Document:

EX-10.9 Form of Investment Management Trust Agreem

 

Exhibit 10.9

FORM
OF
INVESTMENT MANAGEMENT TRUST AGREEMENT

     This
Agreement is made as of [____________________], 2007 by and between LIBERTY ACQUISITION HOLDINGS
CORP. (the “Company”) and Continental Stock Transfer & Trust Company (the
“Trustee”).

     WHEREAS, the Company’s Registration Statement on Form S-1, as amended, No. 333-[____________________]
(together with any registration statement filed pursuant to Rule 462(b), the “Registration
Statement”), for its initial public offering of securities (the “IPO”) has been
declared effective as of [____________________, 200_] by the Securities and Exchange Commission (the
“Effective Date”); and

     WHEREAS, Citigroup Global Markets Inc. (“Citigroup”) is acting as the representative
of the underwriters in the IPO; and

     WHEREAS, as described in the Registration Statement, $719,950,000 ($826,262,500 if the
underwriters’ over-allotment option is exercised in full)
consisting of (i) $707,950,000 of the net
proceeds of the IPO ($814,262,500 if the underwriters’ over-allotment option is exercised in full)
after adjusting for certain offering expenses and (ii) $12,000,000 of the proceeds from the sale of
the Sponsors’ Warrants, will be delivered to the Trustee to be deposited and held in a trust
account for the benefit of the Company and the holders of the Company’s common stock, par value
$0.0001, issued in the IPO. 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 and the
Company will be referred to together as the “Beneficiaries”); and

     WHEREAS, a portion of the Property consists of $18,750,000 (or $21,562,500 if the
underwriters’ over-allotment option is exercised in full) attributable to the underwriters’
discount which Citigroup has agreed to deposit in the Trust Account (as defined below); 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;

     IT IS AGREED:

     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 segregated trust accounts (the “Trust Account”) established by the Trustee at
a branch of J.P. Morgan Chase N.Y. and at a brokerage institution selected 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 written instruction of the Company, to invest and reinvest
the Property in Government Securities and/or in any open ended money market fund(s) selected by the
Company meeting the conditions of Sections (c)(2), (c)(3) and (c)(4) of

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Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended, as determined by
the Company. 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
income, net of taxes and periodic payments up to $12,000,000 made to the Company to fund its
working capital requirements, shall become part of the “Property,” as such term is used herein;

          (e) Notify the Company 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 relating to income from the Property
in the Trust Account or otherwise;

          (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 Citigroup in writing to
do so;

          (h) Render to the Company, and to such other person 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;

          (i) If there is any income or other tax obligation relating to the income from the Property in
the Trust Account as determined by the Company, then, from time to time, 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
income tax obligation; and

          (j) Commence liquidation of the Trust Account only upon receipt of and only in accordance with
the terms of a letter (the “Termination Letter”), in a form substantially similar to that
attached hereto as either Exhibit A or Exhibit B, signed on behalf of the Company
by its Chief Executive Officer or other authorized 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.

     2. Limited Distributions of Income From Trust Account.

          (a) If there is any income or other tax obligation relating to the income from the Property in
the Trust Account as determined by the Company, then, at the written instruction of the Company,
the Trustee shall disburse to the Company by wire transfer, out of the Property in the Trust
Account, the amount indicated by the Company as required to pay income taxes;

          (b) Upon written request from the Company in a form substantially similar to that attached
hereto as Exhibit C, which may be given not more than once in any calendar quarter, the
Trustee shall distribute to the Company by wire transfer an amount equal to the

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income collected on the Property through the last day of the calendar quarter immediately
preceding the date of receipt of the Company’s request; provided, however, that the maximum amount
of distributions, net of taxes, that the Company may request and the Trustee shall distribute
pursuant to this Section 2(b) shall be $12,000,000. The first such distribution shall include
income through the first full calendar quarter following the effective date of the IPO, with the
Company’s request made after such date. It is understood that the Trustee’s only responsibility
under this section is to follow the instruction of the Company; and

          (c) Except as provided in Sections 2(a) and 2(b) above, no other distributions from the Trust
Account shall be permitted except in accordance with Section 1(j) hereof.

