequent time. Any waiver must be in writing and signed by
Indemnitee or a duly authorized officer of the Company, as the case may be.

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     15.6 The headings in this Agreement are inserted for convenience only and shall not affect the
construction of this Agreement.

     15.7 This Agreement may be executed in counterparts each of which when executed and delivered
shall constitute an original but all such counterparts together shall constitute one and the same
instrument.

     15.8 The terms and conditions of this Agreement and the rights of the parties hereunder shall
be governed by and construed in all respects in accordance with the laws of Switzerland. The
Parties to this Agreement hereby irrevocably agree that the court at the place of incorporation of
the Company shall have non-exclusive jurisdiction in respect of any dispute, suit, action,
arbitration or proceedings (“Agreement Proceedings”) which may arise out of or in
connection with this Agreement and waive any objection to Agreement Proceedings in such court on
the grounds of venue or on the basis that the Agreement Proceedings have been brought in an
inconvenient forum.

     15.9 All payments made by the Company to Indemnitee hereunder shall be deemed to have been
made in the ordinary course of business of the Company, and shall not be deemed to be extraordinary
payments.

(Remainder of page intentionally left blank)

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     IN WITNESS WHEREOF, the undersigned, intending to be bound hereby, have duly executed this
Agreement as of the date first written above.

SIGNED by and on behalf of:

WEATHERFORD INTERNATIONAL LTD.

	 	 	 	 	 
	By: 

Name:

	 	/s/ BERNARD J. DUROC-DANNER
 

Bernard J. Duroc-Danner
	 	 
	Title:

	 	Chairman, President and CEO	 	 
	 
	 	 	 	 
	SIGNED by:	 	 
	 
	 	 	 	 
	INDEMNITEE	 	 
	 
	 	 	 	 
	/S/ PETER T. FONTANA	 	 
	 	 	 
	Peter T. Fontana	 	 

10EX-4.1

Exhibit 4.1

July 20, 2009

Mr. Jason Ader

Global Consumer Acquisition Corporation

1370 Avenue of the Americas

New York, NY

Dear Mr. Ader,

This Agreement (this “Agreement”) will confirm the basis upon which Global Consumer Acquisition
Corporation (the “Company”) and the holders of warrants (the “Warrants”) listed on the signature
pages and completing Schedule I hereto (each, a “Holder”) have agreed to amend the Warrant
Agreement made as of November 27, 2007, between the Company and Continental Stock Transfer & Trust
Company, a New York corporation, with offices at 17 Battery Place, New York, New York 10004
attached as Exhibit A hereto (the “Warrant Agent”) (as in effect on the date hereof, the
“Original Agreement”). The Original Agreement as amended by the Amendments (as defined below) is
referred to herein as the “Amended and Restated Warrant Agreement.”

     WHEREAS, on July 13, 2009 the Company entered into (i) a Merger Agreement (the “1st Commerce
Merger Agreement”), with WL Interim Bank, a Nevada corporation (“1st Commerce Merger Sub”), 1st
Commerce Bank, a Nevada-chartered non-member bank (“1st Commerce Bank”), Capitol Development
Bancorp Limited V, a Michigan corporation and Capitol Bancorp Limited, a Michigan corporation,
which provides for the merger of 1st Commerce Merger Sub with and into 1st Commerce Bank, with 1st
Commerce Bank being the surviving entity and becoming the Company’s wholly-owned subsidiary and
(ii) together with 1st Commerce Bank as assignee, an Asset Purchase Agreement (the “Colonial Asset
Purchase Agreement”), with Colonial Bank, an Alabama banking corporation and wholly-owned
subsidiary of The Colonial BancGroup, Inc. a Delaware corporation. The transactions contemplated by
the 1st Commerce Merger Agreement and the Colonial Asset Purchase Agreement are referred to herein
as the “Acquisitions”;

     WHEREAS, Hayground Cove Asset Management LLC, the sponsor of the Company (“HCAM”) entered into
the Sponsor Support Agreement dated July 13, 2009 between HCAM and the Company pursuant to which
HCAM may commence privately negotiated purchases of shares of the Company for the purchase of up to
39% of the outstanding shares of common stock of the Company in order to help facilitate the
necessary votes of the shareholders of the Company to consummate the Acquisitions;

     WHEREAS, in order to help facilitate the necessary votes of the shareholders of the Company to
consummate the Acquisitions, HCAM, on behalf of itself and the funds, accounts and founders shares
it or its affiliates control, has entered into the Founders Shares Restructuring Agreement between
HCAM and the Company substantially in the form attached as Exhibit B hereto (the “Founder
Shares Restructuring Agreement”) whereby HCAM has agreed to cancel at least 90% of the outstanding
founders shares in exchange for one (1) Warrant per founder share cancelled (and will use its
commercially reasonable efforts to cancel 95% of the outstanding founders shares);

     WHEREAS, in order to help facilitate a successful Business Combination and in light of HCAM’s
similar efforts by entering into the Founders Share Restructuring Agreement and Sponsor Support
Agreement, the Holders set forth on the signature page and Schedule I hereto will agree to
amend the terms of the existing Warrants.

 

 

     The parties desire to amend the Original Agreement as set forth herein (collectively, the
“Amendments”). The parties, intending to be legally bound, agree as follows:

	1.	 	Capitalized terms used but not defined herein shall have the meaning assigned to such terms
in the Original Agreement.

	2.	 	The first recital is hereby amended by deleting the paragraph in its entirety and replacing
it with the following:

“WHEREAS, the Company  engaged in a public offering (the “Public Offering”) of
units (the “Units”) on November 20, 2007 and, in
connection therewith,  issued 31,948,850 (including the overallotment
option) warrants to the public investors (the “Public Warrants”
and, together with the Insider Warrants (as defined below), the “Warrant(s)”), each
of such Warrants evidencing the right of the holder thereof to purchase one share of
common stock, par value $.0001 per share, of the Company (the “Common Stock”) for
$12.50 per share for the Public Warrants and the Insider Warrants in each case
subject to adjustments as described herein;”

	3.	 	The first sentence of Section 3.1 is hereby amended by
deleting the first sentence in its entirety
and replacing it with the following:

“Each Warrant shall, when countersigned by the Warrant Agent, entitle the registered
holder thereof, subject to the provisions of such Warrant and of this Warrant
Agreement, to purchase from the Company the number of shares of Common Stock stated
therein, at the price of $12.50 per whole share, subject to the adjustments provided
in Section 4 hereof and in the last sentence of this Section 3.1.”

	4.	 	Section 3.2 is hereby amended by deleting the paragraph in its entirety and replacing it with
the following:

Duration of Warrants. A Warrant may be exercised only during the period
(“Exercise Period”) commencing on the later of (i) the completion of an acquisition
by the Company of one or more operating businesses or assets through a merger,
capital stock exchange, asset or stock acquisition, exchangeable share transaction
or other similar business combination having collectively a transaction value (as
defined in the prospectus contained in the Registration Statement) of at least 80%
of the Company’s net assets at the time of the acquisition (a “Business
Combination”), and (ii) one year after the effective date of the Registration
Statement, and terminating at 5:00 p.m., New York City time on the earlier to occur
of (i) seven years after the closing of the Business Combination and (ii) the date
fixed for redemption of the Warrants as provided in Section 6 of this Warrant
Agreement (the “Expiration Date”); provided, however, that 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 the Warrants, a prospectus
relating to the Common Stock issuable upon exercise of the Warrants is current and
the 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 the Warrants. Except
with respect to the right to receive the Redemption Price (as set forth in Section 6
hereunder), each Warrant not exercised on or before the Expiration Date shall become
void, and all rights thereunder and all rights in respect thereof under this Warrant
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.”

