Document:

Form of Investment Management Trust Agreement

 Exhibit 10.1 
 FORM OF INVESTMENT MANAGEMENT TRUST AGREEMENT 
 This Agreement is made as of
[            ], 2007, by and between Sports Properties Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust Company
(the “Trustee”). 
 WHEREAS, the Company’s Registration Statement on Form S-1, No.
                     (together with any registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933,
the “Registration Statement”), for its initial public offering of securities (“IPO”) has been declared effective as of the date hereof by the Securities and Exchange Commission (the “Effective
Date”); 
 WHEREAS, Banc of America Securities LLC (“Banc of America”) is acting as the representative of the
underwriters in the IPO (the “Underwriters”); 
 WHEREAS, the Company has agreed to issue securities in a private placement
that will occur immediately prior to the IPO (the “Placement”); 
 WHEREAS, as described in the Registration Statement,
and in accordance with the Company’s Amended and Restated Certificate of Incorporation, an aggregate of $197,375,000 ($226,325,000, if the Underwriters’ over-allotment option is exercised in full), which is comprised of (i) the net
proceeds of the IPO (except as provided in the Registration Statement); (ii) the $5,000,000 received by the Company in exchange for its securities pursuant to the Placement; and (iii) an additional $7,000,000 (or $8,050,000, if the
Underwriters’ over-allotment option is exercised in full) of the proceeds of the IPO, representing a portion of the underwriters’ discount (the “Contingent Discount”) which Banc of America has agreed to deposit in the
Trust Account (as defined below), will be delivered to the Trustee to be deposited and held in the Trust Account for the benefit of the Company, and the holders of the Company’s common stock, par value $.001 per share
(the “Common Stock”), included in the units of the Company’s securities issued in the IPO (the “Units”) and Banc of America. The amount to be delivered to the Trustee will be referred to herein as the
“Property,” the stockholders for whose benefit the Trustee shall hold the Property will be referred to as the “Public Stockholders,” and the Public Stockholders, Banc of America and the Company will be referred to
together as the “Beneficiaries;” and 
 WHEREAS, the Company and the Trustee desire to enter into this Agreement to set
forth the terms and conditions pursuant to which the Trustee shall hold the Property; and 
 NOW, THEREFORE, in consideration of the
foregoing and the mutual covenants and agreements herein contained, the parties hereto agree as follows: 
  

	 	1.	Agreements and Covenants of Trustee. The Trustee hereby agrees and covenants to: 

 (a) hold the Property in trust for the Beneficiaries in accordance with the terms of this Agreement, in a segregated trust account
(“Trust Account”) established by the Trustee; 
 (b) manage, supervise and administer the Trust Account
subject to the terms and conditions set forth herein; 
 (c) in a timely manner, upon the instruction of the
Company, to invest and reinvest the Property in “government securities,” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “1940 Act”), having a maturity of
180 days or less or in any open ended investment company registered under the 1940 Act that holds itself out as a money market fund meeting the conditions of paragraphs (c)(2), (c)(3) and (c)(4) under Rule 2a-7 promulgated
under the 1940 Act. As used herein, “government security” means any Treasury Bill issued by the United States, having a maturity of one hundred and eighty days or less; 

