Document:

TRUST ACCOUNT AGREEMENT

 This TRUST ACCOUNT AGREEMENT (the “Agreement”) is made as of February 26, 2008 by and between BPW Acquisition Corp., a Delaware corporation (the “Company”), and MELLON BANK, N.A., a national banking association, as account agent (the “Account Agent”). 

RECITALS:

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

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

WHEREAS, as described in the Company’s Registration Statement, and in accordance with the Company’s Amended and Restated Certificate of Incorporation, $348,650,000 of the net proceeds of the IPO and the proceeds of the sale to Perella Weinberg Partners Acquisition LP and BNYH BPW Holdings LLC of warrants to purchase shares of common stock ($399,785,000 if the Underwriters’ over-allotment option is exercised in full) will be delivered to the Account Agent (the “Account Property”) to be deposited and held in a trust account for the benefit of the Company, the Underwriters and the holders of the Company’s securities issued and sold in the IPO as hereinafter provided (the “Public
Stockholders,” and collectively with the Underwriters and the Company, the “Beneficiaries”); 

WHEREAS, pursuant to the Underwriting Agreement, a portion of the Account Property equal to $15,400,000 (or $17,710,000 if the Underwriters’ over-allotment option is exercised in full or a pro rata portion thereof pursuant to the terms of the Underwriting Agreement if the Underwriter’s over-allotment option is exercised in part, but not in full, prior to the time of its expiration) is attributable to deferred underwriting discounts and commissions (the “Deferred Discount”) that will become payable by the Company to the Underwriters upon the consummation of an initial business combination with a target business or target businesses as described in the Registration Statement (a “Business
Combination”), which shall be reduced pro rata pursuant to the Underwriting Agreement by the exercise by Public Stockholders of any conversion rights in connection with an Extension or a Business Combination; and 

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

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

 

 

Section 1. Appointment of Account Agent; Deposit of Account Property. The Account Agent is hereby instructed to establish a segregated trust account (Account Number 900-9319) (the “Trust Account”) at Mellon Bank, N.A. The Company shall cause the Account Property to be delivered to the Account Agent in connection with the closing of the IPO, and the Account Agent is hereby instructed to hold the Account Property in the Trust Account in accordance with this Agreement. The Account Agent shall acknowledge receipt of the Account Property. 

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

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

 

 

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

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

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

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

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

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

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

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

 

 

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

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

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

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

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

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

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

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

 

 

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the investigation and defense thereof, and the Company shall pay the reasonable fees and expenses of such separate counsel if the Account Agent is advised that (i) an actual conflict of interest exists by reason of common representation or (ii) there are legal defenses available to the Account Agent that are different from or are in addition to those available to the Company or if all parties commonly represented do not agree as to the action (or inaction) of counsel. 

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

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

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

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

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

 

 

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(h) Within five (5) business days after the Underwriters’ over-allotment option (or any unexercised portion thereof) expires or is exercised in full, provide the Account Agent with a notice in writing (with a copy to the Representative) of the total amount of the Deferred Discount to be released to Citigroup Global Markets Inc. upon consummation of a Business Combination, which shall in no event be less than $15,400,000, reduced pro rata pursuant to the Underwriting Agreement by the exercise of the Public Stockholders of any conversion rights in connection with an Extension and/or a Business Combination. 

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

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

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

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

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

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

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

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

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

 

 

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

(c) The Account Agent may rely conclusively and shall be protected in acting upon any order, judgment, instruction, notice, demand, certificate, opinion or advice of counsel (including counsel chosen by or who may be an employee of the Account Agent or one of its affiliates), statement, instrument, report or other paper or document (not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which is believed by the Account Agent, in good faith, to be genuine and to be signed or presented by the proper person or persons. The Account Agent shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless evidenced by a written instrument delivered to the Account Agent
signed on behalf of the Company by its Chief Executive Officer, Vice Chairman or any Senior Vice President. 

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

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

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

(g) In no event shall the Account Agent be liable or responsible for any failure or delay in the performance of its obligations under this Agreement arising out of or caused by, directly or indirectly, forces beyond its reasonable control, including without limitation strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances,

 

 

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nuclear or natural catastrophes or acts of God, and widespread interruptions, loss or malfunctions of utilities, communications or computer (software or hardware) services. 

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

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

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

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

Section 8. Resignation or Removal of Account Agent. 

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

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

 

 

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

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

Section 9. Termination of Agreement. 

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

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

Section 10. Miscellaneous. 

(a) The Company and the Account Agent each acknowledge that the Account Agent will follow the security procedures set forth below with respect to funds transferred from the Trust Account. Upon receipt of written instructions, the Account Agent will confirm such instructions with an Authorized Individual at an Authorized Telephone Number listed on the attached Exhibit E. The Company and the Account Agent will each restrict access to confidential information relating to such security procedures to authorized persons. Each party must notify the other party immediately if it has reason to believe unauthorized persons may have obtained access to such information, or of any change in its authorized personnel. In executing funds transfers, the Account Agent will rely upon account numbers or
other identifying numbers of a recipient, recipient’s bank or intermediary bank, rather than names. 

(b) This Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts formed and to be performed entirely within the State of New York, without regard to the conflict of law provisions thereof to the extent such provisions would require or permit the application of the laws of another jurisdiction. It may be executed in several counterparts, each one of which shall constitute an original, and together shall constitute but one instrument. 

