Document:

Form of Stock Escrow Agreement

 Exhibit 10.3 
 STOCK ESCROW AGREEMENT 
 This STOCK ESCROW AGREEMENT, dated as of
                                    , 2006 (the
“Agreement”) is entered into by and among Dekania Corp., a Delaware corporation (“Company”), the undersigned parties listed as Initial Stockholders on the signature page hereto (collectively, the “Initial
Stockholders”) and American Stock Transfer & Trust Company, a New York corporation (“Escrow Agent”). 
 WHEREAS, the Company has entered into an Underwriting Agreement, dated
                                , 2006 (the “Underwriting
Agreement”) with Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”) and Maxim Group LLC (“Maxim”), acting as representatives of the several underwriters (collectively, with
Merrill Lynch and Maxim, the “Underwriters”), pursuant to which, among other matters, the Underwriters have agreed to purchase 9,700,000 units (not including the underwriters’ over-allotment option) (the
“Units”) of the Company, with each Unit consisting of one share of the Company’s common stock, par value $.0001 per share (the “Common Stock”), and one warrant (“Warrant”), with each Warrant
being exercisable to purchase one share of Common Stock, all as more fully described in the Company’s final prospectus, dated
                                , 2006 (“Prospectus”) comprising
part of the Company’s Registration Statement on Form S-1 (File No. 333-134776) (as amended, the “Registration Statement”) under the Securities Act of 1933, as amended, declared effective on
                        , 2006 (the “Effective Date”); 
 WHEREAS, the Initial Stockholders have agreed as a condition of the Underwriters’ obligation to purchase the Units pursuant to the
Underwriting Agreement and to offer them to the public to deposit all of their shares of Common Stock of the Company, as set forth opposite their respective names in Exhibit A attached hereto (collectively, the “Escrow
Shares”), in escrow as hereinafter provided; and 
 WHEREAS, the Company and the Initial Stockholders desire that the Escrow
Agent accept the Escrow Shares, in escrow, to be held and disbursed as hereinafter provided. 
 NOW, THEREFORE, in consideration of
the foregoing, of the mutual agreements herein contained, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company, each Initial Stockholder and the Escrow Agent hereby agree as follows:

 1. Appointment of Escrow Agent. The Company and the Initial Stockholders hereby appoint the Escrow Agent to act in accordance with
and subject to the terms of this Agreement and the Escrow Agent hereby accepts such appointment and agrees to act in accordance with and subject to such terms. 
 2. Deposit of Escrow Shares. On or before the Effective Date, each of the Initial Stockholders have delivered to the Escrow Agent certificates representing such Initial Stockholder’s Escrow Shares, to be
held and disbursed subject to the terms and conditions of this Agreement. Each Initial Stockholder acknowledges that the certificate representing such Initial 

  

