Document:

exv10w4

Exhibit 10.4

INVESTMENT MANAGEMENT TRUST AGREEMENT

     This Agreement is made effective as of                     , 2010 by and between JWC
Acquisition Corp., a Delaware corporation (the “Company”), JWC Acquisition Security Corporation, a
Massachusetts corporation (the “Subsidiary”) and Continental Stock Transfer & Trust Company (the
“Trustee”).

     WHEREAS, the Company’s registration statement on Form S-1, No. 333-168798 (the “Registration
Statement”) and prospectus (the “Prospectus”) for the initial public offering of the Company’s
units (the “Units”), which consist of one share of the Company’s common stock, par value $0.0001
per share (the “Common Stock”) and one warrant to purchase the Company’s Common Stock (the
“Warrants”), (such initial public offering hereinafter referred to as the “Offering”) has been
declared effective as of the date hereof (the “Effective Date”) by the Securities and Exchange
Commission; and

     WHEREAS, the Company has entered into an Underwriting Agreement with Citigroup Global Markets
Inc. as representative of the several underwriters (the “Underwriters”) named therein (the
“Underwriting Agreement”); and

     WHEREAS, the Subsidiary is a wholly-owned subsidiary of the Company and is qualified as a
security corporation under Massachusetts General Laws Ch. 63, sec 38B; and

     WHEREAS, as described in the Registration Statement, $147,750,000 of the gross proceeds of the
Offering and sale of the Sponsor Warrants (as defined in the Underwriting Agreement) (or
$169,687,500 if the Underwriters’ over-allotment option is exercised in full) will be assigned by
the Company to the Subsidiary and delivered to the Trustee to be deposited and held in a segregated
trust account (the “Trust Account”) for the benefit of the Subsidiary, the Company and
the holders of the Company’s Common Stock included in the Units issued in the Offering as
hereinafter provided (the amount to be delivered to the Trustee will be referred to hereinafter as
the “Property,” the stockholders for whose benefit the Trustee shall hold the Property will be
referred to as the “Public Stockholders,” and the Public Stockholders, the Company and the
Subsidiary will be referred to together as the “Beneficiaries”); and

     WHEREAS, the Company, the Subsidiary and the Trustee desire to enter into this Agreement to
set forth the terms and conditions pursuant to which the Trustee shall hold the Property.

     NOW THEREFORE, IT IS AGREED:

1. Agreements and Covenants of Trustee. The Trustee hereby agrees and covenants to:

     (a) Hold the Property in trust for the Beneficiaries in accordance with the terms of this
Agreement in the Trust Account at JP Morgan Chase, N.A. and at a brokerage institution selected by
the Trustee that is satisfactory to the Subsidiary;

 

 

     (b) Manage, supervise and administer the Trust Account subject to the terms and conditions set
forth herein;

     (c) In a timely manner, upon the written instruction of the Subsidiary invest and reinvest the
Property in United States government securities within the meaning of Section 2(a)(16) of the
Investment Company Act of 1940, as amended, having a maturity of 180 days or less, or in money
market funds meeting the conditions of paragraphs (c)(2), (c)(3) and (c)(4) of Rule 2a-7
promulgated under the Investment Company Act of 1940, as amended, as determined by the Subsidiary;
it being understood that the Trust Account will earn no interest while account funds are uninvested
awaiting Subsidiary instructions hereunder;

     (d) Collect and receive, when due, all interest or other income arising from the Property,
which shall become part of the “Property,” as such term is used herein;

     (e) Promptly notify the Company, the Subsidiary and Citigroup Global Markets Inc. of all
communications received by the Trustee with respect to any Property requiring action by the
Subsidiary;

     (f) Supply any necessary information or documents as may be requested by the Subsidiary (or
its authorized agents) in connection with the Subsidiary’s preparation of the tax returns relating
to assets held in the Trust Account;

     (g) Participate in any plan or proceeding for protecting or enforcing any right or interest
arising from the Property if, as and when instructed by the Subsidiary to do so;

     (h) Render to the Company and the Subsidiary monthly written statements of the
activities of, and amounts in, the Trust Account reflecting all receipts and disbursements of the
Trust Account;

     (i) Commence liquidation of the Trust Account only after and promptly after (x)
receipt of, and only in accordance with, the terms of a letter (“Termination Letter”), in a
form substantially similar to that attached hereto as either Exhibit A or Exhibit B
signed on behalf of the Subsidiary by its Chief Executive Officer or Chairman of the board of
directors (the “Board”) or other authorized officer of the Subsidiary, and complete the liquidation
of the Trust Account and distribute the Property in the Trust Account only as directed in the
Termination Letter and the other documents referred to therein or (y)                     
1, if a Termination Letter has not been received by the Trustee
prior to such date, in which case the Trust Account shall be liquidated in accordance with the
procedures set forth in the Termination Letter attached as Exhibit B and the Property in
the Trust Account distributed to the Public Stockholders of record as of such date;
provided, however, that in the event the Trustee receives a Termination Letter
in a form substantially similar to Exhibit B hereto, or if the Trustee begins to liquidate
the Property because it has received no such Termination Letter by                     
2, the Trustee shall keep the Trust Account open until the
earliest to occur of (i) twelve (12) months following the date the Property has been distributed to
the Public Stockholders; (ii) the Trustee’s receipt of a letter

 

			
	1	 	Insert date that is 21 months from the
closing of the Offering.
	 
	2	 	Insert date that is 21 months from the
closing of the Offering.

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in a form substantially similar to Exhibit D hereto and the completion by the
Trustee of the distribution of the amounts specified therein; and (iii) the Trustee’s
receipt of a written notice from the Subsidiary’s independent registered public accountants
stating that the Subsidiary will not be receiving any tax refund on its income tax payments;

     (j) Upon written request from the Subsidiary, which may be given from time to time in a
form substantially similar to that attached hereto as Exhibit C (a “Tax Payment Withdrawal
Instruction”), withdraw from the Trust Account and distribute to the Company or
Subsidiary the amount requested by the Subsidiary to cover any income or franchise tax
obligation owed by the Company or the Subsidiary as a result of assets of the Company or the
Subsidiary or interest or other income earned on the Property, which amount shall be
delivered directly to the Company or the Subsidiary by electronic funds transfer or other
method of prompt payment, and the Company or the Subsidiary shall forward such
payment to the relevant taxing authority; provided, however, that to the
extent there is not sufficient cash in the Trust Account to pay such tax obligation, the Trustee
shall liquidate such assets held in the Trust Account as shall be designated by the Subsidiary in
writing to make such distribution; provided further that if the tax to be paid is a
franchise tax, the written request by the Subsidiary to make such distribution shall be accompanied
by a copy of the franchise tax bill from the State of Delaware for the Company or the Commonwealth
of Massachusetts for the Subsidiary and a written statement from the principal financial officer of
the Subsidiary setting forth the actual amount payable. The written request of the Subsidiary
referenced above shall constitute presumptive evidence that the Company or the Subsidiary is
entitled to said funds, and the Trustee shall have no responsibility to look beyond said
request;

     (k) Upon written request from the Subsidiary given after distribution of the Property to the
Public Stockholders, which may be given from time to time in a form substantially similar to
that attached hereto as Exhibit D (a “Tax Refund Instruction”), distribute to the
Public Stockholders, less amounts to be disbursed to the Company or the Subsidiary to cover accrued
expenses as set forth in the Tax Refund Instruction, amounts deposited by the Subsidiary
into the Trust Account that the Subsidiary has represented to be tax refund(s) of the Company’s or
the Subsidiary’s income tax payments;

     (l) Upon written request from the Subsidiary, which may be given from time to time in a form
substantially similar to that attached hereto as Exhibit E (an “Interest Withdrawal
Instruction”), distribute to the Company the amount requested by the Subsidiary to be used for
working capital requirements; provided, however, that the aggregate amount of all
such distributions pursuant to this Section 1(l) shall not exceed $2,250,000 in interest
income (net of franchise and income taxes payable), in the event the underwriters’ over-allotment
option in the Offering is not exercised in full, or $2,587,500 in interest income (net of franchise
and income taxes payable), if the underwriters’ over-allotment option in the Offering is exercised
in full (or, if the over-allotment option is not exercised in full, but is exercised in part, the
amount in interest income (net of franchise and income taxes payable) to be released shall be
increased proportionally in relation to the proportion of the over-allotment option which was
exercised);

     (m) Upon written request from the Subsidiary, which may be given from time to time in a form
substantially similar to that attached hereto as Exhibit F (a “Permitted Purchase of Shares
Withdrawal Instruction”), the Trustee shall distribute to the Company the amount

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requested by the Subsidiary to be used to purchase up to 2,250,000 shares of the Common Stock,
in the event the underwriters’ over-allotment option in the Offering is not exercised in full or up
to 2,587,500 shares of the Common Stock in the event the underwriters’ over-allotment option in the
Offering is exercised in full, not to exceed the per share amount then held in the Trust Account
(or, if the over-allotment option is not exercised in full, but is exercised in part, the number of
shares that may be purchased shall be increased proportionally in relation to the proportion of the
over-allotment option which was exercised) (such purchase hereinafter referred to as the “Permitted
Purchases”); provided, however, that to the extent there is not sufficient cash in
the Trust Account to make such distribution the Trustee shall liquidate such assets held in the
Trust Account, as shall be designated by the Subsidiary in writing to make such distribution; and

          (l) Not make any withdrawals or distributions from the Trust Account other than pursuant to
Section 1(i), (j), (k), (l) or (m) above.