(c) This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. This Agreement or any provision hereof may only be changed, waived, amended or modified by a writing signed by each of the parties hereto; provided, that this Agreement may not be materially changed, waived, amended or modified without the consent of each of the Public Stockholders adversely affected thereby; provided further, that this Agreement may not be amended in such a manner as to adversely affect the right of the Underwriters to receive the Deferred Discount without the written consent of the Representative. As to any claim, cross-claim or counterclaim in any way relating to this Agreement, each party waives the right to trial by jury. For purposes of this Agreement, the Account Agent may rely on a list of Public Stockholders provided to it by the Company from time to time as to the identities of the Public Stockholders.

 

 

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

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

if to the Account Agent, to: 

Mellon Bank, N.A. 

480 Washington Blvd., 29th Floor

Jersey City, NJ 07310 

Facsimile No.:  (201) 680-4610

Attention:  Declan Denehan

if to the Company, to: 

BPW Acquisition Corp.

750 Washington Boulevard

Stamford, Connecticut 06901

Facsimile No.:  (212) 287-3201

Attention:  Michael E. Martin

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

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

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

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

 

 

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

[Signatures follow on next page.]

 

 

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

 

	
                        BPW ACQUISITION CORP.
 	
                         
 	
                         
 	
                         
 
	
      By: 
 	
                        
 /s/ Michael E. Martin
 	
                         
 	
                         
 	
                          
 
	
                         
 	
                        Name: Michael E. Martin
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                        Title: Chief Executive Officer
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 
	
                        MELLON BANK, N.A., as Account Agent
 	
                         
 	
                         
 	
                         
 
	
                        By: 
 	
                        
 /s/ James Balsan
 	
                         
 	
                         
 	
                          
 
	
                         
 	
                        Name: James Balsan
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                        Title: First Vice President
 	
                         
 	
                         
 	
   
 

Signature Page to the Trust Account Agreement

 

 

EXHIBIT A 

[Company Letterhead]

[Insert date] 

Mellon Bank, N.A., as Account Agent 

480 Washington Blvd., 29th Floor

Jersey City, NJ 07310 

Attention:  Declan Denehan 

	
                         
 	
                        Re:
 	
                        Trust Account No. __________

Termination Letter
 

Ladies and Gentlemen: 

Pursuant to the Trust Account Agreement between BPW Acquisition Corp. (“Company”) and Mellon Bank, N.A. (“Account Agent”), dated as of February 26, 2008 (“Trust Account Agreement”), this is to advise you that the Company has entered into an agreement (“Business Agreement”) with                                                       (“Target Business”) to consummate a business combination with the Target Business (“Business Combination”) on or about [insert date]. The Company shall notify you at least two business days in advance of the actual date of the consummation of the Business Combination (“Consummation Date”). Capitalized terms used and not defined herein shall have their respective meanings set forth in the Trust Account Agreement. 

In accordance with the terms of the Trust Account Agreement, we hereby authorize you to commence liquidation of the Trust Account to the effect that, on the Consummation Date, all of funds held in the Trust Account will be immediately available for transfer to the account or accounts that the Company shall direct on the Consummation Date. 

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

 

 

 

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

 

	
                         
 	
                         
 	
                        Very truly yours,
 
	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                        BPW Acquisition Corp.
 
	
                          
 	
                         
 	
                        

                        By: 
 	
                          
 

 

 

 

EXHIBIT B 

[Company Letterhead] 

[Insert date] 

Mellon Bank, N.A., as Account Agent 

480 Washington Blvd., 29th Floor

Jersey City, NJ 07310 

Attention:  Declan Denehan 

	
                         
 	
                        Re:
 	
                        Trust Account No. ___________

Termination Letter
 

Ladies and Gentlemen: 

Pursuant to the Trust Account Agreement between BPW Acquisition Corp. (“Company”) and Mellon Bank, N.A. (“Account Agent”), dated as of February 26, 2008 (“Trust Account Agreement”), this is to advise you that the Company has been unable to consummate an initial Business Combination (as defined in the Trust Account Agreement) with a target business within the time frame specified in the Company’s Amended and Restated Certificate of Incorporation, as described in the Company’s prospectus relating to its initial public offering, and the Company is proceeding to dissolve and liquidate the Trust Account.
Capitalized terms used and not defined herein shall have their respective meanings set forth in the Trust Account Agreement. Attached hereto is a copy of the minutes of the meeting of the Board of Directors of the Company relating thereto, certified by the Secretary of the Company as true and correct and in full force and effect.  

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

 

	
                         
 	
                         
 	
                        Very truly yours,
 
	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                        BPW Acquisition Corp.
 
	
                          
 	
                         
 	
                        

                        By: 
 	
                          
 

 

 

 

 

EXHIBIT C 

[Company Letterhead]

[Insert date]

Mellon Bank, N.A., as Account Agent

480 Washington Blvd., 29th Floor

Jersey City, NJ 07310 

Attention:  Declan Denehan 

	
                         
 	
                        Re:
 	
                        Trust Account No. __________

Tax Disbursement Letter
 

Ladies and Gentlemen: 

Pursuant to the Trust Account Agreement between BPW Acquisition Corp. (“Company”) and Mellon Bank, N.A. (“Account Agent”), dated as of February 26, 2008 (“Trust Account Agreement”), this is to advise you that the Trust Account (as defined in the Trust Account Agreement) has incurred a total of $                                         in taxes
(the “Tax Payments”) for the period from __________ ___, 200__ to __________ ___, 200__ (the “Tax Period”) as a result of interest and other income earned on the Account Property (as defined in the Trust Account Agreement) during the Tax Period. 