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Stockholder’s Escrow Shares is legended to reflect the deposit of such Escrow Shares under this Agreement, it being agreed that such legends shall be
removed upon the disbursement of the Escrow Shares as described in Section 3 below. 
 3. Disbursement of the Escrow Shares. The
Escrow Agent shall hold the Escrow Shares until the third anniversary of the Effective Date (“Escrow Period”), on which date it shall, upon written instructions from each Initial Stockholder, disburse each of the Initial
Stockholder’s Escrow Shares to such Initial Stockholder; provided, however, that if the Escrow Agent is notified by the Company pursuant to Section 6.7 hereof that the Company is being liquidated at any time during the Escrow
Period, then the Escrow Agent shall promptly destroy the certificates representing the Escrow Shares; and, provided further, that if, after the Company consummates a Business Combination (as such term is defined in the Registration
Statement), it (or the surviving entity) subsequently consummates a liquidation, merger, stock exchange or other similar transaction which results in all of its stockholders, or the stockholders of the surviving entity, having the right to exchange
their shares of Common Stock for cash, securities or other property, then the Escrow Agent will, upon consummation of such transaction, release the Escrow Shares to the Initial Stockholders so that they can similarly participate. The Escrow Agent
shall have no further duties hereunder after the disbursement or destruction of the Escrow Shares in accordance with this Section 3. 
 4. Rights of Initial Stockholders in Escrow Shares. 
 4.1 Voting Rights as a Stockholder. Subject to
the terms of the Insider Letter described in Section 4.4 hereof and except as herein provided, the Initial Stockholders shall retain all of their rights as stockholders of the Company during the Escrow Period, including, without limitation, the
right to vote such shares. 
 4.2 Dividends and Other Distributions in Respect of the Escrow Shares. During the Escrow
Period, all dividends payable in cash with respect to the Escrow Shares shall be paid to the Initial Stockholders, but all dividends or other distributions made by the Company during the Escrow Period payable in shares of Common Stock, or until the
business combination (as defined in the Registration Statement), other non-cash property (“Non-Cash Dividends”) shall be delivered to the Escrow Agent to hold in accordance with the terms hereof. As used herein, the term
“Escrow Shares” shall be deemed to include the Non-Cash Dividends distributed thereon, if any. 
 4.3
Restrictions on Transfer. During the Escrow Period, no sale, transfer or other disposition may be made of any or all of the Escrow Shares except: (i) by gift to a member of an individual Initial Stockholder’s immediate family or to
a trust or other entity, the beneficiary of which is an Initial Stockholder or a member of an Initial Stockholder’s immediate family, (ii) to any Individual Stockholder’s spouse pursuant to judicially sanctioned domestic relations
order or agreement or (iii) by virtue of the laws of descent and distribution upon death of an individual Initial Stockholder; provided, however, that such permissive transfers may be implemented only upon the respective
transferee’s written agreement to be bound by the terms and conditions of this Agreement and of the Insider Letter signed by the Initial Stockholder transferring the Escrow Shares. During the Escrow Period, the Initial Stockholders shall not

  

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pledge or grant a security interest in the Escrow Shares or grant a security interest in their rights under this Agreement. 
 4.4 Insider Letters. Each of the Initial Stockholders has executed a letter agreement with Merrill Lynch, Maxim and the Company,
dated as of the Effective Date, and which is filed as an exhibit to the Registration Statement, regarding the rights and obligations of such Initial Stockholders in certain events described therein, including, without limitation, upon the
liquidation of the Company (such letter agreement, the “Insider Letter”). 
 5. Concerning the Escrow Agent.

 5.1 Good Faith Reliance. The Escrow Agent shall not be liable for any action taken or omitted by it in good faith
and in the exercise of its own best judgment, and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel chosen by the Escrow Agent), 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 Escrow Agent to be
genuine and to be signed or presented by the proper person or persons. The Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement unless evidenced by a writing delivered to
the Escrow Agent signed by the proper party or parties and, if the duties or rights of the Escrow Agent are affected, unless it shall have given its prior written consent thereto. 
 5.2 Indemnification. The Escrow Agent shall be indemnified and held harmless by the Company from and against any expenses,
including counsel fees and disbursements, or loss suffered by the Escrow Agent in connection with any action, suit or other proceeding involving any claim which in any way, directly or indirectly, arises out of or relates to this Agreement, the
services of the Escrow Agent hereunder, or the Escrow Shares held by it hereunder, other than expenses or losses arising from the gross negligence or willful misconduct of the Escrow Agent. Promptly after the receipt by the Escrow Agent of notice of
any demand or claim or the commencement of any action, suit or proceeding, the Escrow Agent shall notify the other parties hereto in writing. In the event of the receipt of such notice, the Escrow Agent, in its sole discretion, may commence an
action in the nature of interpleader in an appropriate court to determine ownership or disposition of the Escrow Shares or it may deposit the Escrow Shares with the clerk of any appropriate court or it may retain the Escrow Shares pending receipt of
a final, non-appealable order of a court having jurisdiction over all of the parties hereto directing to whom and under what circumstances the Escrow Shares are to be disbursed and delivered. The provisions of this Section 5.2 shall survive in
the event the Escrow Agent resigns or is discharged pursuant to Sections 5.5 or 5.6 below. 
 5.3 Compensation. The
Escrow Agent shall be entitled to reasonable compensation from the Company for all services rendered by it hereunder, as set forth on Exhibit B hereto. The Escrow Agent shall also be entitled to reimbursement from the Company for all
expenses paid or incurred by it in the administration of its duties hereunder including, but not limited to, all counsel, advisors’ and agents’ fees and disbursements and all taxes or other governmental charges. 
  

