Document:

Unassociated Document

    SECURITIES
      ESCROW AGREEMENT

     

     

    THIS
      SECURITIES ESCROW AGREEMENT, dated as of _________, 2008 (this “Agreement”),
      by
      and among Greenstreet Acquisition Corp. , a Delaware corporation (the
“Company”),
      each
      of the parties set forth on Exhibit A annexed hereto (collectively the
“Private
      Investors”)
      and
      American Stock Transfer & Trust Company (the “Escrow
      Agent”).

     

    WHEREAS,
      the Company has entered into an Underwriting Agreement, dated __________, 2008
      (the “Underwriting
      Agreement”),
      with
      Credit Suisse Securities (USA) LLC (“Credit
      Suisse”)
      acting
      as underwriter (the “Underwriter”),
      pursuant to which, among other matters, the Underwriter has agreed to purchase
      37,500,000 units of the Company plus an additional 5,625,000 units if the
      Underwriter exercises its over-allotment option in full. The Company’s units
      (the “Units”) each consist of one share of the Company’s common stock, par value
      $0.001 per share (the “Common
      Stock”),
      and
      one warrant (the “Warrant”)
      exercisable to purchase one share of Common Stock, all as more fully described
      in the Company’s final Prospectus, dated ___________, 2008, comprising part of
      the Company’s Registration Statement on Form S-1 (File No. 333-______) (the
“Registration
      Statement”)
      filed
      under the Securities Act of 1933, as amended, and declared effective by the
      Securities and Exchange Commission on _________, 2008 (the “Effective
      Date”);

     

    WHEREAS,
      each of the Private Investors has agreed as a condition of the Underwriter’s
      purchase of the Units to deposit its Units, as set forth opposite each Private
      Investor’s name on Exhibit A attached hereto (the “Founder
      Units”),
      in
      escrow as hereinafter provided;

     

    WHEREAS,
      the Private Investors have agreed as a condition of the Underwriter’s purchase
      of the Units to purchase an aggregate of 6,000,000 Warrants for $1.00 per
      Warrant (the “Sponsor
      Warrants”
and,
      collectively with the Founder Units, the shares of Common Stock underlying
      the
      Founder Units and the Warrants underlying the Founder Units, the “Escrow
      Securities”)
      immediately prior to and subject to the Closing and to deposit such Sponsor
      Warrants in escrow as hereinafter provided; and

     

    WHEREAS,
      the Company and the Private Investors desire that the Escrow Agent accept the
      Escrow Securities, in escrow, to be held and disbursed as hereinafter
      provided.

     

    IT
      IS
      AGREED:

     

    1. Appointment
      of Escrow Agent.
      The Company and the Private Investors hereby appoint the Escrow Agent to act
      in
      accordance with and subject to the terms of this Agreement and the Escrow Agent
      hereby accepts such appointment and agrees to act in accordance with and subject
      to such terms.

    

    2. Deposit
      of Escrow Securities.

    

    2.1. Founder
      Units.
      On or
      about the Effective Date, each of the Private Investors shall deliver to the
      Escrow Agent certificates representing such Private Investor’s respective
      Founder Units as set forth opposite their respective names on Exhibit A hereto,
      which certificates shall remain in the name of such Private Investor, to be
      held
      and disbursed subject to the terms and conditions of this Agreement. Each
      Private Investor acknowledges that the certificate representing such Private
      Investor’s Founder Units bears a legend to reflect the deposit of such Founder
      Units under this Agreement.

    

    2.2 Private
      Placement Securities.
      Promptly following the consummation of the Offering, each of the Private
      Investors shall deliver to the Escrow Agent certificates representing such
      Private Investor’s respective Sponsor Warrants as
      set
      forth opposite their respective names on Exhibit A attached hereto,
      which certificates shall remain in the name of such Private Investor or such
      Private Investor’s Permitted Transferee, as applicable, to be held and disbursed
      subject to the terms and conditions of this Agreement. Each Private Investor
      acknowledges that the certificates representing such Private Investor’s
      Sponsor Warrants
      shall bear a legend to reflect the deposit of such securities under this
      Agreement.

