Document:

TRUST ACCOUNT AGREEMENT 

This TRUST ACCOUNT AGREEMENT (the “Agreement”) is made as of [___________ ___, 200__] by and between BPW Acquisition Corp., a Delaware corporation (the “Company”), and MELLON BANK, N.A., a national banking association, as account agent (the “Account Agent”). 

RECITALS:

WHEREAS, the Company’s Registration Statement on Form S-1, No. 333-147439 (“Registration Statement”), for its initial public offering (“IPO”) of its units, each comprised of one share of common stock, par value $0.0001 per share, and one warrant to purchase one share of common stock, has been declared effective as of the date hereof by the Securities and Exchange Commission; 

WHEREAS, Citigroup Global Markets Inc. is acting as the representative (the “Representative”) of the underwriters in the IPO (the “Underwriters”) pursuant to an underwriting agreement dated on or about the date hereof between the Company and the Underwriters (the “Underwriting Agreement”); 

WHEREAS, as described in the Company’s Registration Statement, and in accordance with the Company’s Amended and Restated Certificate of Incorporation, $371,500,000 of the net proceeds of the IPO and the proceeds of the sale to Perella Weinberg Partners Acquisition LP and BNYH BPW Holdings LLC of warrants to purchase shares of common stock ($426,062,500 if the Underwriters’ over-allotment option is exercised in full) will be delivered to the Account Agent (the “Account Property”) to be deposited and held in a trust account for the benefit of the Company, the Underwriters and the holders of the Company’s securities issued and sold in the IPO as hereinafter provided (the “Public
Stockholders,” and collectively with the Underwriters and the Company, the “Beneficiaries”); 

WHEREAS, pursuant to the Underwriting Agreement, a portion of the Account Property equal to $15,000,000 (or $17,250,000 if the Underwriters’ over-allotment option is exercised in full or a pro rata portion thereof pursuant to the terms of the Underwriting Agreement if the Underwriter’s over-allotment option is exercised in part, but not in full, prior to the time of its expiration) is attributable to deferred underwriting discounts and commissions (the “Deferred Discount”) that will become payable by the Company to the Underwriters upon the consummation of an initial business combination with a target business or target businesses as described in the Registration Statement (a “Business
Combination”); and 

WHEREAS, the Company desires to enter into this Agreement to set forth the terms and conditions pursuant to which the Account Agent shall hold the Account Property; 

NOW, THEREFORE, in consideration of the premises herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 

 

 

Section 1. Appointment of Account Agent; Deposit of Account Property. The Account Agent is hereby instructed to establish a segregated trust account (Account Number ____________) (the “Trust Account”) at Mellon Bank, N.A. The Company shall cause the Account Property to be delivered to the Account Agent in connection with the closing of the IPO, and the Account Agent is hereby instructed to hold the Account Property in the Trust Account in accordance with this Agreement. The Account Agent shall acknowledge receipt of the Account Property. 

Section 2. Investment by Account Agent. In a timely manner, upon the written instruction of the Company, the Account Agent shall invest and reinvest the Account Property only in (a) U.S. “government securities,” defined as any Treasury Bill issued by the United States having a maturity of 180 days or less or (b) one or more money market funds for which The Dreyfus Corporation or any subsidiary or affiliate thereof serves as investment advisor, administrator, shareholder servicing agent, custodian or subcustodian, selected by the Company, which money market funds invest only in U.S. “government securities” and otherwise meeting the conditions under Rule 2a-7 under the Investment Company Act of 1940, as amended, notwithstanding that (i) The Dreyfus Corporation is an affiliate of the
Account Agent, (ii) the Account Agent and any of its affiliates may charge, collect and retain for its own account fees and expenses from such funds for services rendered (provided that such charges, fees and expenses are on terms consistent with terms negotiated at arm’s length) and (iii) the Account Agent and any of its affiliates may charge, collect and retain for its own account fees and expenses for services rendered pursuant to this Agreement and for services rendered to the Company under other agreements, including without limitation for services as transfer agent, warrant agent or escrow agent, and may, in addition to such fees and expenses, earn other income relating to the Account Property. The Account Agent shall collect and receive in trust, when due, all principal and income arising from the Account Property, which shall become part of the Account Property, as such term is used herein. 

Section 3. Distribution and Release of Account Property. The Account Agent shall commence liquidation of the Trust Account only after receipt of and only in accordance with the terms of a letter (a “Termination Letter”), in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B, signed on behalf of the Company by its Chief Executive Officer, Vice Chairman or any Senior Vice President, and complete the liquidation of the Trust Account and distribute the Account Property in the Trust Account only as directed in the Termination
Letter and the other documents referred to therein, provided, however, that in the event that a Termination Letter has not been received by the Account Agent by the Last Date (as defined in Section 5(g) below), the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B hereto and distributed to the Public Stockholders of record as of the Last Date. In all cases, the Account Agent shall provide the Representative with a copy of any Termination Letters and/or any other correspondence that it receives with respect to any proposed withdrawal from the Trust Account promptly after it receives same. The Account Agent shall also disburse such funds from the Trust Account from time to time,
upon written request from the Company, (a) as may be necessary to pay in a timely manner any taxes incurred as a result of interest or other income earned on the Account Property upon receipt and only in accordance with the terms of a letter (a “Tax Disbursement Letter”), in a form substantially similar to that attached hereto as Exhibit C, signed on behalf of the Company by its Chief Executive Officer, Vice Chairman or any Senior Vice President, and complete the 

 

 

