Document:

Stock Purchase Agreement

 EXHIBIT 10.7 
 STOCK PURCHASE AGREEMENT 
 THIS STOCK PURCHASE AGREEMENT, dated as of August 1, 2007
(this “Agreement”), by and between Dreams, Inc., a Utah corporation, having its principal place of business at 2 South University Drive, Plantation, Florida (hereinafter “Purchaser”); and the
individuals listed on Schedule A hereto (each a “Seller”, collectively, the “Sellers”). Purchaser and Seller are each a “party” and together are
“parties” to this Agreement. 
 WITNESSETH: 
 WHEREAS, BKJ Consulting Corp, is an Illinois corporation having its principal place of business at 1307 Whitney Lane, Buffalo Grove, Illinois 60089 (the
“Company”). 
 WHEREAS, the Company has Ten Thousand (10,000) authorized shares of common stock, One Thousand (1,000) of
which are owned by Sellers (the “Common Stock”), which shares of Common Stock constitute all of the issued and outstanding capital stock of the Company; 
 WHEREAS, the Company is engaged in the sale of sports memorabilia and collectibles (the “Business”); 
 WHEREAS, Purchaser is a Utah corporation having its principal place of business at 2 South University Drive, Plantation Florida; and 
 WHEREAS, Sellers desire to sell to Purchaser and Purchaser desires to purchase from Sellers all of the issued and outstanding shares of Common Stock
owned by Sellers. 
 NOW, THEREFORE, in consideration of these premises and of the respective representations, warranties, covenants,
agreements and conditions contained in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows: 
 SECTION 1. 
 DEFINITIONS

 1.1 Terms and Interpretation Generally. References to Articles, Sections, Annexes, Schedules and Exhibits in this
Agreement are references to Articles and Sections of, and Annexes, Schedules and Exhibits to, this Agreement unless otherwise indicated. The Article and Section headings in this Agreement are for convenience of reference only and shall not be deemed
to alter or affect any provision hereof. Whenever the words “include,” “includes” or “including” (or any variation thereof) are used in this Agreement, they shall be deemed to be followed by the words “without
limitation.” Any reference to the singular in this Agreement shall also include the plural and vice versa. The words “hereof”, “herein”, “hereunder” and comparable terms refer to the entirety of this Agreement and

 
not to any particular Article, Section or other subdivision hereof or attachment hereto. This Agreement shall be construed without regard to any presumption
or other rule requiring construction against the party causing this Agreement or any party thereof to be drafted. In the computation of periods of time from a specified date to a later specified date, (i) the word “from” shall mean
“from and including;” (ii) the words “to” and “until” each mean “to but excluding;” and (iii) the word “through” shall mean “to and including”. The word “or” is used in
the inclusive sense of “and/or”. Except as may otherwise be expressly provided herein, whenever anything is required to be done or any action is required to be taken hereunder on or by a day which is not a Business Day, then such thing may
be validly done and such action may be validly taken on or by the next immediately succeeding day that is a Business Day. 
 1.2
Certain Terms. As used in this Agreement, the following terms have the following meanings. 
 “Affiliate” of any
Person shall mean any other Person, which, directly or indirectly, controls or is controlled by or is under common control with such Person. A Person shall be deemed to “control,” be “controlled by,” or be “under common
control with” any other Person if such other Person possesses, directly or indirectly, power to direct or cause the direction of the management or policies of such Person whether through the ownership of voting securities, partnership
interests, member interests, profit interests, by contract, or otherwise. 
 “Agreement” shall have the same meaning as
ascribed to such term in the opening paragraph to this Agreement. 
 “Business” shall have the same meaning ascribed to such
term in the Recitals of this Agreement. 
 “Business Day” shall mean any day other than (a) Saturday or Sunday or
(b) any other day on which banks in Fort Lauderdale, Florida are permitted or required to be closed. 
 “Closing” and
“Closing Date” shall have the same meanings ascribed to such terms in Section 3 hereof. 
 “Code”
shall mean the Internal Revenue Code of 1986, as amended. 
 “Common Stock” shall have the meaning ascribed to such term in
the Recitals to this Agreement. 
 “Company” shall have the meaning ascribed to such term in the opening paragraph to this
Agreement. 
 “Company Plans” shall have the same meaning as ascribed to such term in Section 6.8 hereof. 

 

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 “Consent” shall mean any approval, consent, ratification, waiver, or other authorization
(including any Governmental Authorization). 
 “Contemplated Transactions” shall mean all of the transactions contemplated
by this Agreement, including: 
 (a) the sale of the Shares by Sellers to Purchaser; 
 (b) the execution and delivery of the Employment Agreements; 
 (c) the execution and delivery of the Promissory Notes; 
 (d) the performance by Purchaser and Sellers of
their respective covenants and obligations under this Agreement; and 
 (e) Purchaser’s acquisition and ownership of the Shares and
exercise of control over the Company. 
 “Contract” shall mean any agreement, contract, obligation, promise, or undertaking
(whether written or oral and whether express or implied) that is legally binding. 
 “ERISA” shall mean the Employee
Retirement Income Security Act of 1974, as amended and all rules and regulations and promulgated thereunder. 
 “Employees”
shall have the same meaning as ascribed to such term in Section 6.8 hereof. 
 “Employment Agreements” shall mean the
agreements providing for the terms of certain employment between certain Sellers and Company, substantially in the form annexed hereto as Exhibit A. 
 “Encumbrance” shall mean any charge, claim, community property interest, condition, equitable interest, lien, option, pledge, security interest, right of first refusal, or restriction of any kind,
including any restriction on use, voting, transfer, receipt of income, or exercise of any other attribute of ownership. 
 “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended. 
 “Facility Lease” shall mean the real property
lease for the office located at 1307 Whitney Lane, Buffalo Grove, Illinois 60089. 
 “Financial Statements” shall have the
same meaning as ascribed to such term in Section 6.4 hereof. 
 “GAAP” shall mean generally accepted accounting
principles in the United States. 
  

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 “Governmental Authority” shall mean any federal, state, local, foreign or other
governmental or administrative body, instrumentality, department or agency or any court, tribunal, administrative hearing, arbitration panel, commission or similar dispute resolving panel or body. 
 “Indemnifiable Claim” shall have the same meaning as ascribed to such term in Section 10.3(c) hereof. 
 “Indemnitee” shall have the same meaning as ascribed to such term in Section 10.3(a) hereof. 
 “Indemnitor” shall have the same meaning as ascribed to such term in Section 10.3(b) hereof. 
 “Intellectual Property Assets” shall have the same meaning as ascribed to such term in Section 6.15 hereof. 
 “Legal Requirement” shall mean any federal, state, local, municipal, foreign, international, multinational, or other administrative
order, constitution, law, ordinance, principle of common law, regulation, statute, or treaty. 
 “Losses” shall have the
same meaning as ascribed to such term in Section 10.1 hereof. 
 “Material Adverse Effect” shall mean a material
adverse effect on (i) the condition (financial or otherwise), results of operations, properties, prospects or assets of the Company, or (ii) the ability of the Sellers to consummate the Contemplated Transactions. 
 “Material Agreements” shall mean those Contracts set forth on Schedule 4.2. 
 “Material Contracts” shall have the meaning ascribed to such term in Section 6.18. 
 “Order” shall mean any award, decision, injunction, judgment, order, ruling, subpoena, or verdict entered, issued, made, or rendered by
any court, administrative agency, or other Governmental Body or by any arbitrator. 
 “Ordinary Course of Business” shall
mean when referring to an action taken by a person an action that: 
 (a) is consistent in nature, scope and magnitude with the past practices
of such Person and is taken in the ordinary course of the normal, day-to-day operations of such Person; and 
 (b) does not require any
separate or special authorization of any nature. 
  

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 “Organizational Documents” shall mean (a) the articles or certificate of
incorporation and the bylaws of a corporation; (c) any charter or similar document adopted or filed in connection with the creation, formation, or organization of a Person; and (e) any amendment to any of the foregoing. 

“Person” shall mean any individual, corporation (including any non-profit corporation), general or limited partnership, limited
liability company, joint venture, estate, trust, association, organization, labor union, or other entity or Governmental Authority. 
 “Proceeding” shall mean any action, arbitration, audit, hearing, investigation, litigation, or suit (whether civil, criminal, administrative, investigative, or informal) commenced, brought, conducted, or heard by or before,
or otherwise involving, any Governmental Authority or arbitrator. 
 “Promissory Notes” shall mean those promissory notes
issued at closing with terms to be agreed upon, in the sum of One Million One Hundred Sixty Eight Thousand and No/100 Dollars ($1,168,000.00) by the Company to Sellers. 
 “Purchaser” shall have the meaning ascribed to such term in the opening paragraph to this Agreement. 
 “Purchaser Indemnified Parties” shall have the same meaning as ascribed to such term in Section 10.3(d) hereof. 
 “SEC” shall mean the Securities and Exchange Commission. 
 “Securities
Act” shall refer to the Securities Act of 1933, as amended. 
 “Sellers” shall have the meaning ascribed to such
term in the opening paragraph to this Agreement. 
 “Sellers’ Closing Documents” shall have the meaning ascribed to
such term in Section 6.2(a). 
 “Sellers’ Knowledge” or “to the Knowledge of Sellers” shall mean
the knowledge of Sellers, the Company’s officers, directors and senior management and such knowledge as would be reasonably expected to be known by such officers, directors and management in the ordinary and usual course of the performance of
their professional responsibilities to the Company. 
 “Shares” shall have the same meaning ascribed to such term in
Section 2.1 hereof. 
 “Straddle Period” shall mean all taxes imposed on the Company relating or attributable to
taxable periods that begin on or before and then end after the Closing Date. 
  

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 “Third Party Claim” shall have the same meaning as ascribed to such term in
Section 10.4 hereof. 
 SECTION 2. 
 PURCHASE AND SALE OF THE COMMON STOCK 
 2.1 Purchase and Sale. Subject to the terms and
conditions of this Agreement, Sellers shall sell, convey, assign, transfer and deliver to Purchaser on the Closing Date (as hereinafter defined), and Purchaser shall purchase from Sellers, all of the shares of Common Stock (the
“Shares”), which represent all of the issued and outstanding capital stock of the Company. 
 2.2 Purchase
Price; Payment of Purchase Price. On the Closing Date, subject to the terms and conditions of this Agreement, Purchaser shall (i) issue 500,000, newly issued, restricted common shares of Purchaser and (ii) the issuance of the
Promissory Notes and such additional shares of restricted common stock of Purchaser having a value equal to Four Hundred Twenty Eight Thousand and No/100 Dollars ($428,000.00) (the number of shares to be determined based on the average closing price
of Purchaser’s common stock for the prior thirty (30) trading days ending on the trading day prior to the Closing Date) (the “Purchase Price”). 
 SECTION 3. 
 CLOSING DATE 
 The closing of the transactions contemplated herein (the “Closing”) shall be deemed effective as of 11:59 p.m. on August 1,
2007 (hereinafter the “Closing Date”). The Closing shall occur at such time and place as the parties shall mutually agree. 
 SECTION 4. 
 DOCUMENTS TO BE DELIVERED TO PURCHASER AT THE CLOSING 
 At the Closing, Sellers shall deliver to Purchaser the following documents. Receipt of such documents by Purchaser shall be a condition precedent to
Purchaser’s obligation to close the transactions contemplated herein: 
 4.1 Stock Certificates. Stock certificates for all
of the Shares with duly executed stock powers and assignments attached in proper form for transfer to Purchaser with all necessary documentary transfer stamps attached to be paid by Seller, if applicable. 
 4.2 Assignment of Material Agreements. Seller shall have obtained third party consents to assign the Material Agreements set forth in
schedule 4.2. 
 4.3 Resignations. Written resignations of all officers and directors of the Company dated as of the Closing
Date. 
 4.4 Corporate Books and Charter. The complete and correct minute book, stock transfer book and by-laws and a certified
copy of the Company’s Articles of Incorporation and all amendments thereto from the State of Nevada and all other books and records relating to the Company. 
  

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 4.5 Officer Representations. A certificate executed by Sellers representing and warranting
to Purchaser that each of Sellers’ representations and warranties in this Agreement was accurate in all respects as of the date of this Agreement and is accurate in all respects as of the Closing Date as if made on the Closing Date (giving full
effect to any supplements to Schedules that were delivered by Seller to Purchaser prior to the Closing Date). 
 4.6 Certificate of
Good Standing. A Certificate of Good Standing of the Company issued by the Secretary of the State of the State of Illinois, certified as of a recent date. 
 4.7 Employment Agreements. Agreements in a form substantially similar to the documents attached hereto as Exhibit A acknowledging mutually satisfactory terms of employment between Company and each
Seller. 
 4.8 Cancellation of Demand Notes. Sellers shall have cancelled or otherwise terminated all demand notes listed on
Schedule 4.8 hereto. 
 4.9 Landlord Estoppel. Sellers shall have obtained and delivered an executed “Lessor’s
Acknowledgment and Subordination” substantially in the form of Exhibit 4.9 hereto. 
 SECTION 5. 
 DOCUMENTS TO BE DELIVERED TO SELLER AT THE CLOSING 
 At the Closing, Purchaser or an Affiliate thereof shall deliver to Sellers: 
 5.1 Stock
Issuance. 500,000 newly issued, restricted common shares of Purchaser in accordance with Section 2.2(i). 
 5.2 Promissory
Notes. Delivery of the Promissory Notes in accordance with Schedule 5.2. 
 5.3 Additional Stock. Such number of
additional common restricted shares of Purchaser as described in Section 2.2(ii) to the Sellers listed on Schedule 5.3. 
 5.4
Officers’ Certificates. A certificate executed by an officer of Purchaser attesting to the adoption of resolutions authorizing the transactions contemplated by this Agreement by the Board of Directors of Purchaser. 
 SECTION 6. 
 REPRESENTATIONS AND
WARRANTIES OF SELLER 
 The Sellers, jointly and severally, do hereby represent and warrant to Purchaser as follows: 
 6.1 Organization and Good Standing. The Company is duly organized and validly existing in good standing under the laws of the State of
Illinois and has the corporate power to own and lease its properties and assets with all requisite power and authority to carry on its business as it is now being conducted and to perform all its obligations under applicable Contracts. Except as
disclosed on Schedule 6.1, the present nature of the Company’s business and activities do not require it to be qualified as a foreign corporation in any other state. 
  