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    3. Disbursement
      of the Escrow Securities. The
      Escrow Agent shall hold the Founder Units until the first anniversary of the
      consummation of a Business Combination (as such term is defined in the Amended
      and Restated Articles of Incorporation of the Company) and shall hold the
Sponsor Warrants
      until
      the 90th
      day
      after the consummation of a Business Combination (each such period, an
“Escrow
      Period”);
      provided,
      however,
      that if
      the over-allotment granted to the Underwriter pursuant to the Underwriting
      Agreement is not exercised in full prior to the expiration of the over-allotment
      option, then the Escrow Agent shall release to the Company such number of
      Founder Units as directed in writing by the Company. The Company shall promptly
      provide notice of the consummation of a Business Combination to the Escrow
      Agent. Upon the completion of each Escrow Period, the Escrow Agent shall
      automatically disburse the applicable Escrow Securities to each Private Investor
      upon receipt of written request therefor from the Company; provided,
      however,
      that if
      the Escrow Agent is notified by the Company pursuant to Section 6.7 hereof
      that
      the Company has been liquidated at any time during the Escrow Period, then
      the
      Escrow Agent shall promptly destroy the certificates representing the Escrow
      Securities; provided
      further, however,
      that if
      the consummation of a Business Combination takes the form of a merger, stock
      exchange or other similar transaction which results in any of the security
      holders of the Company having the right to exchange their securities for other
      securities, then the Escrow Agent shall, upon receipt of a certificate in form
      reasonably acceptable to the Escrow Agent, executed by the Chief Executive
      Officer of the Company, release the Escrow Securities to the Private Investors
      immediately prior and subject to consummation of the Business Combination so
      that they can similarly participate, and upon receipt of the securities issued
      in respect thereof in connection with the Business Combination, the Private
      Investors shall deposit such securities into escrow with the Escrow Agent for
      the remainder of the applicable Escrow Periods; and provided
      further, however,
      that
      if, after the Company consummates a Business Combination and the Company or
      the
      surviving entity of such Business Combination subsequently consummates a
      liquidation, merger, stock exchange or other similar transaction which results
      in any of the security holders of the Company or such entity having the right
      to
      exchange their securities for cash, securities or other property, then the
      Escrow Agent shall, upon receipt of a certificate in form reasonably acceptable
      to the Escrow Agent, executed by the Chief Executive Officer of the Company,
      that such transaction is then being consummated, release the Escrow Securities
      to the Private Investors immediately prior and subject to consummation of the
      transaction so that they can similarly participate. The Escrow Agent shall
      act
      as soon as reasonably possible following the receipt of the certificate, and
      shall not be held liable for any delay in sending the Escrow Securities caused
      by the late receipt of the certificate. The Escrow Agent shall have no further
      duties hereunder with respect to the Escrow Securities after the disbursement
      or
      destruction of the Escrow Securities in accordance with this Section
      3.

    

    4. Rights
      of Private Investors in Escrow Securities.

    

    4.1.
       Rights
      as a Security Holder.
      Subject
      to the terms of their respective Insider Letters as described in Section 4.4
      hereof and except as herein provided, each Private Investor shall retain all
      of
      its rights as a stockholder of the Company during the Escrow Period, including
      without limitation, the right to vote Common Stock. The Escrow Agent shall
      have
      no responsibility to determine or verify the contents or limitations of the
      Insider Letters and shall be bound only by the terms of this
      Agreement.

    

    4.2. Dividends
      and other Distributions in Respect of the Escrow Securities.
      During
      the Escrow Period with respect to the Escrow Securities, all dividends payable
      in cash with respect to the Escrow Securities shall be paid to the Private
      Investors, but all dividends payable in stock or other non-cash property (the
      “Non-Cash
      Dividends”)
      shall
      be delivered to the Escrow Agent to hold in accordance with the terms hereof.
      As
      used herein, the terms “Escrow
      Securities”
shall
      be deemed to include the Non-Cash Dividends distributed thereon, if
      any.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    4.3. Restrictions
      on Transfer and Redemption.
      During
      the Escrow Period, no sale, transfer or other disposition (a “Transfer”)
      may be
      made of any or all of the Escrow Securities by a Private Investor except (i)
      by
      gift to a member of the Private Investor’s immediate family for estate planning
      purposes or to a trust, the beneficiary of which is the Private Investor or
      a
      member of the Private Investor’s immediate family, (ii) if the Private Investor
      is not a natural person, by gift to a member of the immediate family of such
      Private Investor’s controlling person for estate planning purposes or to a
      trust, the beneficiary of which is such Private Investor’s controlling person or
      a member of the immediate family of such Private Investor’s controlling person,
      (iii) by virtue of the laws of descent and distribution upon death of the
      Private Investor, or (iv) pursuant to a qualified domestic relations order
      (each
      such transferee, a “Permitted
      Transferee”);
      provided, however,
      that
      such permitted Transfers may be implemented only upon the respective Permitted
      Transferee’s written agreement to be bound by the terms and conditions of this
      Agreement and of the Insider Letter signed by such Private Investor transferring
      such Escrow Securities and such other documents as the Company or Credit Suisse
      may reasonably require. During the Escrow Period, no Private Investor shall
      pledge or grant a security interest in such Private Investor’s Escrow Securities
      or grant a security interest in such Private Investor’s rights under this
      Agreement.

    

    4.4. Insider
      Letters.
      Each of the Private Investors has executed a letter agreement with the Company
      and Credit Suisse, which has been filed as an exhibit to the Registration
      Statement (the “Insider
      Letter”),
      with respect to the rights and obligations of such Private Investors in certain
      events, including but not limited to the liquidation of the
      Company.

