Document:

SECURITIES ASSIGNMENT AGREEMENT

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

WHEREAS, pursuant to that certain initial unit subscription agreement, effective as of October 31, 2007, by and between BPW Acquisition Corp. (the “Company”) and the Sellers, the Sellers purchased an aggregate of 10,781,250 units (the “Founders’ Units”), each consisting of one share (the “Founders’ Shares”) of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), and one warrant (the
“Founders’ Warrants”) exercisable for one share of Common Stock (the “Underlying Shares” and collectively with the Founders’ Units, the Founders’ Shares and the Founders’ Warrants, the “Founders’ Securities”).

WHEREAS, pursuant to that certain securities purchase agreement, effective as of even date herewith, by and between the Sellers and the Buyers, the Sellers sold an aggregate of 227,001 Founders’ Units at cost to the Buyers and the Sellers committed to sell and the Buyers committed to purchase an aggregate of 149,466 sponsors’ warrants of the Company.

WHEREAS, on the terms and subject to the conditions set forth in this Assignment, the Sellers wish to assign an aggregate of 150,000 Founders’ Units at cost to the Buyers and the Buyers wish to purchase such Founders’ Units from the Sellers. 

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

Section 1 Assignment of Founders’ Units.   Sellers hereby assign an aggregate of 150,000 Founders’ Units to the Buyers, with each Buyer receiving 50,000 Founders’ Units. The Buyers have paid to the Sellers an aggregate amount of Three Hundred and Forty-Seven Dollars and Eighty-Two Cents ($347.82) (the “Purchase Price”), in consideration of the assignment. Within a reasonable time after the date hereof, (i) the Sellers shall deliver to the Company for cancellation the certificates representing the Founders’ Units held by the Sellers sold to the
Buyers hereunder, (ii) the Company shall re-issue to the Sellers certificates representing the Founders’ Units held by the Sellers after giving effect to the sale of such Founders’ Units  to the Buyers hereunder and (iii) the Company shall issue and deliver to the Buyers certificates representing the Founders’ Units purchased by the Buyers hereunder. The Buyers acknowledge that the Founders’ Warrants included in the Founders’ Units purchased by the Buyers hereunder have the terms set forth in a warrant agreement to be entered into by and between the Company and Mellon Bank, N.A., as warrant agent, in substantially the form attached hereto as Exhibit A, (the “Warrant Agreement”).

Section 2 No Conflicts.   Each party represents and warrants that neither the execution and delivery of this Assignment by such, nor the consummation or performance by such party of any of transactions contemplated hereby, will with or without notice or lapse of time, constitute,

 

 

create or result in a breach or violation of, default under, loss of benefit or right under or acceleration of performance of any obligation required under any agreement to which it is a party. 

Section 3   Adjustment of Units. Each Buyer acknowledges that if the number of units offered to the public in the IPO is increased or decreased, the Founders’ Units purchased by such Buyer hereunder will be adjusted in the same proportion as the increase or decrease of the units offered to the public in the IPO in order to ensure that the aggregate amount of Founders’ Shares held by the Sellers, the Buyers and their respective Permitted Transferees does not exceed 20% ownership interest of the Company’s issued and outstanding shares of Common Stock after giving effect to the IPO, any exercise of the Underwriters’ over-allotment option, and any such increase or decrease. Each Buyer agrees to take any and all action reasonably requested by
the Company necessary to effect any adjustment pursuant to this Section 3; provided that each Buyer acknowledges that the Company will not make or receive any cash payment to or from such Buyer in respect of any such adjustment. Each Buyer acknowledges and agrees that these Founders’ Securities and any additional Founders’ Securities they may hold shall (a) be subject to the applicable transfer restrictions, registration rights, voting, waiver of liquidation rights, forfeiture and adjustment provisions set forth in the Warrant Agreement, this Assignment and a letter agreement to be entered into by and between the Company and each Buyer in connection with the closing of the IPO in substantially the form attached hereto as Exhibit B, and (b) bear the legends set forth in Section 4 below.

