Document:

Unassociated Document

    Corporate
      Acquirers, Inc.

    126
      East
      56th
      Street

    New
      York,
      NY 10022

    

     

    September
      27, 2007

    

    James
      P.
      Schadt

    c/o
      Corporate Acquirers, Inc.

    126
      East
      56th
      Street

    New
      York,
      NY 10022

    

    

    

    RE: Securities
      Subscription Agreement

    

    Dear
      Mr.
      Schadt:

    

    We
      are
      pleased to accept the offer you (the “Subscriber”)
      have
      made to purchase 250,000 shares (the “Shares”)
      of
      common stock, $0.0001 par value per share (the “Common
      Stock”),
      up to
      30,000 of which Shares are subject to complete or partial forfeiture (the
“Forfeiture”)
      to the
      extent the underwriters’ of the initial public offering of Corporate Acquirers,
      Inc., a Delaware corporation (the “Company”)
      do not
      exercise their over-allotment option. The terms on which the Company is willing
      to sell the Shares to the Subscriber, and the Company and the Subscriber’s
      agreements regarding such Shares, are as follows:

    

    1.
      Purchase
      of Shares.
      For the
      aggregate sum of $2,000.00 (the “Purchase
      Price”),
      which
      the Company acknowledges receiving in cash, the Company hereby sells and issues
      the Shares to the Subscriber, and the Subscriber hereby purchases the Shares
      from the Company, on the terms and subject to the conditions set forth in this
      Agreement. Concurrently with the Subscriber’s execution of this Agreement, the
      Company is delivering to the Subscriber a certificate registered in the
      Subscriber’s name representing the Shares, receipt of which the Subscriber
      hereby acknowledges.

    

    2. The
      Subscriber’s Representations, Warranties and Agreements.
      To
      induce the Company to issue the Shares to the Subscriber, the Subscriber hereby
      represents and warrants to the Company and agrees with the Company as
      follows:

    

    2.1. No
      Government Recommendation or Approval.
      The
      Subscriber understands that no United States federal or state agency or similar
      agency of any other country, has passed upon or made any recommendation or
      endorsement of the offering of the Shares.

    

    2.2. Experience,
      Financial Capability and Suitability.
      The
      Subscriber is sufficiently experienced in financial and business matters to
      be
      capable of evaluating the merits and risks of this investment and to make an
      informed decision relating thereto. The Subscriber is aware his investment
      in
      the Company is a speculative investment that has limited liquidity, because
      there may never be an established market for the Company’s securities. The
      Subscriber has the financial capability for making the investment and the
      investment is a suitable one for the Subscriber. The Subscriber can, without
      impairing his financial condition, hold the Shares for an indefinite period
      of
      time and can afford a complete loss of the investment. The Subscriber
      acknowledges that the Company has urged the Subscriber to seek independent
      advice from professional advisors relating to the suitability of an investment
      in the Company and in connection with this Agreement, and that the Subscriber
      has sought and received such independent professional advice with respect to
      such investment and this Agreement or, after careful consideration, the
      Subscriber has determined to waive his right to seek and/or receive such
      independent professional advice.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    2.3. Access
      to Information.
      Prior
      to the execution of this Agreement, the Subscriber has had the opportunity
      to
      ask questions of and receive answers from representatives of the Company
      concerning an investment in the Company, as well as the finances, operations,
      business and prospects of the Company, and the opportunity to obtain additional
      information to verify the accuracy of all information so obtained.

    

    2.4. Regulation
      D Offering.
      Subscriber represents that he is an “accredited investor” as such term is
      defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as
      amended (the “Securities Act”) and acknowledges the sale contemplated hereby is
      being made in reliance on a private placement exemption to “Accredited
      Investors” within the meaning of Section 501(a) of Regulation D under the
      Securities Act or similar exemptions under state law; and, accordingly, such
      securities will be “restricted securities” within the meaning of Rule 144(a)(3)
      under the Securities Act, and therefore may not be offered, pledged or sold
      by
      Subscriber, directly or indirectly, in the United States without registration
      under United States federal and state securities laws and Subscriber understands
      the certificates representing such securities will contain a legend in respect
      of such restrictions.

    

    2.5. Investment
      Purposes.
      Subscriber is purchasing the Shares solely for investment purposes, for the
      Subscriber’s own account and not for the account of benefit of any U.S. Person,
      and not with a view towards the distribution thereof and Subscriber has no
      present arrangement to sell the Shares to or through any person or entity.
      Subscriber shall not engage in hedging transactions with regard to the Shares
      unless in compliance with the Securities Act. 

     