    

    5. Concerning
      the Escrow Agent.

    

    5.1. Good
      Faith Reliance.
      The
      Escrow Agent shall be protected and shall not be liable for any action taken
      or
      omitted by it in good faith and in the exercise of its best judgment (unless
      grossly negligent), and may rely conclusively and may act upon any order,
      notice, demand, certificate, opinion or advice of counsel (including counsel
      chosen by the Escrow Agent), statement, instrument, report or other document
      which is believed by the Escrow Agent to be genuine and to be signed or
      presented by the proper person or persons. The Escrow Agent shall not be bound
      by any notice or demand, or any waiver, modification, termination or rescission
      of this Agreement unless evidenced by a writing delivered to the Escrow Agent
      signed by the proper party or parties and, if the duties or rights of the Escrow
      Agent are affected, unless it shall have given its prior written consent
      thereto.

     

    5.2. Indemnification.
      The
      Escrow Agent shall be indemnified and held harmless by the Company from and
      against any expenses, including reasonable counsel fees and disbursements,
      or
      losses suffered by the Escrow Agent in connection with any action, suit or
      other
      proceeding involving any claim which in any way, directly or indirectly, arises
      out of or relates to this Agreement, the services of the Escrow Agent hereunder,
      or the Escrow Securities held by it hereunder, other than expenses or losses
      arising from the gross negligence or willful misconduct of the Escrow Agent.
      Promptly after the receipt by the Escrow Agent of notice of any demand or claim
      or the commencement of any action, suit or proceeding, the Escrow Agent shall
      notify the other parties hereto in writing. In the event of the receipt of
      such
      notice, the Escrow Agent, in its sole discretion, may commence an action in
      the
      nature of interpleader in an appropriate court to determine ownership or
      disposition of the Escrow Securities or it may deposit the Escrow Securities
      with the clerk of any appropriate court or it may retain the Escrow Securities
      pending receipt of a final, non-appealable order of a court having jurisdiction
      over all of the parties hereto directing to whom and under what circumstances
      the Escrow Securities are to be disbursed and delivered. The provisions of
      Sections 5.2 and 5.7 shall survive in the event the Escrow Agent resigns or
      is
      discharged pursuant to Sections 5.5 or 5.6 below and in the event of termination
      under 6.11 below.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    5.3. Compensation.
      The
      Escrow Agent shall be entitled to compensation from the Company in accordance
      with Schedule I hereto for all services rendered by it hereunder.

     

    5.4. Further
      Assurances.
      From
      time to time on and after the date hereof, the Company and the Private Investors
      shall deliver or cause to be delivered to the Escrow Agent such further
      documents and instruments and shall do or cause to be done such further acts
      as
      the Escrow Agent shall reasonably request to carry out more effectively the
      provisions and purposes of this Agreement, to evidence compliance herewith
      or to
      assure itself that it is protected in acting hereunder.

     

    5.5. Resignation.
      The
      Escrow Agent may resign at any time and be discharged from its duties as escrow
      agent hereunder by its giving the other parties hereto written notice, and
      such
      resignation shall become effective at such time that the Escrow Agent shall
      turn
      over to a successor escrow agent appointed by the Company the Escrow Securities
      held hereunder. If no successor escrow agent is so appointed within the sixty
      (60) day period following the giving of such notice of resignation, the Escrow
      Agent may submit an application to deposit the Escrow Securities with the United
      States District Court for the Southern District of New York, provided
      the
      Escrow Agent provides notice of such deposit to the Company and the Private
      Investors in accordance with Section 6.7 hereof.

     

    5.6. Discharge
      of Escrow Agent.
      The
      Escrow Agent shall resign and be discharged from its duties as escrow agent
      hereunder if so requested in writing at any time by the other parties hereto,
      jointly; provided,
      however,
      that
      such resignation shall become effective only upon acceptance of appointment
      by a
      successor escrow agent as provided in Section 5.5.

    

    5.7. Liability.
      Notwithstanding anything herein to the contrary, the Escrow Agent shall not
      be
      relieved from liability hereunder for its own gross negligence or willful
      misconduct.

    

    5.8. Waiver.
      The Escrow Agent hereby waives any and all right, title, interest or claim
      of
      any kind (each, a “Claim”)
      in or to any distribution of the Trust Account (as defined in that certain
      Investment Management Trust Agreement, dated as of the date hereof, by and
      between the Company and the Escrow Agent as trustee thereunder), and hereby
      agrees not to seek recourse, reimbursement, payment or satisfaction for any
      Claim against the Trust Account for any reason whatsoever.

    

    5.9. Standard
      of Care.
      The Escrow Agent shall be obligated only to perform the duties specifically
      set
      forth in this Escrow Agreement, which shall be deemed purely ministerial in
      nature, and the Escrow Agent shall under no circumstances be deemed to be a
      fiduciary to any party hereto or any other person. The parties hereto agree
      that
      the Escrow Agent shall not assume any responsibility for the failure of the
      parties hereto to perform in accordance with this Escrow Agreement or any other
      agreement or document. This Escrow Agreement sets forth all matters pertinent
      to
      the escrow contemplated hereunder, and no additional obligations of the Escrow
      Agent shall be inferred from the terms of this Escrow Agreement or any other
      agreement or document. IN
      NO EVENT SHALL THE ESCROW AGENT BE LIABLE, DIRECTLY OR INDIRECTLY, FOR ANY
      DAMAGES OR EXPENSES ARISING OUT OF THE SERVICES PROVIDED HEREUNDER, OTHER THAN
      DAMAGES WHICH RESULT FROM THE ESCROW AGENT’S GROSS NEGLIGENCE OR WILLFUL
      MISCONDUCT.