 (d) collect and receive, when due, all principal and income arising from the
Property, which shall become part of the “Property,” as such term is used herein; 
 (e) notify the
Company and Banc of America of all communications received by it with respect to any Property requiring action by the Company; 
 (f) supply any necessary information or documents as may be requested by the Company in connection with the Company’s preparation of the tax returns for the Trust Account or the Company; 
 (g) participate in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as and when
instructed by the Company and/or Banc of America to do so; 
 (h) render to the Company and to Banc of America, and
to such other persons as the Company may instruct, monthly written statements of the activities of and amounts in the Trust Account reflecting all receipts and disbursements of the Trust Account; and 
 (i) commence liquidation of the Trust Account upon receipt of the Officers’ Certificate signed by the Chief Executive Officer
and Chief Financial Officer in accordance with the terms of a letter (the “Termination Letter”), in a form substantially similar to that attached hereto as Exhibit A or Exhibit B, signed on behalf of the
Company by its Chief Executive Officer and Chief Financial Officer, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account only as directed in the Termination Letter and the other documents referred to
therein as part of the Company’s plan of dissolution and liquidation. The Trustee understands and agrees that, except as provided in Section 1(j) and Section 2 hereof, disbursements from the Trust Account shall be made only pursuant
to a duly executed Termination Letter, together with the other documents referenced herein, including, without limitation, an independently certified oath and report of inspector of election in respect of the stock vote in favor of the Business
Combination (as hereinafter defined). In all cases, the Trustee shall provide Banc of America with a copy of any Termination Letter, Officers’ Certificates and/or any other correspondence that it receives with respect to any proposed
withdrawal from the Trust Account promptly after it receives same. As used in this Agreement, the term “Business Combination” means the acquisition by the Company, through merger, capital stock exchange, asset acquisition, stock
purchase, exchangeable share transaction, joint venture or other similar business combination with, one or more domestic or international operating businesses in the sports, leisure and entertainment industries, as more fully described in the
prospectus forming a part of the Registration Statement. As of the date 24 months from the date of this Agreement, if the Company has failed to consummate a Business Combination (“Termination Date”), the Company shall commence
liquidation of the Trust Account. The Trustee, upon consultation with the Company and Banc of America, shall deliver a notice to Public Stockholders of record as of the Termination Date, by U.S. mail or via the Depository Trust Company
(“DTC”), within five days of the Termination Date, to notify the Public Stockholders of such event and take such other actions as it may deem necessary to inform the Beneficiaries. Promptly thereafter, the Trustee shall deliver to
each Public Stockholder its ratable share of the Property against satisfactory evidence of delivery of the stock certificates by the Public Stockholders to the Company through DTC, its Deposit Withdraw Agent Commission (DWAC) system or as otherwise
presented to the Trustee. 
  

	 	2.	Limited Distributions of Income on Property. 

 (a) Upon receipt by the Trustee of a written request signed by the Chief Executive Officer and Chief Financial Officer of the Company certifying the amount of taxes payable by the Company with respect of income
earned on the Property, franchise taxes or any other taxes, then, at the written instruction of the Company, the Trustee shall promptly, to the extent there is not 

 
sufficient cash in the Trust Account to pay such tax obligation, liquidate such assets held in the Trust Account as shall be designated by the Company in
writing, and disburse to the Company by wire transfer, out of the Property in the Trust Account, the amount indicated by the Company as owing in respect of such tax obligation; provided, however, that in no event shall the aggregate amount of
all checks issued to taxing authorities pursuant to this Section 2(a) exceed the interest earned in the Trust Account. It is understood and agreed that the only duty of the Trustee with regard to this section is to follow the instruction of
the Company. 
 (b) Upon written request from the Company containing certification that such distribution pursuant
to this Section 2(b) shall only be used to fund the working capital requirements of the Company and the costs related to identifying, researching and acquiring prospective target businesses, in each case as described in the prospectus that
forms a part of the Registration Statement, the Trustee shall distribute to the Company an amount up to $2,250,000 in the aggregate of the income earned on the Property, net of taxes payable, through the last day of the month immediately
preceding the date of receipt of the Company’s written request. 
 (c) Except as provided in Sections 1(i),
2(a) and 2(b) above, no other distributions from the Trust Account shall be permitted. 
 (d) Upon receipt by
the Trustee of a written instruction from the Company for distributions from the Trust Account in connection with a plan of dissolution and distribution, accompanied by an Officers Certificate signed by the Chief Executive Officer and Chief
Financial Officer of the Company certifying as true, accurate and complete (i) a statement of the amount of actual expenses incurred or, where known with reasonable certainty, imminently to be incurred by the Company in connection with its
dissolution and distribution, (ii) any amounts due to pay creditors or required to reserve for payment to creditors, and (iii) the sum of (i) and (ii), the Trustee shall distribute to the Company an amount, as directed by the Company
in the instruction letter, up to the sum of (i) and (ii) as indicated in the instruction letter. 
  

	 	3.	Agreements and Covenants of the Company. The Company hereby agrees and covenants: 

 (a) to provide all instructions to the Trustee hereunder in writing, signed by the Company’s Chief Executive Officer and Chief
Financial Officer. In addition, except with respect to its duties under paragraph 1(i), 2(a) and 2(b) above, the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction
which it, in good faith, believes to be given by any one of the persons authorized above to give written instructions, provided that the Company and/or Banc of America shall promptly confirm such instructions in writing; and 
 (b) to hold the Trustee harmless and indemnify the Trustee from and against any and all expenses, including reasonable counsel fees
and disbursements, or loss suffered by the Trustee in connection with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection with any claim or demand which in any way arises out of or relates to this
Agreement, the services of the Trustee hereunder, or the Property or any income earned from investment of the Property, except for expenses and losses resulting from the Trustee’s gross negligence or willful misconduct. Promptly after the
receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this paragraph, it shall notify the Company in writing of such claim
(hereinafter referred to as the “Indemnified Claim”). The Trustee shall have the right to conduct and manage the defense against such Indemnified Claim, provided that the Trustee shall obtain the consent of the Company with respect
to the selection of counsel, which consent shall not be unreasonably withheld. The Trustee may not agree to settle any Indemnified Claim without the prior written consent of the Company. The Company may participate in such action with its
own counsel; 