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

          (a) Give all instructions to the Trustee hereunder in writing, signed by the Company’s Chief
Executive Officer or other authorized officer authorized in writing by the Chief Executive Officer.
In addition, except with respect to its duties under Section 1(i) 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 shall promptly confirm such instructions in
writing;

          (b) 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 Section, 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. The Company may participate in such
action with its own counsel; and

          (c) 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 annual 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 set forth in this Section 3(c)
and 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 Sections).

3

 

     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 Section 1 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 to give instructions
hereunder shall not be continuing unless provided otherwise in such designation, or unless the
Company 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
and shall be protected in acting upon any order, judgment, instruction, 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;

          (h) As and to the extent requested from time to time by the Company, prepare, execute and file
such tax reports, income or other tax returns and pay any taxes with respect to income and
activities relating to the Trust Account, regardless of whether such tax is payable by the Trust
Account or the Company (including but not limited to income tax obligations), it being expressly
understood that as set forth in Section 1(i), if there is any income or other tax obligation
relating to the Trust Account or the Property in the Trust Account, as determined from time to time
by the Company and regardless of whether such tax is payable by the Company or the Trust, at the
written instruction of the Company, the Trustee shall make funds available in cash from the
Property in the Trust Account an amount specified by the Company as owing to the applicable taxing
authority, which amount shall be paid directly to the Company by
electronic funds transfer, account debit or other method of payment, and the Company shall
forward such payment to the taxing authority; and

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          (i) Prepare, execute and file tax reports, income or other tax returns and pay any taxes with
respect to income and other activities relating to the Trust Account, regardless of whether such
tax is payable by the Trust Account or the Company (including but not limited to income tax
obligations), it being expressly understood that as set forth in Section 1(i), if there is any
income or other tax obligation relating to the Trust Account or the Property in the Trust Account,
as determined from time to time by the Company and regardless of whether such tax is payable by the
Company or the Trust, at the written instruction of the Company, the Trustee shall make funds
available in cash from the Property in the Trust Account an amount specified by the Company as
owing to the applicable taxing authority, which amount shall be paid directly to the Company by
electronic funds transfer, account debit or other method of payment, and the Company shall forward
such payment to the taxing authority; and

          (j) Verify calculations, qualify or otherwise approve Company requests for distributions
pursuant to Sections 1(i), 2(a) or 2(b) above.

     5. 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. 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 that the Company does not locate a
successor trustee within ninety 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; or

          (b) At such time that the Trustee has completed the liquidation of the Trust Account in
accordance with the provisions of Section 1(j) 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).

     6. Miscellaneous.

          (a) The Company and the Trustee each acknowledge that the Trustee will follow the [security
procedures set forth below] with respect to funds transferred from the Trust Account. 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.

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          (b) This Agreement shall be governed by and construed and enforced in accordance with the laws
of the State of New York, 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 but one
instrument.

          (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, however, that no
such change, amendment or modification may be made without the prior written consent of Citigroup.
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 City of New York for purposes of resolving any disputes hereunder.

          (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, 8th Floor

New York, New York 10004

Attn: Steven Nelson, President

  Frank Di Paolo, Chief Financial Officer

Fax No.: (212) 509-5150

          if to the Company, to:

Liberty Acquisition Holdings Corp.

1114 Avenue of the Americas, 41st Floor

New York, New York 10036

Attn: Nicolas Berggruen, President
Fax No.: (212) 382-0120

          in either case with a copy to:

Citigroup Global Markets Inc.

388 Greenwich Street

New York, NY 10013

Facsimile: (212) 723-8871

Attn: David Spivak

and

Greenberg Traurig, LLP

MetLife Building

200 Park Avenue

New York, New York 10166

Attn: Alan I. Annex, Esq.

Fax No.: (212) 801-6400

          (f) This Agreement may not be assigned by the Trustee without the prior written consent of the
Company and Citigroup. This Agreement may be assigned by the Company to a wholly-owned subsidiary
of the Company upon written notice to the Trustee.

          (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
part of the Property 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.

