Document:

Exhibit 10.10

 

LEOPARD ACQUISITION CORP.

FOUNDERS’ SECURITIES PURCHASE AGREEMENT

 

THIS
FOUNDERS’ SECURITIES PURCHASE AGREEMENT (this “Agreement”),
dated as of February 21, 2008, is entered into by and among Leopard Acquisition
Corp., a Delaware corporation (the “Company”) and Donald P. Greenberg
(the “Purchaser”).

 

WHEREAS,
the Company intends to file a registration statement (the “Registration
Statement”) for the initial public offering of units (the “Initial
Public Offering”), each unit consisting of one share of the Company’s
common stock, par value $0.001 per share (a “Share”), and one warrant to
purchase one Share at an exercise price of $7.50 per Share.

 

WHEREAS,
concurrent with the execution and delivery of this Agreement, the Purchaser
desires to purchase and the Company desires to issue and sell, upon the terms
and conditions set forth in this Agreement, for an aggregate purchase price of
$248.45 (the “Founders’ Units Purchase Price”), 50,000 units (the “Founders’
Units”), each unit consisting of one share of the Company’s common stock,
par value $0.001 per share (the “Founders’ Shares”) and one warrant to
purchase one Share at an exercise price of $7.50 per share (the “Founders’
Warrants”).

 

NOW
THEREFORE, in consideration of the mutual promises contained
in this Agreement and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties to this Agreement
hereby agree as follows:

 

Section
1. Authorization,
Purchase and Sale; Terms of the Founders’ Units, Founders’ Shares and Founders’
Warrants.

 

A.      Authorization of the Founders’ Units, Founders’ Shares,
Founders’ Warrants, and Shares Underlying the Founders’ Warrants. The Company has duly
authorized the issuance and sale to the Purchaser of each of the Founders’
Units, Founders’ Shares, Founders’ Warrants, and the Shares underlying each of
the Founders’ Warrants (collectively, the “Securities”).

 

B.       Purchase and Sale of the Founders’ Units. Concurrently with the
execution and delivery of this Agreement in the case of the Founders’ Units, or
as such date may be extended from time to time by mutual agreement of the
parties (in each case, the “Closing Date”),
the Company shall issue and sell to the Purchaser and the Purchaser shall
purchase from the Company, the Founders’ Units (consisting of the Founders’
Shares and Founders’ Warrants) for the Founders’ Units Purchase Price. On the
Closing Date, the Company shall deliver certificates evidencing the Founders’
Units, Founders’ Shares and Founders’ Warrants, to be purchased by the
Purchaser hereunder, in each case registered in the Purchaser’s name, upon the
payment by the Purchaser of the Founders’ Units Purchase Price by wire transfer
of immediately available funds (or by such other means as the Company and the
Purchaser shall agree) to the Company in accordance with the Company’s
instructions.

 

 

C.       Terms of the Founders’ Units, Founders’ Shares and Founders’
Warrants.

 

i.              Founders’ Units:
Each Unit of the Founders’ Units shall consist of one Founders’ Share and one
Founders’ Warrant and shall have the terms set forth in the Unit Certificate
attached as Exhibit A hereto.

 

ii.             Founders’ Shares:
The Founders’ Shares shall have the terms set forth in the Certificate of
Incorporation of the Company and the Founders’ Share Certificate attached as Exhibit
B hereto. Without limiting the foregoing, the Purchaser hereby expressly
agrees that if the Company consummates the Initial Public Offering, then (i) in
connection with the stockholder vote required to approve a merger, capital
stock exchange, asset acquisition or other similar business combination with
one or more businesses or assets (a “Business Combination”), the Purchaser
agrees to (x) vote the Founders’ Shares in accordance with a majority of the
shares of common stock voted by holders of shares of common stock issued in the
Initial Public Offering and (y) vote the Founders’ Shares in favor of an
amendment to the Company’s amended and restated certificate of incorporation to
provide for the Company’s perpetual existence, and (ii) the Purchaser agrees to
waive any right to participate in any liquidation distribution to the extent
set forth in Section 3.D of this Agreement.

 

iii.            Founders’ Warrants:
The Founders’ Warrants shall have the terms set forth in the Warrant Agreement
dated the date hereof between the Company and Continental Stock Transfer &
Trust Company, as set forth as Exhibit C hereto (as amended, restated or
supplemented from time to time, the “Warrant Agreement”).

 

iv.            INTENTIONALLY OMITTED.

 

v.             Transfer
Restrictions: In addition to the restrictions on transfer set forth in
Section 10 hereof, the Purchaser shall not sell or transfer the Founders’
Units, Founders’ Shares, Founders’ Warrants and the Shares underlying the
Founders’ Warrants for a period of 180 days from the date the Company completes
its initial business combination except to a Company officer, director or
employee, or any other person or entity associated or affiliated with Purchaser
(each, a “Permitted
Transferee”), who agrees in writing with the Company to be subject
to such transfer restrictions, vote the Founders’ Shares as provided in (ii)
above; waive any right to participate in any liquidation distribution as
provided in (ii) above and agrees to the adjustment of the Founders’ Units as
provided in (vii) below. During this period, the Purchaser and his Permitted
Transferees shall retain all other rights of holders of Shares, including,
without limitation, the right to vote their Shares (except as described above
with respect to a Business Combination) and the right to receive cash
dividends, if declared. If dividends are declared and payable in Shares, such
dividends will also be subject to the restrictions contained in this Section
1.C.(v).

 

vi.            Registration Rights:
In connection with the closing of the Initial Public Offering, the Company and
the Purchaser shall enter into an agreement (the “Registration Rights Agreement”)
granting the Purchaser registration rights with respect to the Securities.

 

2

 

vii.           Adjustment of
Founders’ Units:

 

(a)           INTENTIONALLY OMITTED.

 

(b)           INTENTIONALLY OMITTED.

 

(c)           INTENTIONALLY OMITTED.

 

Section
2. Representations
and Warranties of the Company.

 

As a
material inducement to the Purchaser to enter into this Agreement and purchase
the Founders’ Units, the Company hereby represents and warrants to the
Purchaser as of the date hereof and the applicable Closing Date that:

 

A.      Organization and Corporate Power. The Company is a corporation
duly organized, validly existing and in good standing under the laws of the
State of Delaware and is qualified to do business in every jurisdiction in
which the failure to so qualify would reasonably be expected to have a material
adverse effect on the financial condition, operating results or assets of the
Company. The Company possesses all requisite corporate power and authority
necessary to carry out the transactions contemplated by this Agreement and the
Warrant Agreement.

 

B.       Authorization; No Breach.

 

(i)            The execution and delivery of
this Agreement, the Warrant Agreement, and the Founders’ Warrants and
performance of this Agreement and the Warrant Agreement have been duly
authorized by the Company as of the applicable Closing Date. This Agreement
constitutes the valid and binding obligation of the Company, enforceable in
accordance with its terms. The Warrant Agreement constitutes, and upon issuance
in accordance with, and payment pursuant to, the terms of the Warrant Agreement
and this Agreement, and the Founders’ Warrants will constitute, valid and
binding obligations of the Company, enforceable in accordance with their
respective terms as of the applicable Closing Date.

 

(ii)           The execution and delivery by the Company of this Agreement,
the Warrant Agreement and the sale and issuance of each of the Securities and
the fulfillment of and compliance with the respective terms hereof and thereof
by the Company, do not and will not as of the applicable Closing Date (i)
conflict with or result in a breach of the terms, conditions or provisions of,
(ii) constitute a default under, (iii) result in the creation of any lien,
security interest, charge or encumbrance upon the Company’s capital stock or
assets, (iv) result in a violation of, or (v) require any authorization,
consent, approval, exemption or other action by or notice or declaration to, or
filing with, any court or administrative or governmental body or agency
pursuant to the Certificate of Incorporation of the Company or the bylaws of
the Company, or any material law, statute, rule or regulation to which the
Company is subject, or any agreement, order, judgment or decree to which the
Company is subject, except for any filings required after the date hereof under
federal or state securities laws.