    

    6. Miscellaneous.

    

    6.1. Governing
      Law and Consent to Jurisdiction.
      This
      Agreement shall be governed by, and construed in accordance with, the laws
      of
      the State of New York applicable to contracts executed in and to be performed
      in
      that State, including, without limitation, Sections 5-1401 and 5-1402 of the
      New
      York General Obligations Law and the New York Civil Practice Laws and Rules
      327(b). The parties hereto agree that any action, proceeding or claim against
      it
      arising out of or relating in any way to this Agreement shall be brought and
      enforced in the courts of the State of New York or the United States District
      Court for the Southern District of New York, and the parties hereto irrevocably
      submit to such jurisdiction, which jurisdiction shall be exclusive. The parties
      hereto hereby waive any objection to such exclusive jurisdiction and that such
      courts represent an inconvenient forum.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    6.2. Waiver
      of Trial by Jury.
      Each
      party hereto hereby irrevocably and unconditionally waives the right to a trial
      by jury in any action, suit, counterclaim or other proceeding (whether based
      on
      contract, tort or otherwise) arising out of, connected with or relating to
      this
      Agreement, the transactions contemplated hereby, or the actions of the parties
      in the negotiation, administration, performance or enforcement
      hereof.

    

    6.3 Third
      Party Beneficiaries.
      Each of
      the Private Investors hereby acknowledges that the Underwriter is third party
      beneficiary of this Agreement and this Agreement may not be modified or changed
      without the prior written consent of Credit Suisse. 

    

    6.4. Entire
      Agreement.
      This
      Agreement and the Insider Letters and Warrants as referenced herein contain
      the
      entire agreement of the Company and the Private Investors with respect to the
      subject matter hereof, and this Agreement contains the entire agreement as
      it
      pertains to the Escrow Agent and the other parties hereto and, except as
      expressly provided herein, may not be changed or modified except by an
      instrument in writing signed by all parties to this Agreement and Credit Suisse.
      This Agreement may be executed in several original or facsimile counterparts,
      each one of which shall constitute an original, and together shall constitute
      but one instrument.

     

    6.5. Headings.
      The
      headings contained in this Agreement are for reference purposes only and shall
      not affect in any way the meaning or interpretation hereof.

     

    6.6. Binding
      Effect.
      This
      Agreement shall be binding upon and inure to the benefit of the respective
      parties hereto and their legal representatives, successors and permitted
      assigns. Any corporation or association into which the Escrow Agent may be
      converted or merged, or with which it may be consolidated, or to which it may
      sell or transfer all or substantially all of its corporate trust business and
      assets as a whole or substantially as a whole, or any corporation or association
      resulting from any such conversion, sale, merger, consolidation or transfer
      to
      which the Escrow Agent is a party, shall be and become the successor escrow
      agent under this Escrow Agreement and shall have and succeed to the rights,
      powers, duties, obligations, immunities and privileges of the Escrow Agent,
      without the execution or filing of any instrument or paper or the performance
      of
      any further act.

     

    6.7. Notices.
      Any
      notice or other communication required or which may be given hereunder shall
      be
      in writing and shall be sent by certified or registered mail, by private
      national courier service (return receipt requested, postage prepaid), by
      personal delivery or by facsimile transmission. Such notice or communication
      shall be deemed given (a) if mailed, two days after the date of mailing, (b)
      if
      sent by national courier service, one business day after being sent, (c) if
      delivered personally, when so delivered, or (d) if sent by facsimile
      transmission, on the second business day after such facsimile is transmitted,
      in
      each case as follows:

     

    If
      to the Company, to:

    

    Greenstreet
      Acquisition Corp. 

    2601
      South Bayshore Drive, Suite 800

    Coconut
      Grove, Florida 33133

    Attn:
      Randal Rombeiro

    Fax:
      (305)
      858-2334

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    If
      to a
      Private Investor, to his address set forth in Exhibit A.

    

    If
      to the Escrow Agent, to:

    

    American
      Stock Transfer & Trust Company

    59
      Maiden
      Lane

    New
      York,
      NY 10038

    Attn:
      George
      Karfunkel

    Fax:
      (718)
      331-1852

    

    A
      copy of any notice sent hereunder shall be sent to each of:

    

    Skadden,
      Arps, Slate, Meagher & Flom LLP

    300
      South Grand Avenue

    Suite
      3400

    Los
      Angeles, California 90071

    Attn: Gregg
      A. Noel, Esq.

    Fax:
      (213) 687-5600

    

    Credit
      Suisse Securities (USA) LLC

    Eleven
      Madison Avenue

    New
      York,
      New York 10010

    Attn:
      LCD-IBD

    

    Simpson
      Thacher & Bartlett LLP

    2550
      Hanover Street

    Palo
      Alto, California 94304

    Attn:
      William H. Hinman, Esq.