	5.	 	Section 4.1 is hereby amended by adding the following as the last sentence of the first
paragraph:

 

 

“If, after the date hereof, and subject to the provisions of Section 4.6 below,
there is any cash dividend on the outstanding shares of Common Stock, then, on the
effective date of such cash dividend the number of shares of Common Stock issuable
on exercise of each the Warrant Price shall be decreased in the amount to such cash
dividend; provided however, that no adjustment shall be required to be made under
this Section 4.1 with respect to cash dividends on or after the date the last sales
price of the Common Stock has been equal to or greater than $18.00 per share on each
of twenty (20) trading days within any thirty (30) trading
day period.”

	6.	 	Section 6.1 is hereby amended by deleting the paragraph in its entirety and replacing it with
the following:

“Redemption. Subject to Section 6.4 hereof and the penultimate sentence of
this Section 6.1, all (and not less than all) of the outstanding Warrants 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 $.01 per Warrant (“Redemption Price”),
provided that the last sales price of the Common Stock has been equal to or greater
than $21.00 per share (the “Trigger Price”) on each of twenty (20) trading days
within any thirty (30) trading day period ending on the third business day prior to
the date on which notice of redemption is given. Notwithstanding the foregoing, the
Company cannot exercise its redemption rights pursuant to this Section 6 unless a
registration statement is effective with respect to the shares of Common Stock
underlying the Warrants. For the avoidance of doubt, the Company may redeem the
Warrants only if there is an effective registration statement with respect to the
Common Stock to enable the exercise of the Warrants during the period specified in
Section 6.3 hereof.”

	7.	 	Section 6.5 is hereby amended by deleting the paragraph in its entirety and replacing it with
the following:

“Cash Redemption. In the event there is not in place an effective registration
statement on the Expiration Date of the Warrants, the Warrants will remain
outstanding and not expire until 90 days after an effective Registration Statement
is filed. If, within 90 days following the Expiration Date the Company does not
file an effective Registration Statement, the Warrants will become exerciseable for
cash consideration equal to the excess of the Market Value over the Warrant Price
multiplied by the number of Warrants exercised until such time as an effective
Registration Statement is filed. For the purposes of the foregoing, “Market Value”
shall equal the Volume Weighted Average Common Stock price as quoted by Bloomberg
for the 10 trading days prior to the Exercise Date.

	8.	 	The form of Warrant in Exhibit A and Warrant certificate(s) issued under the Amended
and Restated Warrant Agreement will be amended as necessary to conform in all material
respects to the Amendments set forth in this Agreement.

	9.	 	Each of the Founders Shares Restructuring Agreement and the Sponsor Support Agreement has
been duly executed and delivered by HCAM and the Company, constitutes a valid and binding
obligation of each the Company and HCAM and is enforceable against each of the Company and
HCAM in accordance with its terms. Under the terms of the Founders Shares Restructuring
Agreement, the Warrants received by HCAM, its affiliates and other participating holders of
founders shares will be issued under the Amended and Restated Warrant Agreement and will be on
the same terms as the Warrants held by the Holders (after giving effect to the Amendments).
The Amended and Restated Warrant Agreement and Warrant certificate will contain a legend to
the effect that no Warrant held by HCAM or any of its affiliates will be exercisable at any
time while under HCAM or its affiliates’ control. HCAM will notify any transferee that it is
on notice that the transferee may be subject to the Bank Holding Company Act and the Change in
Bank Control Act, federal banking law statutes that can require

 

 

	  	 	prior notice to a federal bank regulatory agency and prior approval from such federal bank
regulatory agency. Prior to any transfer by HCAM, HCAM will be required to obtain an opinion of
bank regulatory counsel that the transfer of Warrants will not make the transferee a “bank
holding company” for purposes of the Bank Holding Company Act or subject the transferee to prior
approval of the Federal Reserve Board under the Change in Bank Control Act. The legend may be
modified further after the date hereof to facilitate bank regulatory approval of applications
submitted by the Company in connection with the Acquisitions.

	10.	 	Each Holder hereby agrees, in any action upon which the Holder’s vote, consent or other
approval is sought in connection with the Amendments, the Holder shall vote (or cause to be
voted) all of its Warrants as set forth on Schedule I hereto in favor of the
Amendments and each of the terms of the Amendments. The execution of this Agreement shall be
deemed approval, consent and a proxy to the Warrant Agent to execute the Amended and Restated
Warrant Agreement; provided that such execution shall occur prior to July 22, 2009. This
Agreement is effective on the date hereof and the Amended and Restated Warrant Agreement will
be effective upon execution thereof by the Warrant Agent and the
Company; provided, however, that the Amendments under the
Amendment and Restated Warrant Agreement will not be operative until approved in writing by
the New York Stock Exchange. Each Holder acknowledges that it is not an affiliate of the
Company as defined under the federal securities laws.

	11.	 	HCAM, on behalf of itself and the funds, accounts and founders shares it or its affiliates control,
has entered into the Founders Shares Restructuring Agreement whereby HCAM has agreed to (i) cancel
at least 90% of the outstanding founders shares in exchange for one (1) Warrant per founder share
cancelled and (ii) execute this Agreement. HCAM will use its commercially reasonable efforts to
cancel 95% of the outstanding founders shares on or prior to closing a Business Combination. HCAM
hereby represents to each of the Holders that each of HCAM, the funds and accounts managed by HCAM
or HCAM’s affiliates and Jason N. Ader and his affiliates will participate in the founders share
restructuring under the Founders Shares Restructuring Agreement and each will not hold any founders
shares upon consummation of the Acquisitions (including any family member of Jason N. Ader).

	12.	 	The Company shall not effect the exercise of  Warrants, and
each  Holder shall not have the
right to exercise Warrants, to the extent that, after giving effect to such exercise, such
 Holder (together with such Holder’s affiliates) would
beneficially own in excess of 9.99% (the
“Maximum Percentage”) of the shares of Common Stock outstanding immediately after giving
effect to such exercise. For purposes of the foregoing sentence, the aggregate number of
 shares of Common Stock beneficially owned by such Holder and its affiliates shall include the
number of shares of Common Stock issuable upon exercise of such
Holder’s Warrants with respect to which
the determination of such sentence is being made, but shall exclude shares of Common Stock
 would be issuable upon (x) exercise of the remaining, unexercised portion of
the  Warrants beneficially owned by such Holder and its affiliates and (y) exercise or conversion of
the unexercised or unconverted portion of any other securities of the Company beneficially
owned by such Holder and its affiliates (including, without limitation, any convertible notes
or convertible preferred stock or warrants) subject to a limitation on conversion or exercise
analogous to the limitation contained herein. Except as set forth in the preceding sentence,
for purposes of this paragraph, beneficial ownership shall be calculated in accordance with
Section 13(d) of the Securities Exchange Act of 1934, as amended. For purposes of
the Warrants, in determining the number of outstanding shares of
Common Stock, each Holder may rely
on the number of outstanding shares of Common Stock as reflected in (1) the Company’s most
recent Form 10-K, Form 10-KSB, Form 10-Q, Form 10-QSB, Current Report on Form 8-K or other
public filing with the Securities and Exchange Commission (“SEC”) as the case may be, (2) a
more recent public announcement by the Company or (3) any other notice by the Company or the
transfer agent setting forth the number of shares of Common Stock outstanding. For any reason
at any time, upon the written or oral request of any Holder, the Company shall within two (2)
Business Days confirm orally and in writing to such Holder the number of shares of Common Stock
then outstanding. In any case, the number of outstanding shares of Common Stock shall be
determined after giving effect to the conversion or exercise of securities of the Company by
each  Holder and its affiliates since the date as of which such number of outstanding shares of
Common Stock was reported. By written notice to the Company, each Holder may from time to time
increase or decrease the Maximum Percentage to any other

 

 

	 	 	percentage specified in such notice; provided that any such increase will not be effective until
the sixty-first (61st) day after such notice is delivered to the Company.

