Document:

Exhibit 4.4

 

EXHIBIT A

 

[Form of Warrant
Certificate]

 

[Face]

 

Warrant Certificate

 

LEOPARD ACQUISITION CORP.

 

This
Warrant Certificate certifies that                                                 ,
or registered assigns, is the registered holder of                     
warrants (the “Warrants”) to purchase shares of Common Stock, $0.001 par
value (the “Common Stock”), of Leopard Acquisition Corp., a Delaware
corporation (the “Company”).  Each
Warrant entitles the holder, upon exercise during the period set forth in the
Warrant Agreement referred to below, to receive from the Company that number of
fully paid and nonassessable shares of Common Stock (each, a “Warrant Share”)
as set forth below at the exercise price (the “Exercise Price”) as
determined pursuant to the Warrant Agreement payable in lawful money of the
United States of America upon surrender of this Warrant Certificate and payment
of the Exercise Price (or on a cashless basis, if applicable, pursuant to the
terms of the Warrant Agreement) at the office or agency of the Warrant Agent,
but only subject to the conditions set forth herein and in the Warrant
Agreement.

 

Each
Warrant is initially exercisable for one share of Common Stock.  The number of Warrant
Shares issuable upon exercise of the Warrants are subject to adjustment
upon the occurrence of certain events set forth in the Warrant Agreement.

 

The
initial Exercise Price per share of Common Stock for any Warrant is equal to
$7.50 per share.  The Exercise Price is
subject to adjustment upon the occurrence of certain events set forth in the
Warrant Agreement.

 

Warrants
may be exercised only during the Warrant Exercise Period subject to the
conditions set forth in the Warrant Agreement and to the extent not exercised
by the end of such Warrant Exercise Period such Warrants shall become void.

 

Reference
is hereby made to the further provisions of this Warrant Certificate set forth
on the reverse hereof and such further provisions shall for all purposes have
the same effect as though fully set forth at this place.

 

This
Warrant Certificate shall not be valid unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement.

 

 

This
Warrant Certificate shall be governed and construed in accordance with the
internal laws of the State of New York, without regard to conflicts of laws
principles thereof.

 

	
   

  	
  LEOPARD
  ACQUISITION CORP.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Mohammed
  M. Ansari

  
	
   

  	
   

  	
  Title:

  	
  Chief
  Financial Officer

  
	
   

  	
   

  	
   

  	
   

  
	
  Countersigned:
  

  	
   

  	
   

  	
   

  
	
  Dated:                ,
  20

  	
   

  	
   

  	
   

  
	
  CONTINENTAL
  STOCK TRANSFER &

  TRUST COMPANY, as Warrant Agent

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By

  	
   

  	
   

  	
   

  
	
   

  	
  Authorized Signatory

  	
   

  	
   

  
								

 

 

[Form of Warrant
Certificate]

 

[Reverse]

 

The
Warrants evidenced by this Warrant Certificate are part of a duly authorized
issue of Warrants entitling the holder on exercise to receive shares of Common
Stock, par value $0.001 per share, of the Company (the “Common Stock”), and are
issued or to be issued pursuant to a Warrant Agreement dated as of [                    ],
2008 (the “Warrant Agreement”), duly executed and delivered by the
Company to Continental Stock Transfer & Trust Company, a New York
corporation, as warrant agent (the “Warrant Agent”), which Warrant
Agreement is hereby incorporated by reference in and made a part of this
instrument and is hereby referred to for a description of the rights,
limitation of rights, obligations, duties and immunities thereunder of the
Warrant Agent, the Company and the holders (the words “holders” or “holder”
meaning the registered holders or registered holder) of the Warrants.  A copy of the Warrant Agreement may be
obtained by the holder hereof upon written request to the Company.  Defined terms used in this Warrant
Certificate but not defined herein shall have the meanings given to them in the
Warrant Agreement.

 

Warrants
may be exercised at any time during the Warrant Exercise Period set forth in
the Warrant Agreement.  The holder of
Warrants evidenced by this Warrant Certificate may exercise them by
surrendering this Warrant Certificate, with the form of election to purchase
set forth hereon properly completed and executed, together with payment of the
Exercise Price as specified in the Warrant Agreement (or on a cashless basis,
if applicable, pursuant to the terms of the Warrant Agreement) at the principal
corporate trust office of the Warrant Agent. 
In the event that upon any exercise of Warrants evidenced hereby the
number of Warrants exercised shall be less than the total number of Warrants
evidenced hereby, there shall be issued to the holder hereof or his assignee a new
Warrant Certificate evidencing the number of Warrants not exercised.  No adjustment shall be made for any dividends
on any Common Stock issuable upon exercise of this Warrant.

 

Notwithstanding
anything else in this Warrant Certificate or the Warrant Agreement, no Warrant
may be exercised unless at the time of exercise (i) a registration
statement covering the Warrant Shares to be issued upon exercise (other than
Warrant Shares to be issued upon exercise of any Private Warrant) is effective
under the Act and (ii) a prospectus thereunder relating to the Warrant
Shares (other than Warrant Shares to be issued upon exercise of any Private
Warrant) is current.  In no event shall
the Warrants be settled on a net cash basis during the Warrant Exercise Period
nor shall the Company be required to issue unregistered shares upon the
exercise of any Warrant that is not a Private Warrant.

 

The
Warrant Agreement provides that upon the occurrence of certain events the
number of Warrant Shares set forth on the face hereof may, subject to certain
conditions, be adjusted.  No fractions of
a share of Common Stock will be issued upon the exercise of any Warrant, but
the Company shall round up to the nearest whole number the number of Warrant
Shares to be issued as provided in the Warrant Agreement.

