Document:

EX-4.7 Second Amendment to Warrant Agreement

 

EXHIBIT 4.7

AMENDMENT NO. 2 TO WARRANT AGREEMENT

     This Amendment No. 2 to the Warrant Agreement (this “Amendment”), is made as of
November 29, 2006, by and between Freedom Acquisition Holdings, Inc., a Delaware corporation, with
offices at 1114 Avenue of the Americas, 41st Floor, New York, New York 10036 (the
“Company”) and Continental Stock Transfer & Trust Company, a New York corporation, with
offices at 17 Battery Place, New York, New York 10004 (the “Warrant Agent”). Capitalized
terms used but not defined herein shall have the meanings set forth in the Warrant Agreement, dated
as of July 20, 2006 and amended on November 9, 2006, between the Company and the Warrant Agent (the
“Warrant Agreement”).

     WHEREAS, the Company and the Warrant Agent entered into the Warrant Agreement, whereby the
Warrant Agent agreed to act on behalf of the Company in connection with the issuance, registration,
transfer, exchange, redemption and exercise of the Warrants and the Company provided for the form
and provisions of the Warrants, the terms upon which the Warrants shall be issued and exercised,
and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent,
and the holders of the Warrants; and

     WHEREAS, on the date hereof, the Company effected a four-fifths split of its Common Stock and
in connection therewith, only the Warrant Price, but not the Floor Price (as defined herein),
otherwise adjusts pursuant to the adjustment provisions in Section 4 of the Warrant Agreement; and

     WHEREAS, the Company and the Warrant Agent desire to amend the Warrant Agreement to change the
Floor Price and to provide that the Floor Price be subject to the adjustment provisions contained
in Section 4 of the Warrant Agreement.

     NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto
agree as follows:

     1. Recitals. The recitations set forth above are true and correct and are
incorporated herein by this reference.

     2. Amendments. Section 2.5 of the Warrant Agreement is hereby deleted in its entirety
and the following is hereby inserted in lieu thereof:

     “2.5 Public Warrants and Private Warrants. The Private Warrants shall have the
same terms and be in the same form as the Public Warrants, except that (i) the Founders’
Warrants will become exercisable after consummation of a Business Combination if and when
the last sales price of the Common Stock exceeds $14.25 per share (the “Floor
Price”) for any 20 trading days within a 30 trading day period beginning 90 days after
such Business Combination and (ii) (A) the Founders’ Warrants will be non-redeemable so long
as they are held by the Founders or their Permitted Transferees (as defined below) and (B)
the Sponsors’ Warrants will be non-redeemable so long as they are held by the Sponsors or
their Permitted Transferees. “Permitted Transferees” shall mean any of the
Company’s officers, directors or employees, or other persons or entities associated with
such Founder or Sponsor (as the case may be) who agree to become subject to the same
transfer restrictions as such Founder or Sponsor upon receiving such Private Warrants.”

          Section 3.2 of the Warrant Agreement is hereby deleted in its entirety and the following is
hereby inserted in lieu thereof:

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     “3.2 Duration of Warrants. A Warrant may be exercised only during the period
(the “Exercise Period”) commencing on the later of the consummation by the Company
of a Business Combination or the first anniversary of the Initial Public Offering
consummation date, and terminating at 5:00 p.m., New York City time on the earlier to occur
of (i) the fifth anniversary of the Initial Public Offering consummation date; or (ii) the
date fixed for redemption of the Warrants as provided in Section 6 of this Agreement
(“Expiration Date”); provided, however, that, (i) the Warrants shall not be
exercisable and the Company shall not be obligated to issue Common Stock unless, at the time
a holder seeks to exercise the Warrants, a prospectus relating to Common Stock issuable upon
exercise of the Warrants is current and the Common Stock has been registered or qualified or
deemed to be exempt under the securities laws of the state of residence of the holder of the
Warrants and (ii) in addition to the exercise conditions set forth in this Section
3.2, the Founders’ Warrants may only become exercisable following the Company’s
completion of a Business Combination if and when the last sales price of the Common Stock
exceeds the Floor Price for any 20 trading days within a 30 trading day period beginning 90
days after such Business Combination. Except with respect to the right to receive the
Redemption Price (as set forth in Section 6 hereunder), each Warrant not exercised
on or before the Expiration Date shall become void, and all rights thereunder and all rights
in respect thereof under this Agreement shall cease at the close of business on the
Expiration Date.”