2. Agreements and Covenants of the Company and the Subsidiary. Each of the
Company and the Subsidiary hereby agrees and covenants to:

     (a) Give all instructions to the Trustee hereunder in writing, signed by the Subsidiary’s
Chairman of the Board, President, Chief Executive Officer or Chief Financial Officer. In addition,
except with respect to its duties under Sections 1(i) through 1(m) hereof, the
Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or
telephonic advice or instruction which it, in good faith and with reasonable care, believes to be
given by any one of the persons authorized above to give written instructions, provided that the
Subsidiary shall promptly confirm such instructions in writing;

     (b) Subject to Section 4 hereof, hold the Trustee harmless and indemnify the Trustee
from and against any and all expenses, including reasonable counsel fees and disbursements, or
losses suffered by the Trustee in connection with any action taken by it hereunder and in
connection with any action, suit or other proceeding brought against the Trustee involving any
claim, or in connection with any claim or demand, which in any way arises out of or relates to this
Agreement, the services of the Trustee hereunder, or the Property or any interest earned on the
Property, except for expenses and losses resulting from the Trustee’s gross negligence, fraud or
willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the
commencement of any action, suit or proceeding, pursuant to which the Trustee intends to seek
indemnification under this Section 2(b), it shall notify the Company and the Subsidiary in
writing of such claim (hereinafter referred to as the “Indemnified Claim”). The Trustee shall have
the right to conduct and manage the defense against such Indemnified Claim; provided that
the Trustee shall obtain the consent of the Subsidiary with respect to the selection of counsel,
which consent shall not be unreasonably withheld. The Trustee may not agree to settle any
Indemnified Claim without the prior written consent of the Subsidiary, which such consent shall not
be unreasonably withheld. The Subsidiary may participate in such action with its own counsel;

     (c) Pay the Trustee the fees set forth on Schedule A hereto, including an initial acceptance
fee, an annual fee and a transaction processing fee for each disbursement made pursuant to
Sections 1(j), 1(l) and 1(m), and the usual and customary service fees of
the Trustee as paying agent (“Paying Agent”) pursuant to Section 1(k) hereof, which fees
shall be subject to

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modification by the parties from time to time. It is expressly understood that the Property
shall not be used to pay such fees unless and until it is distributed to the Company or the
Subsidiary pursuant to Sections 1(j) through 1(m) hereof. The Subsidiary shall pay
the Trustee the initial acceptance fee and the first annual fee at the consummation of the Offering
and thereafter on the anniversary of the Effective Date. The Trustee shall refund to the Subsidiary
the annual fee (on a pro rata basis) with respect to any period after the liquidation of the Trust
Account. Neither the Company nor the Subsidiary shall be responsible for any other fees or charges
of the Trustee except as set forth in this Section 2(c) and as may be provided in
Section 2(b) hereof;

     (d) In connection with any vote of the Public Stockholders regarding a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or similar business combination
involving the Company and one or more businesses (a “Business Combination”), provide to the Trustee
an affidavit or certificate of the inspector of elections for the stockholder meeting verifying the
vote of the Public Stockholders regarding such Business Combination;

     (e) Provide Citigroup Global Markets Inc. with a copy of any Termination Letter(s) and/or any
other correspondence that is sent to the Trustee with respect to any proposed withdrawal from the
Trust Account promptly after it issues the same;

     (f) In the event the Company or the Subsidiary is entitled to receive a tax refund on its
income tax obligation, and promptly after the amount of such refund is determined on a final basis,
provide the Trustee with notice in writing (with a copy to Citigroup Global Markets Inc.) of the
amount of such income tax refund; and

     (g) Instruct the Trustee to make only those distributions that are permitted under this
Agreement, and refrain from instructing the Trustee to make any distributions that are not
permitted under this Agreement.

3. Limitations of Liability. The Trustee shall have no responsibility or liability
to:

     (a) Take any action with respect to the Property, other than as directed in Section
1 hereof, and the Trustee shall have no liability to any party except for liability arising out
of the Trustee’s gross negligence, fraud or willful misconduct;

     (b) Institute any proceeding for the collection of any principal and income arising from,
or institute, appear in or defend any proceeding of any kind with respect to, any of the Property
unless and until it shall have received instructions from the Subsidiary given as provided herein
to do so and the Subsidiary shall have advanced or guaranteed to it funds sufficient to pay any
expenses incident thereto;

     (c) Refund any depreciation in principal of any Property;

     (d) Assume that the authority of any person designated by the Subsidiary to give instructions
hereunder shall not be continuing unless provided otherwise in such designation, or unless the
Subsidiary shall have delivered a written revocation of such authority to the Trustee;

     (e) The other parties hereto or to anyone else for any action taken or omitted by it, or any
action suffered by it to be taken or omitted, in good faith and in the Trustee’s best judgment,
except for the Trustee’s gross negligence, fraud or willful misconduct. The Trustee may rely
conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion
or advice of counsel (including

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counsel chosen by the Trustee, which counsel may be Subsidiary’s counsel), statement,
instrument, report or other paper or document (not only as to its due execution and the validity
and effectiveness of its provisions, but also as to the truth and acceptability of any information
therein contained) which the Trustee believes, in good faith and with reasonable care, to be
genuine and to be signed or presented by the proper person or persons. The Trustee shall not be
bound by any notice or demand, or any waiver, modification, termination or rescission of this
Agreement or any of the terms hereof, unless evidenced by a written instrument delivered to the
Trustee, signed by the proper party or parties and, if the duties or rights of the Trustee are
affected, unless it shall give its prior written consent thereto;

     (f) Verify the accuracy of the information contained in the Registration Statement,

     (g) Provide any assurance that any Business Combination entered into by the Company or any
other action taken by the Company is as contemplated by the Registration Statement;

     (h) File information returns with respect to the Trust Account with any
local, state or federal taxing authority or provide periodic written statements to the Subsidiary
documenting the taxes payable by the Subsidiary, if any, relating to any interest income
earned on the Property;

     (i) Prepare, execute and file tax reports, income or other tax returns and pay any taxes
with respect to any income generated by, and activities relating to, the Trust Account, regardless
of whether such tax is payable by the Trust Account or the Subsidiary, including, but not limited
to, income tax obligations, except pursuant to Section 1(j) hereof; or

     (j) Verify calculations, qualify or otherwise approve the Subsidiary’s written requests for
distributions pursuant to Sections 1(j) through 1(m) hereof.

4. Trust Account Waiver. The Trustee has no right of set-off or any right, title,
interest or claim of any kind (“Claim”) to, or to any monies in, the Trust Account, and hereby
irrevocably waives any Claim to, or to any monies in, the Trust Account that it may have in the
future. In the event the Trustee has any Claim against the Company or the Subsidiary under this
Agreement, including, without limitation, under Section 2(b) hereof, the Trustee shall
pursue such Claim solely against the Company or the Subsidiary and not against the Property or any
monies in the Trust Account.

5. Termination. This Agreement shall terminate as follows:

     (a) If the Trustee gives written notice to the Company and the Subsidiary that it desires to
resign under this Agreement, the Company and the Subsidiary shall use their reasonable efforts to
locate a successor trustee, pending which the Trustee shall continue to act in accordance with
this Agreement. At such time that the Company and the Subsidiary notifies the Trustee that a
successor trustee has been appointed and has agreed to become subject to the terms of this
Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee,
including but not limited to the transfer of copies of the reports and statements relating to the
Trust Account, whereupon this Agreement shall terminate; provided, however, that in
the event that the Company and the Subsidiary do not locate a successor trustee within ninety (90)
days of receipt of the resignation notice from the Trustee, the Trustee may submit an application
to have the Property deposited with any court in the State of New York or with the United States
District Court for the Southern District of New York and upon such deposit, the Trustee shall be
immune from any liability whatsoever; or

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     (b) At such time that the Trustee has completed the liquidation of the Trust Account and its
obligations in accordance with the provisions of Section 1(i) hereof (which section may not
be amended under any circumstances) and distributed the Property in accordance with the provisions
of the Termination Letter, thereafter this Agreement shall terminate except with respect to
Section 2(b).

6. Miscellaneous.

     (a) The Subsidiary and the Trustee each acknowledge that the Trustee will follow the security
procedures set forth below with respect to funds transferred from the Trust Account. The Subsidiary
and the Trustee will each restrict access to confidential information relating to such security
procedures to authorized persons. Each party must notify the other party immediately if it has
reason to believe unauthorized persons may have obtained access to such confidential information,
or of any change in its authorized personnel. In executing funds transfers, the Trustee shall rely
upon all information supplied to it by the Subsidiary, including, account names, account numbers,
and all other identifying information relating to a Beneficiary, Beneficiary’s bank or intermediary
bank. Except for any liability arising out of the Trustee’s gross negligence, fraud or willful
misconduct, the Trustee shall not be liable for any loss, liability or expense resulting from any
error in the information or transmission of the funds.

     (b) This Agreement shall be governed by and construed and enforced in accordance with the laws
of the State of New York, without giving effect to conflicts of law principles that would result in
the application of the substantive laws of another jurisdiction. It may be executed in several
original or facsimile counterparts, each one of which shall constitute an original, and together
shall constitute but one instrument.

     (c) This Agreement contains the entire agreement and understanding of the parties hereto with
respect to the subject matter hereof. Except for Section 1(i) hereof (which section may not
be amended under any circumstances), this Agreement or any provision hereof may only be changed,
amended or modified (other than to correct a typographical error) by a writing signed by each of
the parties hereto.

     (d) This Agreement or any provision hereof may only be changed, amended or modified pursuant
to Section 6(c) hereof with the Consent of the Public Stockholders; provided,
however, that no such change, amendment or modification may be made to Section 1(i)
hereof (which section may not be amended under any circumstances), it being the specific intention
of the parties hereto that each Public Stockholder is, and shall be, a third party beneficiary of
this Section 6(d) with the same right and power to enforce this Section 6(d) as the
other parties hereto. For purposes of this Section 6(d), the “Consent of the
Public Stockholders” means receipt by the Trustee of a certificate from the inspector of elections
of the stockholder meeting certifying that either (i) the Public Stockholders of record as of a
record date established in accordance with Section 213(a) of the Delaware General Corporation Law,
as amended (“DGCL”) who hold sixty-five percent (65%) or more of all then outstanding
shares of the Common Stock, have voted in favor of such change, amendment or modification, or (ii)
the Public Stockholders of record as of the record date who hold sixty-five percent (65%) or more
of all then outstanding shares of the Common Stock, have delivered to such entity a signed writing
approving such change, amendment or modification. Except for any liability arising out of the

7

 

Trustee’s gross negligence, fraud or willful misconduct, the Trustee may rely conclusively on
the certification from the inspector or elections referenced above and shall be relieved of all
liability to any party for executing the proposes amendment in reliance thereon.

