Document:

EXHIBIT 10.7

 

PRIVATE UNITS PURCHASE AGREEMENT

 

THIS PRIVATE UNITS PURCHASE AGREEMENT (as it
may from time to time be amended and including all exhibits referenced herein, this “Agreement”) is entered into by
and among PMV Acquisition Corp., a Delaware corporation (the “Company”), Mario J. Gabelli (the “Purchaser”)
and Graubard Miller, as escrow agent (“Escrow Agent”).

 

The Company intends to consummate a public offering
of the Company’s units (the “Public Offering”), each unit consisting of one share of the Company’s common
stock, par value $0.0001 per share (a “Share”), and one warrant to purchase one half of one Share at an exercise price
of $5.75 per half Share (a “Warrant”). The Purchaser has agreed to purchase an aggregate of 1,000,000 units (the “Private
Units”), each Private Unit consisting of one Share and one Warrant on such terms as described herein.

 

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, intending legally to be bound, agree as follows:

 

AGREEMENT

 

Section 1.          Authorization,
Purchase and Sale; Terms of the Private Units.

 

A.           Authorization
of the Private Units. The Company has duly authorized the issuance and sale of the Private Units to the Purchaser.

 

B.           Purchase
and Sale of the Private Units.

 

(i)At least 24 hours prior to the consummation
of the Public Offering, the Purchaser shall deliver an aggregate purchase price of $10,000,000 (the “Purchase Price”)
for the Private Units to the Escrow Agent, to hold in a non-interest bearing account.

 

(ii)Simultaneously with the consummation
of the Public Offering (the “Closing Date”), the Company shall issue and sell to the Purchaser, and the Purchaser shall
purchase from the Company, 1,000,000 Private Units. At such time, the Escrow Agent shall deposit the Purchase Price, without interest
or deduction, into the trust fund (“Trust Fund”) established by the Company for the benefit of the Company’s
public stockholders as described in the Registration Statement, pursuant to the terms of an Investment Management Trust Agreement
to be entered into between the Company and Continental Stock Transfer & Trust Company. On the Closing Date, upon the payment
by the Purchaser of the Purchase Price by wire transfer of immediately available funds to the Trust Fund, the Company shall deliver
certificates evidencing the 1,000,000 Private Units duly registered in the Purchaser’s name to the Purchaser.

 

C.       
    Terms of the Private Units.

 

(i)           Each
Private Unit shall be identical to the units being sold in the Public Offering, including without limitation the right to receive
liquidation distributions if the Company is unable to consummate its initial business combination, except that the Warrants included
in the Private Units will be non-redeemable by the Company and exercisable on a cashless basis so long as they are still held by
the Purchaser or his permitted transferees. Additionally, the Purchaser agrees that the Private Units and underlying securities
(collectively, the “Securities”) will not be transferable, assignable or saleable until after the completion of the
Company’s initial business combination except to permitted transferees.

 

(ii)           On
the Effective Date, the Company and the Purchaser shall enter into a registration rights agreement (the “Registration Rights
Agreement”) pursuant to which the Company will grant certain registration rights to the Purchaser relating to the Securities.
The Registration Rights Agreement shall be in the same form as the agreements entered into with the holders of the founder
shares and private placement warrants as well as the Company’s officers and directors.

 

1

 

Section 2.          Representations
and Warranties of the Company.  As a material inducement to the Purchaser to enter into this Agreement and purchase
the Private Units, the Company hereby represents and warrants to the Purchaser (which representations and warranties shall survive
the 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.

 

B.           Authorization;
No Breach.

 

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

 

(ii)           The
execution and delivery by the Company of this Agreement and the Private Units, the issuance and sale 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 Closing
Date (a) conflict with or result in a breach of the terms, conditions or provisions of, (b) constitute a default under,
(c) result in the creation of any lien, security interest, charge or encumbrance upon the Company’s capital stock or
assets under, (d) result in a violation of, or (e) 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 By-laws of the Company, or any 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, the securities underlying the Private
Units will be duly and validly issued, fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to,
the terms hereof, the Purchaser will have good title to the Securities, free and clear of all liens, claims and encumbrances of
any kind, other than (i) transfer restrictions hereunder, (ii) transfer restrictions under federal and state securities laws,
and (iii) liens, claims or encumbrances imposed due to the actions of the Purchaser.

 

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 Private Units to the Purchaser, the Purchaser hereby represents and warrants to the Company (which representations
and warranties shall survive the Closing Date) that:

 

A.           Organization
and Requisite Authority. The Purchaser possesses all requisite power and authority necessary to carry out the transactions
contemplated by this Agreement.

