Document:

BPW ACQUISITION CORP.

FORM OF AMENDED AND RESTATED INITIAL UNIT SUBSCRIPTION AGREEMENT

THIS AMENDED AND RESTATED INITIAL UNIT SUBSCRIPTION AGREEMENT (this “Agreement”) is made as of the     day of February, 2008, by and between BPW Acquisition Corp., a Delaware corporation (the “Company”), and the purchasers listed in Schedule A hereto (each a “Purchaser” and together the “Purchasers”).

WHEREAS, the Company and Purchasers have previously entered into that certain Initial Unit Subscription Agreement dated as of October 31, 2007 (the “Original Agreement”) wherein the Purchasers purchased an aggregate of 10,781,250 units (the “Units”) on the terms and conditions set forth in the Original Agreement, and the Company and the Purchasers now desire to amend and restate the Original Agreement in its entirety through this Agreement on the terms and conditions hereinafter set forth; 

NOW, THEREFORE, for and in consideration of the promises and mutual covenants set forth herein, it is agreed between the parties as follows:

1. Return and Cancellation of Units. The Purchasers hereby return to the Company, and the Company hereby accepts and cancels, an aggregate of 3,170,956 so that the total number of Units purchased by the Purchasers and issued and sold by the Company pursuant to this Agreement is 7,610,294 Units. Each Unit consists of one share of the common stock of the Company, par value $0.0001 per share (the “Common Stock”), and one warrant (a “Warrant” and, together with the Units and the Common Stock, the “Securities”) exercisable for one share of Common Stock. Each Warrant shall entitle the holder thereof to purchase one share of Common Stock at an exercise price of $10.00, in accordance with the terms of the Warrant as set forth in the Warrant Agreement to be entered into by and between the Company and Mellon Bank, N.A., as warrant agent. The Warrant Agreement shall be substantially in the form attached hereto as Exhibit A (the “Warrant Agreement”).

2. Payment of Purchase Price. The purchase price for the Units to be purchased by each Purchaser has been tendered by such Purchaser in full pursuant to the Original Agreement by one or a combination of the following means:

(a) wiring of immediately available United States funds to an account for the benefit of the Company, pursuant to wire instructions provided by the Company no less than one business day prior to the date hereof; or

(b) delivery of cashier’s check to the Company of immediately available United States funds. 

3. Forfeiture and Adjustment of Units. If the underwriters (the “Underwriters”) in the Company’s initial public offering (the “IPO”) do not exercise in full their over-allotment option to be granted by the Company pursuant to an underwriting agreement by and among the Underwriters and the Company, then the Purchasers, including any transferees, shall collectively forfeit up to an aggregate of 992,647 Units in order to maintain a collective 15% ownership interest of the Company’s issued and outstanding shares of Common Stock after giving effect to the IPO and any such exercise. The Company will not make any cash
payment to any Purchaser or any transferees in respect of any such forfeiture. The Purchasers agree with the Company and the Company hereby agrees with the Purchasers that if the number 

 

 

of units offered to the public in the IPO is increased or decreased, the Purchasers’ Units (including the Units subject to forfeiture) will be adjusted in the same proportion as the increase or decrease of the units offered to the public in the IPO in order to maintain a collective 15% ownership interest of the Company’s issued and outstanding shares of Common Stock after giving effect to the IPO, any exercise of the Underwriters’ over-allotment option, and any such increase or decrease. Each Purchaser agrees to take any and all action reasonably requested by the Company necessary to effect any adjustment pursuant to this Section 3; provided that the Company will not make or receive any cash payment to or from any Purchaser in respect of any such adjustment. Each Purchaser acknowledges and agrees that any additional Units (and securities underlying the Units) they may hold
pursuant to this Section 3 shall (A) be subject to the transfer restrictions and voting, waiver of liquidation rights, forfeiture and adjustment provisions set forth in the Warrant Agreement, this Agreement and a Letter Agreement to be entered into by and between the Company and each Purchaser in connection with the closing of the IPO, and (B) bear the legends set forth in Section 6 below.