 

Warrant
Certificates, when surrendered at the principal corporate trust office of the
Warrant Agent by the registered holder thereof in person or by legal
representative or attorney 

 

 

duly authorized in writing, may be exchanged, in the
manner and subject to the limitations provided in the Warrant Agreement, but
without payment of any service charge, for another Warrant Certificate or
Warrant Certificates of like tenor evidencing in the aggregate a like number of
Warrants.

 

Upon due
presentation for registration of transfer of this Warrant Certificate at the
office of the Warrant Agent a new Warrant Certificate or Warrant Certificates
of like tenor and evidencing in the aggregate a like number of Warrants shall
be issued to the transferee(s) in exchange for this Warrant Certificate,
subject to the limitations provided in the Warrant Agreement, without charge
except for any tax or other governmental charge imposed in connection
therewith.

 

The
Company and the Warrant Agent may deem and treat the registered holder(s) thereof
as the absolute owner(s) of this Warrant Certificate (notwithstanding any
notation of ownership or other writing hereon made by anyone), for the purpose
of any exercise hereof, of any distribution to the holder(s) hereof, and
for all other purposes, and neither the Company nor the Warrant Agent shall be
affected by any notice to the contrary. 
Neither the Warrants nor this Warrant Certificate entitles any holder
hereof to any rights of a stockholder of the Company.Exhibit 10.3

 

LEOPARD ACQUISITION CORP.

FOUNDERS’ SECURITIES PURCHASE AGREEMENT

 

THIS
FOUNDERS’ SECURITIES PURCHASE AGREEMENT (this “Agreement”), dated as of February 21,
2008, is entered into by and among Leopard Acquisition Corp., a Delaware
corporation (the “Company”) and Berenson Leopard LLC (the “Purchaser”).

 

WHEREAS, the Company intends to file a
registration statement (the “Registration Statement”) for the initial
public offering of units (the “Initial Public Offering”), each unit
consisting of one share of the Company’s common stock, par value $0.001 per
share (a “Share”), and one warrant to purchase one Share at an exercise
price of $7.50 per Share.

 

WHEREAS, concurrent with the execution and
delivery of this Agreement, the Purchaser desires to purchase and the Company
desires to issue and sell, upon the terms and conditions set forth in this
Agreement, for an aggregate purchase price of $9,602.48 (the “Founders’
Units Purchase Price”), 1,932,500 units (the “Founders’ Units”),
each unit consisting of one share of the Company’s common stock, par value
$0.001 per share (the “Founders’ Shares”) and one warrant to purchase
one Share at an exercise price of $7.50 per share (the “Founders’ Warrants”).

 

WHEREAS, concurrent with the closing of the
Initial Public Offering, the Purchaser desires to purchase and the Company
desires to issue and sell, upon the terms and conditions set forth in this
Agreement, for an aggregate purchase price of $1,500,000 (the “Private
Placement Warrants Purchase Price”), 1,500,000 additional warrants, each to
purchase one Share at an exercise price of $7.50 per share (the “Private
Placement Warrants”).

 

NOW
THEREFORE, in
consideration of the mutual promises contained in this Agreement and other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties to this Agreement hereby agree as follows:

 

Section 1.   Authorization, Purchase and Sale; Terms of the Founders’
Units, Founders’ Shares, Founders’ Warrants and Private Placement Warrants.

 

A.    Authorization of the Founders’ Units,
Founders’ Shares, Founders’ Warrants, Private Placement Warrants and Shares
Underlying each of the Founders’ Warrants and Private Placement Warrants.  The Company has duly authorized the issuance
and sale to the Purchaser of each of the Founders’ Units, Founders’ Shares,
Founders’ Warrants, Private Placement Warrants and the Shares underlying each
of the Founders’ Warrants and Private Placement Warrants (collectively, the “Securities”).

 

B.    Purchase and Sale of the Founders’ Units
and Private Placement Warrants. 
Concurrently with the execution and delivery of this Agreement, in the
case of the Founders’ Units, and concurrently with the closing of the Initial
Public Offering, in the case of the Private Placement Warrants, or as each such
date may be extended from time to time by mutual 

 

 

agreement of the parties (in
each case, the “Closing Date”), the
Company shall issue and sell to the Purchaser and the Purchaser shall purchase
from the Company, the Founders’ Units (consisting of the Founders’ Shares and
Founders’ Warrants) for the Founders’ Units Purchase Price and the Private
Placement Warrants for the Private Placement Warrants Purchase Price,  respectively. On the applicable Closing Date,
the Company shall deliver certificates evidencing the Founders’ Units, Founders’
Shares and Founders’ Warrants, or the Private Placement Warrants, as the case
may be, to be purchased by the Purchaser hereunder, in each case registered in
the Purchaser’s name, upon the payment by the Purchaser of the Founders’ Units
Purchase Price or the Private Placement Warrants Purchase Price, as the case
may be, by wire transfer of immediately available funds (or by such other means
as the Company and the Purchaser shall agree) to the Company in accordance with
the Company’s instructions.

 

C.    Terms of the Founders’ Units, Founders’
Shares, Founders’ Warrants and Private Placement Warrants.

 

i.              Founders’ Units:
Each Unit of the Founders’ Units shall consist of one Founders’ Share and one Founders’
Warrant and shall have the terms set forth in the Unit Certificate attached as Exhibit A
hereto.