 (c) to pay the Trustee an initial acceptance fee, an annual fee and a transaction
processing fee for each disbursement made pursuant to Sections 2(a) and 2(b) as set forth on Schedule A hereto, which fees shall be subject to modification by the parties from time to time. It is expressly understood that the
Property shall not be used to pay such fees and further agreed that said transaction processing fees shall be deducted by the Trustee from the disbursements made to the Company pursuant to Section 2(b). The Company shall pay the Trustee the
initial acceptance fee and first year’s fee at the consummation of the IPO and thereafter on the anniversary of the Effective Date. The Trustee shall refund to the Company the fee (on a pro rata basis) with respect to any period after
the liquidation of the Trust Fund. The Company shall not be responsible for any other fees or charges of the Trustee, except as may be provided in Section 3(b) hereof (it being expressly understood that the Property shall not be used to
make any payments to the Trustee under such section); and 
 (d) that, in the event that the Company consummates a
Business Combination and the Trust Account is liquidated in accordance with Section 1(i) hereof, the Trustee or another independent party designated by Banc of America shall act as the inspector of election to certify the results of the
stockholder vote; and 
 (e) that the Officers’ Certificate referenced in Section 1(i) hereof shall
require the Chief Executive Officer and Chief Financial Officer of the Company to each certify the following (wherever applicable): (1) prior to the Termination Date, the Company has entered into a Business Combination with a target business,
the terms of which are consistent with the requirements set forth in the Registration Statement; and (2) the Board of Directors (the “Board”) pursuant to the unanimous written consent of the Board or pursuant to a duly
held meeting of the Board, has approved the Business Combination. A copy of such consent or minutes of the meeting of the Board and the definitive agreement relating to the Business Combination so approved shall be attached as an exhibit to the
Officers Certificate; 
 (f) In connection with any vote of the Company’s stockholders regarding a Business
Combination, to provide to the Trustee an affidavit or certificate of a firm regularly engaged in the business of soliciting proxies and tabulating stockholder votes (which firm may be the Trustee) verifying the vote of the Company’s
stockholders regarding such Business Combination; 
 (g) Within five business days after Banc of America’s
over-allotment option (or any unexercised portion thereof) expires or is exercised in full, to provide the Trustee notice in writing (with a copy to Banc of America) of the total amount of the Contingent Discount, which shall in no event be
less than $7,000,000. 
 (h) In connection with any liquidation of the Trust Account, not to direct the Trustee, as
paying agent, to make any payment not specifically permitted under this Agreement. 
  

	 	4.	Limitations of Liability. The Trustee shall have no responsibility or liability to: 

 (a) take any action with respect to the Property, other than as directed in Sections 1 and 2 hereof, and the Trustee shall have
no liability to any party except for liability arising out of its own gross negligence or willful misconduct; 
 (b) institute any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding of any kind with respect to, any of the Property, unless and until it shall have received
written instructions from the Company given as provided herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses incident thereto; 
 (c) change the investment of any Property, other than in compliance with Section 1(c); 

 (d) refund any depreciation in principal of any Property; 
 (e) assume that the authority of any person designated by the Company and/or Banc of America to give written instructions hereunder
shall not be continuing unless provided otherwise in such designation, or unless the Company and/or Banc of America shall have delivered a written revocation of such authority to the Trustee; 
 (f) the other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or
omitted, in good faith and in the exercise of its own best judgment, except for its gross negligence or willful misconduct. The Trustee may rely conclusively on, and shall be protected in acting upon, any order, notice, demand, certificate, opinion
or advice of counsel (including counsel chosen by the Trustee), statement, instrument, report or other paper or document (not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and
acceptability of any information therein contained) which is believed by the Trustee, in good faith, to be genuine and to be signed or presented by the proper person or persons. The Trustee shall not be bound by any notice or demand, or any waiver,
modification, termination or rescission of this Agreement or any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee signed by the proper party or parties and, if the duties or rights of the Trustee are affected,
unless it shall give its prior written consent thereto; 
 (g) verify the correctness of the information set forth in the
Registration Statement or to confirm or assure that any acquisition made by the Company or any other action taken by it is as contemplated by the Registration Statement, unless an officer of the Trustee has actual knowledge thereof, written notice
of such event is sent to the Trustee or as otherwise required under Section 1(i) hereof; and 
 (h) pay any
taxes on behalf of the Trust Account (it being expressly understood that the Trustee’s sole obligation with respect to taxes shall be to have checks drawn and delivered with respect thereto as provided for by
Section 2(a) hereof). 
  