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disbursement of funds from the Trust Account and distribute such funds only as directed in the Tax Disbursement Letter and the other documents referred to therein, (b) in the amount requested by the Company to be used for working capital requirements upon receipt and only in accordance with the terms of a letter (an “Interest Withdrawal Letter”) in a form substantially similar to that attached hereto as Exhibit D, signed on behalf of the Company by its Chief Executive Officer, Vice Chairman or any Senior Vice President, and complete the disbursement of funds from the Trust Account and distribute such funds only as directed in the Interest Withdrawal Letter and the other documents referred to therein and (c) as may be necessary
for distribution of funds to Public Stockholders who exercised their conversion rights in connection with an Extension (as defined in Section 5(g) below) upon receipt and only in accordance with the terms of an Extension Notification Letter (as defined in Section 5(g) below) signed on behalf of the Company by its Chief Executive Officer, Vice Chairman or any Senior Vice President, and complete the disbursement of funds from the Trust Account and distribute such funds only as directed in the Extension Notification Letter and the other documents referred to therein; provided, however, that the aggregate amount of all such distributions pursuant to this clause (b) shall not exceed the lesser of (x) the aggregate amount of interest and any other income actually received or paid on amounts in the Trust Account less an amount equal to any disbursements that have or are estimated to be (assuming an income tax rate
of 40%) made pursuant to clause (b) of this section and (y) $4,000,000 (subject to proportional adjustment in the event that the Underwriters’ over allotment option is exercised in full or in part). 

Section 4. Agreements and Covenants of Account Agent. The Account Agent hereby agrees and covenants to: 

(a) Hold the Account Property in the Trust Account in trust in accordance with the terms of this Agreement; 

(b) Manage, supervise and administer the Trust Account in accordance with the terms and conditions set forth herein; 

(c) As promptly as practicable, notify the Company of all communications received by it with respect to any Account Property requiring action by the Company; 

(d) As promptly as practicable, supply any necessary information or documents as may be reasonably requested by the Company in connection with the Company’s preparation of the tax returns for the Trust Account; 

(e) Participate, at the Company’s cost and expense, in any plan or proceeding for protecting or enforcing any right or interest arising from the Account Property if, as and when instructed by the Company to do so;

(f) Render to the Company and to such other person as the Company may instruct, monthly written statements of the activities of and amounts in the Trust Account reflecting all receipts and disbursements of the Trust Account; 

(g) Distribute the Deferred Discount to the Representative on behalf of the Underwriters upon receipt of written notice from the Company;

 

 

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(h) Distribute the funds as directed in any Tax Disbursement Letter or Interest Withdrawal Letter and any other documents referred to therein; 

(i) Commence liquidation of the Trust Account in accordance with a Termination Letter;

(j) The limited distributions referred to in Section 3 for tax obligations of the Company and Section 4(h) above shall be made only from interest collected on the Account Property. No distributions from the Trust Account shall be permitted except in accordance with Sections 3, 4(g), 4(h), 4(i) and 4(k) hereof; and

(k) Distribute, upon receipt of an Extension Notification Letter, to Public Stockholders who exercised their conversion rights in connection with an Extension an amount equal to the pro rata share of the Account Property relating to the shares for which such Public Stockholders have exercised conversion rights in connection with a vote of stockholders for an Extension.

Section 5. Agreements and Covenants of the Company. The Company hereby agrees and covenants to: 

(a) Give all instructions and requests to the Account Agent hereunder in writing, signed by the Company’s Chief Executive Office, Vice Chairman or any Senior Vice President;

(b) Hold the Account Agent harmless and indemnify the Account Agent from and against, any and all costs, expenses, disbursements and advances, including reasonable counsel fees and disbursements, or loss or damage suffered by the Account Agent in connection with any action, suit or other proceeding brought against the Account Agent involving any claim or demand, or in connection with any claim or demand, that in any way arises out of or relates to this Agreement, the services of the Account Agent hereunder, the Account Property or any income earned from investment of the Account Property, except for costs, expenses, disbursements, advances, losses and damages resulting from the Account Agent’s gross negligence or willful misconduct (as determined by a final non-appealable order of a court of competent jurisdiction). Promptly after the receipt by the Account
Agent of notice of demand or claim or the commencement of any action, suit or proceeding with respect to which the Account Agent intends to seek indemnification under this paragraph, it shall notify the Company in writing thereof (hereinafter referred to as the “Indemnified Claim”); provided, however, that any failure or delay of the Account Agent in giving such notice shall not relieve the Company of any of its obligations hereunder except to the extent the Company is actually prejudiced thereby, but only to the extent of such prejudice. The Company shall assume and manage the defense of the Account Agent, provided that the Account Agent consents to the Company’s selection of counsel, such consent not to be unreasonably withheld or delayed. Notwithstanding the foregoing, the Account Agent shall have the right to
employ separate counsel in any such action or proceeding and participate in the investigation and defense thereof, and the Company shall pay the reasonable fees and expenses of such separate counsel if the Account Agent is advised that (i) an actual conflict of interest exists by reason of common representation or (ii) there are legal defenses available 

 

 

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to the Account Agent that are different from or are in addition to those available to the Company or if all parties commonly represented do not agree as to the action (or inaction) of counsel. 