4. Limitations on Transfer. Without the prior written consent of the representative of the Underwriters, the Purchasers shall not, other than transfers to Permitted Transferees (as defined below), (a) sell, offer to sell, contract or agree to sell, assign, hypothecate, donate, pledge, grant any security interest in, encumber, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Securities and Exchange Commission (“SEC”) promulgated thereunder,
with respect to, the Securities or the shares of Common Stock issuable upon exercise of the Warrants or any securities exchangeable for any of the Securities or other rights to purchase any of the Securities or any such securities, (b) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Securities or the shares of Common Stock issuable upon exercise of the Warrants or any securities exchangeable for any of the Securities or other rights to purchase any of the Securities or any such securities, whether any such transaction is to be settled by delivery of Common Stock or such other securities, in cash or otherwise, or (c) publicly announce any intention to effect any transaction specified in this Section 4(a) or (b), until one year after the date of the consummation by the Company of an initial Business Combination (as defined in Section 7 hereof), or earlier in the event that subsequent to the
consummation of such initial Business Combination (x) the last sales price of the Common Stock equals or exceeds $13.25 per share for any 20 trading days within any 30-trading day period commencing 90 days after the date of the consummation of such initial Business Combination or (y) the Company consummates a liquidation, merger, stock exchange or other similar transaction which results in all of the Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities or other property. Notwithstanding anything contained in the previous sentence to the contrary, in no event shall the restrictions set forth therein terminate with respect to the Warrants until the last sales price of the Common Stock equals or exceeds $12.25 per share for any 20 trading days within any 30-trading day period commencing 90 days after the date of the consummation by the Company of an initial Business Combination. As used herein, a “Permitted Transferee” means
any officers or directors of the Company, or any affiliates of each Purchaser, in each case that agree in writing to be bound by the transfer restrictions and voting, waiver of liquidation rights, forfeiture and adjustment provisions set forth in the Warrant Agreement, this Agreement and a Letter Agreement to be entered into by and between the Company and each Purchaser in connection with the closing of the IPO.

5. Registration Rights. In connection with the closing of the IPO, the Company and the Purchasers shall enter into an agreement (the “Registration Rights Agreement”) granting the Purchasers registration rights with respect to the Securities and the shares of Common Stock underlying the Warrants.

 

 

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6. Restrictive Legends. All certificates representing the Securities (and any underlying securities thereof) shall have endorsed thereon legends in substantially the following forms (in addition to any other legend which may be required by other agreements between the parties hereto):

(a) “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THE SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER SAID ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.”

(b) “THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE ASSIGNED, HYPOTHECATED, DONATED, ENCUMBERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT IN ACCORDANCE WITH THAT CERTAIN AMENDED AND RESTATED INITIAL UNIT SUBSCRIPTION AGREEMENT DATED AS OF FEBRUARY ________, 2008 AND THAT CERTAIN WARRANT AGREEMENT DATED AS OF ________, 2008, COPIES OF WHICH ARE AVAILABLE FOR INSPECTION AT THE OFFICES OF THE COMPANY.”

(c) Any legend required by appropriate blue sky officials.

7. Investment Representations. In connection with the purchase of the Securities, each Purchaser, severally and not jointly, represents to the Company the following:

(a) Such Purchaser has been furnished with all materials relating to the Company’s business affairs and financial condition and materials related to the offer and sale of the Securities that have been requested by such Purchaser and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Securities. Such Purchaser has been afforded the opportunity to ask questions of the executive officers and directors of the Company. Such Purchaser understands that its investment in the Securities involves a high degree of risk. Such Purchaser has sought such accounting, legal and tax advice as such Purchaser has considered necessary to make an informed investment decision with respect to such Purchaser’s acquisition of the Securities. Such 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. Such 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. Such Purchaser can afford a complete loss of its investment in the Securities. Such Purchaser is purchasing the Securities for investment for such Purchaser’s own account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act of 1933, as amended (the “Act”). Such Purchaser understands that the Company is a blank check development stage company recently formed for the purpose of consummating an initial business combination (a “Business Combination”) and understands that there is no assurance as to the future performance of the Company and that the Company may never effectuate a Business Combination.

(b) Such Purchaser understands that the Securities (and the underlying securities thereof) have not been registered under the Act or any state securities law by reason of a specific exemption therefrom, and that the Company is relying on the truth and accuracy of, and such Purchaser’s compliance with, the representations and warranties and agreements of such Purchaser set forth herein to determine the availability of such exemptions and the eligibility of such Purchaser to acquire such Securities, including, but not limited to, the bona fide nature of such Purchaser’s investment intent as expressed herein.

 

 

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(c) Such Purchaser further acknowledges and understands that the Securities (and the underlying securities thereof) must be held indefinitely unless the Securities (and the underlying securities thereof) are subsequently registered under the Act or an exemption from such registration is available. Each Purchaser understands that the certificates evidencing the Securities (and the underlying securities thereof) will be imprinted with a legend which prohibits the transfer of the Securities (and the underlying securities thereof) unless the Securities (and the underlying securities thereof) are registered or such registration is not required in the opinion of counsel for the Company.