	 	5.	Certain Rights Of Trustee. 

 (a) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or opinion of counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such
Officers’ Certificate or opinion of counsel. The Trustee may consult with counsel and the advice of such counsel or any opinion of counsel shall be full and complete authorization and protection from liability in respect of any action taken,
suffered or omitted by it hereunder in good faith and in reliance thereon. 
 (b) The Trustee may act through its
attorneys and agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care. 
 (c) The Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Agreement. 
 (d) The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Agreement, and it
shall not be accountable for the Company’s use of the proceeds from the Trust Account. Notwithstanding the effective date of this Agreement or anything to the contrary contained in this Agreement, the Trustee shall have no liability or
responsibility for any act or event relating to this Agreement or the transactions related thereto which occurs prior to the date of this Agreement, and shall have no contractual obligations to the Beneficiaries until the date of
this Agreement. 

 6.         No Right of Set-Off. The Trustee waives
any right of set-off or any right, title, interest or claim of any kind that the Trustee may have against the Property held in the Trust Account. In the event that the Trustee has a claim against the Company under this Agreement, including, without
limitation, under Section 3(b), the Trustee will pursue such claim solely against the Company and not against the property held in the Trust Account. 
  

	 	7.	Termination. This Agreement shall terminate as follows: 

 (a) if the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable efforts to locate a successor trustee during which time the Trustee
shall continue to act in accordance with the terms of this Agreement. At such time that the Company notifies the Trustee that a successor trustee has been appointed by the Company and has agreed to become subject to the terms of this Agreement, the
Trustee shall transfer the management of the Trust Account to the successor trustee, including, but not limited to, the transfer of copies of the reports and statements relating to the Trust Account, whereupon this Agreement shall terminate;
provided, however, that, in the event the Company does not locate a successor trustee within 90 days of receipt of the resignation notice from the Trustee, the Trustee may submit an application to have the Property deposited with the
United States District Court for the Southern District of New York and, upon such deposit, the Trustee shall be immune from any liability whatsoever that arises due to any actions or omissions to act by any party after such deposit;

 (b) at such time that the Trustee has completed the liquidation of the Trust Account in accordance with the provisions
of Section 1(i) hereof, and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate except with respect to Section 3(b) hereof; or 
 (c) on such date after [            ], 200    
when the Trustee deposits the Property with the United States District Court for the Southern District of New York in the event that, prior to such date, the Trustee has not received a Termination Letter from the Company pursuant to
Section 1(i) hereof. 
  

	 	8.	Miscellaneous. 

 (a) The
Company and the Trustee each acknowledge and agree that the Trustee will follow the security procedures set forth below with respect to funds transferred from the Trust Account. Upon receipt of written instructions, the Trustee will confirm such
instructions with an “Authorized Individual” at an “Authorized Telephone Number” listed on the attached Exhibit C. The Company and the Trustee will each restrict access to confidential information relating to such
security procedures to authorized persons. Each party must notify the other party immediately if it has reason to believe unauthorized persons may have obtained access to such information or of any change in its authorized personnel. In executing
funds transfers, the Trustee will rely upon account numbers or other identifying numbers of a beneficiary, beneficiary’s bank or intermediary bank, rather than names. The Trustee shall not be liable for any loss, liability or expense resulting
from any error in an account number or other identifying number, provided it has accurately transmitted the numbers provided. 
 (b) This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, for agreements made and to be wholly performed within such state, without giving effect to conflict of laws.
It may be executed in several counterparts, each one of which shall constitute an original, and together shall constitute one instrument. Facsimile signatures shall constitute original signatures for all purposes of this Agreement. 

