Document:

Unassociated Document

    PROMISSORY
NOTE

     

    
      	
              $225,000.00

            	
              As
      of November 18, 2010

            

    

    Bethesda,
MD

     

    RLJ
Acquisition, Inc. (“Maker”) promises to
pay to the order of RLJ SPAC Acquisition, LLC (“Payee”) the principal
sum of TWO HUNDRED TWENTY FIVE THOUSAND and 00/100 dollars ($225,000.00) in
lawful money of the United States of America on the terms and conditions
described below.

     

    1. Principal.  The
principal balance of this Note shall be repayable within 60 days following the
date on which Maker consummates an initial public offering of its
securities.

     

    2. No
Interest.  The principal balance of this Note shall not bear
interest.

     

    3. Application of
Payments.  All payments shall be applied first to payment in
full of any costs incurred in the collection of any sum due under this Note,
including (without limitation) reasonable attorneys’ fees, then to the payment
in full of any late charges, and finally to the reduction of the unpaid
principal balance of this Note.

     

    4. Events of
Default.  The following shall constitute Events of
Default:

     

    (a) Failure to Make Required
Payments.  Failure by Maker to pay the principal of this Note
within five (5) business days following the date when due.

     

    (b) Voluntary Bankruptcy,
etc.  The commencement by Maker of a voluntary case under the
Federal Bankruptcy Code, as now constituted or hereafter amended, or any other
applicable federal or state bankruptcy, insolvency, reorganization,
rehabilitation, or other similar law, or the consent by it to the appointment of
or taking possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or other similar official) of Maker or for any substantial part of
its property, or the making by it of any assignment for the benefit of
creditors, or the failure of Maker generally to pay its debts as such debts
become due, or the taking of corporate action by Maker in furtherance of any of
the foregoing.

     

    (c) Involuntary Bankruptcy,
etc.  The entry of a decree or order for relief by a court
having jurisdiction in the premises in respect of Maker in an involuntary case
under the Federal Bankruptcy Code, as now or hereafter constituted, or any other
applicable federal or state bankruptcy, insolvency, or other similar law, or
appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator
(or similar official) of Maker or for any substantial part of its property, or
ordering the winding-up or liquidation of the affairs of Maker, and the
continuance of any such decree or order unstayed and in effect for a period of
60 consecutive days.

     

    5. Remedies.

     

    (a) Upon
the occurrence of an Event of Default specified in Section 4(a), Payee may, by
written notice to Maker, declare this Note to be due and payable, whereupon the
principal amount of this Note, and all other amounts payable hereunder, shall
become immediately due and payable without presentment, demand, protest, or
other notice of any kind, all of which are hereby expressly waived, anything
contained herein to the contrary notwithstanding.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (b) Upon
the occurrence of an Event of Default specified in Sections 4(b) and 4(c), the
unpaid principal balance of, and all other sums payable with regard to, this
Note shall automatically and immediately become due and payable, in all cases
without any action on the part of Payee.

     

    6. Waivers.  Maker
and all endorsers and guarantors of, and sureties for, this Note waive
presentment for payment, demand, notice of dishonor, protest, and notice of
protest with regard to this Note, all errors, defects, and imperfections in any
proceedings instituted by Payee under the terms of this Note, and all benefits
that might accrue to Maker by virtue of any present or future laws exempting any
property, real or personal, or any part of the proceeds arising from any sale of
any such property, from attachment, levy or sale under execution, or providing
for any stay of execution, exemption from civil process, or extension of time
for payment; and Maker agrees that any real estate that may be levied upon
pursuant to a judgment obtained by virtue hereof, on any writ of execution
issued hereon, may be sold upon any such writ in whole or in part in any order
desired by Payee.

     

    7. Unconditional
Liability.  Maker hereby waives all notices in connection with
the delivery, acceptance, performance, default, or enforcement of the payment of
this Note, and agrees that its liability shall be unconditional, without regard
to the liability of any other party, and shall not be affected in any manner by
any indulgence, extension of time, renewal, waiver or modification granted or
consented to by Payee, and consents to any and all extensions of time, renewals,
waivers, or modifications that may be granted by Payee with respect to the
payment or other provisions of this Note, and agrees that additional makers,
endorsers, guarantors, or sureties may become parties hereto without notice to
Maker or affecting its liability hereunder.

     

    8. Notices.  Any
notice called for hereunder shall be deemed properly given if (i) sent by
certified mail, return receipt requested, (ii) personally delivered, (iii)
dispatched by any form of private or governmental express mail or delivery
service providing receipted delivery, (iv) sent by facsimile, or (v) sent by
e-mail, to the following addresses or to such other address as either party may
designate by notice in accordance with this Section:

     

    If to
Maker:

    

    RLJ
Acquisition, Inc.

    c/o The
RLJ Companies

    3
Bethesda Metro Center, Suite 1100

    Bethesda,
MD 20814

    Attn: H.
Van Sinclair

     

    If to
Payee:

    

    RLJ SPAC
Acquisition, LLC

    c/o The
RLJ Companies

    3
Bethesda Metro Center, Suite 1100

    Bethesda,
MD 20814

    Attn: H.
Van Sinclair

     

    
      
         

      

      
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    Notice
shall be deemed given on the earlier of (i) actual receipt by the receiving
party, (ii) the date shown on a facsimile transmission confirmation, (iii) the
date on which an e-mail transmission was received by the receiving party’s
on-line access provider, (iv) the date reflected on a signed delivery receipt,
or (vi) two (2) business days following tender of delivery or dispatch by
express mail or delivery service.