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

 

	
                         
 	
                         
 	
                        Very truly yours,
 
	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                        BPW Acquisition Corp.
 
	
                          
 	
                         
 	
                        

                        By: 
 	
                          
 

 

 

SCHEDULE 1 

SCHEDULE OF TAX PAYMENTS

 

	
                         
 	
                        [Payee]
 	
                         
 
	
                         
 	
                         
 	
                         
 
	
                         
 	
                        Payment Date:
 	
                         
 
	
                         
 	
                        Amount:
 	
                         
 
	
                         
 	
                        Address:
 	
                         
 
	
                         
 	
                         
 	
                         
 
	
                         
 	
                        [Payee]
 	
                         
 
	
                         
 	
                         
 	
                         
 
	
                         
 	
                        Payment Date:
 	
                         
 
	
                         
 	
                        Amount:
 	
                         
 
	
                         
 	
                        Address:
 	
                         
 
	
                         
 	
                         
 	
                         
 
	
                         
 	
                        [Payee]
 	
                         
 
	
                         
 	
                         
 	
                         
 
	
                         
 	
                        Payment Date:
 	
                         
 
	
                         
 	
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EXHIBIT D

 

[Company Letterhead]

[Insert date] 

Mellon Bank, N.A., as Account Agent

480 Washington Blvd., 29th Floor

Jersey City, NJ 07310 

Attention:  Declan Denehan 

	
                         
 	
                        Re:
 	
                        Trust Account No. __________

Interest Withdrawal Letter
 

Ladies and Gentlemen: 

Pursuant to Section the Trust Account Agreement between BPW Acquisition Corp. (“Company”) and Mellon Bank, N.A. (“Account Agent”), dated as of February 26, 2008 (“Trust Account Agreement”), this is to advise you that the Company hereby requests that you deliver to the Company $_______ of the interest, net of the taxes payable on such interest, earned on the Account Property as of the date hereof, which does not exceed, in the aggregate with all such prior disbursements pursuant to Section 3, if any, the maximum amount set forth in Section 3(b). The Company needs such funds to cover its expenses relating to
investigating and selecting a target business and other working capital requirements. In accordance with the terms of the Trust Account Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s operating account at:

[WIRE INSTRUCTION INFORMATION]

 

	
                         
 	
                         
 	
                        Very truly yours,
 
	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                        BPW Acquisition Corp.
 
	
                          
 	
                         
 	
                        

                        By: 
 	
                          
 

 

 

EXHIBIT E 

 

	
                        AUTHORIZED INDIVIDUAL(S)
 	
                         
 	
                        AUTHORIZED
 
	
                        FOR TELEPHONE CALL BACK
 	
                         
 	
                        TELEPHONE NUMBER(S)
 
	
                         
 	
                         
 	
                         
 
	
                        Company:
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 
	
                        BPW Acquisition Corp.
 	
                         
 	
                         
 
	
                        750 Washington Boulevard
 	
                         
 	
                         
 
	
                        Stamford, Connecticut 06901
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 
	
                        Attention: Richard J. (Arjay) Jensen
 	
                         
 	
                        212.287.3310
 
	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 
	
                        Account Agent:
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 
	
                        Mellon Bank, N.A.
 	
                         
 	
                         
 
	
                        480 Washington Boulevard
 	
                         
 	
                         
 
	
                        Jersey City, New Jersey 07310
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 
	
                        Attention: Declan Denehan
 	
                         
 	
                        201.680.4463REGISTRATION RIGHTS AGREEMENT

This Registration Rights Agreement (this “Agreement”), dated as of February 26, 2008, is made and entered into by and among BPW Acquisition Corp., a Delaware corporation (the “Company”), Perella Weinberg Partners Acquisition LP, a Delaware limited partnership, and BNYH BPW Holdings LLC, a Delaware limited liability company (each a “Sponsor” and together the “Sponsors”), the other parties listed under “Holders” on the signature page hereto and any person or entity who hereafter becomes a party
to this Agreement as contemplated by Section 4.02 of this Agreement (each such party, and each of the Sponsors, a “Holder” and collectively the “Holders”).

RECITALS

A. Pursuant to that certain initial unit subscription agreement, effective as of October 31, 2007, by and between the Company and the Sponsors (the “Founders’ Unit Subscription Agreement”), as amended and restated as of February 19, 2008, the Sponsors purchased an aggregate of 7,610,294 units, subject to certain adjustments, (the “Founders’ Units”), each consisting of one share (the “Founders’ Shares”) of the Company’s common stock, par value $0.0001 per share (the “Common Stock”),
and one warrant (the “Founders’ Warrants”) exercisable for one share of Common Stock at a price of $10.00 per share.

B. Pursuant to that certain warrant subscription agreement, dated November 14, 2007, by and between the Company and the Sponsors (the “Sponsors’ Warrants Subscription Agreement”), as amended and restated as of February 19, 2008, the Sponsors subscribed to purchase an aggregate of 8,600,000 warrants (the “Sponsors’ Warrants’’), each exercisable for one share of Common Stock at a price of $7.50 per share.

C. Pursuant to that certain securities assignment agreement, dated as of November 16, 2007, as amended and restated as of February 19, 2008 and that certain securities purchase agreement dated as of November 16, 2007, as amended and restated as of February 19, 2008, by and among the Sponsors and the other Holders (together the “Securities Assignment Agreements”), the Sponsors (x) assigned an aggregate of 279,750 Founders’ Units, subject to certain adjustments, at cost to the other Holders and (y) committed to assign an aggregate of 149,571 Sponsors’ Warrants at cost to the other Holders.