(d) Such Purchaser is familiar with the provisions of Rule 144 under the Act, as in effect from time to time (“Rule 144”), which, in substance, permit limited public resale of “restricted securities” acquired, directly or indirectly, from the issuer thereof (or from an affiliate of such issuer), in a non-public offering subject to the satisfaction of certain conditions. Unless the Company registers the Securities (and the underlying securities thereof) under the Act, the Securities (and the underlying securities thereof) may be resold by such Purchaser only in certain limited circumstances subject to the provisions of Rule 144, which requires, among other things: (i) the availability of certain public information about the Company and (ii) the resale occurring following the
required holding period under Rule 144 after such Purchaser has purchased, and made full payment of (within the meaning of Rule 144), the securities to be sold.

(e) Such Purchaser further understands that at the time such Purchaser wishes to sell the Securities there may be no public market upon which to make such a sale, and that, even if such a public market then exists, the Company may not be satisfying the current public information requirements of Rule 144, and that, in such event, such Purchaser would be precluded from selling the Securities (and the underlying securities thereof) under Rule 144 even if the minimum holding period requirement had been satisfied. Notwithstanding Sections 6(d) and (e) hereof, such Purchaser understands that it may be considered a promoter of the Company and understands that historically the SEC has taken the position that promoters or affiliates of a blank check company and their transferees, both before and after a Business Combination, would be deemed to be “underwriters” under the Act
when reselling the securities of the blank check company and therefore Rule 144 would not be available for those resale transactions despite technical compliance with the requirements of Rule 144. Such Purchaser further understands that the SEC has amended Rule 144 effective February 15, 2008 to, among other things, codify such position and to provide an exception to such prohibition on the use of Rule 144 for those resale transactions if certain conditions under the amended Rule 144 are met.

(f) Such Purchaser represents that it is an “accredited investor” as that term is defined in Rule 501 of Regulation D promulgated by the SEC under the Act. 

(g) Such Purchaser has all necessary power and authority to enter into this Agreement and to consummate the transactions contemplated hereby. All action necessary to be taken by such Purchaser to authorize the execution, delivery and performance of this Agreement and all other agreements and instruments delivered by such Purchaser in connection with the transactions contemplated hereby has been duly and validly taken, and this Agreement has been duly executed and delivered by such Purchaser. This Agreement constitutes the valid, binding and enforceable obligation of such Purchaser, enforceable in accordance with its terms, except as enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or similar laws of general application now or hereafter in effect affecting the rights and remedies of creditors and by general
principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity); and (ii) the applicability of the federal and state securities laws and public policy as to the enforceability of the indemnification provisions of this Agreement. The purchase by each Purchaser of the Securities does not conflict with the organizational documents of such Purchaser or any material contract by which such Purchaser or its property is bound, or any laws or regulations or decree, ruling or judgment of any court applicable to such Purchaser or its property. The principal place of business of each Purchaser is as set forth on the signature page hereto.

 

 

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(h) Such 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) of the Act.

(i) Such 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, nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

8. Company Representations and Warranties. The Company hereby represents and warrants to the Purchasers that the Company has all necessary corporate power and authority to enter into this Agreement and to consummate the transactions contemplated hereby. All corporate action necessary to be taken by the Company to authorize the execution, delivery and performance of this Agreement and all other agreements and instruments delivered by the Company in connection with the transactions contemplated hereby has been duly and validly taken and this Agreement has been duly executed and delivered by the Company. This Agreement constitutes the valid, binding and enforceable obligation of the Company, enforceable in accordance with its terms, except as enforceability may be limited by (i) applicable bankruptcy,
insolvency, reorganization, moratorium, fraudulent transfer or similar laws of general application now or hereafter in effect affecting the rights and remedies of creditors and by general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity); and (ii) the applicability of the federal and state securities laws and public policy as to the enforceability of the indemnification provisions of this Agreement. The sale by the Company of the Securities does not conflict with the certificate of incorporation or bylaws of the Company or any material contract by which the Company or its property is bound, or any federal or state laws or regulations or decree, ruling or judgment of any United States or state court applicable to the Company or its property.