 

ii.             Founders’
Shares: The Founders’ Shares shall have the terms set forth in the
Certificate of Incorporation of the Company and the Founders’ Share Certificate
attached as Exhibit B hereto. 
Without limiting the foregoing, the Purchaser hereby expressly agrees
that if the Company consummates the Initial Public Offering, then (i) in
connection with the stockholder vote required to approve a merger, capital
stock exchange, asset acquisition or other similar business combination with
one or more businesses or assets (a “Business Combination”), the
Purchaser agrees to (x) vote the Founders’ Shares in accordance with a
majority of the shares of common stock voted by holders of shares of common
stock issued in the Initial Public Offering and (y) vote the Founders’
Shares in favor of an amendment to the Company’s amended and restated
certificate of incorporation to provide for the Company’s perpetual existence,
and (ii) the Purchaser agrees to waive any right to participate in any
liquidation distribution to the extent set forth in Section 3.D of this
Agreement.

 

iii.            Founders’
Warrants: The Founders’ Warrants shall have the terms set forth in the
Warrant Agreement dated the date hereof between the Company and Continental
Stock Transfer & Trust Company, as set forth as Exhibit C
hereto (as amended, restated or supplemented from time to time, the “Warrant
Agreement”).

 

iv.            Private
Placement Warrants: The Private Placement Warrants shall have the terms set
forth in the Warrant Agreement, as such terms may be amended prior to the
Closing Date for the Private Placement Warrants with the consent of the
Purchaser, which consent shall be evidenced by the purchase of the Private
Placement Warrants on the Closing Date therefor.

 

v.             Transfer
Restrictions: In addition to the restrictions on transfer set forth in Section 10
hereof, the Purchaser shall not sell or transfer the Founders’ Units, Founders’
Shares, Founders’ Warrants and the Shares underlying the Founders’ Warrants for
a period of 180 days from the date the Company completes its initial business
combination except to a Company officer, director or employee, or any other
person or entity associated or affiliated with Purchaser 

 

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(each,
a “Permitted Transferee”), who agrees in writing
with the Company to be subject to such transfer restrictions, vote the Founders’
Shares as provided in (ii) above; waive any right to participate in any
liquidation distribution as provided in (ii) above and agrees to the
adjustment of the Founders’ Units as provided in (vii) below.  During this period, the Purchaser and its
Permitted Transferees shall retain all other rights of holders of Shares,
including, without limitation, the right to vote their Shares (except as
described above with respect to a Business Combination) and the right to
receive cash dividends, if declared.  If
dividends are declared and payable in Shares, such dividends will also be
subject to the restrictions contained in this Section 1.C.(v).  In addition to the restrictions on transfer
set forth in Section 10 hereof, the Purchaser shall not sell or transfer
the Private Placement Warrants and the Shares underlying the Private Placement
Warrants until after the date the Company completes its initial business
combination except to a Permitted Transferee, and the Purchaser acknowledges
that the Private Placement Warrants and the Shares issuable upon exercise of
the Private Placement Warrants are subject to the restrictions on transfer set
forth in the Warrant Agreement.

 

vi.            Registration
Rights: In connection with the closing of the Initial Public Offering, the
Company and the Purchaser shall enter into an agreement (the “Registration
Rights Agreement”) granting the Purchaser registration rights with
respect to the Securities.

 

vii.           Adjustment of
Founders’ Units:

 

(a)           If the underwriters
with respect to the Initial Public Offering do not exercise the over-allotment
option proposed to be granted to them by the Company, the Purchaser and any
Permitted Transferees agree to forfeit to the Company a number of Founders’
Units necessary to ensure that the aggregate amount of Founders’ Shares held by
the Purchaser, together with the other initial stockholders, and any Permitted
Transferees does not exceed 20% (by way of pro rata adjustment among the
founding stockholders) of the issued and outstanding common stock of the
Company upon consummation of the Initial Public Offering.  The Purchaser and any Permitted Transferees
agree to take any and all action reasonably requested by the Company necessary
to effect any adjustment pursuant to this paragraph vii(a).  The Company will not make any cash payment to
the Purchaser or any Permitted Transferees in respect of any such adjustment.

 

(b)           If the number of
units offered to the public in connection with the Initial Public Offering is
increased or decreased, the Purchaser and any Permitted Transferees agree with
the Company and the Company hereby agrees with the Purchaser and any Permitted
Transferees that the Founders’ Units (including the Founders’ Units subject to
forfeiture) will be adjusted in the same proportion as the increase or decrease
of the units offered to the public in order to ensure that the aggregate amount
of Founders’ Shares held by the Purchaser, together with the other initial
stockholders, and any Permitted Transferees does not fall below or exceed 20%
(by way of pro rata adjustment among the founding stockholders) of the issued
and outstanding common stock of the Company upon consummation of the Initial
Public Offering (including any shares of common stock issued pursuant to the
underwriters’ over-allotment option). 
The Purchaser and any Permitted Transferees agree to take any and all
action reasonably requested by the Company necessary to effect any adjustment
pursuant to this paragraph vii(b); provided that the Company will not make or
receive any cash payment to or from the Purchaser or any Permitted Transferees
in respect of any such adjustment.

 

3

 

(c)           The Purchaser
acknowledges and agrees that any additional units it may hold pursuant to (vii)(a) and

(vii)(b) above (A) shall be subject to the voting, waiver of liquidation,
transfer restrictions and adjustment provisions set forth in this Agreement,
and (B) shall bear the legend set forth in Section 10.A(i) below.

 

Section 2.   Representations and Warranties of the Company.