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 6.2 Authority; No Conflict. 
 (a) This Agreement constitutes the legal, valid, and binding obligation of each Seller, enforceable against each Seller in accordance with its terms. Upon
the execution and delivery by Sellers of the Agreement; the respective Employment Agreements (collectively, the “Sellers’ Closing Documents”), the Sellers’ Closing Documents will constitute the legal, valid, and binding
obligations of each Seller, enforceable against each Seller in accordance with their respective terms. Each Seller has the absolute and unrestricted right, power, authority, and capacity to execute and deliver this Agreement and the Sellers’
Closing Documents and to perform their obligations under this Agreement and the Sellers’ Closing Documents. 
 (b) Except as set forth
in Schedule 6.2(b), neither the execution and delivery of this Agreement nor the consummation or performance of any of the Contemplated Transactions will, directly or indirectly (with or without notice or lapse of time: 
 (i) contravene, conflict with, or result in a violation of (A) any provision of the Organizational Documents of the Company, or (B) any
resolution adopted by the board of directors or the stockholders of the Company; 
 (ii) contravene, conflict with, or result in a violation
of, or give any Governmental Authority or other Person the right to challenge any of the Contemplated Transactions or to exercise any remedy or obtain any relief under, any Legal Requirement or any Order to which the Company or any Seller, or any of
the assets owned or used by the Company, may be subject; 
 (iii) contravene, conflict with, or result in a violation of any of the terms or
requirements of, or give any Governmental Authority the right to revoke, withdraw, suspend, cancel, terminate, or modify, any Governmental Authorization that is held by the Company or that otherwise relates to the business of, or any of the assets
owned or used by, the Company; 
 (iv) cause Purchaser or the Company to become subject to, or to become liable for the payment of, any Tax;

 (v) cause any of the assets owned by the Company to be reassessed or revalued by any taxing authority or other Governmental Body;

  

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 (vi) contravene, conflict with, or result in a violation or breach of any provision of, or give any
Person the right to declare a default or exercise any remedy under, or to accelerate the maturity or performance of, or to cancel, terminate, or modify, any contract; or 
 (vii) result in the imposition or creation of any Encumbrance upon or with respect to any of the assets owned or used by the Company. 
 (c) Each Seller understands that the shares of Purchaser’s common stock are “restricted securities” and have not been registered under the Securities Act or any applicable State securities laws and is
acquiring the Shares of Purchaser’s common stock for its own account and with a view to distributing or reselling such shares or any part thereof in violation of the Securities Act or any applicable State securities laws. 
 (d) Each Seller either alone or together with its representatives, has such knowledge, sophistication and experience in business and financial matters so
as to be capable of evaluating the merits and risks of the perspective investment in the Purchaser’s Shares, and to so evaluate the merits and risks of such investment. Such Seller is able to bear the economic risk of investment in such Shares
and, at the present time, is able to report a complete loss of such investment. Each Seller acknowledges that a legend may be placed on such shares to the effect that such Shares may not be offered or sold except pursuant to an effective
registration statement under the Securities Act and pursuant to any available exemption from, or in a transaction not subject to the registration requirements of the Securities Act and in accordance with applicable State securities laws as evidenced
by legal opinion of Counsel to Dreams, to such effect. 
 Except as set forth in Schedule 6.2, no Seller is or will be required to give any
notice to or obtain any Consent from any Person in connection with the execution and delivery of this Agreement or the consummation or performance of any of the Contemplated Transactions. 
 6.3 Capitalization. The authorized equity securities of the Company consist of Ten Thousand (10,000) shares of common stock, of which
One Thousand (1,000) shares are issued and outstanding and constitute the Shares. Sellers are and will be on the Closing Date the record and beneficial owners and holders of the Shares, free and clear of all Encumbrances. No legend or other
reference to any purported Encumbrance appears upon any certificate representing equity securities of the Company. All of the outstanding equity securities of the Company have been duly authorized and validly issued and are fully paid and
nonassessable. There are no Contracts relating to the issuance, sale, or transfer of any equity securities or other securities of the Company. None of the outstanding equity securities or other securities of the Company was issued in violation of
the Securities Act or any other Legal Requirement. The Company does not own, or have any Contract to acquire, any equity securities or other securities of any Person or any direct or indirect equity or ownership interest in any other business.

  

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 6.4 Financial Statements and Information. Seller has delivered to Purchaser: 
 Unaudited balance sheet of the Company as at December 31, 2006 including the notes thereto (the “Balance Sheet”) and the related unaudited
consolidated statements of income, changes in stockholders’ equity, and cash flow for each for the fiscal year then ended (including the notes thereto), (c) an unaudited consolidated balance sheet of the Company as at June 12, 2007
(the “Interim Balance Sheet”) and the related unaudited consolidated statements of income, changes in stockholders’ equity, and cash flow for the two months then ended, including in each case the notes thereto. Such financial
statements and notes fairly present the financial condition and the results of operations, changes in stockholders’ equity, and cash flow of the Company as at the respective dates of and for the periods referred to in such financial statements,
all in accordance with GAAP; the financial statements referred to in this Section 6.4 reflect the consistent application of such accounting principles throughout the periods involved, except as disclosed in the notes to such financial
statements. No financial statements of any Person other than the Company are required by GAAP to be included in the consolidated Financial Statements of the Company. The financial statements referred to in this section are defined as the
“Financial Statements.” 
 6.5 Books and Records. The books of account, minute books, stock record books, and other
records of the Company, all of which have been made available to Purchaser, are complete and correct and have been maintained in accordance with sound business practices and the requirements of Section 13(b)(2) of the Securities Exchange Act of
1934, as amended (regardless of whether or not the Company is subject to that Section), including the maintenance of an adequate system of internal controls. The minute books of the Company contain accurate and complete records of all meetings held
of, and corporate action taken by, the stockholders, the Boards of Directors, and committees of the Boards of Directors of the Company, and no meeting of any such stockholders, Board of Directors, or committee has been held for which minutes have
not been prepared and are not contained in such minute books. At the Closing, all of those books and records will be in the possession of the Company. 
 6.6 Good Title; Encumbrances. Schedule 6.6 contains a complete and accurate list of all leaseholds, or other interests therein owned by the Company. The Company owns no real property. The Company owns
all the properties and assets (whether personal, or mixed and whether tangible or intangible) that they purport to own, including all of the properties and assets reflected in the Balance Sheet and the Interim Balance Sheet (except for personal
property sold since the date of the Balance Sheet and the Interim Balance Sheet, as the case may be, in the Ordinary Course of Business), and all of the properties and assets purchased or otherwise acquired by the Company since the date of the
Balance Sheet (except for personal property acquired and sold since the date of the Balance Sheet in the Ordinary Course of Business and consistent with past practice). All properties and assets reflected in the Balance Sheet and the Interim Balance
Sheet are free and clear of all Encumbrances. 
  

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 6.7 Lease of Real Property and Use of Machinery and Equipment. Schedule 6.7 attached hereto
describes all leases, use, or occupancy agreements of real and/or personal property under which the Company is lessor or lessee and shows for each agreement (i) the name of parties thereto, (ii) a description of property covered,
(iii) the terms of agreement, including its expiration date, (iv) monthly rental payments, and (v) the use to which the property is being put. The Company’s use of such real and/or personal property does not violate in any
respect any applicable zoning, building or other laws, ordinances, regulations, restrictive covenants, conditions or requirements. 
 6.8
Employees. Schedule 6.8 attached hereto lists, for each current employee of the Company, the name, starting date, current annual salary (including bonus), other fringe benefits (including the use of an automobile), and the amounts of
accrued sick days and vacation days (collectively, the “Employees”). Except as identified on Schedule 6.8, Seller has no “employee benefit plans” within the meaning of §3(3) of ERISA or any bonus, incentive,
deferred compensation, supplemental retirement, severance or other employee benefit plans, programs or arrangements, or employment or compensation agreements, in each case for the benefit of, or relating to, Employees or former employees of the
Seller or their dependents (collectively, the “Company Plans”). No Employee has resigned from the Company or otherwise had his or her employment terminated by the Company since January 1, 2007. No employee or director is
in violation of or restricted by, directly or indirectly, any agreement, including, but not limited to, any agreements regarding confidentiality, non-competition, non-interference or non-solicitation, from carrying on the Business anywhere in the
world for any period of time. No Employee is a party to any agreement, arrangement or understanding with the Company to share, participate in or receive any portion of the proceeds from the transactions contemplated hereby or otherwise be awarded
any equity (or right to purchase equity) in the Company. Neither the execution and delivery of this Agreement, the performance of the provisions hereof nor the consummation of the transactions contemplated hereby will trigger any severance pay
obligation under any agreement the Company is a party to or, to the knowledge of Seller, under any applicable law. Except as set forth on Schedule 6.8 on the Closing Date there will be no bonuses or severance payments owed to the current or prior
Employees or the directors or officers of the Company. 
 6.9 Employee Relations and Agreements. 
 (a) Except as disclosed in Schedule 6.9(a) attached hereto, the Company is in compliance with all Federal, state and other applicable laws, respecting
employment and employment practices, terms and conditions of employment and wages and hours, and, to the knowledge of Sellers, has not and is not engaged in any discriminatory or unfair labor practice; 
 (b) No unfair labor practice complaint against the Company is pending or to the knowledge of Sellers threatened before any labor relations board or other
tribunal; 
  

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 (c) There is no labor strike, dispute, slowdown or stoppage actually pending or, to the knowledge of
Sellers, threatened against or involving the Company; 
 (d) No union representation exists respecting the Employees of the Company;

 (e) There is no pending or, to the knowledge of Seller, threatened grievance, or claim by any Person or former employee, officer or
director of the Company, upon the Company or the conduct of its business; 
 (f) No collective bargaining agreement is currently being
negotiated by the Company; 
 (g) The Company has no, and is not under any obligation to establish or maintain any, employment or collective
bargaining agreements, welfare, pension, retirement, insurance or other Employee Benefit Plans except as listed in Schedule 6.9(g) attached hereto and made a part hereof. True and complete copies of said agreements and plans have been furnished to
Purchaser. Schedule 6.9(g) lists all such agreements and plans presently in force showing (i) description of agreement or plan, (ii) date of agreement or plan, (iii) expiration date, (iv) employees and facilities covered, and
(v) the amount of any unfunded past service liability under any agreement or plan. Each such agreement or plan has been administered in accordance with its terms and, to Sellers’ Knowledge, is in compliance with ERISA and any other
applicable laws, regulations and rulings and each plan administrator and fiduciary in respect thereof is in compliance in all material respects with ERISA and any other applicable laws, regulations and rulings, and the Company has no unfunded or
under funded liability under ERISA or other applicable laws, regulations or rulings. There is no material liability relating to any such agreement or plan that is required to be on the Reference Balance Sheet that is not reflected thereon;

 (h) The Company has no commission or incentive compensation arrangements which have not been set forth on Schedule 6.9(h) attached hereto;
and 
 (i) Except as identified on Schedule 6.9(i) attached hereto, no director or officer of the Company owns, directly or indirectly, any
interest in, or is an officer, director, consultant, agent or employee of any entity which is, a competitor, customer, supplier, sales representative, or distributor of or to the Company. 
 6.10 Material Adverse Change. Since January 1, 2007, there has not been any material adverse change in the business, operations,
properties, prospects, assets, or condition of the Company, and no event has occurred or circumstance exists that may result in such a material adverse change. 
 6.11 Accounts Receivable. All accounts receivable of the Company that are reflected on the Balance Sheet or the Interim Balance Sheet or on the accounting records of the Company as of the Closing Date
(collectively, the “Accounts Receivable”) represent or will represent valid obligations arising from sales actually made or services actually performed in the Ordinary Course of Business. Unless paid prior to the Closing Date, the Accounts
Receivable are or will be as of the Closing Date current and collectible 

  

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net of the respective reserves shown on the Balance Sheet or the Interim Balance Sheet or on the accounting records of the Company as of the Closing Date
(which reserves are adequate and calculated consistent with past practice). There is no contest, claim, or right of set-off, other than returns in the Ordinary Course of Business, under any Contract with any obligor of an Accounts Receivable
relating to the amount or validity of such Accounts Receivable. Schedule 6.11 contains a complete and accurate list of all Accounts Receivable as of the date of the Interim Balance Sheet, which list sets forth the aging of such Accounts Receivable.
However, at Closing, the accounts receivable amounts shall equal the accounts payables. If not, the Sellers are responsible for the difference. 
 6.12 Inventory.  
 Except as identified on Schedule 6.12, all inventory of the Company, whether or not reflected in
the Balance Sheet or the Interim Balance Sheet, consists of a quality and quantity usable and salable in the Ordinary Course of Business, except for obsolete items and items of below-standard quality, all of which have been written off or written
down to net realizable value in the Balance Sheet or the Interim Balance Sheet or on the accounting records of the Company as of the Closing Date, as the case may be. The total of the Company’s inventory identified on Schedule 6.12
approximately equals One Million Eight Hundred Fifty Thousand Dollars ($1,850,000). 
 6.13 No Undisclosed Liabilities. The
Company has no liabilities or obligations of any nature (whether known or unknown and whether absolute, accrued, contingent, or otherwise) except for liabilities or obligations reflected or reserved against in the Balance Sheet or the Interim
Balance Sheet and current liabilities incurred in the Ordinary Course of Business since the respective dates thereof. 
 6.14
Taxes. Except as identified on Schedule 6.14, 
 (a) The Company has filed all tax returns in connection with any foreign, federal,
state or local taxes required to be filed, and the Company has paid or will pay all taxes due and payable in accordance with such tax returns or otherwise required to be paid. All such returns were correct and complete in all material respects.
Seller has delivered to Purchaser copies of all such Tax Returns. There are no liens on any of the assets of the Company of any kind or nature that arose in connection with any failure (or alleged failure) to pay any tax. The Company has withheld
and paid or collected and remitted all taxes required to have been withheld and paid in connection with amounts paid or owing to any third party, including any Employee, independent contractor, supplier, vendor, creditor or stockholder. 

(b) The Company has not obtained an extension of time within which to file any tax return, which has not yet been filed. The Company has not received
written notice from any Governmental Authority in a jurisdiction in which it does not file a tax return stating that it is subject to taxation by that jurisdiction. 
  

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 (c) The amounts accrued as liabilities for taxes on the books of the Company and reflected on the
Financial Statements are adequate to satisfy all material unpaid liabilities for taxes of the Company through the date of such Financial Statements. There is no agreement, waiver or other document extending, or having the effect of extending, the
period for assessment or collection of any taxes of the Company, which extension or waiver is still in effect. The Company has delivered to Purchaser correct and complete copies of all federal income tax returns, examination reports, statements or
deficiencies and similar documents prepared by any tax authority that relate to the income, operations or business of the Company with respect to any period ending on or after December 31, 2005. The Company is not a party to any tax sharing or
allocation arrangement with any Person, is not a member of an affiliated group filing a consolidated federal tax return and has no liability for taxes of any Person other than the Company under Treasury Regulation Section 1.1502-6 or any
similar provision of state law, or as a transferee or successor, by contract or otherwise. 
 (d) No authority will assess the Company any
additional taxes for any period for which tax returns have been filed. There is no dispute or claim concerning any tax liability of the Company either (A) claimed or raised by any authority in writing or (B) as to which any Seller have
knowledge. 
 (e) The Company has not made any payments, is not obligated to make any payments, and is not a party to any agreement that
under certain circumstances could obligate it to make any payments that will not be deductible under Code Section 280G. The Company has not been a United States real property holding corporation within the meaning of Code Section 896(c)(2)
during the applicable period specified in Code Section 896(c)(1)(A)(ii). The Company has disclosed on its federal income tax returns all positions taken therein that could give rise to a substantial understatement of federal income tax within
the meaning of Code Section 6662. 
 (f) Schedule 6.14(f) attached hereto sets forth the following information with respect to the
Company as of the most recent practicable date: (A) the basis of the Company’s assets; and (B) the amount of any net operating loss, net capital loss, unused investment or other credit, unused foreign tax, or excess charitable
contribution allocable to the Company. 
 (g) The unpaid taxes of the Company do not exceed the reserve for tax liability set forth on the
Interim Balance Sheet. 
 (h) Except as set forth on Schedule 6.14(h) attached hereto, the Company’s tax returns have not been audited.