(c) Pay the Account Agent (i) an initial acceptance fee of $5,000 and (ii) a transaction processing fee of $100 for each disbursement made pursuant to Section 3 hereof. The Company shall pay such acceptance fee to the Account Agent on the date hereof and the transaction processing fees shall be deducted by the Account Agent from the disbursements made to the Company pursuant to Section 3 hereof. The Account Agent shall refund to the Company the annual fee (on a pro rata basis) with respect to any period after the liquidation of the Trust Account. The fees set forth in this Section 5(c) shall be in addition to, and shall not include, any fee referred to in Section 6(a) hereof (it being expressly understood that the Account Property, other than portions of the disbursements made pursuant to Section 4(h) hereof, shall not be used to make any
payments to the Account Agent under this paragraph);  

(d) Reimburse the Account Agent upon request for all reasonable costs, expenses, disbursements, and advances incurred or made by the Account Agent in implementing or enforcing any of the provisions of this Agreement (including without limitation any fees, expenses and disbursements of its counsel), except any such cost, expense, disbursement, or advance as may arise from the Account Agent’s gross negligence or willful misconduct (as determined by a final non-appealable order of a court of competent jurisdiction) (it being expressly understood that the Account Property, other than portions of the disbursements made pursuant to Section 4(h) hereof, shall not be used to make any payments to the Account Agent under this paragraph);

(e) In connection with any vote of the Company’s stockholders regarding an initial Business Combination or an Extension, provide to the Account Agent an affidavit or certificate of a firm regularly engaged in the business of soliciting proxies and/or tabulating stockholder votes (which firm may be the Account Agent) verifying the vote of the Company’s stockholders regarding such initial Business Combination or Extension; 

(f) Within five (5) business days after the consummation of the IPO, provide the Account Agent with a notice in writing (with a copy to the Representative) indicating the date that is 24-months after the date of the final prospectus for the IPO (such date, the “Initial Last Date”);

(g) Within five (5) business days after the vote of the Company’s stockholders regarding an Extension (as described in subsection (e) above) provide the Account Agent with a letter (an “Extension Notification Letter”) (with a copy to the Representative) providing (i) that the Initial Last Date has been extended (an “Extension”) to a date that is not more than six (6) months after the Initial Last Date (such date, the “Extended Last Date”; as used herein the term “Last Date” shall mean the Initial Last Date
unless and until there is an Extension in which case it shall thereafter mean the Extended Last Date), and (ii) instructions for the distribution of funds to Public Stockholders who exercised their conversion option in connection with the Extension; and

 

 

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(h) Within five (5) business days after the Underwriters’ over-allotment option (or any unexercised portion thereof) expires or is exercised in full, provide the Account Agent with a notice in writing (with a copy to the Representative) of the total amount of the Deferred Discount to be released to Citigroup Global Markets Inc. upon consummation of a Business Combination, which shall in no event be less than $15,000,000. 

Section 6. Limitations of Liability. The Account Agent shall have no responsibility or liability to: 

(a) Institute any action, suit or other proceeding for the collection of any principal or income arising from, or institute, appear in or defend any action, suit or other proceeding of any kind with respect to, any of the Account Property unless and until it shall have received instructions from the Company given as provided herein to do so and the Company shall have advanced to it funds sufficient to pay any reasonable fees of the Account Agent and costs, expenses, disbursements and advances incident thereto; 

(b) Change the investment of any Account Property, other than in accordance with written instructions of the Company; 

(c) Refund any depreciation or decline in principal of any Account Property invested in accordance with Section 2 hereof; 

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

(e) Verify the correctness of the information set forth in the Registration Statement or to confirm or assure that any acquisition made by the Company or any other action taken by it is as contemplated by the Registration Statement or the Termination Letter; or 

(f) Pay any taxes on behalf of the Trust Account; provided, that the foregoing shall not limit the obligation of the Account Agent to disburse proceeds for the payment of taxes in accordance with a Tax Disbursement Letter from the Company. 

Section 7. Further Rights and Duties of the Account Agent. 

(a) The Account Agent shall not be liable or responsible hereunder to anyone for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith, except for its own gross negligence or willful misconduct (as determined by a final non-appealable order of a court of competent jurisdiction).

(b) The Account Agent shall be obligated to perform only such duties as are expressly set forth in this Agreement. No implied covenants or obligations shall be inferred from this Agreement against the Account Agent, nor shall the Account Agent be bound by the provisions of any agreement between or among the Company, the Public Stockholders or any other person or entity beyond the specific terms hereof. 

 

 

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(c) The Account Agent may rely conclusively and shall be protected in acting upon any order, judgment, instruction, notice, demand, certificate, opinion or advice of counsel (including counsel chosen by or who may be an employee of the Account Agent or one of its affiliates), 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 is believed by the Account Agent, in good faith, to be genuine and to be signed or presented by the proper person or persons. The Account Agent 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 Account Agent
signed on behalf of the Company by its Chief Executive Officer, Vice Chairman or any Senior Vice President. 

(d) At any time the Account Agent may request in writing an instruction in writing from the Company, and may at its own option include in such request the course of action it proposes to take and the date on which it proposes to act, regarding any matter arising in connection with its duties and obligations hereunder. The Account Agent shall not be liable or responsible for acting without the Company’s consent in accordance with such a proposal on or after the date specified therein; provided, that the specified date shall be at least five (5) business days after the Company receives the Account Agent’s request for instructions and its proposed course of action; and provided, further, that, prior to so acting, the Account Agent has not received from the Company the written instructions so requested and the Account Agent’s actions are not inconsistent with the terms of this Agreement. 

(e) In the event of ambiguity in the provisions governing the Account Property or uncertainty on the part of the Account Agent as to how to proceed, such that the Account Agent, in its sole and absolute judgment, deems it necessary for its protection so to do, the Account Agent may refrain from taking any action other than: (i) to retain custody of the Account Property deposited hereunder until it shall have received written instructions, which in the judgment of the Account Agent clarify the ambiguity, or (ii) to deposit the Account Property with a court of competent jurisdiction and thereupon to have no further duties or responsibilities in connection therewith. 