 

As a material
inducement to the Purchaser to enter into this Agreement and purchase the
Founders’ Units and Private Placement Warrants, the Company hereby represents
and warrants to the Purchaser as of the date hereof and the applicable Closing
Date that:

 

A.    Organization and Corporate Power.  The Company is a corporation duly organized,
validly existing and in good standing under the laws of the State of Delaware
and is qualified to do business in every jurisdiction in which the failure to
so qualify would reasonably be expected to have a material adverse effect on
the financial condition, operating results or assets of the Company.  The Company possesses all requisite corporate
power and authority necessary to carry out the transactions contemplated by
this Agreement and the Warrant Agreement.

 

B.    Authorization; No Breach.

 

(i)    The execution and delivery of this
Agreement, the Warrant Agreement, the Founders’ Warrants and the Private
Placement Warrants and performance of this Agreement and the Warrant Agreement
have been duly authorized by the Company as of the applicable Closing
Date.  This Agreement constitutes the
valid and binding obligation of the Company, enforceable in accordance with its
terms.  The Warrant Agreement
constitutes, and upon issuance in accordance with, and payment pursuant to, the
terms of the Warrant Agreement and this Agreement, the Founders’ Warrants and
the Private Placement Warrants will constitute, valid and binding obligations
of the Company, enforceable in accordance with their respective terms as of the
applicable Closing Date.

 

(ii)   The execution and delivery by the Company of
this Agreement, the Warrant Agreement and the sale and issuance of each of the
Securities and the fulfillment of and compliance with the respective terms
hereof and thereof by the Company, do not and will not as of the applicable
Closing Date (i) conflict with or result in a breach of the terms,
conditions or provisions of, (ii) constitute a default under, (iii) result
in the creation of any lien, security interest, charge or encumbrance upon the
Company’s capital stock or assets, (iv) result in a violation of, or (v) require
any authorization, consent, approval, exemption or other action by or notice or
declaration to, or filing with, any court or administrative or governmental
body or agency pursuant to the Certificate of Incorporation of the Company or
the bylaws of the Company, or any material law, statute, rule or
regulation to which the Company is subject, or any agreement, order, judgment
or decree to which the Company is subject, except for any filings required
after the date hereof under federal or state securities laws.

 

C.    Title to Securities.  Upon issuance in accordance with, and payment
pursuant to, the terms hereof and the Warrant Agreement, as the case may be,
each of the Securities will be duly and validly issued, fully paid and
nonassessable.  Upon issuance in
accordance with, and payment pursuant to, the terms hereof and the Warrant
Agreement, as the case may be, the 

 

4

 

Purchaser will have or receive
good title to the Securities, free and clear of all liens, claims and
encumbrances of any kind, other than (a) transfer restrictions hereunder
and under the other agreements contemplated hereby, (b) transfer
restrictions under federal and state securities laws, and (c) liens,
claims or encumbrances imposed due to the actions of the Purchaser.

 

D.    Governmental Consents.  No permit, consent, approval or authorization
of, or declaration to or filing with, any governmental authority is required in
connection with the execution, delivery and performance by the Company of this
Agreement or the Warrant Agreement, or the consummation by the Company of any
other transactions contemplated hereby.

 

Section 3.   Representations and Warranties of the Purchaser.

 

As a material
inducement to the Company to enter into this Agreement and issue and sell the
Founders’ Units and Private Placement Warrants, the Purchaser hereby represents
and warrants to the Company as of the date hereof and the applicable Closing
Date that:

 

A.    Capacity and State Law Compliance.  The Purchaser has engaged in the transactions
contemplated by this Agreement within a state in which the offer and sale of
the Securities is permitted under applicable securities laws.  The Purchaser understands and acknowledges
that the purchase of Shares upon the exercise of the Private Placement Warrants
and the Founders’ Warrants will require the availability of an exemption from
registration under federal and/or state securities laws and that any sale of
such Shares shall require registration or the availability of an exemption from
registration under federal and/or state securities laws.

 

B.    Authorization; No Breach.

 

(i)    This Agreement constitutes a valid and
binding obligation of the Purchaser, enforceable in accordance with its terms.

 

(ii)   The execution and delivery by the Purchaser
of this Agreement and the fulfillment of and compliance with the respective
terms hereof by the Purchaser do not and shall not as of the applicable Closing
Date conflict with or result in a breach of the terms, conditions or provisions
of the certificate of formation or limited liability company agreement of the
Purchaser or any other agreement, instrument, order, judgment or decree to
which the Purchaser is subject.

 

C.    Investment Representations.

 

(i)    The Purchaser is acquiring the Securities
for its own account, for investment only and not with a view towards, or for
resale in connection with, any public sale or distribution thereof.

 

(ii)   The Purchaser is an “accredited investor” as
such term is defined in Rule 501(a)(3) of Regulation D.

 

(iii)  The Purchaser understands that the Securities
are being offered and will be sold to it in reliance on specific exemptions
from the registration requirements of the United 

 

5

 

States federal and state
securities laws and that the Company is relying upon the truth and accuracy of,
and the Purchaser’s compliance with, the representations and warranties of the
Purchaser set forth herein in order to determine the availability of such
exemptions and the eligibility of the Purchaser to acquire such Securities.

 

(iv)  The Purchaser did not decide to enter into
this Agreement as a result of any general solicitation or general advertising
within the meaning of Rule 502(c) under the Securities Act of 1933,
as amended (the “Securities
Act”).