	13.	 	Representations and Warranties of the Holders. Each Holder hereby represents and
warrants as to itself to the Company as follows:

(a) Each Holder is the record and beneficial owner of the Warrants set forth on Schedule
I, free and clear of any liens, adverse claims, charges or other encumbrances of any nature
whatsoever.

(b) Each Holder has the sole right to vote and to direct the voting of its Warrants and give
consent with respect thereto, and none of the Warrants are subject to any voting trust or other
agreement, arrangement or restriction with respect to the voting of the Warrants.

(c) Each Holder, if not a natural person: (i) is duly organized, validly existing and in good
standing under the laws of its jurisdiction of organization; and (ii) has the requisite
corporate, company, partnership or other power and authority to execute and deliver this
Agreement and the Proxy, to consummate the transactions contemplated hereby and thereby and to
comply with the terms hereof and thereof. The execution and delivery by each Holder of this
Agreement and the Proxy, the consummation by each Holder of the transactions contemplated hereby
and thereby and the compliance by each Holder with the provisions hereof and thereof have been
duly authorized by all necessary corporate, company, partnership or other action on the part of
each Holder, and no other corporate, company, partnership or other proceedings on the part of
each Holder are necessary to authorize this Agreement and the Proxy, to consummate the
transactions contemplated hereby and thereby or to comply with the provisions hereof or thereof.

(d) Each of this Agreement has been duly executed and delivered by each Holder, constitutes a
valid and binding obligation of each Holder and is enforceable against each Holder in accordance
with its terms.

(e) The execution and delivery of this Agreement, the consummation of the transactions
contemplated hereby and thereby and compliance with the provisions hereof and thereof do not and
will not conflict with, or result in any violation or breach of, or default (with or without
notice or lapse of time, or both) under, any provision of (i) the certificate of incorporation
or by-laws, partnership agreement or limited liability company agreement (or similar
organizational documents) of each Holder, if applicable, (ii) any (A) statute, law, ordinance,
rule or regulation or (B) judgment, order or decree, in each case, applicable to each Holder or
its properties or assets, or (iii) any contract, trust, commitment, agreement, understanding,
arrangement or restriction of any kind to which each Holder is a party or by which each Holder
or each Holder’s assets are bound.

(f) As of the date hereof each Holder is, and upon consummation of the transactions contemplated
hereby, will be, an institutional “accredited investor” as defined in Rule 501(a)(1), (2), (3)
or (7) of Regulation D as promulgated under the Securities Act of 1933, as amended (the
“Securities Act”).

(g) Each Holder has determined, based on its own independent review and such professional advice
as it has deemed appropriate under the circumstances, that its consent to the Amendments (i) is
fully consistent with its financial needs, objectives and condition, and (ii) complies and is
fully consistent with all investment policies, guidelines and restrictions applicable to Holder
(whether holding the Warrants as principal or in a fiduciary capacity).

(h) Each Holder has reviewed all publicly available information regarding the Company as it has
deemed relevant to its decision to consent to amending the Original Warrant Agreement.

 

 

	14.	 	The Amended and Restated Warrant Agreement may contain such
other revisions to the Original Warrant Agreement, including
revisions to the recitals therein, as necessary to reflect and
implement the Amendments as set forth in this Agreement.

	15.	 	This Agreement will be governed by and construed in accordance with the Laws of the State of
New York.

	16.	 	For the convenience of the parties hereto, this Agreement may be executed in any number of
separate counterparts, each such counterpart being deemed to be an original instrument, and
all such counterparts will together constitute the same agreement. Executed signature pages
to this Agreement may be delivered by facsimile and such facsimiles will be deemed as
sufficient as if actual signature pages had been delivered.

[Signature Page Follows]

 

 

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

	 	 	 	 	 	 	 
	 	 	INTEGRATED CORE STRATEGIES (US) LLC	 	 
	 
	 	 	 	 	 	 
	 	 	By: Integrated Holding Group LP, its Managing Member	 	 
	 	 	By: Millennium Management LLC, its General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Terry Feeney	 	 
	 

	 	Name:
	 	 

Terry Feeney
	 	 
	 

	 	Title:
	 	Chief Operating Officer	 	 

 

 

	 	 	 	 	 	 	 
	 	 	NISSWA ACQUISITION MASTER FUND LTD.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Jeff Stolt	 	 
	 

	 	Name:
	 	 

Jeff Stolt
	 	 
	 

	 	Title:
	 	CFO-Pine River Capital Mgmt. LP	 	 
	 

	 	 	 	Its: Investment Manager	 	 

 

 

	 	 	 	 	 	 	 
	 	 	NISSWA FIXED INCOME
MASTER FUND LTD.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Jeff Stolt	 	 
	 

	 	Name:
	 	 

Jeff Stolt
	 	 
	 

	 	Title:
	 	CFO-Pine River Capital Mgmt. LP	 	 
	 

	 	 	 	Its: Investment Manager	 	 

 

 

	 	 	 	 	 	 	 
	 	 	WEISS MULTI-STRATEGY ADVISERS, LLC ON 

BEHALF OF CERTAIN ACCOUNTS	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Marcus Peckman 
	 	 
	 

	 	Name:
	 	Marcus Peckman
	 	 
	 

	 	Title:	 	Chief Financial Officer	 	 

 

 

	 	 	 	 	 	 	 
	 	 	HIGHBRIDGE INTERNATIONAL LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By: 	 	/s/ Mark Vanacore
	 	 
	 

	 	Name:
	 	Mark Vanacore
	 	 
	 

	 	Title:	 	Managing Director	 	 

 

 

	 	 	 	 	 
	 	ALDEBARAN INVESTMENTS, LLC

 	 
	 	 	 
	 	By:  	/s/ Adam Scheer
 	 
	 	 	Name:  	Adam Scheer 	 
	 	 	Title:  	Principal / Chief Investment Officer 	 
	 

 

	 	 	 	 	 	 	 
	 	 	FIR TREE VALUE MASTER FUND	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Brian Meyer	 	 
	 

	 	Name:
	 	 

Brian Meyer
	 	 
	 

	 	Title:
	 	Authorized Person	 	 

 

 

	 	 	 	 	 	 	 
	 	 	FIR TREE CAPITAL
OPPORTUNITY FUND LP	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Brian Meyer	 	 
	 

	 	Name:
	 	 

Brian Meyer
	 	 
	 

	 	Title:
	 	Authorized Person	 	 

 

 

	 	 	 	 	 
	 	HAYGROUND COVE ASSET MANAGEMENT

LLC (except with respect to the last sentence in

paragraph 10)

 	 

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Jason N. Ader
 	 
	 	 	Name:  	Jason N. Ader 	 
	 	 	Title:  	Sole Member 	 
	 

 

	 	 	 	 	 
	ACKNOWLEDGED AND AGREED TO:	 	 
	 
	 	 	 	 
	GLOBAL CONSUMER ACQUISITION CORP.	 	 
	 
	 	 	 	 
	By: 

Name:

	 	/s/ Jason N.  Ader
 

Jason N. Ader
	 	 
	Title:

	 	Chief Executive Officer	 	 

 

 

Exhibit A

WARRANT AGREEMENT

     This Warrant Agreement made as of November 27, 2007, between Global Consumer Acquisition
Corp., a Delaware corporation, with offices at 1370 Avenue of the Americas, 28th Floor,
New York, New York 10019 (the “Company”), and Continental Stock Transfer & Trust Company, a New
York corporation, with offices at 17 Battery Place, New York, New York 10004 (the “Warrant Agent”).