 

B.           Authorization;
No Breach.

 

(i)           This
Agreement constitutes a valid and binding obligation of the Purchaser, enforceable in accordance with its terms, subject to bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting
creditors’ rights and to general equitable principles (whether considered in a proceeding in equity or law).

 

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

 

2

 

C.           Investment
Representations.

 

(i)       
    The Purchaser is acquiring the Securities for its own account, for investment purposes 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 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 and it has sought such accounting, legal and tax advice as it has considered necessary
to make an informed investment decision with respect to the 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 (1) subsequently registered thereunder
or (2) 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.

 

(viii)       The
Purchaser has such knowledge and experience in financial and business matters, know of the high degree of risk associated with
investments in the securities of companies in the development stage such as the Company, are capable of evaluating the merits and
risks of an investment in the Securities and are able to bear the economic risk of an investment in the Securities in the amount
contemplated hereunder for an indefinite period of time. The Purchaser has adequate means of providing for its current financial
needs and contingencies and will have no current or anticipated future needs for liquidity which would be jeopardized by the investment
in the Securities. The Purchaser can afford a complete loss of their investments in the Securities.

 

Section 4.          Return
of Funds. If the Company does not complete the Public Offering within fourteen (14) days of the date the Purchase Price is
delivered to the Escrow Agent, the Purchase Price (without interest or deduction) will be returned to the undersigned.

 

3

 

Section 5.          Escrow
Agent.

(i) The Escrow Agent is serving hereunder
solely as a convenience to the parties to facilitate the purchase and sale of the Private Units and Escrow Agent’s sole obligation
under this Agreement is to act with respect to the Purchase Price as described in Sections 1 and 4 of this Agreement. Escrow Agent
shall not be liable to the Company or the Purchaser or any other person or entity in respect of any act or failure to act hereunder
or otherwise in connection with serving as Escrow Agent unless Escrow Agent has acted in a manner constituting gross negligence
or willful misconduct. Each of the Company and the Purchaser shall indemnify Escrow Agent against any claim made against it (including
reasonable attorney’s fees) by reason of it acting or failing to act in connection with this transaction except as a result
of its gross negligence or willful misconduct.

(ii)The Escrow Agent may rely and
shall be protected in acting or refraining from acting upon any written notice, instruction or request furnished to it hereunder
and believed by it to be genuine and to have been sued or presented by the proper party or parties. Escrow Agent may conclusively
presume that the Company and the Purchaser have full power and authority to instruct Escrow Agent on behalf of such parties unless
written notice to the contrary is received by Escrow Agent.

Section 6.          Survival of Representations
and Warranties.  All of the representations and warranties contained herein shall survive the Closing Date.

 

Section 7.          Definitions.  Terms
used but not otherwise defined in this Agreement shall have the meaning assigned to such terms in the Registration Statement.

 

Section 8.          Miscellaneous.

 

A.           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 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,
other than assignments by the Purchaser to affiliates thereof (including, without limitation one or more of its members).

 

B.           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.

 

C.           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.

 

D.           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.

 

E.           Governing
Law. This Agreement shall be deemed to be a contract made under the laws of the State of Delaware and for all purposes shall
be construed in accordance with the internal laws of the State of Delaware.

 

F.           Amendments.
This letter agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed
by all parties hereto.

 

[Signature page follows]

 

4

 

 

 

IN WITNESS WHEREOF, the parties hereto have executed this
Agreement.

 

	 	COMPANY:
	 	 
	 	PMV ACQUISITION CORP.
	 	 	 
	 	By:	/s/ Christopher J. Marangi
	 	 	Name: Christopher J. Marangi
	 	 	Title: CEO
	 	 	 
	 	PURCHASER:
	 	 
	 	 	 
	 	 	/s/ Mario J. Gabelli
	 	 	Mario J. Gabelli
	 	 
	 	
        ESCROW AGENT:

         

        GRAUBARD MILLER

	 	 	 
	 	By:	/s/ Jeffrey M. Gallant
	 	 	Name: Jeffrey M. Gallant
	 	 	Title: Partner

 

 

5Exhibit 10.1

CONFIDENTIAL TREATMENT REQUESTED. INFORMATION FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED IS OMITTED AND MARKED WITH “[***]”. AN UNREDACTED VERSION OF THE DOCUMENT HAS ALSO BEEN FURNISHED SEPARATELY TO THE SECURITIES AND EXCHANGE COMMISSION AS REQUIRED BY RULE 24B-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