[Signatures appear on following page]

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     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:  	Frank A. Di Paolo 	 
	 	 	Title:  	CFO 	 
	 

	 	 	 	 	 
	 	LIBERTY ACQUISITION HOLDINGS CORP.

 	 
	 	By:  	 	 
	 	 	Name:  	Nicolas Berggruen 	 
	 	 	Title:  	President 	 
	 

7

 

EXHIBIT A

[Letterhead of Company]

	 
	[Insert date]
	
Continental Stock Transfer & Trust Company 

17 Battery Place, 8th Floor 

New York, New York 10004

Attn: Steven Nelson, President

     Re: Trust Account No. [     ] Termination Letter

Gentlemen:

     Pursuant to Section 1(i) of the Investment Management Trust Agreement between Liberty
Acquisition Holdings Corp. (the “Company”) and Continental Stock Transfer & Trust Company
(the “Trustee”), dated as of [________________, 200_] (the “Trust Agreement”), this is
to advise you that the Company has entered into an agreement (“Business Agreement”) with
____________________ (the “Target Business”) to consummate a business combination with Target
Business (a “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”).

     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 shall direct in writing on the Consummation Date.

     On the Consummation Date (i) counsel for the Company shall deliver to you written notification
that the Business Combination has been consummated and (ii) the Company shall deliver to you
written instructions with respect to the transfer of the funds held in the Trust Account (the
“Instruction Letter”). You are hereby directed and authorized to transfer the funds held
in the Trust Account immediately upon your receipt of the counsel’s letter and the Instruction
Letter. 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 of the same and the Company shall
direct you as to whether such funds should remain in the Trust Account and distributed after the
Consummation Date to the Company. 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.

A-1

 

	 	 	 	 	 
	 	Very truly yours,

LIBERTY ACQUISITION HOLDINGS CORP.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

A-2

 

EXHIBIT B

[Letterhead of Company]

	 
	[Insert date]

Continental Stock Transfer & Trust Company

17 Battery Place, 8th Floor

New York, New York

Attn: Steven Nelson, President

     Re: Trust Account No. [     ] Termination Letter

Gentlemen:

     Pursuant to Section 1(i) of the Investment Management Trust Agreement between Liberty
Acquisition Holdings Corp. (the “Company”) and Continental Stock Transfer & Trust Company
(the “Trustee”), dated as of
[____________________, 200_] (the “Trust Agreement”), this is
to advise you that Company has been dissolved due to the Company’s inability to effect a Business
Combination within the time frame specified in the Company’s prospectus relating to its IPO.
Attached hereto is a certified copy of the Certificate of Dissolution as filed with the Delaware
Secretary of State.

     In accordance with the terms of the Trust Agreement, we hereby authorize you to commence
liquidation of the Trust Account. You will notify the Company and
[_________________] (the
“Designated Paying Agent”) in writing as to when all of the funds in the Trust Account will
be available for immediate transfer (the “Transfer Date”). The Designated Paying Agent
shall thereafter notify you as to the account or accounts of the Designated Paying Agent that the
funds in the Trust Account should be transferred to on the Transfer Date so that the Designated
Paying Agent may commence distribution of such funds in accordance with the Company’s instructions.
You shall have no obligation to oversee the Designated Paying Agent’s distribution of the funds.
Upon the payment to the Designated Paying Agent of all the funds in the Trust Account, the Trust
Agreement shall terminate in accordance with the terms thereof.

	 	 	 	 	 
	 	Very truly yours,

LIBERTY ACQUISITION HOLDINGS CORP.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

B-1

 

EXHIBIT C

[Letterhead of Company]

	 
	[Insert date]

Continental Stock Transfer & Trust Company

17 Battery Place, 8th Floor

New York, New York

Attn: Steven Nelson

     Re: Trust Account No. [     ] — Distribution of Income on Property

Gentlemen:

Pursuant to Section 2(b) of the Investment Management Trust Agreement between Liberty Acquisition
Holdings Corp. (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”),
dated as of [_________________, 200_] (the “Trust Agreement”), we are requesting for our working capital
purposes that you deliver to us $____________ representing income earned on the Property from
_______________ to _______________. In accordance with the terms of the Trust Agreement, you are hereby
directed and authorized to transfer said amount, less any fees due the Trustee pursuant to Section
3(c) of the Trust Agreement, immediately upon your receipt of this letter to the Company’s
operating account at:

Bank: [______________]

ABA #: [______________]

Account Name: [______________]

Account Number: [______________]

Reference: Distribution of Income Earned on Trust Property

	 	 	 	 	 
	 	Very truly yours,

LIBERTY ACQUISITION HOLDINGS CORP.