    2.6. Restrictions
      on Transfer.
      Subscriber acknowledges and understands the Shares
      are being offered in a transaction not involving a public offering within the
      meaning of the Securities Act. The Shares have not been registered under the
      Securities Act, and, if in the future the Subscriber decides to offer, resell,
      pledge or otherwise transfer the Shares, such Shares may be offered, resold,
      pledged or otherwise transferred only (A) pursuant to an effective registration
      statement filed under the Securities Act, (B) pursuant to an exemption from
      registration under Rule 144 promulgated under the Securities Act, if available,
      or (C) pursuant to any other exemption from the registration requirements of
      the
      Securities Act, and in each case in accordance with any applicable securities
      laws of any state or any other jurisdiction. Subscriber agrees that if any
      transfer of its Shares or any interest therein is proposed to be made, as a
      condition precedent to any such transfer, Subscriber may be required to deliver
      to the Company an opinion of counsel satisfactory to the Company. Absent
      registration or another available exemption from registration, the Subscriber
      agrees that he will not resell the Shares. Subscriber further understands and
      acknowledges the Securities and Exchange Commission (the “SEC”) has taken the
      position the Subscriber would be considered a promoter under the Securities
      Act
      and that promoters or affiliates of a blank check company and their transferees,
      both before and after a business combination, would act as “underwriters” under
      the Securities Act when reselling the securities of that blank check company.
      Accordingly, Rule 144 promulgated under the Securities Act will not be available
      to the Subscriber for the resale of the Shares despite technical compliance
      with
      the requirements of Rule 144, in which event the resale transactions would
      need
      to be made through a registered offering.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    2.7 Pro-rata Forfeiture.
      Subscriber hereby acknowledges and understands that 30,000
      of
      the 250,000 Shares being offered herein are subject to partial or complete
      forfeiture in the event that the underwriters’ over-allotment option is not
      exercised, either partially or fully, as set forth in Section 3.4
      herein.

    

    3. Forfeiture
      of Shares; Escrow of Shares.

    

    3.1. Failure
      to Consummate Business Combination.
      All of
      the Shares initially shall be subject to forfeiture to the Company in accordance
      with this Section 3. The Shares shall be forfeited to the Company in the event
      the Company does not consummate a Business Combination, as such term is defined
      in the Company’s registration statement on Form S-1 under the Securities Act
      (the “Registration
      Statement”),
      with
      respect the Company’s initial public offering (the “IPO”)
      of its
      securities, within 24 months from the consummation of the IPO. 

    

    3.2. Termination
      of Rights as Stockholder.
      If the
      Shares are forfeited in accordance with this Section 3, then after such time
      the
      Subscriber (or successor in interest), shall no longer have any rights as a
      holder of such Shares, and the Company shall take such action as is appropriate
      to cancel such Shares. In addition, the Subscriber hereby irrevocably grants
      the
      Company a limited power of attorney for the purpose of effectuating the
      foregoing.

    

    3.3. Escrow.
      Upon
      consummation of the IPO, the Subscriber, and his designees, shall enter into
      a
      securities escrow agreement (the “Escrow
      Agreement”)
      with
      American Stock Transfer & Trust Company (the “Escrow
      Agent”),
      whereby the Shares shall be held in escrow until one year following the
      consummation of a Business Combination, unless the Company engages in a
      transaction after the consummation of the initial Business Combination that
      results in all of the stockholders of the combined entity having the right
      to
      exchange their shares of common stock for cash, securities or other property.
      As
      used herein, “Business Combination” shall mean an acquisition by the Company by
      merger, capital stock exchange, exchangeable share transaction, joint venture,
      asset or stock acquisition, or other similar business combination of one or
      more
      operating businesses. 

    

    3.4 Pro-rata
      Forfeiture. If
      the
      underwriters of the IPO fail to exercise any portion or all of the
      over-allotment option granted to them within 30-days of the effective date
      of
      the Company’s Registration Statement, then Subscriber shall automatically
      forfeit up to 30,000 shares of Common Stock purchased hereunder, such that
      Subscriber, together with the officers, directors and sponsor of the Company,
      shall, in the aggregate, beneficially own no greater than 20% of the Common
      Stock of the Company issued and outstanding pursuant to this Agreement and
      the
      Company’s IPO (but not including shares of Common Stock underlying warrants).

    

    4. Waiver
      of Liquidation Distributions; Redemption Rights.
      In
      connection with the Shares purchased pursuant to this Agreement and any other
      Company securities purchased on a private placement basis, the Subscriber hereby
      waives any and all right, title, interest or claim of any kind in or to any
      distributions by the Company from the Trust Account, as such term is defined
      in
      that certain Investment Management Trust Agreement, dated as of _____, by and
      between the Company and the trustee thereunder) in the event of a liquidation
      of
      the Company upon the Company’s failure to timely complete a Business
      Combination. For purposes of clarity, in the event the Subscriber purchases
      shares of Common Stock in the IPO or in the aftermarket, any additional shares
      so purchased shall be eligible to receive any liquidating distributions by
      the
      Company. However, in no event will Subscriber have the right to redeem any
      Shares into funds held in the Trust Account with the Escrow Agent in connection
      with a vote by the IPO stockholders on the Business Combination.

     

    
      
        
        

      

      
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    5. Restrictions
      on Transfer.

    

    5.1 Securities
      Law Restrictions.
      In
      addition to the restrictions contained in the Escrow Agreement, Subscriber
      agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all
      or
      any part of the Shares unless, prior thereto (a) a registration statement on
      the
      appropriate form under the Securities Act and applicable state securities laws
      with respect to the Shares proposed to be transferred shall then be effective
      or
      (b) the Company shall have received an opinion from counsel reasonably
      satisfactory to the Company, that such registration is not required because
      such
      transaction is exempt from registration under the Securities Act and the rules
      promulgated by the Securities and Exchange Commission thereunder and with all
      applicable state securities laws.

    

    5.2 Restrictive
      Legends.
      All
      certificates representing the Shares shall have endorsed thereon legends
      substantially as follows:

    

    “THE
      SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
      ACT
      OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND
      NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD,
      TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE
      REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR SUCH LAWS OR AN EXEMPTION
      FROM REGISTRATION UNDER THE SECURITIES ACT AND SUCH LAWS WHICH, IN THE OPINION
      OF COUNSEL FOR THIS CORPORATION, IS AVAILABLE.”