(f) In no event shall the Account Agent be liable or responsible for special, punitive, incidental, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profits) irrespective of whether the Account Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(g) In no event shall the Account Agent be liable or responsible for any failure or delay in the performance of its obligations under this Agreement arising out of or caused by, directly or indirectly, forces beyond its reasonable control, including without limitation strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and widespread interruptions, loss or malfunctions of utilities, communications or computer (software or hardware) services. 

(h) The recitals contained herein shall be taken as the statements of the Company, and the Account Agent assumes no liability or responsibility for their correctness. 

 

 

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(i) The Account Agent shall not have any liability for or be under any responsibility in respect of the validity of this Agreement or the execution and delivery hereof (except the due execution hereof by the Account Agent); nor shall it be liable or responsible for any breach by the Company of any covenant or condition contained in this Agreement or in any other agreement (including without limitation the Company’s failure to provide the Account Agent with any written instructions or notices required to be provided by the Company to the Account Agent under this Agreement) or for determining the applicability of or whether the Company has complied with any federal or state “blue sky” or securities laws or any other applicable laws, all of which shall be the Company’s responsibility. 

(j) The Company will from time to time perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such further and other acts, instruments and assurances as may reasonably be required by the Account Agent for the carrying out or performing by the Account Agent of the provisions of this Agreement.

(k) No provision of this Agreement shall require the Account Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties or in the exercise of its rights hereunder.

Section 8. Resignation or Removal of Account Agent. 

(a) The Account Agent may resign by giving written notice to the Company. Such resignation shall take effect upon delivery of the Account Property, and all documentation relating thereto in possession of the Account Agent or its affiliates, to a successor Account Agent designated in writing by the Company, and the Account Agent shall thereupon be discharged from all obligations under this Agreement, and shall have no further duties or responsibilities in connection herewith. 

(b) In the event the Account Agent fails to perform its obligations under this Agreement, the Company may remove the Account Agent upon written notice to the Account Agent. Such removal shall take effect upon delivery of the Account Property, and all documentation relating thereto in possession of the Account Agent or its affiliates, to a successor Account Agent designated in writing by the Company, and the Account Agent shall thereupon be discharged from all obligations under this Agreement, and shall have no further duties or responsibilities in connection herewith. The Account Agent shall deliver the Account Property, and all documentation relating thereto in possession of the Account Agent or its affiliates, without unreasonable delay after receiving the Company’s designation of a successor Account Agent. 

(c) If after 30 days from the date of delivery of its written notice of intent to resign or of the Company’s notice of removal the Account Agent has not received a written designation of a successor Account Agent, the Account Agent’s sole responsibility shall be in its sole discretion either to retain custody of the Account Property without any obligation to invest or reinvest any such Account Property until it receives such designation, or to apply to a court of competent jurisdiction for appointment of a successor Account Agent and after such appointment to have no further duties or responsibilities in connection herewith. 

 

 

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(d) The Company shall, at its own expense, promptly notify each of the Public Stockholders of the resignation or removal of the Account Agent and of the designation of a successor Account Agent.

Section 9. Termination of Agreement. 

(a) This Agreement shall terminate at such time that the Account Agent has completed the liquidation of the Trust Account in accordance with this Agreement, and distributed the Account Property in accordance with the provisions of the Termination Letter. 

(b) Sections 5(b), 5(c) and 5(d), Section 6(a) and Sections 7(a), 7(f), 7(g), 7(h), 7(i), 7(j) and 7(m) shall survive the termination of this Agreement or any resignation or removal of the Account Agent.

Section 10. Miscellaneous. 

(a) The Company and the Account Agent each acknowledge that the Account Agent will follow the security procedures set forth below with respect to funds transferred from the Trust Account. Upon receipt of written instructions, the Account Agent will confirm such instructions with an Authorized Individual at an Authorized Telephone Number listed on the attached Exhibit E. The Company and the Account Agent 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 information, or of any change in its authorized personnel. In executing funds transfers, the Account Agent will rely upon account numbers or
other identifying numbers of a recipient, recipient’s bank or intermediary bank, rather than names. 

(b) This Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts formed and to be performed entirely within the State of New York, without regard to the conflict of law provisions thereof to the extent such provisions would require or permit the application of the laws of another jurisdiction. It may be executed in several 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. This Agreement or any provision hereof may only be changed, waived, amended or modified by a writing signed by each of the parties hereto; provided, that this Agreement may not be materially changed, waived, amended or modified without the consent of each of the Public Stockholders adversely affected thereby; provided further, that this Agreement may not be amended in such a manner as to adversely affect the right of the Underwriters to receive the Deferred Discount without the written consent of the Representative. As to any claim, cross-claim or counterclaim in any way
relating to this Agreement, each party waives the right to trial by jury. For purposes of this Agreement, the Account Agent may rely on a list of Public Stockholders provided to it by the Company from time to time as to the identities of the Public Stockholders.

 

 

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(d) The parties hereto consent to the exclusive jurisdiction and venue of any state or federal court located in the City of New York for purposes of resolving any disputes hereunder. 

(e) 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 overnight delivery or similar private courier service, by first-class, certified mail (return receipt requested) postage prepaid, by hand delivery or by facsimile transmission: 

if to the Account Agent, to: 

Mellon Bank, N.A. 

480 Washington Blvd., 29th Floor

Jersey City, NJ 07310 

Facsimile No.:  (201) 680-4610

Attention:  Declan Denehan

if to the Company, to: 

BPW Acquisition Corp.

750 Washington Boulevard

Stamford, Connecticut 06901

Facsimile No.:  [_________________]

Attention:  Michael E. Martin

(f) This Agreement may not be assigned by any party hereto without the prior written consent of the other and the Representative, which consent shall not be unreasonably withheld or delayed, provided, however, that consent is not required for an assignment to an affiliate of the Account Agent. Any purported assignment without such consent shall be null and void. 