9. Indemnification. Each Purchaser hereby agrees, severally and not jointly, to indemnify and hold harmless the Company and the Company’s officers, directors, stockholders, employees, agents, and attorneys against any and all losses, claims, demands, liabilities and expenses (including reasonable legal or other expenses incurred by each such person in connection with defending or investigating any such claims or liabilities, whether or not resulting in any liability to such person or whether incurred by the indemnified party in any action or proceeding between the indemnitor and indemnified party or between the indemnified party and any third party) to which any such indemnified party may become subject, insofar as such losses, claims, demands, liabilities and expenses (a) arise out of or are
based upon any untrue statement of a material fact made by such Purchaser and contained herein, or (b) arise out of or are based upon any breach by such Purchaser of any representation, warranty or agreement made by such Purchaser contained herein.

10. Miscellaneous.

(a) Notices. All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (i) upon personal delivery to the party to be notified, (ii) when sent by confirmed facsimile if sent during normal business hours of the recipient, and if not during normal business hours of the recipient, then on the next business day, (iii) five calendar days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) one business day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the other party hereto at such party’s address hereinafter set forth on the signature page hereof, or at such other address as such party
may designate by ten days advance written notice to the other party hereto. A copy of all such communications shall also be sent to the following parties:

 

 

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Perella Weinberg Partners Acquisition LP

c/o PWP Acquisition GP LLC

767 Fifth Avenue 

New York, NY 10153

Attention: General Counsel 

Facsimile: 212.287.3204

and

Akin Gump Strauss Hauer & Feld LLP

590 Madison Avenue

New York, New York 10022

Attn: Bruce Mendelsohn

Facsimile: (212) 872-1002

and

Bingham McCutchen LLP

399 Park Avenue

New York, New York 10022

Attn: Ann F. Chamberlain

Facsimile: (212) 752-5378

and 

Squire, Sanders & Dempsey L.L.P.

4900 Key Tower

127 Public Square

Cleveland, Ohio 44114

Attn: Daniel G. Berick, Esq.

Facsimile: (216) 479-8793 

(b) Successors and Assigns. This Agreement shall inure to the benefit of the successors and assigns of the Company and, subject to the restrictions on transfer herein set forth, shall be binding upon the Purchasers and the Purchasers’ successors and assigns.

(c) Governing Law; Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to the principles of conflicts of law thereof. The parties agree that any action brought by either party to interpret or enforce any provision of this Agreement shall be brought in, and each party agrees to, and does hereby, submit to the jurisdiction and venue of, the appropriate state or federal court for the State of New York.

(d) Further Execution. The parties agree to take all such further action(s) as may reasonably be necessary to carry out and consummate this Agreement as soon as practicable, and to take whatever steps may be necessary to obtain any governmental approval in connection with or otherwise qualify the issuance of the securities that are the subject of this Agreement.

(e) Independent Counsel. Purchasers acknowledge that this Agreement has been prepared on behalf of the Company by Akin Gump Strauss Hauer & Feld LLP, counsel to the Company, and that Akin Gump Strauss Hauer & Feld LLP does not represent, and is not acting on behalf of, the Purchasers. Each Purchaser has been provided with an opportunity to consult with such Purchaser’s own counsel with respect to this Agreement.

 

 

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 (f) Entire Agreement; Amendment. This Agreement, together with the Exhibits hereto, constitutes the entire agreement among the parties with respect to the subject matter hereof and supersedes and merges all prior agreements or understandings, whether written or oral. This Agreement may not be amended, modified or revoked, in whole or in part, except by an agreement in writing signed by each of the parties hereto.

(g) Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (i) such provision shall be excluded from this Agreement, (ii) the balance of the Agreement shall be interpreted as if such provision were so excluded and (iii) the balance of the Agreement shall be enforceable in accordance with its terms.

(h) Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. This Agreement or any counterpart may be executed via facsimile or electronic mail transmission, and any such executed facsimile or electronic mail copy shall be treated as an original. 

(i) Survival. The representations and warranties contained herein will survive the delivery of, and the payment for, the Securities.

(j) Waiver of Jury Trial. Each party hereto hereby irrevocably and unconditionally waives the right to a trial by jury in any action, suit, counterclaim or other proceeding (whether based on contract, tort or otherwise) arising out of, connected with or relating to this Agreement, the transactions contemplated hereby, or the actions of the Purchasers in the negotiation, administration, performance or enforcement hereof. 

 

 

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

 

	
                         
 	
                         
 	
                        COMPANY:
 
	
                         
 	
                         
 	
                        BPW ACQUISITION CORP.
 