    

    “THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS AND
      CONDITIONS CONTAINED IN A STOCK ESCROW AGREEMENT (THE “AGREEMENT”) AND MAY NOT
      BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM
      OF
      THE ESCROW PERIOD (AS DEFINED IN THE AGREEMENT).”

    

    5.3. Additional
      Shares or Substituted Securities.
      In the
      event of the declaration of a stock dividend, the declaration of an
      extraordinary dividend payable in a form other than stock, a spin-off, a stock
      split, an adjustment in conversion ratio, a recapitalization or a similar
      transaction affecting the Company’s outstanding capital stock without receipt of
      consideration, any new, substituted or additional securities or other property
      which are by reason of such transaction distributed with respect to any Shares
      subject to this Section 5 or into which such Shares thereby become convertible
      shall immediately be subject to this Section 5 and Section 3.3. Appropriate
      adjustments to reflect the distribution of such securities or property shall
      be
      made to the number and/or class of Shares subject to this Section 5 and Section
      3.3.

     

    
      
        
        

      

      
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    6. Other
      Agreements.

    

    6.1. Further
      Assurances.
      Subscriber agrees to execute such further instruments and to take such further
      action as may reasonably be necessary to carry out the intent of this
      Agreement.

    

    6.2 No
      Obligation as to Employment. The
      Company is not by reason of this Agreement obligated to employ, or continue
      to
      employ, the Subscriber in any capacity.

    

    6.3. Notices.
      All
      notices, requests, consents and other communications hereunder shall be in
      writing, shall be addressed to the receiving party’s address set forth on the
      first page of this Agreement or to such other address as a party may designate
      by notice hereunder, and shall be either (a) delivered by hand, (b) sent by
      overnight courier, or (c) sent by certified mail, return receipt requested,
      postage prepaid. All notices, requests, consents and other communications
      hereunder shall be deemed to have been given either (i) if by hand, at the
      time
      of the delivery thereof to the receiving party at the address of such party
      set
      forth above, (ii) if sent by overnight courier, on the next business day
      following the day such notice is delivered to the courier service, or (iii)
      if
      sent by certified mail, on the fifth (5th)
      business day following the day such mailing is made.

    

    6.4. Entire
      Agreement.
      This
      Agreement, together with that certain letter agreement between Subscriber and
      the Company, substantially in the form filed as an exhibit to the Registration
      Statement, embodies the entire agreement and understanding between the
      Subscriber and the Company with respect to the subject matter hereof and
      supersedes all prior oral or written agreements and understandings relating
      to
      the subject matter hereof. No statement, representation, warranty, covenant
      or
      agreement of any kind not expressly set forth in this Agreement shall affect,
      or
      be used to interpret, change or restrict, the express terms and provisions
      of
      this Agreement.

    

    6.5. Modifications
      and Amendments.
      The
      terms and provisions of this Agreement may be modified or amended only by
      written agreement executed by all parties hereto.

    

    6.6. Waivers
      and Consents.
      The
      terms and provisions of this Agreement may be waived, or consent for the
      departure therefrom granted, only by written document executed by the party
      entitled to the benefits of such terms or provisions. No such waiver or consent
      shall be deemed to be or shall constitute a waiver or consent with respect
      to
      any other terms or provisions of this Agreement, whether or not similar. Each
      such waiver or consent shall be effective only in the specific instance and
      for
      the purpose for which it was given, and shall not constitute a continuing waiver
      or consent.

     

    
      
        
        

      

      
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    6.7. Assignment.
      The
      rights and obligations under this Agreement may not be assigned by either party
      hereto without the prior written consent of the other party.

    

    6.8. Benefit.
      All
      statements, representations, warranties, covenants and agreements in this
      Agreement shall be binding on the parties hereto and shall inure to the benefit
      of the respective successors and permitted assigns of each party hereto. Nothing
      in this Agreement shall be construed to create any rights or obligations except
      among the parties hereto, and no person or entity shall be regarded as a
      third-party beneficiary of this Agreement.

    

    6.9. Governing
      Law.
      This
      Agreement and the rights and obligations of the parties hereunder shall be
      construed in accordance with and governed by the law of State of New York,
      without giving effect to the conflict of law principles thereof.

    

    6.10. Severability.
      In the
      event that any court of competent jurisdiction shall determine that any
      provision, or any portion thereof, contained in this Agreement shall be
      unreasonable or unenforceable in any respect, then such provision shall be
      deemed limited to the extent that such court deems it reasonable and
      enforceable, and as so limited shall remain in full force and effect. In the
      event that such court shall deem any such provision, or portion thereof, wholly
      unenforceable, the remaining provisions of this Agreement shall nevertheless
      remain in full force and effect.

    

    6.11. No
      Waiver of Rights, Powers and Remedies.
      No
      failure or delay by a party hereto in exercising any right, power or remedy
      under this Agreement, and no course of dealing between the parties hereto,
      shall
      operate as a waiver of any such right, power or remedy of such party. No single
      or partial exercise of any right, power or remedy under this Agreement by a
      party hereto, nor any abandonment or discontinuance of steps to enforce any
      such
      right, power or remedy, shall preclude such party from any other or further
      exercise thereof or the exercise of any other right, power or remedy hereunder.
      The election of any remedy by a party hereto shall not constitute a waiver
      of
      the right of such party to pursue other available remedies. No notice to or
      demand on a party not expressly required under this Agreement shall entitle
      the
      party receiving such notice or demand to any other or further notice or demand
      in similar or other circumstances or constitute a waiver of the rights of the
      party giving such notice or demand to any other or further action in any
      circumstances without such notice or demand. 