(c) This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter
hereof. This Agreement or any provision hereof may only be 

 
changed, amended or modified by a writing signed by each of the parties hereto; provided that such action shall not materially adversely affect the interests
of the Public Stockholders. Any other change, waiver, amendment or modification to this Agreement shall be subject to approval by a majority of the Public Stockholders. As to any claim, cross-claim or counterclaim in any way relating to this
Agreement, each party waives the right to trial by jury. 
 (d) The parties hereto consent to the jurisdiction and
venue of any state or federal court located in the State and County of New York for purposes of resolving any disputes hereunder. The parties hereto irrevocably submit to such jurisdiction, which jurisdiction shall be exclusive, and hereby
waive any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. 
 (e) Any
notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by
hand delivery or by facsimile transmission: 
 if to the Trustee, to: 
 Continental Stock Transfer & Trust Company 
 17 Battery Place 
 New York, New York 10004 
 Attn: Steven G. Nelson 
 Fax No.:
(212) 509-5150 
 if to the Company, to: 
 Sports Properties Acquisition Corp. 
 437 Madison Avenue 
 New York, New York 10022 
 Attn: Andrew M.
Murstein, Secretary and Director 
 Fax No.: (212) 328-2121 
 in either case with a copy to: 
 Willkie
Farr & Gallagher LLP 
 787 Seventh Avenue 
 New York, New York 10019-6099 
 Attn: William H. Gump, Esq. 
 Fax No.: (212) 728-8111 
 and

 Banc of America Securities LLC 
 As representative of the underwriters 
 40 W. 57th Street, 30th Floor 
 New York, New York 10019 
 Attn: Managing
Director (Sports Properties Acquisition Corp.) 
 Fax No.: (646) 313-4783 

 and 
 Skadden, Arps, Slate, Meagher & Flom LLP 
 300 South Grand Avenue, Suite 3400 
 Los Angeles, California 90071 
 Attn: Gregg A.
Noel, Esq. 
 Fax No.: (213) 687-5600 
 (f) This Agreement may not be assigned by the Trustee without the prior written consent of the Company and Banc of America. 
 (g) Each of the Trustee and the Company hereby represents that it has the full right and power and has been duly authorized to enter
into this Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees that it shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be
entitled to any funds in the Trust Account under any circumstance. 
 (h) The Trustee hereby consents to the inclusion of
Continental Stock Transfer & Trust Company in the Registration Statement and other materials relating to the IPO. 
 (i) Banc of America shall be a third party beneficiary of this Agreement. 
 (Remainder of document intentionally left
blank. Signature page to follow.) 

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

			
	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee
		
	By:	 	  

	Name:	 	Steven G. Nelson
	Title:	 	President
	
	SPORTS PROPERTIES ACQUISITION CORP.
		
	By:	 	  

	Name:	 	Tony Tavares
	Title:	 	President and Chief Executive Officer

 EXHIBIT A 
 [Letterhead of Company] 
 [Insert date] 
 Continental Stock Transfer & Trust Company 
 17 Battery Place 
 New York, New York 10004 
 Attn:    [                    ] 
 Re: Trust Account No. [    ] Termination Letter 
 Gentlemen: 
 Pursuant to Section 1(i) of the Investment Management Trust Agreement between Sports Properties Acquisition Corp.
(the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [            ], 2007
(the “Trust Agreement”), this is to advise you that the Company has entered into an agreement (the “Business Agreement”) with [            ]
(“Target Business”) to consummate a business combination with Target Business (the “Business Combination”) on or about [insert date]. The Company shall notify you at least 48 hours in advance of the actual
date of the consummation of the Business Combination (the “Consummation Date”) and shall provide you with an Officers’ Certificate in accordance with Sections 1(i) and 3(e) of the Trust Agreement. Capitalized
terms used herein and not otherwise defined shall have the meaning ascribed to them in the Trust Agreement. 
 In accordance with
paragraph A of Article 6 of the Amended and Restated Certificate of Incorporation of the Company, the Business Combination has been approved by the stockholders of the Company and by the Public Stockholders holding a majority of the IPO
Shares, and Public Stockholders holding less than 30% of the IPO Shares have voted against the Business Combination and given notice of exercise of their conversion rights described in paragraph B of Article 6 of the Amended and Restated
Certificate of Incorporation of the Company. Pursuant to Section 3(e) of the Trust Agreement, we are providing you with [an affidavit] [a certificate]
of                     , which verifies the vote of the Company’s stockholders in connection with the Business Combination. In accordance
with the terms of the Trust Agreement, we hereby authorize you to commence liquidation of the Trust Account to the effect that, on the Consummation Date, all of funds held in the Trust Account will be immediately available for transfer to the
account or accounts that the Company and Banc of America shall direct in writing on the Consummation Date. 
 On the Consummation Date,
(i) counsel for the Company shall deliver to you written notification that (a) all of the conditions to closing of the Business Combination have been satisfied and the closing date for such Business Combination has been consummated or
will, concurrently with your transfer of funds to the accounts as directed by the Company, be consummated, and has been scheduled pursuant to the terms of the Business Agreement; (ii) the Company shall deliver along with the oath and report of
inspector of election certified by an independent inspector which may be the Trustee or as otherwise appointed by Banc of America (collectively, the “Report”); and (iii) the Company and Banc of America shall deliver to you
joint written instructions with respect to the transfer of the funds, including the Contingent Discount, held in the Trust Account (“Instructions”). You are hereby directed and authorized to transfer the funds held in the Trust
Account immediately upon your receipt of the counsel’s letter, the Report, evidence of delivery of the Stock Certificates, the Officers’ Certificate and the Instructions in accordance with the terms of the Instructions. Notwithstanding the
foregoing, upon verification of receipt by you of the Instructions, we hereby agree and acknowledge that the Property in the Trust Account shall be distributed as follows: (1) first, to Banc of America by wire transfer (or as otherwise
directed by Banc of America) in immediately 