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

C-1

 

	 	 	 
	AUTHORIZED INDIVIDUAL(S)	 	AUTHORIZED
	FOR TELEPHONE CALL BACK	 	TELEPHONE NUMBER(S)
	
Company:
	 	 
	 
	 	 
	Liberty Acquisition Holdings Corp.
	 	 
	1114 Avenue of the Americas, 41st Floor
	 	 
	New York, New York 10036
	 	 
	Attn: Nicolas Berggruen, President

	 	(212) 380-2230
	 
	 	 
	Trustee:
	 	 
	 
	 	 
	Continental Stock Transfer & Trust Company
	 	 
	17 Battery Place, 8th Floor
	 	 
	New York, New York 10004
	 	 
	Attn: Steven Nelson, President

	 	(212) 509-5150

C-2

 

SCHEDULE A

Schedule of fees pursuant to Section 3(c) of Investment Management Trust Agreement

between Liberty Acquisition Holdings 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) and 2(b)

	 	Deduction by Trustee from
disbursement made to Company
under Section 2(b)
	 	$	250	 
	 
	Dated:
[___________________, 200_]

	 	Agreed:	 	 	 	 

	 	 	 	 	 
	 	 	 
	 	 	 
	 	Authorized Officer 	 
	 	Continental Stock Transfer & Trust Co. 	 
	 

S-1EX-10.10 Letter Agreement/Berggruen Holdings

 

Exhibit 10.10

August 9, 2007

Liberty Acquisition Holdings Corp.

1114 Avenue of the Americas, 41st Floor

New York, New York 10036

Citigroup Global Markets Inc.

388 Greenwich Street

New York, New York 10013

          Re:     Initial Public Offering

Ladies and Gentlemen:

     Citigroup Global Markets Inc. (“Citigroup”) is acting as sole bookrunning manager of
the initial public offering (the “IPO”) of units (the “Units”) consisting of one
share of Common Stock of Liberty Acquisition Holdings Corp. (the
“Company”), and one half (1/2) of one warrant (a “Warrant”), each whole Warrant entitling the holder thereof to
purchase one share of Common Stock of the Company and representative (the “Representative”)
of Lehman Brothers Inc. and any other underwriters named in the
final prospectus (the “Prospectus”) relating to the IPO (Citigroup, Lehman Brothers Inc. and any other underwriters, collectively, the
“Underwriters”). The undersigned stockholder, officer and/or director of the Company, in
consideration of the Underwriters underwriting the IPO, hereby agrees as set forth below. Certain
capitalized terms used herein are defined in Section 1 hereof.

     1. As used herein, (i) a “Business Combination” shall mean an acquisition by merger,
capital stock exchange, asset or stock acquisition, reorganization or otherwise, of an operating
business selected by the Company; (ii) “Founders” shall mean all stockholders, officers and
directors who are stockholders of the Company immediately prior to the IPO; (iii) “Common
Stock” shall mean the Company’s common stock, par value $0.0001 per share, (iv) “Founders’
Shares” shall mean all of the shares of Common Stock of the Company owned by a Founder prior to
the IPO, (v) “IPO Shares” shall mean the shares of Common Stock issued in the Company’s
IPO, (vi) “Founders’ Warrants” shall mean all Warrants to purchase shares of Common Stock
of the Company owned by a Founder prior to the IPO, other than the Sponsors’ Warrants; (vii)
“Founders’ Units” shall mean the 21,562,500 Units issued by the Company to the Founders
prior to the IPO, of which the Founders’ Shares and the Founders’ Warrants are a part; (viii)
“Sponsors’ Warrants” shall mean the 12,000,000 Warrants to purchase shares of Common Stock
to be issued to the Sponsors in a private placement immediately prior to the IPO; (ix)
“Co-Investment Units” shall mean the 5,000,000 Units of the Company to be issued to the
Sponsors in a private placement that will occur immediately prior to the consummation of a
Business Combination by the Company; (x) “Co-Investment Shares” shall mean the Common Stock
underlying the Co-Investment Units; (xi) “Co-Investment Warrants” shall mean the Warrants
to purchase shares of Common Stock underlying the Co-Investment Units; and (xii) “Locked-Up
Securities” shall mean all issued and outstanding Founders’ Units, Founders’ Shares and