 

(v)   The Purchaser has been furnished with all
materials relating to the business, finances and operations of the Company and
materials relating to the offer and sale of the Securities which have been
requested by the Purchaser.  The
Purchaser has been afforded the opportunity to ask questions of the executive
officers and directors of the Company. 
The Purchaser understands that its investment in the Securities involves
a high degree of risk.  The Purchaser has
sought such accounting, legal and tax advice as the Purchaser has considered
necessary to make an informed investment decision with respect to the Purchaser’s
acquisition of the Securities.

 

(vi)  The Purchaser understands that no United
States federal or state agency or any other government or governmental agency
has passed on or made any recommendation or endorsement of the Securities or
the fairness or suitability of the investment in the Securities by the
Purchaser nor have such authorities passed upon or endorsed the merits of the
offering of the Securities.

 

(vii)  The Purchaser understands that: (a) the
Securities have not been and are not being registered under the Securities Act
or any state securities laws, and may not be offered for sale, sold, assigned
or transferred unless (A) subsequently registered thereunder or (B) sold
in reliance on an exemption therefrom; and (b) except as specifically set
forth in the Registration Rights Agreement, neither the Company nor any other
person is under any obligation to register the Securities under the Securities
Act or any state securities laws or to comply with the terms and conditions of
any exemption thereunder. In this regard, the Purchaser understands that the
Securities and Exchange Commission has taken the position that promoters or
affiliates of a blank check company and their transferees, both before and
after a Business Combination, are deemed to be “underwriters” under the
Securities Act when reselling the securities of a blank check company.  Based on that position, Rule 144 adopted
pursuant to the Securities Act would not be available for resale transactions
of the Securities despite technical compliance with the requirements of such
Rule, and the Securities can be resold only through a registered offering or in
reliance upon another exemption from the registration requirements of the
Securities Act.  The Purchaser is able to
bear the economic risk of its investment in the Securities for an indefinite
period of time.

 

(viii)             The
Purchaser has such knowledge and expertise in financial and business matters,
knows of the high degree of risk associated with investments generally and
particularly investments in the securities of companies in the development
stage such as the Company, is capable of evaluating the merits and risks of an
investment in the Securities and is able to bear the economic risk of an
investment in the Securities in the amount contemplated hereunder.  The Purchaser has adequate means of providing
for its current financial needs and contingencies and 

 

6

 

will have no current or
anticipated future needs for liquidity which would be jeopardized by the
investment in the Securities.  The Purchaser
can afford a complete loss of its investment in the Securities.

 

D.    Waiver of Right to Amounts in the Trust
Account and Indemnification.

 

(i)    The Purchaser hereby waives any and all
right, title, interest or claim of any kind in or to any distribution of the
trust account established by the Company for the deposit of proceeds from the
Initial Public Offering and the sale of the Private Placement Warrants, as a
result of any liquidation of the trust account, with respect to the Founders’
Shares (“Claim”) and hereby waives any Claim it 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
except for any amounts to which it may be entitled upon liquidation of the
Company in respect of the Purchaser’s ownership of Shares other than the
Founders’ Shares.

 

(ii)   The Purchaser acknowledges and agrees that
the stockholders of the Company, including those who purchase the units in the
Initial Public Offering, are and shall be third-party beneficiaries of the
foregoing provisions of Section 3.D. of this Agreement.

 

(iii)  The Purchaser agrees that to the extent any
waiver of rights under this Section 3.D. is ineffective as a matter of
law, the Purchaser has offered such waiver for the benefit of the Company as an
equitable right that shall survive any statutory disqualification or bar that
applies to a legal right.  The Purchaser
acknowledges the receipt and sufficiency of consideration received from the
Company hereunder in this regard.

 

Section 4.  Conditions
of the Purchaser’s Obligations.

 

The obligation of
the Purchaser to purchase and pay for the Founders’ Units and Private Placement
Warrants is subject to the fulfillment, on or before the applicable Closing
Date, of each of the following conditions:

 

A.    Representations and Warranties.  The representations and warranties of the
Company contained in Section 2, shall be true and correct at and as of the
applicable Closing Date as though then made.

 

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

 

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

 

7

 

Section 5.  Conditions
of the Company’s Obligations.

 

The obligations of
the Company to the Purchaser under this Agreement are subject to the
fulfillment, on or before the applicable Closing Date, of each of the following
conditions:

 

A.    Representations and Warranties.  The representations and warranties of the
Purchaser contained in Section 3 shall be true and correct at and as of
the applicable Closing Date as though then made.

 

B.    Performance.  The Purchaser shall have performed and
complied with all agreements, obligations and conditions contained in this
Agreement that are required to be performed or complied with by it on or before
the applicable Closing Date.

 

C.    Corporate Consents.  The Company shall have obtained the consent
of its Board of Directors authorizing the execution, delivery and performance
of this Agreement and the Warrant Agreement and the issuance and sale of the
Founders’ Units and the Private Placement Warrants.

 

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

 

Section 6.  Termination.

 

This Agreement may
be terminated at any time prior to the applicable Closing Date as it relates
only to the Securities to be purchased pursuant to this Agreement on and after
such Closing Date upon the mutual written consent of the Company and the
Purchaser.

 

Section 7.  Survival
of Representations and Warranties.

 

All of the
representations and warranties contained herein shall survive the applicable
Closing Date.

 

Section 8.  Definitions.

 

Terms used but not
otherwise defined in this Agreement shall have the meaning assigned such terms
in the Registration Statement.

 

Section 9.  Escrow.