    

    6.12. Survival
      of Representations and Warranties.
      All
      representations and warranties made by the parties hereto in this Agreement
      or
      in any other agreement, certificate or instrument provided for or contemplated
      hereby, shall survive the execution and delivery hereof and any investigations
      made by or on behalf of the parties.

     

    6.13. No
      Broker or Finder.
      Each of
      the parties hereto represents and warrants to the other that no broker, finder
      or other financial consultant has acted on its behalf in connection with this
      Agreement or the transactions contemplated hereby in such a way as to create
      any
      liability on the other. Each of the parties hereto agrees to indemnify and
      save
      the other harmless from any claim or demand for commission or other compensation
      by any broker, finder, financial consultant or similar agent claiming to have
      been employed by or on behalf of such party and to bear the cost of legal
      expenses incurred in defending against any such claim.

     

    
      
        
        

      

      
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    6.14. Headings
      and Captions.
      The
      headings and captions of the various subdivisions of this Agreement are for
      convenience of reference only and shall in no way modify or affect the meaning
      or construction of any of the terms or provisions hereof.

    

    6.15. Counterparts.
      This
      Agreement may be executed in one or more counterparts, all of which when taken
      together shall be considered one and the same agreement and shall become
      effective when counterparts have been signed by each party and delivered to
      the
      other party, it being understood that both parties need not sign the same
      counterpart.  In the event that any signature is delivered by facsimile
      transmission or by e-mail delivery of a “.pdf” format data file, such signature
      shall create a valid and binding obligation of the party executing (or on whose
      behalf such signature is executed) with the same force and effect as if such
      facsimile or “.pdf” signature page were an original thereof.

    

     

    (Signature
      page to follow)

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    If
      any
      foregoing accurately sets forth our understanding and agreement, please sign
      the
      enclosed copy of this agreement and return it to us.

    

    Very
      truly yours,

    

     CORPORATE
      ACQUIRERS, INC.

    

    

    

    By:
      ________________________________

    Name:
      

    Title:
      

    

    

    

    Accepted
      and agreed this 

    
      27th day
        of September,
        2007

    

    

    _____________________________

    James
      P.
      Schadt

     

    
      
        
        

      

      
        8Unassociated Document

    SUBSCRIPTION
      AGREEMENT

    

    

    SUBSCRIPTION
      AGREEMENT (this “Agreement”)
      made
      as of this 3rd
      day of
      February, 2008, by and between Corporate Acquirers, Inc., a Delaware corporation
      (the “Company”),
      having its principal place of business at 126 East 56th
      Street,
      New York, New York 10022, and Corporate Acquirers, LLC, a Delaware limited
      liability company, having its principal place of business at 126 East
      56th
      Street,
      New York, New York 10022 (“Subscriber”).

    

    WHEREAS,
      the Company desires to sell on a private placement basis (the “Offering”)
      an
      aggregate of 3,000,000 warrants (the “Warrants”)
      of the
      Company for a purchase price of $1.00 per Warrant. Each Warrant is exercisable
      to purchase one share of the Company’s common stock, par value $.0001 per share
      (the “Common
      Stock”),
      at an
      exercise price of $7.50 per share during the period commencing one day following
      the consummation of the Company’s Business Combination, as defined in the
      Company’s Registration Statement on Form S-1, File No. 333-149037 (the
“Registration
      Statement”)
      for
      its initial public offering of 10,000,000 units of Common Stock and Common
      Stock
      Purchase Warrants (the “IPO”)
      and
      expiring on the fourth anniversary of the effective date of the Registration
      Statement;

    

    WHEREAS,
      Subscriber wishes to purchase the Warrants and the Company wishes to accept
      such
      subscription. 

     

    NOW,
      THEREFORE, in consideration of the premises and the mutual covenants hereinafter
      set forth and other good and valuable consideration, the receipt and sufficiency
      of which are hereby acknowledged, the Company and Subscriber hereby agree as
      follows

    

    1. 
      Agreement
      to Subscribe

    

    1.1. Purchase
      and Issuance of the Warrants.
      Upon
      the terms and subject to the conditions of this Agreement, Subscriber hereby
      agrees to purchase from the Company, and the Company hereby agrees to sell
      to
      the Subscriber, on the Closing Date, the Warrants for an aggregate purchase
      price of $3,000,000 (the “Purchase
      Price”).

    

    1.2. Delivery
      of the Purchase Price.
      Upon
      execution of this Agreement, the undersigned is hereby bound to fulfill its
      obligations hereunder and hereby irrevocably commits to deliver into a trust
      account at a financial institution to be chosen by the Company, maintained
      by
      American Stock Transfer & Trust Company, acting as Trustee, on the date of
      Closing (as hereinafter defined), the Purchase Price in immediately available
      funds by certified bank check, wire transfer or such other form of payment
      as
      shall be acceptable to the Trustee, in its sole and absolute discretion, at
      the
      Closing.

    

    1.3. Closing.
      The
      closing (the “Closing”)
      of the
      Offering, shall take place at the offices of the Company, immediately prior
      to
      the effective date of the Registration Statement relating to the IPO (the
“Closing
      Date”).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    2. Representations
      and Warranties of the Subscriber

    

    Subscriber
      represents and warrants to the Company that:

    

    2.1. No
      Government Recommendation or Approval.
      Subscriber understands that no United States federal or state agency has passed
      upon or made any recommendation or endorsement of the Company or the Offering
      of
      the Warrants or the Common Stock underlying the Warrants (the “Warrant
      Shares”
and,
      collectively with the Warrants, the “Securities”).