 6.15 Intellectual Property. 
 (a) Intellectual Property Assets—The term “Intellectual Property Assets” includes: 
 (i) all fictional business names, trading names, registered and unregistered trademarks, service marks, and applications (collectively, “Marks”); 
  

 14 

 (ii) all copyrights in both published works and unpublished works (collectively,
“Copyrights”); and 
 (iii) all know-how, trade secrets, confidential information, customer lists, software,
technical information, data, process technology, plans, drawings, and blue prints (collectively, “Trade Secrets”); owned, used, or licensed by the Company as licensee or licensor. 
 (b) Agreements. Schedule 6.15(b) contains a complete and accurate list and summary description, including any royalties paid or
received by the Company, of all Contracts relating to the Intellectual Property Assets to which the Company is a party or by which the Company is bound. There are no outstanding and, to Sellers’ Knowledge, no threatened disputes or
disagreements with respect to any such agreement. 
 (c) Know-How Necessary for the Business. The Company is the owner
of all right, title, and interest in and to each of the Intellectual Property Assets, free and clear of all liens, security interests, charges, encumbrances, equities, and other adverse claims, and has the right to use without payment to a third
party all of the Intellectual Property Assets. 
 (d) Trademarks. 
 (i) Schedule 6.15(d) contains a complete and accurate list and summary description of all Marks. The Company is the owner of all right,
title, and interest in and to each of the Marks, free and clear of all liens, security interests, charges, encumbrances, equities, and other adverse claims. 
 (ii) All Marks that have been registered with the United States Patent and Trademark Office are currently in compliance with all formal
legal requirements (including the timely post-registration filing of affidavits of use and incontestability and renewal applications), are valid and enforceable, and are not subject to any maintenance fees or taxes or actions falling due within
ninety days after the Closing Date. 
 (iii) No Mark has been or is now involved in any opposition, invalidation, or
cancellation and, to Sellers’ Knowledge, no such action is threatened with the respect to any of the Marks. 
 (iv) To
Sellers’ Knowledge, there is no potentially interfering trademark or trademark application of any third party. 
 (v) No
Mark is infringed or, to Sellers’ Knowledge, has been challenged or threatened in any way. None of the Marks used by the Company infringes or is alleged to infringe any trade name, trademark, or service mark of any third party. 
  

 15 

 (vi) All products and materials containing a Mark bear the proper federal registration notice where
permitted by law. 
 (e) Copyrights. 
 (i) Schedule 6.15(e) contains a complete and accurate list and summary description of all Copyrights. The Company is the owner of all right, title, and interest in and to each of the Copyrights, free and clear of all
liens, security interests, charges, encumbrances, equities, and other adverse claims. 
 (ii) All the Copyrights have been registered and
are currently in compliance with formal legal requirements, are valid and enforceable, and are not subject to any maintenance fees or taxes or actions falling due within ninety days after the date of Closing. 
 (iii) No Copyright is infringed or, to Sellers’ Knowledge, has been challenged or threatened in any way. None of the subject matter of any of the
Copyrights infringes or is alleged to infringe any copyright of any third party or is a derivative work based on the work of a third party. 
 (iv) All works encompassed by the Copyrights have been marked with the proper copyright notice. 
 (f) Trade Secrets.

 (i) With respect to each Trade Secret, the documentation relating to such Trade Secret is current, accurate, and sufficient in detail and
content to identify and explain it and to allow its full and proper use without reliance on the knowledge or memory of any individual. 
 (ii) Seller and the Company have taken all reasonable precautions to protect the secrecy, confidentiality, and value of their Trade Secrets. 
 (iii) The Company has good title and an absolute (but not necessarily exclusive) right to use the Trade Secrets. The Trade Secrets are not part of the public knowledge or literature, and, to Sellers’ Knowledge,
have not been used, divulged, or appropriated either for the benefit of any Person or to the detriment of the Company. No Trade Secret is subject to any adverse claim or has been challenged or threatened in any way. 
 6.16 Accounts Payable; Contracts with Suppliers. Schedule 6.16 attached hereto lists the accounts payable of the Company as of the Closing
Date and each agreement between the Company and its suppliers involving an aggregate purchase price of $5,000 or more by (i) name of vendor, (ii) description of goods or services, (iii) purchase order value, and (iv) balance due
to vendor. No such order or agreement is subject to any escalation, renegotiation, redetermination, rebate or similar provision. However, at closing, the accounts receivable figure shall equal accounts payable. If not, Sellers are responsible for
the difference. 
  

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 6.17 Bank Accounts. A list of the bank accounts, and account numbers and full information
in respect of all credit cards and charge accounts in the name of the Company or for which the Company is responsible, attached hereto as Schedule 6.17, is complete in all respects. 
 6.18 Material Contracts. 
 (a)
Schedule 6.18(a) contains a complete and accurate list, and Sellers have delivered to Purchaser true and complete copies of the following (the “Material Contracts”): 
 (i) each Contract that involves performance of services or delivery of goods or materials by the Company of an amount or value in excess of $10,000.00;

 (ii) each Contract that was not entered into in the Ordinary Course of Business and that involves expenditures or receipts of the Company
in excess of $10,000.00; 
 (iii) each lease, rental or occupancy agreement, license, installment and conditional sale agreement, and other
Contract affecting the ownership of, leasing of, title to, use of, or any leasehold or other interest in, any real or personal property (except personal property leases and installment and conditional sales agreements having a value per item or
aggregate payments of less than $10,000 and with terms of less than one year); 
 (iv) each licensing agreement or other Contract with
respect to trademarks, copyrights, or other intellectual property, including agreements with current or former employees, consultants, or contractors regarding the appropriation or the non-disclosure of any of the Intellectual Property Assets;

 (v) each collective bargaining agreement and other Contract to or with any labor union or other employee representative of a group of
employees; 
 (vi) each joint venture, partnership, and other Contract (however named) involving a sharing of profits, losses, costs, or
liabilities by the Company with any other Person; 
 (vii) each Contract containing covenants that in any way purport to restrict the
business activity of the Company or limit the freedom of the Company or any Affiliate of the Company to engage in any line of business or to compete with any Person; 
 (viii) each Contract providing for payments to or by any Person based on sales, purchases, or profits, other than direct payments for goods; 
 (ix) each power of attorney that is currently effective and outstanding; 
  

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 (x) each Contract entered into other than in the Ordinary Course of Business that contains or provides
for an express undertaking by the Company to be responsible for consequential damages; 
 (xi) each Contract for capital expenditures in
excess of $10,000.00; 
 (xii) each written warranty, guaranty, and or other similar undertaking with respect to contractual performance
extended by the Company other than in the Ordinary Course of Business; and 
 (xiii) each amendment, supplement, and modification (whether
oral or written) in respect of any of the foregoing. 
 Schedule 6.18(a) sets forth reasonably complete details concerning such Material Contracts, including
the parties to the Contracts and the amount of the remaining commitment of the Company under the Contracts. 
 (b) Except as set forth in
Schedule 6.18(b): 
 (i) The Sellers do not have or may not acquire any rights under, or have or may become subject to any obligation or
liability under, any Contract that relates to the Business of, or any of the assets owned or used by, the Company; and 
 (ii) To the
Knowledge of Sellers, no officer, director, agent, employee, consultant, or contractor of the Company is bound by any Contract that purports to limit the ability of such officer, director, agent, employee, consultant, or contractor to
(A) engage in or continue any conduct, activity, or practice relating to the business of the Company, or (B) assign to any the Company or to any other Person any rights to any invention, improvement, or discovery. 
 (c) Except as set forth in Schedule 6.18(c), each Contract identified or required to be identified in 6.18(a) is in full force and effect and is valid
and enforceable in accordance with its terms. 
 (d) Except as set forth in Schedule 6.18(d): 
 (i) the Company is, and at all times since January 1, 2005 has been, in full compliance with all applicable terms and requirements of each Contract
under which such the Company has or had any obligation or liability or by which the Company or any of the assets owned or used by the Company is or was bound; 
 (ii) each other Person that has or had any obligation or liability under any Contract under which the Company has or had any rights is, and at all times since January 1, 2005 has been, in full compliance with all
applicable terms and requirements of such Contract; 
  

 18 

 (iii) no event has occurred or circumstance exists that (with or without notice or lapse of time) may
contravene, conflict with, or result in a violation or breach of, or give the Company or other Person the right to declare a default or exercise any remedy under, or to accelerate the maturity or performance of, or to cancel, terminate, or modify,
any Material Contract; and 
 (iv) the Company has not given to or received from any other Person, at any time since January 1, 2005,
any notice or other communication (whether oral or written) regarding any actual, alleged, possible, or potential violation or breach of, or default under, any Contract. 
 (e) There are no renegotiations of, attempts to renegotiate, or outstanding rights to renegotiate any material amounts paid or payable to the Company under current or completed Contracts with any Person and no such
Person has made written demand for such renegotiation. 
 (f) The Contracts relating to the sale, design, manufacture, or provision of
products or services by the Company have been entered into in the Ordinary Course of Business and have been entered into without the commission of any act alone or in concert with any other Person, or any consideration having been paid or promised,
that is or would be in violation of any Legal Requirement. 
 6.19 Legal Proceedings; Orders. 
 (a) There are no pending Proceedings: 
 (i)
that have been commenced by or against the Company or that otherwise relates to or may affect the business of, or any of the assets owned or used by, the Company; or 
 (ii) that challenges, or that may have the effect of preventing, delaying, making illegal, or otherwise interfering with, any of the Contemplated Transactions. 
 (b) To the Knowledge of Seller, (1) no such Proceeding has been threatened, and (2) no event has occurred or circumstance exists that may give
rise to or serve as a basis for the commencement of any such Proceeding. 
 (i) there is no Order to which the Company, or any of the assets
owned or used by the Company, is subject; 
 (ii) the Sellers are not subject to any Order that relates to the business of, or any of the
assets owned or used by, the Company; and 
 (iii) no officer, director, agent, or employee of the Company is subject to any Order that
prohibits such officer, director, agent, or employee from engaging in or continuing any conduct, activity, or practice relating to the business of the Company. 
  

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 (iv) Company is, and at all times since January 1, 2005, has been, in full compliance with all of
the terms and requirements of each Order to which it, or any of the assets owned or used by it, is or has been subject; 
 (v) no event has
occurred or circumstance exists that may constitute or result in (with or without notice or lapse of time) a violation of or failure to comply with any term or requirement of any Order to which Company, or any of the assets owned or used by the
Company, is subject; and 
 (vi) the Company has not received, at any time since January 1, 2005, any notice or other communication
(whether oral or written) from any Governmental Authority or any other Person regarding any actual, alleged, possible, or potential violation of, or failure to comply with, any term or requirement of any Order to which the Company, or any of the
assets owned or used by the Company, is or has been subject. 
 6.20 Absence of Certain Changes and Events. Since
January 1, 2007, the Company has conducted its businesses only in the Ordinary Course of Business and there has not been any: 
 (a)
change in the Company’s authorized or issued capital stock; grant of any stock option or right to purchase shares of capital stock of the Company; issuance of any security convertible into such capital stock; grant of any registration rights;
purchase, redemption, retirement, or other acquisition by the Company of any shares of any such capital stock; or declaration or payment of any dividend or other distribution or payment in respect of shares of capital stock; 
 (b) amendment to the Organizational Documents of the Company; 
 (c) payment or increase by the Company of any bonuses, salaries, or other compensation to any stockholder, director, officer, or (except in the Ordinary Course of Business) employee or entry into any employment,
severance, or similar Contract with any director, officer, or employee excluding salary increases in the ordinary course of business; 
 (d)
adoption of, or increase in the payments to or benefits under, any profit sharing, bonus, deferred compensation, savings, insurance, pension, retirement, or other employee benefit plan for or with any employees of the Company; 
 (e) damage to or destruction or loss of any asset or property of the Company, whether or not covered by insurance, materially and adversely affecting the
properties, assets, business, financial condition, or prospects of the Company, taken as a whole; 
 (f) entry into, termination of, or
receipt of notice of termination of (i) any license, distributorship, dealer, sales representative, joint venture, credit, or similar agreement, or (ii) any Contract or transaction involving a total remaining commitment by or to the
Company of at least $10,000.00; 
  

 20 

 (g) sale (other than sales of inventory in the Ordinary Course of Business), lease, or other disposition
of any asset or property of the Company or mortgage, pledge, or imposition of any lien or other encumbrance on any material asset or property of the Company, including the sale, lease, or other disposition of any of the Intellectual Property Assets;

 (h) material change in the accounting methods used by the Company; or 
 (i) agreement, whether oral or written, by the Company to do any of the foregoing. 
 6.21 Stockholders, Officers and Directors. The officers, directors and stockholders of the Company as of the date of this Agreement are set
forth on Schedule 6.21 attached hereto and comprise all of the officers, directors and stockholders of the Company. Sellers have no knowledge of any acts or conduct by the officers and directors of the Company exceeding the scope of their authority,
or acts or conduct of such officers and directors which may give rise to a liability of the Company, which has not been disclosed previously to Purchaser. 
 6.22 Disclosure. 
 (a) No representation or warranty of any Seller in this Agreement and no
statement in the Schedules omits to state a material fact necessary to make the statements herein or therein, in light of the circumstances in which they were made, not misleading. 
 (b) To Sellers’ Knowledge, there is no fact that has specific application to any Seller or the Company and that would reasonably be likely to have a
Material Adverse Effect that has not been set forth in this Agreement or in the Schedules attached hereto. 
 6.23 Relationship with
Related Persons. Except as disclosed on Schedule 6.23, neither Sellers nor any related Person of any Seller or of the Company has, or has had, any interest in any property (whether real, personal, or mixed and whether tangible or
intangible), used in or pertaining to the Business. Neither Sellers nor any related Person of any Seller or of the Company is, or has owned (of record or as a beneficial owner) an equity interest or any other financial or profit interest in, a
Person that has (i) had business dealings or a material financial interest in any transaction with the Company (other than business dealings or transactions conducted in the Ordinary Course of Business with the Company at substantially
prevailing market prices and on substantially prevailing market terms), or (ii) engaged in competition with the Company with respect to any line of the products or services of the Company (a “Competing Business”) in any market
presently served by the Company (except for less than one percent of the outstanding capital stock of any Competing Business that is publicly traded on any recognized exchange or in the over-the-counter market). Except as set forth in Schedule 6.23,
neither Sellers nor any related Person of any Seller or of the Company is a party to any Contract with, or has any claim or right against, the Company. 
  

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 6.24 Brokers or Finders. Except as set forth on Schedule 6.24, Sellers and their agents
have incurred directly or indirectly no obligation or liability, contingent or otherwise, for brokerage or finders’ fees or agents’ commissions or other similar payment in connection with this Agreement. Sellers agree and shall be jointly
and severally responsible for any such fees and expenses. 
 SECTION 7. 
 REPRESENTATIONS AND WARRANTIES BY PURCHASER 
 Purchaser hereby represents and
warrants to Sellers as follows: 
 7.1 Corporate Status. Purchaser is a corporation duly organized and validly existing in good
standing under the laws of the State of Utah. 
 7.2 No Conflict. 
 The execution and delivery of this Agreement by Purchaser has been authorized by Purchaser’s Board of Directors. Except as set forth in Schedule
7.2, neither the execution and delivery of this Agreement by Purchaser nor the consummation or performance of any of the Contemplated Transactions by Purchaser will give any Person the right to prevent, delay, or otherwise interfere with any of the
Contemplated Transactions pursuant to: 
 (i) any provision of Purchaser’s Organizational Documents; 
 (ii) any resolution adopted by the board of directors or the stockholders of Purchaser; 
 (iii) any Legal Requirement or Order to which Purchaser may be subject; or 
 (iv) any Contract to which Purchaser is a party or by which Purchaser may be bound. 
 Except as set forth in Schedule 7.2, Purchaser is not and will not be required to obtain any Consent from any Person in connection with the
execution and delivery of this Agreement or the consummation or performance of any of the Contemplated Transactions. 
 7.3
Enforceability. This Agreement has been duly executed and delivered by Purchaser and constitutes the valid and binding obligations of Purchaser enforceable against Purchaser in accordance with its terms, except to the extent
enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights in general and subject to general principles of equity (regardless of whether such
enforceability is considered in a proceeding in equity or at law). Purchaser has the right, power and authority to execute and deliver this Agreement and perform Purchaser’s obligations hereunder. 
  