 

All subscription
funds received by the Company will be held in escrow pending the closing of the
purchase of the Founders’ Units (the “Closing”). The Closing shall occur
on such date as the Company has received complete and valid subscriptions
(including full payment) for 100% of the Founders’ Units. In the event the
Closing does not occur by February 29, 2008 or if the Company
otherwise determines not to accept this subscription, which it may do in its
sole and unilateral discretion, the Company shall promptly return the purchase
price to the Purchaser 

 

8

 

(without
interest or deduction) and this Agreement will thereafter be null and void and
of no further force or effect.

 

Section 10.  Miscellaneous.

 

A.    Legends; Transfer Restrictions.

 

(i)    Legends.  The certificates evidencing the Founders’
Units and the Founders’ Shares will include the legend set forth on Exhibits
A and B hereto, respectively, which the Purchaser has read and
understands.  The Founders’ Warrants, the
Private Placement Warrants and Shares issued upon exercise of the Private
Placement Warrants and the Founders’ Warrants will include the legend set forth
in Exhibit B to the Warrant Agreement in the case of the Warrants
and in the Warrant Agreement in the case of the Shares, which the Purchaser has
read and understands.

 

(ii)   Transfer Restrictions.  By accepting the Securities, the Purchaser
agrees, prior to any transfer of the Securities, to give written notice to the
Company expressing its desire to effect such transfer and describing briefly
the proposed transfer.  Upon receiving
such notice, the Company shall present copies thereof to its counsel and the
Purchaser agrees not to make any disposition of all or any portion of the
Securities unless and until:

 

(a)           there is then in
effect a registration statement under the Securities Act covering such proposed
disposition and such disposition is made in accordance with such registration
statement, in which case the legends set forth above with respect to the
Securities sold pursuant to such registration statement shall be removed; or

 

(b)           if reasonably
requested by the Company, (A) the Purchaser shall have furnished the
Company with an opinion of counsel, reasonably satisfactory to the Company,
that such disposition will not require registration of such Securities under
the Securities Act, (B) the Company shall have received customary
representations and warranties regarding the transferee that are reasonably
satisfactory to the Company signed by the proposed transferee and (C) the
Company shall have received an agreement by such transferee to the restrictions
contained in the legends referred to in (i) hereof.

 

Notwithstanding
the foregoing, the Purchaser also understands and acknowledges that the
transfer of the Founders’ Units, Founders’ Shares, Founders’ Warrants and the
Private Placement Warrants and exercise of the Founders’ Warrants and the
Private Placement Warrants are subject to the specific conditions to such
transfer or exercise as outlined herein and the Warrant Agreement as to which
the Purchaser specifically assents by its execution hereof.

 

(iii)  Stop Transfer Notations.  The Company may, from time to time, make stop
transfer notations in its records and deliver stop transfer instructions to its
transfer agent to the extent its counsel considers it necessary to ensure
compliance with federal and state securities laws and the transfer restrictions
contained elsewhere in this Agreement and the Warrant Agreement.

 

B.    Successors and Assigns.  Except as otherwise expressly provided
herein, all covenants and agreements contained in this Agreement by or on
behalf of any of the parties 

 

9

 

hereto shall bind and inure to
the benefit of the respective successors of the parties hereto whether so expressed
or not.  Notwithstanding the foregoing or
anything to the contrary herein, the parties may not assign this Agreement.

 

C.    Severability.  Whenever possible, each provision of this
Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement is held to be
prohibited by or invalid under applicable law, such provision shall be
ineffective only to the extent of such prohibition or invalidity, without
invalidating the remainder of this Agreement.

 

D.    Counterparts.  This Agreement may be executed simultaneously
in two or more counterparts, none of which need contain the signatures of more
than one party, but all such counterparts taken together shall constitute one
and the same agreement.

 

E.     Descriptive Headings; Interpretation.  The descriptive headings of this Agreement
are inserted for convenience only and do not constitute a substantive part of
this Agreement.  The use of the word “including”
in this Agreement shall be by way of example rather than by limitation.

 

F.     Governing Law.  This Agreement shall be deemed to be a
contract made under the laws of the State of New York and for all purposes
shall be construed in accordance with the internal laws of said State.  Each of the parties hereto also irrevocably
waives all right to trial by jury in any action, proceeding or counterclaim
arising out of this Agreement or the transactions contemplated hereby.

 

G.    Notices.  All notices, demands or other communications
to be given or delivered under or by reason of the provisions of this Agreement
shall be in writing and shall be deemed to have been given when delivered
personally to the recipient, sent to the recipient by reputable overnight
courier service (charges prepaid) or mailed to the recipient by certified or
registered mail, return receipt requested and postage prepaid.  Such notices, demands and other
communications shall be sent:

 

	
  If to the Company:

  	
   

  	
  Leopard Acquisition Corp.

  2500 N. Moose Wilson Road 

  Wilson, WY 83014 

  Fax No. (307) 734-2719

  Attention: Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
  With a copy (not

  constituting notice) to:

  	
   

  	
  Alan I. Annex, Esq. 

  Greenberg Traurig LLP 

  200 Park Avenue 

  New York, NY 10166 

  Fax No.: (212) 801-6400

  
	
   

  	
   

  	
   

  
	
  If to the Purchaser:

  	
   

  	
  Berenson Leopard LLC 

  667 Madison Avenue 

  New York, NY 10021 

  Fax No. (212) 935-1499  

  Attention: [                   ]

  

 

10

 

or to such other address
or to the attention of such other person as the recipient party has specified
by prior written notice to the sending party.