     WHEREAS, the Company is engaged in a public offering (the “Public Offering”) of units (the
“Units”) and, in connection therewith, has determined to issue and deliver up to 34,500,000
warrants to the public investors (the “Public Warrants” and, together with the Insider Warrants (as
defined below), the “Warrant(s)”), each of such Warrants evidencing the right of the holder thereof
to purchase one share of common stock, par value $.0001 per share, of the Company (the “Common
Stock”) for $7.50 per share for the Public Warrants and the Insider Warrants in each case subject
to adjustments as described herein;

     WHEREAS, the Company has filed, with the Securities and Exchange Commission (the “SEC”), a
registration statement, No. 333-144799, on Form S-1 (the “Registration Statement”) for the
registration, under the Securities Act of 1933, as amended (the “Act”), of, among other securities,
the Public Warrants, and the Common Stock issuable upon exercise of the Public Warrants;

     WHEREAS, the Company will issue 8,500,000 warrants in an insider private placement immediately
prior to the Public Offering, which warrants (the “Insider Warrants”) will be identical to the
Public Warrants, subject to certain exceptions, as set forth in the Registration Statement;

     WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the
Warrant Agent is willing to so act, in connection with the issuance, registration, transfer,
exchange, redemption and exercise of the Warrants;

     WHEREAS, the Company desires to provide for the form and provisions of the Warrants, the terms
upon which they shall be issued and exercised, and the respective rights, limitation of rights and
immunities of the Company, the Warrant Agent and the holders of the Warrants;

     WHEREAS, all acts and things have been done and performed which are necessary to make the
Warrants, when executed on behalf of the Company and countersigned by or on behalf of the Warrant
Agent, as provided herein, the legally valid and binding obligations of the Company, and to
authorize the execution and delivery of this Warrant Agreement; and

     NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto
agree as follows:

     Section 1. Appointment of Warrant Agent. The Company hereby appoints the Warrant
Agent to act as agent for the Company for the Warrants, and the Warrant Agent hereby

 

 

accepts such appointment and agrees to perform the same in accordance with the terms and
conditions set forth in this Warrant Agreement.

     Section 2. Warrants.

          2.1 Form of Warrant. Each Warrant shall be issued in registered form only, shall be
in substantially the form of Exhibit A hereto (and in the case of the Insider Warrants,
with a legend in substantially the form of Exhibit B hereto), the provisions of which are
incorporated herein, and shall be signed by, or bear the facsimile signature of, the Chairman of
the Board, Chief Executive Officer, President, Treasurer, Secretary or Assistant Secretary of the
Company, and shall bear a facsimile of the Company’s seal. In the event the person whose facsimile
signature has been placed upon any Warrant shall have ceased to serve in the capacity in which such
person signed the Warrant before such Warrant is issued, it may be issued with the same effect as
if he or she had not ceased to be such at the date of issuance.

          2.2 Effect of Countersignature. Unless and until countersigned by the Warrant Agent
pursuant to this Warrant Agreement, a Warrant shall be invalid and of no effect and may not be
exercised by the holder thereof.

          2.3 Registration.

          2.3.1 Warrant Register. The Warrant Agent shall maintain books (“Warrant
Register”) for the registration of the original issuance and transfers of the Warrants. Upon
the initial issuance of the Warrants, the Warrant Agent shall issue and register the
Warrants in the names of the respective holders thereof in such denominations and otherwise
in accordance with instructions delivered to the Warrant Agent by the Company.

          2.3.2 Registered Holder. Prior to due presentment for registration of transfer
of any Warrant, the Company and the Warrant Agent may deem and treat the person in whose
name such Warrant shall be registered upon the Warrant Register (“registered holder”) as the
absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any
notation of ownership or other writing on the warrant certificate made by anyone other than
the Company or the Warrant Agent), for the purpose of any exercise thereof, and for all
other purposes, and neither the Company nor the Warrant Agent shall be affected by any
notice to the contrary.

          2.4 Detachability of Warrants. The securities comprising the Units will not be
separately transferable until the fifth day (or as soon as practicable thereafter) after the
earlier to occur of (1) the expiration of the underwriters’ over-allotment option in the Public
Offering and (2) its exercise in full, but in no event will separate trading of the securities
comprising the Units be allowed until the Company (i) files 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 Public Offering and (ii) issues a press release announcing when such separate trading will
begin.

     Section 3. Terms and Exercise of Warrants.

- 2 -

 

          3.1 Warrant Price. Each Warrant shall, when countersigned by the Warrant Agent,
entitle the registered holder thereof, subject to the provisions of such Warrant and of this
Warrant Agreement, to purchase from the Company the number of shares of Common Stock stated
therein, at the price of $7.50 per whole share, subject to the adjustments provided in Section 4
hereof and in the last sentence of this Section 3.1. The term “Warrant Price” as used in this
Warrant Agreement refers to the 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); provided, however, that any change in the
Warrant Price must apply identically in percentage terms to all of the Warrants, and provided
further that any reduction in Warrant Price must remain in effect for at least 20 business days.

          3.2 Duration of Warrants. A Warrant may be exercised only during the period
(“Exercise Period”) commencing on the later of (i) the completion of an acquisition by the Company
of one or more operating businesses or assets through a merger, capital stock exchange, asset or
stock acquisition, exchangeable share transaction or other similar business combination having
collectively a transaction value (as defined in the prospectus contained in the Registration
Statement) of at least 80% of the Company’s net assets at the time of the acquisition (a “Business
Combination”), and (ii) one year after the effective date of the Registration Statement, and
terminating at 5:00 p.m., New York City time on the earlier to occur of (i) five years after the
effective date of the Registration Statement and (ii) the date fixed for redemption of the Warrants
as provided in Section 6 of this Warrant Agreement (the “Expiration Date”); provided, however, that
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 the Warrants, a prospectus
relating to the Common Stock issuable upon exercise of the Warrants is current and the 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 the Warrants. Except with respect to the right to receive the Redemption
Price (as set forth in Section 6 hereunder), each Warrant not exercised on or before the Expiration
Date shall become void, and all rights thereunder and all rights in respect thereof under this
Warrant 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 to the American Stock Exchange, and shall, if possible, provide at least two
months’ advance notice to the American Stock Exchange, but in no event will the Company provide
less than 20 days’ advance notice of such extension to the American Stock Exchange.

          3.3 Exercise of Warrants.

          3.3.1 Payment. Subject to the provisions of the Warrant and this Warrant
Agreement, a Warrant, when countersigned by the Warrant Agent, may be exercised by the
registered holder thereof by surrendering it, at the office of the Warrant Agent, or at the
office of its successor as Warrant Agent, in the Borough of Manhattan, City and State of New
York, with the subscription form, as set forth in the Warrant, duly executed, and by paying
in full, in lawful money of the United States, in cash, good certified check or good bank
draft payable to the order of the Company, the Warrant

- 3 -

 

Price for each full share of Common Stock as to which the Warrant is exercised and any
and all applicable taxes due in connection with the exercise of the Warrant, the exchange of
the Warrant for the Common Stock, and the issuance of the Common Stock; provided, however,
the foregoing provision shall not preclude exercise of the Insider Warrants by means of
cashless exercise. If a holder of an Insider Warrant elects a “cashless” exercise, such
Holder shall thereby be entitled to receive a number of shares of Common Stock equal to (x)
the excess of the Market Value (as defined below) over the total cash exercise price of the
Insider Warrant then being exercised, divided by (y) the market price of the Common Stock as
of the date of such exercise (the “Exercise Date”). For the purposes of the foregoing,
“Market Value” shall be an amount equal to the average reported last sale price of the
Common Stock quoted on the American Stock Exchange (or such other exchange thereon listed)
for the 10 trading days prior to the Exercise Date, multiplied by the number of shares of
Common Stock specified in a Subscription Form.