 22 

 7.4 Brokers or Finders. Purchaser and its officers and agents have incurred no obligation
or liability, contingent or otherwise, for brokerage or finders’ fees or agents’ commissions or other similar payment in connection with this Agreement and will indemnify and hold Seller harmless from any such payment alleged to be due by
or through Purchaser as a result of the action of Purchaser or its officers or agents. 
 SECTION 8. 
 ADDITIONAL CONDITIONS TO CLOSING 
 8.1 No Claim Regarding Stock Ownership or Sale Proceeds. There must not have been made or threatened by any Person any claim asserting that such Person (a) is the holder or the beneficial owner of, or has the right to
acquire or to obtain beneficial ownership of, any stock of, or any other voting, equity, or ownership interest in, the Company, or (b) is entitled to all or any portion of the Purchase Price payable for the Shares. 
 SECTION 9. 
 POST-CLOSING COVENANTS

 Seller covenants and agrees as follows: 
 9.1 Publicity. Except as may be required by applicable law, (a) no party shall issue any press release or make any other public disclosure concerning the transactions contemplated by this Agreement,
including the terms of this Agreement or of any other document required to be executed in order to consummate the transaction, without the prior written consent of the other parties, which consent shall not be unreasonably withheld and (b) if
any party is required by law to issue a press release or make any other public disclosure prior to such consent, such party shall use its reasonable efforts to inform the other parties hereto prior to issuing it. 
 9.2 Tax Returns. Sellers shall prepare or cause to be prepared and file or cause to be filed all tax returns for the Company for all periods
ending on or prior to the Closing Date, which are required to be filed after the Closing Date. Seller shall permit Purchaser to review and comment on each such tax return prior to filing. All such tax returns shall be prepared and filed in a manner
that is consistent with the prior practice of the Company. If any such tax returns are due after the closing and if the Seller is not authorized to file such tax return by law, the Sellers shall submit drafts of such returns to the Purchaser for its
review at least 20-days prior to the due date of any such tax return, provided, however, that such drafts of any such tax return shall be subject to the Purchaser’s review and approval. If the Sellers are not authorized to file such tax return
by law, Purchaser shall timely file (or cause to be filed) such tax return due after the Closing Date with the appropriate taxing authorities. The Sellers shall pay or cause to be paid all taxes due and payable in respect of such pre-closing period
tax return to the Purchaser no later than three-days prior to the due date of such tax return. The Purchaser shall, in connection with its obligation to file (or cause to be filed) such tax return, pay (or cause to be paid) to the appropriate tax
authority the amount of taxes shown to be due on such tax return. 
  

 23 

 The Purchaser shall prepare and file or cause the Company to prepare and timely file, all tax returns to
be filed by the Company, for all Straddle Periods (as defined herein). All such tax returns shall be prepared and filed in a manner that is consistent with the prior practice of the Company, except as required by applicable law. The Purchaser shall
deliver drafts of all such tax returns to the Seller for its review at least 30-days prior to the due date of any such tax return (taking into account valid extensions) and shall notify the Sellers of the Purchaser’s calculation of the
Sellers’ share of the taxes of the Company for any Straddle Period, provided, however, that such tax returns and such calculation of the Sellers’ share of the tax liability for such period shall be subject to the Sellers’ review and
approval, which approval shall not be unreasonable withheld or delayed. 
 No later than five days prior to the filing of such tax return,
the Seller shall deliver to Purchaser in immediately available funds the amount of Sellers’ share of the tax liability for such period. Subject to the preceding sentence, the Purchaser shall pay or cause to be paid their allocable share of any
taxes due and payable in respect of such period. The parties shall act in good faith to resolve any dispute prior to the date on which a tax return is required to be filed. If the parties hereto cannot resolve any disputed item, the item in question
shall be resolved by an accounting firm, which may be the accounting firm for the Purchaser, as promptly as practicable. The fees and expenses of the accounting firm shall be paid one half by the Sellers and one half by the Purchaser. 
 The Sellers shall make available to the Purchaser all tax returns (and other information related to taxes, including tax work papers and files in its
possession) of the Company for taxable periods ending on December 31, 2006 and thereafter as well all other information to the extent available. Sellers shall retain all books and records with respect to the tax matters pertinent to the Company
relating to any tax period being before the Closing Date until the expiration of the statute of limitations or the respective taxable periods and shall abide by all record retention agreements with any tax authority. 
 9.3 Further Assurances. The parties agree (a) to furnish upon request to each other such further information, (b) to execute and
deliver to each other such other documents, and (c) to do such other acts and things, all as the other party may reasonably request for the purpose of carrying out the intent of this Agreement and the documents referred to in this Agreement.

 SECTION 10. 
 INDEMNIFICATION; REMEDIES 
 10.1 Indemnification by Sellers. Subject to the provisions of this
Section 10, Sellers hereby agree jointly and severally to indemnify, defend and hold harmless Purchaser, and each other Purchaser Indemnified Party from and against any and all actions, 

  

 24 

 
suits, proceedings, hearings, investigations, charges, complaints, claims, demands, injunctions, judgments, orders, decrees, rulings, damages, dues,
penalties, fines, costs, liabilities, obligations, taxes, liens, losses, expenses, and fees, including court costs and reasonable attorneys’ fees and expenses, incurred in the enforcement of the obligations under this Section 10 or
settlements (hereinafter referred to as “Losses”) incurred, suffered or threatened arising out of or resulting from: 
 (a) Any misrepresentation, breach of any representation and warranty of any Seller in this Agreement or any Schedule or Exhibit hereto; 
 (b) Any breach or non-fulfillment of or any failure to perform, any of the covenants, agreements or undertakings of Sellers contained in or made pursuant to this Agreement or any Schedule or Exhibit hereto; 
 (c) Any product sold by or any services provided by the Company prior to the Closing Date; 
 (d) Any payables or other obligations of the Company existing or relating to matters prior to the Closing Date; 
 (e) Any returns after the Closing Date on account of merchandise sold prior to the Closing Date; 
 (f) All interest, penalties, costs and expenses arising out of or related to any indemnification made under this Section 10.1. 
 10.2 Indemnification by Purchaser. Subject to the provisions of Section 10.2, Purchaser agrees to indemnify, defend and hold harmless
Sellers from and against any and all Losses incurred, suffered or threatened arising out of or resulting from: 
 (a) Any misrepresentation,
breach of any representation and warranty of Purchaser in this Agreement or any Schedule or Exhibit hereto; 
 (b) Any breach or
non-fulfillment of or any failure to perform, any of the covenants, agreements or undertakings of Purchaser contained in or made pursuant to this Agreement or any Schedule or Exhibit hereto. 
 10.3 Indemnification Definitions. For the purposes of this Section 10, the following terms shall have the following meanings:

 (a) “Indemnitee” shall mean a party or other Person seeking indemnification pursuant to this Agreement. 
 (b) “lndemnitor” shall mean a party, which is required or requested to provide indemnification pursuant to this Agreement. 

 

 25 

 (c) “Indemnifiable Claim” means any claim or other proceeding with respect to which an
Indemnitee may be entitled to indemnity hereunder. 
 (d) “Purchaser Indemnified Parties” shall mean Purchaser, and any
officer, director, employee, agent, affiliate, and permitted assignee of Purchaser. 
 (e) “Seller Indemnified Parties”
shall mean any Seller. 
 10.4 Notification of Indemnifiable Claims. In the event of the occurrence of an event which any party
asserts constitutes an Indemnifiable Claim, the Indemnitee shall provide prompt notice of such event to Seller (in the case of a Purchaser’s Indemnifiable Claim) or to Purchaser (in the case of a Sellers’ Indemnifiable Claim) and shall
otherwise make available to the Indemnitor all relevant information which is material to the Indemnifiable Claim and which is in the possession of the Indemnitee. Prompt notice shall mean no more than fifteen (15) days from the date in which a
party knows or should have known of an Identifiable Claim. An Indemnitee’s failure to give timely notice or to furnish the Indemnitor with any relevant data and documents in connection with any Third-Party Claim (as defined below) shall not
constitute a defense (in part or in whole) to any claim for indemnification by such party, except and only to the extent that such failure shall result in any material prejudice to the Indemnitor. If such event involves the claim of any third party
(a “Third-Party Claim”) and, so long as the Indemnitor has acknowledged its liability for such indemnification hereunder, the Indemnitor shall (and shall upon the request of Indemnitee), at its sole expense, (without prejudice to
the right of the Indemnitee to fully participate at its own expense through counsel of its own choosing) assume control of the defense, settlement, adjustment or compromise of any Third-Party Claim, with counsel reasonably acceptable to the
Indemnitee, no later than thirty (30) days following notice thereof by the Indemnitee or such shorter time period as required so that the interests of the Indemnitee would not be materially prejudiced as a result of the failure to have received
such notice; provided that (i) the Indemnitor shall obtain the consent of the Indemnitee (which consent shall not be unreasonably withheld or delayed) before entering into any settlement, adjustment or compromise of such claims, or ceasing to
defend against such claims, if as a result thereof, or pursuant thereto, there would be imposed on the Indemnitee any material liability or obligation not covered by the indemnity obligations of the Indemnitor under this Agreement (including without
limitation, any injunctive relief or other remedy) and (ii) if the Indemnitee shall have reasonably concluded that separate counsel is required because a conflict of interest would otherwise exist, the Indemnitee shall have the right to select
separate counsel to participate in the defense of such actions on its behalf at its sole expense. In connection with any Third-Party Claim, the Indemnitee, or the Indemnitor if it has assumed the defense of such claim pursuant to this Section, shall
diligently pursue the defense of such Third-Party Claim. The parties hereto agree to cooperate with each other in connection with the defense, negotiation or settlement of any Third-Party Claim. 
 Notwithstanding anything to the contrary herein, the parties acknowledge and agree that the failure of Indemnitor to assume the defense of Indemnitee in
a matter for which Indemnitor is obligated to assume the defense of Indemnitee pursuant to this Agreement, and for which Indemnitee has requested that Indemnitor assume such defense, shall be deemed a material breach of this Agreement. 

 

 26 

 SECTION 11. 
 SURVIVAL OF REPRESENTATIONS AND WARRANTIES AND COVENANTS 
 All covenants and agreements shall survive
the Closing and shall be fully effective and enforceable until the covenant or agreement has been fully performed. All representations and warranties made by the parties hereto and in any writing relating or pursuant to this Agreement or in
connection with the transactions contemplated hereby, and in any certificate or other document furnished by any party to any other party pursuant to this Agreement, or in connection with the transactions contemplated hereby, shall survive and
continue in force after the Closing for a period of twenty-four (24) months, after which they shall be null and void and without further force and effect (except with respect to any Indemnifiable Claims asserted prior to and pending at the time
of such expiration). Notwithstanding anything to the contrary contained herein, the representations and warranties contained in this Agreement shall not be affected by any investigation, verification or examination by any party or by anyone on
behalf of such party. 
 SECTION 12. 
 EXPENSES 
 Except as provided herein, each party shall bear its own costs and expenses in connection
with this Agreement and the consummation of the transactions provided for herein. Without limiting the generality of the foregoing, Sellers shall pay all taxes, including without limitation, federal, state and local income taxes, if any, arising out
of, resulting from or imposed by reason of the sale, assignment, transfer or delivery herein of the Shares to Purchaser. 
 SECTION 13.

 MISCELLANEOUS 
 13.1 Governing Law; Jurisdiction Venue. In the event of any suit, action or otherwise under this Agreement or otherwise, each party hereby irrevocably agrees only to bring a proceeding in any applicable court sitting in
Broward County, Florida. Each party to this Agreement hereby irrevocably waives, to the fullest extent permitted by law, any objections which they may now have now or hereafter have to the laying of any such venue of any such proceeding brought in
such a court and claim that such proceeding brought in such a court has been brought in an inconvenient form. 
 13.2 Successors and
Assigns. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the parties to and their respective successors, legal representatives and permitted assigns. Purchaser may assign this Agreement or
any rights hereunder to an entity controlling, controlled by or under common control with Purchaser and in the event of any such assignment all references to Purchaser in this Agreement shall be deemed to refer to such assignee. Sellers shall not
assign or 

  

 27 

 
transfer any rights or privileges hereunder without the prior written consent of Purchaser, and any attempted assignment or transfer without the written
consent of Purchaser shall be void. 
 13.3 Documents to be Satisfactory. All documents and instruments to be delivered under
this Agreement, whether prior to, at or following the Closing, shall be in form and substance reasonably satisfactory to counsel for the party receiving the same. 
 13.4 Entire Agreement; Changes to be in Writing. This Agreement together with the attached Exhibits and Schedules embodies the entire agreement and understanding between the parties and supersedes any
previous agreements and understandings among the parties with respect to those matters. There are no oral agreements between or among the parties with respect to the transactions contemplated herein. No waiver, change, amendment or discharge of any
term or condition hereof or any consent on the part of any party hereto shall be of any force or effect unless made in writing and signed by the party to be bound thereby. 
 13.5 Notices. Any notice, request, instruction, consent, approval or other communication provided for herein shall be sufficiently given if
given in writing and delivered personally or sent by certified or registered mail, postage prepaid, or by overnight courier, as follows: 
  

					
	 (a)
	 	 If to Purchaser addressed to:
	 	Dreams, Inc.
			
		 		 	Two South University Drive
		 		 	Suite 325
		 		 	Plantation, Florida 33324
		 		 	Facsimile: 954-475-8785
			
		 	 with a copy to:
	 	Joel D. Mayersohn, Esq.
		 		 	Arnstein & Lehr LLP
		 		 	200 East Las Olas Boulevard
		 		 	Suite 1700
		 		 	Fort Lauderdale, Florida 33301
		 		 	Facsimile: 954-713-7700
			
	 (b)
	 	 If to Sellers, addressed to:
	 	Mark Schwartz
		 		 	575 Waukegan Road
		 		 	Northbrook, IL 60062
			
		 	 with a copy to:
	 	Noel Dennis, Esq.
		 		 	433 N. Milwaukee Avenue
		 		 	Wheeling, IL. 60090
		 		 	Facsimile: 847-520-8101

  

 28 

 13.6 Headings Solely for Convenience. The headings contained in this Agreement are set
forth for the purpose of convenience only and shall be given no effect in the construction or interpretation of this Agreement. 
 13.7
Remedies. All rights and remedies of any party under any provision of this Agreement shall be in addition to any other rights and remedies provided for by any law of any kind (including all forms of legal and equitable relief, including
specific performance), all rights and remedies contemplated in the preceding part of this sentence shall be independent and cumulative, and may, to the extent permitted by law, be exercised concurrently or separately, and the exercise of any one
right or remedy shall not be deemed to be an election of such right or remedy or to preclude or waive the exercise of any other right or remedy. 
 13.8 Severability. In the event that any provision hereof would, under applicable law, be invalid or unenforceable in any respect (a) such provision shall be enforced to the maximum extent permissible under applicable
law, and (b) the invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 
 13.9 Third Party Beneficiaries. Except as contemplated by Section 10, the provisions of this Agreement (a) are for the sole
benefit of the parties, and (b) shall not create or be deemed to create any third party beneficiary rights in any Person not a party to this Agreement. 
 13.10 Further Assurances. Each party shall, at the reasonable request of any other party hereto, execute and deliver to such other party all such documents, instruments, assignments, assurances and other
documents, and take such actions as other party may reasonably request in connection with the carrying out of the terms and provisions of this Agreement, including, in the case of Seller making available to Purchaser any and all financial records
necessary for the Purchaser to cause to be prepared all of the financial statements for the Company. 
 13.11 Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original. 
 SIGNATURE PAGE TO FOLLOW 

 

 29 

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

			
	Purchaser:
	
	DREAMS, INC.
		