 

H.    No Strict Construction.  The parties hereto have participated jointly
in the negotiation and drafting of this Agreement.  In the event an ambiguity or question of
intent or interpretation arises, this Agreement shall be construed as if
drafted jointly by the parties hereto, and no presumption or burden of proof
shall arise favoring or disfavoring any party by virtue of the authorship of
any of the provisions of this Agreement.

 

[SIGNATURE PAGE
FOLLOWS]

 

11

 

IN
WITNESS WHEREOF,
the parties hereto have executed this Purchase Agreement on the date first
written above.

 

 

	
   

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  LEOPARD ACQUISITION CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By 

  	
       /s/ Mohammed M. Ansari

  
	
   

  	
  Name:

  	
  Mohammed M. Ansari

  
	
   

  	
  Title:

  	
  Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PURCHASER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BERENSON LEOPARD LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Berenson & Company,

  
	
   

  	
   

  	
  its Managing Member

  
	
   

  	
   

  
	
   

  	
  By:

  	
        /s/ Jeffrey L. Berenson

  
	
   

  	
  Name:

  	
  Jeffrey L. Berenson

  
	
   

  	
  Title:

  	
  Authorized Signatory

  
						

 

 

[Signature Page to
Founders’ Securities Purchase Agreement]

 

 

Exhibit A

 

SPECIMEN
OF UNIT CERTIFICATE

 

	
  No.                    

  	
   

  	
  LEOPARD
  ACQUISITION CORP.

  Incorporated under the Laws of the State of Delaware

  	
   

  	
                 UNIT(S)

  

 

 

UNIT(S) EACH
CONSISTING OF ONE SHARE OF COMMON STOCK AND ONE WARRANT TO 

PURCHASE ONE SHARE OF COMMON STOCK

 

SEE
REVERSE FOR CERTAIN DEFINITIONS

 

THIS
CERTIFIES THAT                                                                                         IS
THE OWNER OF

                                                                                                                                                        
UNIT(S).  Each Unit (“Unit”) consists of
one (1) share of common stock, par value $0.001 per share (“Common Stock”),
of Leopard Acquisition Corp., a Delaware corporation (the “Company”), and one
warrant (each, a “Warrant”).  Each
Warrant entitles the holder to purchase one (1) share of Common Stock for
$7.50 per share (subject to adjustment). 
The Common Stock and Warrant comprising each Unit represented by this
certificate are not transferable separately prior to the thirty-fifth day
following the date of the prospectus with respect to the Company’s initial
public offering (the “IPO”) unless J.P. Morgan Securities Inc. informs the Company of
its decision to allow earlier separate transfer.  The terms of the Warrants are governed by the
Warrant Agreement dated [                  ],
2008 between the Company and Continental Stock Transfer & Trust
Company, as amended, restated or supplemented from time to time (the “Warrant
Agreement”), and are subject to the terms and provisions contained therein, all
of which terms and provisions the holder of this certificate consents to by
acceptance hereof.  Copies of the Warrant
Agreement are on file at the office of the Company, and are available to any
Warrant holder on written request and without cost.

 

THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD,
TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION
FROM SUCH REGISTRATION IS AVAILABLE. 
THESE SECURITIES ARE ALSO SUBJECT TO FORFEITURE AND ADDITIONAL
RESTRICTIONS ON TRANSFER OR SALE AND OTHER MATTERS PURSUANT TO A FOUNDERS’
SECURITIES PURCHASE AGREEMENT DATED [                    ],
2008, A COPY OF WHICH CAN BE OBTAINED FROM THE COMPANY AT ITS EXECUTIVE
OFFICES.

 

SECURITIES EVIDENCED
BY THIS CERTIFICATE WILL BE ENTITLED TO REGISTRATION RIGHTS UNDER A
REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED BY THE CORPORATION.

 

WITNESS
the seal of the Company and the facsimile signature of its duly authorized
officer.

 

Dated:                     ,
2008

 

 

	
   

  	
  LEOPARD
  ACQUISITION CORP.

  	
   

  
	
   

  	
   

  	
  Authorized
  Officer

  
	
   

  	
  2008

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CORPORATE
  SEAL DELAWARE

  	
   

  

 

 

The following
abbreviations, when used in the inscription on the face of this certificate,
shall be construed as though they were written out in full according to
applicable laws or regulations:

 

	
  TEN COM

  	
   

  	
  as tenants in common

  	
   

  	
  Unif Gift Min Act -

  	
   

  	
  Custodian

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TEN ENT

  	
   

  	
  tenants by the entireties

  	
   

  	
   

  	
   

  	
  (Cust) (Minor)

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  as joint tenants with right 

  	
   

  	
   

  	
   

  	
  Under Uniform Gifts to Minors 

  
	
   

  	
   

  	
  of survivorship and not as 

  	
   

  	
   

  	
   

  	
  Act: 

  	
   

  
	
  JT TEN

  	
   

  	
  tenants in common

  	
   

  	
   

  	
   

  	
  (State)

  
											

 

Additional
abbreviations may also be used though not in the above list.

 

LEOPARD
ACQUISITION CORP.

 

The Company will
furnish without charge to each stockholder who so requests the powers,
designations, preferences and relative, participating, option or other special
rights of each class of stock or series thereof of the Company and the
qualifications, limitations, or restrictions of such preferences and/or rights.  This certificate and the Units represented
hereby are issued and shall be held subject to the terms and conditions
applicable to the securities underlying and comprising the Units.