(g) Each of the Account Agent and the Company 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. 

(h) Each of the Account Agent and the Company hereby represents that it has the full right and power and it has been duly authorized to enter into this Agreement and to perform its respective obligations as contemplated hereunder.

(i) The Account Agent hereby consents to the inclusion of Mellon Bank, N.A. in the Registration Statement and other materials relating to the IPO. 

(j) The Account Agent has no right, title, interest, or claim of any kind (“Claim”) in or to any monies or Account Property in the Trust Account, and hereby waives any Claim in or to any monies or Account Property in the Trust Account it may have in the future, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever. 

 

 

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[Signatures follow on next page.]

 

 

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

 

	
                        BPW Acquisition Corp.
 	
                         
 	
                         
 
	
                        

                        By: 
 	
                          
 	
                         
 	
                         
 	
                          
 
	
                         
 	
                        Name:
 Title:
 	
                         
 	
                         
 	
                         
 

 

 

	
                        MELLON BANK, N.A., as Account Agent
 	
                         
 	
                         
 
	
                        

                        By: 
 	
                          
 	
                         
 	
                         
 	
                          
 
	
                         
 	
                        Name:
 Title:
 	
                         
 	
                         
 	
                         
 

Signature Page 

 

 

EXHIBIT A 

[Company Letterhead]

[Insert date] 

Mellon Bank, N.A., as Account Agent 

480 Washington Blvd., 29th Floor

Jersey City, NJ 07310 

Attention:  Declan Denehan 

 

	
                         
 	
                        Re:
 	
                        Trust Account No. __________ 
 
	
                         
 	
                         
 	
                        Termination Letter
 

Ladies and Gentlemen: 

Pursuant to the Trust Account Agreement between BPW Acquisition Corp. (“Company”) and Mellon Bank, N.A. (“Account Agent”), dated as of [__________ ___, 200__] (“Trust Account Agreement”), this is to advise you that the Company has entered into an agreement (“Business Agreement”) with  ____________________________  (“Target Business”) to consummate a business combination with the Target Business (“Business Combination”) on or about [insert date]. The Company shall notify you at least two business days in advance of the actual date of the consummation of the Business Combination (“Consummation Date”). Capitalized terms used and not defined herein shall have their respective meanings set forth in the Trust Account Agreement. 

In accordance with the terms of the Trust Account Agreement, we hereby authorize you to commence liquidation of the Trust Account 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 Company shall direct on the Consummation Date. 

Not later than two business days prior to the Consummation Date, the Company shall deliver to you written instructions with respect to the transfer of the funds held in the Trust Account, including such instructions as may be necessary to ensure compliance with any applicable law relating to the treatment of the proceeds of the IPO, including without limitation any law which requires notice to any governmental entity with respect to the release of the Account Property from the Trust Account (“Instruction Letter”), which shall include instructions for the distribution of funds to Public Stockholders who exercised their conversion option in connection with a Business Combination and for the distribution of the Deferred Discount to the Representative on behalf of the Underwriters. You are
hereby directed and authorized to transfer the funds held in the Trust Account on the Consummation Date upon your receipt of the Instruction Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits or investments held in the Trust Account may not be liquidated by the Consummation Date without penalty, you will notify the Company of the same and the Company 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 in the Trust Account pursuant to the terms hereof, the Trust Account Agreement shall be terminated and the Trust Account closed. 

 

 

In the event that (a) on or before the Consummation Date, we have notified you that the Business Combination has not been or will not be consummated on the Consummation Date described in the notice thereof and (b) we have not notified you on or before the original Consummation Date of a new Consummation Date, then the funds held in the Trust Account shall be reinvested as provided in the Trust Account Agreement on the business day immediately following the Consummation Date as set forth in the notice. In the event that (a) on or before the Consummation Date, we have notified you that the Business Combination has not been or will not be consummated on the Consummation Date described in the notice thereof and (b) we have notified you on or before the original Consummation Date of a new Consummation Date, then you shall continue to liquidate the Trust Account to the effect that, on
the new Consummation Date, all of the funds held in the Trust Account will be immediately available for transfer to the account or accounts that the Company shall direct on the new Consummation Date.

 

	
                         
 	
                         
 	
                        Very truly yours,
 
	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                        BPW Acquisition Corp.
 
	
                          
 	
                         
 	
                        

                        By: 
 	
                          
 
	
                         
 	
                         
 	
                         
 	
                         
 

 

 

EXHIBIT B 

[Company Letterhead] 

[Insert date] 

Mellon Bank, N.A., as Account Agent 

480 Washington Blvd., 29th Floor

Jersey City, NJ 07310 

Attention:  Declan Denehan 

 

	
                         
 	
                        Re:
 	
                        Trust Account No. __________ 
 
	
                         
 	
                         
 	
                        Termination Letter
 

Ladies and Gentlemen: 

Pursuant to the Trust Account Agreement between BPW Acquisition Corp. (“Company”) and Mellon Bank, N.A. (“Account Agent”), dated as of [__________ ___, 200__] (“Trust Account Agreement”), this is to advise you that the Company has been unable to consummate an initial Business Combination (as defined in the Trust Account Agreement) with a target business within the time frame specified in the Company’s Amended and Restated Certificate of Incorporation, as described in the Company’s prospectus relating to its initial public offering, and the Company is proceeding to dissolve and liquidate the Trust Account.
Capitalized terms used and not defined herein shall have their respective meanings set forth in the Trust Account Agreement. Attached hereto is a copy of the minutes of the meeting of the Board of Directors of the Company relating thereto, certified by the Secretary of the Company as true and correct and in full force and effect.  