 

C.       Title to Securities. Upon issuance in accordance with, and payment pursuant to,
the terms hereof and the Warrant Agreement, as the case may be, each of the
Securities will be duly and validly issued, fully paid and nonassessable. Upon
issuance in accordance with, and 

 

3

 

payment pursuant to, the terms hereof and the
Warrant Agreement, as the case may be, the Purchaser will have or receive good
title to the Securities, free and clear of all liens, claims and encumbrances
of any kind, other than (a) transfer restrictions hereunder and under the other
agreements contemplated hereby, (b) transfer restrictions under federal and
state securities laws, and (c) liens, claims or encumbrances imposed due to the
actions of the Purchaser.

 

D.      Governmental Consents. No permit, consent, approval or authorization of, or
declaration to or filing with, any governmental authority is required in
connection with the execution, delivery and performance by the Company of this
Agreement or the Warrant Agreement, or the consummation by the Company of any
other transactions contemplated hereby.

 

Section
3. Representations
and Warranties of the Purchaser.

 

As a
material inducement to the Company to enter into this Agreement and issue and
sell the Founders’ Units, the Purchaser hereby represents and warrants to the
Company as of the date hereof and the applicable Closing Date that:

 

A.      Capacity and State Law Compliance. The Purchaser has engaged in
the transactions contemplated by this Agreement within a state in which the
offer and sale of the Securities is permitted under applicable securities laws.
The Purchaser understands and acknowledges that the purchase of Shares upon the
exercise of the Founders’ Warrants will require the availability of an
exemption from registration under federal and/or state securities laws and that
any sale of such Shares shall require registration or the availability of an
exemption from registration under federal and/or state securities laws.

 

B.       Authorization; No Breach.

 

(i)            This Agreement constitutes a
valid and binding obligation of the Purchaser, enforceable in accordance with
its terms.

 

(ii)           The execution and delivery by the Purchaser of this
Agreement and the fulfillment of and compliance with the respective terms
hereof by the Purchaser do not and shall not as of the applicable Closing Date
conflict with or result in a breach of the terms, conditions or provisions of
any agreement, instrument, order, judgment or decree to which the Purchaser is
subject.

 

C.       Investment Representations.

 

(i)            The Purchaser is acquiring the
Securities for his own account, for investment only and not with a view
towards, or for resale in connection with, any public sale or distribution
thereof.

 

(ii)           The Purchaser is an “accredited investor” as such term is
defined in Rule 501(a)(3) of Regulation D.

 

(iii)          The Purchaser understands that the Securities are being
offered and will be sold to it in reliance on specific exemptions from the
registration requirements of the United 

 

4

 

States federal and state securities laws and
that the Company is relying upon the truth and accuracy of, and the Purchaser’s
compliance with, the representations and warranties of the Purchaser set forth
herein in order to determine the availability of such exemptions and the
eligibility of the Purchaser to acquire such Securities.

 

(iv)          The 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) under the Securities Act of 1933, as amended (the “Securities Act”).

 

(v)           The Purchaser has been furnished with all materials relating
to the business, finances and operations of the Company and materials relating
to the offer and sale of the Securities which have been requested by the
Purchaser. The Purchaser has been afforded the opportunity to ask questions of
the executive officers and directors of the Company. The Purchaser understands
that his investment in the Securities involves a high degree of risk. The
Purchaser has sought such accounting, legal and tax advice as the Purchaser has
considered necessary to make an informed investment decision with respect to
the Purchaser’s acquisition of the Securities.

 

(vi)          The 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 by the Purchaser nor have such
authorities passed upon or endorsed the merits of the offering of the
Securities.

 

(vii)         The Purchaser understands that: (a) the Securities have not
been and are not being registered under the Securities Act or any state
securities laws, and may not be offered for sale, sold, assigned or transferred
unless (A) subsequently registered thereunder or (B) sold in reliance on an
exemption therefrom; and (b) except as specifically set forth in the
Registration Rights Agreement, neither the Company nor any other person is
under any obligation to register the Securities under the Securities Act or any
state securities laws or to comply with the terms and conditions of any
exemption thereunder. In this regard, the Purchaser understands that the
Securities and Exchange Commission has taken the position that promoters or
affiliates of a blank check company and their transferees, both before and
after a Business Combination, are deemed to be “underwriters” under the
Securities Act when reselling the securities of a blank check company. Based on
that position, Rule 144 adopted pursuant to the Securities Act would not be
available for resale transactions of the Securities despite technical
compliance with the requirements of such Rule, and the Securities can be resold
only through a registered offering or in reliance upon another exemption from
the registration requirements of the Securities Act. The Purchaser is able to
bear the economic risk of his investment in the Securities for an indefinite
period of time.

 

(viii)        The 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. The Purchaser has adequate means of providing for his
current financial needs and contingencies and 

 

5

 

will have no current or anticipated future
needs for liquidity which would be jeopardized by the investment in the
Securities. The Purchaser can afford a complete loss of his investment in the
Securities.

 

D.      Waiver of Right to Amounts in the Trust Account and
Indemnification.

 

(i)            The Purchaser hereby waives any
and all right, title, interest or claim of any kind in or to any distribution
of the trust account established by the Company for the deposit of proceeds
from the Initial Public Offering, as a result of any liquidation of the trust
account, with respect to the Founders’ Shares (“Claim”) and hereby
waives any Claim it 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 except for any amounts to which it
may be entitled upon liquidation of the Company in respect of the Purchaser’s
ownership of Shares other than the Founders’ Shares.

 

(ii)           The Purchaser acknowledges and agrees that the stockholders
of the Company, including those who purchase the units in the Initial Public
Offering, are and shall be third-party beneficiaries of the foregoing
provisions of Section 3.D. of this Agreement.

 

(iii)          The Purchaser agrees that to the extent any waiver of rights
under this Section 3.D. is ineffective as a matter of law, the Purchaser has
offered such waiver for the benefit of the Company as an equitable right that
shall survive any statutory disqualification or bar that applies to a legal
right. The Purchaser acknowledges the receipt and sufficiency of consideration
received from the Company hereunder in this regard.

 

Section
4. Conditions
of the Purchaser’s Obligations.

 

The
obligation of the Purchaser to purchase and pay for the Founders’ Units is
subject to the fulfillment, on or before the applicable Closing Date, of each
of the following conditions:

 

A.      Representations and Warranties. The representations and
warranties of the Company contained in Section 2, shall be true and correct at
and as of the applicable Closing Date as though then made.

 

B.       Performance. The Company shall have performed and complied with all
agreements, obligations and conditions contained in this Agreement that are
required to be performed or complied with by it on or before the applicable
Closing Date.

 

C.       No Injunction. No litigation, statute, rule, regulation, executive order,
decree, ruling or injunction shall have been enacted, entered, promulgated or
endorsed by or in any court or governmental authority of competent jurisdiction
or any self-regulatory organization having authority over the matters
contemplated hereby, which prohibits the consummation of any of the transactions
contemplated by this Agreement or the Warrant Agreement.

 

Section
5. Conditions
of the Company’s Obligations.

 

The
obligations of the Company to the Purchaser under this Agreement are subject to
the fulfillment, on or before the applicable Closing Date, of each of the
following conditions:

 

6

 

A.      Representations and Warranties. The representations and
warranties of the Purchaser contained in Section 3 shall be true and correct at
and as of the applicable Closing Date as though then made.

 

B.       Performance. The Purchaser shall have performed and complied with all
agreements, obligations and conditions contained in this Agreement that are
required to be performed or complied with by it on or before the applicable
Closing Date.

 

C.       Corporate Consents. The Company shall have obtained the consent of its Board
of Directors authorizing the execution, delivery and performance of this
Agreement and the Warrant Agreement and the issuance and sale of the Founders’
Units.

 

D.      No Injunction. No litigation, statute, rule, regulation, executive order,
decree, ruling or injunction shall have been enacted, entered, promulgated or
endorsed by or in any court or governmental authority of competent jurisdiction
or any self-regulatory organization having authority over the matters
contemplated hereby, which prohibits the consummation of any of the
transactions contemplated by this Agreement or the Warrant Agreement.