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 5.4 Further Assurances. From time to time on and after the date hereof, the
Company and the Initial Stockholders shall deliver or cause to be delivered to the Escrow Agent such further documents and instruments and shall do or cause to be done such further acts as the Escrow Agent shall reasonably request to carry out more
effectively the provisions and purposes of this Agreement, to evidence compliance herewith or to assure itself that it is protected in acting hereunder. 
 5.5 Resignation. The Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by its giving the other parties hereto written notice and such resignation shall become
effective as hereinafter provided. Such resignation shall become effective at such time that the Escrow Agent shall turn over the Escrow Shares held hereunder to a successor escrow agent appointed by the Company, which appointment shall be subject
to the prior written approval of Merrill Lynch and Maxim, such approval not to be unreasonably withheld, conditioned or delayed. Any successor escrow agent appointed by the Company shall be a nationally recognized stock transfer agent or commercial
bank. If Merrill Lynch and Maxim have not approved or notified the Company of their disapproval of such qualified successor escrow agent (stating the reasons for such disapproval) within 30 days of written notification from the Company of its
appointment of such successor escrow agent, the Company’s appointment of such successor escrow agent shall be deemed approved by Merrill Lynch and Maxim. If no new escrow agent is so appointed within the 60 day period following the giving of
such notice of resignation, the Escrow Agent may deposit the Escrow Shares with a State or Federal court located in New York County, New York. 
 5.6 Discharge of Escrow Agent. The Escrow Agent shall resign and be discharged from its duties as escrow agent hereunder if so requested in writing at any time by the other parties hereto, jointly; provided,
however, that such resignation shall become effective only upon the appointment by a successor escrow agent as provided for in Section 5.5. 
 5.7 Liability. Notwithstanding anything herein to the contrary, the Escrow Agent shall not be relieved from liability hereunder for its own gross negligence or its own willful misconduct. 
 6. Miscellaneous. 
 6.1 Governing Law. This Agreement shall for all purposes be deemed to be made under and shall be construed in accordance with the laws of the State of New York. Each of the parties hereby agrees that any action, proceeding or claim
against it 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 located in New York County or the United States District Court for the Southern District of New York, and
irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. Each of the parties hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. 
 6.2 Third Party Beneficiaries. Each of the Initial Stockholders hereby expressly acknowledges and agrees that the Underwriters are
third party beneficiaries of this Agreement and this Agreement may not be modified, amended or changed without the prior written consent of Merrill Lynch and Maxim. 
  

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 6.3 Entire Agreement. This Agreement contains the entire agreement of the parties
hereto with respect to the subject matter hereof and, except as expressly provided herein, may not be changed or modified except by an instrument in writing signed by the party to be charged. 
 6.4 Headings. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning
or interpretation thereof. 
 6.5 Binding Effect. This Agreement shall be binding upon and inure to the benefit of the
respective parties hereto and their legal representatives, successors and assigns. 
 6.6 Notices. Any notice or other
communication required or which may be given hereunder shall be in writing and either be delivered personally or by private national courier service, or be mailed, certified or registered mail, return receipt requested, postage prepaid or via
facsimile, and shall be deemed given when so delivered personally or, if sent by private national courier service, on the next business day after delivery to the courier, or, if mailed, two business days after the date of mailing, or if sent via
facsimile, the next business day after transmission of the facsimile, as follows: 
 If to the Company, to: 
 Dekania Corp. 
 2929 Arch Street, Suite 1703 
 Philadelphia, Pennsylvania 19104 
 Attn: Thomas H. Friedberg 
 Fax No.: (215) 701-9555 
 If to a Stockholder, to his address set forth in Exhibit
A. 
 and if to the Escrow Agent, to: 
 American Stock Transfer & Trust Company 
 59 Maiden Lane, Plaza Level 
 New York, New York 10038 
 Attn: Herbert Lemmer 
 Fax No.: (718) 331-1852 
 A copy of any notice sent hereunder shall be sent to: 
 Ellenoff Grossman & Schole LLP 
 370 Lexington Avenue, 19th Floor 
 New York, New York 10017 
 Attn: Douglas S. Ellenoff, Esq. 
 Fax: (212) 370-7889 
  