    

    2.2. Regulation
      D Offering.
      Subscriber represents that it is an “accredited investor” as such term is
      defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as
      amended (the “Securities
      Act”)
      and
      acknowledges the sale contemplated hereby is being made in reliance on a private
      placement exemption to “Accredited Investors” within the meaning of Section
      501(a) of Regulation D under the Securities Act or similar exemptions under
      state law; and, accordingly, such securities will be “restricted securities”
within the meaning of Rule 144(a)(3) under the Securities Act, and therefore
      may
      not be offered, pledged or sold by it, directly or indirectly, in the United
      States without registration under United States federal and state securities
      laws and Subscriber understands the certificates representing the such
      securities will contain a legend in respect of such restrictions.

    

    2.3. Intent.
      Subscriber is purchasing the Warrants solely for investment purposes, for the
      Subscriber’s own account and not for the account or benefit of any U.S. Person,
      and not with a view towards the distribution thereof and Subscriber has no
      present arrangement to sell the Securities to or through any person or entity.
      Subscriber shall not engage in hedging transactions with regard to the Warrants
      and the underlying securities unless in compliance with the Securities
      Act.

    

    2.4. Restrictions
      on Transfer.
      Subscriber acknowledges and understands the Warrants are being offered in a
      transaction not involving a public offering in the United States within the
      meaning of the Securities Act. The Securities have not been registered under
      the
      Securities Act, and, if in the future the Subscriber decides to offer, resell,
      pledge or otherwise transfer the Securities, such Securities may be offered,
      resold, pledged or otherwise transferred only (A) pursuant to an effective
      registration statement filed under the Securities Act, (B) pursuant to an
      exemption from registration under Rule 144 promulgated under the Securities
      Act,
      if available, or (C) pursuant to any other available exemption from the
      registration requirements of the Securities Act, and in each case in accordance
      with any applicable securities laws of any state or any other jurisdiction.
      Subscriber agrees that if any transfer of its Securities or any interest therein
      is proposed to be made, as a condition precedent to any such transfer,
      Subscriber may be required to deliver to the Company an opinion of counsel
      satisfactory to the Company. Absent registration or another available exemption
      from registration, the Subscriber agrees it will not resell the Securities.
      Subscriber explicitly understands and acknowledges the Securities and Exchange
      Commission (the “SEC”)
      has
      taken the position the Subscriber would be considered a promoter under the
      Securities Act and that promoters or affiliates of a blank check company and
      their transferees, both before and after a business combination, would act
      as
“underwriters” under the Securities Act when reselling the securities of that
      blank check company. Accordingly, Rule 144 promulgated under the Securities
      Act
      will not be available to the Subscriber for the resale of the Securities despite
      technical compliance with the requirements of Rule 144, in which event the
      resale transactions would need to be made through a registered offering.

     

    
      
        
        

      

      
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    2.5. Sophisticated
      Investor.

    

    (i)
         Subscriber is sophisticated in financial matters and is able to
      evaluate the risks and benefits of the investment in the
      Securities.

    

    (ii)
         Subscriber is aware that an investment in the Warrants is highly
      speculative and subject to substantial risks because, among other things, none
      of the Securities have been registered under the Securities Act and therefore
      cannot be sold unless subsequently registered under the Securities Act or an
      exemption from such registration is available. Subscriber is able to bear the
      economic risk of its investment in the Securities for an indefinite period
      of
      time. Notwithstanding the foregoing, Subscriber further understands and
      acknowledges the SEC has taken the position that the Subscriber is considered
      a
      promoter under the Securities Act and that promoters or affiliates of a blank
      check company and their transferees, both before and after the Business
      Combination, would act as an “underwriter” under the Securities Act when
      reselling the securities of that blank check company. Accordingly, Rule 144
      promulgated under the Securities Act would not be available for the resale
      of
      the Securities despite technical compliance with the requirements of Rule 144,
      in which event the resale transactions would need to be made through a
      registered offering.

    

    2.6.
      Independent
      Investigation.
      Subscriber, in making the decision to purchase the Warrants, has relied upon
      an
      independent investigation of the Company and has not relied upon any information
      or representations made by any third parties or upon any oral or written
      representations or assurances from the Company, its officers, directors or
      employees or any other representatives or agents of the Company, other than
      as
      set forth in this Agreement. Subscriber is familiar with the business,
      operations and financial condition of the Company and has had an opportunity
      to
      ask questions of, and receive answers from, the Company’s officers and directors
      concerning the Company and the terms and conditions of the offering of the
      Warrants and has had full access to such other information concerning the
      Company as the Subscriber has requested. Subscriber confirms that all documents
      that it has requested have been made available and that the Subscriber has
      been
      supplied with all of the additional information concerning this investment
      which
      Subscriber has requested.

    

    2.7. Authority.
      This
      Agreement has been validly authorized, executed and delivered by Subscriber
      and
      is a valid and binding agreement enforceable in accordance with its terms,
      subject to the general principles of equity and to bankruptcy or other laws
      affecting the enforcement of creditors’ rights generally. The execution,
      delivery and performance of this Agreement by Subscriber does not and will
      not
      conflict with, violate or cause a breach of any agreement, contract or
      instrument to which Subscriber is a party.