          3.3.2 Issuance of Certificates. As soon as practicable after the exercise of
any Warrant and the clearance of the funds in payment of the Warrant Price, the Company
shall issue to the registered holder of such Warrant a certificate or certificates
representing the number of full shares of Common Stock to which he, she or it is entitled,
registered in such name or names as may be directed by him, her or it, and, if such Warrant
shall not have been exercised in full, a new countersigned Warrant for the number of shares
as to which such Warrant shall not have been exercised. Notwithstanding the foregoing, the
Company shall not be obligated to deliver any securities pursuant to the exercise of a
Warrant unless a registration statement under the Act with respect to the Common Stock
issuable upon exercise is effective. Warrants may not be exercised by, or securities issued
to, any registered holder in any state in which such exercise or issuance would be unlawful.
In no event will the registered holder of a Warrant be entitled to receive a net-cash
settlement of the Warrants. Accordingly, the Warrants may expire unexercised and worthless
if a current registration statement covering the Common Stock is not effective. In no event
shall the registered holder of a Warrant be entitled to receive any monetary damages if the
 shares of Common Stock underlying the Warrants have 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.

          3.3.3 Valid Issuance. All shares of Common Stock issued upon the proper
exercise of a Warrant in conformity with this Warrant Agreement shall be validly issued,
fully paid and non-assessable.

          3.3.4 Date of Issuance. Each person or entity in whose name any such
certificate for shares of Common Stock is issued shall, for all purposes, be deemed to have
become the holder of record of such shares on the date on which the Warrant was surrendered
and payment of the Warrant Price was made, irrespective of the date of delivery of such
certificate, except that, if the date of such surrender and payment is a date when the stock
transfer books of the Company are closed, such person shall be

- 4 -

 

deemed to have become the holder of such shares at the close of business on the next
succeeding date on which the stock transfer books are open.

     Section 4. Adjustments.

          4.1 Stock Dividends; Split-Ups. If, after the date hereof, and subject to the
provisions of Section 4.6 below, the number of outstanding shares of Common Stock is increased by a
stock dividend payable in shares of Common Stock, or by a split-up of shares of Common Stock, or
other similar event, then, on the effective date of such stock dividend, split-up or similar event,
the number of shares of Common Stock issuable on exercise of each Warrant shall be increased in
proportion to such increase in outstanding shares of Common Stock.

          4.2 Aggregation of Shares. If after the date hereof, and subject to the provisions of
Section 4.6, the number of outstanding shares of Common Stock is decreased by a consolidation,
combination, reverse stock split or reclassification of shares of Common Stock or other similar
event, then, on the effective date of such consolidation, combination, reverse stock split,
reclassification or similar event, the number of shares of Common Stock issuable on exercise of
each Warrant shall be decreased in proportion to such decrease in outstanding shares of Common
Stock.

          4.3 Adjustments in Exercise Price. Whenever the number of shares of Common Stock
purchasable upon the exercise of the Warrants is adjusted, as provided in Sections 4.1 and 4.2
above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price,
immediately prior to such adjustment, by a fraction, (i) the numerator of which shall be the number
of shares of Common Stock purchasable upon the exercise of the Warrants immediately prior to such
adjustment, and (ii) the denominator of which shall be the number of shares of Common Stock so
purchasable immediately thereafter.

          4.4 Replacement of Securities upon Reorganization, etc. In case of any
reclassification or reorganization of the outstanding shares of Common Stock (other than a change
covered by Sections 4.1 or 4.2 hereof or one that solely affects the par value of such shares of
Common Stock), or, in the case of any merger or consolidation of the Company with or into another
corporation (other than a consolidation or merger in which the Company is the continuing
corporation and that does not result in any reclassification or reorganization of the outstanding
shares of Common Stock), or, in the case of any sale or conveyance to another corporation or entity
of the assets or other property of the Company as an entirety or substantially as an entirety, in
connection with which the Company is dissolved, the Warrant holders shall thereafter have the right
to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants
and in lieu of the shares of Common Stock of the Company immediately theretofore purchasable and
receivable upon the exercise of the rights represented thereby, the kind and amount of shares of
stock or other securities or property (including cash) receivable upon such reclassification,
reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer,
that the Warrant holder would have received if such Warrant holder had exercised his, her or its
Warrant(s) immediately prior to such event; and if any reclassification also results in a change in
shares of Common Stock covered by Sections 4.1 or 4.2, then such adjustment shall be made pursuant
to Sections 4.1, 4.2, 4.3 and this

- 5 -

 

Section 4.4. The provisions of this Section 4.4 shall similarly apply to successive
reclassifications, reorganizations, mergers or consolidations, sales or other transfers.

          4.5 Notices of Changes in Warrant. Upon every adjustment of the Warrant Price or the
number of shares issuable upon exercise of a Warrant, the Company shall give written notice thereof
to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and
the increase or decrease, if any, in the number of shares purchasable at such price upon the
exercise of a Warrant, setting forth in reasonable detail the 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 or 4.4 the Company shall give written notice to each Warrant holder, at the last address
set forth for such holder in the Warrant Register, of the record date or the effective date of the
event. Failure to give such notice, or any defect therein, shall not affect the legality or
validity of such event.

          4.6 No Fractional Shares. Notwithstanding any provision contained in this Warrant
Agreement to the contrary, the Company shall not issue fractional shares upon exercise of Warrants.
If, by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant would be
entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the
Company shall, upon such exercise, round up to the nearest whole number the number of the shares of
Common Stock to be issued to the Warrant holder.

          4.7 Form of Warrant. The form of Warrant need not be changed because of any
adjustment pursuant to this Section 4, and Warrants issued after such adjustment may state the same
Warrant Price and the same number of shares as is stated in the Warrants initially issued pursuant
to this Warrant 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.

          4.8 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 (w) as described in Sections 4.1, 4.2 or 4.4, (x) regular quarterly or
other periodic dividends, (y) in connection with the conversion rights of the holders of Common
Stock upon consummation of a Business Combination or (z) in connection with the Company’s
liquidation and the distribution of its assets upon its failure to consummate a Business
Combination (any such non-excluded event being referred to herein as an “Extraordinary Dividend”),
then the Warrant Price shall be decreased, effective immediately after the effective date of such
Extraordinary Dividend, by the 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 in respect of such Extraordinary Dividend.

          4.9 Notice of Certain Transactions. In the event that the Company shall (a) offer to
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,

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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 Warrant holders a
notice of such 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 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 after giving effect to any adjustment pursuant to this Section 4 which would be
required as a result of such action. Such notice shall be given as promptly as practicable after
the Company has taken any such action.

     Section 5. Transfer and Exchange of Warrants.

          5.1 Registration of Transfer. The Warrant Agent shall register the transfer, from
time to time, of any outstanding Warrant into 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
the Company’s request.

          5.2 Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant
Agent, together with a written request for exchange or transfer, and, thereupon, the Warrant Agent
shall issue in exchange therefor one or more new Warrants as requested by the registered holder of
the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however,
that, in the event a Warrant surrendered for transfer bears a restrictive legend, the Warrant Agent
shall not cancel such Warrant and shall issue new Warrants in exchange therefor until the Warrant
Agent has received an opinion of counsel for the Company stating that such transfer may be made and
indicating whether the new Warrants must also bear a restrictive legend.

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

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

          5.5 Warrant Execution and Countersignature. The Warrant Agent is hereby authorized to
countersign and to deliver, in accordance with the terms of this Warrant Agreement, the Warrants
required to be issued pursuant to the provisions of this Section 5, and the Company, whenever
required by the Warrant Agent, will supply the Warrant Agent with Warrants duly executed on behalf
of the Company for such purpose.

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     Section 6. Redemption.