     (e) The parties hereto consent to the jurisdiction and venue of any state or federal court
located in the City of New York, State of New York, for purposes of resolving any disputes
hereunder. AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY WAY RELATING TO THIS AGREEMENT,
EACH PARTY WAIVES THE RIGHT TO TRIAL BY JURY.

     (f) Any notice, consent or request to be given in connection with any of the terms or
provisions of this Agreement shall be in writing and shall be sent by express mail or similar
private courier service, by certified mail (return receipt requested), by hand delivery or by
facsimile transmission:

     if to the Trustee, to:

Continental Stock Transfer

& Trust Company

17 Battery Place

New York, New York 10004

Attn: Steven G. Nelson or Frank DiPaolo

Fax No.: (212) 509-5150

     if to the Company, to:

JWC Acquisition Corp.

111 Huntington Avenue, Suite 2900

Boston, Massachusetts 02199

Attn: Adam L. Suttin

Fax No.: (617) 753-1101

     if to the Subsidiary, to:

JWC Acquisition Security Corporation

111 Huntington Avenue, Suite 2900

Boston, Massachusetts 02199

Attn: Adam L. Suttin

Fax No.: (617) 753-1101

     in each case, with copies to:

McDermott Will & Emery LLP

227 West Monroe Street

Chicago, Illinois 60606-5096

Attn: Bernard S. Kramer

Fax No.: (312) 277-7629

     and

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Citigroup Global Markets Inc.

388 Greenwich Street

New York, New York 10013

Attn: General Counsel

Fax No.: (212) 816-7912

     and

Akin Gump Strauss Hauer & Feld LLP

One Bryant Park

New York, New York 10036

Attn: Bruce S. Mendelsohn, Esq.

Fax No.: (212) 872-1002

     (g) Each of the Company, the Subsidiary and the Trustee hereby represents that it has the full
right and power and has been duly authorized to enter into this Agreement and to perform its
respective obligations as contemplated hereunder. The Trustee acknowledges and agrees that it shall
not make any claims or proceed against the Trust Account, including by way of set-off, and shall
not be entitled to any funds in the Trust Account under any circumstance.

     (h) Each of the Subsidiary and the Trustee hereby acknowledge and agree that
Citigroup Global Markets Inc., on behalf of the Underwriters, is a third party
beneficiary of this Agreement.

     (i) The Company agrees to cause the Subsidiary to take all actions required of the
Subsidiary pursuant to this Agreement and shall ensure that the Subsidiary remains at all times
during the term of this Agreement a wholly-owned subsidiary of the Company.

     (j) Except as specified herein, no party to this Agreement may assign its rights or delegate
its obligations hereunder to any other person or entity, provided that if the Subsidiary
distributes its rights in and to the Property to the Company, the Subsidiary may assign its rights
and delegate its obligations hereunder to the Company in connection therewith.

[Signature Page Follows]

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     IN WITNESS WHEREOF, the parties have duly executed this Investment Management Trust Agreement
as of the date first written above.

	 	 	 	 	 

	 	 	Continental Stock Transfer & Trust Company,

as Trustee
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	JWC Acquisition Corp.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	JWC Acquisition Security Corporation
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

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SCHEDULE A

	 	 	 	 	 
	Fee Item	 	Time and method of payment	 	Amount
	Initial acceptance fee.

	 	Initial closing of
Offering by wire
transfer.
	 	$1,000 
	 
	 	 	 	 
	Annual fee.

	 	First year, initial
closing of Offering by
wire transfer; thereafter
on the anniversary of the
effective date of the
Offering by wire transfer
or check.
	 	$5,000 
	 
	 	 	 	 
	Transaction processing
fee for disbursements
to Company under
Sections 1(j), 1(l)
and 1(m).

	 	Deduction by Trustee from
accumulated income
following disbursement
made to Company or the
Subsidiary under Section 2.
	 	$250 
	 
	 	 	 	 
	Paying Agent services
for distributions made
to shareholders
pursuant to Section
1(k).

	 	Liquidation of the Trust
Account pursuant to
Section 1(i) and
distribution of income
tax refunds, as directed
by the Subsidiary
pursuant Section 1(k) and
letter instruction in the
form of Exhibit D.
	 	Usual and customary
service fees from
time to time
applicable to
Paying Agent
services of
Trustee.

 

EXHIBIT A

[Letterhead of Subsidiary]

[Insert date]

Continental Stock Transfer

& Trust Company

17 Battery Place

New York, New York 10004

Attn: Steven G. Nelson, Chairman

			
	      Re:      	 	Trust Account No.       Termination Letter

Gentlemen:

     Pursuant to Section 1(i) of the Investment Management Trust Agreement between JWC
Acquisition Corp. (“Company”), JWC Acquisition Security Corporation (“Subsidiary”) and Continental
Stock Transfer & Trust Company (“Trustee”), dated as of                     , 2010 (“Trust
Agreement”), this is to advise you that the Company has entered into an agreement with                     (“Target Business”) to consummate a business combination with Target Business
(“Business Combination”) on or about [insert date]. The Subsidiary shall notify you at least
forty-eight (48) hours in advance of the actual date of the consummation of the Business
Combination (“Consummation Date”). Capitalized terms used but not defined herein shall have the
meanings set forth in the Trust Agreement.

     In accordance with the terms of the Trust Agreement, we hereby authorize you to commence to
liquidate all of the assets of the Trust Account on [insert date], and to transfer the proceeds
into the trust checking account at JP Morgan Chase, N.A. to the effect that, on the Consummation
Date, all of funds held in the Trust Account will be immediately available for transfer to the
account or accounts that the Subsidiary shall direct on the Consummation Date. It is acknowledged
and agreed that while the funds are on deposit in the trust checking account at JP Morgan Chase,
N.A. awaiting distribution, the Subsidiary will not earn any interest or dividends.

     On the Consummation Date (i) counsel for the Subsidiary shall deliver to you written
notification that the Business Combination is in the process of being consummated (the
“Notification”) and (ii) the Subsidiary shall deliver to you a written instruction signed by the
Subsidiary and Citigroup Global Markets Inc. with respect to the transfer of the funds held in the
Trust Account, (“Instruction Letter”). You are hereby directed and authorized to transfer the funds
held in the Trust Account immediately upon your receipt of the Notification and the Instruction
Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits
held in the Trust Account may not be liquidated by the Consummation Date without penalty, you will
notify the Subsidiary in writing of the same and the Subsidiary shall direct you as to whether such
funds should remain in the Trust Account and be distributed after the Consummation Date to the
Company. Upon the distribution of all the funds, net of any payments necessary for reasonable
unreimbursed expenses related to liquidating the Trust Account, your obligations under the Trust
Agreement shall be terminated.

 

 

     In the event that the Business Combination is not consummated on the Consummation Date
described in the notice thereof and we have not notified you on or before the original Consummation
Date of a new Consummation Date, then upon receipt by the Trustee of written instructions from the
Company, the funds held in the Trust Account shall be reinvested as provided in Section 1(c) of the
Trust Agreement on the business day immediately following the Consummation Date as set forth in the
notice as soon thereafter as possible.

	 	 	 	 	 	 	 

	 	 	 	 	Very truly yours,
	 
	 	 	 	 	 	 
	 	 	 	 	JWC Acquisition Security Corporation
	 
	 	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	cc:

	 	Citigroup Global Markets Inc.	 	 	 	 

 

 

EXHIBIT B

[Letterhead of Subsidiary]

[Insert date]

Continental Stock Transfer

& Trust Company

17 Battery Place

New York, New York 10004

Attn: Steven G. Nelson, Chairman

			
	      Re:      	 	Trust Account No.      
Termination Letter

Gentlemen:

     Pursuant to Section 1(i) of the Investment Management Trust Agreement between JWC
Acquisition Corp. (“Company”), JWC Acquisition Security Corporation and Continental Stock Transfer & Trust Company (“Trustee”), dated as of                     , 2010 (“Trust Agreement”),
this is to advise you that the Company has been unable to effect a business combination with a
Target Business (“Business Combination”) within the time frame specified in the Company’s
Certificate of Incorporation, as described in the Company’s Prospectus relating to the Offering.
Capitalized terms used but not defined herein shall have the meanings set forth in the Trust
Agreement.

     In accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate all
of the assets in the Trust Account on
                     20___ and to transfer the total proceeds into the trust
checking account at JP Morgan Chase, N.A. to await distribution to the Public Stockholders. The
Company has selected                      20 ___3 as the record date for the purpose of determining the
Public Stockholders entitled to receive their share of the liquidation proceeds. You agree to be
the Paying Agent of record and, in your separate capacity as Paying Agent, agree to distribute said
funds directly to the Company’s Public Stockholders in accordance with the terms of the
Trust Agreement and the Certificate of Incorporation of the Company. Upon the distribution of all
the funds, net of any payments necessary for reasonable unreimbursed expenses related to
liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated,
except to the extent otherwise provided in Section 1(k) of the Trust Agreement.

	 	 	 	 	 	 	 

	 	 	 	 	Very truly yours,
	 
	 	 	 	 	 	 
	 	 	 	 	JWC Acquisition Security Corporation
	 
	 	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	cc:

	 	Citigroup Global Markets Inc.	 	 	 	 

 

			
	3	 	Insert date that is 21 months from the
closing of the Offering.

 

EXHIBIT C

[Letterhead of Subsidiary]

[Insert date]

Continental Stock Transfer

& Trust Company

17 Battery Place

New York, New York 10004

Attn: Steven G. Nelson, Chairman

			
	      Re:      	 	Trust Account No.       Tax Payment Withdrawal Instruction

Gentlemen:

     Pursuant to Section 1(j) of the Investment Management Trust Agreement between JWC
Acquisition Corp. (“Company”), JWC Acquisition Security Corporation (“Subsidiary”) and Continental
Stock Transfer & Trust Company (“Trustee”), dated as of                     , 2010 (“Trust Agreement”), the Company hereby requests that you deliver to the Company [or to
the Subsidiary] $                     of the interest income earned on
the Property as of the date hereof. Capitalized terms used but not defined herein shall have the
meanings set forth in the Trust Agreement.