    Fax:
      (650) 251-5002

    

    The
      parties may change the persons and addresses to which the notices or other
      communications are to be sent by giving written notice to any such change in
      the
      manner provided herein for giving notice.

     

    6.8. Liquidation
      of the Company.
      The
      Company shall give the Escrow Agent written notification of the liquidation
      and
      dissolution of the Company in the event that the Company fails to consummate
      a
      Business Combination within the time period specified in the Registration
      Statement.

     

    6.9
       Disputes.
      If any
      disagreement or dispute arises among the Company and the Private Investors
      concerning the meaning or validity of any provision hereunder or concerning
      any
      other matter relating to this Escrow Agreement, the Escrow Agent shall be under
      no obligation to act, except (i) with joint written instruction of the Company
      and the Private Investors, or (ii) under process or order of court, and shall
      sustain no liability for its failure to act pending such process or court
      order.

     

    6.10
       Authorized
      Signatures.
      Concurrent with the execution of this Agreement, the Company will provide a
      completed certificate of parties authorized to sign on its behalf, in the form
      attached hereto as Schedule II.

     

    6.11
       Termination.
      This
      Agreement shall terminate on the final distribution or destruction of all of
      the
      Escrow Securities in accordance with the terms of this Agreement.

     

    6.12 Severability.
      Any
      term or provision of this Agreement that is held by a court of competent
      jurisdiction or other authority to be invalid, void or unenforceable in any
      situation in any jurisdiction shall not affect the validity or enforceability
      of
      the remaining terms and provisions hereof or the validity or enforceability
      of
      the offending term or provision in any other situation or in any other
      jurisdiction. If the final judgment of a court of competent jurisdiction or
      other authority declares that any term or provision hereof is invalid, void
      or
      unenforceable, the parties agree that the court making such determination shall
      have the power to reduce the scope, duration, area or applicability of the
      term
      or provision, to delete specific words or phrases, or to replace any invalid,
      void or unenforceable term or provision with a term or provision that is valid
      and enforceable and that comes closest to expressing the intention of the
      invalid or unenforceable term or provision.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

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

     

    
      	 	 	 
	 	GREENSTREET
              ACQUISITION CORP.
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              
Name:
	 	Title:

    
       

      
        	 	 	 
	 	AMERICAN
                STOCK
                TRANSFER & TRUST COMPANY,
AS ESCROW AGENT
	 
 	 
 	 
 
	
              	By:  	
              
	 	
                
Name:
	 	Title: 

       

      [Escrow
        Agreement]

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    
      	 	 	 
	 	PRIVATE
              INVESTORS: 
	 	 
	 	GRST ACQUISITION, LLC 
	 
 	 
 	 
 
	 	By: 	Greenstreet Capital, L.P.,
its sole
              member 
	 	 	 
	 	 	By:  Greenstreet
              Management, Inc.,  
	 	 	
              its
                general partner 

            
	 	 	 
	
            	
            	By:  
	 	
              
                

              
Name:
	 	Title: 

    
      	 	 	 	 
	
            	 
              
Duke
              K. Bristow
	 	 	 
	 	
              
Thomas
              J. Donohue
	 	 	 
	 	
              
Thomas
              F. McLarty III
	 	 	 
	 	
              
Myron
              Trepper
	 	 	 
	 	
              
Cary
              Meadow

    

     

     

     

     

    [Escrow
      Agreement]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      A

     

    

     

    
      	
              Name
                and Address of Private Investor: 

            	 	
              Number
                of Founder Units

            	 	
              Number
                of Sponsor Warrants

            
	 	 	 	 	 
	
              Greenstreet
                Acquisition, LLC

              2601
                South Bayshore Drive, Suite 800

              Coconut
                Grove, Florida 33133

            	
               

            	
              9,487,501

            	
               

            	
              4,610,000

            
	 	 	 	 	 
	
              Duke
                K. Bristow

            	 	
              53,906

            	 	
              15,000

            
	 	 	 	 	 
	
              Thomas
                J. Donohue 

            	 	
              53,906 

            	 	
              
                125,000

              

            
	 	 	 	 	 
	
              Thomas
                F. McLarty III

            	 	
              53,906

            	 	
              125,000

            
	 	 	 	 	 
	
              Myron
                Trepper

            	 	
              53,906

            	 	
              125,000

            
	 	 	 	 	 
	
              Cary
                Meadow 

            	 	
              1,078,125

            	 	
              1,000,000GREENSTREET
      ACQUISITION CORP. 

    

    FOUNDER
      UNIT SUBSCRIPTION AGREEMENT

    

    THIS
      FOUNDER UNIT SUBSCRIPTION AGREEMENT
      (this “Agreement”) is made as of the 14th
      day of December, 2007, by and between Greenstreet Acquisition Corp., a Delaware
      corporation (the “Company”), and GRST
      Acquisition, LLC
      (“Purchaser”).