 

 

Liberty Acquisition Holdings Corp.

Citigroup Global Markets Inc.

Page 2

 

Founders’ Warrants (including the shares of Common Stock to be issued upon exercise of the
Founders’ Warrants) and all Sponsors’ Warrants (including the shares of Common Stock to be issued
upon exercise of the Sponsors’ Warrants), Co-Investment Units, Co-Investment Shares and
Co-Investment Warrants (including the shares of Common Stock to be issued upon exercise of the
Co-Investment Warrants) to be issued after the date hereof in accordance with the terms and
conditions set forth in the Prospectus.

     2. If the Company solicits approval of its stockholders of a Business Combination, the
undersigned will vote (i) all Founders’ Shares owned by him or it in accordance with the majority
of the votes cast by the holders of the IPO Shares and (ii) all other shares of the Company’s
Common Stock that may be acquired by him or it in any private placement, the IPO or in the
aftermarket for such Business Combination.

     3. In the event that the Company fails to consummate a Business Combination by the later of
(i) 30 months after the consummation of the IPO (the “Consummation Date”) or (ii) 36 months
after the Consummation Date in the event that either a letter of intent, an agreement in principle
or a definitive agreement to consummate a Business Combination was executed but no Business
Combination was consummated within such 30 month period (such later date being referred to herein
as the “Termination Date”), the undersigned shall, to the fullest extent permitted by the
Delaware General Corporation Law (the “DGCL”), (i) take all action necessary to dissolve
the Corporation and liquidate the trust account established under the Investment Management Trust
Agreement to be entered into between the Company and Continental Stock Transfer & Trust Company
(the “Trust Account”) to holders of IPO Shares as promptly as practicable after approval by
the Company’s stockholders (subject to the requirements of the DGCL) and (ii) vote all Founders’
Shares and all of the shares of the Company’s Common Stock that may be acquired by him or it in any
private placement, the IPO or in the aftermarket in favor of any dissolution and plan of
distribution recommended by the Company’s Board of Directors, and promptly cause the Company to
prepare and file a proxy statement with the Securities and Exchange Commission setting out the plan
of dissolution and distribution. If no proxy statement seeking the approval of the stockholders
for a Business Combination has been filed within 60 days prior to the Termination Date, and the
Board of Directors convenes, adopts and recommends to the stockholders the liquidation and
dissolution of the Company, and the Company files a proxy statement with the Securities and
Exchange Commission seeking stockholder approval for such plan, the undersigned agrees to vote all
Founders’ Shares and all of the shares that may be acquired by him or it in any private placement,
the IPO or in the aftermarket in favor of any such dissolution and plan of distribution recommended
by the Company’s Board of Directors. The undersigned hereby waives any and all right, title,
interest or claim of any kind (“Claim”) to participate in any liquidating distribution of
the Trust Account as part of the Company’s plan of distribution with respect to the Founders’
Shares if the Company fails to consummate a Business Combination and the Trust Account is
consequently liquidated and hereby waives any Claim the undersigned may have in the future as a
result of, or arising out of, any contracts or agreements with the Company and will not seek
recourse against the Trust Account for any reason whatsoever. The undersigned acknowledges and
agrees that

 

 

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there will be no distribution from the Trust Account with respect to any Warrants, all rights
of which will terminate on the Company’s liquidation.