     The Company [or the Subsidiary] needs such funds to pay for the tax obligations as set forth
on the attached tax return or tax statement. In accordance with the terms of the Trust Agreement,
you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon
your receipt of this letter to the Company’s [or the Subsidiary’s] operating account at:

[WIRE INSTRUCTION INFORMATION]

	 	 	 	 	 	 	 

	 	 	 	 	Very truly yours,
	 
	 	 	 	 	 	 
	 	 	 	 	JWC Acquisition Security Corporation
	 
	 	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	cc:

	 	Citigroup Global Markets Inc.	 	 	 	 

 

EXHIBIT D

[Letterhead of Subsidiary]

[Insert date]

Continental Stock Transfer

& Trust Company

17 Battery Place

New York, New York 10004

Attn: Steven G. Nelson, Chairman

			
	      Re:      	 	Trust Account No.       Tax Refund Instruction

Gentlemen:

     Pursuant to Section 1(k) of the Investment Management Trust Agreement between JWC
Acquisition Corp. (“Company”), JWC Acquisition Security Corporation (“Subsidiary”) and Continental
Stock Transfer & Trust Company (“Trustee”), dated as of                     , 2010 (“Trust Agreement”), this is to advise you that the Company [or the Subsidiary] will be
receiving a refund in the amount of $                     representing a portion of the taxes it paid to satisfy its income tax obligation. Capitalized terms
used but not defined herein shall have the meanings set forth in the Trust Agreement.

     In accordance with the terms of the Trust Agreement, we hereby authorize you to deposit the
proceeds of such tax refund into the Trust Account, and to transfer the total proceeds to the trust
checking account at JP Morgan Chase, N.A. for immediate distribution, less amounts for accrued
expenses of the Company as set forth below, to the Company’s Public Stockholders of record as of
the date on which the Company redeemed the shares of common stock sold in the Offering;
provided, that $                     shall instead be disbursed to the
Company or the Subsidiary to cover accrued expenses. You agree to be the Paying Agent of
record and, in your separate capacity as Paying Agent, agree to distribute said funds directly to
the Public Stockholders in accordance with the terms of the Trust Agreement and the Certificate of
Incorporation of the Company. Upon the distribution of all the funds, net of any payments for
reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations under
the Trust Agreement shall be terminated:

[WIRE INSTRUCTION INFORMATION]

	 	 	 	 	 	 	 

	 	 	 	 	Very truly yours,
	 
	 	 	 	 	 	 
	 	 	 	 	JWC Acquisition Security Corporation
	 
	 	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	cc:

	 	Citigroup Global Markets Inc.	 	 	 	 

 

 

EXHIBIT E

[Letterhead of Subsidiary]

[Insert date]

Continental Stock Transfer

& Trust Company

17 Battery Place

New York, New York 10004

Attn: Steven G. Nelson, Chairman

			
	      Re:      	 	Trust Account No.       Interest Withdrawal Instruction

Gentlemen:

     Pursuant to Section 1(l) of the Investment Management Trust Agreement between JWC
Acquisition Corp. (“Company”), JWC Acquisition Security Corporation (“Subsidiary”) and Continental
Stock Transfer & Trust Company (“Trustee”), dated as of                     , 2010 (“Trust Agreement”), this is to advise you that the Subsidiary hereby requests that you
deliver to the Company or the Subsidiary $                     of the interest, net of franchise and income taxes payable, earned on the Property as of the
date hereof, which does not exceed, in the aggregate with all such prior disbursements pursuant to
Section 1(l), if any, the maximum amount set forth in Section 1(l).

     The Company needs such funds to cover working capital requirements. In accordance with the
terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire
transfer) such funds promptly upon your receipt of this letter to the Company’s operating account
at:

[WIRE INSTRUCTION INFORMATION]

	 	 	 	 	 	 	 

	 	 	 	 	Very truly yours,
	 
	 	 	 	 	 	 
	 	 	 	 	JWC Acquisition Security Corporation
	 
	 	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	cc:

	 	Citigroup Global Markets Inc.	 	 	 	 

 

 

EXHIBIT F

[Letterhead of Subsidiary]

[Insert date]

Continental Stock Transfer

& Trust Company

17 Battery Place

New York, New York 10004

Attn: Steven G. Nelson, Chairman

			
	      Re:      	 	Trust Account No.       Permitted Purchase of Shares Withdrawal Instruction

Gentlemen:

     Pursuant to Section 1(m) of the Investment Management Trust Agreement between JWC
Acquisition Corp. (“Company”), JWC Acquisition Security Corporation (“Subsidiary”) and Continental
Stock Transfer & Trust Company (“Trustee”), dated as of                     , 2010 (“Trust Agreement”),
this is to advise you that the Subsidiary hereby requests that you deliver to the Company $                    
to fund the Permitted Purchases (as defined in the Trust Agreement).

     In accordance with the terms of the Trust Agreement, you are hereby directed and authorized to
transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s
operating account at:

[WIRE INSTRUCTION INFORMATION]

	 	 	 	 	 	 	 

	 	 	 	 	Very truly yours,
	 
	 	 	 	 	 	 
	 	 	 	 	JWC Acquisition Security Corporation
	 
	 	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	cc:

	 	Citigroup Global Markets Inc.exv10w6

Exhibit 10.6

REGISTRATION RIGHTS AGREEMENT

     THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of ___, 2010, is made and
entered into by and among JWC Acquisition Corp., a Delaware corporation (the “Company”), JWC
Acquisition, LLC, a Delaware limited liability company (the “Sponsor”), and the undersigned parties
listed under Holder on the signature page hereto (each such party, a “Member” and collectively the
“Members,” and, together with the Sponsor and any person or entity who hereafter becomes a party to
this Agreement pursuant to Section 5.2 of this Agreement, a “Holder” and collectively the
“Holders”).

RECITALS

     WHEREAS, the Company and the Sponsor have entered into that certain Securities Purchase
Agreement (the “Founder Shares Purchase Agreement”), dated as of August 5, 2010, pursuant to which
the Sponsor purchased an aggregate of 2,464,286 shares (the “Founder Shares”) of the Company’s
common stock, par value $0.0001 per share (the “Common Stock”); and

     WHEREAS, the Company and the Members have entered into that certain Sponsor Warrants Purchase
Agreement (the “Sponsor Warrants Purchase Agreement”), dated as of August 5, 2010, pursuant to
which the Members agreed to purchase warrants entitling the Members to purchase an aggregate of
5,000,000 shares of the Common Stock (the “Sponsor Warrants”) in a private placement transaction
occurring simultaneously with the closing of the Company’s initial public offering; and

     WHEREAS, the Company and the Holders desire to enter into this Agreement, pursuant to which
the Company shall grant the Holders certain registration rights with respect to certain securities
of the Company, as set forth in this Agreement.

     NOW, THEREFORE, in consideration of the representations, covenants and agreements contained
herein, and certain other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

ARTICLE I

DEFINITIONS

     1.1 Definitions. The terms defined in this Article I shall, for all purposes of this
Agreement, have the respective meanings set forth below:

     “Adverse Disclosure” shall mean any public disclosure of material non-public information,
which disclosure, in the good faith judgment of the Chief Executive Officer or principal financial
officer of the Company, after consultation with counsel to the Company, (i) would be required to be
made in any Registration Statement or Prospectus in order for the applicable Registration Statement
or Prospectus not to contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements contained therein (in the

 

 

case of any prospectus and any preliminary prospectus, in the light of the circumstances under
which they were made) not misleading, (ii) would not be required to be made at such time if the
Registration Statement were not being filed, and (iii) the Company has a bona fide business purpose
for not making such information public.

     “Agreement” shall have the meaning given in the Preamble.

     “Board” shall mean the Board of Directors of the Company.

     “Business Combination” shall mean any merger, capital stock exchange, asset acquisition, stock
purchase, reorganization or other similar business combination with one or more businesses,
involving the Company.

     “Commission” shall mean the Securities and Exchange Commission.

     “Common Stock” shall have the meaning given in the Recitals hereto.

     “Company” shall have the meaning given in the Preamble.

     “Demand Registration” shall have the meaning given in subsection 2.1.1.

     “Demanding Holder” shall have the meaning given in subsection 2.1.1.

     “Exchange Act” shall mean the Securities Exchange Act of 1934, as it may be amended from time
to time.

     “Form S-1” shall have the meaning given in subsection 2.1.1.

     “Form S-3” shall have the meaning given in subsection 2.2.4.

     “Founder Shares” shall have the meaning given in the Recitals hereto.

     “Founder Shares Purchase Agreement” shall have the meaning given in the Recitals hereto.

     “Founder Lock-up Period” shall mean, with respect to the Founder Shares, the period ending on
the earlier to occur of (A) one year after the completion of the Company’s initial Business
Combination or earlier if, subsequent to the Company’s initial Business Combination, the last sales
price of the Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock
dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any
30-trading day period commencing at least 150 days after the Company’s initial Business Combination
or (B) the consummation by the Company of any subsequent liquidation, merger, stock exchange or
other similar transaction, which results in all of the Company’s stockholders having the right to
exchange their shares of the Common Stock for cash, securities or other property.

     “Holders” shall have the meaning given in the Preamble.

     “Maximum Number of Securities” shall have the meaning given in subsection 2.1.4.

-2-

 

     “Members” shall have the meaning given in the Recitals hereto.

     “Misstatement” shall mean an untrue statement of a material fact or an omission to state a
material fact required to be stated in a Registration Statement or Prospectus or necessary to make
the statements in a Registration Statement or Prospectus not misleading.

     “Piggyback Registration” shall have the meaning given in Section 2.2.

     “Prospectus” shall mean the prospectus included in any Registration Statement, as supplemented
by any and all prospectus supplements and as amended by any and all post-effective amendments and
including all material incorporated by reference in such prospectus.

     “Prospectus Date” shall mean the date of the final prospectus filed with the Commission and
relating to the Company’s initial public offering.