	
                          
 	
                         
 	
                        By: 
 	
                        
 /s/ MICHAEL E. MARTIN
 
	
                         
 	
                         
 	
                         
 	
                        Name: Michael E. Martin
 
	
                         
 	
                         
 	
                         
 	
                        Title: Chief Executive Officer
 

 

	
                         
 	
                         
 	
                        PURCHASERS:
 
	
                         
 	
                         
 	
                        PERELLA WEINBERG PARTNERS ACQUISITION LP
 
	
                         
 	
                         
 	
                        By: PWP ACQUISITION GP LLC, its general partner
 
	
                          
 	
                         
 	
                        By: 
 	
                        
 /s/ JOSEPH R. PERELLA
 
	
                         
 	
                         
 	
                         
 	
                        Name: Joseph R. Perella
 
	
                         
 	
                         
 	
                         
 	
                        Title: Authorized Person
 
	
                         
 	
                         
 	
                         
 	
      Address: 767 Fifth Avenue

                        New York, New York 10153
 

 

	
                         
 	
                         
 	
                        BNYH BPW HOLDINGS LLC
 
	
                          
 	
                         
 	
                        By: 
 	
                        
 /s/ MICHAEL E. MARTIN
 
	
                         
 	
                         
 	
                         
 	
                        Name: Michael E. Martin
 
	
                         
 	
                         
 	
                         
 	
                        Title: Authorized Person
 
	
                         
 	
                         
 	
                         
 	
      Address: 717 Fifth Avenue

                         16th Floor

                         New York, New York 10022
 

 

 

Signature Page to Amended and Restated Initial Unit Subscription Agreement

 

 Schedule A

 

	
                        Purchaser:
 	
                         
 	
                        Units Purchased:
 	
                         
 	
                        Purchase Price of Units:
 	
                         
 
	
                        Perella Weinberg Partners Acquisition LP
 	
                         
 	
                        3,805,147
 	
                         
 	
                        $
 	
                        12,500
 	
                         
 
	
                        BNYH BPW Holdings LLC
 	
                         
 	
                        3,805,147
 	
                         
 	
                        $
 	
                        12,500
 	
                         
 
	
                        Total
 	
                         
 	
                        7,610,294
 	
                         
 	
                        $
 	
                        25,000
 	
                         
 

 

 

Exhibit A

[Warrant Agreement]FORM OF AMENDED AND RESTATED SECURITIES PURCHASE AGREEMENT 

This Amended and Restated Securities Purchase Agreement (this “Agreement”), dated as of [              ], 2008, is made and entered into by and among Perella Weinberg Partners Acquisition LP, a Delaware limited partnership, and BNYH BPW Holdings LLC, a Delaware limited liability company (the “Sellers”), and the parties identified on the signature page hereto (each a “Buyer” and collectively, the “Buyers”). 

WHEREAS, pursuant to that certain initial unit subscription agreement, effective as of October 31, 2007, by and between BPW Acquisition Corp. (the “Company”) and the Sellers, as amended and restated as of [______], 2008, the Sellers purchased an aggregate of 7,610,294 units (the “Founders’ Units”), each consisting of one share (the “Founders’ Shares”) of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), and one warrant (the
“Founders’ Warrants”) exercisable for one share of Common Stock at a price of $10.00 per share (the “Underlying Founders’ Shares” and collectively with the Founders’ Units, the Founders’ Shares and the Founders’ Warrants, the “Founders’ Securities”).

WHEREAS, pursuant to that certain sponsors’ warrant subscription agreement, effective as of November 14, 2007, by and between the Company and the Sellers, as amended  and restated as of [______], 2008, the Sellers committed to purchase an aggregate of 8,600,000 sponsors’ warrants of the Company (the “Sponsors’ Warrants”), each exercisable for one share of Common Stock at a price of $7.50 per share (the “Underlying Sponsors’ Shares” and together with the Sponsors’ Warrants, the “Sponsors’ Securities”).

WHEREAS, pursuant to that certain securities assignment agreement, dated as of November 14, 2007, by and between the Sellers and the Buyers, as amended and restated as of even date herewith,  the Sellers sold an aggregate of 150,000 Founders’ Units at cost to the Buyers.

WHEREAS, the Buyers and the Sellers have previously entered into that certain securities purchase agreement dated as of November 14, 2007 (the “Original Agreement”), pursuant to which (i) the Buyers purchased an aggregate of 227,001 Founders' Units from the Sellers and (ii) the Sellers committed to sell an aggregate of 149,466 Sponsors’ Warrants to the Buyers and the Buyers committed to purchase such Sponsors’ Warrants from the Sellers on the terms and conditions set forth in the Original Agreement, and the Buyers and the Sellers now desire to amend and restate the Original Agreement in its entirety through this Agreement.