 

For Value
Received,                           
hereby sell, assign and transfer unto

 

	
  PLEASE INSERT
  SOCIAL SECURITY OR OTHER

  	
   

  	
   

  
	
                 IDENTIFYING
  NUMBER OF ASSIGNEE

  	
   

  	
   

  

 

	
   

  
	
   

  
	
  (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS,
  INCLUDING ZIP CODE, OF ASSIGNEE)

  
	
   

  

 

Units
represented by the within Certificate, and do hereby irrevocably constitute and
appoint                                   
Attorney, to transfer the said Units on the books of the within named Company
with full power of substitution in the premises.

 

	
  Dated

  	
   

  	
   

  	
   

  	
  By:

  
	
   

  	
   

  	
  NOTICE: THE SIGNATURE TO THIS 

  ASSIGNMENT MUST CORRESPOND WITH THE 

  NAME AS WRITTEN UPON THE FACE OF THE 

  CERTIFICATE IN EVERY PARTICULAR, 

  WITHOUT ALTERATION OR ENLARGEMENT 

  OR ANY CHANGE WHATEVER.

  

 

 

Exhibit B

 

SPECIMEN FOUNDERS’ COMMON STOCK CERTIFICATE

 

	
  NUMBER

  	
   

  	
                                                                 SHARES

  

 

LEOPARD
ACQUISITION CORP.

 

INCORPORATED UNDER
THE LAWS OF THE STATE OF DELAWARE

 

COMMON STOCK

 

	
  SEE REVERSE FOR

  
	
  CERTAIN DEFINITIONS

  
	
   

  
	
  This Certifies that

  

 

is the owner of

 

FULLY PAID AND
NON-ASSESSABLE SHARES OF THE PAR VALUE OF $0.001

EACH OF THE COMMON STOCK OF

 

LEOPARD
ACQUISITION CORP.

 

transferable on
the books of the Company in person or by duly authorized attorney upon
surrender of this certificate properly endorsed.  Witness the seal of the Company and the
facsimile signatures of its duly authorized officers.

 

	
  Dated:

  	
   

  	
  Leopard Acquisition
  Corp.

  2008
 CORPORATE SEAL 

  DELAWARE

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  [VICE PRESIDENT]

  	
   

  	
   

  	
  SECRETARY

  
	
   

  	
   

  	
   

  	
   

  

 

 

The following abbreviations, when used in the inscription on the face
of this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

 

	
  TEN COM

  	
   

  	
  as tenants in common

  	
   

  	
  UNIF GIFT MIN ACT - 

  	
   

  	
  Custodian

  	
   

  
	
  TEN ENT

  	
   

  	
  as tenants by the entireties

  	
   

  	
                                          (Cust

  	
  (Minor)

  
	
  JT TEN

  	
   

  	
  as joint tenants with right

  of survivorship and not as

  tenants in common

  	
   

  	
   

  	
  under Uniform Gifts to
  Minors Act

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  (State)

  
										

 

Additional Abbreviations
may also be used though not in the above list.

 

Leopard Acquisition Corp.

 

The Company will furnish without charge to each stockholder who so
requests the powers, designations, preferences and relative participating,
optional or other special rights of each class of stock or series thereof of
the Company and the qualifications, limitations, or restrictions of such preferences
and/or rights.  This certificate and the
shares represented hereby are issued and shall be held subject to all the
provisions of the Certificate of Incorporation and all amendments thereto and
resolutions of the Board of Directors providing for the issue of shares of
Preferred Stock (copies of which may be obtained from the secretary of the
Company), to all of which the holder of this certificate by acceptance hereof
assents.

 

THE SECURITIES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY
STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR
OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM SUCH
REGISTRATION IS AVAILABLE.  THESE
SECURITIES ARE ALSO SUBJECT TO (i) FORFEITURE, (ii) ADDITIONAL
RESTRICTIONS ON TRANSFER OR SALE AND (iii) VOTING REQUIREMENTS AND HOLDERS
OF THE SECURITIES WAIVING ANY RIGHT TO PARTICIPATE IN A LIQUIDATION DISTRIBUTION
IN CERTAIN CIRCUMSTANCES, IN EACH CASE PURSUANT TO A FOUNDERS’ SECURITIES
PURCHASE AGREEMENT DATED
[                      ],
2008, A COPY OF WHICH CAN BE OBTAINED FROM THE COMPANY AT ITS EXECUTIVE
OFFICES.

 

SECURITIES EVIDENCED BY THIS
CERTIFICATE WILL BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS
AGREEMENT TO BE EXECUTED BY THE CORPORATION.

 

 

	
  For value received,
                                                                                    
  hereby sell, assign and transfer unto

  
	
   

  
	
  PLEASE INSERT SOCIAL 

  SECURITY OR OTHER 

  IDENTIFYING 

  NUMBER OF ASSIGNEE

  	
   

  	
   

  
	
  

  	
   

  	
   

  
	
   

  
	
  (PLEASE PRINT OR
  TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE OF ASSIGNEE)

  
	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  
	
                                                                                                                                                                                     shares

  
	
  of the capital stock represented by the within
  Certificate, and do hereby irrevocably constitute and appoint

  
	
                                                                                                                                                                                     Attorney

  
	
  to transfer the said stock on the
  books of the within named Company will full power of substitution in the premises.

  
					

 

	
   

  	
   

  	
   

  
	
  Dated

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Notice: The signature to this assignment must
  correspond with the name as written upon the face of the certificate in every
  particular, without alteration or enlargement or any change whatever.

  
					

 

	
  Signature(s) Guaranteed:

  
	
   

  
	
   

  	
   

  
	
  THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN
  ELIGIBLE

  GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN

  ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED

  SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

  

 

 

Exhibit C

 

WARRANT AGREEMENT

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