Section 4  Restrictive Legends. All certificates representing the Founders’ Securities purchased by the Buyers hereunder shall have endorsed thereon legends in substantially the following forms (in addition to any other legend which may be required by other agreements between the parties hereto):

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

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

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

Section 5   Investment Representations.   Each Buyer represents, warrants, acknowledges and agrees, with respect to himself only, as follows:

(a)  Such Buyer has been furnished with all materials relating to the Company’s business affairs and financial condition and the terms and conditions of the Founders’ Securities 

 

 

that have been requested by such Buyer and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Founders’ Securities. Such Buyer has been afforded the opportunity to ask questions and receive answers relating to the Company’s business affairs and financial condition and the terms and conditions of the Founders’ Securities. Such Buyer understands that its investment in the Founders’ Securities involves a high degree of risk. Such Buyer has sought such accounting, legal and tax advice as such Buyer has considered necessary to make an informed investment decision with respect to such Buyer’s acquisition of the Founders’ Securities. Such Buyer has such knowledge and expertise in financial and business matters, knows of the high degree of risk associated with investments generally and particularly
investments in the securities of companies in the development stage such as the Company, is capable of evaluating the merits and risks of an investment in the Founders’ Securities, and is able to bear the economic risk of an investment in the Founders’ Securities in the amount contemplated hereunder. Such Buyer has adequate means of providing for its current financial needs and contingencies and will have no current or anticipated future needs for liquidity which would be jeopardized by the investment in the Founders’ Securities. Such Buyer can afford a complete loss of its investment in the Founders’ Securities. Such Buyer is purchasing the Founders’ Securities for investment for such Buyer’s own account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act of 1933, as amended (the “Act”). Such Buyer understands that the Company is a blank check development stage company recently formed for the purpose of consummating an initial business combination (a “Business Combination”) and understands that there is no assurance as to the future performance of the Company and that the Company may never effectuate a Business Combination.

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

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

(d)  Such Buyer is familiar with the provisions of Rule 144 under the Act, as in effect from time to time (“Rule 144”), which, in substance, permit limited public resale of “restricted securities” acquired, directly or indirectly, from the issuer thereof (or from an affiliate of such issuer), in a non-public offering subject to the satisfaction of certain conditions. Unless the Company registers the Founders’ Securities under the Act, the Founders’ Securities may be resold by such Buyer only in certain limited circumstances subject to the provisions of Rule 144,

 

 

which requires, among other things: (i) the availability of certain public information about the Company and (ii) the resale occurring following the required holding period under Rule 144 after such Buyer has purchased, and made full payment of (within the meaning of Rule 144), the securities to be sold.

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

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

(g) Such Buyer did not decide to enter into this Assignment as a result of any general solicitation or general advertising within the meaning of Rule 502(c) of the Act.

(h)  Such Buyer understands that no United States federal or state agency or any other government or governmental agency has passed on or made any recommendation or endorsement of the Founders’ Securities or the fairness or suitability of the investment in the Founders’ Securities , nor have such authorities passed upon or endorsed the merits of the offering of the Founders’ Securities.

Section 6 Miscellaneous.   This Assignment, together with the certificates, documents, instruments and writings that are delivered pursuant hereto, constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter. This Assignment may be executed in two or more counterparts, each of which will be deemed an original but all of which together will constitute one and the same instrument. This Assignment may not be amended, modified or waived as to any particular provision, except by a written instrument executed by all parties hereto. Except as otherwise provided herein, no party hereto may assign either this Assignment or
any of its rights, interests, or obligations hereunder without the prior written approval of the other party. This Assignment shall inure to the benefit of and be binding upon the successors and, subject to the restrictions on transfer herein set forth, the permitted assigns of the parties hereto. This Assignment shall be governed by and construed in accordance with the laws of the State of New York without regard to the principles of conflicts of law thereof. The parties agree that any action brought by either party to interpret or enforce any provision of this 

 

 

Assignment shall be brought in, and each party agrees to, and does hereby, submit to the jurisdiction and venue of, the appropriate state or federal court for the State of New York.