NOW, THEREFORE, in consideration of the premises, representations, warranties and the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

Section 1 Return of Founders’ Units. Buyers hereby return an aggregate of 97,251 Founders' Units to the Sellers so that the total number of Founders' Units purchased by the Buyers and sold by the Sellers pursuant to this Agreement is 129,750 Founders' Units, with each Buyer receiving 43,250 Founders’ Units. The Buyers have each paid to the Sellers an aggregate amount of One Hundred Forty-Two Dollars and Ninety-Two Cents ($142.92) (the “Founders’ Units’ Purchase Price”), in consideration of the purchase of the Founders’ Units by such Buyer. Within a reasonable time after the date hereof, (i) the Sellers shall deliver to the Company for
cancellation the certificates representing the Founders’ Units held by the Sellers sold to the Buyers hereunder, (ii) the Company shall re-issue to the Sellers certificates representing the Founders’ Units held by the Sellers after giving effect to the sale of the Founders’ Units to the Buyers hereunder and (iii) the Company shall issue and 

 

 

deliver to the Buyers certificates representing the Founders’ Units purchased by the Buyers hereunder. The Buyers acknowledge that the Founders’ Warrants included in the Founders’ Units purchased by the Buyers hereunder have the terms set forth in a warrant agreement to be entered into by and between the Company and Mellon Investor Services LLC, as warrant agent, in substantially the form attached hereto as Exhibit A, (the “Warrant Agreement”).

Section 2 Purchase of Sponsors’ Warrants. Sellers and Buyers agree that, immediately following, and subject to the consummation of, the proposed initial public offering of the Company (the “Sponsors’ Warrants’ Purchase Date”), the Sellers shall issue and sell to the Buyers, and the Buyers, severally and not jointly, agree to purchase an aggregate of 149,571 Sponsors’ Warrants from the Sellers, with each Buyer receiving 49,857 Sponsors’ Warrants. The Buyers each agree to pay to the Sellers on the Sponsors’ Warrants’ Purchase Date an aggregate amount of Forty-Nine Thousand Eight
Hundred Twenty-Two Dollars and Six Cents ($49,857.08) (the “Sponsors’ Warrants’ Purchase Price”), in consideration of the purchase of the Sponsors’ Warrants by such Buyer. Within a reasonable time after the Sponsors’ Warrants’ Purchase Date, (i) the Sellers shall deliver to the Company for cancellation the certificates representing the Sponsors’ Warrants held by the Sellers to be sold to the Buyers as contemplated hereunder, (ii) the Company shall re-issue to the Sellers certificates representing the Sponsors’ Warrants held by the Sellers after giving effect to the sale of the Sponsors’ Warrants to the Buyers as contemplated hereunder and (iii) the Company shall issue and deliver to the Buyers certificates representing the Sponsors’ Warrants to be purchased by the Buyers as contemplated hereunder. The Buyers acknowledge that the
Sponsors’ Warrants to be purchased by the Buyers have the terms set forth in the Warrant Agreement. 

Section 3 No Conflicts. Each party represents and warrants that neither the execution and delivery of this Agreement by such, nor the consummation or performance by such party of any of transactions contemplated hereby, will with or without notice or lapse of time, constitute, create or result in a breach or violation of, default under, loss of benefit or right under or acceleration of performance of any obligation required under any agreement to which it is a party. 

Section 4 Forfeiture and Adjustment of Units. If the underwriters (the “Underwriters”) in the Company’s initial public offering (the “IPO”) do not exercise in full their over-allotment option to be granted by the Company pursuant to an underwriting agreement by and among the Underwriters and the Company, then each Buyer agrees that it shall forfeit Founders’ Units purchased hereunder to the Company in such proportion as the Founders’ Units purchased hereunder bear to the total outstanding Founders’ Units necessary to ensure that the aggregate amount of Founders’ Shares held by
the Sellers, the Buyers and their respective Permitted Transferees (as defined in the Warrant Agreement) does not exceed 15% ownership interest of the Company’s issued and outstanding shares of Common Stock after giving effect to the IPO and any such exercise. Each Buyer acknowledges that the Company will not make any cash payment to such Buyer in respect of any such forfeiture. Each Buyer further acknowledges that if the number of units offered to the public in the IPO is increased or decreased, the Founders’ Units (including the Founders’ Units subject to forfeiture) purchased by such Buyer hereunder will be adjusted in the same proportion as the increase or decrease of the units offered to the public in the IPO in order to ensure that the aggregate amount of Founders’ Shares held by the Sellers, the Buyers and their respective Permitted Transferees does not exceed 15% ownership interest of the Company’s issued and outstanding shares of Common Stock after
giving effect to the IPO, any exercise of the 