	By:	 	 /s/ David M. Greene

	Name:	 	David M. Greene
	Title:	 	Senior Vice President
	
	Sellers:
		
	By:	 	 /s/ Mark Schwartz

	Name:	 	Mark Schwartz
		
	By:	 	 /s/ Marlene Schwartz

	Name:	 	Marlene Schwartz
		
	By:	 	 /s/ Brian Schwartz

	Name:	 	Brian Schwartz
		
	By:	 	 /s/ Joel Schwartz

	Name:	 	Joel Schwartz
		
	By:	 	 /s/ Kevin Schwartz

	Name:	 	Kevin Schwartz

  

 30 

 SCHEDULE 5.2 
 AND 
 SCHEDULE 5.3 
  

			
	 Kevin Schwartz:
	  	 $470.000

 $170,000 in stock 
 $80,000 in 5 year note that can be redeemed after 1 year 
 $220,000 in 5 year note that can be redeemed after 3 years 
  

			
	 Joel Schwartz:
	  	 $132,000

 $32,000 in stock 
 $100,000 in 5 year note that can be redeemed after 3 years 
  

			
	 Mark and Marlene Schwartz
	  	 $624,000

 $106,000 in stock 
 $518,000 in 5 year note 
  

			
	 Brian Schwartz
	  	 $370,000

 $120,000 in stock 
 $50,000 in 5 year note that can be redeemed after 1 year 
 $200,000 in 5 year note that can be redeemed after 3 years 
 7% interest per year on all notes 

 EXHIBIT A 
 Employment Agreement 
  

 2 

 EXHIBIT 4.9 
 Form of Lessor’s Acknowledgment and Subordination 
  

 3Warrant Agreement

 Exhibit 4.4 
 WARRANT AGREEMENT 
 RAYCLIFF ACQUISITION CORP. 
 and 
 CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant Agent 

 
  
 WARRANT AGREEMENT 
 Dated as of March 20, 2008 

 WARRANT AGREEMENT 
 TABLE OF CONTENTS 
  

							
		 		 		  	Page
	SECTION 1.	 		 	Appointment of Warrant Agent	  	  - 1 -
	SECTION 2.	 		 	Warrant Certificates	  	  - 1 -
	SECTION 3.	 		 	Execution of Warrant Certificates	  	  - 1 -
	SECTION 4.	 		 	Registration and Countersignature	  	  - 1 -
	SECTION 5.	 		 	Registration of Transfers and Exchanges; Transfer Restrictions	  	  - 2 -
	SECTION 6.	 		 	Terms of Warrants	  	  - 3 -
	(a)	 	Exercise Price and Exercise Period	  	  - 3 -
	(b)	 	Redemption of Warrants	  	  - 4 -
	(c)	 	Exercise Procedure	  	  - 4 -
	(d)	 	Registration Requirement	  	  - 6 -
	(e)	 	Expiry Upon Liquidation of Trust Account	  	  - 6 -
	SECTION 7.	 		 	Payment of Taxes	  	  - 6 -
	SECTION 8.	 		 	Mutilated or Missing Warrant Certificates	  	  - 6 -
	SECTION 9.	 		 	Reservation of Warrant Shares	  	  - 7 -
	SECTION 10.	 		 	Obtaining Stock Exchange Listings	  	  - 7 -
	SECTION 11.	 		 	Adjustment of Number of Warrant Shares	  	  - 7 -
	(a)	 	Stock Dividends - Split-Ups	  	  - 7 -
	(b)	 	Aggregation of Shares	  	  - 8 -
	(c)	 	Merger, Reorganization, etc	  	  - 8 -
	(d)	 	Adjustment for Other Distributions	  	  - 8 -
	(e)	 	Defined Terms	  	  - 9 -
	(f)	 	When No Adjustment Required	  	  - 9 -
	(g)	 	Notice of Adjustment	  	  - 9 -
	(h)	 	Warrant Agent’s Disclaimer	  	  - 9 -
	(i)	 	Adjustment in Exercise Price	  	- 10 -
	(j)	 	Form of Warrants	  	- 10 -
	(k)	 	Other Events	  	- 10 -
	SECTION 12.	 		 	Fractional Interests	  	- 10 -
	SECTION 13.	 		 	Notices to Warrant Holders	  	- 10 -
	SECTION 14.	 		 	Merger, Consolidation or Change of Name of Warrant Agent	  	- 10 -
	SECTION 15.	 		 	Warrant Agent	  	- 11 -
	SECTION 16.	 		 	Change of Warrant Agent	  	- 13 -
	SECTION 17.	 		 	Notices to Company and Warrant Agent	  	- 13 -
	SECTION 18.	 		 	Supplements and Amendments	  	- 14 -
	SECTION 19.	 		 	Successors	  	- 14 -
	SECTION 20.	 		 	Termination	  	- 15 -
	SECTION 21.	 		 	Governing Law	  	- 15 -
	SECTION 22.	 		 	Persons Having Rights under this Warrant Agreement.	  	- 15 -
	SECTION 23.	 		 	Counterparts	  	- 15 -
	SECTION 24.	 		 	Force Majeure	  	- 15 -
			
	Exhibit A	 	Form of Warrant Certificate	  	
	Exhibit B	 	Legend	  	

 WARRANT AGREEMENT dated as of March 20, 2008, between Raycliff Acquisition Corp., a Delaware
corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation, as Warrant Agent (the “Warrant Agent”). 
 WHEREAS, the Company proposes to issue (i) 6,000,000 warrants to be offered in a private placement bearing the legend set forth in Exhibit B hereto
(the “Insider Warrants”), and (ii) up to 23,000,000 warrants to be offered pursuant to a registration statement filed with the Securities and Exchange Commission (the “Public Warrants” and
together with the Insider Warrants, the “Warrants”), which in each case entitle the holders thereof to purchase shares of common stock of the Company, $0.0001 par value per share (“Common Stock,” and
the Common Stock issuable on exercise of the Warrants, the “Warrant Shares”); 
 WHEREAS, the Company desires the
Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing so to act, in connection with the issuance, transfer, exchange and exercise of Warrants and other matters as provided herein; 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the parties hereto agree as follows: 
 SECTION 1. Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company in accordance with the instructions
set forth hereinafter in this Agreement, and the Warrant Agent hereby accepts such appointment. 
 SECTION 2. Warrant Certificates. The
certificates evidencing the Warrants (the “Warrant Certificates”) to be delivered pursuant to this Agreement shall be in registered form only and shall be substantially in the form set forth in Exhibit A attached hereto.

 SECTION 3. Execution of Warrant Certificates. Warrant Certificates shall be signed on behalf of the Company by its Chairman of the Board
or its President or Chief Executive Officer or a Vice President and by its Secretary or an Assistant Secretary. Each such signature upon the Warrant Certificates may be in the form of a facsimile signature of the present or any future Chairman of
the Board, President, Chief Executive Officer, Vice President, Secretary or Assistant Secretary and may be imprinted or otherwise reproduced on the Warrant Certificates and for that purpose the Company may adopt and use the facsimile signature of
any person who shall have been Chairman of the Board, President, Chief Executive Officer, Vice President, Secretary or Assistant Secretary, notwithstanding the fact that at the time the Warrant Certificates shall be countersigned and delivered or
disposed of he or she shall have ceased to hold such office. 
 In case any officer of the Company who shall have signed any of the Warrant
Certificates shall cease to be such officer before the Warrant Certificates so signed shall have been countersigned by the Warrant Agent, or disposed of by the Company, such Warrant Certificates nevertheless may be countersigned and delivered or
disposed of as though such person had not ceased to be such officer of the Company; and any Warrant Certificate may be signed on behalf of the Company by any person who, at the actual date of the execution of such Warrant Certificate, shall be a
proper officer of the Company to sign such Warrant Certificate, although at the date of the execution of this Warrant Agreement any such person was not such officer. 
 Warrant Certificates shall be dated the date of countersignature by the Warrant Agent. 
 SECTION 4.
Registration and Countersignature. Warrant Certificates shall be countersigned by the Warrant Agent and shall not be valid for any purpose unless so countersigned. The Warrant Agent shall, upon written instructions of the Chairman of the Board, the
President or Chief Executive Officer, a Vice President, or the Treasurer of the Company, countersign, issue and deliver Warrants as provided in this Agreement. 
 The Company and the Warrant Agent may deem and treat the registered holder(s) of the Warrant Certificates as the absolute owner(s) thereof (notwithstanding any notation of ownership or other writing thereon made by
anyone), for all purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. 
  

 - 1 - 

 SECTION 5. Registration of Transfers and Exchanges; Transfer Restrictions. The Warrant Agent shall from
time to time, subject to the limitations of this Section 5, register the transfer of any outstanding Warrant Certificates upon the records to be maintained by it for that purpose, upon surrender thereof duly endorsed or accompanied (if so
required by the Warrant Agent) by a written instrument or instruments of transfer in form satisfactory to the Warrant Agent, duly executed by the registered holder or holders thereof or by the duly appointed legal representative thereof or by a duly
authorized attorney. Upon any such registration of transfer, a new Warrant Certificate shall be issued to the transferee(s) and the surrendered Warrant Certificate shall be cancelled by the Warrant Agent. Cancelled Warrant Certificates shall
thereafter be disposed of by the Warrant Agent in its customary manner. 
 The Insider Warrants may not be assigned, hypothecated, donated,
encumbered, sold, transferred or otherwise disposed of prior to the date that is 180 days after the date upon which the Company effects a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business
combination with one or more businesses or assets (its “Business Combination”) (such date, the “Transfer Restriction Termination Date”) except (A) to the Company’s officers or directors, any
affiliates or family members of any of the Company’s officers or directors or any affiliates of the Sponsor (as defined below), (B) by gift to a member of the holder’s immediate family or to a trust, the beneficiary of which is a
member of the holder’s immediate family, an affiliate of the holder or to a charitable organization; (C) by virtue of the laws of descent and distribution upon death of holders (other than the Sponsor); (D) by virtue of the laws of
the state of Delaware or the Sponsor’s limited liability company agreement upon dissolution of the Sponsor; (E) in the case of a holder (other than the Sponsor), pursuant to a qualified domestic relations order; (F) in the event of a
liquidation of the Company prior to the Company’s completion of its Business Combination or (G) the consummation of a liquidation, merger, stock exchange or other similar transaction which results in all the Company’s stockholders
having the right to exchange their shares of Common Stock for cash, securities or other property subsequent to the Company’s consummation of a Business Combination; provided, however, that the permissive transfers set forth above may be
implemented only upon the respective transferee’s written agreement with the Company to be bound by the terms and conditions of such transfer restrictions (the “Permitted Transferees”). 
 The holders of any Insider Warrants or Warrant Shares issued upon exercise of any Insider Warrants further agree prior to any transfer of such
securities, to give written notice to the Company expressing its desire to effect such transfer and describing briefly the proposed transfer. Upon receiving such notice, the Company shall present copies thereof to its counsel and the holder agrees
not to make any disposition of all or any portion of such securities unless and until: 
 (a) there is then in effect a registration
statement under the Securities Act covering such proposed disposition and such disposition is made in accordance with such registration statement, in which case the legends set forth in Exhibit B or Section 6(c) hereof, as the case may be
(collectively the “Legends”) with respect to such securities sold pursuant to such registration statement shall be removed; or 
 (b) if reasonably requested by the Company, (A) the holder shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, that such disposition will not require registration
of such Securities under the Securities Act, (B) the Company shall have received customary representations and warranties regarding the transferee that are reasonably satisfactory to the Company signed by the proposed transferee and
(C) the Company shall have received an agreement by such transferee to the restrictions contained in the Legends. 
 Each Public Warrant
shall initially be issued together with one share of Common Stock as a unit (a “Unit”). The shares of Common Stock and Public Warrants comprising a Unit will begin separate trading five business days (or as soon as
practicable thereafter) following the earlier to occur of (1) the expiration of the underwriters’ over-allotment option and (2) the exercise in full of the underwriters’ over-allotment option, subject in either case to our having
filed a Current Report on Form 8-K with the Securities and Exchange Commission, 

  

 - 2 - 

 
containing an audited balance sheet reflecting the Company’s receipt of the gross proceeds of the offering, including the underwriters’
over-allotment option, if applicable, and issuing a press release announcing when such separate trading will begin (such date, the “Detachment Date”). Prior to the Detachment Date, Public Warrants may be transferred or
exchanged only together with the Unit in which such Public Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of such Unit. Furthermore, prior to the Detachment Date, each transfer of a Unit on
the register relating to such Units shall operate also to transfer the Public Warrant included in such Unit. 
 Subject to the terms of this
Agreement, Warrant Certificates may be exchanged at the option of the holder(s) thereof, when surrendered to the Warrant Agent at its principal corporate trust office, which is currently located at the address listed in Section 17 hereof, for
another Warrant Certificate or other Warrant Certificates of like tenor and representing in the aggregate a like number of Warrants. Any holder desiring to exchange a Warrant Certificate shall deliver a written request to the Warrant Agent, and
shall surrender, duly endorsed or accompanied (if so required by the Warrant Agent) by a written instrument or instruments of transfer in form satisfactory to the Warrant Agent, the Warrant Certificate or Certificates to be so exchanged. Warrant
Certificates surrendered for exchange shall be cancelled by the Warrant Agent. Such cancelled Warrant Certificates shall then be disposed of by such Warrant Agent in its customary manner. 
 The Warrant Agent is hereby authorized to countersign, in accordance with the provisions of this Section 5 and of Section 4 hereof, the new
Warrant Certificates required pursuant to the provisions of this Section 5. 
 SECTION 6. Terms of Warrants. 
 (a) Exercise Price and Exercise Period. 
 The initial exercise price per share at which Warrant Shares shall be purchasable upon the exercise of Warrants (the “Exercise Price”) shall be $7.50 per share, and each Warrant shall be initially exercisable to
purchase one share of common stock of the Company, $0.0001 par value per share (“Common Stock”). 
 Subject to the
terms of this Agreement (including without limitation Section 6(d) below), each Warrant holder shall have the right, which may be exercised commencing at the opening of business on the first day of the applicable Warrant Exercise Period set
forth below and until 5:00 p.m., New York City time, on the last day of such Warrant Exercise Period, to receive from the Company the number of fully paid and nonassessable Warrant Shares which the holder may at the time be entitled to receive on
exercise of such Warrants and payment of the Exercise Price then in effect for such Warrant Shares. No adjustments as to dividends will be made upon exercise of the Warrants. 
 The “Warrant Exercise Period” shall commence (subject to Section 6(d) below), on the later of: 
 (A) the date that is 12 months after the date of the prospectus for the offering of the Public Warrants; and 
 (B) the date on which the Company completes its Business Combination and shall end on the earlier of: 
 (i) the date that is four years from the date of the final prospectus for the offering of the Public Warrants; and 
 (ii) the Business Day preceding the date on which such Warrants are redeemed pursuant to Section 6(b) below or expire pursuant to
Section 6(e) below. 
 The “Closing Price” of the Common Stock on any date of determination means: 

 

	 	(i)	the closing sale price for the regular trading session (without considering after hours or other trading outside regular trading session hours) of the Common Stock (regular way) on
the American Stock Exchange on that date (or, if no closing price is reported, the last reported sale price during that regular trading session), 

  

 - 3 - 

	 	(ii)	if the Common Stock is not listed for trading on the American Stock Exchange on that date, as reported in the composite transactions for the principal United States securities
exchange on which the Common Stock is so listed, 

  

	 	(iii)	if the Common Stock is not so reported, the last quoted bid price for the Common Stock in the over-the-counter market as reported by the OTC Bulletin Board, the National Quotation
Bureau or similar organization, or 

  

	 	(iv)	if the Common Stock is not so quoted, the average of the mid-point of the last bid and ask prices for the Common Stock from at least three nationally recognized investment banking
firms that the Company selects for this purpose. 