    

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

    

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

    

    1.
      Purchase
      of Units.
      Purchaser hereby subscribes for and purchases from the Company, and the Company
      hereby issues and sells to Purchaser, 10,781,250 units (the “Units”) at a
      purchase price of $0.005 per Unit for an aggregate purchase price of $53,906.25.
      Each Unit consists of one share of the common stock of the Company, par value
      $0.001 per share (the “Common Stock”), and one warrant (a “Warrant” and,
      together with the Units and the Common Stock, the “Securities”) exercisable for
      one share of Common Stock. Each Warrant shall entitle the holder thereof to
      purchase one share of Common Stock at an exercise price of $6.00, in accordance
      with the terms of the Warrant as set forth in the Warrant Agreement to be
      entered into by and between the Company and American Stock Transfer & Trust
      Company, as warrant agent. The Warrant Agreement shall be substantially in
      the
      form attached hereto as Exhibit A (the “Warrant Agreement”).

    

    2.
      Payment
      of Purchase Price.
      The purchase price for the Units shall be tendered in full on the date
      hereof.

    

    3.
      Redemption
      of Units.
      If the underwriters (the “Underwriters”) in the Company’s initial public
      offering (the “IPO”) do not exercise in full their over-allotment option to be
      granted by the Company pursuant
      to an underwriting agreement by and among the Underwriters and the Company,
      then
      the Company shall redeem from Purchaser, at a redemption price equal to $0.005
      per Unit, a number of Units equal to 1,406,250 multiplied by the percentage
      of
      the Underwriters’ over-allotment option that remains unexercised as of the
      expiration date thereof.

     

    4.
      [Intentionally
      Omitted.] 

    

    5.
      Restrictive
      Legends.
      All certificates representing the Securities (and any underlying securities
      thereof) shall have endorsed thereon legends in substantially the following
      forms (in addition to any other legend which may be required by other agreements
      between the parties hereto):

    

    (a)
      “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
      THE SECURITIES ACT OF 1933, AS AMENDED. THE SECURITIES MAY NOT BE SOLD, OFFERED
      FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
      STATEMENT AS TO THE SECURITIES UNDER SAID ACT OR AN OPINION OF COUNSEL
      SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT
      REQUIRED.”

    

    (b)
      Any legend required by appropriate blue sky officials.

    

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

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    (a)
      Purchaser has been furnished with all materials relating to the Company’s
      business affairs and financial condition and materials related to the offer
      and
      sale of the Securities that have been requested by Purchaser and has acquired
      sufficient information about the Company to reach an informed and knowledgeable
      decision to acquire the Securities. Purchaser has been afforded the opportunity
      to ask questions of the executive officer and director of the Company. Purchaser
      understands that its investment in the Securities involves a high degree of
      risk. Purchaser has sought such accounting, legal and tax advice as Purchaser
      has considered necessary to make an informed investment decision with respect
      to
      Purchaser’s acquisition of the Securities. Purchaser has such knowledge and
      expertise in financial and business matters, knows of the high degree of risk
      associated with investments generally and particularly investments in the
      securities of companies in the development stage such as the Company, is capable
      of evaluating the merits and risks of an investment in the Securities, and
      is
      able to bear the economic risk of an investment in the Securities in the amount
      contemplated hereunder. Purchaser has adequate means of providing for its
      current financial needs and contingencies and will have no current or
      anticipated future needs for liquidity which would be jeopardized by the
      investment in the Securities. Purchaser can afford a complete loss of its
      investment in the Securities. Purchaser is purchasing the Securities for
      investment for Purchaser’s own account only and not with a view to, or for
      resale in connection with, any “distribution” thereof within the meaning of the
      Securities Act of 1933, as amended (the “Act”). Purchaser understands that the
      Company is a blank check development stage company recently formed for the
      purpose of consummating an initial business combination (a “Business
      Combination”) and understands that there is no assurance as to the future
      performance of the Company and that the Company may never effectuate a Business
      Combination.

    

    (b)
      Purchaser understands that the Securities (and the securities underlying the
      Units) have
      not been registered under the Act or any state securities law by reason of
      a
      specific exemption therefrom, and that the Company is relying on the truth
      and
      accuracy of, and Purchaser’s compliance with, the representations and warranties
      and agreements of Purchaser set forth herein to determine the availability
      of
      such exemptions and the eligibility of Purchaser to acquire such Securities,
      including, but not limited to, the bona fide nature of Purchaser’s investment
      intent as expressed herein.

    

    (c)
      Purchaser further acknowledges and understands that the Securities (and the
      securities underlying the Units) must be held indefinitely unless the Securities
      (and the securities underlying the Units) are subsequently registered under
      the
      Act or an exemption from such registration is available. Purchaser understands
      that the certificates evidencing the Securities (and the securities underlying
      the Units) will be imprinted with a legend which prohibits the transfer of
      the
      Securities (and the securities underlying the Units) unless the Securities
      (and
      the securities underlying the Units) are registered or such registration is
      not
      required in the opinion of counsel for the Company.