    

    2.8. No
      Legal Advice from Company.
      Subscriber acknowledges it has had the opportunity to review this Agreement
      and
      the transactions contemplated by this Agreement and the other agreements entered
      into between the parties hereto with the Subscriber’s own legal counsel and
      investment and tax advisors. Except for any statements or representations of
      the
      Company made in this Agreement and the other agreements entered into between
      the
      parties hereto, Subscriber is relying solely on such counsel and advisors and
      not on any statements or representations of the Company or any of its
      representatives or agents for legal, tax or investment advice with respect
      to
      this investment, the transactions contemplated by this Agreement or the
      securities laws of any jurisdiction.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    2.9.
      Reliance
      on Representations and Warranties.
      Subscriber understands the Warrants are being offered and sold to Subscriber
      in
      reliance on exemptions from the registration requirements under the Securities
      Act, and analogous provisions in the laws and regulations of various states,
      and
      that the Company is relying upon the truth and accuracy of the representations,
      warranties, agreements, acknowledgments and understandings of the Subscriber
      set
      forth in this Agreement in order to determine the applicability of such
      provisions.  

    

    2.10. No
      Advertisements.
      The
      undersigned is not subscribing for the Warrants as a result of or subsequent
      to
      any advertisement, article, notice or other communication published in any
      newspaper, magazine, or similar media or broadcast over television or radio,
      or
      presented at any seminar or meeting.

    

    2.11. Legend.
      Subscriber acknowledges and agrees the certificates evidencing the Warrants
      and
      the Warrant Shares shall bear a restrictive legend (the “Legend”),
      in
      form and substance as set forth in Section 4 hereof, prohibiting the offer,
      sale, pledge or transfer of the securities, except (i) pursuant to an effective
      registration statement covering these securities under the Securities Act or
      (ii) pursuant to any other exemptions from the registration requirements under
      the Securities Act and such laws which, in the opinion of counsel for this
      Company, is available.

     

    3. Representations
      and Warranties of the Company

    

    The
      Company represents and warrants to Subscriber that:

    

    3.1. Valid
      Issuance of Capital Stock.
      The
      total number of shares of all classes of capital stock which the Company will
      have authority to issue is 50,000,000 shares of Common Stock and 1,000,000
      shares of Preferred Stock. As of the date hereof, the Company has 3,125,000
      shares of Common Stock (of which 375,000 shares are subject to forfeiture as
      described in the Registration Statement) and no shares of Preferred Stock issued
      and outstanding. All of the issued shares of capital stock of the Company have
      been duly authorized, validly issued, and are fully paid and
      non-assessable.

    

    3.2. Organization
      and Qualification.
      The
      Company is a corporation duly incorporated and existing in good standing under
      the laws of the state of Delaware and has the requisite corporate power to
      own
      its properties and assets and to carry on its business as now being
      conducted.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    3.3. Authorization;
      Enforcement.
      (i) The
      Company has the requisite corporate power and authority to enter into and
      perform its obligations under this Agreement and to issue the Warrants and
      the
      underlying securities in accordance with the terms hereof, (ii) the execution,
      delivery and performance of this Agreement by the Company and the consummation
      by it of the transactions contemplated hereby have been duly authorized by
      all
      necessary corporate action, and no further consent or authorization of the
      Company or its Board of Directors or stockholders is required, and (iii) this
      Agreement constitutes valid and binding obligations of the Company enforceable
      against the Company in accordance with its terms, except as such enforceability
      may be limited by applicable bankruptcy, insolvency, fraudulent conveyance,
      moratorium, reorganization, or similar laws relating to, or affecting generally
      the enforcement of, creditors’ rights and remedies or by equitable principles of
      general application and except as enforcement of rights to indemnity and
      contribution may be limited by federal and state securities laws or principles
      of public policy.

      

    3.4.
      No
      Conflicts.
      The
      execution, delivery and performance of this Agreement and the consummation
      by
      the Company of the transactions contemplated hereby do not (i) result in a
      violation of the Company’s Certificate of Incorporation or Bylaws or (ii)
      conflict with, or constitute a default under any agreement, indenture or
      instrument to which the Company is a party. Other than any SEC or state
      securities filings which may be required to be made by the Company subsequent
      to
      the Closing, and any registration statement which may be filed pursuant thereto,
      the Company is not required under federal, state or local law, rule or
      regulation to obtain any consent, authorization or order of, or make any filing
      or registration with, any court or governmental agency or self-regulatory entity
      in order for it to perform any of its obligations under this Agreement or issue
      the Common Stock in accordance with the terms hereof.

    

    4. Legends

    

    4.1. Legend.
      The
      Company will issue the Warrants, and when issued, the Warrant Shares, purchased
      by the Subscriber in the name of the Subscriber. The Securities will bear the
      following Legend and appropriate “stop transfer” instructions:

    

    “THE
      SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
      ACT
      OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND
      NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD,
      TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE
      REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR SUCH LAWS OR AN EXEMPTION
      FROM REGISTRATION UNDER THE SECURITIES ACT AND SUCH LAWS WHICH, IN THE OPINION
      OF COUNSEL FOR THIS CORPORATION, IS AVAILABLE.”

    

    THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS AND
      CONDITIONS CONTAINED IN A SECURITIES ESCROW AGREEMENT (THE “AGREEMENT”) AND MAY
      NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE
      TERM
      OF THE ESCROW PERIOD (AS DEFINED IN THE AGREEMENT).”

      

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    4.2. Subscriber’s
      Compliance.
      Nothing
      in this Section 4 shall affect in any way the Subscribers’ obligations and
      agreements to comply with all applicable securities laws upon resale of the
      Securities.