 

Section
6. Termination.

 

This
Agreement may be terminated at any time prior to the applicable Closing Date as
it relates only to the Securities to be purchased pursuant to this Agreement on
and after such Closing Date upon the mutual written consent of the Company and
the Purchaser.

 

Section
7. Survival
of Representations and Warranties.

 

All of
the representations and warranties contained herein shall survive the
applicable Closing Date.

 

Section
8. Definitions.

 

Terms
used but not otherwise defined in this Agreement shall have the meaning
assigned such terms in the Registration Statement.

 

Section
9. Escrow.

 

All
subscription funds received by the Company will be held in escrow pending the
closing of the purchase of the Founders’ Units (the “Closing”). The
Closing shall occur on such date as the Company has received complete and valid
subscriptions (including full payment) for 100% of the Founders’ Units. In
the event the Closing does not occur by February 29, 2008 or if the
Company otherwise determines not to accept this subscription, which it may do
in its sole and unilateral discretion, the Company shall promptly return the
purchase price to the Purchaser (without interest or deduction) and this
Agreement will thereafter be null and void and of no further force or effect.

 

7

 

Section
10. Miscellaneous.

 

A.      Legends; Transfer Restrictions.

 

(i)            Legends. The certificates evidencing
the Founders’ Units and the Founders’ Shares will include the legend set forth
on Exhibits  A and B hereto, respectively, which the
Purchaser has read and understands. The Founders’ Warrants and Shares issued
upon exercise of the Founders’ Warrants will include the legend set forth in Exhibit
B to the Warrant Agreement in the case of the Warrants and in the
Warrant Agreement in the case of the Shares, which the Purchaser has read and
understands.

 

(ii)           Transfer Restrictions. By accepting the Securities,
the Purchaser agrees, prior to any transfer of the Securities, to give written
notice to the Company expressing its desire to effect such transfer and
describing briefly the proposed transfer. Upon receiving such notice, the
Company shall present copies thereof to its counsel and the Purchaser agrees
not to make any disposition of all or any portion of the Securities unless and
until:

 

(a)           there is then in effect
a registration statement under the Securities Act covering such proposed
disposition and such disposition is made in accordance with such registration
statement, in which case the legends set forth above with respect to the
Securities sold pursuant to such registration statement shall be removed; or

 

(b)           if reasonably requested
by the Company, (A) the Purchaser shall have furnished the Company with an
opinion of counsel, reasonably satisfactory to the Company, that such
disposition will not require registration of such Securities under the
Securities Act, (B) the Company shall have received customary representations
and warranties regarding the transferee that are reasonably satisfactory to the
Company signed by the proposed transferee and (C) the Company shall have
received an agreement by such transferee to the restrictions contained in the
legends referred to in (i) hereof.

 

Notwithstanding
the foregoing, the Purchaser also understands and acknowledges that the
transfer of the Founders’ Units, Founders’ Shares, and Founders’ Warrants and
exercise of the Founders’ Warrants are subject to the specific conditions to
such transfer or exercise as outlined herein and the Warrant Agreement as to
which the Purchaser specifically assents by his execution hereof.

 

(iii)          Stop Transfer Notations. The Company may, from time to
time, make stop transfer notations in its records and deliver stop transfer
instructions to its transfer agent to the extent its counsel considers it
necessary to ensure compliance with federal and state securities laws and the
transfer restrictions contained elsewhere in this Agreement and the Warrant
Agreement.

 

B.       Successors and Assigns. Except as otherwise expressly provided herein, all
covenants and agreements contained in this Agreement by or on behalf of any of
the parties hereto shall bind and inure to the benefit of the respective
successors of the parties hereto whether so expressed or not. Notwithstanding
the foregoing or anything to the contrary herein, the parties may not assign
this Agreement.

 

8

 

C.       Severability. Whenever possible, each provision of this Agreement shall
be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be prohibited by or
invalid under applicable law, such provision shall be ineffective only to the
extent of such prohibition or invalidity, without invalidating the remainder of
this Agreement.

 

D.      Counterparts. This Agreement may be executed simultaneously in two or
more counterparts, none of which need contain the signatures of more than one
party, but all such counterparts taken together shall constitute one and the
same agreement.

 

E.       Descriptive Headings; Interpretation. The descriptive headings of
this Agreement are inserted for convenience only and do not constitute a
substantive part of this Agreement. The use of the word “including” in this
Agreement shall be by way of example rather than by limitation.

 

F.       Governing Law. This Agreement shall be deemed to be a contract made under
the laws of the State of New York and for all purposes shall be construed in
accordance with the internal laws of said State. Each of the parties hereto
also irrevocably waives all right to trial by jury in any action, proceeding or
counterclaim arising out of this Agreement or the transactions contemplated
hereby.

 

G.       Notices.
All notices, demands or other communications to be given or delivered under or
by reason of the provisions of this Agreement shall be in writing and shall be
deemed to have been given when delivered personally to the recipient, sent to
the recipient by reputable overnight courier service (charges prepaid) or
mailed to the recipient by certified or registered mail, return receipt
requested and postage prepaid. Such notices, demands and other communications
shall be sent:

 

	
  If to the Company:

  	
   

  	
  Leopard Acquisition Corp. 

  2500 N. Moose Wilson Road 

  Wilson, WY 83014 

  Fax No. (307) 734-2719  

  Attention: Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
  With a copy (not constituting notice) to:

  	
   

  	
  Alan I. Annex, Esq. 

  Greenberg Traurig LLP 

  200 Park Avenue 

  New York, NY 10166 

  Fax No.: (212) 801-6400

  
	
   

  	
   

  	
   

  
	
  If to the Purchaser:

  	
   

  	
  Donald P. Greenberg 

  55 Twin Glens Road 

  Ithaca, NY 14853 

  Fax No. (607) 255-0806

  

 

or to
such other address or to the attention of such other person as the recipient
party has specified by prior written notice to the sending party.

 

9

 

H.      No Strict Construction. The parties hereto have participated jointly in the
negotiation and drafting of this Agreement. In the event an ambiguity or
question of intent or interpretation arises, this Agreement shall be construed
as if drafted jointly by the parties hereto, and no presumption or burden of proof
shall arise favoring or disfavoring any party by virtue of the authorship of
any of the provisions of this Agreement.

 

[SIGNATURE
PAGE FOLLOWS]

 

10

 

IN
WITNESS WHEREOF, the parties hereto have executed this
Purchase Agreement on the date first written above.

 

 

	
   

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  LEOPARD ACQUISITION CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By 

  	
    /s/
  Mohammed M. Ansari

  
	
   

  	
  Name:

  	
  Mohammed M. Ansari

  
	
   

  	
  Title:

  	
  Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PURCHASER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DONALD P. GREENBERG

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
    /s/
  Donald P. Greenberg

  
				

 

 

[Signature
Page to Founders’ Securities Purchase Agreement]

 

 

Exhibit A

 

SPECIMEN OF UNIT
CERTIFICATE

 

	
  No.

  	
  LEOPARD
  ACQUISITION CORP.

  Incorporated under the
  Laws of the State of Delaware

  	
            UNIT(S)   

  

 

UNIT(S) EACH
CONSISTING OF ONE SHARE OF COMMON STOCK AND ONE WARRANT TO

PURCHASE ONE SHARE OF COMMON STOCK

 

SEE
REVERSE FOR CERTAIN DEFINITIONS

 

THIS CERTIFIES THAT                                                                                         IS
THE OWNER OF                                                                                                                                                 
UNIT(S). Each Unit (“Unit”) consists of one (1) share of common stock, par
value $0.001 per share (“Common Stock”), of Leopard Acquisition Corp., a
Delaware corporation (the “Company”), and one warrant (each, a “Warrant”). Each
Warrant entitles the holder to purchase one (1) share of Common Stock for $7.50
per share (subject to adjustment). The Common Stock and Warrant comprising each
Unit represented by this certificate are not transferable separately prior to
the thirty-fifth day following the date of the prospectus with respect to the
Company’s initial public offering (the “IPO”) unless J.P. Morgan Securities Inc. informs the Company of its decision to allow earlier separate transfer.
The terms of the Warrants are governed by the Warrant Agreement dated [                  ],
2008 between the Company and Continental Stock Transfer & Trust Company, as
amended, restated or supplemented from time to time (the “Warrant Agreement”),
and are subject to the terms and provisions contained therein, all of which
terms and provisions the holder of this certificate consents to by acceptance
hereof. Copies of the Warrant Agreement are on file at the office of the
Company, and are available to any Warrant holder on written request and without
cost.