          Section 4.3 of the Warrant Agreement is hereby deleted in its entirety and the following is
hereby inserted in lieu thereof:

     “Section 4.3 Adjustments in Warrant Price. Whenever the number of shares of
Common Stock purchasable upon the exercise of the Warrants is adjusted, as provided in
Sections 4.1 and 4.2 above, each of the Warrant Price and the Floor Price
shall be adjusted (to the nearest cent) by multiplying such Warrant Price and Floor Price,
as the case may be, immediately prior to such adjustment by a fraction (x) the numerator of
which shall be the number of shares of Common Stock purchasable upon the exercise of the
Warrants immediately prior to such adjustment and (y) the denominator of which shall be the
number of shares of Common Stock so purchasable immediately thereafter.”

          Section 6.1 of the Warrant Agreement is hereby deleted in its entirety and the following is
hereby inserted in lieu thereof:

     “6.1 Redemption. Subject to Section 6.4 hereof, not less than all of
the outstanding Warrants may be redeemed, at the option of the Company, at any time after
they become exercisable and prior to their expiration, at the office of the Warrant Agent,
upon the notice referred to in Section 6.2, at the price of $.01 per Warrant (the
“Redemption Price”), provided, however, that the last sales price of the Common
Stock has been equal to or greater than the Floor Price, on each of twenty (20) trading days
within any thirty (30) trading day period ending on the third business day prior to the date
on which notice of redemption is given; and provided further, however, that with respect to
the Founders’ Warrants and the Sponsors’ Warrants, such redemption right shall not be
applicable so long as the Warrants are held by any of the Founders or their Permitted
Transferees.”

     3. Successors and Assigns. This Agreement shall endure to the benefit of and shall be
binding upon the parties hereto and their respective successors and assigns.

     4. Enforceability. Except as modified hereby, the Warrant Agreement shall remain in
full force and effect with the terms and provisions thereof.

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     5. Counterparts. This Agreement may be executed in any number of counterparts and
each of such counterpart shall for all purposes be deemed to be an original and all such
counterparts shall together constitute but one and the same instrument.

     6. Effect of Headings. The Section headings herein are for convenience only and are
not part of this Amendment and shall not affect the interpretation thereof.

[Signatures Appear on Following Page]

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     IN WITNESS WHEREOF, this Amendment No. 2 has been duly executed by the parties hereto
as of the date first above written.

	 	 	 	 	 	 	 	 	 
	Attest:	 	 	 	FREEDOM ACQUISITION HOLDINGS, INC.
	 
	 	 	 	 	 	 	 	 
	/s/
JAIMY CHACKO 
	 	 	 	By:
	 	/s/ NICOLAS BERGGRUEN	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Nicolas Berggruen	 	 
	 

	 	 	 	Title:
	 	President	 	 
	 
	 	 	 	 	 	 	 	 
	Attest:	 	 	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 
	 	 	 	 	 	 	 	 
	/s/
MICHAEL G. MULLINGS 
	 	 	 	By:
	 	/s/ FELIX ORIHUELA	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Felix Orihuela	 	 
	 

	 	 	 	Title:
	 	Vice President	 	 

[Signature Page to Amendment No. 2 to Warrant Agreement]

 

 

Each of the Warrant holders, by their signatures below, acknowledge, agree and consent to
the changes set forth in this Amendment and acknowledge and agree that the applicable provisions of
their Warrants shall be amended accordingly.

	 	 	 	 	 	 	 
	 	 	BERGGRUEN HOLDINGS NORTH AMERICA LTD.
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ NICOLAS BERGGRUEN	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Nicolas Berggruen	 	 
	 

	 	Title:
	 	President	 	 
	 
	 	 	MARLIN EQUITIES II, LLC
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ IAN ASHKEN	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Ian Ashken	 	 
	 

	 	Title:
	 	Authorized Signatory	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ HERBERT A. MOREY	 	 
	 	 	 	 	 
	 	 	Herbert A. Morey	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ WILLIAM P. LAUDER	 	 
	 	 	 	 	 
	 	 	William P. Lauder	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ JAMES N. HAUSLEIN	 	 
	 	 	 	 	 
	 	 	James N. Hauslein	 	 

[Signature Page to Amendment No. 2 to Warrant Agreement]EX-10.20 Amended Letter Agreement/Berggruen Holdi

 

EXHIBIT 10.20

November 30, 2006

Freedom Acquisition Holdings, Inc.