 

 

Underwriters’ over-allotment option, and any such increase or decrease. Each Buyer agrees to take any and all action reasonably requested by the Company necessary to effect any adjustment pursuant to this Section 4; provided that each Buyer acknowledges that the Company will not make or receive any cash payment to or from such Buyer in respect of any such adjustment. Each Buyer acknowledges and agrees that these Founders’ Securities and Sponsors’ Warrants, and any additional Founders’ Securities and Sponsors’ Warrants they may hold, shall (a) be subject to the applicable transfer restrictions, registration rights, voting, waiver of liquidation rights, forfeiture and adjustment provisions set forth in the Warrant Agreement, this Agreement and a letter agreement to be entered into by and
between the Company and each Buyer in connection with the closing of the IPO in substantially the form attached hereto as Exhibit B, and (b) bear the legends set forth in Section 5 below.

Section 5 Restrictive Legends. All certificates representing the Founders’ Securities and the Sponsors’ Warrants purchased by the Buyers hereunder shall have endorsed thereon legends in substantially the following forms (in addition to any other legend which may be required by other agreements between the parties hereto):

(a) “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THE SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER SAID ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.”       

(b) “THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE ASSIGNED, HYPOTHECATED, DONATED, ENCUMBERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT IN ACCORDANCE WITH THAT CERTAIN AMENDED AND RESTATED SECURITIES ASSIGNMENT AGREEMENT DATED AS OF ________, 2008, THAT CERTAIN AMENDED AND RESTATED SECURITIES PURCHASE AGREEMENT DATED AS OF ________, 2008 AND THAT CERTAIN WARRANT AGREEMENT DATED AS OF ________, 2008, COPIES OF WHICH ARE AVAILABLE FOR INSPECTION AT THE OFFICES OF THE COMPANY.” 

(c) Any legend required by appropriate blue sky officials.

Section 6 Investment Representations. Each Buyer represents, warrants, acknowledges and agrees, with respect to himself only, as follows:

(a) Such Buyer has been furnished with all materials relating to the Company’s business affairs and financial condition and the terms and conditions of the Founders’ Securities and the Sponsors’ Securities that have been requested by such Buyer and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Founders’ Units and the Sponsors’ Securities. Such Buyer has been afforded the opportunity to ask questions and receive answers relating to the Company’s business affairs and financial condition and the terms and conditions of the Founders’ Securities and the Sponsors’ Securities. Such Buyer understands that its investment in the Founders’ Securities and the Sponsors’ Securities involves a high degree of risk. Such Buyer has sought such accounting, legal and tax advice
as such Buyer has considered necessary to make an informed investment decision with respect to such Buyer’s acquisition of the Founders’ Securities and the Sponsors’ Securities. 

 

 

Such Buyer 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 Founders’ Securities and the Sponsors’ Securities, and is able to bear the economic risk of an investment in the Founders’ Securities and the Sponsors’ Securities in the amount contemplated hereunder. Such Buyer 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 Founders’ Securities and the Sponsors’ Securities. Such Buyer can afford a complete loss of its investment in the Founders’
Securities and the Sponsors’ Securities. Such Buyer is purchasing the Founders’ Securities and the Sponsors’ Securities for investment for such Buyer’s own account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act of 1933, as amended (the “Act”). Such Buyer understands that the Company is a blank check development stage company recently formed for the purpose of consummating an initial business combination (a “Business Combination”) and understands that there is no assurance as to the future performance of the Company and that the Company may never effectuate a Business Combination.

(b) Such Buyer understands that neither the Founders’ Securities nor the Sponsors’ Securities have been registered under the Act or any state securities law by reason of a specific exemption therefrom, and that the Sellers are relying on the truth and accuracy of, and such Buyer’s compliance with, the representations and warranties and agreements of such Buyer set forth herein to determine the availability of such exemptions and the eligibility of such Buyer to acquire such Founders’ Securities and the Sponsors’ Securities, including, but not limited to, the bona fide nature of such Buyer’s investment intent as expressed herein.

(c) Such Buyer further acknowledges and understands that the Founders’ Securities and the Sponsors’ Securities may not be transferred under any circumstances unless the Founders’ Securities and/or the Sponsors’ Securities are subsequently registered under the Act or an exemption from such registration is available. Each Buyer understands that the certificates evidencing the Founders’ Securities and the Sponsors’ Securities will be imprinted with a legend which prohibits the transfer of the Founders’ Securities and/or the Sponsors’ Securities unless the Founders’ Securities and/or the Sponsors’ Securities are registered or such registration is not required in the opinion of counsel for the Company.