 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE
SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE
DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND
ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM SUCH REGISTRATION IS
AVAILABLE. THESE SECURITIES ARE ALSO SUBJECT TO FORFEITURE AND ADDITIONAL
RESTRICTIONS ON TRANSFER OR SALE AND OTHER MATTERS PURSUANT TO A FOUNDERS’
SECURITIES PURCHASE AGREEMENT DATED [                    ],
2008, A COPY OF WHICH CAN BE OBTAINED FROM THE COMPANY AT ITS EXECUTIVE
OFFICES.

 

SECURITIES EVIDENCED BY THIS CERTIFICATE WILL BE
ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS AGREEMENT TO BE
EXECUTED BY THE CORPORATION.

 

WITNESS the seal of the Company and
the facsimile signature of its duly authorized officer.

 

Dated:                      , 2008

 

 

	
   

  	
  LEOPARD
  ACQUISITION CORP.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  2008

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CORPORATE
  SEAL DELAWARE

  	
  Authorized
  Officer

  

 

 

The
following abbreviations, when used in the inscription on the face of this
certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

 

	
  TEN COM

  	
   

  	
  as tenants in common

  	
   

  	
  Unif Gift Min Act -

  	
   

  	
   

  	
  Custodian

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TEN ENT

  	
   

  	
  tenants by the
  entireties

  	
   

  	
   

  	
   

  	
     (Cust)  (Minor)

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  as joint tenants with
  right of 

  	
   

  	
   

  	
   

  	
  Under Uniform Gifts to
  Minors 

  
	
   

  	
   

  	
  survivorship and not as

  	
   

  	
   

  	
   

  	
  Act:

  	
   

  
	
  JT TEN

  	
   

  	
  tenants in common

  	
   

  	
   

  	
   

  	
                    (State)

  
										

 

 

Additional
abbreviations may also be used though not in the above list.

 

LEOPARD
ACQUISITION CORP.

 

The
Company will furnish without charge to each stockholder who so requests the
powers, designations, preferences and relative, participating, option or other
special rights of each class of stock or series thereof of the Company and the
qualifications, limitations, or restrictions of such preferences and/or rights.
This certificate and the Units represented hereby are issued and shall be held
subject to the terms and conditions applicable to the securities underlying and
comprising the Units.

 

For Value Received,                      hereby sell, assign and
transfer unto

 

PLEASE
INSERT SOCIAL SECURITY OR OTHER

                IDENTIFYING
NUMBER OF ASSIGNEE

 

 

	
   

  
	
   

  
	
   

  
	
  (PLEASE PRINT OR
  TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

  

 

 

Units represented by the within
Certificate, and do hereby irrevocably constitute and appoint                                   
Attorney, to transfer the said Units on the books of the within named Company
with full power of substitution in the premises.

 

 

	
  Dated

  	
   

  	
   

  	
  By:

  
	
   

  	
   

  	
   

  	
  NOTICE:
  THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN
  UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR
  ENLARGEMENT OR ANY CHANGE WHATEVER.

  

 

 

Exhibit B

 

SPECIMEN FOUNDERS’ COMMON STOCK
CERTIFICATE

 

	
  NUMBER

  	
   

  	
  SHARES    

  

 

LEOPARD ACQUISITION CORP.

 

INCORPORATED UNDER THE LAWS
OF THE STATE OF DELAWARE

 

COMMON STOCK

 

SEE REVERSE FOR

CERTAIN DEFINITIONS

 

This Certifies that

 

is the owner of

 

FULLY PAID AND
NON-ASSESSABLE SHARES OF THE PAR VALUE OF $0.001

EACH OF THE COMMON STOCK OF

 

LEOPARD ACQUISITION CORP.

 

transferable on the books of the Company in person or
by duly authorized attorney upon surrender of this certificate properly
endorsed. Witness the seal of the Company and the facsimile signatures of its
duly authorized officers.

 

	
  Dated:

  	
  Leopard Acquisition Corp.

  2008
 CORPORATE SEAL 

  DELAWARE

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  [VICE PRESIDENT]

  	
   

  	
  SECRETARY

  

 

 

The following
abbreviations, when used in the inscription on the face of this certificate,
shall be construed as though they were written out in full according to
applicable laws or regulations:

 

	
  TEN COM

  	
   

  	
  as tenants in common

  	
   

  	
  UNIF GIFT MIN ACT -

  	
   

  	
   

  	
  Custodian

  	
   

  
	
  TEN ENT

  	
   

  	
  as tenants by the
  entireties

  	
   

  	
   

  	
   

  	
  (Cust                           (Minor)

  
	
  JT TEN

  	
   

  	
  as joint tenants with
  right of survivorship and not as tenants 

  	
   

  	
   

  	
   

  	
  under Uniform Gifts to
  Minors Act 

  
	
   

  	
   

  	
  in common

  	
   

  	
   

  	
   

  	
                    (State)

  

 

Additional
Abbreviations may also be used though not in the above list.

 

Leopard
Acquisition Corp.

 

The Company will furnish
without charge to each stockholder who so requests the powers, designations,
preferences and relative participating, optional or other special rights of
each class of stock or series thereof of the Company and the qualifications,
limitations, or restrictions of such preferences and/or rights. This
certificate and the shares represented hereby are issued and shall be held
subject to all the provisions of the Certificate of Incorporation and all
amendments thereto and resolutions of the Board of Directors providing for the
issue of shares of Preferred Stock (copies of which may be obtained from the
secretary of the Company), to all of which the holder of this certificate by
acceptance hereof assents.

 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED,
SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR
AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE. THESE SECURITIES ARE ALSO
SUBJECT TO (i) FORFEITURE, (ii) ADDITIONAL RESTRICTIONS ON TRANSFER OR SALE AND
(iii) VOTING REQUIREMENTS AND HOLDERS OF THE SECURITIES WAIVING ANY RIGHT TO
PARTICIPATE IN A LIQUIDATION DISTRIBUTION IN CERTAIN CIRCUMSTANCES, IN EACH
CASE PURSUANT TO A FOUNDERS’ SECURITIES PURCHASE AGREEMENT DATED
[                      ],
2008, A COPY OF WHICH CAN BE OBTAINED FROM THE COMPANY AT ITS EXECUTIVE
OFFICES.

 

SECURITIES
EVIDENCED BY THIS CERTIFICATE WILL BE ENTITLED TO REGISTRATION RIGHTS UNDER A
REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED BY THE CORPORATION.

 

 

	
  For value received,
                                                                                    
  hereby sell, assign and transfer unto

  
	
   

  	
   

  
	
  PLEASE INSERT
  SOCIAL 

  SECURITY OR OTHER 

  IDENTIFYING 

  NUMBER OF ASSIGNEE

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  
	
  (PLEASE PRINT OR
  TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE OF ASSIGNEE)

  

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  

shares

	
  of the capital stock
  represented by the within Certificate, and do hereby irrevocably constitute
  and appoint

  
	
   

  	
  Attorney

  
	
  to
  transfer the said stock on the books of the within named Company will full
  power of substitution in the premises.

  
	
   

  	
   

  
	
   

  	
   

  
	
  Dated

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Notice:
  The signature to this assignment must correspond with the name as written
  upon the face of the certificate in every particular, without alteration or
  enlargement or any change whatever.

  
	
   

  	
   

  
	
  Signature(s)
  Guaranteed:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  THE SIGNATURE(S) SHOULD
  BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS,
  SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED
  SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

  	
   

  
								

 

 

Exhibit C

 

WARRANT AGREEMENTExhibit 10.11

 

LEOPARD ACQUISITION CORP.