D. Pursuant to those certain limit order agreements, dated January 14, 2008, by and among the Company and each Sponsor, respectively (the “Limit Order Agreements”), the Sponsors agreed to place limit orders for up to $25,000,000 shares of Common Stock, in aggregate amount (the “Limit Order Shares”), during the Buyback Period (as defined in the Limit Order Agreements).

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

 

 

STATEMENT OF AGREEMENT

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

ARTICLE I

DEFINITIONS

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

“Adverse Disclosure” means public disclosure of material non-public information, which disclosure, in the good faith judgment of the chief executive officer or principal financial officer of the Company after consultation with counsel to the Company, (a) would be required to be made in any Registration Statement or prospectus in order for the applicable Registration Statement or prospectus not to contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein (in the case of any prospectus and any preliminary prospectus, in the light of the circumstances under which they were made) not misleading, (b) would not be required to be made at such time if the Registration Statement were not being filed, and (c) the Company has a
bona fide business purpose for not publicly making it.

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

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

“Demand Registration” shall mean a demand registration described in Section 2.01.

“Exchange Act” shall mean the Securities Exchange Act of 1934, as it may be amended from time to time, and the rules and regulations of the SEC promulgated thereunder.

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

“Founders’ Units” shall have the meaning given in the Recitals hereto. 

“Founders’ Unit Subscription Agreement” shall have the meaning given in the Recitals hereto.

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

“Initial Business Combination” shall mean a business combination with one or more target businesses that have an aggregate fair market value of at least 80% of the amount held in the Trust Account (excluding the amount held in the trust account representing the underwriters’ deferred commission in connection with the Offering) at the time of the signing of a definitive agreement in connection with a business combination.

“Limit Order Agreements” shall have the meaning given in the Recitals hereto.

 

 

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

“Lock-up Period” shall mean, (a) with respect to the Founders’ Units, the Founders’ Shares, the Founders’ Warrants and any Common Stock issued upon exercise of the Founders’ Warrants (the “Additional Founders’ Shares”), the period ending one year after the date upon which the Company completes its Initial Business Combination or earlier if, subsequent to the Initial Business Combination (i) the last sales price of the Common Stock equals or exceeds $13.75 per share for any 20 trading days within any 30-trading day period beginning 90 days after the Initial Business Combination or (ii) the Company consummates a subsequent liquidation, merger, stock
exchange or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities or other property and (b) with respect to the Sponsors’ Warrants and any Common Stock issued upon exercise of the Sponsors’ Warrants (the “Sponsors’ Shares” and together with the Additional Founders’ Shares, the “Additional Shares”), the period ending the date immediately following the date upon which the Company completes its Initial Business Combination, in each of (a) and (b) above during which period such securities may not be transferred, assigned or sold.

“Long-Form Registration” shall mean a Registration effected through the filing with the SEC of a Form S-1 or any successor form or similar form for registration under the Securities Act.

“Maximum Number of Shares” shall have the meaning given in Section 2.03(a).

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

“Offering” shall mean the Company’s initial public offering of its units, with each unit consisting of one share of Common Stock and one warrant to purchase one share of Common Stock, pursuant to the Offering Registration Statement.

“Offering Registration Statement” shall mean the registration statement on Form S-1 (File No. 333-147439) filed with the SEC.

“Person” shall mean a natural person, partnership, corporation, business trust, association, joint venture or other entity or a government or agency or political subdivision thereof.

“Piggyback Registration” shall mean a piggyback registration described in Section 2.02.

“Pro Rata” shall have the meaning given in Section 2.03(a).

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

 

 

“Prospectus Date” shall mean the date of the final prospectus relating to the Offering filed with the SEC.

“Purchase Agreements” shall mean (a) the Sponsors’ Warrants Subscription Agreement, (b) the Securities Assignment Agreements and (c) the Founders’ Unit Subscription Agreement.

“Registrable Security” shall mean (a) the Founders’ Shares, (b) the Founders’ Warrants, (c) the Sponsors’ Warrants, (d) any Additional Shares, (e) any security of the Company issued by the Company to a Holder after the date of this Agreement pursuant to any Purchase Agreement, and (f) any security of the Company issued or issuable with respect to any such share of Common Stock by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or reorganization; provided, however, as to any particular Registrable Security, such security shall be deemed
to be a Registrable Security only if and so long as it is also deemed to be a Transfer Restricted Security.

“Registration” shall mean a Demand Registration, whether such Demand Registration is effected as a Long-Form Registration or a Short-Form Registration, and a Piggyback Registration.

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

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

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

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

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

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

(f) reasonable fees and disbursements of one (1) counsel for the Requesting Holders, which counsel shall be selected by the Requesting Holders holding a majority of the Registrable Securities to be registered for offer and sale in the applicable Registration.

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

 

 

“Requesting Holders” shall have the meaning given in Section 2.01.

“SEC” shall mean the Securities and Exchange Commission.

“Securities Assignment Agreements” shall have the meaning given in the Recitals hereto.

“Securities Act” shall mean the Securities Act of 1933, as amended from time to time, and rules and regulations of the Commission promulgated thereunder.

“Short-Form Registration” shall mean a Registration effected through the filing with the SEC of a Form S-3 or any successor form or similar form for registration under the Securities Act.

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

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

“Sponsors’ Warrants Subscription Agreement” shall have the meaning given in the Recitals hereto.