(d) Such Buyer is familiar with the provisions of Rule 144 under the Act, as in effect from time to time (“Rule 144”), which, in substance, permit limited public resale of “restricted securities” acquired, directly or indirectly, from the issuer thereof (or from an affiliate of such issuer), in a non-public offering subject to the satisfaction of certain conditions. Unless the Company registers the Founders’ Securities and/or the Sponsors’ Securities under the Act, the Founders’ Securities and/or the Sponsors’ Securities may be resold by such Buyer only in certain limited circumstances subject to the provisions of Rule 144, which requires, among other things: (i) the availability of certain public information about the Company and (ii) the resale
occurring following the required holding period under Rule 144 after such Buyer has purchased, and made full payment of (within the meaning of Rule 144), the securities to be sold.

 

 

(e) Such Buyer further understands that at the time such Buyer wishes to sell the Founders’ Securities and/or the Sponsors’ Securities there may be no public market upon which to make such a sale, and that, even if such a public market then exists, the Company may not be satisfying the current public information requirements of Rule 144, and that, in such event, such Buyer would be precluded from selling the Founders’ Securities and/or the Sponsors’ Securities under Rule 144 even if the minimum holding period requirement had been satisfied. Notwithstanding Sections 7(d) and (e) hereof, such Buyer understands that it may be considered a promoter of the Company and understands that historically the SEC has taken the position that promoters or affiliates of a blank check company and their transferees, both before and after a Business Combination, would be
deemed to be “underwriters” under the Act when reselling the securities of the blank check company and therefore Rule 144 would not be available for those resale transactions despite technical compliance with the requirements of Rule 144. Each Buyer further understands that the SEC has amended Rule 144 effective February 15, 2008 to, among other things, codify such position and to provide an exception to such prohibition on the use of Rule 144 for those resale transactions if certain conditions under the amended Rule 144 are met.

(f) Such Buyer represents that it is an “accredited investor” as that term is defined in Rule 501 of Regulation D promulgated by the SEC under the Act. 

(g) Such Buyer 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) of the Act.

(h) Such Buyer 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 Founders’ Securities and/or the Sponsors’ Securities or the fairness or suitability of the investment in the Founders’ Securities and/or the Sponsors’ Securities, nor have such authorities passed upon or endorsed the merits of the offering of the Founders’ Securities and/or the Sponsors’ Securities.

Section 7 Miscellaneous. This Agreement, together with the certificates, documents, instruments and writings that are delivered pursuant hereto, constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter. This Agreement may be executed in two or more counterparts, each of which will be deemed an original but all of which together will constitute one and the same instrument. This Agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed by all parties hereto. Except as otherwise provided herein, no party hereto may assign either this Agreement or any of its rights, interests, or obligations hereunder
without the prior written approval of the other party. This Agreement shall inure to the benefit of and be binding upon the successors and, subject to the restrictions on transfer herein set forth, the permitted assigns of the parties hereto. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to the principles of conflicts of law thereof. The parties agree that any action brought by either party to interpret or enforce any provision of this Agreement shall be brought in, and each party agrees to, and does hereby, submit to the jurisdiction and venue of, the appropriate state or federal court for the State of New York.

[SIGNATURE PAGE FOLLOWS]

 

 

IN WITNESS WHEREOF, the undersigned have executed this Agreement to be effective as of the date first set forth above. 

 

  	 
	PERELLA WEINBERG PARTNERS ACQUISITION LP

	 
	 
	

By: 
	

PWP ACQUISITION GP LLC, its general partner

	 
	 
	By:
	 

	 
	 
	 
	Name: Joseph R. Perella

	 
	 
	 
	Title: Authorized Signatory

 

  	 
	BNYH BPW HOLDINGS LLC

	 
	 
	By:
	 

	 
	 
	 
	Name: Michael E. Martin

	 
	 
	 
	Title: Authorized Signatory

 

  	 
	 
	 

	 
	 
	Roger W. Einiger

 

  	 
	 
	 

	 
	 
	J. Richard Fredericks

 

  	 
	 
	 

	 
	 
	Wolfgang Schoellkopf

 

 

Exhibit A

 

FORM OF WARRANT AGREEMENT

 

 

Exhibit B

FORM OF LETTER AGREEMENT

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