          6.1 Redemption. Subject to Section 6.4 hereof and the penultimate sentence of this
Section 6.1, all (and not less than all) of the outstanding Warrants 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 $.01 per
Warrant (“Redemption Price”), provided that the last sales price of the Common Stock has been equal
to or greater than $14.25 per share (the “Trigger Price”) on each of twenty (20) trading days
within any thirty (30) trading day period ending on the third business day prior to the date on
which notice of redemption is given. Notwithstanding the foregoing, the Company cannot exercise its
redemption rights pursuant to this Section 6 unless a registration statement is effective with
respect to the shares of Common Stock underlying the Warrants. No Insider Warrants shall be
redeemable so long as such Insider Warrant is held in the name of the original person or entity to
which the Company issued such Insider Warrant or, (i) in the case of holders who are natural
persons, in the name of any person related to such natural person by blood, marriage or adoption or
in the name of a trust established for the benefit of such natural person or permitted transferee
or (ii) in the case of a holder that is an entity, in the name of any subsidiary, parent or other
affiliate thereof. For the avoidance of doubt, the Company may redeem the Warrants only if there
is an effective registration statement with respect to the Common Stock to enable the exercise of
the Warrants during the period specified in Section 6.3 hereof.

          6.2 Date Fixed for, and Notice of, Redemption. In the event the Company shall elect to
redeem all of the 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 Warrants to be redeemed at their
last addresses as they shall appear on 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. In the event of any adjustment to the Warrant Price or
the number of shares of Common Stock issuable on exercise of each Warrant as provided in Section 4,
a proportional adjustment shall be made to the Trigger Price.

          6.3 Exercise After Notice of Redemption. The Warrants may be exercised in accordance
with Section 3 of this Warrant Agreement at any time after notice of redemption shall have been
given by the Company pursuant to Section 6.2 hereof and prior to the time and date fixed for
redemption. On and after the redemption date, the record holder of the Warrants shall have no
further rights except to receive, upon surrender of the Warrants, the Redemption Price.

          6.4 Outstanding Warrants Only. The Company understands that the redemption rights
provided for by this Section 6 apply only to outstanding Warrants. To the extent a person holds
rights to purchase Warrants, such purchase rights shall not be extinguished by redemption. However,
once such purchase rights are exercised, the Company may redeem the Warrants issued upon such
exercise, provided that the criteria for redemption is met.

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          6.5 No Other Rights to Cash Payment. Except for a redemption in accordance with this
Section 6, no holder of any Warrant shall be entitled to any cash payment whatsoever from the
Company in connection with the ownership, exercise or surrender of any Warrant under this
Agreement, regardless of whether a registration statement is current under the Act with respect to
the Common Stock issuable upon exercise of the Warrants.

     Section 7. Other Provisions Relating to Rights of Holders of Warrants.

          7.1 No Rights as Stockholder. A Warrant does not entitle the registered holder
thereof to any of the rights of a stockholder of the Company, including, without limitation, the
right to receive dividends, or other distributions, exercise any preemptive rights to vote or to
consent or to receive notice as stockholders in respect of the meetings of stockholders or the
election of directors of the Company or any other matter.

          7.2 Lost, Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen,
mutilated or destroyed, the Company and the Warrant Agent may, on such terms as to indemnity or
otherwise as they may in their discretion impose (which terms 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 Warrant Agreement.

          7.4 Registration of Common Stock. The Company agrees that, prior to the commencement
of the Exercise Period, it shall file with the SEC a post-effective amendment to the Registration
Statement or a new registration statement, for the registration under the Act of, and it shall take
such action as is necessary to qualify for sale, in those states in which the Public Warrants were
initially offered by the Company, the Common Stock issuable upon exercise of the Public Warrants.
In either case, the Company will use its commercially reasonable efforts to cause the same to
become effective on or prior to the commencement of the Exercise Period and use its commercially
reasonable efforts to maintain the effectiveness of such registration statement and ensure that a
current prospectus is on file with the SEC until the expiration of the Warrants in accordance with
the provisions of this Warrant Agreement. In addition, the Company agrees to use commercially
reasonable efforts to register such securities under the blue sky laws of the states of residence
of the exercising warrant holders to the extent an exemption is not available. Notwithstanding the
foregoing, a Warrant can expire unexercised regardless of whether a registration statement is
current under the Act with respect to the Common Stock issuable upon exercise of the Warrants.

          7.5 Delivery of Prospectus or Notice. Upon the exercise of any Warrant, if the
Company requests, the Warrant Agent shall deliver to the holder of such Warrant, prior to or
concurrently with the delivery of the shares of Common Stock issued upon such exercise, in
accordance with the Company’s request, either (i) a prospectus relating to the shares of Common

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Stock deliverable upon exercise of Warrants and complying in all material respects with the
Act or (ii) the notice referred to in Rule 173 under the Act.

     Section 8. Concerning the Warrant Agent and Other Matters.

          8.1 Payment of Taxes. The Company will, from time to time, promptly pay all taxes and
charges that may be imposed upon the Company or the Warrant Agent in respect of the issuance or
delivery of shares of Common Stock upon the exercise of Warrants, but the Company shall not be
obligated to pay any transfer taxes in respect of the Warrants or such shares of Common Stock.

          8.2 Resignation, Consolidation, or Merger of Warrant Agent.

          8.2.1 Appointment of Successor Warrant Agent. The Warrant Agent, or any
successor to it hereafter appointed, may resign its duties and be discharged from all
further duties and liabilities hereunder after giving sixty (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 appointment within a
period of 30 days after it has been notified in writing of such resignation or incapacity by
the Warrant Agent or by the holder of the Warrant (who shall, with such notice, submit his,
her or its 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. 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 have its principal office in the Borough of Manhattan,
City and State of New York, and be authorized under such laws to exercise corporate trust
powers and subject to supervision or examination by federal or state authorities. After
appointment, any successor Warrant Agent shall be vested with all the authority, powers,
rights, immunities, duties and obligations of its predecessor Warrant Agent with like effect
as if originally named as Warrant Agent hereunder, without any further act or deed; but, if
for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall
execute and deliver, at the expense of the Company, an instrument transferring to such
successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant
Agent hereunder; and, upon request of any successor Warrant Agent, the Company shall make,
execute, acknowledge, and deliver any and all instruments in writing for more fully and
effectually vesting in and confirming to such successor Warrant Agent all such authority,
powers, rights, immunities, duties and obligations.

          8.2.2 Notice of Successor Warrant Agent. In the event a successor Warrant
Agent shall be appointed, the Company shall give notice thereof to the predecessor Warrant
Agent and the transfer agent for the Common Stock not later than the effective date of any
such appointment.

          8.2.3 Merger or Consolidation of Warrant Agent. Any corporation into which the
Warrant Agent may be merged or with which it may be consolidated or any

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corporation resulting from any merger or consolidation to which the Warrant Agent shall
be a party shall be the successor Warrant Agent under this Warrant Agreement without any
further act on the part of the Company or the Warrant Agent.

          8.3 Fees and Expenses of Warrant Agent.

          8.3.1 Remuneration. The Company agrees to pay the Warrant Agent reasonable
remuneration for its services as Warrant Agent hereunder as set forth on Exhibit C
hereto and will reimburse the Warrant Agent upon demand for all expenditures that the
Warrant Agent may reasonably incur in the execution of its duties hereunder

          8.3.2 Further Assurances. The Company agrees to perform, execute, acknowledge
and deliver, or cause to be performed, executed, acknowledged and delivered, all such
further and other acts, instruments and assurances as may reasonably be required by the
Warrant Agent for the carrying out or performing of the provisions of this Warrant
Agreement.