1114 Avenue of the Americas, 41st Floor

New York, New York 10036

Citigroup Global Markets Inc.

388 Greenwich Street

New York, New York 10013

          Re:          Initial
Public Offering

Ladies and Gentlemen:

          This
Amended Letter Agreement amends and supersedes the Letter Agreement, dated July 20, 2006, by and
among the above referenced parties and the undersigned.

          Citigroup Global Markets Inc. (“Citigroup”) is acting as sole bookrunning manager of
the initial public offering (the “IPO”) of Units consisting of one share of Common Stock of
Freedom Acquisition Holdings, Inc. (the “Company”), and one warrant to purchase one share
of Common Stock of the Company and representative (the “Representative”) of Ladenburg
Thalmann & Co. Inc. and any other underwriters named in the final prospectus (the
“Prospectus”) relating to the IPO (Citigroup, Ladenburg, Thalmann & Co. Inc. and any other
underwriters, collectively, the “Underwriters”). The undersigned stockholder, officer
and/or director of the Company, in consideration of the Underwriters underwriting the Company’s
IPO, hereby agrees as set forth below. Certain capitalized terms used herein are defined in
Section 1 hereof.

     1. As used herein, (i) a “Business Combination” shall mean an acquisition by merger,
capital stock exchange, asset or stock acquisition, reorganization or otherwise, of an operating
business selected by the Company; (ii) “Founders” shall mean all stockholders, officers and
directors who are stockholders of the Company immediately prior to the IPO; (iii) “Common
Stock” shall mean the Company’s common stock, par value $0.0001 per share, (iv) “Founders’
Shares” shall mean all of the shares of Common Stock of the Company owned by a Founder prior to
the IPO, (v) “IPO Shares” shall mean the shares of Common Stock issued in the Company’s
IPO, (vi) “Founders’ Warrants” shall mean all warrants to purchase shares of Common Stock
of the Company owned by a Founder prior to the IPO, other than the Sponsors’ Warrants; (vii)
“Founders’ Units” shall mean the 7,500,000 units issued by the Company to the Founders
prior to the IPO, of which the Founders’ Shares and the Founders’ Warrants are a part; (viii)
“Sponsors’ Warrants” shall mean the 4,500,000 warrants to purchase shares of Common Stock
to be issued to the Sponsors in a private placement immediately prior to the IPO; (ix)
“Co-Investment Units” shall mean the 5,000,000 units of the Company to be issued to the
Sponsors in a private placement that will occur immediately prior to the consummation of a
Business Combination by the Company; (x) “Co-Investment Shares” shall mean the Common Stock
underlying the Co-Investment Units; (xi) “Co-Investment Warrants” shall mean the
warrants to purchase shares of Common Stock underlying the Co-Investment Units; and (xii)
“Locked-Up

 

 

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Securities” shall mean all issued and outstanding Founders’ Units, Founders’
Shares and Founders’ Warrants (including the shares of Common Stock to be issued upon exercise of
the Founders’ Warrants) and all Sponsors’ Warrants (including the shares of Common Stock to be
issued upon exercise of the Sponsors’ Warrants), Co-Investment Units, Co-Investment Shares and
Co-Investment Warrants (including the shares of Common Stock to be issued upon exercise of the
Co-Investment Warrants) to be issued after the date hereof in accordance with the terms and
conditions set forth in the Prospectus.

     2. If the Company solicits approval of its stockholders of a Business Combination, the
undersigned will vote (i) all Founders’ Shares owned by him or it in accordance with the majority
of the votes cast by the holders of the IPO Shares and (ii) all other shares of the Company’s
Common Stock that may be acquired by him or it in any private placement, the IPO or in the
aftermarket for such Business Combination.