    

    (d)
      Purchaser is familiar with the provisions of Rule 144 under the Act, as in
      effect from time to time (“Rule 144”), which, in substance, permit limited
      public resale of “restricted securities”
      acquired, directly or indirectly, from the issuer thereof (or from an affiliate
      of such issuer), in a non-public offering subject to the satisfaction of certain
      conditions. Unless the Company registers the Securities (and the securities
      underlying the Units) under the Act, the Securities (and the securities
      underlying the Units) may be resold by Purchaser only in certain limited
      circumstances subject to the provisions of Rule 144, which requires, among
      other
      things: (i) the availability of certain public information about the Company
      and
      (ii) the resale occurring following the required holding period under Rule
      144
      after Purchaser has purchased, and made full payment of (within the meaning
      of
      Rule 144), the securities to be sold.

    

    (e)
      Purchaser further understands that at the time Purchaser wishes to sell the
      Securities there may be no public market upon which to make such a sale, and
      that, even if such a public market then exists, the Company may not be
      satisfying the current public information requirements of Rule 144, and that,
      in
      such event, Purchaser would be precluded from selling the Securities (and the
      securities underlying the Units) under Rule 144 even if the minimum holding
      period requirement had been satisfied. Notwithstanding Sections 6(d) and (e)
      hereof, Purchaser understands that he may be considered a promoter of the
      Company and understands that it is the position of the Securities and Exchange
      Commission (the “SEC”) that promoters or affiliates of a blank check company and
      their transferees, both before and after a Business Combination, would act
      as an
“underwriter” under the Act when reselling the securities of a blank check
      company. Accordingly, the SEC believes that those securities can be resold
      only
      through a registered offering and that Rule 144 would not be available for
      those
      resale transactions despite technical compliance with the requirements of Rule
      144. 

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

    

    (f)
      Purchaser represents that Purchaser is an “accredited investor” as that term is
      defined in Rule 501 of Regulation D promulgated by the SEC under the Act.

    

    (g)
      Purchaser has all necessary limited liability company power and authority to
      enter into this Agreement and to consummate the transactions contemplated
      hereby. All limited liability company action necessary to be taken by Purchaser
      to authorize the execution, delivery and performance of this Agreement and
      all
      other agreements and instruments delivered by Purchaser in connection with
      the
      transactions contemplated hereby has been duly and validly taken, and this
      Agreement has been duly executed and delivered by Purchaser. Subject to the
      terms and conditions of this Agreement, this Agreement constitutes the valid,
      binding and enforceable obligation of Purchaser, enforceable in accordance
      with
      its terms, except as enforceability may be limited by (i) applicable bankruptcy,
      insolvency, reorganization, moratorium, fraudulent transfer or similar laws
      of
      general application now or hereafter in effect affecting the rights and remedies
      of creditors and by general principles of equity (regardless of whether
      enforcement is sought in a proceeding at law or in equity); and (ii) the
      applicability of the federal and state securities laws and public policy as
      to
      the enforceability of the indemnification provisions of this Agreement. The
      purchase by Purchaser of the Securities does not conflict with the
      organizational documents of Purchaser or with any material contract by which
      Purchaser or its property is bound, or any laws or regulations or decree, ruling
      or judgment of any court applicable to Purchaser or its property. The principal
      place of business of Purchaser are as set forth on the signature page
      hereto.

    

    (h)
      Purchaser did not decide to enter into this Agreement as a result of any general
      solicitation or general advertising within the meaning of Rule 502(c) of the
      Securities Act.

    

    (i)
      Purchaser understands that no United States federal or state agency or any
      other
      government or governmental agency has passed on or made any recommendation
      or
      endorsement of the Securities or the fairness or suitability of the investment
      in the Securities, nor have such authorities passed upon or endorsed the merits
      of the offering of the Securities.

    

    7.
      Company
      Representations and Warranties.
      The Company hereby represents and warrants to Purchaser that the Company has
      all
      necessary corporate power and authority to enter into this Agreement and to
      consummate the transactions contemplated hereby. All corporate action necessary
      to be taken by the Company to authorize the execution, delivery and performance
      of this Agreement and all other agreements and instruments delivered by the
      Company in connection with the transactions contemplated hereby has been duly
      and validly taken and this Agreement has been duly executed and delivered by
      the
      Company. Subject to the terms and conditions of this Agreement, this Agreement
      constitutes the valid, binding and enforceable obligation of the Company,
      enforceable in accordance with its terms, except as enforceability may be
      limited by (i) applicable bankruptcy, insolvency,
      reorganization, moratorium, fraudulent transfer or similar laws of general
      application now or hereafter in effect affecting the rights and remedies of
      creditors and by general principles of equity (regardless of whether enforcement
      is sought in a proceeding at law or in equity); and (ii) the applicability
      of
      the federal and state securities laws and public policy as to the enforceability
      of the indemnification provisions of this Agreement. The sale by the Company
      of
      the Securities does not conflict with the certificate of incorporation or
      by-laws of the Company or any material contract by which the Company or its
      property is bound, or any federal or state laws or regulations or decree, ruling
      or judgment of any United States or state court applicable to the Company or
      its
      property.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

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

    

    9.
      Miscellaneous.

    

    (a)
      Notices.
      All notices required or permitted hereunder shall be in writing and shall be
      deemed effectively given: (i) upon personal delivery to the party to be
      notified, (ii) when sent by confirmed facsimile if sent during normal business
      hours of the recipient, and if not during normal business hours of the
      recipient, then on the next business day, (iii) five calendar days after having
      been sent by registered or certified mail, return receipt requested, postage
      prepaid, or (iv) one business day after deposit with a nationally recognized
      overnight courier, specifying next day delivery, with written verification
      of
      receipt. All communications shall be sent to the other party hereto at such
      party’s address hereinafter set forth on the signature page hereof, or at such
      other address as such party may designate by ten days advance written notice
      to
      the other party hereto.