          8.4 Liability of Warrant Agent.

          8.4.1 Reliance on Company Statement. Whenever, in the performance of its
duties under this Warrant Agreement, the Warrant Agent shall deem it necessary or desirable
that any fact or matter be proved or established by the Company prior to taking or suffering
any action hereunder, such fact or matter (unless other evidence in respect thereof be
herein specifically prescribed) may be deemed to be conclusively proved and established by a
statement signed by the Chief Executive Officer, Chairman of the Board or President 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
Warrant Agreement.

          8.4.2 Indemnity. The Warrant Agent shall be liable hereunder only for its own
negligence, willful misconduct or bad faith. The Company agrees to indemnify the Warrant
Agent and save it harmless against any and all liabilities, including judgments, costs and
reasonable counsel fees, for anything done or omitted by the Warrant Agent in the execution
of this Warrant Agreement, except as a result of the Warrant Agent’s negligence, willful
misconduct or bad faith.

          8.4.3 Exclusions. The Warrant Agent shall have no responsibility with respect
to the validity of this Warrant 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 Warrant Agreement or in
any Warrant; nor shall it be responsible to make any adjustments required under the
provisions of Section 4 hereof or responsible for the manner, method or amount of any such
adjustment or the ascertaining of the existence of facts that would require any such
adjustment; nor shall it, by any act hereunder, be deemed to make any representation or
warranty as to the authorization or reservation of any shares of Common Stock to be issued
pursuant to this Warrant Agreement or any Warrant or as to

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whether any shares of Common Stock will when issued be valid and fully paid and
non-assessable.

          8.5 Acceptance of Agency. The Warrant Agent hereby accepts the agency established by
this Warrant Agreement and agrees to perform the same upon the terms and conditions herein set
forth and, among other things, shall account promptly to the Company with respect to Warrants
exercised and concurrently account for, and pay to the Company, all moneys received by the Warrant
Agent for the purchase of shares of the Company’s Common Stock through the exercise of Warrants.

          8.6 Waiver. The Warrant Agent acknowledges that it has read the prospectus contained
in the Registration Statement and understands that the Company has established a trust fund (the
“Trust Fund”) with the net proceeds of the Public Offering 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 public stockholders in the event of the
conversion of their shares or the liquidation of the Company or (ii) to the Company after it
consummates an initial business combination described in such prospectus. For and in consideration
of the value to be received in connection with this Warrant Agreement, the Warrant Agent hereby
agrees that 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.

     Section 9. Miscellaneous Provisions.

          9.1 Successors. All the covenants and provisions of this Warrant 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 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 Warrant Agent, to:

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: Compliance Department

Fax: (212) 445-7800

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If to the Company, to:

Global Consumer Acquisition Corp.

1370 Avenue of the Americas, 28th Floor

New York, New York 10019

Attn: Scott LaPorta

Fax: (212) 445-7800

With a copy to:

Proskauer Rose LLP

1585 Broadway

New York, New York 10036

Attn: Jeffrey A. Horwitz, Esq.

Fax: (212) 969-2900

          9.3 Applicable Law. The validity, interpretation, and performance of this Warrant
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 laws. The Company hereby agrees that any action,
proceeding or claim against it arising out of or relating in any way to this Warrant 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 hereby waives 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 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.

          9.4 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 Warrant
Agreement, the transactions contemplated hereby, or the actions of the Investor in the negotiation,
administration, performance or enforcement hereof.

          9.5 Persons Having Rights under this Warrant Agreement. Nothing in this Warrant
Agreement expressed and nothing that may be implied from any of the provisions hereof is intended,
or shall be construed, to confer upon, or give to, any person or corporation, other than the
parties hereto and the registered holders of the Warrants, any right, remedy or claim under or by
reason of this Warrant Agreement or of any covenant, condition, stipulation, promise or agreement
hereof. All covenants, conditions, stipulations, promises and agreements contained in this Warrant
Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors
and assigns and of the registered holders of the Warrants.

          9.6 Examination of the Warrant Agreement. A copy of this Warrant 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, her or its Warrant for inspection.

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          9.7 Counterparts; Facsimile Signatures. This Warrant 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 one and the same instrument.
Facsimile signatures shall constitute original signatures for all purposes of this Warrant
Agreement.

          9.8 Effect of Headings. The section headings herein are for convenience only and are
not part of this Warrant Agreement and shall not affect the interpretation thereof.

          9.9 Amendments. This Warrant 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 Warrant 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
each 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.

          9.10 Severability. This Warrant 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 Warrant 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 Warrant Agreement a provision as similar in terms to such invalid
or unenforceable provision as may be possible and be valid and enforceable.

[Remainder of page intentionally left blank; signature page immediately follows.]

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

	 	 	 	 	 
	 	GLOBAL CONSUMER ACQUISITION CORP.

 	 
	 	By:  	/s/ Scott LaPorta
 	 
	 	 	Name:  	Scott LaPorta 	 
	 	 	Title:  	Chief Executive Officer 	 
	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY

 	 
	 	By:  	/s/ Gregory P. Denman
 	 
	 	 	Name:  	Gregory P. Denman 	 
	 	 	Title:  	Vice President 	 
	 

 

 

EXHIBIT B

FOUNDERS SHARES RESTRUCTURING AGREEMENT

     This Founders Shares Restructuring Agreement (the “Agreement”) is entered into as of July 20,
2009, by and between Global Consumer Acquisition Corp., a Delaware Corporation (“GCAC”) and
Hayground Cove Asset Management LLC, a Delaware Limited Liability Company and the sponsor of GCAC
(“HCAM”).

     WHEREAS, on July 13, 2009 GCAC entered into (i) a Merger Agreement (the “1st Commerce Merger
Agreement”), with WL Interim Bank, a Nevada corporation (“1st Commerce Merger Sub”), 1st Commerce
Bank, a Nevada-chartered non-member bank (“1st Commerce Bank”), Capitol Development Bancorp Limited
V, a Michigan corporation and Capitol Bancorp Limited, a Michigan corporation, which provides for
the merger of 1st Commerce Merger Sub with and into 1st Commerce Bank, with 1st Commerce Bank being
the surviving entity and becoming GCAC’s wholly-owned subsidiary and (ii) together with 1st
Commerce Bank as assignee, an Asset Purchase Agreement (the “Colonial Asset Purchase Agreement”),
with Colonial Bank, an Alabama banking corporation and wholly-owned subsidiary of The Colonial
BancGroup, Inc. a Delaware corporation. The transactions contemplated by the 1st Commerce Merger
Agreement and the Colonial Asset Purchase Agreement are referred to herein as the “Acquisitions”;

     WHEREAS, in order to help facilitate the necessary votes of the shareholders of GCAC to
consummate the Acquisitions HCAM entered into the Sponsor Support Agreement dated July 13, 2009
between HCAM and the Company pursuant to which HCAM may commence privately negotiated purchases of
shares of GCAC for the purchase of up to 39% of the outstanding shares of common stock of GCAC;

     WHEREAS, in order to help facilitate a successful Business Combination and in light of HCAM’s
similar efforts by entering into this Agreement and Sponsor Support Agreement, the holders
constituting a majority of the public warrants of GCAC have agreed to amend the terms of the
existing Warrants on the same terms as the Warrants to be received under this Agreement;

     WHEREAS, HCAM, along with several other investors and certain employees of HCAM, GCAC and
their affiliates (the “Insiders”) received certain common shares of GCAC in an insider private
placement (the “Insider Shares”) prior to GCAC’s initial public offering (“IPO”);

     WHEREAS, HCAM delivered certain Insider Shares to funds controlled by HCAM or its affiliates,
and such funds in turn transferred certain Insider Shares to certain transferees (the
“Transferees”) in accordance with the terms of the Insider Letter, dated as of October 3, 2007, by
and between Global Consumer Acquisition Corp. (“GCAC”) and each of the signatories thereto (the
“Insider Letter”);

     WHEREAS, HCAM and the Insiders and Transferees each holding such number of Insider Shares as
set forth opposite their names on Annex A attached hereto (the “Participating
Shareholders”), representing at least 90% of the outstanding Insider Shares and including all of
the Insider Shares managed or controlled by HCAM and its affiliates, entered into certain Letter
Agreements (the “Letter Agreements”), pursuant to which the Participating Shareholders agreed (i)
to restructure their Insider Shares (the “Restructuring”), and (ii) that HCAM would have the power
and discretion to determine the terms and conditions of the Restructuring, in order to allow GCAC
to consummate its initial business combination (the “Business Combination”); and

     WHEREAS, in order to consummate the Business Combination, HCAM and GCAC wish to restructure
the Insider Shares in accordance with the terms of this Agreement.