    

    4.3. Company’s
      Refusal to Register Transfer of the Securities.
      The
      Company shall refuse to register any transfer of the Securities, if in the
      sole
      judgment of the Company such purported transfer would not be made (i) pursuant
      to an effective registration statement filed under the Securities Act, or (ii)
      pursuant to an available exemption from the registration requirements of the
      Securities Act.

    

    5. Escrow.
      Upon
      consummation of the IPO, the Subscriber shall enter into a securities escrow
      agreement (the “Escrow
      Agreement”)
      with
      American Stock Transfer & Trust Company, whereby the Warrants shall be held
      in escrow until the earlier of (i) one day following consummation of a Business
      Combination and (ii) the liquidation of the Company. 

     

    
      6.Securities
        Laws Restrictions.

    

     

    In
      addition to the restrictions contained in the Escrow Agreement, Subscriber
      agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all
      or
      any part of the Securities unless, prior thereto (a) a registration statement
      on
      the appropriate form under the Securities Act and applicable state securities
      laws with respect to the Securities proposed to be transferred shall then be
      effective or (b) the Company shall have received an opinion from counsel
      reasonably satisfactory to the Company, that such registration is not required
      because such transaction complies with the Securities Act and the rules
      promulgated by the Securities and Exchange Commission thereunder and with all
      applicable state securities laws. 

    

    7. Waiver
      of Liquidation Distributions.

    

    In
      connection with the Securities purchased pursuant to this Agreement, and with
      respect to any Common Stock purchased by Subscriber prior to the private
      placement, Subscriber hereby waives any and all right, title, interest or claim
      of any kind in or to any liquidating distributions by the Company in the event
      of a liquidation of the Company upon the Company’s failure to timely complete a
      Business Combination. For purposes of clarity, in the event Subscriber purchases
      shares of Common Stock in the IPO or in the aftermarket, any additional shares
      so purchased shall be eligible to receive any liquidating distributions by
      the
      Company. In no event will Subscriber have the right to exercise any Warrants
      prior to consummation of a Business Combination.

    

    8.
      Forfeiture
      of Warrants.

     

    8.1. Failure
      to Consummate Business Combination.
      The
      Warrants shall be forfeited to the Company in the event that the Company does
      not consummate a Business Combination within 24 months from the consummation
      of
      the IPO.

    

    8.2. Termination
      of Rights as Holder; Escrow.
      If the
      Warrants are forfeited in accordance with this Section 8, then after such time
      the Subscriber (or successor in interest), shall no longer have any rights
      as a
      holder of such Warrants, and the Company shall take such action as is
      appropriate to cancel such Warrants. To effectuate the foregoing, all
      certificates representing the Warrants shall be held in escrow as provided
      in
      Section 5 hereof. In addition, Subscriber hereby irrevocably grants the Company
      a limited power of attorney for the purpose of effectuating the
      foregoing.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    9. Rescission
      Right Waiver and Indemnification.
      

     

    9.1. Subscriber
      understands and acknowledges an exemption from the registration requirements
      of
      the Securities Act requires there be no general solicitation of purchasers
      of
      the Warrants. In this regard, if the IPO were deemed to be a general
      solicitation with respect to the Warrants, the offer and sale of such Warrants
      may not be exempt from registration and, if not, the Subscriber may have a
      right
      to rescind its purchase of the Warrants. In order to facilitate the completion
      of the Offering and in order to protect the Company, its stockholders and the
      trust account from claims that may adversely affect the Company or the interests
      of its stockholders, Subscriber hereby agrees to waive, to the maximum extent
      permitted by applicable law, any claims, right to sue or rights in law or
      arbitration, as the case may be, to seek rescission of its purchase of the
      Warrants. Subscriber acknowledges and agrees this waiver is being made in order
      to induce the Company to sell the Warrants to the Subscriber. Subscriber agrees
      the foregoing waiver of rescission rights shall apply to any and all known
      or
      unknown actions, causes of action, suits, claims or proceedings (collectively,
      “Claims”)
      and
      related losses, costs, penalties, fees, liabilities and damages, whether
      compensatory, consequential or exemplary, and expenses in connection therewith,
      including reasonable attorneys’ and expert witness fees and disbursements and
      all other expenses reasonably incurred in investigating, preparing or defending
      against any Claims, whether pending or threatened, in connection with any
      present or future actual or asserted right to rescind the purchase of the
      Warrants hereunder or relating to the purchase of the Warrants and the
      transactions contemplated hereby. 

     

    9.2. Subscriber
      agrees not to seek recourse against the trust account for any reason whatsoever
      in connection with its purchase of the Warrants or any Claim that may arise
      now
      or in the future. 

     

    9.3. Subscriber
      acknowledges and agrees the stockholders of the Company, Deutsche Bank
      Securities Inc. and Pali Capital, Inc. are and shall be third-party
      beneficiaries of the foregoing provisions of this Agreement. 

     

    9.4.
       Subscriber
      agrees that to the extent any waiver of rights under this Section 9 is
      ineffective as a matter of law, Subscriber has offered such waiver for the
      benefit of the Company as an equitable right that shall survive any statutory
      disqualification or bar that applies to a legal right. Subscriber acknowledges
      the receipt and sufficiency of consideration received from the Company hereunder
      in this regard.