     4. Subject to Section 5 below, in order to minimize potential conflicts of interest
which may arise from multiple affiliations, the undersigned agrees to present to the Company for
its consideration, and not to any other person or entity unless the opportunity is rejected by the
Company, those opportunities to acquire an operating business the undersigned reasonably believes
are suitable opportunities for the Company, until the earlier of (i) the consummation by the
Company of a Business Combination, (ii) the dissolution and liquidation of the Company or (iii)
until such time as the undersigned ceases to be an officer or director of the Company, subject to
any fiduciary obligations the undersigned might have. The undersigned acknowledges that the Company
has restricted its geographic focus to North America because the Founders may, in the future,
pursue other vehicles through which they may invest outside of North America. However, if the
Founders have no other vehicles which focus on other geographies at the time the Company is seeking
acquisition targets, the Company may expand its focus geography to pursue an acquisition if the
Company identifies an attractive opportunity.

     5. The undersigned (“Berggruen Holdings”) agrees that in the event it or one of its
affiliates’ investment professionals becomes aware of, or involved with any Business Combination opportunities
with an enterprise value of $750 million or more, Nicolas Berggruen will cause Berggruen Holdings
to first offer such business opportunities to the Company and further agrees that neither it nor
any of its affiliates will pursue such opportunities unless and until the Company’s Board of
Directors determines that it will not pursue such opportunities (the “Company’s Right of First
Review”) unless such Business Combination opportunity is competitive (as defined below) with
one of the portfolio companies of Berggruen Holdings Ltd in which case they would first be offered to
such portfolio company. A Business Combination opportunity will be considered “competitive” with a
Berggruen Holdings Ltd portfolio company if the target company is engaged in the design, development,
manufacture, distribution or sale of any products, or the provision of any services, which are the
same as, or competitive with, the products or services which a
Berggruen Holdings Ltd portfolio company
designs, develops, manufactures, distributes or sells. The Company’s Right of First Review will
begin upon the consummation of the IPO and terminate on the earlier of (i) the consummation by the
Company of a Business Combination or (ii) the dissolution and liquidation of the Company.

     6. The undersigned acknowledges and agrees that the Company will not consummate any Business
Combination which involves a company which is affiliated with any of the Founders, directors and/or
officers of the Company or with any Company that the undersigned has had any discussions, formal or
otherwise, with respect to a Business Combination with another company, prior to the consummation
of the IPO.

     7. Upon consummation of the IPO, each of Berggruen Holdings and Marlin Equities II, LLC
(“Marlin” and together with Berggruen Holdings, “Sponsors”) shall provide the
Company’s audit committee, on a quarterly basis, with evidence that such Sponsor has sufficient net
liquid assets available to consummate the Co-Investment (as described in the Prospectus). In the
event that either Sponsor is unable to consummate the Co-Investment when required to do so,

 

 

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such Sponsor shall surrender and forfeit its Founders’ Units (including any Warrants included
in such Units) to the Company.

     8. Neither the undersigned, any member of the family of the undersigned, nor any affiliate of
the undersigned will be entitled to receive and will not accept any compensation for services
rendered to the Company prior to the consummation of the Business Combination; provided, however,
that commencing upon the Consummation Date, Berggruen Holdings, Inc. shall be allowed to charge the
Company an allocable share of its overhead, $10,000 per month, to compensate it for office space,
administrative services and secretarial support until the earlier of the Company’s consummation of
a Business Combination or its liquidation. The undersigned, Marlin and the officers and directors
of the Company shall also be entitled to reimbursement from the Company for their out-of-pocket
expenses incurred in connection with seeking and consummating a Business Combination.

     9. Neither the undersigned, any member of the family of the undersigned, or any affiliate of
the undersigned will be entitled to receive or accept a finder’s fee or any other compensation in
the event the undersigned, any member of the family of the undersigned or any affiliate of the
undersigned originates a Business Combination.