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     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

     1. Exchange of The Insider Shares for Private Warrants. Prior to or concurrently with
the consummation of the Business Combination, each of the Insider Shares held by the Participating
Shareholders shall be exchanged for one (1) warrant to be issued by GCAC (the “Exchange Warrants”).
The terms of the Exchange Warrants shall be governed by the Warrant Agreement, dated as of
November 27, 2007, between GCAC and Continental Stock Trust & Transfer Company (the “Original
Warrant Agreement”), to be amended and restated pursuant to the terms of the Letter Agreement,
dated as of July 20, 2009, between GCAC and certain holders of GCAC’s outstanding warrants ( the
“Letter Amendment” and, together with the Original Warrant Agreement, the “Amended and Restated
Warrant Agreement”). Copies of the Original Warrant Agreement and the Letter Amendment are attached
hereto as Exhibit A and Exhibit B, respectively. Each Participating Shareholder
shall receive the number of Exchange Warrants as set forth opposite such Participating
Shareholder’s name on Annex A attached hereto.

     2.  Legend. The Warrant Agreement and Warrant certificate will contain a legend to
the effect that no Warrant held by HCAM or any of its affiliates will be exercisable at any time
while under HCAM or its affiliates’ control. HCAM will notify any transferee that it is on notice
that the transferee may be subject to the Bank Holding Company Act. Prior to any transfer by HCAM,
HCAM will be required to obtain an opinion of regulatory counsel that the transfer of Warrants will
not make the transferee a “banking holding company” for purposes of the Bank Holding Company Act or
subject to prior approval of the Federal Reserve Board under the Change in Bank Control Act. The
legend may be modified further after the date hereof to facilitate bank regulatory applications by
GCAC in connection with the Acquisitions.

     3. Notice and Cancellation of Insider Shares. Upon the consummation of the
Restructuring, HCAM will notify the Participating Shareholders of the Restructuring and request the
delivery of all outstanding share certificates representing Insider Shares for cancellation in
accordance with the terms of the Letter Agreements. New warrant certificates for each
Participating Shareholder’s Exchange Warrants will be issued in the names of the Participating
Shareholders upon cancellation of the certificate for its Insider Shares in accordance with the
terms of the Amended and Restated Warrant Agreement.

     4. Survival of the Insider Letter. Until the consummation of the Restructuring, the
Insider Shares will continue to be governed by the terms of that certain Insider Letter.

     5. Indemnification. In consideration for entering into this Agreement and the Sponsor
Support Agreement, GCAC will indemnify, defend and hold harmless HCAM, its affiliates, any current
or previous investors in any of the funds or accounts it manages, the Participating Shareholders,
any other person acting on behalf of such persons, and each other person, if any, who controls any
of the foregoing persons within the meaning of the Securities Act of 1934, as amended
(collectively, the “Indemnified Persons”), against any claims, disputes, losses, damages, expenses
or liabilities, joint or several, (or actions in respect thereof) to which any of the foregoing
persons may become subject and insofar as such, claims, disputes, losses, damages, expenses or
liabilities (or actions in respect thereof) arise out of or are based upon the Restructuring or any
obligations of the Indemnified Persons with respect to any existing agreements entered into by HCAM
for the benefit of GCAC or otherwise.

     6. Waiver of Trust. HCAM hereby acknowledges that the aggregate gross proceeds from
GCAC’s initial public offering (“IPO”), including the proceeds received upon the consummation of
the

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exercise of the over-allotment option, and proceeds received from a private placement that closed
simultaneously with the first closing of the IPO, including any accrued interest not released to
GCAC in accordance with the terms of the IPO was placed in a trust account (the “Trust Account”)
for the benefit of the GCAC’s public stockholders. HCAM further hereby acknowledges and agrees
that HCAM does not have any right, title, interest or claim of any kind in or to any monies the
Trust Account established by GCAC (“Claim”) and hereby waives any Claim HCAM may have in the future
as a result of, or arising out of, any negotiations, contracts or agreements with GCAC, including
this Agreement and the transactions contemplated hereby, and will not seek recourse against the
Trust Account for any reason whatsoever.

     7. Complete Agreement; Amendment. This Agreement constitutes the entire agreement
between the parties and supersedes all prior agreements, representations, warranties, statements,
promises and understandings, whether oral or written, with respect to the subject matter hereof.
No party hereto shall be bound by nor charged with any oral or written agreements, representations,
warranties, statements, promises or understandings not specifically set forth in this Agreement, or
the exhibits hereto. This Agreement may not be changed, amended, altered or modified except by a
writing signed by the parties hereto, and no provision hereof may be waived other than in a writing
signed by the party to be charged; provided, however, that the third recital of
this Agreement and Annex A hereto may be amended as necessary by either HCAM or GCAC solely
to reflect additional holders of Insider Shares who choose to enter into Letter Agreements and
become Participating Shareholders prior to the consummation of the Business Combination.
Notwithstanding anything to the contrary herein, this Agreement shall not be amended in a manner
which is not consistent with the Warrant Agreement made as of November 27, 2007, as amended by the
letter agreement between GCAC and certain warrant holders dated as of July 20, 2009.

     8. Validity. In the event that any provision of this Agreement shall be held to be
invalid or unenforceable, the same shall not affect in any respect whatsoever the validity or
enforceability of the remainder of this Agreement.

     9. Survival of Rights. Except as provided herein to the contrary, this Agreement
shall be binding upon and inure to the benefit of the parties signatory hereto, and their
respective permitted successors and assigns.

     10. Waiver. No consent or waiver, express or implied, by a party to or of any breach
or default by the other party in the performance by such other party of its obligations hereunder
shall be deemed or construed to be a consent or waiver to or of any other breach or default in the
performance of such other party of the same or any other obligations of such other party hereunder.
Failure on the part of a party to complain of any act or failure to act on the part of the other
party or to declare the other party in default, irrespective of how long such failure continues,
shall not constitute a waiver by such party of its rights hereunder unless such default is cured
prior the date upon which the non-defaulting party declares such default. The giving of consent by
a party in any one instance shall not limit or waive the necessity to obtain such party’s consent
in any future instance.

     11. Counterparts. This Agreement may be executed in any number of counterparts, each
of which shall be deemed to be an original and all of which shall constitute one and the same
instrument.

     12. Further Assurances. Each party hereto agrees to do all acts and things and to
make, execute and deliver such written instruments, as shall from time to time be reasonably
required, to carry out the terms and provisions of this Agreement.

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     13. Choice of Law. This Letter Agreement shall be governed by and construed and
enforced in accordance with the laws of the State of New York, without giving effect to conflict of
law principles that would result in the application of the substantive laws of another
jurisdiction.

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          IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above
written.

	 	 	 	 	 
	 	HAYGROUND COVE ASSET MANAGEMENT LLC

 	 
	 	
 	 
	 	Name:  	Jason N. Ader 	 
	 	Title:  	Sole Member 	 
	 
	 	GLOBAL CONSUMER ACQUISITION CORP.

 	 
	 	
 	 
	 	Name:  	Daniel B. Silvers 	 
	 	Title:  	President

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