“Transfer Restricted Security” shall mean an issued and outstanding security that has not been sold to or through a broker, dealer or underwriter in a public distribution or other public securities transaction or sold in a transaction exempt from the registration and prospectus delivery requirements of the Securities Act under Rule 144(k) promulgated thereunder (or any successor rule) other than Rule 144A.

“Trust Account” shall mean the trust account into which a portion of the net proceeds of the Offering and the proceeds from the private placement of the Sponsors’ Warrants will be deposited in accordance with the terms of the Offering as described in the Offering Registration Statement.

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

“Warrant Exercise Restrictions” shall mean, (a) with respect to the Founders’ Warrants, the later of (i) the completion of the Initial Business Combination and (ii) one year from the date of the prospectus forming a part of the Offering Registration Statement, in each case, if and only when (x) the last sale price of the Common Stock equals or exceeds $12.25 per share for any 20 trading days within a 30-trading day period beginning 90 days after the Initial Business Combination, and (y) there is an effective registration statement covering the shares of Common Stock issuable upon exercise of the warrants included in the units sold in the
Offering and (b) with respect to the Sponsors’ Warrants, the later of (i) the completion of the Initial Business Combination and (ii) one year from the date of the prospectus forming a part of the Offering Registration Statement, in each case, if and only when there is an effective registration statement covering the shares of Common Stock issuable upon exercise of the warrants included in the units sold in the Offering, unless such warrants have been redeemed by the Company.

 

 

ARTICLE II

REGISTRATIONS

2.01 Demand Registration. Subject to the restrictions set forth below, if at any time after the consummation of the Initial Business Combination, the Company shall receive from the Holders (the “Requesting Holders”) owning at least twenty-five percent (25%) of the then outstanding shares of Registrable Securities as of the date of the request, a written request to register at least fifteen percent (15%) of the aggregate number of Registrable Securities owned by all of the Requesting Holders as of the date of such request, then the Company will give notice of such request to all Holders within ten (10) days of receiving such request and shall effect as soon thereafter as practicable, and in any event within
forty-five (45) days of the receipt of such request, the Registration under the Securities Act of all Registrable Securities which any Holder requests to be registered, except as provided in Section 2.03 below. The Company shall not be obligated to effect, or to take any action to effect, any such Registration pursuant to this Section 2.01:

(a) During the period starting with the date sixty (60) days prior to the Company’s good faith estimate of the date of filing of, and ending on a date one hundred eighty (180) days after the effective date of, a Company-initiated Registration; provided that the Company has delivered notice of such Company-initiated Registration to the Holders prior to its receipt of the Holders’ written request for a Demand Registration and it continues to actively employ in good faith all reasonable efforts to cause such Registration Statement to become effective; or

(b) if the Holders have requested an Underwritten Registration, the Company and the Holders are unable to obtain the commitment of underwriters to firmly underwrite the offer; or

(c) if in the good faith judgment of the Board, such Registration would be seriously detrimental to the Company and the Board concludes, as a result, that it is essential to defer the filing of such Registration Statement at such time, and the Company shall furnish to such Holders a certificate signed by the President of the Company stating that in the good faith judgment of the Board, it would be seriously detrimental to the Company for such Registration Statement to be filed in the near future and that it is, therefore, essential to defer the filing of such Registration Statement. In such event, the Company shall have the right to defer such filing (except as provided in subparagraph (a) above) for a period of not more than one hundred eighty (180) days after receipt of the request of the Holders; provided, however, that the Company shall not defer its obligation in this manner more than once in any 12-month period.

Notwithstanding the foregoing, the Company shall ensure that no such Registration shall become effective with respect to any Registrable Securities subject to an applicable Lock-up Period and/or Warrant Exercise Restriction until after the expiration of the applicable Lock-up Period and/or Warrant Exercise Restriction, as the case may be. Furthermore, the Company shall not be required to effect more than three (3) Registrations, which may be either Long-Form

 

 

Registrations or Short-Form Registrations, under this Section 2.01 on behalf of the Holders; provided, however, that a Registration shall not be counted for such purposes unless such Long-Form Registration has become effective and all of the Registrable Securities requested by the Requesting Holders to be registered on behalf of the Requesting Holders in such Long-Form Registration have been sold, in accordance with Section 3.01(a) of this Agreement; and provided, further, however, that the Company will not
be obligated to effect any such Short-Form Registration:

(a) if Form S-3 is not available for such offering;

(b) if in the good faith judgment of the Board, such Registration would be seriously detrimental to the Company and the Board concludes, as a result, that it is essential to defer the filing of such Registration Statement at such time, and the Company shall furnish to such Holders a certificate signed by the President of the Company stating that in the good faith judgment of the Board, it would be seriously detrimental to the Company for such Registration Statement to be filed in the near future and that it is, therefore, essential to defer the filing of such Registration Statement. In such event, the Company shall have the right to defer such filing (except as provided in subparagraph (a) above) for a period of not more than one hundred eighty (180) days after receipt of the request of the Holders; provided, however, that the Company shall not defer its obligation in this manner more than once in any 12-month period;

(c) if the Company has effected one (1) Short-Form Registration within the six (6) month period prior to the current request for Short-Form Registration; or

(d) if the Registrable Securities to be covered by such registration statement do not, in the aggregate, exceed $500,000.