     10. In order to induce you and the other Underwriters to enter into the proposed Underwriting
Agreement in connection with the IPO, the undersigned will not, without the prior written consent
of Citigroup, offer, sell, contract to sell, pledge or otherwise dispose of (or enter into any
transaction which is designed to, or might reasonably be expected to, result in the disposition
(whether by actual disposition or effective economic disposition due to cash settlement or
otherwise) by the undersigned or any affiliate of the undersigned or any person in privity with the
undersigned or any affiliate of the undersigned), directly or indirectly, including the filing (or
participation in the filing) of a registration statement with the Securities and Exchange
Commission in respect of, 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, (the “Exchange Act”) and the rules and regulations of the Securities
and Exchange Commission promulgated thereunder with respect to, any shares of capital stock
(including the Locked-Up Securities) of the Company or any securities convertible into, or
exercisable or exchangeable for such capital stock, or publicly announce an intention to effect any
such transaction during the Restricted Period (as defined below); provided, however, that the
foregoing sentence shall not apply to (A) shares of Common Stock disposed of as bona fide gifts
approved in writing by Citigroup, (B) any transfer for estate planning purposes of shares of Common
Stock to persons immediately related to such transferor by blood, marriage or adoption, (C) any
trust solely for the benefit of such transferor and/or the persons described in the preceding
clause, or (D) the transfer by Berggruen Holdings or Marlin to the Company’s officers, directors
and employees and other persons or entities associated with Nicolas Berggruen or Martin E.
Franklin; provided, however, that with respect to each of the transfers described in clauses (A),
(B), (C) and (D) of this sentence, (i) prior to such transfer, the transferee of such transfer, or
the trustee or legal guardian on behalf of any transferee, agrees in writing to be bound by the
terms of this letter and (ii) no filing by any party under the Exchange Act shall be required or
shall be voluntarily made in connection with such disposition or transfer. The term

 

 

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“Restricted Period” means the period commencing on the date hereof and ending one year
from the consummation of a Business Combination, except that if (a) during the last 17 days of the
Restricted Period the Company issues an earnings release or material news or a material event
relating to the Company occurs or (b) prior to the expiration of the Restricted Period the Company
announces that it will release earnings results during the 16-day period beginning on the last day
of the Restricted Period, then the Restricted Period shall end on and include the 18th
day following the date of the issuance of the earnings release or the occurrence of the material
news or material event.

     11. The undersigned hereby waives his or its right to exercise redemption rights with respect
to any Founders’ Shares owned by the undersigned, directly or indirectly, and agrees that he or she
will not seek redemption for cash with respect to such Founders’ Shares in connection with any vote
to approve a Business Combination (as is more fully defined in the Prospectus).

     12. In order to induce you and the other Underwriters to enter into the proposed Underwriting
Agreement in connection with the IPO, the undersigned hereby agrees to execute an escrow agreement
among the Founders, the Company and Continental Stock Transfer & Trust Company simultaneously with
the execution of the proposed Underwriting Agreement, whereby a portion of the undersigned’s
Founder’s Units will be held in escrow until the earlier of the time that the Underwriters’
over-allotment option is exercised or expires. The undersigned understands that (i) if the
Underwriters exercise their over-allotment option in full, all of the undersigned’s escrowed
Founders’ Units will be released to the undersigned upon the closing of the Underwriters’
over-allotment option exercise and (ii) if the Underwriters exercise their over-allotment option in
part, a pro rata amount of the undersigned’s escrowed Founders’ Units will be released to the
undersigned upon the closing of the Underwriters’ over-allotment option exercise such that the
aggregate number of Founders’ Units held by the Founders will be equal to 20% of the total number
of Units outstanding after the Initial Public Offering, and the remainder of the undersigned’s
Founders’ Units will be forfeited by and returned to the Company.

     13. The undersigned hereby agrees that any action, proceeding or claim against the undersigned
arising out of or relating in any way to this Agreement shall be brought and enforced in the courts
of the State of New York or the United States District Court for the Southern District of New York,
and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The
undersigned hereby waives any objection to such exclusive jurisdiction and that such courts
represent an inconvenience forum.

     14. The
undersigned agrees to make available to the Company, at no cost to
the Company, three of its investment professionals to actively source a Business Combination.

[Signature Page to Follow]

 

 

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	 	BERGGRUEN FREEDOM HOLDINGS,
LTD.

 	 
	 	By:  	/s/ Nicolas Berggruen
 	 
	 	 	Name:  	Nicolas Berggruen 	 
	 	 	Title:  	President

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