     

    9. Construction.  This
Note shall be construed and enforced in accordance with the domestic, internal
law, but not the law of conflict of laws, of the State of Nevada

     

    10. Severability.  Any
provision contained in this Note which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

     

    [Signature
Page to Follow]

     

    
      
         

      

      
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    IN WITNESS WHEREOF, Maker,
intending to be legally bound hereby, has caused this Note to be duly executed
the day and year first above written.

    

    
      	 
      	
              RLJ
      ACQUISITION, INC.

            	 
	 
      	 
      	 
      	 
      	 
	 
      	
              By:

            	
              /s/ H. Van Sinclair

            	 
	 
      	 
      	
              Name:

            	
              H.
      Van Sinclair

            	 
	 
      	 
      	
              Title:

            	
              CEO

            	 

    

    

    
      
         

      

      
        4Unassociated Document

     

    
      	
              Board
      of Directors of

            	
              Dated
      as of

            
	
              RLJ
      Acquisition, Inc.

            	
              November
      18, 2010

            

    

     

    Subscription
Agreement

     

    Ladies/Gentlemen:

     

    The
undersigned hereby offers to purchase three million four hundred seventy eight
thousand seven hundred and fifty (3,478,750) shares of common stock, par value
$0.001 per share (the “Shares”), of RLJ
Acquisition, Inc., a Nevada corporation (the “Corporation”), at the
price of $0.00695652 per share or a total of twenty four thousand two hundred
dollars ($24,200.00), payable in cash against delivery of the certificate(s)
representing the Shares.  Four hundred fifty three thousand seven
hundred and fifty (453,750) of the Shares are subject to redemption, at nominal
cost to the Corporation, if the underwriters of the initial public offering
(“IPO”) of the
Corporation do not fully exercise their over-allotment option (the “Over-allotment
Option”), as more fully set forth herein.

     

    This
offer is subject to the conditions that the Shares will, when issued, be validly
issued, fully paid, and non-assessable, and that the Corporation is duly
organized, validly existing, and in good standing under the laws of the State of
Nevada.

     

    To induce
the Corporation to issue the Shares, the undersigned warrants and represents
that:

     

    1. It has
the ability to bear the economic risk of the purchase of the Shares, including
the complete loss of his investment.

     

    2. It has
sufficient knowledge and experience in business and financial matters (or has
received from a person of its selection sufficient advice with respect to such
matters) to be capable of evaluating the merits and risks of the purchase of the
Shares.

     

    3. It has
knowledge of, and has been provided the opportunity to acquire information with
respect to, the proposed business affairs, financial condition, plans, and
prospects of the Corporation which it deems relevant in making a fully informed
decision with respect to the purchase of the Shares.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    4. It has
been encouraged and has had the opportunity to rely upon the advice of his legal
counsel and other advisers with respect to the purchase of the
Shares.

     

    5. It has
had the opportunity to ask questions and receive information with respect to,
among other things, the proposed business affairs, financial condition, plans,
and prospects of the Corporation and the terms and conditions of the purchase of
the Shares, as it has requested so as to more fully understand his
investment.

     

    6.
Neither the Corporation nor any person representing or acting on behalf of the
Corporation, or purportedly representing or acting on behalf of the Corporation,
has made any representations, warranties, agreements, or statements other than
those contained herein which influenced or affected its decision to purchase the
Shares.

     

    7. It is
acquiring the Shares for its own account without any view to the transfer, sale,
assignment, or other distribution thereof.

     

    The
undersigned further acknowledges, understands, and agrees that the Shares have
not been and will not be registered under any federal or state securities law
including but not limited to the Securities Act of 1933, as amended, and that no
federal or state governmental agency or authority has approved or passed upon
the issuance of the Shares.  It understands that there is not now, and
that there is not likely to be in the future, any market for the Shares and that
the Shares must be held by it for an indefinite period of time, absent
registration or qualification of the Shares under applicable laws or the receipt
of an opinion of counsel satisfactory to the Corporation that registration or
qualification is not required.  It acknowledges that the
certificate(s) representing the Shares to be issued to it will bear a legend
restricting the transferability thereof to the foregoing effect.

     

    
      
        
        

      

      
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    8. In the
event the Over-allotment Option granted to the representative of the
underwriters of the Corporation’s IPO is not exercised in full, the undersigned
acknowledges and agrees that the Corporation shall redeem, for a purchase price
per Share equal to the par value thereof, any and all such number of Shares, up
to an aggregate of four hundred fifty three thousand seven hundred and fifty
(453,750)  Shares and pro rata based upon the percentage of the
Over-allotment Option exercised (such that all such 453,750 Shares would be
redeemed if the Over-allotment Option is not exercised at all).

    

    
      	 
      	
              Very
      truly yours,

            
	 	 	 
	 
      	
              RLJ
      SPAC Acquisition, LLC

            
	 	 	 
	 
      	
              By

            	
              /s/ Lisa W. Pickrum

            
	 
      	
              Name:

            	
              Lisa W. Pickrum

            
	 
      	
              Title:

            	
              Chief Financial
  Officer

            

    

    

    
      
        
        

      

      
        3

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