In accordance with the terms of the Trust Account Agreement, we hereby authorize you to commence liquidation of the Trust Account as promptly as practicable to the Public Stockholders of record as of the Last Date. Not more than five (5) business days following the Last Date, the Company will deliver to you a list of Public Stockholders of record as of the Last Date. You will notify the Company in writing as to when all of the funds in the Trust Account will be available for immediate transfer (“Transfer Date”). You shall commence distribution of such funds in accordance with the terms of the Trust Account Agreement and you shall oversee the distribution of the funds. Upon the payment of all the funds in the Trust Account, the Trust Account Agreement shall be terminated and the Trust Account closed. 

 

	
                         
 	
                         
 	
                        Very truly yours,
 
	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                        BPW Acquisition Corp.
 
	
                          
 	
                         
 	
                        

                        By: 
 	
                          
 
	
                         
 	
                         
 	
                         
 	
                         
 

 

 

EXHIBIT C 

[Company Letterhead] 

[Insert date] 

Mellon Bank, N.A., as Account Agent

480 Washington Blvd., 29th Floor

Jersey City, NJ 07310 

Attention:  Declan Denehan 

 

	
                        Re:
 	
                        Trust Account No. __________ 
 
	
                         
 	
                        Tax Disbursement Letter
 

Ladies and Gentlemen: 

Pursuant to the Trust Account Agreement between BPW Acquisition Corp. (“Company”) and Mellon Bank, N.A. (“Account Agent”), dated as of [__________ ___, 200__] (“Trust Account Agreement”), this is to advise you that the Trust Account (as defined in the Trust Account Agreement) has incurred a total of $                                         in
taxes (the “Tax Payments”) for the period from __________ ___, 200__ to __________ ___, 200__ (the “Tax Period”) as a result of interest and other income earned on the Account Property (as defined in the Trust Account Agreement) during the Tax Period. 

In accordance with the terms of the Trust Agreement, we hereby authorize you to distribute from the Trust Account proceeds from the Account Property equal to the aggregate Tax Payments on such dates, in such amounts and to such payees as indicated on the Schedule of Tax Payments attached hereto as Schedule 1. 

 

	
                         
 	
                         
 	
                        Very truly yours,
 
	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                        BPW Acquisition Corp.
 
	
                          
 	
                         
 	
                        

                        By: 
 	
                          
 
	
                         
 	
                         
 	
                         
 	
                         
 

 

 

SCHEDULE 1 

SCHEDULE OF TAX PAYMENTS

 

 

	
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                        Payment Date:
 	
                         
 	
                         
 	
                         
 
	
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EXHIBIT D

[Company Letterhead] 

[Insert date] 

Mellon Bank, N.A., as Account Agent

480 Washington Blvd., 29th Floor

Jersey City, NJ 07310 

Attention:  Declan Denehan 

 

	
                        Re:
 	
                        Trust Account No. __________ 
 
	
                         
 	
                        Interest Withdrawal Letter
 

Ladies and Gentlemen: 

Pursuant to Section the Trust Account Agreement between BPW Acquisition Corp. (“Company”) and Mellon Bank, N.A. (“Account Agent”), dated as of [__________ ___, 200__] (“Trust Account Agreement”), this is to advise you that the Company hereby requests that you deliver to the Company $_______ of the interest, net of the taxes payable on such interest, earned on the Account Property as of the date hereof, which does not exceed, in the aggregate with all such prior disbursements pursuant to Section 3, if any, the maximum amount set forth in Section 3(b). The Company needs such funds to cover its expenses relating to
investigating and selecting a target business and other working capital requirements. In accordance with the terms of the Trust Account 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,
 
	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                        BPW Acquisition Corp.
 
	
                          
 	
                         
 	
                        

                        By: 
 	
                          
 
	
                         
 	
                         
 	
                         
 	
                         
 

 

 

EXHIBIT E 

  

	
                        AUTHORIZED INDIVIDUAL(S)
 	
                         
 	
                        AUTHORIZED
 
	
                        FOR TELEPHONE CALL BACK
 	
                         
 	
                        TELEPHONE NUMBER(S)
 
	
                         
 	
                         
 
	
                        Company:
 	
                         
 	
                         
 
	
                         
 	
                         
 
	
                        [Issuer]
 	
                         
 	
                         
 
	
                        [Address]
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 
	
                        Attention: 
 	
                         
 	
                         
 
	
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                        Account Agent:
 	
                         
 	
                         
 
	
                         
 	
                         
 
	
                        Mellon Bank, N.A.
 	
                         
 	
                         
 
	
                        [Address]
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 
	
                        Attention:BPW ACQUISITION CORP.

FORM OF AMENDED AND RESTATED SPONSORS’ WARRANTS SUBSCRIPTION AGREEMENT

THIS AMENDED AND RESTATED SPONSORS’ WARRANTS SUBSCRIPTION AGREEMENT (this “Agreement”) is made as of the       day of February, 2008, by and between BPW Acquisition Corp., a Delaware corporation (the “Company”), and the purchasers listed in Schedule A hereto (each a “Purchaser” and together the “Purchasers”).