     “Registrable Security” shall mean (a) the Founder Shares, (b) the Sponsor Warrants (including
any shares of the Common Stock issued or issuable upon the exercise of any such Sponsor Warrants)
and (c) any outstanding share of the Common Stock or any other equity security (including the
shares of the Common Stock issued or issuable upon the exercise of any other equity security) held
by a Holder as of the date of this Agreement and (d) any equity securities (including the shares of
the Common Stock issued or issuable upon the exercise of any such equity security) of the Company
issuable upon conversion of any working capital loans in an amount up to $500,000 made to the
Company by a Holder, and (e) any other equity security of the Company issued or issuable with
respect to any such share of the Common Stock by way of a stock dividend or stock split or in
connection with a combination of shares, recapitalization, merger, consolidation or reorganization;
provided, however, that, as to any particular Registrable Security, such securities
shall cease to be Registrable Securities when: (a) a Registration Statement with respect to the
sale of such securities shall have become effective under the Securities Act and such securities
shall have been sold, transferred, disposed of or exchanged in accordance with such Registration
Statement; (b) such securities shall have been otherwise transferred, new certificates for such
securities not bearing a legend restricting further transfer shall have been delivered by the
Company and subsequent public distribution of such securities shall not require registration under
the Securities Act; (c) such securities shall have ceased to be outstanding; or (d) such securities
have been sold to, or through, a broker, dealer or underwriter in a public distribution or other
public securities transaction.

     “Registration” shall mean a registration effected by preparing and filing a registration
statement or similar document in compliance with the requirements of the Securities Act, and the
applicable rules and regulations promulgated thereunder, and such registration statement becoming
effective.

     “Registration Expenses” shall mean the out-of-pocket expenses of a Registration, including,
without limitation, the following:

     (A) all registration and filing fees (including fees with respect to filings required to be
made with the Financial Industry Regulatory Authority) and any securities exchange on which the
Common Stock is then listed;

-3-

 

     (B) fees and expenses of compliance with securities or blue sky laws (including reasonable
fees and disbursements of counsel for the Underwriters in connection with blue sky qualifications
of Registrable Securities);

     (C) printing, messenger, telephone and delivery expenses;

     (D) reasonable fees and disbursements of counsel for the Company;

     (E) reasonable fees and disbursements of all independent registered public accountants of the
Company incurred specifically in connection with such Registration; and

     (F) reasonable fees and expenses of one (1) legal counsel selected by the majority-in-interest
of the Demanding Holders initiating a Demand Registration to be registered for offer and sale in
the applicable Registration.

     “Registration Statement” shall mean any registration statement that covers the Registrable
Securities pursuant to the provisions of this Agreement, including the Prospectus included in such
registration statement, amendments (including post-effective amendments) and supplements to such
registration statement, and all exhibits to and all material incorporated by reference in such
registration statement.

     “Requesting Holder” shall have the meaning given in subsection 2.1.1.

     “Securities Act” shall mean the Securities Act of 1933, as amended from time to time.

     “Sponsor” shall have the meaning given in the Recitals hereto.

     “Sponsor Warrants” shall have the meaning given in the Recitals hereto.

     “Sponsor Lock-up Period” shall mean, with respect to the Sponsor Warrants and any of the
Common Stock issued or issuable upon the exercise or conversion of such Sponsor Warrants, the
period ending 30 days after the completion of the Company’s initial Business Combination.

     “Sponsor Warrants Purchase Agreement” shall have the meaning given in the Recitals hereto.

     “Underwriter” shall mean a securities dealer who purchases any Registrable Securities as
principal in an Underwritten Offering and not as part of such dealer’s market-making activities.

     “Underwritten Registration” or “Underwritten Offering” shall mean a Registration in which
securities of the Company are sold to an Underwriter in a firm commitment underwriting for
distribution to the public.

-4-

 

ARTICLE II

REGISTRATIONS

     2.1 Demand Registration.

          2.1.1 Request for Registration. Subject to the provisions of subsection
2.1.4 and Section 2.4 hereof, at any time and from time to time on or after the
Prospectus Date, the Holders of at least twenty-five per cent (25%) of the then outstanding
number of Registrable Securities (the “Demanding Holders”) may make a written demand for
Registration of at least fifteen percent (15%) of the then outstanding number of Registrable
Securities, which written demand shall describe the amount and type of securities to be
included in such Registration and the intended method(s) of distribution thereof (such written
demand a “Demand Registration”). The Company shall, within ten (10) days of the Company’s
receipt of the Demand Registration, notify, in writing, all other Holders of Registrable
Securities of such demand, and each Holder of Registrable Securities who thereafter wishes to
include all or a portion of such Holder’s Registrable Securities in a Registration pursuant to
a Demand Registration (each such Holder that includes all or a portion of such Holder’s
Registrable Securities in such Registration, a “Requesting Holder”) shall so notify the
Company, in writing, within five (5) days after the receipt by the Holder of the notice from
the Company. Upon receipt by the Company of any such written notification from a Requesting
Holder(s) to the Company, such Requesting Holder(s) shall be entitled to have their
Registrable Securities included in a Registration pursuant to a Demand Registration and the
Company shall effect, as soon thereafter as practicable, but not more than forty five (45)
days immediately after the Company’s receipt of the Demand Registration, the Registration of
all Registrable Securities requested by the Demanding Holders and Requesting Holders pursuant
such the Demand Registration. Under no circumstances shall the Company be obligated to effect
more than an aggregate of three (3) Registrations pursuant to a Demand Registration under this
subsection 2.1.1 with respect to any or all Registrable Securities; provided,
however, that a Registration shall not be counted for such purposes unless a Form S-1
or any similar long-form registration statement that may be available at such time (“Form
S-1”) has become effective and all of the Registrable Securities requested by the Requesting
Holders to be registered on behalf of the Requesting Holders in such Form S-1 Registration
have been sold, in accordance with Section 3.1 of this Agreement.

          2.1.2 Effective Registration. Notwithstanding the provisions of subsection
2.1.1 above or any other part of this Agreement, a Registration pursuant to a Demand
Registration shall not count as a Registration unless and until (i) the Registration Statement
filed with the Commission with respect to a Registration pursuant to a Demand Registration has
been declared effective by the Commission and (ii) the Company has complied with all of its
obligations under this Agreement with respect thereto; provided, further, that
if, after such Registration Statement has been declared effective, an offering of Registrable
Securities in a Registration pursuant to a Demand Registration is subsequently interfered with
by any stop order or injunction of the Commission, federal or state court or any other
governmental agency the Registration Statement with respect to such Registration shall be
deemed not to have been declared effective, unless and until, (i) such stop order or
injunction is removed, rescinded or otherwise terminated, and (ii) a majority-in-interest of

-5-

 

the Demanding Holders initiating such Demand Registration thereafter affirmatively elect
to continue with such Registration and accordingly notify the Company in writing, but in no
event later than five (5) days, of such election; provided, further, that the
Company shall not be obligated or required to file another Registration Statement until the
Registration Statement that has been previously filed with respect to a Registration pursuant
to a Demand Registration becomes effective or is subsequently terminated.

          2.1.3 Underwritten Offering. Subject to the provisions of subsection
2.1.4 and Section 2.4 hereof, if a majority-in-interest of the Demanding Holders
so advise the Company as part of their Demand Registration that the offering of the
Registrable Securities pursuant to such Demand Registration shall be in the form of an
Underwritten Offering, then the right of such Demanding Holder or Requesting Holder (if any)
to include its Registrable Securities in such Registration shall be conditioned upon such
Holder’s participation in such Underwritten Offering and the inclusion of such Holder’s
Registrable Securities in such Underwritten Offering to the extent provided herein. All such
Holders proposing to distribute their Registrable Securities through an Underwritten Offering
under this subsection 2.1.3 shall enter into an underwriting agreement in customary
form with the Underwriter(s) selected for such Underwritten Offering by the
majority-in-interest of the Demanding Holders initiating the Demand Registration.

          2.1.4 Reduction of Underwritten Offering. If the managing Underwriter or
Underwriters in an Underwritten Registration pursuant to a Demand Registration, in good faith,
advises the Company, the Demanding Holders and the Requesting Holders (if any) in writing that
the dollar amount or number of Registrable Securities that the Demanding Holders and the
Requesting Holders (if any) desire to sell, taken together with all other Common Stock or
other equity securities that the Company desires to sell and the Common Stock, if any, as to
which a Registration has been requested pursuant to separate written contractual piggy-back
registration rights held by any other stockholders who desire to sell, exceeds the maximum
dollar amount or maximum number of equity securities that can be sold in the Underwritten
Offering without adversely affecting the proposed offering price, the timing, the distribution
method, or the probability of success of such offering (such maximum dollar amount or maximum
number of such securities, as applicable, the “Maximum Number of Securities”), then the
Company shall include in such Underwritten Offering, as follows: (i) first, the Registrable
Securities of the Demanding Holders and the Requesting Holders (if any) (pro rata based on the
number of Registrable Securities that each Demanding Holder and Requesting Holder (if any) has
requested be included in such Underwritten Registration and the aggregate number of
Registrable Securities that the Demanding Holders and Requesting Holders have requested be
included in such Underwritten Registration (such proportion is referred to herein as “Pro
Rata”)) that can be sold without exceeding the Maximum Number of Securities; (ii) second, to
the extent that the Maximum Number of Securities has not been reached under the foregoing
clause (i), the Registrable Securities of Holders exercising their rights to register their
Registrable Securities pursuant to subsection 2.2.1 hereof, without exceeding the
Maximum Number of Securities; and (iii) third, to the extent that the Maximum Number of
Securities has not been reached under the foregoing clauses (i) and (ii), the Common Stock or
other equity securities that the Company desires to sell, which can be sold without exceeding
the Maximum Number of Securities; and (iv) fourth, to the extent that the Maximum Number

-6-

 

of Securities has not been reached under the foregoing clauses (i), (ii) and (iii), the
Common Stock or other equity securities of other persons or entities that the Company is
obligated to register in a Registration pursuant to separate written contractual arrangements
with such persons and that can be sold without exceeding the Maximum Number of Securities.