2.02 Piggyback Registration. Each time the Company decides to file a Registration Statement under the Securities Act (other than on Forms S-4 or S-8 or any successor form for the registration of securities issued or to be issued in connection with a merger or acquisition or employee benefit plan), the Company shall give written notice thereof to the Holders as soon as practicable but in no event less than ten (10) business days before the intended filing date, which notice shall disclose the amount and type of securities to be included in such Registration Statement, the intended method(s) of distribution and the name of the proposed managing underwriter or underwriters, if any. The Company shall include in such Registration Statement such Registrable Securities for which it has received written
requests for registration within ten (10) business days after such written notice has been given, except as provided in Section 2.03 below. Notwithstanding the foregoing, the Company shall not include in such Registration Statement any Registrable Securities that are subject to an applicable Lock-up Period and/or Warrant Exercise Restriction. 

2.03 Registration Cutback.

(a) Demand Registration Cutback. If the managing underwriter or underwriters for a Demand Registration that is to be an Underwritten Offering advises the Company and the Requesting Holders in writing that the dollar amount or number of

 

 

shares of Registrable Securities which the Requesting Holders desire to sell, taken together with all other shares of Common Stock or other securities which the Company desires to sell and the shares of Common Stock, if any, as to which registration has been requested pursuant to written contractual piggy-back registration rights held by other stockholders of the Company who desire to sell, exceeds the maximum dollar amount or maximum number of shares that can be sold in such offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number of shares, as applicable, the “Maximum Number of Shares”), then the Company shall include in such registration: (i)
first, the Registrable Securities as to which Demand Registration has been requested by the Requesting Holders (pro rata among the Requesting Holders based, for each such holder, on the percentage derived by dividing (x) the number of Registrable Securities which such holder has requested to include in such Demand Registration by (y) the aggregate number of Registrable Securities which all such holders have requested to include) (such proportion is referred to herein as “Pro Rata”) that can be sold without exceeding the Maximum Number of Shares; (ii) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (i), the shares of Common Stock or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (iii) third, to the extent that the Maximum Number of Shares have not been reached under the
foregoing clauses (i) and (ii), the shares of Common Stock or other securities for the account of other Persons that the Company is obligated to register pursuant to written contractual arrangements with such Persons, Pro Rata, and that can be sold without exceeding the Maximum Number of Shares; and (iv) fourth, to the extent that the Maximum Number of Shares have not been reached under the foregoing clauses (i), (ii), and (iii), securities that other security holders of the Company desire to sell, Pro Rata, that can be sold without exceeding the Maximum Number of Shares. 

(b) Piggy-Back Registration Cutback. If the managing underwriter or underwriters for a Piggy-Back Registration that is to be an Underwritten Offering advises the Company and the holders of Registrable Securities in writing that the dollar amount or number of shares of Common Stock which the Company desires to sell, taken together with shares of Common Stock, if any, as to which registration has been demanded pursuant to written contractual arrangements with Persons other than the holders of Registrable Securities hereunder, the Registrable Securities as to which registration has been requested under Section 2.02, and the shares of Common Stock, if any, as to which registration has been requested pursuant to the written contractual piggy-back registration rights of other stockholders of
the Company, exceeds the Maximum Number of Shares, then the Company shall include in any such registration:

(i) If the registration is undertaken for the Company’s account: (A) first, the shares of Common Stock or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (A), the shares of Common Stock or other securities, if any, comprised of Registrable Securities, Pro Rata, as to which registration has been requested pursuant to Section 2.02, that can be sold without exceeding the Maximum Number of Shares; and

 

 

(C) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A) and (B), the shares of Common Stock or other securities for the account of other Persons that the Company is obligated to register pursuant to written contractual piggy-back registration rights with such Persons, pro rata, and that can be sold without exceeding the Maximum Number of Shares; and

(ii) If the registration is a “demand” registration undertaken at the demand of Persons other than the holders of Registrable Securities, (A) first, the shares of Common Stock or other securities for the account of the demanding Persons that can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (A), the shares of Common Stock or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (C) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A) and (B), the shares of Common Stock or other securities, if any, comprised of Registrable Securities, Pro Rata, as to which registration has been requested pursuant to this Section 2.02, that
can be sold without exceeding the Maximum Number of Shares; and (D) fourth, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A), (B) and (C), the shares of Common Stock or other securities for the account of other Persons that the Company is obligated to register pursuant to written contractual arrangements with such Persons, pro rata, that can be sold without exceeding the Maximum Number of Shares.

2.04 Cancellation of Registration. A majority of the Requesting Holders shall have the right to cancel a proposed Registration of Registrable Securities pursuant to Section 2.01 when, (i) in their discretion, market conditions are so unfavorable as to be seriously detrimental to an offering pursuant to such Registration or (ii) the request for cancellation is based upon material adverse information relating to the Company that is different from the information known to the Requesting Holders at the time of their written request for a Demand Registration. Such cancellation of a Registration shall not be counted as one of the three (3) Registrations provided for in Section
2.01 above.

2.05 Suspension of Registration. If the filing, initial effectiveness or continued use of a Registration Statement in respect of a Demand Registration at any time would require the Company to make an Adverse Disclosure or would require the inclusion in such Registration Statement of financial statements that are unavailable to the Company for reasons beyond the Company’s control, the Company may, upon giving prompt written notice of such action to the Holders, delay the filing or initial effectiveness of, or suspend use of, such Registration Statement for the shortest possible period of time determined in good faith by the Company to be necessary for such purpose. In the event the Company exercises its rights under the preceding sentence, the Holders agree to suspend, immediately upon their
receipt of the notice referred to above, their use of the prospectus relating to the Demand Registration in connection with any sale or offer to sell Registrable Securities. The Company shall immediately notify the Holders of the expiration of any period during which it exercised its rights under this Section 2.05.