FOUNDERS’ SECURITIES PURCHASE AGREEMENT

 

THIS FOUNDERS’ SECURITIES PURCHASE AGREEMENT
(this “Agreement”), dated as of February 21, 2008, is entered into
by and among Leopard Acquisition Corp., a Delaware corporation (the “Company”)
and Daniel W. Cook, III (the “Purchaser”).

 

WHEREAS, the Company intends to
file a registration statement (the “Registration Statement”) for the
initial public offering of units (the “Initial Public Offering”), each
unit consisting of one share of the Company’s common stock, par value $0.001
per share (a “Share”), and one warrant to purchase one Share at an
exercise price of $7.50 per Share.

 

WHEREAS, concurrent with the
execution and delivery of this Agreement, the Purchaser desires to purchase and
the Company desires to issue and sell, upon the terms and conditions set forth
in this Agreement, for an aggregate purchase price of $248.45 (the “Founders’
Units Purchase Price”), 50,000 units (the “Founders’ Units”), each
unit consisting of one share of the Company’s common stock, par value $0.001
per share (the “Founders’ Shares”) and one warrant to purchase one Share
at an exercise price of $7.50 per share (the “Founders’ Warrants”).

 

NOW THEREFORE, in consideration
of the mutual promises contained in this Agreement and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties to this Agreement hereby agree as follows:

 

Section 1.
Authorization,
Purchase and Sale; Terms of the Founders’ Units, Founders’ Shares and Founders’
Warrants.

 

A.    Authorization of the Founders’ Units, Founders’ Shares,
Founders’ Warrants, and Shares Underlying the Founders’ Warrants. The Company has duly
authorized the issuance and sale to the Purchaser of each of the Founders’
Units, Founders’ Shares, Founders’ Warrants, and the Shares underlying each of
the Founders’ Warrants (collectively, the “Securities”).

 

B.    Purchase and Sale of the Founders’ Units. Concurrently with the
execution and delivery of this Agreement in the case of the Founders’ Units, or
as such date may be extended from time to time by mutual agreement of the
parties (in each case, the “Closing Date”),
the Company shall issue and sell to the Purchaser and the Purchaser shall
purchase from the Company, the Founders’ Units (consisting of the Founders’
Shares and Founders’ Warrants) for the Founders’ Units Purchase Price. On the
Closing Date, the Company shall deliver certificates evidencing the Founders’
Units, Founders’ Shares and Founders’ Warrants, to be purchased by the
Purchaser hereunder, in each case registered in the Purchaser’s name, upon the
payment by the Purchaser of the Founders’ Units Purchase Price by wire transfer
of immediately available funds (or by such other means as the Company and the
Purchaser shall agree) to the Company in accordance with the Company’s
instructions.

 

 

C.    Terms of the Founders’ Units, Founders’ Shares and Founders’
Warrants.

 

i.              Founders’ Units:
Each Unit of the Founders’ Units shall consist of one Founders’ Share and one
Founders’ Warrant and shall have the terms set forth in the Unit Certificate
attached as Exhibit A hereto.

 

ii.             Founders’ Shares:
The Founders’ Shares shall have the terms set forth in the Certificate of
Incorporation of the Company and the Founders’ Share Certificate attached as Exhibit B
hereto. Without limiting the foregoing, the Purchaser hereby expressly agrees
that if the Company consummates the Initial Public Offering, then (i) in
connection with the stockholder vote required to approve a merger, capital
stock exchange, asset acquisition or other similar business combination with
one or more businesses or assets (a “Business Combination”), the Purchaser
agrees to (x) vote the Founders’ Shares in accordance with a majority of
the shares of common stock voted by holders of shares of common stock issued in
the Initial Public Offering and (y) vote the Founders’ Shares in favor of
an amendment to the Company’s amended and restated certificate of incorporation
to provide for the Company’s perpetual existence, and (ii) the Purchaser
agrees to waive any right to participate in any liquidation distribution to the
extent set forth in Section 3.D of this Agreement.

 

iii.            Founders’ Warrants:
The Founders’ Warrants shall have the terms set forth in the Warrant Agreement
dated the date hereof between the Company and Continental Stock Transfer &
Trust Company, as set forth as Exhibit C hereto (as amended,
restated or supplemented from time to time, the “Warrant Agreement”).

 

iv.            INTENTIONALLY OMITTED.

 

v.             Transfer
Restrictions: In addition to the restrictions on transfer set forth in Section 10
hereof, the Purchaser shall not sell or transfer the Founders’ Units, Founders’
Shares, Founders’ Warrants and the Shares underlying the Founders’ Warrants for
a period of 180 days from the date the Company completes its initial business
combination except to a Company officer, director or employee, or any other
person or entity associated or affiliated with Purchaser (each, a “Permitted
Transferee”), who agrees in writing with the Company to be subject
to such transfer restrictions, vote the Founders’ Shares as provided in (ii) above;
waive any right to participate in any liquidation distribution as provided in (ii) above
and agrees to the adjustment of the Founders’ Units as provided in (vii) below.
During this period, the Purchaser and his Permitted Transferees shall retain
all other rights of holders of Shares, including, without limitation, the right
to vote their Shares (except as described above with respect to a Business
Combination) and the right to receive cash dividends, if declared. If dividends
are declared and payable in Shares, such dividends will also be subject to the
restrictions contained in this Section 1.C.(v).

 

vi.            Registration Rights:
In connection with the closing of the Initial Public Offering, the Company and
the Purchaser shall enter into an agreement (the “Registration Rights Agreement”)
granting the Purchaser registration rights with respect to the Securities.

 

2

 

vii.           Adjustment of
Founders’ Units:

 

(a)           INTENTIONALLY OMITTED.

 

(b)           INTENTIONALLY OMITTED.

 

(c)           INTENTIONALLY OMITTED.

 

Section 2.
Representations
and Warranties of the Company.

 

As a material inducement to the Purchaser to enter
into this Agreement and purchase the Founders’ Units, the Company hereby
represents and warrants to the Purchaser as of the date hereof and the
applicable Closing Date that:

 

A.    Organization and Corporate Power. The Company is a corporation
duly organized, validly existing and in good standing under the laws of the
State of Delaware and is qualified to do business in every jurisdiction in
which the failure to so qualify would reasonably be expected to have a material
adverse effect on the financial condition, operating results or assets of the
Company. The Company possesses all requisite corporate power and authority
necessary to carry out the transactions contemplated by this Agreement and the
Warrant Agreement.

 

B.    Authorization; No Breach.

 

(i)    The execution and delivery of this Agreement, the Warrant
Agreement, and the Founders’ Warrants and performance of this Agreement and the
Warrant Agreement have been duly authorized by the Company as of the applicable
Closing Date. This Agreement constitutes the valid and binding obligation of
the Company, enforceable in accordance with its terms. The Warrant Agreement
constitutes, and upon issuance in accordance with, and payment pursuant to, the
terms of the Warrant Agreement and this Agreement, and the Founders’ Warrants
will constitute, valid and binding obligations of the Company, enforceable in
accordance with their respective terms as of the applicable Closing Date.

 

(ii)   The execution and delivery by the Company of this Agreement,
the Warrant Agreement and the sale and issuance of each of the Securities and
the fulfillment of and compliance with the respective terms hereof and thereof
by the Company, do not and will not as of the applicable Closing Date (i) conflict
with or result in a breach of the terms, conditions or provisions of, (ii) constitute
a default under, (iii) result in the creation of any lien, security
interest, charge or encumbrance upon the Company’s capital stock or assets, (iv) result
in a violation of, or (v) require any authorization, consent, approval,
exemption or other action by or notice or declaration to, or filing with, any
court or administrative or governmental body or agency pursuant to the
Certificate of Incorporation of the Company or the bylaws of the Company, or
any material law, statute, rule or regulation to which the Company is
subject, or any agreement, order, judgment or decree to which the Company is
subject, except for any filings required after the date hereof under federal or
state securities laws.