 
available funds, the aggregate amount equal to the product of (x) $7,000,000 multiplied by (y) the fraction of which (A) the numerator is
20,000,000 minus the number of shares of common stock for which conversion rights are exercised in accordance with Article Sixth(B) of the Company’s Certificate of Incorporation and (B) the denominator is 20,000,000 (or, if the
Underwriters’ over-allotment option has been exercised in full, the aggregate amount equal to the product of (x) $8,050,000 multiplied by (y) the fraction of which (A) the numerator is 23,000,000 minus the number of shares of
common stock for which conversion rights are exercised in accordance with Article Sixth(B) of the Company’s Certificate of Incorporation and (B) the denominator is 23,000,000) and (2) thereafter, to any other Beneficiary in accordance
with the terms of the Instructions. In the event that certain deposits held in the Trust Account may not be liquidated by the Consummation Date without penalty, you will notify the Company and Banc of America of the same and, if the amount set forth
in sub-clause (1) shall not have been paid in full, Banc of America and the Company shall issue joint written instructions directing you as to whether such funds should remain in the Trust Account and be distributed after the Consummation Date
to the Company and/or Banc of America. Upon the distribution of all the funds in the Trust Account pursuant to the terms hereof, the Trust Agreement shall be terminated. 
 In the event that the Business Combination is not consummated on the Consummation Date described in the notice thereof and we have not notified you on or
before the original Consummation Date of a new Consummation Date, then the funds held in the Trust Account shall be reinvested as provided in the Trust Agreement on the business day immediately following the Consummation Date, as set forth in
the notice. 
  

			
	 Very truly yours,
  
 SPORTS PROPERTIES ACQUISITION CORP.

		
	By:	 	  

		 	Tony Tavares
		 	President and Chief Executive Officer
		
	By:	 	  

		 	Larry D. Hall
		 	Chief Financial Officer

 EXHIBIT B 
 [Letterhead of Company] 
 [Insert date] 
 Continental Stock Transfer & Trust Company 
 17 Battery Place 
 New York, New York 10004 
 Attn:    [                    ] 
 Re: Trust Account No. [    ] Termination Letter  
 Gentlemen: 
 Continental Stock Transfer 
 & Trust Company 
 17 Battery Place 
 New York, New York 10004 
 Attn: Frank Di Paolo 
 Re:    Trust
Account No.             Termination Letter 
 Gentlemen: 
 Pursuant to Section 1(i) of the Investment Management Trust Agreement between Sports Properties Acquisition Corp. (“Company”)
and Continental Stock Transfer & Trust Company (“Trustee”), dated as of             , 2007 (“Trust Agreement”), this is to
advise you that the Company has been unable to effect a Business Combination with a target company prior to the Termination Date. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement. 
 In accordance with the terms of the Trust Agreement, we hereby authorize you, to commence liquidation of the Trust Account as promptly as practicable to
stockholders of record on the Termination Date. You will notify the Company in writing as to when all of the funds in the Trust Account will be available for immediate transfer (“Transfer Date”) in accordance with the terms
of the Trust Agreement and the Certificate of Incorporation. You shall commence distribution of such funds in accordance with the terms of the Trust Agreement and you shall oversee the distribution of the funds. Upon the distribution of all the
funds in the Trust Account, your obligations under the Trust Agreement shall be terminated. 
  

			
	Very truly yours,
	
	SPORTS PROPERTIES ACQUISITION CORP.
		