     3. In the event that the Company fails to consummate a Business Combination by the later of
(i) 18 months after the consummation of the IPO (the “Consummation Date”) or (ii) 24 months
after the Consummation Date in the event that either a letter of intent, an agreement in principle
or a definitive agreement to consummate a Business Combination was executed but no Business
Combination was consummated within such 18 month period (such later date being referred to herein
as the “Termination Date”), the undersigned shall, to the fullest extent permitted by the
Delaware General Corporation Law (the “DGCL”), (i) take all action necessary to dissolve
the Corporation and liquidate the trust account established under the Investment Management Trust
Agreement to be entered into between the Company and Continental Stock Transfer & Trust Company
(the “Trust Account”) to holders of IPO Shares as promptly as practicable after approval by
the Company’s stockholders (subject to the requirements of the DGCL) and (ii) vote all Founders’
Shares and all of the shares of the Company’s Common Stock that may be acquired by him or it in any
private placement, the IPO or in the aftermarket in favor of any dissolution and plan of
distribution recommended by the Company’s Board of Directors, and promptly cause the Company to
prepare and file a proxy statement with the Securities and Exchange Commission setting out the plan
of dissolution and distribution. If no proxy statement seeking the approval of the stockholders
for a Business Combination has been filed within 60 days prior to the Termination Date, and the
Board of Directors convenes, adopts and recommends to the stockholders the liquidation and
dissolution of the Company, and the Company files a proxy statement with the Securities and
Exchange Commission seeking stockholder approval for such plan, the undersigned agrees to vote all
Founders’ Shares and all of the shares that may be acquired by him or it in any private placement,
the IPO or in the aftermarket in favor of any such dissolution and plan of distribution recommended
by the Company’s Board of Directors. The undersigned hereby waives any and all right, title,
interest or claim of any kind (“Claim”) to participate in any liquidating distribution of
the Trust Account as part of the Company’s plan of distribution with respect to the Founders’
Shares if the Company fails to consummate a Business Combination and the Trust Account is
consequently liquidated and hereby waives any Claim the undersigned may have in the future as a
result of, or arising out of, any contracts or agreements with the Company and will not seek
recourse against
the Trust Account for any reason whatsoever. The undersigned acknowledges and agrees that

 

 

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there will be no distribution from the Trust Account with respect to any warrants, all rights of
which will terminate on the Company’s liquidation.

     4. Subject to Section 5 below, in order to minimize potential conflicts of interest
which may arise from multiple affiliations, the undersigned agrees to present to the Company for
its consideration, and not to any other person or entity unless the opportunity is rejected by the
Company, those opportunities to acquire an operating business the undersigned reasonably believes
are suitable opportunities for the Company, until the earlier of (i) the consummation by the
Company of a Business Combination, (ii) the dissolution and liquidation of the Company or (iii)
until such time as the undersigned ceases to be an officer or director of the Company, subject to
any fiduciary obligations the undersigned might have.

     5. The undersigned (“Berggruen Holdings”) agrees that in the event it or one of its
investment professionals becomes aware of, or involved with any Business Combination opportunities
with an enterprise value of $500 million or more, Nicolas Berggruen will cause the undersigned to
first offer such business opportunities to the Company and further agrees that neither it nor any
of its affiliates will pursue such opportunities unless and until the Company’s Board of Directors
determines that it will not pursue such opportunities (the “Company’s Right of First
Review”) unless such Business Combination opportunity is competitive with one of the portfolio
companies of Berggruen Holdings in which case they would first be offered to such portfolio
company. The Company’s Right of First Review will begin upon the consummation of the IPO and
terminate on the earlier of (i) the consummation by the Company of a Business Combination or (ii)
the dissolution and liquidation of the Company.

     6. The undersigned acknowledges and agrees that the Company will not consummate any Business
Combination which involves a company which is affiliated with any of the Founders, directors and/or
officers of the Company or with any Company that the undersigned has had any discussions, formal or
otherwise, with respect to a Business Combination with another company, prior to the consummation
of the IPO.

     7. Upon consummation of the IPO, each of Berggruen Holdings and Marlin Equities II, LLC
(“Marlin” and together with Berggruen Holdings, “Sponsors”) shall provide the
Company’s audit committee, on a quarterly basis, with evidence that such Sponsor has sufficient net
liquid assets available to consummate the Co-Investment (as described in the Prospectus). In the
event that either Sponsor is unable to consummate the Co-Investment when required to do so, such
Sponsor shall surrender and forfeit its Founders’ Units (including any warrants included in such
units) to the Company.