 

C.    Title to Securities. Upon issuance in accordance with, and payment pursuant to,
the terms hereof and the Warrant Agreement, as the case may be, each of the
Securities will be duly and validly issued, fully paid and nonassessable. Upon
issuance in accordance with, and 

 

3

 

payment pursuant to, the terms hereof and the Warrant Agreement, as the
case may be, the Purchaser will have or receive good title to the Securities,
free and clear of all liens, claims and encumbrances of any kind, other than (a) transfer
restrictions hereunder and under the other agreements contemplated hereby, (b) transfer
restrictions under federal and state securities laws, and (c) liens,
claims or encumbrances imposed due to the actions of the Purchaser.

 

D.    Governmental Consents. No permit, consent, approval or authorization of, or
declaration to or filing with, any governmental authority is required in
connection with the execution, delivery and performance by the Company of this
Agreement or the Warrant Agreement, or the consummation by the Company of any
other transactions contemplated hereby.

 

Section 3.
Representations
and Warranties of the Purchaser.

 

As a material inducement to the Company to enter into
this Agreement and issue and sell the Founders’ Units, the Purchaser hereby
represents and warrants to the Company as of the date hereof and the applicable
Closing Date that:

 

A.    Capacity and State Law Compliance. The Purchaser has engaged in
the transactions contemplated by this Agreement within a state in which the
offer and sale of the Securities is permitted under applicable securities laws.
The Purchaser understands and acknowledges that the purchase of Shares upon the
exercise of the Founders’ Warrants will require the availability of an
exemption from registration under federal and/or state securities laws and that
any sale of such Shares shall require registration or the availability of an
exemption from registration under federal and/or state securities laws.

 

B.    Authorization; No Breach.

 

(i)    This Agreement constitutes a valid and binding obligation of
the Purchaser, enforceable in accordance with its terms.

 

(ii)   The execution and delivery by the Purchaser of this
Agreement and the fulfillment of and compliance with the respective terms
hereof by the Purchaser do not and shall not as of the applicable Closing Date
conflict with or result in a breach of the terms, conditions or provisions of
any agreement, instrument, order, judgment or decree to which the Purchaser is
subject.

 

C.    Investment Representations.

 

(i)    The Purchaser is acquiring the Securities for his own
account, for investment only and not with a view towards, or for resale in
connection with, any public sale or distribution thereof.

 

(ii)   The Purchaser is an “accredited investor” as such term is
defined in Rule 501(a)(3) of Regulation D.

 

(iii)  The Purchaser understands that the Securities are being
offered and will be sold to it in reliance on specific exemptions from the
registration requirements of the United 

 

4

 

States federal and state securities laws and that the Company is
relying upon the truth and accuracy of, and the Purchaser’s compliance with,
the representations and warranties of the Purchaser set forth herein in order
to determine the availability of such exemptions and the eligibility of the
Purchaser to acquire such Securities.

 

(iv)  The 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) under the Securities Act of 1933, as amended (the “Securities Act”).

 

(v)   The Purchaser has been furnished with all materials relating
to the business, finances and operations of the Company and materials relating
to the offer and sale of the Securities which have been requested by the
Purchaser. The Purchaser has been afforded the opportunity to ask questions of
the executive officers and directors of the Company. The Purchaser understands
that his investment in the Securities involves a high degree of risk. The
Purchaser has sought such accounting, legal and tax advice as the Purchaser has
considered necessary to make an informed investment decision with respect to
the Purchaser’s acquisition of the Securities.

 

(vi)  The 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 by the Purchaser nor have such
authorities passed upon or endorsed the merits of the offering of the
Securities.

 

(vii)         The Purchaser understands that: (a) the Securities have
not been and are not being registered under the Securities Act or any state
securities laws, and may not be offered for sale, sold, assigned or transferred
unless (A) subsequently registered thereunder or (B) sold in reliance
on an exemption therefrom; and (b) except as specifically set forth in the
Registration Rights Agreement, neither the Company nor any other person is
under any obligation to register the Securities under the Securities Act or any
state securities laws or to comply with the terms and conditions of any
exemption thereunder. In this regard, the Purchaser understands that the
Securities and Exchange Commission has taken the position that promoters or
affiliates of a blank check company and their transferees, both before and
after a Business Combination, are deemed to be “underwriters” under the
Securities Act when reselling the securities of a blank check company. Based on
that position, Rule 144 adopted pursuant to the Securities Act would not
be available for resale transactions of the Securities despite technical
compliance with the requirements of such Rule, and the Securities can be resold
only through a registered offering or in reliance upon another exemption from
the registration requirements of the Securities Act. The Purchaser is able to
bear the economic risk of his investment in the Securities for an indefinite
period of time.

 

(viii)        The 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. The Purchaser has adequate means of providing for his
current financial needs and contingencies and 

 

5

 

will have no current or anticipated future needs for liquidity which
would be jeopardized by the investment in the Securities. The Purchaser can
afford a complete loss of his investment in the Securities.

 

D.    Waiver of Right to Amounts in the Trust Account and
Indemnification.

 

(i)    The Purchaser hereby waives any and all right, title,
interest or claim of any kind in or to any distribution of the trust account
established by the Company for the deposit of proceeds from the Initial Public
Offering, as a result of any liquidation of the trust account, with respect to
the Founders’ Shares (“Claim”) and hereby waives any Claim it 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 except for any amounts to which it may be entitled upon
liquidation of the Company in respect of the Purchaser’s ownership of Shares
other than the Founders’ Shares.

 

(ii)   The Purchaser acknowledges and agrees that the stockholders
of the Company, including those who purchase the units in the Initial Public
Offering, are and shall be third-party beneficiaries of the foregoing
provisions of Section 3.D. of this Agreement.

 

(iii)  The Purchaser agrees that to the extent any waiver of rights
under this Section 3.D. is ineffective as a matter of law, the Purchaser
has offered such waiver for the benefit of the Company as an equitable right
that shall survive any statutory disqualification or bar that applies to a
legal right. The Purchaser acknowledges the receipt and sufficiency of
consideration received from the Company hereunder in this regard.

 

Section 4.
Conditions
of the Purchaser’s Obligations.

 

The obligation of the Purchaser to purchase and pay
for the Founders’ Units is subject to the fulfillment, on or before the
applicable Closing Date, of each of the following conditions:

 

A.    Representations and Warranties. The representations and
warranties of the Company contained in Section 2, shall be true and
correct at and as of the applicable Closing Date as though then made.

 

B.    Performance. The Company shall have performed and complied with all
agreements, obligations and conditions contained in this Agreement that are
required to be performed or complied with by it on or before the applicable
Closing Date.

 

C.    No Injunction. No litigation, statute, rule, regulation, executive order,
decree, ruling or injunction shall have been enacted, entered, promulgated or
endorsed by or in any court or governmental authority of competent jurisdiction
or any self-regulatory organization having authority over the matters
contemplated hereby, which prohibits the consummation of any of the transactions
contemplated by this Agreement or the Warrant Agreement.

 

Section 5.
Conditions
of the Company’s Obligations.

 

The obligations of the Company to the Purchaser under
this Agreement are subject to the fulfillment, on or before the applicable Closing
Date, of each of the following conditions:

 

6

 

A.    Representations and Warranties. The representations and
warranties of the Purchaser contained in Section 3 shall be true and
correct at and as of the applicable Closing Date as though then made.

 

B.    Performance. The Purchaser shall have performed and complied with all
agreements, obligations and conditions contained in this Agreement that are
required to be performed or complied with by it on or before the applicable
Closing Date.

 

C.    Corporate Consents. The Company shall have obtained the consent of its Board
of Directors authorizing the execution, delivery and performance of this
Agreement and the Warrant Agreement and the issuance and sale of the Founders’
Units.

 

D.    No Injunction. No litigation, statute, rule, regulation, executive order,
decree, ruling or injunction shall have been enacted, entered, promulgated or
endorsed by or in any court or governmental authority of competent jurisdiction
or any self-regulatory organization having authority over the matters
contemplated hereby, which prohibits the consummation of any of the
transactions contemplated by this Agreement or the Warrant Agreement.

 

Section 6.
Termination.