          2.1.5 Demand Registration Withdrawal. A majority-in-interest of the Demanding
Holders initiating a Demand Registration or a majority-in-interest of the Requesting Holders
(if any), pursuant to a Registration under subsection 2.1.1 shall have the right to
withdraw from a Registration pursuant to such Demand Registration for any or no reason
whatsoever upon written notification to the Company and the Underwriter or Underwriters (if
any) of their intention to withdraw from such Registration prior to the effectiveness of the
Registration Statement filed with the Commission with respect to the Registration of their
Registrable Securities pursuant to such Demand Registration. Notwithstanding anything to the
contrary in this Agreement, the Company shall be responsible for the Registration Expenses
incurred in connection a Registration pursuant to a Demand Registration prior to its
withdrawal under this subsection 2.1.5.

     2.2 Piggyback Registration.

          2.2.1 Piggyback Rights. If, at any time on or after the date the Company
consummates a Business Combination, the Company proposes to file a Registration Statement
under the Securities Act with respect to an offering of equity securities, or securities or
other obligations exercisable or exchangeable for, or convertible into equity securities, for
its own account or for the account of stockholders of the Company (or by the Company and by
the stockholders of the Company including, without limitation, pursuant to Section 2.1
hereof), other than a Registration Statement (i) filed in connection with any employee stock
option or other benefit plan, (ii) for an exchange offer or offering of securities solely to
the Company’s existing stockholders, (iii) for an offering of debt that is convertible into
equity securities of the Company or (iv) for a dividend reinvestment plan, then the Company
shall give written notice of such proposed filing to all of the Holders of Registrable
Securities as soon as practicable but not less than ten (10) days before the anticipated
filing date of such Registration Statement, which notice shall (A) describe the amount and
type of securities to be included in such offering, the intended method(s) of distribution,
and the name of the proposed managing Underwriter or Underwriters, if any, in such offering,
and (B) offer to all of the Holders of Registrable Securities the opportunity to register the
sale of such number of Registrable Securities as such Holders may request in writing within
five (5) days after receipt of such written notice (such Registration a “Piggyback
Registration”). The Company shall, in good faith, cause such Registrable Securities to be
included in such Piggyback Registration and shall use its best efforts to cause the managing
Underwriter or Underwriters of a proposed Underwritten Offering to permit the Registrable
Securities requested by the Holders pursuant to this subsection 2.2.1 to be included in a
Piggyback Registration on the same terms and conditions as any similar securities of the
Company included in such Registration and to permit the sale or other disposition of such
Registrable Securities in accordance with the intended method(s) of distribution thereof. All
such Holders proposing to distribute their Registrable Securities through an Underwritten
Offering under this subsection 2.2.1 shall enter into an

-7-

 

underwriting agreement in customary form with the Underwriter(s) selected for such
Underwritten Offering by the Company.

          2.2.2 Reduction of Piggyback Registration. If the managing Underwriter or
Underwriters in an Underwritten Registration that is to be a Piggyback Registration, in good
faith, advises the Company and the Holders of Registrable Securities participating in the
Piggyback Registration in writing that the dollar amount or number of the Common Stock that
the Company desires to sell, taken together with (i) the Common Stock, if any, as to which
Registration has been demanded pursuant to separate written contractual arrangements with
persons or entities other than the Holders of Registrable Securities hereunder (ii) the
Registrable Securities as to which registration has been requested pursuant Section
2.2 hereof, and (iii) the Common Stock, if any, as to which Registration has been
requested pursuant to separate written contractual piggy-back registration rights of other
stockholders of the Company, exceeds the Maximum Number of Securities, then:

               (a) If the Registration is undertaken for the Company’s account, the Company shall include in
any such Registration (A) first, the Common Stock or other equity securities that the Company
desires to sell, which can be sold without exceeding the Maximum Number of Securities; (B) second,
to the extent that the Maximum Number of Securities has not been reached under the foregoing clause
(A), the Registrable Securities of Holders exercising their rights to register their Registrable
Securities pursuant to subsection 2.2.1 hereof, Pro Rata, which can be sold without
exceeding the Maximum Number of Securities; and (C) third, to the extent that the Maximum Number of
Securities has not been reached under the foregoing clauses (A) and (B), the Common Stock, if any,
as to which Registration has been requested pursuant to written contractual piggy-back registration
rights of other stockholders of the Company, which can be sold without exceeding the Maximum Number
of Securities;

               (b) If the Registration is pursuant to a request by persons or entities other than the Holders
of Registrable Securities, then the Company shall include in any such Registration (A) first, the
Common Stock or other equity securities, if any, of such requesting persons or entities, other than
the Holders of Registrable Securities, which can be sold without exceeding the Maximum Number of
Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached
under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to
register their Registrable Securities pursuant to subsection 2.2.1, pro rata based on the number of
Registrable Securities that each Holder has requested be included in such Underwritten Registration
and the aggregate number of Registrable Securities that the Holders have requested to be included
in such Underwritten Registration, which can be sold without exceeding the Maximum Number of
Securities; (C) third, to the extent that the Maximum Number of Securities has not been reached
under the foregoing clauses (A) and (B), the Common Stock or other equity securities that the
Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and
(D) fourth, to the extent that the Maximum Number of Securities has not been reached under the
foregoing clauses (A), (B) and (C), the Common Stock or other equity securities for the account of
other persons or entities that the Company is obligated to register pursuant to separate written
contractual arrangements with such persons or entities, which can be sold without exceeding the
Maximum Number of Securities.

-8-

 

          2.2.3 Piggyback Registration Withdrawal. Any Holder of Registrable Securities
shall have the right to withdraw from a Piggyback Registration for any or no reason whatsoever
upon written notification to the Company and the Underwriter or Underwriters (if any) of his,
her or its intention to withdraw from such Piggyback Registration prior to the effectiveness
of the Registration Statement filed with the Commission with respect to such Piggyback
Registration. The Company (whether on its own good faith determination or as the result of a
request for withdrawal by persons pursuant to separate written contractual obligations) may
withdraw a Registration Statement filed with the Commission in connection with a Piggyback
Registration at any time prior to the effectiveness of such Registration Statement.
Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible
for the Registration Expenses incurred in connection with the Piggyback Registration prior to
its withdrawal under this subsection 2.2.3.

          2.2.4 Unlimited Piggyback Registration Rights. For purposes of clarity, any
Registration effected pursuant to Section 2.2 hereof shall not be counted as a
Registration pursuant to a Demand Registration effected under Section 2.1 hereof.

     2.3 Registrations on Form S-3. The Holders of Registrable Securities may at any time,
and from time to time, request in writing that the Company, pursuant to Rule 415 under the
Securities Act (or any successor rule promulgated thereafter by the Commission), register the
resale of any or all of their Registrable Securities on Form S-3 or any similar short-form
registration statement that may be available at such time (“Form S-3”); provided,
however, that the Company shall not be obligated to effect such request through an
Underwritten Offering. Within five (5) days of the Company’s receipt of a written request from a
Holder or Holders of Registrable Securities for a Registration on Form S-3, the Company shall
promptly give written notice of the proposed Registration on Form S-3 to all other Holders of
Registrable Securities, and each Holder of Registrable Securities who thereafter wishes to include
all or a portion of such Holder’s Registrable Securities in such Registration on Form S-3 shall so
notify the Company, in writing, within ten (10) days after the receipt by the Holder of the notice
from the Company. As soon as practicable thereafter, but not more than twelve (12) days after the
Company’s initial receipt of such written request for a Registration on Form S-3, the Company shall
register all or such portion of such Holder’s Registrable Securities as are specified in such
written request, together with all or such portion of Registrable Securities of any other Holder or
Holders joining in such request as are specified in the written notification given by such Holder
or Holders; provided, however, that the Company shall not be obligated to effect
any such Registration pursuant to Section 2.3 hereof if (i) a Form S-3 is not available for
such offering; or (ii) the Holders of Registrable Securities, together with the Holders of any
other equity securities of the Company entitled to inclusion in such Registration, propose to sell
the Registrable Securities and such other equity securities (if any) at any aggregate price to the
public of less than $10,000,000.

     2.4 Restrictions on Registration Rights. If (A) during the period starting with the
date sixty (60) days prior to the Company’s good faith estimate of the date of the filing of, and
ending on a date one hundred and twenty (120) days after the effective date of, a Company initiated
Registration and provided that the Company has delivered written notice to the Holders prior to
receipt of a Demand Registration pursuant to subsection 2.1.1 and it continues to actively

-9-

 

employ, in good faith, all reasonable efforts to cause the applicable Registration Statement
to become effective; (B) the Holders have requested an Underwritten Registration and the Company
and the Holders are unable to obtain the commitment of underwriters to firmly underwrite the offer;
or (C) in the good faith judgment of the Board such Registration would be seriously detrimental to
the Company and the Board concludes as a result that it is essential to defer the filing of such
Registration Statement at such time, then in each case the Company shall furnish to such Holders a
certificate signed by the Chairman of the Board stating that in the good faith judgment of the
Board it would be seriously detrimental to the Company for such Registration Statement to be filed
in the near future and that it is therefore essential to defer the filing of such Registration
Statement. In such event, the Company shall have the right to defer such filing for a period of
not more than thirty (30) days; provided, however, that the Company shall not defer
its obligation in this manner more than once in any 12 month period. Notwithstanding anything to
the contrary contained in this Agreement, no Registration shall be effected or permitted and no
Registration Statement shall become effective, with respect to any Registrable Securities held by
any Holder, until after the expiration of the Founder Lock-Up Period or the Sponsor Lock-Up Period,
as the case may be.