    

    10. Terms
      of the Warrant

    

    The
      Warrants are substantially identical to the warrants included in the units
      offered in the IPO, except: (i) they
      will not have a claim to the funds held in the trust account, (ii) they
      will be placed in escrow and not released before, except in limited
      circumstances, the first business day following consummation of the Business
      Combination, (iii) they are being purchased pursuant to an exemption from
      the registration requirements of the Securities Act and will become freely
      tradable only after they are registered pursuant to a registration rights
      agreement to be signed on or before the effective date of the Registration
      Statement, (iv) they will be non-redeemable so long as they are held
by
      the
      Subscriber (or any of its permitted transferees),
      and
      (v) they are exercisable (a) on a “cashless” basis if
      held
      by the Subscriber or its permitted assigns
      and (b)
      in the absence of an effective registration statement covering the shares of
      Common Stock underlying the Warrants. In
      no
      event will the Company be required to net cash settle the Warrant
      exercise.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    11. Voting
      of Shares.

    

    Subscriber
      agrees to vote the shares of Common Stock owned by it immediately before this
      private placement in accordance with the majority of the shares of Common Stock
      voted by the public stockholders. Subscriber further agrees to vote the Common
      Stock acquired in the IPO or the aftermarket in favor of the Business
      Combination that the Company negotiates and presents for approval to the
      Company’s stockholders.

    

    12.
      Governing
      Law; Jurisdiction;
      Waiver
      of Jury Trial

    

    This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of Delaware for agreements made and to be wholly performed within such
      state. The parties hereto hereby waive any right to a jury trial in connection
      with any litigation pursuant to this Agreement and the transactions contemplated
      hereby.

    

    13. Assignment;
      Entire Agreement; Amendment

    

    13.1. Assignment.
      Neither
      this Agreement nor any rights hereunder may be assigned by any party to any
      other person other than by Subscriber to a person agreeing to be bound by the
      terms hereof.

    

    13.2. Entire
      Agreement.
      This
      Subscription Agreement sets forth the entire agreement and understanding between
      the parties as to the subject matter thereof and merges and supersedes all
      prior
      discussions, agreements and understandings of any and every nature among
      them.

     

    13.3. Amendment.
      Except
      as expressly provided in this Agreement, neither this Agreement nor any term
      hereof may be amended, waived, discharged or terminated other than by a written
      instrument signed by the party against whom enforcement of any such amendment,
      waiver, discharge or termination is sought.

    

    13.4.
      Binding
      upon Successors.
      This
      Agreement shall be binding upon and inure to the benefit of the parties hereto
      and to their respective heirs, legal representatives, successors and permitted
      assigns.

    

    14. Notices;
      Indemnity

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    14.1
      Notices.
      Unless
      otherwise provided herein, any notice or other communication to a party
      hereunder shall be sufficiently given if in writing and personally delivered
      or
      sent by facsimile or other electronic transmission with copy sent in another
      manner herein provided or sent by courier (which for all purposes of this
      Agreement shall include Federal Express or other recognized overnight courier)
      or mailed to said party by certified mail, return receipt requested, at its
      address provided for herein or such other address as either may designate for
      itself in such notice to the other. Communications shall be deemed to have
      been
      received when delivered personally, on the scheduled arrival date when sent
      by
      next day or 2-day courier service, or if sent by facsimile upon receipt of
      confirmation of transmittal or, if sent by mail, then three days after deposit
      in the mail. If given by electronic transmission, such notice shall be deemed
      to
      be delivered (a) if by electronic mail, when directed to an electronic mail
      address at which the stockholder has consented to receive notice; (b) if by
      a
      posting on an electronic network together with separate notice to the
      stockholder of such specific posting, upon the later of (1) such posting and
      (2)
      the giving of such separate notice; and (c) if by any other form of electronic
      transmission, when directed to the stockholder.

    

    14.2 Indemnification.
      Each
      party shall indemnify the other against any loss, cost or damages (including
      reasonable attorney’s fees and expenses) incurred as a result of such party’s
      breach of any representation, warranty, covenant or agreement in this
      Agreement.

    

    15.
      Counterparts

    

    This
      Agreement may be executed in one or more counterparts, all of which when taken
      together shall be considered one and the same agreement and shall become
      effective when counterparts have been signed by each party and delivered to
      the
      other party, it being understood that both parties need not sign the same
      counterpart.  In the event that any signature is delivered by facsimile
      transmission or by e-mail delivery of a “.pdf” format data file, such signature
      shall create a valid and binding obligation of the party executing (or on whose
      behalf such signature is executed) with the same force and effect as if such
      facsimile or “.pdf” signature page were an original thereof.

    

    16.
      Survival;
      Severability

    

    16.1. Survival.
      The
      representations, warranties, covenants and agreements of the parties hereto
      shall survive the Closing.

    

    16.2. Severability.
      In the
      event that any provision of this Agreement becomes or is declared by a court
      of
      competent jurisdiction to be illegal, unenforceable or void, this Agreement
      shall continue in full force and effect without said provision; provided that
      no
      such severability shall be effective if it materially changes the economic
      benefit of this Agreement to any party.

    

    17. Headings.

    

    The
      titles and subtitles used in this Agreement are used for convenience only and
      are not to be considered in construing or interpreting this
      Agreement.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    This
      subscription is accepted by the Company on the 3rd
      day of
      February, 2008.

    

    

    CORPORATE
      ACQUIRERS, INC.

    

     

    By:
      ____________________________

    Name:
      G.
      Richard Thoman

    Title:
      Chairman, Chief Executive Officer and President

     

    

     

    CORPORATE
      ACQUIRERS, LLC

    

    

    By:
      _______________________________

    Name:
      

    Title:
      

     

    
      
        
        

      

      
        10

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