AMENDMENT NO. 2 TO COMMERCIAL AGREEMENT

This Amendment No. 2 (the “Amendment”) to the Commercial Agreement is entered into by and among, Samsung Electronics America, Inc. a New York corporation with a principal place of business at 85 Challenger Road, Ridgefield Park, NJ (“Samsung”) on the one hand, and Nook Digital, LLC (formerly barnesandnoble.com llc) (“Nook Digital”), a Delaware limited liability company, having a principal place of business at 1166 Avenue of the Americas, 18th Floor, New York, NY 10036 (“Company”) on the other, effective as of the later of the signatures below (the “Amendment Effective Date”). Unless expressly stated to the contrary herein, all capitalized terms in this Amendment shall have the meaning ascribed to them in the Agreement (as defined below).

Whereas, Nook Digital and Samsung entered into that certain Commercial Agreement with an Effective Date of  June 4, 2014 (the “Agreement”); and

Whereas, Samsung and Nook Digital now wish to amend the Agreement;

Now therefore, in consideration of the mutual promises and conditions herein, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

		1.	Section 4.3. Section 4.3 is hereby deleted and replaced in its entirety as follows:

“4.3 Minimum Quantity Purchase Commitment. With respect to any Co-Branded Device Launched after the Amendment Effective Date, Nook Digital shall purchase, within twelve (12) months after any such Launch,  a total quantity of units (such quantity to include any units of the Co-Branded Device purchased prior to Launch) of such Co-Branded Device with a total retail value equal to Ten Million Dollars ($10,000,000.00). In the event that Nook Digital does not satisfy the foregoing minimum quantity purchase commitment for any reason other than Samsung's failure or refusal to ship Co-Branded Devices ordered by Nook Digital, Nook Digital shall pay the remaining balance with thirty days of written demand by Samsung. For the avoidance of doubt, the minimum quantity purchase commitment set forth in this Section 4.3 shall replace any prior commitments agreed upon by the parties which are herewith considered null and void.”

		2.	Section 5.5. A new Section 5.5 is hereby added as follows:

“Section 5.5. Galaxy Tab A 7.0. It is understood and agreed that Nook Digital shall Launch the Galaxy Tab A 7.0 Co-Branded Device on or before December 31, 2016.”

		3.	Section 9.1. The parties agree that the Agreement is hereby revised such that the Term shall end on March 31, 2018.

 

 

  

		4.	Section 13.2. The notice address of Nook Digital is hereby deleted and replaced in its entirety as follows:

c/o NOOK Digital LLC

1166 Avenue of the Americas

New York, NY 10036

 Attention: Chief Digital Officer

With a Copy to:

C/o NOOK Digital LLC

122 Fifth Avenue

New York, NY 10011

 Attention: General Counsel

		5.	Exhibit D. Exhibit D is hereby deleted in its entirety.

		6.	Exhibit E. Exhibit E is hereby deleted and replaced in its entirety by the attached Amended Exhibit E.

		7.	Agreement.  This Amendment, together with the Agreement, sets forth the entire agreement between the parties with respect to the matters set forth herein and supersedes all prior discussions or understandings between the parties relating to the subject matters contemplated herein.  In the event of a conflict between the terms of this Amendment and the other terms of the Agreement, this Amendment shall govern and control.  Except as expressly set forth herein, the Agreement and its provisions shall remain in full force and effect.  Capitalized terms used but not defined in this Amendment shall have the meaning ascribed to them in the Agreement.

		8.	Counterparts.  This Amendment may be executed in counterparts, each of which will be deemed and original and all of which together will constitute and one and the same document.

[Signatures begin on next page]

 

  

IN WITNESS WHEREOF, the parties have executed this Amendment as of the Amendment Effective Date.

 

	
NOOK DIGITAL LLC

	 	
SAMSUNG ELECTRONICS AMERICA, INC.

	 
	 	 	 	 	 	 
	
Signed:

	
  /s/ Fred Argir

	 	
Signed:

	
  /s/ Gary M. Riding

	 
	 	 	 	 	 	 
	
Name:

	
  Fred Argir

	 	
Name:

	
  Gary M. Riding

	 
	 	 	 	 	 	 
	
Title:

	
  CDO

	 	
Title:

	
  SVP

	 
	 	 	 	 	 	 
	
Date:

	
  May 5, 2016

	 	
Date:

	
  May 17, 2016

	 
	 	 	 	 	 	 

 

  

Amended Exhibit E

Marketing Support

	
Marketing Development Funds (MDF)

	
[***] of Net Revenue to be paid on a [***] basis.

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