ARTICLE III

COMPANY PROCEDURES

     3.1 General Procedures. If at any time on or after the date the Company consummates a
Business Transaction the Company is required to effect the Registration of Registrable Securities,
the Company shall use its best efforts to effect such Registration to permit the sale of such
Registrable Securities in accordance with the intended plan of distribution thereof, and pursuant
thereto the Company shall, as expeditiously as possible,:

          3.1.1 prepare and file with the Commission as soon as practicable a Registration
Statement with respect to such Registrable Securities and use its reasonable best efforts to
cause such Registration Statement to become effective and remain effective until all
Registrable Securities covered by such Registration Statement have been sold;

          3.1.2 prepare and file with the Commission such amendments and post-effective amendments
to the Registration Statement, and such supplements to the Prospectus, as may be requested by
the Holders or any Underwriter of Registrable Securities or as may be required by the rules,
regulations or instructions applicable to the registration form used by the Company or by the
Securities Act or rules and regulations thereunder to keep the Registration Statement
effective until all Registrable Securities covered by such Registration Statement are sold in
accordance with the intended plan of distribution set forth in such Registration Statement or
supplement to the Prospectus;

          3.1.3 prior to filing a Registration Statement or prospectus, or any amendment or
supplement thereto, furnish without charge to the Underwriters, if any, and the Holders of
Registrable Securities included in such Registration, and such Holders’ legal counsel, copies
of such Registration Statement as proposed to be filed, each amendment and supplement to such
Registration Statement (in each case including all exhibits thereto and documents incorporated
by reference therein), the Prospectus included in such Registration Statement (including each
preliminary Prospectus), and such other documents as the

-10-

 

Underwriters and the Holders of Registrable Securities included in such Registration or
the legal counsel for any such Holders may request in order to facilitate the disposition of
the Registrable Securities owned by such Holders;

          3.1.4 prior to any public offering of Registrable Securities, use its best efforts to (i)
register or qualify the Registrable Securities covered by the Registration Statement under
such securities or “blue sky” laws of such jurisdictions in the United States as the Holders
of Registrable Securities included in such Registration Statement (in light of their intended
plan of distribution) may request and (ii) take such action necessary to cause such
Registrable Securities covered by the Registration Statement to be registered with or approved
by such other governmental authorities as may be necessary by virtue of the business and
operations of the Company and do any and all other acts and things that may be necessary or
advisable to enable the Holders of Registrable Securities included in such Registration
Statement to consummate the disposition of such Registrable Securities in such jurisdictions;
provided, however, that the Company shall not be required to qualify generally
to do business in any jurisdiction where it would not otherwise be required to qualify or take
any action to which it would be subject to general service of process or taxation in any such
jurisdiction where it is not then otherwise so subject;

          3.1.5 cause all such Registrable Securities to be listed on each securities exchange or
automated quotation system on which similar securities issued by the Company are then listed;

          3.1.6 provide a transfer agent or warrant agent, as applicable, and registrar for all
such Registrable Securities no later than the effective date of such Registration Statement;

          3.1.7 advise each seller of such Registrable Securities, promptly after it shall receive
notice or obtain knowledge thereof, of the issuance of any stop order by the Commission
suspending the effectiveness of such Registration Statement or the initiation or threatening
of any proceeding for such purpose and promptly use its reasonable best efforts to prevent the
issuance of any stop order or to obtain its withdrawal if such stop order should be issued;

          3.1.8 at least five (5) days prior to the filing of any Registration Statement or
Prospectus or any amendment or supplement to such Registration Statement or Prospectus or any
document that is to be incorporated by reference into such Registration Statement or
Prospectus, furnish a copy thereof to each seller of such Registrable Securities or its
counsel;

          3.1.9 notify the Holders at any time when a Prospectus relating to such Registration
Statement is required to be delivered under the Securities Act, of the happening of any event
as a result of which the Prospectus included in such Registration Statement, as then in
effect, includes a Misstatement, and then to correct such Misstatement as set forth in
Section 3.4 hereof;

-11-

 

          3.1.10 permit a representative of the Holders, the Underwriters, if any, and any attorney
or accountant retained by such Holders or Underwriter to participate, at each such person’s
own expense, in the preparation of the Registration Statement, and cause the Company’s
officers, directors and employees to supply all information reasonably requested by any such
representative, Underwriter, attorney or accountant in connection with the Registration;
provided, however, that such representatives or Underwriters enter into a
confidentiality agreement, in form and substance reasonably satisfactory to the Company, prior
to the release or disclosure of any such information;

          3.1.11 obtain a “cold comfort” letter from the Company’s independent registered public
accountants in the event of an Underwritten Registration, in customary form and covering such
matters of the type customarily covered by “cold comfort” letters as the managing Underwriter
may reasonably request, and reasonably satisfactory to a majority-in-interest of the
participating Holders;

          3.1.12 on the date the Registrable Securities are delivered for sale pursuant to such
Registration, obtain an opinion, dated such date, of counsel representing the Company for the
purposes of such Registration, addressed to the Holders, the placement agent or sales agent,
if any, and the Underwriters, if any, covering such legal matters with respect to the
Registration in respect of which such opinion is being given as the Holders, placement agent,
sales agent, or Underwriter may reasonably request and as are customarily included in such
opinions, and reasonably satisfactory to a majority in interest of the participating Holders;

          3.1.13 in the event of any Underwritten Offering, enter into and perform its obligations
under an underwriting agreement, in usual and customary form, with the managing Underwriter of
such offering;

          3.1.14 make available to its security holders, as soon as reasonably practicable, an
earnings statement covering the period of at least twelve (12) months beginning with the first
day of the Company’s first full calendar quarter after the effective date of the Registration
Statement which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158
thereunder;

          3.1.15 if the Registration involves the Registration of Registrable Securities involving
gross proceeds in excess of $50,000,000, use its reasonable efforts to make available senior
executives of the Company to participate in customary “road show” presentations that may be
reasonably requested by the Underwriter in any Underwritten Offering; and

          3.1.16 otherwise, in good faith, cooperate reasonably with, and take such customary
actions as may reasonably be requested by the Holders, in connection with such Registration.

     3.2 Registration Expenses. The Registration Expenses of all Registrations shall be
borne by the Company. It is acknowledged by the Holders that the Holders shall bear all
incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’

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commissions and discounts, brokerage fees, Underwriter marketing costs and, other than as set
forth in the definition of “Registration Expenses,” all reasonable fees and expenses of any legal
counsel representing the Holders.

     3.3 Requirements for Participation in Underwritten Offerings. No person may
participate in any Underwritten Offering for equity securities of the Company pursuant to a
Registration initiated by the Company hereunder unless such person (i) agrees to sell such person’s
securities on the basis provided in any underwriting arrangements approved by the Company and (ii)
completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up
agreements, underwriting agreements and other customary documents as may be reasonably required
under the terms of such underwriting arrangements.

     3.4 Suspension of Sales; Adverse Disclosure. Upon receipt of written notice from the
Company that a Registration Statement or Prospectus contains a Misstatement, each of the Holders
shall forthwith discontinue disposition of Registrable Securities until it has received copies of a
supplemented or amended Prospectus correcting the Misstatement (it being understood that the
Company hereby covenants to prepare and file such supplement or amendment as soon as practicable
after the time of such notice), or until it is advised in writing by the Company that the use of
the Prospectus may be resumed. If the filing, initial effectiveness or continued use of a
Registration Statement in respect of any Registration at any time would require the Company to make
an Adverse Disclosure or would require the inclusion in such Registration Statement of financial
statements that are unavailable to the Company for reasons beyond the Company’s control, the
Company may, upon giving prompt written notice of such action to the Holders, delay the filing or
initial effectiveness of, or suspend use of, such Registration Statement for the shortest period of
time, but in no event more than thirty (30) days, determined in good faith by the Company to be
necessary for such purpose. In the event the Company exercises its rights under the preceding
sentence, the Holders agree to suspend, immediately upon their receipt of the notice referred to
above, their use of the Prospectus relating to any Registration in connection with any sale or
offer to sell Registrable Securities. The Company shall immediately notify the Holders of the
expiration of any period during which it exercised its rights under this Section 3.4.

     3.5 Reporting Obligations. As long as any Holder shall own Registrable Securities,
the Company, at all times while it shall be reporting under the Exchange Act, covenants to file
timely (or obtain extensions in respect thereof and file within the applicable grace period) all
reports required to be filed by the Company after the date hereof pursuant to Sections 13(a) or
15(d) of the Exchange Act and to promptly furnish the Holders with true and complete copies of all
such filings. The Company further covenants that it shall take such further action as any Holder
may reasonably request, all to the extent required from time to time to enable such Holder to sell
shares of the Common Stock held by such Holder without registration under the Securities Act within
the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act,
including providing any legal opinions. Upon the request of any Holder, the Company shall deliver
to such Holder a written certification of a duly authorized officer as to whether it has complied
with such requirements.

-13-

 

ARTICLE IV

INDEMNIFICATION AND CONTRIBUTION

     4.1 Indemnification.

          4.1.1 The Company agrees to indemnify, to the extent permitted by law, each Holder of
Registrable Securities, its officers and directors and each person who controls such Holder
(within the meaning of the Securities Act) against all losses, claims, damages, liabilities
and expenses (including attorneys’ fees) caused by any untrue or alleged untrue statement of
material fact contained in any Registration Statement, Prospectus or preliminary Prospectus or
any amendment thereof or supplement thereto or any omission or alleged omission of a material
fact required to be stated therein or necessary to make the statements therein not misleading,
except insofar as the same are caused by or contained in any information furnished in writing
to the Company by such Holder expressly for use therein. The Company shall indemnify the
Underwriters, their officers and directors and each person who controls such Underwriters
(within the meaning of the Securities Act) to the same extent as provided in the foregoing
with respect to the indemnification of the Holder.

          4.1.2 In connection with any Registration Statement in which a Holder of Registrable
Securities is participating, such Holder shall furnish to the Company in writing such
information and affidavits as the Company reasonably requests for use in connection with any
such Registration Statement or Prospectus and, to the extent permitted by law, shall indemnify
the Company, its directors and officers and agents and each person who controls the Company
(within the meaning of the Securities Act) against any losses, claims, damages, liabilities
and expenses (including without limitation reasonable attorneys’ fees) resulting from any
untrue statement of material fact contained in the Registration Statement, Prospectus or
preliminary Prospectus or any amendment thereof or supplement thereto or any omission of a
material fact required to be stated therein or necessary to make the statements therein not
misleading, but only to the extent that such untrue statement or omission is contained in any
information or affidavit so furnished in writing by such Holder expressly for use therein;
provided, however, that the obligation to indemnify shall be several, not
joint and several, among such Holders of Registrable Securities, and the liability of each
such Holder of Registrable Securities shall be in proportion to and limited to the net
proceeds received by such Holder from the sale of Registrable Securities pursuant to such
Registration Statement. The Holders of Registrable Securities shall indemnify the
Underwriters, their officers, directors and each person who controls such Underwriters (within
the meaning of the Securities Act) to the same extent as provided in the foregoing with
respect to indemnification of the Company.