WHEREAS, the Company and Purchasers have previously entered into that certain Sponsors’ Warrant Subscription Agreement dated as of November 14, 2007 (the “Original Agreement”), and the Company and Purchaser now desire to amend and restate the Original Agreement in its entirety through this Agreement;

WHEREAS, the Company has filed a registration statement on Form S-1 with the Securities and Exchange Commission (the “Registration Statement”) in connection with the proposed initial public offering of the Company’s units (the “IPO”), each unit consisting of one share of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), and one warrant to purchase one share of Common Stock at an exercise price of $7.00 per share;

WHEREAS, the Company desires to commit to issue and sell, and the Purchasers desire to commit to purchase and acquire, Sponsors’ Warrants (as defined below) on the terms and conditions hereinafter set forth;

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

1.  Commitment To Purchase Sponsors’ Warrants. Subject to the terms and conditions of this Agreement, the Purchasers hereby severally agree to subscribe for and purchase from the Company, and the Company hereby agrees to issue and sell to Purchasers, an aggregate of 8,600,000 warrants (each a “Sponsors’ Warrant”) at a purchase price of $1.00 per Sponsors’ Warrant for an aggregate purchase price of $8,600,000 on the Closing Date (as defined below). Each Sponsors’ Warrant shall entitle the holder thereof to purchase one share of Common Stock at an exercise price of $7.00, in accordance with the terms of the Sponsors’ Warrant as set forth in the Warrant Agreement entered into by and between
the Company and Mellon Bank, N.A., as warrant agent. The Warrant Agreement shall be substantially in the form attached hereto as Exhibit A (the “Warrant Agreement”). The closing of the purchase and sale of the Sponsors’ Warrants hereunder, including payment for and delivery of the Sponsors’ Warrants, shall occur at the offices of the Company or at such other location by mutual agreement of the parties on the Closing Date.

2.  Purchase and Sale of the Sponsors’ Warrants. Simultaneously with, and subject to the consummation of, the IPO (the “Closing Date”), the Company shall issue and sell to the Purchasers, and the Purchasers, severally and not jointly, agree to purchase from the Company, the respective number of Sponsors’ Warrants set forth opposite each Purchaser’s name on Schedule A hereto. 

3.  Payment of Purchase Price. The purchase price for the Sponsors’ Warrants to be purchased by each Purchaser shall be tendered in full on the Closing Date by such Purchaser, by one or a combination of the following means:

 

 

(a)  wiring of immediately available United States funds to an account for the benefit of the Company, pursuant to wire instructions provided by the Company no less than two business days prior to the Closing Date; or

(b)  delivery of a cashier’s check to the Company of immediately available United States funds.

4. Acceptance or Rejection of Agreement. The Sponsors’ Warrants subscribed for herein will not be deemed issued to or owned by the Purchasers until a copy of this Agreement has been executed by the Company and the Purchasers, and the IPO has been consummated. 

5.  Limitations on Transfer. Without the prior written consent of the representative of the underwriters with respect to the IPO, Purchasers shall not, other than transfers to Permitted Transferees (as defined in Section 5 of the Warrant Agreement) that agree in writing to be bound by the terms and conditions of the transfer restrictions set forth in this Section 5 and, if at the time applicable, the provisions of Section 6(f) of the Warrant Agreement, (a) sell, offer to sell, contract or agree to sell, assign, hypothecate, donate, pledge, grant any security interest in, encumber, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the
meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Securities and Exchange Commission (“SEC”) promulgated thereunder, with respect to, the Sponsors’ Warrants or the shares of Common Stock issuable upon exercise of the Sponsors’ Warrants or any securities exchangeable for the Sponsors’ Warrants or other rights to purchase the Sponsors’ Warrants or any such securities, (b) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Sponsors’ Warrants or the shares of Common Stock issuable upon exercise of the Sponsors’ Warrants or any securities exchangeable for the Sponsors’ Warrants or other rights to purchase the Sponsors’ Warrants or any such securities, whether any such transaction is to be settled by delivery of
Common Stock or such other securities, in cash or otherwise, or (c) publicly announce any intention to effect any transaction specified in this Section 5(a) or (b), until the date immediately following the date of the consummation by the Company of an initial Business Combination (as defined in Section 8 hereof).

6.  Registration Rights.  In connection with the closing of the IPO, the Company and the Purchasers shall enter into an agreement (the “Registration Rights Agreement”) granting the Purchasers registration rights with respect to Sponsors’ Warrants and the shares underlying the Sponsors’ Warrants.

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

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

(b)  “THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE ASSIGNED, HYPOTHECATED, DONATED, ENCUMBERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT IN ACCORDANCE WITH THAT CERTAIN AMENDED AND RESTATED SPONSORS’ WARRANTS SUBSCRIPTION AGREEMENT DATED AS OF FEBRUARY     , 2008, AND THAT CERTAIN WARRANT AGREEMENT DATED AS OF         , 2008, COPIES OF WHICH ARE AVAILABLE FOR INSPECTION AT THE OFFICES OF THE COMPANY.”

 

 

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

8.  Investment Representations. In connection with the purchase of the Sponsors’ Warrants, each Purchaser, severally and not jointly, represents to the Company the following:

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

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

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

 

 

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

(e)  Such Purchaser further understands that at the time such Purchaser wishes to sell the Sponsors’ Warrants there may be no public market upon which to make such a sale, and that, even if such a public market then exists, the Company may not be satisfying the current public information requirements of Rule 144, and that, in such event, such Purchaser would be precluded from selling the Sponsors’ Warrants (and the securities underlying the Sponsors’ Warrants) under Rule 144 even if the minimum holding period requirement had been satisfied. Notwithstanding Sections 6(d) and (e) hereof, such Purchaser understands that it may be considered a promoter of the Company and understands that historically the SEC has taken the position that promoters or affiliates of a blank check company and their transferees, both before and after a Business Combination, would be deemed
to be “underwriters” under the Act when reselling the securities of the blank check company and therefore Rule 144 would not be available for those resale transactions despite technical compliance with the requirements of Rule 144. Such Purchaser further understands that the SEC has amended Rule 144 effective February 15, 2008 to, among other things, codify such position and to provide an exception to such prohibition on the use of Rule 144 for those resale transactions if certain conditions under the amended Rule 144 are met.