     8. Neither the undersigned, any member of the family of the undersigned, nor any affiliate of
the undersigned will be entitled to receive and will not accept any compensation for services
rendered to the Company prior to the consummation of the Business Combination; provided, however,
that commencing upon the Consummation Date, Berggruen Holdings, Inc. shall be allowed to charge the
Company an allocable share of its overhead, $10,000 per month, to compensate it for office space,
administrative services and secretarial support until the earlier
of the Company’s consummation of a Business Combination or its liquidation. The undersigned,

 

 

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Marlin and the officers and directors of the Company shall also be entitled to reimbursement from
the Company for their out-of-pocket expenses incurred in connection with seeking and consummating a
Business Combination.

     9. Neither the undersigned, any member of the family of the undersigned, or any affiliate of
the undersigned will be entitled to receive or accept a finder’s fee or any other compensation in
the event the undersigned, any member of the family of the undersigned or any affiliate of the
undersigned originates a Business Combination.

     10. In order to induce you and the other Underwriters to enter into the Underwriting
Agreement, the undersigned will not, without the prior written consent of Citigroup, offer, sell,
contract to sell, pledge or otherwise dispose of (or enter into any transaction which is designed
to, or might reasonably be expected to, result in the disposition (whether by actual disposition or
effective economic disposition due to cash settlement or otherwise) by the undersigned or any
affiliate of the undersigned or any person in privity with the undersigned or any affiliate of the
undersigned), directly or indirectly, including the filing (or participation in the filing) of a
registration statement with the Securities and Exchange Commission in respect of, or establish or
increase a put equivalent position or liquidate or decrease a call equivalent position within the
meaning of Section 16 of the Securities Exchange Act of 1934, as amended, (the “Exchange
Act”) and the rules and regulations of the Securities and Exchange Commission promulgated
thereunder with respect to, any shares of capital stock (including the Locked Up Securities) of the
Company or any securities convertible into, or exercisable or exchangeable for such capital stock,
or publicly announce an intention to effect any such transaction during the Restricted Period;
provided, however, that the foregoing sentence shall not apply to (A) shares of Common Stock
disposed of as bona fide gifts approved in writing by Citigroup, (B) any transfer for estate
planning purposes of shares of Common Stock to persons immediately related to such transferor by
blood, marriage or adoption, (C) any trust solely for the benefit of such transferor and/or the
persons described in the preceding clause, or (D) the transfer by Berggruen Holdings or Marlin to
the Company’s officers, directors and employees and other persons or entities associated with
Nicolas Berggruen or Martin E. Franklin; provided, however, that with respect to each of the
transfers described in clauses (A), (B), (C) and (D) of this sentence, (i) prior to such transfer,
the transferee of such transfer, or the trustee or legal guardian on behalf of any transferee,
agrees in writing to be bound by the terms of this letter and (ii) no filing by any party under the
Exchange Act shall be required or shall be voluntarily made in connection with such disposition or
transfer. The term “Restricted Period” means the period commencing on the date hereof and
ending one year from the consummation of a Business Combination, except that if (a) during the last
17 days of the Restricted Period the Company issues an earnings release or material news or a
material event relating to the Company occurs or (b) prior to the expiration of the Restricted
Period the Company announces that it will release earnings results during the 16 day period
beginning on the last day of the Restricted Period, then the Restricted Period shall end on and
include the 18th day following the date of the issuance of the earnings release or the
occurrence of the material news or material event.

     11. The undersigned hereby waives his or its right to exercise redemption rights with respect
to any Founders’ Shares owned by the undersigned, directly or indirectly, and agrees that

 

 

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Page 5

he or she
will not seek redemption for cash with respect to such Founders’ Shares in connection with any vote
to approve a Business Combination (as is more fully defined in the Prospectus).

     12. The undersigned hereby agrees that any action, proceeding or claim against the undersigned
arising out of or relating in any way to this Agreement shall be brought and enforced in the courts
of the State of New York or the United States District Court for the Southern District of New York,
and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The
undersigned hereby waives any objection to such exclusive jurisdiction and that such courts
represent an inconvenience forum.

[Signature Page to Follow]

 

 

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Citigroup Global Markets Inc.

Page 6

     13. The undersigned agrees to make available to the Company, at no cost to the Company, four
of its investment professionals to actively source an acquisition for the Company.

	 	 	 	 	 
	 	BERGGRUEN HOLDINGS NORTH AMERICA LTD.

 	 
	 	By:  	/s/ NICOLAS BERGGRUEN
 	 
	 	Name:  	Nicolas Berggruen 	 
	 	Title:  	President

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