 

This Agreement may be terminated at any time prior to
the applicable Closing Date as it relates only to the Securities to be
purchased pursuant to this Agreement on and after such Closing Date upon the
mutual written consent of the Company and the Purchaser.

 

Section 7.
Survival
of Representations and Warranties.

 

All of the representations and warranties contained
herein shall survive the applicable Closing Date.

 

Section 8.
Definitions.

 

Terms used but not otherwise defined in this Agreement
shall have the meaning assigned such terms in the Registration Statement.

 

Section 9.
Escrow.

 

All subscription funds received by the Company will be
held in escrow pending the closing of the purchase of the Founders’ Units
(the “Closing”). The Closing shall occur on such date as the Company has received
complete and valid subscriptions (including full payment) for 100% of
the Founders’ Units. In the event the Closing does not occur by February 29,
2008 or if the Company otherwise determines not to accept this subscription,
which it may do in its sole and unilateral discretion, the Company shall
promptly return the purchase price to the Purchaser (without interest or
deduction) and this Agreement will thereafter be null and void and of no
further force or effect.

 

7

 

Section 10.
Miscellaneous.

 

A.    Legends; Transfer Restrictions.

 

(i)    Legends.
The certificates evidencing the Founders’ Units and the Founders’ Shares will
include the legend set forth on Exhibits  A and B hereto,
respectively, which the Purchaser has read and understands. The Founders’
Warrants and Shares issued upon exercise of the Founders’ Warrants will include
the legend set forth in Exhibit B to the Warrant Agreement in the
case of the Warrants and in the Warrant Agreement in the case of the Shares,
which the Purchaser has read and understands.

 

(ii)   Transfer Restrictions. By accepting the Securities, the Purchaser agrees, prior
to any transfer of the Securities, to give written notice to the Company
expressing its desire to effect such transfer and describing briefly the
proposed transfer. Upon receiving such notice, the Company shall present copies
thereof to its counsel and the Purchaser agrees not to make any disposition of
all or any portion of the Securities unless and until:

 

(a)   there
is then in effect a registration statement under the Securities Act covering
such proposed disposition and such disposition is made in accordance with such
registration statement, in which case the legends set forth above with respect
to the Securities sold pursuant to such registration statement shall be
removed; or

 

(b)   if
reasonably requested by the Company, (A) the Purchaser shall have
furnished the Company with an opinion of counsel, reasonably satisfactory to
the Company, that such disposition will not require registration of such
Securities under the Securities Act, (B) the Company shall have received
customary representations and warranties regarding the transferee that are
reasonably satisfactory to the Company signed by the proposed transferee and (C) the
Company shall have received an agreement by such transferee to the restrictions
contained in the legends referred to in (i) hereof.

 

Notwithstanding the foregoing, the Purchaser also
understands and acknowledges that the transfer of the Founders’ Units, Founders’
Shares, and Founders’ Warrants and exercise of the Founders’ Warrants are
subject to the specific conditions to such transfer or exercise as outlined
herein and the Warrant Agreement as to which the Purchaser specifically assents
by his execution hereof.

 

(iii)  Stop Transfer Notations. The Company may, from time to time, make stop transfer
notations in its records and deliver stop transfer instructions to its transfer
agent to the extent its counsel considers it necessary to ensure compliance
with federal and state securities laws and the transfer restrictions contained
elsewhere in this Agreement and the Warrant Agreement.

 

B.    Successors and Assigns. Except as otherwise expressly provided herein, all
covenants and agreements contained in this Agreement by or on behalf of any of
the parties hereto shall bind and inure to the benefit of the respective
successors of the parties hereto whether so expressed or not. Notwithstanding
the foregoing or anything to the contrary herein, the parties may not assign
this Agreement.

 

8

 

C.    Severability. Whenever possible, each provision of this Agreement shall
be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be prohibited by or
invalid under applicable law, such provision shall be ineffective only to the
extent of such prohibition or invalidity, without invalidating the remainder of
this Agreement.

 

D.    Counterparts. This Agreement may be executed simultaneously in two or
more counterparts, none of which need contain the signatures of more than one
party, but all such counterparts taken together shall constitute one and the
same agreement.

 

E.     Descriptive Headings; Interpretation. The descriptive headings of
this Agreement are inserted for convenience only and do not constitute a
substantive part of this Agreement. The use of the word “including” in this
Agreement shall be by way of example rather than by limitation.

 

F.     Governing Law. This Agreement shall be deemed to be a contract made under
the laws of the State of New York and for all purposes shall be construed in
accordance with the internal laws of said State. Each of the parties hereto
also irrevocably waives all right to trial by jury in any action, proceeding or
counterclaim arising out of this Agreement or the transactions contemplated
hereby.

 

G.    Notices.
All notices, demands or other communications to be given or delivered under or
by reason of the provisions of this Agreement shall be in writing and shall be
deemed to have been given when delivered personally to the recipient, sent to
the recipient by reputable overnight courier service (charges prepaid) or
mailed to the recipient by certified or registered mail, return receipt
requested and postage prepaid. Such notices, demands and other communications
shall be sent:

 

	
  If to the Company:

  	
   

  	
  Leopard Acquisition
  Corp.

  2500 N. Moose Wilson Road

  Wilson, WY 83014

  Fax No. (307) 734-2719

  Attention: Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
  With a copy (not
  constituting notice) to:

  	
   

  	
  Alan I.
  Annex, Esq.

  Greenberg Traurig LLP

  200 Park Avenue

  New York, NY 10166

  Fax No.: (212) 801-6400

  
	
   

  	
   

  	
   

  
	
  If to the Purchaser:

  	
   

  	
  Daniel W.
  Cook, III

  4004 Miramar Avenue

  Dallas, TX 75205

  Fax No. (972) 931-9906

  

 

or to such other address or to the attention of such
other person as the recipient party has specified by prior written notice to
the sending party.

 

9

 

H.    No Strict Construction. The parties hereto have participated jointly in the
negotiation and drafting of this Agreement. In the event an ambiguity or
question of intent or interpretation arises, this Agreement shall be construed
as if drafted jointly by the parties hereto, and no presumption or burden of
proof shall arise favoring or disfavoring any party by virtue of the authorship
of any of the provisions of this Agreement.

 

[SIGNATURE PAGE FOLLOWS]

 

10

 

IN WITNESS WHEREOF, the parties
hereto have executed this Purchase Agreement on the date first written above.

 

 

	
   

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  LEOPARD ACQUISITION CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By 

  	
       /s/
  Mohammed M. Ansari

  
	
   

  	
  Name:

  	
  Mohammed M. Ansari

  
	
   

  	
  Title:

  	
  Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PURCHASER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DANIEL W. COOK, III

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Daniel W. Cook, III

  
				

 

 

[Signature
Page to Founders’ Securities Purchase Agreement]

 

 

Exhibit A

 

SPECIMEN OF UNIT CERTIFICATE

 

	
  No.                 

  	
   

  	
  LEOPARD ACQUISITION CORP.

  Incorporated under the
  Laws of the State of Delaware

  	
   

  	
                UNIT(S)    

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  UNIT(S) EACH CONSISTING OF ONE SHARE OF COMMON
  STOCK AND ONE WARRANT TO PURCHASE ONE SHARE OF COMMON STOCK

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SEE REVERSE FOR CERTAIN DEFINITIONS

  

 

THIS CERTIFIES THAT                                                                                         IS
THE OWNER OF                      
                                  
                                                                                                 
UNIT(S). Each Unit (“Unit”) consists of one (1) share of common stock, par
value $0.001 per share (“Common Stock”), of Leopard Acquisition Corp., a
Delaware corporation (the “Company”), and one warrant (each, a “Warrant”). Each
Warrant entitles the holder to purchase one (1) share of Common Stock for
$7.50 per share (subject to adjustment). The Common Stock and Warrant
comprising each Unit represented by this certificate are not transferable
separately prior to the thirty-fifth day following the date of the prospectus
with respect to the Company’s initial public offering (the “IPO”) unless J.P. Morgan Securities Inc. informs the Company of its decision to allow earlier separate transfer.
The terms of the Warrants are governed by the Warrant Agreement dated [                  ],
2008 between the Company and Continental Stock Transfer & Trust
Company, as amended, restated or supplemented from time to time (the “Warrant
Agreement”), and are subject to the terms and provisions contained therein, all
of which terms and provisions the holder of this certificate consents to by
acceptance hereof. Copies of the Warrant Agreement are on file at the office of
the Company, and are available to any Warrant holder on written request and
without cost.