 

 

ARTICLE III

COMPANY PROCEDURES

3.01 General Procedures. If and whenever the Company is required to register Registrable Securities, the Company will use its best efforts to effect such Registration to permit the sale of such Registrable Securities in accordance with the intended plan of distribution thereof, and pursuant thereto the Company will as expeditiously as possible:

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

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

(c) deliver to the Holders and the underwriters, if any, without charge, as many copies of each Prospectus (and each preliminary prospectus) as such Persons may reasonably request (the Company hereby consenting to the use of each such Prospectus (or preliminary prospectus) by the selling Holders and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such Prospectus (or preliminary prospectus)), and a reasonable number of copies of the then-effective Registration Statement and any post-effective amendments thereto and any supplements to the Prospectus, including financial statements and schedules, all documents incorporated therein by reference and all exhibits (including those incorporated by reference);

(d) prior to any public offering of Registrable Securities, register or qualify or cooperate with the Holders, the underwriters, if any, and their respective counsel in connection with the registration or qualification of such Registrable Securities for offer and sale under the securities or blue sky laws of such jurisdictions as such selling Holders or underwriters may designate in writing and do anything else necessary or advisable to enable the disposition in such jurisdictions of the Registrable Securities covered by the Registration Statement; provided, however, that the Company shall not be required to qualify generally to do business in any jurisdiction where it is not then so qualified or to take any
action which would subject it to general service of process in any such jurisdiction where it is not then so subject;

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

 

 

(f) provide a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities not later than the effective date of such Registration Statement;

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

(h) at least three (3) days prior to the filing of any Registration Statement or prospectus or any amendment or supplement to such Registration Statement or prospectus or any document that is to be incorporated by reference into such Registration Statement or prospectus, furnish a copy thereof to each seller of such Registrable Securities or its counsel;

(i) notify the Holders at any time when a prospectus relating to such Registration Statement is required to be delivered under the Securities Act, of the happening of any event as a result of which the Prospectus (or preliminary prospectus) included in such Registration Statement, as then in effect, includes a Misstatement, and then correct such Misstatement as set forth in Section 3.04;

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

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

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

 

 

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

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

(o) if the Registration involves the registration of Registrable Securities involving gross proceeds in excess of $100,000,000, use its reasonable efforts to make available senior executives of the Company and its subsidiaries to participate in customary “road show” presentations that may be reasonably requested by the underwriter in any Underwritten Offering; and

(p) otherwise cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders, in connection with such Registration.

3.02 Registration Expenses. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged by the Holders that the Holders will bear all incremental selling expenses relating to the sale of the Registrable Securities, such as underwriters’ commissions and discounts, brokerage fees, underwriter marketing costs and, other than as set forth in the definition of “Registration Expenses,” all fees and expenses of any legal counsel representing the Holders.

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

3.04 Suspension of Sales. Upon receipt of written notice from the Company that a Registration Statement or Prospectus (or preliminary prospectus) contains a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until it has received copies of a supplemented or amended Prospectus (or preliminary prospectus) correcting the Misstatement (it being understood that the Company hereby covenants to prepare and file such supplement or amendment as soon as practicable after the time of such notice), or until it is advised in writing by the Company that the use of the Prospectus (or preliminary prospectus) may be resumed.

3.05 Reporting Obligations; Rule 144. As long as any Holder shall own Registrable Securities, the Company, at all times while it shall be reporting under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to

 

 

Section 13(a) or 15(d) of the Exchange Act and to promptly furnish the Holders with true and complete copies of all such filings; provided, however, that any such reports filed with the SEC on EDGAR may be considered furnished for the purposes of this Section 3.05. The Company further covenants that it will take such further action as any Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell shares of Common Stock held by such Holder without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act (“Rule 144”). Upon the request of any Holder, the Company shall deliver to such Holder a written
certification of a duly authorized officer as to whether it has complied with such requirements.

3.06 Indemnification.

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

(b) In connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder will furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such Registration Statement, Prospectus or preliminary prospectus or any amendment thereof or supplement thereto, and, to the extent permitted by law, will indemnify the Company, its directors and officers and agents and each Person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses (including reasonable attorneys’ fees) resulting from any untrue statement of material fact contained in the Registration Statement, Prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission or alleged
omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing by or on behalf of such Holder expressly for use therein; provided, however, that the obligation to indemnify will be several, not joint and several, among such Holders of Registrable Securities, and the liability of each such Holder of Registrable Securities will be in proportion to and limited to the gross proceeds received by such Holder from the sale or Registrable Securities pursuant to such Registration Statement. The Holders of Registrable Securities will indemnify the underwriters, their officers, directors and each Person who controls such underwriters (within the meaning of
the Securities Act) to the same extent as provided above with respect to indemnification of the Company.

 

 

(c) Any Person entitled to indemnification herein will (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any Person’s right to indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party will not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent will not be
unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation.

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

(e) If the indemnification provided for in this Section 3.06 from the indemnifying party is unavailable or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question,
including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s relative intent, knowledge, access to information and opportunity to correct or prevent such action; provided, however, that the liability of any Holder under this Section 3.06(e) shall be limited to the amount of the gross proceeds received by such Holder in the offering giving rise to such liability. The

 

 

amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include, subject to the limitations set forth in subsections (a) through (c) above, any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 3.06(e) were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in this Section 3.06(e). No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this Section 3.06(e) from any Person who was not guilty of such fraudulent misrepresentation.