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

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

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

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

 

 

9.  Company Representations and Warranties. 

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

(b)  Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, the shares issuable upon exercise of the Sponsors’ Warrants will be duly and validly issued, fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, the Purchasers will have good title to the Sponsors’ Warrants and the shares issuable upon exercise of such Sponsors’ Warrants, will be free and clear of all liens, claims and encumbrances of any kind, other than (i) transfer restrictions hereunder and under the other agreements contemplated hereby, (ii) transfer restrictions under federal and state securities laws, and (iii) liens, claims or encumbrances imposed due to the actions of the applicable Purchaser.

10.  Conditions of the Purchasers’ Obligations. The obligation of each Purchaser to purchase and pay for the Sponsors’ Warrants is subject to the fulfillment, on or before the Closing Date, of each of the following conditions:

(a) The representations and warranties of the Company contained in Section 9 shall be true and correct at and as of the Closing Date as though then made.

(b)  The Company shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing Date.

(c)  No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement or the Warrant Agreement.

11. Conditions of the Company’s Obligations. The obligations of the Company to each Purchaser under this Agreement are subject to the fulfillment, on or before the Closing Date, of each of the following conditions:

 

 

(a)  The representations and warranties of each Purchaser contained in Section 8 shall be true and correct at and as of the Closing Date as though then made.

(b)  Each Purchaser shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by such Purchaser on or before the Closing Date.

(c)  The Company shall have obtained the consent of its Board of Directors authorizing the execution, delivery and performance of this Agreement and the Warrant Agreement and the issuance and sale of the Sponsors’ Warrants hereunder.

(d)  No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement or the Warrant Agreement.

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

13.  Miscellaneous.

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

Perella Weinberg Partners Acquisition LP

c/o PWP Acquisition GP LLC

767 Fifth Avenue 

New York, NY 10153

Attention: General Counsel 

Facsimile: (212) 287-3204

and

 

 

Akin Gump Strauss Hauer & Feld LLP

590 Madison Avenue

New York, New York 10022

Attn: Bruce Mendelsohn

Facsimile: (212) 872-1002

and

Bingham McCutchen LLP

399 Park Avenue

New York, New York 10022

Attn: Ann F. Chamberlain

Facsimile: (212) 752-5378

and 

Squire, Sanders & Dempsey L.L.P.

4900 Key Tower

127 Public Square

Cleveland, Ohio 44114

Attn: Daniel G. Berick, Esq.

Facsimile: (216) 479-8793 

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

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

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

(e)  Independent Counsel. Each Purchaser acknowledges that this Agreement has been prepared on behalf of the Company by Akin Gump Strauss Hauer & Feld LLP, counsel to the Company, and that Akin Gump Strauss Hauer & Feld LLP does not represent, and is not acting on behalf of, Purchasers. Each Purchaser has been provided with an opportunity to consult with such Purchaser’s own counsel with respect to this Agreement.

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

 

 

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

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

(i)  Survival. The representations and warranties contained herein will survive the delivery of, and the payment for, the Sponsors’ Warrants.

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

 

 

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

 

	
                         
 	
                         
 	
                        COMPANY:
 
	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                        BPW ACQUISITION CORP.
 
	
                          
 	
                         
 	
                        By: 
 	
                        
 /s/ MICHAEL E. MARTIN
 
	
                         
 	
                         
 	
                         
 	
                        Name: 
 	
                        Michael E. Martin
 
	
                         
 	
                         
 	
                         
 	
                        Title:
 	
                        Chief Executive Officer, Chairman
 

 

	
                         
 	
                         
 	
                        PURCHASERS:
 
	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                        PERELLA WEINBERG PARTNERS ACQUISITION LP
 
	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                        By: PWP ACQUISITION GP LLC, its general partner
 
	
                          
 	
                         
 	
                        By: 
 	
                        
 /s/ JOSEPH R. PERELLA
 
	
                         
 	
                         
 	
                         
 	
      Name: 
 	
                        Joseph R. Perella
 
	
                         
 	
                         
 	
                         
 	
                        Title:
 	
                        Authorized Person
 
	
                         
 	
                         
 	
                         
 	
                        Address:
 	
                        767 Fifth Avenue
 New York, New York 10153
 

 

	
                         
 	
                         
 	
                        BNYH BPW HOLDINGS LLC
 
	
                          
 	
                         
 	
                        By: 
 	
                        
 /s/ MICHAEL E. MARTIN
 
	
                         
 	
                         
 	
                         
 	
      Name: 
 	
                        Michael E. Martin
 
	
                         
 	
                         
 	
                         
 	
                        Title:
 	
                        Authorized Person
 
	
                         
 	
                         
 	
                         
 	
                        Address:
 	
                        717 Fifth Avenue
 16th Floor
 New York, New York 10022
 

 

Signature Page to Amended and Restated Sponsors’ Warrant Subscription Agreement

 

 

Schedule A

 

	
                        Purchaser:
 	
                         
 	
                        Sponsors’ 
 Warrants 
 Purchased:
 	
                         
 	
                        Purchase Price of 
 Sponsors’ Warrants:
 
	
                        Perella Weinberg Partners Acquisition LP
 	
                         
 	
                        4,300,000
 	
                         
 	
                        $4,300,000
 
	
                        BNYH BPW Holdings LLC
 	
                         
 	
                        4,300,000
 	
                         
 	
                        $4,300,000
 
	
                        Total
 	
                         
 	
                        8,600,000
 	
                         
 	
                        $8,600,000
 

 

 

Exhibit A

[Warrant Agreement]

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