    

    (b)
      Successors
      and Assigns.
      This Agreement shall inure to the benefit of the successors and assigns of
      the
      Company and, subject to the restrictions on transfer herein set forth, shall
      be
      binding upon Purchaser and Purchaser’s successors and assigns.

    

    (c)
      Attorneys’
      Fees; Specific Performance.
      Purchaser shall reimburse the Company for all costs incurred by the Company
      in
      enforcing the performance of, or protecting its rights under, any part of this
      Agreement, including reasonable costs of investigation and attorneys’
fees.

    

    (d)
      Governing
      Law; Venue.
      This Agreement shall be governed by and construed in accordance with the laws
      of
      the State of Delaware without regard to the principles of conflicts of law
      thereof. The parties agree that any action brought by either party to interpret
      or enforce any provision of this Agreement shall be brought in, and each party
      agrees to, and does hereby, submit to the jurisdiction and venue of, the
      appropriate state or federal court for the district encompassing the Company’s
      principal place of business.

    

    (e)
      Further
      Execution.
      The parties agree to take all such further action(s) as may reasonably be
      necessary to carry out and consummate this Agreement as soon as practicable,
      and
      to take whatever steps may be necessary to obtain any governmental approval
      in
      connection with or otherwise qualify the issuance of the securities that are
      the
      subject of this Agreement.

    

    (f)
      Independent
      Counsel.
      Purchaser acknowledges that this Agreement has been prepared on behalf of the
      Company by Skadden, Arps, Slate, Meagher & Flom LLP, counsel to the Company
      and that Skadden, Arps, Slate, Meagher & Flom LLP does not represent, and is
      not acting on behalf of, Purchaser. Purchaser has been provided with an
      opportunity to consult with Purchaser’s own counsel with respect to this
      Agreement.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (g)
      Entire
      Agreement; Amendment. This
      Agreement constitutes the entire agreement between the parties with respect
      to
      the subject matter hereof and supersedes and merges all prior agreements or
      understandings, whether written or oral. This Agreement may not be amended,
      modified or revoked, in whole or in part, except by an agreement in writing
      signed by each of the parties hereto.

    

    (h)
      Severability.
      If one or more provisions of this Agreement are held to be unenforceable under
      applicable law, the parties agree to renegotiate such provision in good faith.
      In the event that the parties cannot reach a mutually agreeable and enforceable
      replacement for such provision, then (i) such provision shall be excluded from
      this Agreement, (ii) the balance of the Agreement shall be interpreted as if
      such provision were so excluded and (iii) the balance of the Agreement shall
      be
      enforceable in accordance with its terms.

    

    (i)
      Counterparts.
      This
      Agreement may be executed in two or more counterparts, each of which shall
      be
      deemed an original and all of which together shall constitute one instrument.
      This Agreement or any counterpart may be executed via facsimile or electronic
      mail transmission, and any such executed facsimile or electronic mail copy
      shall
      be treated as an original.

    

    (j)
      Survival.
      The representations and warranties contained herein will survive the delivery
      of, and the payment for, the Securities.

    

    (k)
      Waiver
      of Jury Trial.
      Each party hereto hereby irrevocably and unconditionally waives the right to
      a
      trial by jury in any action, suit, counterclaim or other proceeding (whether
      based on contract, tort or otherwise) arising out of, connected with or relating
      to this Agreement, the transactions contemplated hereby, or the actions of
      Purchaser in the negotiation, administration, performance or enforcement
      hereof.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

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

     

    
      	 	 	 
	 	COMPANY:
	 	 
	 	GREENSTREET ACQUISITION CORP. 
	 
 	 
 	 
 
	 	By:  	/s/
              Jeffrey Safchik  
	   	
              
                

              

              Name: Jeffrey Safchik

              Title:   Chief Operating Officer and Chief
                

                         
                Financial Officer

            
	 	 

    

    
      	 	 	 
	 	Address:
	 	 
	 	PURCHASER:
	 	 
	 	GRST ACQUISITION,
              LLC
	 
 	 
 	 
 
	 	By:  	
              Greenstreet
                Capital, L.P.,

              its
                sole member

            
	 	 	 
	 	By: 	
              Greenstreet Management, Inc.,

              its general partner

            
	 	 	 
	 	 	 
	 	By:  	 /s/
              Jeffrey Safchik  
	 	
              

              Name:
                Jeffrey Safchik

              Title:  
                President and Chief Financial Officer

            
	 	 
	 	Address:

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