          4.1.3 Any person entitled to indemnification herein shall (i) give prompt written notice
to the indemnifying party of any claim with respect to which it seeks indemnification
(provided that the failure to give prompt notice shall not impair any person’s right to
indemnification hereunder to the extent such failure has not materially prejudiced the
indemnifying party) and (ii) unless in such indemnified party’s reasonable judgment a conflict
of interest between such indemnified and indemnifying parties may exist with respect to such
claim, permit such indemnifying party to assume the defense of

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such claim with counsel reasonably satisfactory to the indemnified party. If such
defense is assumed, the indemnifying party shall not be subject to any liability for any
settlement made by the indemnified party without its consent (but such consent shall not be
unreasonably withheld). An indemnifying party who is not entitled to, or elects not to,
assume the defense of a claim shall not be obligated to pay the fees and expenses of more than
one counsel for all parties indemnified by such indemnifying party with respect to such claim,
unless in the reasonable judgment of any indemnified party a conflict of interest may exist
between such indemnified party and any other of such indemnified parties with respect to such
claim. No indemnifying party shall, without the consent of the indemnified party, consent to
the entry of any judgment or enter into any settlement which cannot be settled in all respects
by the payment of money (and such money is so paid by the indemnifying party pursuant to the
terms of such settlement) or which settlement does not include as an unconditional term
thereof the giving by the claimant or plaintiff to such indemnified party of a release from
all liability in respect to such claim or litigation.

          4.1.4 The indemnification provided for under this Agreement shall remain in full force
and effect regardless of any investigation made by or on behalf of the indemnified party or
any officer, director or controlling person of such indemnified party and shall survive the
transfer of securities. The Company and each Holder of Registrable Securities participating
in an offering also agrees to make such provisions as are reasonably requested by any
indemnified party for contribution to such party in the event the Company’s or such Holder’s
indemnification is unavailable for any reason.

          4.1.5 If the indemnification provided under Section 4.1 hereof from the
indemnifying party is unavailable or insufficient to hold harmless an indemnified party in
respect of any losses, claims, damages, liabilities and expenses referred to herein, then the
indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the
amount paid or payable by the indemnified party as a result of such losses, claims, damages,
liabilities and expenses in such proportion as is appropriate to reflect the relative fault of
the indemnifying party and the indemnified party, as well as any other relevant equitable
considerations. The relative fault of the indemnifying party and indemnified party shall be
determined by reference to, among other things, whether any action in question, including any
untrue or alleged untrue statement of a material fact or omission or alleged omission to state
a material fact, was made by, or relates to information supplied by, such indemnifying party
or indemnified party, and the indemnifying party’s and indemnified party’s relative intent,
knowledge, access to information and opportunity to correct or prevent such action;
provided, however, that the liability of any Holder under this subsection
4.1.5 shall be limited to the amount of the net proceeds received by such Holder in such
offering giving rise to such liability. The amount paid or payable by a party as a result of
the losses or other liabilities referred to above shall be deemed to include, subject to the
limitations set forth in subsections 4.1.1, 4.1.2 and 4.1.3 above, any
legal or other fees, charges or expenses reasonably incurred by such party in connection with
any investigation or proceeding. The parties hereto agree that it would not be just and
equitable if contribution pursuant to this subsection 4.1.5 were determined by pro
rata allocation or by any other method of allocation, which does not take account of the
equitable considerations referred to in this subsection 4.1.5. No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall
be

-15-

 

entitled to contribution pursuant to this subsection 4.1.5 from any person who
was not guilty of such fraudulent misrepresentation.

ARTICLE V

MISCELLANEOUS

     5.1 Notices. Any notice or communication under this Agreement must be in writing and
given by (i) deposit in the United States mail, addressed to the party to be notified, postage
prepaid and registered or certified with return receipt requested, (ii) delivery in person or by
courier service providing evidence of delivery, or (iii) transmission by hand delivery, telecopy,
telegram or facsimile. Each notice or communication that is mailed, delivered, or transmitted in
the manner described above shall be deemed sufficiently given, served, sent, and received, in the
case of mailed notices, on the third business day following the date on which it is mailed and, in
the case of notices delivered by courier service, hand delivery, telecopy, telegram or facsimile,
at such time as it is delivered to the addressee (with the delivery receipt or the affidavit of
messenger) or at such time as delivery is refused by the addressee upon presentation. Any notice
or communication under this Agreement must be addressed to the addressee at: 111 Huntington
Avenue, Suite 2900, Boston, Massachusetts 02199, or by facsimile at: (617) 753-1101. Any party
may change its address for notice at any time and from time to time by written notice to the other
parties hereto, and such change of address shall become effective thirty (30) days after delivery
of such notice as provided in this Section 5.1.

     5.2 Assignment; No Third Party Beneficiaries.

          5.2.1 This Agreement and the rights, duties and obligations of the Company hereunder may
not be assigned or delegated by the Company in whole or in part. Prior to the expiration of
the Founder Lock-Up Period or the Sponsor Lock-Up Period, as the case may be, no Holder may
assign or delegate their rights, duties or obligations under this Agreement in whole or in
part.

          5.2.2 Except as set forth in subsection 5.2.1 hereof, this Agreement and the
rights, duties and obligations of the Holders of Registrable Securities hereunder may be
assigned or delegated by such Holder of Registrable Securities in conjunction with and to the
extent of any transfer of Registrable Securities by any such Holder.

          5.2.3 This Agreement and the provisions hereof shall be binding upon and shall inure to
the benefit of each of the parties and its successors and the permitted assigns of the
Holders.

          5.2.4 This Agreement shall not confer any rights or benefits on any persons that are not
parties hereto, other than as expressly set forth in this Agreement and Section 5.2
hereof.

          5.2.5 No assignment by any party hereto of such party’s rights, duties and obligations
hereunder shall be binding upon or obligate the Company unless and until the Company shall
have received (i) written notice of such assignment as provided in Section 5.1 hereof
and (ii) the written agreement of the assignee, in a form reasonably satisfactory to the
Company, to be bound by the terms and provisions of this Agreement (which may be

-16-

 

accomplished by an addendum or certificate of joinder to this Agreement). Any transfer
or assignment made other than as provided in this Section 5.2 shall be null and void.

     5.3 Counterparts. This Agreement may be executed in multiple counterparts (including
facsimile or PDF counterparts), each of which shall be deemed an original, and all of which
together shall constitute the same instrument, but only one of which need be produced.

     5.4 Governing Law; Venue. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE
EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY AGREE THAT THIS AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF DELAWARE AS APPLIED TO AGREEMENTS AMONG
DELAWARE RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN DELAWARE, WITHOUT REGARD TO THE
CONFLICT OF LAW PROVISIONS OF SUCH JURISDICTION.

     5.5 Amendments and Modifications. Upon the written consent of the Company and the
Holders of at least sixty-six and two-thirds percent (66 2/3%) of the Registrable Securities at the
time in question, compliance with any of the provisions, covenants and conditions set forth in this
Agreement may be waived, or any of such provisions, covenants or conditions may be amended or
modified; provided, however, that notwithstanding the foregoing, any amendment
hereto or waiver hereof that adversely affects one Holder, solely in its capacity as a holder of
the shares of capital stock of the Company, in a manner that is materially different from the other
Holders (in such capacity) shall require the consent of the Holder so affected. No course of
dealing between any Holder or the Company and any other party hereto or any failure or delay on the
part of a Holder or the Company in exercising any rights or remedies under this Agreement shall
operate as a waiver of any rights or remedies of any Holder or the Company. No single or partial
exercise of any rights or remedies under this Agreement by a party shall operate as a waiver or
preclude the exercise of any other rights or remedies hereunder or thereunder by such party.

     5.6 Other Registration Rights. The Company represents and warrants that no person,
other than a Holder of Registrable Securities, has any right to require the Company to register any
securities of the Company for sale or to include such securities of the Company in any Registration
filed by the Company for the sale of securities for its own account or for the account of any other
person. Further, the Company represents and warrants that this Agreement supersedes any other
registration rights agreement or agreement with similar terms and conditions and in the event of a
conflict between any such agreement or agreements and this Agreement, the terms of this Agreement
shall prevail.

     5.7 Termination. This Agreement shall terminate and the registration rights granted
hereunder shall expire on the date that is five (5) years after the Prospectus Date;
provided, that such termination and expiration shall not affect registration rights
exercised prior to such date.

[SIGNATURE PAGES FOLLOW]

-17-

 

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

	 	 	 	 	 
	 	COMPANY:

JWC ACQUISITION CORP.,
a Delaware corporation

 	 
	 	By:  	 	 
	 	 	Adam L. Suttin 	 
	 	 	President 	 
	 
	 	HOLDERS:

JWC ACQUISITION, LLC,
a Delaware limited liability company

 	 
	 	By:  	 	 
	 	 	Adam L. Suttin 	 
	 	 	President 	 

-18-

 

	 	 	 	 	 
	 	 	 
	 	By:  	 	 
	 	 	John W. Childs 	 
	 	 	 
	 	By:  	 	 
	 	 	Adam L. Suttin 	 
	 	 	 
	 	By:  	 	 
	 	 	Arthur P. Byrne 	 
	 	 	 
	 	By:  	 	 
	 	 	David A. Fiorentino 	 
	 	 	 
	 	By:  	 	 
	 	 	Raymond B. Rudy 	 
	 	 	 
	 	By:  	 	 
	 	 	John Shulman 	 
	 	 	 
	 	By:  	 	 
	 	 	Jeffrey J. Teschke 	 
	 	 	 
	 	By:  	 	 
	 	 	William E. Watts 	 
	 
	 	SAWAYA CAPITAL PARTNERS, LLC,
a Delaware limited liability company

 	 
	 	By:  	 	 
	 	 	Fuad Sawaya 	 

-19-

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