 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE
SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE
DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND
ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM SUCH REGISTRATION IS
AVAILABLE. THESE SECURITIES ARE ALSO SUBJECT TO FORFEITURE AND ADDITIONAL
RESTRICTIONS ON TRANSFER OR SALE AND OTHER MATTERS PURSUANT TO A FOUNDERS’
SECURITIES PURCHASE AGREEMENT DATED [                    ],
2008, A COPY OF WHICH CAN BE OBTAINED FROM THE COMPANY AT ITS EXECUTIVE
OFFICES.

 

SECURITIES EVIDENCED BY THIS CERTIFICATE WILL BE
ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS AGREEMENT TO BE
EXECUTED BY THE CORPORATION.

 

WITNESS the seal of the Company and
the facsimile signature of its duly authorized officer.

 

Dated:                   ,
2008

 

 

	
   

  	
  LEOPARD ACQUISITION CORP.

  	
   

  
	
   

  	
   

  	
  Authorized Officer

  
	
   

  	
  2008

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CORPORATE SEAL DELAWARE

  	
   

  

 

 

The following abbreviations, when used in the
inscription on the face of this certificate, shall be construed as though they
were written out in full according to applicable laws or regulations:

 

	
  TEN COM

  	
   

  	
  as tenants in
  common

  	
   

  	
  Unif Gift Min
  Act -

  	
   

  	
   

  	
  Custodian

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TEN ENT

  	
   

  	
  tenants by the
  entireties

  	
   

  	
   

  	
   

  	
  (Cust)  (Minor)

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  as joint tenants
  with right

  	
   

  	
   

  	
   

  	
  Under Uniform Gifts to Minors

  
	
   

  	
   

  	
  of survivorship
  and not as

  	
   

  	
   

  	
   

  	
  Act:

  	
   

  
	
  JT TEN

  	
   

  	
  tenants in
  common

  	
   

  	
   

  	
   

  	
  (State)

  
										

 

Additional abbreviations may also be used though not
in the above list.

 

LEOPARD ACQUISITION CORP.

 

The Company will furnish without charge to each stockholder
who so requests the powers, designations, preferences and relative,
participating, option or other special rights of each class of stock or series
thereof of the Company and the qualifications, limitations, or restrictions of
such preferences and/or rights. This certificate and the Units represented
hereby are issued and shall be held subject to the terms and conditions
applicable to the securities underlying and comprising the Units.

 

For Value
Received,                   
hereby sell, assign and transfer unto

 

PLEASE INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING
NUMBER OF ASSIGNEE

 

	
   

  
	
   

  

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF
ASSIGNEE)

 

Units represented by the within
Certificate, and do hereby irrevocably constitute and appoint                                   
Attorney, to transfer the said Units on the books of the within named Company
with full power of substitution in the premises.

 

 

	
  Dated
  

  	
                               

  	
   

  	
   

  	
  By:

  
	
   

  	
   

  	
  NOTICE:
  THE SIGNATURE TO THIS

  ASSIGNMENT MUST CORRESPOND WITH THE

  NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR,

  WITHOUT ALTERATION OR ENLARGEMENT

  OR ANY CHANGE WHATEVER.

  

 

 

Exhibit B

 

SPECIMEN
FOUNDERS’ COMMON STOCK CERTIFICATE

 

	
  NUMBER

  	
   

  	
  SHARES      

  

 

LEOPARD ACQUISITION
CORP.

 

INCORPORATED UNDER
THE LAWS OF THE STATE OF DELAWARE

 

COMMON STOCK

 

SEE REVERSE FOR

CERTAIN DEFINITIONS

 

This Certifies
that

 

is the owner of

 

FULLY PAID AND
NON-ASSESSABLE SHARES OF THE PAR VALUE OF $0.001

EACH OF THE COMMON STOCK OF

 

LEOPARD ACQUISITION
CORP.

 

transferable on the books of the Company in person or
by duly authorized attorney upon surrender of this certificate properly
endorsed. Witness the seal of the Company and the facsimile signatures of its
duly authorized officers.

 

	
  Dated:

  	
   

  	
  Leopard Acquisition Corp.

  2008
 CORPORATE SEAL

  DELAWARE

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  [VICE PRESIDENT]

  	
   

  	
   

  	
   

  	
  SECRETARY

  

 

 

The following
abbreviations, when used in the inscription on the face of this certificate,
shall be construed as though they were written out in full according to
applicable laws or regulations:

 

	
  TEN COM

  	
   

  	
  as tenants in
  common

  	
   

  	
  UNIF GIFT MIN
  ACT - 

  	
   

  	
  Custodian

  	
   

  
	
  TEN ENT

  	
   

  	
  as tenants by
  the entireties

  	
   

  	
                                           (Cust                        (Minor)

  
	
  JT TEN

  	
   

  	
  as joint tenants
  with right of 

  survivorship and not as tenants 

  in common

  	
   

  	
                               under
  Uniform Gifts to Minors Act

  
	
   

  	
   

  	
   

  	
   

  	
  (State)

  

 

Additional Abbreviations
may also be used though not in the above list.

 

Leopard Acquisition Corp.

 

The Company will furnish without charge to each stockholder who so
requests the powers, designations, preferences and relative participating,
optional or other special rights of each class of stock or series thereof of
the Company and the qualifications, limitations, or restrictions of such
preferences and/or rights. This certificate and the shares represented hereby
are issued and shall be held subject to all the provisions of the Certificate
of Incorporation and all amendments thereto and resolutions of the Board of Directors
providing for the issue of shares of Preferred Stock (copies of which may be
obtained from the secretary of the Company), to all of which the holder of this
certificate by acceptance hereof assents.

 

THE SECURITIES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY
STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR
OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM SUCH
REGISTRATION IS AVAILABLE. THESE SECURITIES ARE ALSO SUBJECT TO
(i) FORFEITURE, (ii) ADDITIONAL RESTRICTIONS ON TRANSFER OR SALE AND
(iii) VOTING REQUIREMENTS AND HOLDERS OF THE SECURITIES WAIVING ANY RIGHT
TO PARTICIPATE IN A LIQUIDATION DISTRIBUTION IN CERTAIN CIRCUMSTANCES, IN EACH
CASE PURSUANT TO A FOUNDERS’ SECURITIES PURCHASE AGREEMENT DATED
[                      ],
2008, A COPY OF WHICH CAN BE OBTAINED FROM THE COMPANY AT ITS EXECUTIVE
OFFICES.

 

SECURITIES EVIDENCED BY THIS
CERTIFICATE WILL BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS
AGREEMENT TO BE EXECUTED BY THE CORPORATION.

 

 

For value received,
                                                                                  
hereby sell, assign and transfer unto

 

	
  PLEASE INSERT SOCIAL

  SECURITY OR OTHER

  IDENTIFYING

  NUMBER OF ASSIGNEE

  	
   

  

 

 

	
   

  
	
   

  	
  (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS,
  INCLUDING ZIP CODE OF ASSIGNEE)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  shares

  
					

of the capital stock represented by the within Certificate, and do
hereby irrevocably constitute and appoint

	
   

  	
   

  	
  Attorney

  

to transfer the said stock on the
books of the within named Company will full power of substitution in the
premises.

 

 

	
  Dated

  	
                                         

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Notice:
  The signature to this assignment must correspond with the name as written
  upon the face of the certificate in every particular, without alteration or
  enlargement or any change whatever.

  
	
   

  	
   

  	
   

  
	
  Signature(s) Guaranteed:

  	
   

  	
   

  

 

	
   

  	
   

  	
   

  
	
  THE
  SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION
  (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH
  MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO
  S.E.C. RULE 17Ad-15).

  	
   

  	
   

  

 

 

Exhibit C

 

WARRANT
AGREEMENT

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