ARTICLE IV

MISCELLANEOUS

4.01 Notices. Any notice or communication under this Agreement must be in writing and given by (a) deposit in the United States mail, addressed to the party to be notified, postage prepaid and registered or certified with return receipt requested, (b) delivery in person or by courier service providing evidence of delivery, or (c) transmission by telecopy. Each notice or communication that is mailed, delivered, or transmitted in the manner described above shall be deemed sufficiently given, served, sent, and received, in the case of mailed notices, on the third business day following the date on which it is mailed and, in the case of notices delivered by hand, courier service, or telecopy, at such time as it is delivered to the addressee (with the delivery receipt or the affidavit of messenger) or at
such time as delivery is refused by the addressee upon presentation. Any notice or communication under this Agreement must be addressed to the addressee at the address set forth below such Person’s signature on the signature pages to this Agreement. Any party may change its address for notice at any time and from time to time by written notice to the other parties hereto, and such change of address will become effective thirty (30) days after delivery of such notice as provided in this Section 4.01.

4.02 Assignment; No Third Party Beneficiaries. 

(a) This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned by the Company in whole or in part. Prior to the expiration of the Lock-up Period, this Agreement and the rights, duties and obligations of the Holders hereunder may be assigned by any Holder of Registrable Securities in conjunction with and to the extent of any valid transfer of such Registrable Securities by any such Holder. Following the expiration of the Lock-up Period, only the Sponsors may assign or delegate their rights, duties and obligations hereunder in conjunction with and to the extent of any valid transfer of the Registrable Securities held by the Sponsors.

(b) No assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate the Company unless and until the Company shall have received (i) written notice of such assignment as provided in Section 4.01 hereof and (ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement).

 

 

Any transfer or assignment made other than as provided in this Section 4.02 shall be null and void.

(c) This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and their respective successors and the permitted assigns of the Holders or of any assignee of the Holders. This Agreement is not intended to confer any rights or benefits on any persons not a party hereto other than as expressly set forth in this Section 4.02.

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

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

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

4.06 Other Registration Rights. The Company will not grant to any Person the right to require the Company to register any equity securities of the Company, or any securities convertible or exchangeable into or exercisable for such securities, which conflicts with the registration rights granted hereunder.

4.07 Termination. This Agreement shall terminate and the registration rights granted hereunder shall expire on the date that is five (5) years after the Prospectus Date; provided that such termination and expiration shall not affect registration rights exercised prior to such date; provided, further that the provisions of Section 3.06 shall survive any such termination.

[SIGNATURE PAGES FOLLOW]

 

 

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

 

	
                         
 	
                         
 	
                        COMPANY:
 
	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                        BPW ACQUISITION CORP.,
 a Delaware corporation
 
	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 
	
                          
 	
                         
 	
                        By: 
 	
                         
 /s/ Michael E. Martin
 
	
                         
 	
                         
 	
                         
 	
                        Michael E. Martin
 
	
                         
 	
                         
 	
                         
 	
                        Chief Executive Officer
 

 

	
                         
 	
                         
 	
                        Address:
 	
                        750 Washington Boulevard
 Stamford, Connecticut 06901
 Fax: (212) 310-6999
 

 

	
                         
 	
                         
 	
                        HOLDERS:
 
	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                        PERELLA WEINBERG PARTNERS ACQUISITION LP, 
 a Delaware limited partnership
 
	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                        By: 
 	
                        PWP Acquisition GP LLC, its general partner
 
	
                         
 	
                         
 	
                         
 	
                         
 
	
                          
 	
                         
 	
                        By: 
 	
                         
 /s/ Joseph R. Perella
 
	
                         
 	
                         
 	
                         
 	
                        Joseph R. Perella
 
	
                         
 	
                         
 	
                         
 	
                        Authorized Person
 

 

	
                         
 	
                         
 	
                        Address:
 	
                        767 Fifth Avenue
 New York, New York 10153
 Fax: (212) 287-3204
 

 

 

	
                         
 	
                         
 	
                        BNYH BPW HOLDINGS LLC, 
 a Delaware limited liability company
 
	
                          
 	
                         
 	
                        By: 
 	
                         
 /s/ Michael E. Martin
 
	
                         
 	
                         
 	
                         
 	
                        Michael E. Martin
 
	
                         
 	
                         
 	
                         
 	
                        Authorized Person
 

 

 

 

	
                         
 	
                         
 	
                        Address:
 	
                        717 Fifth Avenue, Floor 16
 New York, New York 10022
 Fax:  (212) 310-6999
 

 

	
                          
 	
                         
 	
                         
 	
                         
 /s/ Roger W. Einiger
 
	
                         
 	
                         
 	
                         
 	
                        Roger W. Einiger
 
	
                         
 	
                         
 	
                         
 	
                        Address:
 

 

	
                          
 	
                         
 	
                         
 	
                         
 /s/ J. Richard Fredericks
 
	
                         
 	
                         
 	
                         
 	
                        J. Richard Fredericks
 
	
                         
 	
                         
 	
                         
 	
                        Address:
 

 

	
                          
 	
                         
 	
                         
 	
                        
 /s/ Wolfgang Schoellkopf
 
	
                         
 	
                         
 	
                         
 	
                        Wolfgang Schoellkopf
 
	
                         
 	
                         
 	
                         
 	
                        Address:
 

Signature Page to Registration Rights Agreement

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