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 and 
 Sidley Austin LLP 
 787 Seventh Avenue 
 New York, New York 10019 
 Attn: Jack I. Kantrowitz, Esq. 
 Fax: (212) 839-5599 
 and 
 Ledgewood, P.C. 
 1900 Market Street, Suite 750 
 Philadelphia, Pennsylvania 19103 
 Attn: J. Baur Whittlesey, Esq. 
 Fax: (215) 735-2513 
 and 
 Merrill Lynch, Pierce, Fenner & Smith Incorporated 
 4 World Financial Center, 25th Floor 
 New York, NY 10080 
 Attn: Kerry Cannella 
 Fax: (212) 449-3151 
 and 
 Maxim Group LLC 
 405 Lexington Avenue 
 New York, New York 10174 
 Attn: Clifford A. Teller, Director of Investment Banking 
 Fax: (212) 895-3783 
 The parties may change the persons and addresses to which the notices or other communications are to be sent by giving written notice to any such change in the manner provided herein for giving notice. 
 6.7 Liquidation of Company. The Company shall give the Escrow Agent written notification of the liquidation and dissolution of the
Company in the event that the Company fails to consummate a Business Combination within the time period(s) specified in the Prospectus. 
 6.8 Counterparts. This Agreement may be executed in several counterparts each one of which shall constitute an original and may be delivered by facsimile transmission and together shall constitute one
instrument. 
 [Signature Page Follows] 
  

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 IN WITNESS WHEREOF, this Stock Escrow Agreement has been duly executed by the parties hereto as of
the day and year first above written. 
  

			
	DEKANIA CORP.
		
	By:	 	  
		 	 Name:
 Title:

	
	  
	 Daniel G. Cohen, as Initial Stockholder

	
	  
	 Thomas H. Friedberg, as Initial Stockholder

	
	  
	 Paul Vernhes, as Initial Stockholder

	
	  
	 David Nathaniel, as Initial Stockholder

	
	  
	 Christopher Ricciardi, as Initial Stockholder

  

					
	 COHEN BROS. ACQUISITIONS, LLC,
 as Initial
Stockholder

	
	By: Cohen Brothers, LLC, its sole member
			
		 	By:	 	  
		 		 	 Name:
 Title:

	
	AMERICAN STOCK TRANSFER & TRUST COMPANY
		
	By:	 	  
		 	 Name:
 Title:

  

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 EXHIBIT A 
  

					
	 Name and Address of Initial Stockholder
	  	Number of
Shares	  	Stock
Certificate
Number
	 Daniel G. Cohen
 c/o Dekania Crop.
 2929 Arch Street, Suite 1703
 Philadelphia, Pennsylvania 19104
	  	165,833	  	
			
	 Thomas H. Friedberg
 c/o Dekania Crop.
 2929 Arch Street, Suite 1703
 Philadelphia, Pennsylvania 19104
	  	248,750	  	
			
	 Paul Vernhes
 c/o Dekania Crop.
 2929 Arch Street, Suite 1703
 Philadelphia, Pennsylvania 19104
	  	207,292	  	
			
	 David Nathaniel
 c/o Dekania Crop.
 2929 Arch Street, Suite 1703
 Philadelphia, Pennsylvania 19104
	  	207,292	  	
			
	 Christopher Ricciardi
 c/o Dekania Crop.
 2929 Arch Street, Suite 1703
 Philadelphia, Pennsylvania 19104
	  	150,000	  	
			
	 Cohen Bros. Acquisitions, LLC
 2929 Arch Street, Seventeenth Floor
 Philadelphia, Pennsylvania 19104
	  	1,658,333	  	

  

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 EXHIBIT B 
 Escrow Agent Fees 
 $                         annually for acting agent escrow fee. 
 Initial acceptance fee and first year agent fee to be paid at closing. 
  