	By:	 	  

		 	Tony Tavares, President and Chief Executive Officer
		
	By:	 	  

		 	Larry D. Hall, Chief Financial Officer

 EXHIBIT C 
  

					
	 AUTHORIZED INDIVIDUAL(S)
 FOR TELEPHONE CALL
BACK
	 	 AUTHORIZED
 TELEPHONE NUMBER(S)

			
	Company: 	 		 	
		
	Sports Properties Acquisition Corp.	 	(212) 328-2100
	437 Madison Avenue	 		 	
	New York, New York 10022	 		 	
	Attn: Andrew M. Murstein, Secretary and Director	 	
			
	Banc of America Securities 	 		 	
			
	 40 W. 57th Street, 30th Floor
 New York, New York 10019
 Attn:
	 		 	
			
	Trustee: 	 		 	
		
	Continental Stock Transfer & Trust Company	 	(212) 845-3201
	17 Battery Place	 		 	
	New York, New York 10004	 		 	
	Attn: Steven G. Nelson	 	

 SCHEDULE A 
 Schedule of fees pursuant to Section 3(c) of Investment Management Trust Agreement 
 between Sports Properties Acquisition
Corp. and Continental Stock Transfer & Trust Company 
  

							
	 Fee Item
	  	 Time and method of payment
	  	Amount	 
	Initial acceptance fee	  	Initial closing of IPO by wire transfer	  	[$	1,000	]
			
	Annual fee	  	First year, initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer or check	  	[$	3,000	]
			
	Transaction processing fee for disbursements to Company under Sections 2(a)	  	Deduction by Trustee from disbursement made to Company	  	[$	250	]

  

					
		 	Agreed:
	Dated:             , 2007	 		 	
		 	Sports Properties Acquisition Corp.
			
		 	By:	 	
 Authorized Officer

		
		 	Continental Stock Transfer & Trust Co.
			
		 	By:	 	
 Authorized OfficerFirst Amendment to Rights Agreement

 EXHIBIT 4.1 
 FIRST AMENDMENT TO RIGHTS AGREEMENT 
 FIRST AMENDMENT, dated as of
December 13, 2007 (“First Amendment”), to Rights Agreement, dated as of May 23, 2006 (the “Rights Agreement”), between Design Within Reach, Inc., a Delaware corporation (the
“Company”), and American Stock Transfer & Trust Company, a New York corporation, as Rights Agent (the “Rights Agent”). Capitalized terms used but not otherwise defined herein shall have the
meanings ascribed to them in the Rights Agreement. 
 WHEREAS, the Company and the Rights Agent previously entered into the Rights Agreement;
and 
 WHEREAS, pursuant to Section 26 of the Rights Agreement, the Company and the Rights Agent may from time to time supplement or
amend any provision of the Rights Agreement in accordance with the terms of such Section 26. 
 NOW, THEREFORE, in consideration of the
foregoing premises and mutual agreements set forth in this First Amendment, the parties hereby amend the Rights Agreement as follows: 
 1.
Section 1.1 of the Rights Agreement is hereby modified, amended and restated in its entirety as follows: 
 “1.1.
“Acquiring Person” shall mean any Person (as such term is hereinafter defined) who or which, together with all Affiliates and Associates (as such terms are hereinafter defined) of such Person, shall be the Beneficial Owner
(as such term is hereinafter defined) of 15% or more of the Common Shares of the Company then outstanding but shall not include (i) an Exempt Person (as such term is hereinafter defined), (ii) Glenhill Advisors, LLC, Glenn J. Krevlin,
Glenhill Capital Management, LLC and Glenhill Capital LP together with all of their respective Affiliates and Associates (“Glenhill”), but only so long as (A) Glenhill is the Beneficial Owner of less than 17.5% of the
Common Shares outstanding and (B) Glenhill reports or is required to report such ownership on Schedule 13G or Schedule 13D of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (or any comparable or
successor report), which Schedule 13G or Schedule 13D does not state or is not required to state any present intention to hold such Common Shares with the purpose or effect of changing or influencing the control of the Company, nor in connection
with or as a participant in any transaction having such purpose or effect, (iii) SCSF Equities, LLC, Sun Capital Securities Offshore Fund, Ltd., Sun Capital Securities Fund, LP, Sun Capital Securities Advisors, LP, Sun Capital Securities, LLC
and Mark J. Leder and Rodger R. Krouse together with all of their respective Affiliates and Associates (“Sun”) but only so long as (A) Sun is the Beneficial Owner of less than 17.5% of the Common Shares outstanding and
(B) Sun reports or is required to report such ownership on Schedule 13G or Schedule 13D of the Exchange Act (or any comparable or successor report), which Schedule 13G or Schedule 13D does not state or is not required to state any present
intention to hold such Common Shares with the purpose or effect of 