 Each Warrant not exercised prior to 5:00 p.m., New York City time, on the
last day of the Warrant Exercise Period shall become void and all rights thereunder and all rights in respect thereof under this Agreement shall cease as of such time. 
 (b) Redemption of Warrants. 
 The Company may call the Warrants for redemption, in whole and not in part, at
a price of $0.01 per Warrant, upon not less than 30 days’ prior written notice of redemption to each Warrant holder, at any time after such Warrants have become exercisable pursuant to Section 6(a), if, and only if, (i) the Closing
Price has equaled or exceeded $13.75 per share for any 20 trading days within a 30-trading-day period ending on the third Business Day prior to the notice of redemption to Warrant holders and (ii) at all times between the date of such notice of
redemption and the redemption date a registration statement is in effect covering the Warrant Shares issuable upon exercise of the Warrants and a current prospectus relating to those Warrant Shares is available. If the Company elects to call the
Warrants for redemption, it may require all Holders that wish to exercise Warrants to do so on a cashless basis as described in Section 6(c). 
 Notwithstanding the foregoing, no Insider Warrants shall be redeemable at the option of the Company so long as they are held by RAC Investors, LLC, a Delaware limited liability company (the “Sponsor”) or a Permitted
Transferee; provided that the fact that one or more Insider Warrants are non-redeemable because they are held by the Sponsor or a Permitted Transferee shall not affect the Company’s right to redeem the Public Warrants and all Insider Warrants
that are not held by the Sponsor or a Permitted Transferee pursuant to the preceding paragraph. 
 The Public Warrants may be exercised in
accordance with Section 6(c) of this Warrant Agreement at any time after notice of redemption shall have been given by the Company pursuant to Section 13 hereof and prior to the time and date fixed for redemption, provided, however, that
the Company may elect to require that the Warrant Price for such Public Warrants be paid through a cashless exercise pursuant to Section 6(c) hereof. On and after the redemption date, the record holder of the Public Warrants shall have no
further rights except to receive, upon surrender of the Public Warrants, the redemption price. 
 Except for a redemption in accordance with
this Section 6, no holder of any Warrant shall be entitled to any cash payment whatsoever from the Company in connection with the ownership, exercise or surrender of any Warrant under this Agreement, regardless of whether a registration
statement is current under the Act with respect to the Common Stock issuable upon exercise of the Warrants. 
 (c) Exercise Procedure.

  

 - 4 - 

 A Warrant may be exercised upon surrender to the Company at the principal stock transfer office of the
Warrant Agent, which is currently located at the address listed in Section 17 hereof, of the certificate or certificates evidencing the Warrants to be exercised with the form of election to purchase on the reverse thereof duly filled in and
signed and such other documentation as the Warrant Agent may reasonably request, and upon payment to the Warrant Agent for the account of the Company of the Exercise Price (adjusted as herein provided if applicable) for the number of Warrant Shares
in respect of which such Warrants are then exercised. Payment of the aggregate Exercise Price shall be made in cash or by certified or official bank check payable to the order of the Company in New York Clearing House Funds, or the equivalent
thereof, or in the case of the Insider Warrants, such exercise may be on a cashless basis. In such event, each holder would surrender all of its Warrants and receive that number of shares of Common Stock equal to the quotient obtained by dividing
(x) the product of the number of shares of Common Stock underlying the Warrants, multiplied by the difference between the exercise price of the Warrants and the “fair market value” (defined below) by (y) the fair market value.
The “fair market value” shall mean the average reported last sale price of the Common Stock for the ten trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of Warrants.
Unless required by the Company in connection with the redemption of the Warrants as described in Section 6(b) hereof, the Public Warrants may not be exercised on a cashless basis. 
 If the Company elects to call the Warrants for redemption, it may require all Holders that wish to exercise Warrants to do so on a cashless basis. In
such event, each holder would surrender all of its Warrants and receive that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the Warrants, multiplied
by the difference between the exercise price of the Warrants and the fair market value by (y) the fair market value. The “fair market value” shall mean the average reported last sale price of the Common Stock for the ten trading days
ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of Warrants. 
 Subject to the
provisions of Section 7 hereof, upon such surrender of Warrants and payment of the Exercise Price (or notice of settlement on a cashless basis, if applicable), the Company shall issue and cause to be delivered with all reasonable dispatch to
and in such name or names as the Warrant holder may designate, a certificate or certificates for the number of full Warrant Shares issuable upon the exercise of such Warrants. Such certificate or certificates shall be deemed to have been issued and
any person so designated to be named therein shall be deemed to have become a holder of record of such Warrant Shares as of the date of the surrender of such Warrants and payment of the Exercise Price. 
 The Warrants shall be exercisable, at the election of the holders thereof, either in full or from time to time in part and, in the event that a
certificate evidencing Warrants is exercised in respect of fewer than all of the Warrant Shares issuable on such exercise at any time prior to the date of expiration of the Warrants, a new certificate evidencing the remaining Warrant or Warrants
will be issued, and the Warrant Agent is hereby irrevocably authorized to countersign and to deliver the required new Warrant Certificate or Certificates pursuant to the provisions of this Section 6 and of Section 4 hereof, and the
Company, whenever required by the Warrant Agent, shall supply the Warrant Agent with Warrant Certificates duly executed on behalf of the Company for such purpose. The Warrant Agent may assume that any Warrant presented for exercise is permitted to
be so exercised under applicable law and shall have no liability for acting in reliance on such assumption. 
 All Warrant Certificates
surrendered upon exercise of Warrants shall be canceled by the Warrant Agent. Such canceled Warrant Certificates shall then be disposed of by the Warrant Agent in its customary manner. The Warrant Agent shall account promptly to the Company with
respect to Warrants exercised and concurrently pay to the Company all monies received by the Warrant Agent for the purchase of the Warrant Shares through the exercise of such Warrants. 
 The Warrant Agent shall keep copies of this Agreement and any notices given or received hereunder available for inspection by the holders with reasonable
prior written notice during normal business hours at its office. The Company shall supply the Warrant Agent from time to time with such numbers of copies of this Agreement as the Warrant Agent may request. 
  

 - 5 - 

 Certificates evidencing Warrant Shares issued upon exercise of any Insider Warrants shall contain the
following legend, unless such Warrant Shares were issued pursuant to an effective registration statement under the Securities Act of 1933, as amended: 
 THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAW, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE. IN ADDITION, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY
NOT BE ASSIGNED, HYPOTHECATED, DONATED, ENCUMBERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF PRIOR TO THE DATE THAT IS 180 DAYS AFTER THE DATE UPON WHICH RAYCLIFF ACQUISITION CORP. (THE “COMPANY”) COMPLETES ITS BUSINESS COMBINATION (AS
DEFINED IN SECTION 5 OF THE WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED IN SECTION 5 OF THE WARRANT AGREEMENT) WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS AND MAY NOT BE
EXERCISED DURING SUCH PERIOD. 
 SECURITIES EVIDENCED BY THIS CERTIFICATE WILL BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS
AGREEMENT TO BE EXECUTED BY THE COMPANY. 
 (d) Registration Requirement. Notwithstanding anything else in this Section 6, no Public
Warrant may be exercised unless at the time of exercise (i) a registration statement covering the Warrant Shares to be issued upon exercise is effective under the Act and (ii) a prospectus thereunder relating to the Warrant Shares is
current. The Company shall use its best efforts to have a registration statement in effect covering Warrant Shares issuable upon exercise of the Warrants prior to the commencement of the Exercise Period and to maintain a current prospectus relating
to those Warrant Shares until the Warrants expire or are redeemed. In the event that, at the end of the Warrant Exercise Period, a registration statement covering the Warrant Shares to be issued upon exercise is not effective under the Act, all the
rights of holders hereunder shall terminate and all of the Warrants shall expire unexercised and worthless, and as a result purchasers of the Units will have paid the full Unit purchase price solely for the share of Common Stock included in each
Unit. In no event shall the Company be required to issue unregistered shares upon the exercise of any Warrant or settle Warrants on a net cash basis. The provisions of this Section 6(d) may not be modified, amended or deleted without the prior
written consent of Deutsche Bank Securities Inc. 
 (e) Expiry Upon Liquidation of Trust Account. If the Company is dissolved because it
fails to effect a Business Combination within the applicable period set forth in its certificate of incorporation, all of the rights of holders hereunder shall terminate and all of the Warrants shall expire unexercised and worthless, and as a result
purchasers of the Units will have paid the full Unit purchase price solely for the share of Common Stock included in each Unit. 
 SECTION 7.
Payment of Taxes. The Company will pay all documentary stamp taxes attributable to the initial issuance of Warrant Shares upon the exercise of Warrants; provided, however, that the Company shall not be required to pay any tax or taxes
which may be payable in respect of any transfer involved in the issue of any Warrant Certificates or any certificates for Warrant Shares in a name other than that of the registered holder of a Warrant Certificate surrendered upon the exercise of a
Warrant, and the Company shall not be required to issue or deliver such Warrant Certificates unless or until the person or persons requesting the issuance thereof shall have paid to the Company the amount of such tax or shall have established to the
satisfaction of the Company that such tax has been paid. 
 SECTION 8. Mutilated or Missing Warrant Certificates. In case any of the Warrant
Certificates shall be mutilated, lost, stolen or destroyed, the Company shall issue and the Warrant Agent shall countersign, in exchange and substitution for and upon cancellation of the mutilated Warrant Certificate, or in lieu of and 

  

 - 6 - 

 
substitution for the Warrant Certificate lost, stolen or destroyed, a new Warrant Certificate of like tenor and representing an equivalent number of
Warrants, but only upon receipt of evidence satisfactory to the Company and the Warrant Agent of such loss, theft or destruction of such Warrant Certificate and indemnity, also satisfactory to the Company and the Warrant Agent. Applicants for such
new Warrant Certificates must pay such reasonable charges as the Company may prescribe. 
 SECTION 9. Reservation of Warrant Shares. The
Company will at all times reserve and keep available, free from preemptive rights, out of the aggregate of its authorized but unissued Common Stock or its authorized and issued Common Stock held in its treasury, for the purpose of enabling it to
satisfy any obligation to issue Warrant Shares upon exercise of Warrants, the maximum number of shares of Common Stock which may then be deliverable upon the exercise of all outstanding Warrants. The Warrant Agent shall have no duty to verify
availability of such shares set aside by the Company. 
 The Company or, if appointed, the Transfer Agent for the Common Stock (the
“Transfer Agent”) and every subsequent transfer agent for any shares of the Company’s Common Stock issuable upon the exercise of any of the Warrants will be irrevocably authorized and directed at all times to reserve
such number of authorized shares as shall be required for such purpose. The Company will keep a copy of this Agreement on file with the Transfer Agent and with every subsequent transfer agent for any shares of the Company’s Common Stock
issuable upon the exercise of the Warrants. The Warrant Agent is hereby irrevocably authorized to requisition from time to time from such Transfer Agent the stock certificates required to honor outstanding Warrants upon exercise thereof in
accordance with the terms of this Agreement. The Company will supply such Transfer Agent with duly executed certificates for such purposes. The Company will furnish such Transfer Agent a copy of all notices of adjustments and certificates related
thereto, transmitted to each holder pursuant to Section 13 hereof. 
 Before taking any action which would cause an adjustment pursuant
to Section 11 hereof to reduce the Exercise Price below the then par value (if any) of the Warrant Shares, the Company will take any commercially reasonable corporate action which may, in the opinion of its counsel (which may be counsel
employed by the Company), be necessary in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares at the Exercise Price as so adjusted. 
 The Company covenants that all Warrant Shares which may be issued upon exercise of Warrants will, upon payment of the Exercise Price therefor and issue,
be fully paid, nonassessable, free of preemptive rights and free from all taxes, liens, charges and security interests with respect to the issue thereof. 
 SECTION 10. Obtaining Stock Exchange Listings. The Company will from time to time take all commercially reasonable actions which may be necessary so that the Warrant Shares, immediately upon their issuance upon the
exercise of Warrants, will be listed on the principal securities exchanges and markets within the United States of America, if any, on which other shares of Common Stock are then listed. 
 SECTION 11. Adjustment of Number of Warrant Shares. 
 The number of Warrant Shares issuable upon the exercise of each Warrant is subject to adjustment from time to time upon the occurrence of the events enumerated in this Section 11. For purposes of this Section 11,
“Common Stock” means shares now or hereafter authorized of any class of common stock of the Company and any other stock of the Company, however designated, that has the right (subject to any prior rights of any class or
series of preferred stock) to participate in any distribution of the assets or earnings of the Company without limit as to per share amount. 
 (a) Stock Dividends – Split-Ups. If after the date hereof, and subject to the provisions of Section 12 hereof, the number of outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common
Stock, or by a split-up of shares of Common Stock, or other similar event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be increased in
proportion to such increase in outstanding shares of Common Stock. 
  

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 (b) Aggregation of Shares. If after the date hereof, and subject to the provisions of
Section 12 hereof, the number of outstanding shares of Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of Common Stock or other similar event, then, on the effective date of such
consolidation, combination, reverse stock split, reclassification or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be decreased in proportion to such decrease in outstanding shares of Common Stock.

 (c) Merger, Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares of Common Stock (other
than a change covered by Section 11(a) or 11(b) hereof or that solely affects the par value of such shares of Common Stock), or in the case of any merger or consolidation of the Company with or into another corporation (other than a
consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding shares of Common Stock), or in the case of any sale or conveyance to another corporation
or entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Warrant holders shall thereafter have the right to purchase and receive, upon the basis
and upon the terms and conditions specified in the Warrants and in lieu of the shares of Common Stock of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of
shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the Warrant holder would have received
if such Warrant holder had exercised his, her or its Warrant(s) immediately prior to such event; and if any reclassification also results in a change in shares of Common Stock covered by Section 11(a) or 11(b) hereof, then such adjustment shall
be made pursuant to Sections 11(a), 11(b), and 11(d) hereof and this Section 11(c). The provisions of this Section 11(c) shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other
transfers. 
 (d) Adjustment for Other Distributions. 
 If the Company distributes to all holders of its Common Stock any of its assets (including cash) or debt securities or any rights, options or warrants to purchase debt securities, assets or other securities of the
Company (other than Common Stock), the number of shares of Common Stock issuable upon exercise of each Warrant shall be adjusted in accordance with the formula: 
 N’  =  N     x         M     
                           M - F 
 where: 
  

	 	N’ =	the adjusted number of shares of Common Stock issuable upon exercise of each Warrant. 