 9Form of Letter of Credit from Commerce Bank

 Exhibit 10.7 
 October     , 2006 
 IRREVOCABLE LETTER OF CREDIT NO. DRAFT 
 FINAL EXPIRATION DATE: October     , 2009 
 American Stock
Transfer & Trust Company 
 59 Maiden Lane 
 Plaza Level 
 New York, New York 10038 
 Re: Cohen Bros. Acquisitions, LLC 
 Gentlemen: 
 At the request of Cohen Bros.
Acquisitions, LLC, hereinafter referred to as “Applicant”, we hereby establish our Irrevocable Standby Letter of Credit No. DRAFT in favor of American Stock Transfer & Trust Company, hereinafter referred to as “Trustee”,
acting as trustee under the Investment Management Trust Agreement between Dekania Corp., referred to herein as “Dekania”, and Trustee, in an amount up to Three Million and 00/100 ($3,000,000) U.S. Dollars (subject to adjustment to up to
Three Million Two Hundred Ninety-One Thousand and 00/100 ($3,291,000.00) U.S. Dollars if the underwriters’ over-allotment option, as described in Dekania’s Registration Statement on Form S-1, as amended, File No. 333-134776 (the
“Registration Statement”), is exercised in full. 
 Funds are available by your draft(s) drawn on us at sight, duly endorsed on the reverse side
thereof and accompanied by the following documents: 
  

	1.	The original of this Letter of Credit and any amendments thereto. 

  

	2.	A statement signed by a purported authorized official/representative of the Trustee which reads: 

 “Pursuant to Commerce Bank, N.A. Irrevovable Standby Letter of Credit (“LOC”) among Commerce Bank (“Commerce”), Cohen Bros.
Acquisitions, LLC, as Applicant (“CB Acquisition”) and American Stock Transfer & Trust Company (the “Trustee”), as Trustee of Dekania Corp.’s (the “Company”) trust account (the “Trust Account”),
this letter constitutes a request to draw upon such Letter of Credit since: (i) the Company did not complete a business combination within the time periods set forth in the Company’s Registration Statement on Form S-1, as amended, File
No. 333-134776 (the “Registration Statement”) and the Trustee, on behalf of the Company, must liquidate the Trust Account and distribute the amounts therein to public shareholders of the Company in accordance with the terms of the
Registration Statement and the Investment Management Trust Agreement, by and between the Company and the Trustee, and (ii) the amount in the Trust Account available for distribution to the Company’s public shareholders upon liquidation is
less than the required $10.00 per share by $             per share, an aggregate of $            . Therefore, the
Trustee is requesting $            , in the aggregate, to be drawn under the Letter of Credit in order for each public shareholder to receive $10.00 per share upon liquidation.”

 October     , 2006 
 Irrevocable Letter of Credit No. DRAFT 
 Page 2 
  

 It is a condition of this Letter of Credit that it shall be extended automatically, without amendment, for additional
periods of one (1) year from the present or any future expiration date hereof, unless at least ninety (90) days prior to any such date, we send you notice in writing by overnight courier at the above address, that we elect not to extend
this Letter of Credit for any such additional period. However, in no event shall this Letter of Credit be extended beyond the final expiration date of October     , 2009. 
 It is also a condition of this Letter of Credit that it shall expire on the earlier of (i) receipt by Commerce Bank of confirmation from the Trustee and Applicant
that a business combination (as defined in the Registration Statement) has occurred, (ii) completion of liquidation or dissolution of Dekania, (iii) accrual of a total of $5.6 million of interest income, after taxes, on funds held in
Dekania’s trust account, (iv)                     , 200   [18 months after consummation of the offering] if there is at
least $97.0 million in Dekania’s trust account ($111.55 million if the overallotment option has been exercised in full) including interest earned but net of payment of or reserves for taxes, outstanding claims and accrued expenses,
(v)                     , 200   [24 months after consummation of the offering] if there is at least $97.0 million in
Dekania’s trust account ($111.55 million if the overallotment option has been exercised in full) including interest earned but net of payment of or reserves for taxes, outstanding claims and accrued expenses, if, by
                    , 200  , a letter of intent or definitive agreement with respect to a business combination has been executed or
(vi) the final expiration date of October     , 2009. 
 Each draft must bear upon its face the clause “Drawn under
Commerce Bank, N.A. Irrevocable Letter of Credit No. DRAFT dated October     , 2006”. 
 We hereby agree that draft(s) drawn
under and in compliance with the terms of this Letter of Credit will be duly honored upon presentation and delivery of documents as specified above, if presented at our office located at 6000 Atrium Way, Mt. Laurel, NJ 08054, on or before the letter
of credit expires. 
 Except as otherwise expressly stated herein, this Letter of Credit is subject to the Uniform Customs and Practice for Documentary
Credits (1993 Revision) International Chamber of Commerce, Publication No. 500 (“UCP 500”). 
 Very truly
yours, 
 COMMERCE BANK, N.A.

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