 
changing or influencing the control of the Company, nor in connection with or as a participant in any transaction having such purpose or effect, or
(iv) if, as of the date hereof, any Person is the Beneficial Owner of 15% or more (or 17.5% or more in the case of Glenhill and Sun) of the Common Shares outstanding (an “Existing Holder”), such Existing Holder shall not
be or become an “Acquiring Person” unless and until such time as such Existing Holder shall become the Beneficial Owner of one or more additional Common Shares of the Company (other than pursuant to a dividend or distribution paid or made
by the Company on the outstanding Common Shares in Common Shares or pursuant to a split or subdivision of the outstanding Common Shares), unless, upon becoming the Beneficial Owner of such additional Common Shares, such Existing Holder is not then
the Beneficial Owner of 15% or more (or 17.5% or more in the case of Glenhill and Sun) of the Common Shares then outstanding. Notwithstanding the foregoing, no Person shall become an “Acquiring Person” as the result of an acquisition of
Common Shares by the Company which, by reducing the number of shares outstanding, increases the proportionate number of shares beneficially owned by such Person to 15% or more (or 17.5% or more in the case of Glenhill and Sun) of the Common Shares
of the Company then outstanding; provided, however, that if a Person shall become the Beneficial Owner of 15% or more (or 17.5% or more in the case of Glenhill and Sun) of the Common Shares of the Company then outstanding solely by reason of
share purchases by the Company and shall, after such share purchases by the Company, become the Beneficial Owner of one or more additional Common Shares of the Company (other than pursuant to a dividend or distribution paid or made by the Company on
the outstanding Common Shares in Common Shares or pursuant to a split or subdivision of the outstanding Common Shares), then such Person shall be deemed to be an “Acquiring Person” unless upon becoming the Beneficial Owner of such
additional shares of Common Stock such Person does not beneficially own 15% or more (or 17.5% or more in the case of Glenhill and Sun) of the shares of Common Stock then outstanding. Notwithstanding the foregoing, if the Board of Directors of the
Company determines in good faith that a Person who would otherwise be an “Acquiring Person,” as defined pursuant to the foregoing provisions of this Section 1.1, has become such inadvertently (including, without limitation, because
(A) such Person was unaware that it beneficially owned a percentage of Common Stock that would otherwise cause such Person to be an “Acquiring Person” or (B) such Person was aware of the extent of its Beneficial Ownership of
Common Stock but had no actual knowledge of the consequences of such Beneficial Ownership under this Agreement), and without any intention of changing or influencing control of the Company, and such Person divests as promptly as practicable a
sufficient number of Common Shares so that such Person would no longer be an Acquiring Person, as defined pursuant to the foregoing provisions of this Section 1.1, then such Person shall not be deemed to be or have become an “Acquiring
Person” at any time for any purposes of this Agreement. For all purposes of this Agreement, any calculation of the number of Common Shares outstanding at any particular time, including for purposes of determining the particular percentage of
such outstanding Common Shares of which any Person is the Beneficial Owner, shall be made in accordance with the last sentence of Rule 13d-3(d)(1)(i) of the General Rules and Regulations under the Exchange Act, as in effect on the date of this
Agreement.” 
 2. This First Amendment shall be effective as of the date hereof and, except as expressly set forth herein, the Rights
Agreement shall remain in full force and effect and be otherwise unaffected hereby. 
  

 2 

 4. This First Amendment may be executed in any number of counterparts, each of which, when executed,
shall be deemed to be an original and all such counterparts shall together constitute one and the same document. 
 5. If any term,
provision, covenant or restriction of this First Amendment is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this First
Amendment shall remain in full force and effect and shall in no way be affected, impaired or invalidated. 
 6. This First Amendment shall be
deemed to be a contract made under the laws of the State of Delaware and for all purposes shall be governed by and construed in accordance with the laws of such State applicable to contracts to be made and performed entirely within such State.

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 3 

 IN WITNESS WHEREOF, the parties have executed this First Amendment as of the date first written above.

  

			
	DESIGN WITHIN REACH, INC.
		
	By:	 	/s/ Ray Brunner
		 	Name: Ray Brunner
		 	Title: President and Chief Executive Officer
	
	AMERICAN STOCK TRANSFER & TRUST COMPANY
		
	By:	 	/s/ Herbert J. Lemmer
		 	Name: Herbert J. Lemmer
		 	Title: Vice President

  

 4

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