  

	 	N =	the current number of shares of Common Stock issuable upon exercise of each Warrant. 

  

	 	M =	the Closing Price per share of Common Stock on the Business Day immediately preceding the ex-dividend date for such distribution. 

  

	 	F =	the fair market value on the ex-dividend date for such distribution of the assets, securities, rights or warrants distributable to one share of Common Stock after taking into
account, in the case of any rights, options or warrants, the consideration required to be paid upon exercise thereof. The Board of Directors shall reasonably determine the fair market value in good faith. 

 The adjustment shall be made successively whenever any such distribution is made and shall become effective immediately after the record date for the
determination of stockholders entitled to receive such distribution. 
 This subsection (d) does not apply to any dividends or
distributions made in connection with, or as part of, (i) regular quarterly or other periodic dividends; (ii) any of the actions contemplated by Sections 11(a), 11(b) or 11(i); (iii) the conversion rights of the holders of Common
Stock upon consummation of the Company’s Business Combination; or (iv) in connection with the Company’s liquidation and the distribution of its assets upon its failure 

  

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to consummate an Business Combination. If any adjustment is made pursuant to this subsection (d) as a result of the issuance of rights, options or
warrants and at the end of the period during which any such rights, options or warrants are exercisable, not all such rights, options or warrants shall have been exercised, the Warrant shall be immediately readjusted as if “F” in the above
formula was the fair market value on the ex-dividend date for such distribution of the indebtedness or assets actually distributed upon exercise of such rights, options or warrants divided by the number of shares of Common Stock outstanding on the
ex-dividend date for such distribution. Notwithstanding anything to the contrary contained in this subsection (d), if “M-F” in the above formula is less than $1.00, the Company may elect to, and if “M-F” or is a negative number,
the Company shall, in lieu of the adjustment otherwise required by this subsection (d), distribute to the holders of the Warrants, upon exercise thereof, the evidences of indebtedness, assets, rights, options or warrants (or the proceeds thereof)
which would have been distributed to such holders had such Warrants been exercised immediately prior to the record date for such distribution. 
 (e) Defined Terms 
 As used in this Section 11: 
 (1) “ex-dividend date” means the first date on which the shares of Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive the issuance or
distribution in question; and 
 (2) “Business Day” means, any day on which the American Stock Exchange is open for trading and
which is not a Saturday, a Sunday or any other day on which banks in the City of New York, New York, are authorized or required by law to close. 
 No adjustment in the number of shares of Common Stock issuable upon exercise of each Warrant need be made unless the adjustment would require an increase or decrease of at least 1% in such number. Any adjustments that are not made shall be
carried forward and taken into account in any subsequent adjustment. 
 All calculations under this Section 11 shall be made to the
nearest cent or to the nearest 1/100th of a share, as the case may be. 
 (f) When No Adjustment Required. 
 No adjustment need be made for a transaction referred to in subsection (d) of this Section 11 if Warrant holders are to participate, without
requiring the Warrants to be exercised, in the transaction on a basis and with notice that the Board of Directors of the Company reasonably determines to be fair and appropriate in light of the basis and notice on which holders of Common Stock
participate in the transaction. 
 No adjustment need be made for a change in the par value or no par value of the Common Stock. 

To the extent the Warrants become convertible into cash, no adjustment need be made thereafter as to the amount of cash into which such Warrants are
exercisable. Interest will not accrue on the cash. 
 (g) Notice of Adjustment. 
 Whenever the number of shares of Common Stock issuable upon exercise of each Warrant is adjusted, the Company shall provide the notices required by
Section 13 hereof. 
 (h) Warrant Agent’s Disclaimer. 
 The Warrant Agent has no duty to determine when an adjustment under this Section 11 should be made, how it should be made or what it should be. The Warrant Agent makes no representation as to the validity or
value of any securities or assets issued upon exercise of Warrants. The Warrant Agent shall not be responsible for the Company’s failure to comply with this Section. 
  

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 (i) Adjustment in Exercise Price. 
 Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants is adjusted, as provided in Sections 11(a) and 11(b) hereof,
the Exercise Price shall be adjusted (to the nearest cent) by multiplying such Exercise Price immediately prior to such adjustment by a fraction (A) the numerator of which shall be the number of shares of Common Stock purchasable upon the
exercise of the Warrants immediately prior to such adjustment, and (B) the denominator of which shall be the number of shares of Common Stock so purchasable immediately thereafter. 
 (j) Form of Warrants. 
 The form of Warrant
need not be changed because of any adjustment pursuant to this Section 11, and Warrants issued after such adjustment may state the same Exercise Price and the same number of shares as is stated in the Warrants initially issued pursuant to this
Agreement. However, the Company may at any time in its sole discretion make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned,
whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed. 
 (k) Other Events.

 If any event occurs as to which the foregoing provisions of this Section 11 are not strictly applicable or, if strictly applicable,
would not, in the good faith judgment of the Board, fairly and adequately protect the purchase rights of the registered holders of the Warrants in accordance with the essential intent and principles of such provisions, then the Board shall make such
adjustments in the application of such provisions, in accordance with such essential intent and principles, as shall be reasonably necessary, in the good faith opinion of the Board, to protect such purchase rights as aforesaid. 
 SECTION 12. Fractional Interests. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue fractional
shares upon exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 12, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall,
upon such exercise, round up or down to the nearest whole number of the shares of Common Stock to be issued to the Warrant holder. 
 SECTION
13. Notices to Warrant Holders. Upon every adjustment of the Exercise Price or the number of shares issuable upon exercise of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Exercise Price
resulting from such adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such
calculation is based. Upon the occurrence of any event specified in Section 11(a) hereof, then, in any such event, the Company shall give written notice to each Warrant holder, at the last address set forth for such holder in the warrant
register, of the record date or the effective date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event. 
 SECTION 14. Merger, Consolidation or Change of Name of Warrant Agent. Any corporation into which the Warrant Agent may be merged or with which it
may be consolidated, or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party, or any corporation succeeding to all or substantially all the corporate trust or agency business of the Warrant Agent,
shall be the successor to the Warrant Agent hereunder without the execution or filing of any paper or any further act on the part of any of the parties hereto, provided that such corporation would be eligible for appointment as a successor warrant
agent under the provisions of Section 16. In case at the time such successor to the Warrant Agent shall succeed to the agency created by this Agreement, and in case at that time any of the Warrant Certificates shall have been countersigned but
not delivered, any such successor to the Warrant Agent may adopt the countersignature of the original Warrant Agent; and in case at that time any of the Warrant Certificates shall not have been countersigned, any successor to the Warrant Agent may
countersign such Warrant Certificates either in the name of the predecessor Warrant Agent or in the name of the successor to the Warrant Agent; and in all such cases such Warrant Certificates shall have the full force and effect provided in the
Warrant Certificates and in this Agreement. 
  

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 In case at any time the name of the Warrant Agent shall be changed and at such time any of the Warrant
Certificates shall have been countersigned but not delivered, the Warrant Agent whose name has been changed may adopt the countersignature under its prior name, and in case at that time any of the Warrant Certificates shall not have been
countersigned, the Warrant Agent may countersign such Warrant Certificates either in its prior name or in its changed name, and in all such cases such Warrant Certificates shall have the full force and effect provided in the Warrant Certificates and
in this Agreement. 
 SECTION 15. Warrant Agent. The Warrant Agent undertakes the duties and obligations imposed by this Agreement (and no
implied duties or obligations shall be read into this Agreement against the Warrant Agent) upon the following terms and conditions, by all of which the Company and the holders of Warrants, by their acceptance thereof, shall be bound: 
 (a) The statements contained herein and in the Warrant Certificates shall be taken as statements of the Company and the Warrant Agent assumes no
responsibility for the correctness of any of the same except such as describe the Warrant Agent or action taken or to be taken by it. The Warrant Agent assumes no responsibility with respect to the distribution of the Warrant Certificates except as
herein otherwise provided. 
 (b) The Warrant Agent shall not be responsible for any failure of the Company to comply with any of the
covenants contained in this Agreement or in the Warrant Certificates to be complied with by the Company. 
 (c) The Warrant Agent may consult
at any time with counsel of its own selection (who may be counsel for the Company) and the Warrant Agent shall incur no liability or responsibility to the Company or to any holder of any Warrant Certificate in respect of any action taken, suffered
or omitted by it hereunder in good faith and in accordance with the opinion or the advice of such counsel. The Warrant Agent may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or through agents or
attorneys and the Warrant Agent shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder. 
 (d) The Warrant Agent may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Warrant Agent and conforming to the
requirements of this Agreement. The Warrant Agent shall incur no liability or responsibility to the Company or to any holder of any Warrant Certificate for any action taken in reliance on any Warrant Certificate, certificate of shares, notice,
resolution, waiver, consent, order, certificate, or other paper, document or instrument (whether in its original or facsimile form) believed by it to be genuine and to have been signed, sent or presented by the proper party or parties. 

(e) The Company agrees to pay to the Warrant Agent such compensation for all services rendered by the Warrant Agent in the administration and
execution of this Agreement as the Company and the Warrant Agent shall agree in writing to reimburse the Warrant Agent for all expenses, taxes and governmental charges and other charges of any kind and nature incurred by the Warrant Agent in the
execution of this Agreement (including fees and expenses of its counsel) and to indemnify the Warrant Agent (and any predecessor Warrant Agent) and save it harmless against any and all claims (whether asserted by the Company, a holder or any other
person), damages, losses, expenses (including taxes other than taxes based on the income of the Warrant Agent), liabilities, including judgments, costs and counsel fees and expenses, for anything done or omitted by the Warrant Agent in the execution
of this Agreement except as a result of its negligence or willful misconduct. The provisions of this Section 15(e) shall survive the expiration of the Warrants and the termination of this Agreement. 
 (f) The Warrant Agent shall be under no obligation to institute any action, suit or legal proceeding or to take any other action likely to involve
expense unless the Company or one or more registered holders of Warrant Certificates shall furnish the Warrant Agent with security and indemnity satisfactory to it for any 

  

 - 11 - 

 
costs and expenses which may be incurred, but this provision shall not affect the power of the Warrant Agent to take such action as it may consider proper,
whether with or without any such security or indemnity. All rights of action under this Agreement or under any of the Warrants may be enforced by the Warrant Agent without the possession of any of the Warrant Certificates or the production thereof
at any trial or other proceeding relative thereto, and any such action, suit or proceeding instituted by the Warrant Agent shall be brought in its name as Warrant Agent and any recovery of judgment shall be for the ratable benefit of the registered
holders of the Warrants, as their respective rights or interests may appear. 
 (g) The Warrant Agent, and any stockholder, director, officer
or employee of it, may buy, sell or deal in any of the Warrants or other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to the Company or otherwise
act as fully and freely as though it were not Warrant Agent under this Agreement. Nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other legal entity. 
 (h) The Warrant Agent shall act hereunder solely as agent for the Company, and its duties shall be determined solely by the provisions hereof. The
Warrant Agent shall not be liable for anything which it may do or refrain from doing in connection with this Agreement except for its own negligence or willful misconduct. The Warrant Agent shall not be liable for any error of judgment made in good
faith by it, unless it shall be proved that the Warrant Agent was negligent in ascertaining the pertinent facts. Notwithstanding anything in this Agreement to the contrary, in no event shall the Warrant Agent be liable for special, indirect,
punitive or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Warrant Agent has been advised of the likelihood of the loss or damage and regardless of the form of the action. 
 (i) The Warrant Agent shall not at any time be under any duty or responsibility to any holder of any Warrant Certificate to make or cause to be made any
adjustment of the Exercise Price or number of the Warrant Shares or other securities or property deliverable as provided in this Agreement, or to determine whether any facts exist which may require any of such adjustments, or with respect to the
nature or extent of any such adjustments, when made, or with respect to the method employed in making the same. The Warrant Agent shall not be accountable with respect to the validity or value or the kind or amount of any Warrant Shares or of any
securities or property which may at any time be issued or delivered upon the exercise of any Warrant or with respect to whether any such Warrant Shares or other securities will when issued be validly issued and fully paid and nonassessable, and
makes no representation with respect thereto. 
 (j) Notwithstanding anything in this Agreement to the contrary, neither the Company nor the
Warrant Agent shall have any liability to any holder of a Warrant Certificate or other Person as a result of its inability to perform any of its obligations under this Agreement by reason of any preliminary or permanent injunction or other order,
decree or ruling issued by a court of competent jurisdiction or by a governmental, regulatory or administrative agency or commission, or any statute, rule, regulation or executive order promulgated or enacted by any governmental authority
prohibiting or otherwise restraining performance of such obligation; provided that (i) the Company must use its reasonable best efforts to have any such order, decree or ruling lifted or otherwise overturned as soon as possible and
(ii) nothing in this Section 15(j) shall affect the Company’s obligation under Section 6(d) to use its best efforts to have a registration statement in effect covering the Warrant Shares issuable upon exercise of the Warrants and
to maintain a current prospectus relating to those Warrant Shares. 
 (k) Any application by the Warrant Agent for written instructions from
the Company may, at the option of the Warrant Agent, set forth in writing any action proposed to be taken or omitted by the Warrant Agent under this Agreement and the date on and/or after which such action shall be taken or such omission shall be
effective. The Warrant Agent shall not be liable for any action taken by, or omission of, the Warrant Agent in accordance with a proposal included in such application on or after the date specified in such application (which date shall not be less
than three Business Days after the date any officer of the Company actually receives such application, unless any such officer shall have consented in writing to any earlier date) unless prior to taking any such action (or the effective date in the
case of an omission), the Warrant Agent shall have received written instructions in response to such application specifying the action to be taken or omitted. 
  

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 (l) No provision of this Agreement shall require the Warrant Agent to expend or risk its own funds or
otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of its rights. 
 (m) In
addition to the foregoing, the Warrant Agent shall be protected and shall incur no liability for, or in respect of, any action taken or omitted by it in connection with its administration of this Agreement if such acts or omissions are not the
result of the Warrant Agent’s reckless disregard of its duty, gross negligence or willful misconduct and are in reliance upon (i) the proper execution of the certification concerning beneficial ownership appended to the form of assignment
and the form of the election attached hereto unless the Warrant Agent shall have actual knowledge that, as executed, such certification is untrue, or (ii) the non-execution of such certification including, without limitation, any refusal to
honor any otherwise permissible assignment or election by reason of such non-execution. 
 (n) The Warrant Agent hereby waives any and all
right, title, interest or claim of any kind (“Claim”) in or to any distribution of the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date hereof, by and between the Company
and the Warrant Agent as trustee thereunder), and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever. 
 SECTION 16. Change of Warrant Agent. The Warrant Agent may at any time resign as Warrant Agent upon written notice to the Company. If the Warrant Agent
shall become incapable of acting as Warrant Agent, the Company shall appoint a successor to such Warrant Agent. If the Company shall fail to make such appointment within a period of 30 days after it has been notified in writing of such resignation
or of such incapacity by the Warrant Agent or by the registered holder of a Warrant Certificate, then the registered holder of any Warrant Certificate or the Warrant Agent may apply, at the expense of the Company, to any court of competent
jurisdiction for the appointment of a successor to the Warrant Agent. Pending appointment of a successor to such Warrant Agent, either by the Company or by such a court, the duties of the Warrant Agent shall be carried out by the Company. The
holders of a majority of the unexercised Warrants shall be entitled at any time to remove the Warrant Agent and appoint a successor to such Warrant Agent. If a Successor Warrant Agent shall not have been appointed within 30 days of such removal, the
Warrant Agent may apply, at the expense of the Company, to any court of competent jurisdiction for the appointment of a successor to the Warrant Agent. Such successor to the Warrant Agent need not be approved by the Company or the former Warrant
Agent. After appointment the successor to the Warrant Agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named as Warrant Agent without further act or deed; but the former Warrant Agent upon
payment of all fees and expenses due it and its agents and counsel shall deliver and transfer to the successor to the Warrant Agent any property at the time held by it hereunder and execute and deliver any further assurance, conveyance, act or deed
necessary for the purpose. Failure to give any notice provided for in this Section 16, however, or any defect therein, shall not affect the legality or validity of the appointment of a successor to the Warrant Agent. 
 SECTION 17. Notices to Company and Warrant Agent. Any notice or demand authorized by this Agreement to be given or made by the Warrant Agent or by the
registered holder of any Warrant Certificate to or on the Company shall be sufficiently given or made when and if deposited in the mail, first class or registered, postage prepaid, addressed (until another address is filed in writing by the Company
with the Warrant Agent), as follows: 
  

			
	Raycliff Acquisition Corp.
	 5 East 59th Street, 4th Floor
 New York, NY
10022

	Fax No.:	 	(212) 759-4129
	Attention:	 	Chief Executive Officer

 In case the Company shall fail to maintain such office or agency or shall fail to give such notice
of the location or of any change in the location thereof, presentations may be made and notices and demands may be served at the principal corporate trust office of the Warrant Agent. 
  

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 Any notice pursuant to this Agreement to be given by the Company or by the registered holder(s) of any
Warrant Certificate to the Warrant Agent shall be sufficiently given when and if deposited in the mail, first-class or registered, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with the Company) to the
Warrant Agent as follows: 
  

			
	Continental Stock Transfer & Trust Company
	17 Battery Place
	New York, NY 10004
	Attention:	 	Compliance Department
	
	with a copy in each case to:
	
	Deutsche Bank Securities Inc.
	 60 Wall Street
 New York, New York
10005

	Attn:	 	 Syndicate Manager

	Fax No.:	 	(212) 797-9344
		
	and	 	
	
	Akin Gump Strauss Hauer & Feld LLP
	 590 Madison Avenue
 New York, New York 10022

	Attn:	 	Bruce Mendelsohn
	Fax No.:	 	(212) 872-1002
		
	and	 	
	
	Skadden, Arps, Slate, Meagher & Flom LLP
	 300 S. Grand Avenue, Suite 3400
 Los Angeles,
California 90071

	Attn:	 	Gregg A. Noel
	Fax No.:	 	(213) 687-5600

 SECTION 18. Supplements and Amendments. The Company and the Warrant Agent may from time to time
supplement or amend this Agreement without the approval of any holders of Warrant Certificates in order to cure any ambiguity or to correct or supplement any provision contained herein which may be defective or inconsistent with any other provision
herein, or to make any other provisions in regard to matters or questions arising hereunder which the Company and the Warrant Agent may deem necessary or desirable and which shall not in any way adversely affect the interests of the holders of
Warrant Certificates theretofore issued. Upon the delivery of a certificate from an appropriate officer of the Company which states that the proposed supplement or amendment is in compliance with the terms of this Section 18, the Warrant Agent
shall execute such supplement or amendment. Notwithstanding anything in this Agreement to the contrary, the prior written consent of the Warrant Agent must be obtained in connection with any supplement or amendment which alters the rights or duties
of the Warrant Agent. The Company and the Warrant Agent may amend any provision herein with the consent of the holders of Warrants exercisable for a majority of the Warrant Shares issuable on exercise of all outstanding Warrants that would be
affected by such amendment. 
 SECTION 19. Successors. All the covenants and provisions of this Agreement by or for the benefit of the
Company or the Warrant Agent shall bind and inure to the benefit of their respective successors and assigns hereunder. 
  

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 SECTION 20. Termination. This Agreement will terminate on any earlier date if all Warrants have been
exercised or expired without exercise. The provisions of Section 15 hereof shall survive such termination. 
 SECTION 21. Governing Law.
This Agreement and each Warrant Certificate issued hereunder shall be deemed to be a contract made under the laws of the State of New York and for all purposes shall be construed in accordance with the internal laws of said State. The parties agree
that, all actions and proceedings arising out of this Agreement or any of the transactions contemplated hereby, shall be brought in the United States District Court for the Southern District of New York or in a New York State Court in the County of
New York and that, in connection with any such action or proceeding, submit to the jurisdiction of, and venue in, such court. Each of the parties hereto also irrevocably waives all right to trial by jury in any action, proceeding or counterclaim
arising out of this Agreement or the transactions contemplated hereby. 
 SECTION 22. Persons Having Rights under this Warrant Agreement.
Nothing in this Warrant Agreement expressed and nothing that may be implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation, other than the parties hereto and the registered
holders of the Warrants and, for the purposes of Sections 5 (with respect to the detachment of the Units), 6.4(d) and 17 hereof, Deutsche Bank Securities Inc. any right, remedy or claim under or by reason of this Warrant Agreement or of any
covenant, condition, stipulation, promise or agreement hereof. Deutsche Bank Securities Inc. shall be deemed to be a third-party beneficiary of this Warrant Agreement with respect to Sections 5 (with respect to the detachment of the Units), 6.4(d)
and 17 hereof. All covenants, conditions, stipulations, promises and agreements contained in this Warrant Agreement shall be for the sole and exclusive benefit of the parties hereto (and Deutsche Bank Securities Inc., with respect to Sections 5
(with respect to the detachment of the Units), 6.4(d) and 17 hereof) and their successors and assigns and of the registered holders of the Warrants. 
 SECTION 23. Counterparts. This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together
constitute but one and the same instrument. 
 SECTION 24. Force Majeure. In no event shall the Warrant Agent be responsible or liable 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 interruptions, loss or malfunctions of utilities, communications or computer (software or hardware) services. 
  

 - 15 - 

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

			
	RAYCLIFF ACQUISITION CORP.
		
	By:	 	 /s/ Stefan V. Reyniak

	Name:	 	Stefan V. Reyniak
	Title:	 	Vice President
	
	 CONTINENTAL STOCK TRANSFER & TRUST
 COMPANY, as Warrant Agent

		
	By:	 	 /s/ John W. Comer, Jr.

	Name:	 	John W. Comer, Jr.
	Title:	 	 Vice President

  

 - 16 - 

 EXHIBIT A 
 FORM OF WARRANT CERTIFICATE 
  

					
	Number	 		 	Warrants

 THIS WARRANT WILL BE VOID IF NOT EXERCISED PRIOR TO 
 5:00 P.M. NEW YORK CITY TIME,
                    , 2012 
 RAYCLIFF ACQUISITION CORP. 
 Incorporated Under the Laws of the State of Delaware 
 CUSIP [            ] 
 Warrant Certificate 
 This Warrant Certificate certifies that
                    , or registered assigns, is the registered holder of
                     warrants (as adjusted, the “Warrants”) to purchase shares of Common Stock, $0.0001 par value (the
“Common Stock”), of Raycliff Acquisition Corp., a Delaware corporation (the “Company”). Each Warrant entitles the holder, upon exercise during the period set forth in the Warrant Agreement referred to
below, to receive from the Company that number of fully paid and nonassessable shares of Common Stock (each, a “Warrant Share”) as set forth below, at the exercise price (the “Exercise Price”) as
determined pursuant to the Warrant Agreement, payable in lawful money of the United States of America upon surrender of this Warrant Certificate and payment of the Exercise Price at the office or agency of the Warrant Agent referred to below,
subject to the conditions set forth herein and in the Warrant Agreement. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement. 
 Each Warrant is initially exercisable for one fully paid and non-assessable share of Common Stock. The number of Warrant Shares issuable upon exercise of the Warrants
are subject to adjustment upon the occurrence of certain events set forth in the Warrant Agreement. The initial Exercise Price per share of Common Stock for any Warrant is equal to $7.50 per share. The Exercise Price is subject to adjustment upon
the occurrence of certain events set forth in the Warrant Agreement. 
 Warrants may be exercised only during the Warrant Exercise Period subject to the
conditions set forth in the Warrant Agreement and to the extent not exercised by the end of such Warrant Exercise Period such Warrants shall become void. 
 Reference is hereby made to the further provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions shall for all purposes have the same effect as though fully set forth at this place. 
 This Warrant Certificate shall not be valid until execution of the Warrant Agreement by the Company and the Warrant Agent. In addition, this Warrant Certificate shall
not be valid unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement. 
 This Warrant Certificate shall be governed and
construed in accordance with the internal laws of the State of New York, without regard to conflicts of laws principles thereof. 
 The Warrants evidenced by
this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive shares of Common Stock and are issued or to be issued pursuant to a Warrant 

 
Agreement effective as of March 20, 2008 (the “Warrant Agreement”), duly executed and delivered by the Company to Continental
Stock Transfer & Trust Company, a New York corporation, as warrant agent (the “Warrant Agent”), which Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby referred
to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words “holders” or “holder” meaning the
registered holders or registered holder) of the Warrants. A copy of the Warrant Agreement may be obtained by the holder hereof upon written request to the Company. 
 Warrants may be exercised at any time during the Warrant Exercise Period set forth in the Warrant Agreement. The holder of Warrants evidenced by this Warrant Certificate may exercise them by surrendering this Warrant Certificate, with the
form of election to purchase set forth hereon properly completed and executed, together with payment of the Exercise Price as specified in the Warrant Agreement (or through “cashless exercise” if permitted or required by the Warrant
Agreement) at the principal corporate trust office of the Warrant Agent. In the event that upon any exercise of Warrants evidenced hereby the number of Warrants exercised shall be less than the total number of Warrants evidenced hereby, there shall
be issued to the holder hereof or his assignee a new Warrant Certificate evidencing the number of Warrants not exercised. No adjustment shall be made for any dividends on any Common Stock issuable upon exercise of this Warrant. 
 Notwithstanding anything else in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise (i) a registration
statement covering the Warrant Shares to be issued upon exercise is effective under the Act and (ii) a prospectus thereunder relating to the Warrant Shares is current. In no event shall the Company be required to issue unregistered shares upon
the exercise of any Warrant. 
 The Warrant Agreement provides that upon the occurrence of certain events the number of Warrant Shares set forth on the face
hereof may, subject to certain conditions, be adjusted. If, upon exercise of a Warrant, the holder thereof would be entitled to receive a fractional interest in a share of Common Stock, the Company will, upon exercise, round up or down to the
nearest whole number of shares of Common Stock to be issued to the Warrant holder. 
 Warrant Certificates, when surrendered at the principal corporate trust
office of the Warrant Agent by the registered holder thereof in person or by legal representative or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations provided in the Warrant Agreement, but without
payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor evidencing in the aggregate a like number of Warrants. 
 Upon due presentation for registration of transfer of this Warrant Certificate at the office of the Warrant Agent a new Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants
shall be issued to the transferee(s) in exchange for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any tax or other governmental charge imposed in connection therewith. 

The Company and the Warrant Agent may deem and treat the registered holder(s) thereof as the absolute owner(s) of this Warrant Certificate (notwithstanding any
notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the holder(s) hereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any
notice to the contrary. Neither the Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a stockholder of the Company. 
 [Signature page follows] 

 IN WITNESS WHEREOF, the undersigned have executed this Warrant Certificate as of the date hereof.

  

			
	RAYCLIFF ACQUISITION CORP.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

			
	Countersigned:
	Dated:	 	                , 2008
	 CONTINENTAL STOCK TRANSFER & TRUST COMPANY,
 as Warrant Agent

		
	By:	 	  

		 	Authorized Signatory

 Election to Purchase 
 (To Be Executed Upon Exercise Of Warrant) 
 The undersigned hereby irrevocably elects to exercise the right,
represented by this Warrant Certificate, to receive              shares of Common Stock and herewith tenders payment for such shares to the order of Raycliff Acquisition Corp. in the
amount of $             in accordance with the terms hereof. The undersigned requests that a certificate for such shares be registered in the name of
                    , whose address is
                                        
                     and that such shares be delivered to
                                        
whose address is
                                        
                    . If said number of shares is less than all of the shares of Common Stock purchasable hereunder, the undersigned requests that
a new Warrant Certificate representing the remaining balance of such shares be registered in the name of                     , whose address
is
                                        
                    , and that such Warrant Certificate be delivered to
                                        ,
whose address is
                                        
                    . 
 In the event
that the Warrant has been called for redemption by the Company pursuant to Section 6(b) of the Warrant Agreement and the Company has required cashless exercise pursuant to Section 6(c) of the Warrant Agreement, the number of shares that
this Warrant is exercisable for shall be determined in accordance with Section 6(c) of the Warrant Agreement. 
 In the event that the
Warrant is an Insider Warrant (as defined in the Warrant Agreement), this Warrant may be exercised, to the extent allowed by the Warrant Agreement, through cashless exercise pursuant to Section 6(c) of the Warrant Agreement, in which case
(i) the number of shares that this Warrant is exercisable for would be determined in accordance with Section 6(c) of the Warrant Agreement and (ii) the holder hereof will complete the following: The undersigned hereby irrevocably
elects to exercise the right, represented by this Warrant Certificate, through the cashless exercise provisions of Section 6(c) of the Warrant Agreement, to receive             
shares of Common Stock. If said number of shares is less than all of the shares of Common Stock purchasable hereunder (after giving effect to the cashless exercise), the undersigned requests that a new Warrant Certificate representing the remaining
balance of such shares be registered in the name of
                                        ,
whose address is
                                        
                    , and that such Warrant Certificate be delivered to
                                        ,
whose address is
                                        
                    . 
  

							
	Date:	 	                    , 20    	 		 	  

		 		 		 	(Signature)
				
		 		 		 	  

		 		 		 	  

		 		 		 	  

		 		 		 	(Address)
				
		 		 		 	  

		 		 		 	(Tax Identification Number)
	Signature Guaranteed:	 		 	
			
	  
	 		 	

 THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN
ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15). 

 EXHIBIT B 
 LEGEND 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
ANY STATE SECURITIES LAW, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY THAT AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE. IN ADDITION, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE ASSIGNED, HYPOTHECATED, DONATED, ENCUMBERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF PRIOR
TO THE DATE THAT IS 180 DAYS AFTER THE DATE UPON WHICH RAYCLIFF ACQUISITION CORP. (THE “COMPANY”) COMPLETES ITS BUSINESS COMBINATION (AS DEFINED IN SECTION 5 OF THE WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS
DEFINED IN SECTION 5 OF THE WARRANT AGREEMENT) WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS AND MAY NOT BE EXERCISED DURING SUCH PERIOD. 
 SECURITIES EVIDENCED BY THIS CERTIFICATE AND SHARES OF COMMON STOCK OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES WILL BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED
BY THE COMPANY.

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