[SIGNATURE PAGE FOLLOWS]

 

 

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

 

	
                         
 	
                         
 	

                        PERELLA WEINBERG PARTNERS ACQUISITION LP

	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 	
                         
 	
                        By: 
 	
                        PWP ACQUISITION GP LLC, its general partner
 
	
                         
 	
                         
 	
                         
 	
                         
 	
                        By: 
 	
                           
 
	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 	
                        Name: Joseph R. Perella
 
	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 	
                        Title: Authorized Signatory
 

 

	
                         
 	
                         
 	
                         
 	

                        BNYH BPW HOLDINGS LLC

	 	 	 	 	 	 
	
                         
 	
                         
 	
                         
 	
                         
 	
                        By: 
 	
                           
 
	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 	
                        Name: Michael E. Martin
 
	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 	
                        Title: Authorized Signatory
 

 

	
                          
 	
                         
 	
                         
 	
                          
 
	
                         
 	
                         
 	
                         
 	
                        Roger W. Einiger
 

 

	
                          
 	
                         
 	
                         
 	
                          
 
	
                         
 	
                         
 	
                         
 	
                        J. Richard Fredericks
 

 

	
                          
 	
                         
 	
                         
 	
                          
 
	
                         
 	
                         
 	
                         
 	
                        Wolfgang Schoellkopf
 

 

 

Exhibit A

FORM OF WARRANT AGREEMENT

 

 

Exhibit B

FORM OF LETTER AGREEMENTExhibit 4.5(a)

EXECUTION VERSION

AMENDMENT TO THE RIGHTS AGREEMENT

THIS AMENDMENT TO THE PREFERRED STOCK RIGHTS AGREEMENT (this “Amendment”) is entered into as of January 17, 2008, by and between JetBlue Airways Corporation (the “Company”) and Computershare Trust Company, N.A. (formerly known as EquiServe Trust Company, N.A.), as rights agent (the “Rights Agent”).

WHEREAS, the Company and the Rights Agent are parties to that certain Rights Agreement, dated as of April 1, 2002 (the “Rights Agreement”);

WHEREAS, Deutsche Lufthansa AG, an aktiengesellschaft organized under the laws of the Federal Republic of Germany (the “Investor”) and the Company have entered into a Stock Purchase Agreement, dated as of December 13, 2007 (the “Stock Purchase Agreement”), that provides for, among other things, the purchase by the Investor of 42,589,347 shares of common stock of the Company, par value $0.01 per share (the “Common Shares”), at an aggregate purchase price of $309,624,552.69 (the “Issuance”);

WHEREAS, as a result of the Issuance, the Investor will be the beneficial owner of approximately 19.0% of the issued and outstanding Common Shares;

WHEREAS, under the terms of the Rights Agreement, as a result of the Issuance, the Investor would be deemed an “Acquiring Person” (as defined in the Rights Agreement);

WHEREAS, the Rights Agreement provides that, subject to certain conditions, if any person or group becomes an Acquiring Person, then each Right (as defined in the Rights Agreement) (other than Rights beneficially owned by the Acquiring Person and certain affiliated persons) would become exercisable and could, among other things, entitle its holder to purchase Common Shares for a purchase price equal to approximately half of the current market price;

WHEREAS, it is not the intent of the Company that solely by reason of the transactions contemplated by the Stock Purchase Agreement, the Investor and its affiliates be deemed an Acquiring Person which could result in the Rights becoming exercisable;

WHEREAS, on December 13, 2007, the Board of Directors of the Company adopted a resolution approving the execution of this Amendment to the Rights Agreement and directed the Rights Agent to enter into this Amendment; and

WHEREAS, Section 27 of the Rights Agreement permits the Company to amend the Rights Agreement on the terms set forth in this Amendment.

NOW, THEREFORE, in consideration of the premises and mutual agreements herein set forth, the parties hereby agree as follows:

SECTION 1.01. Amendment of the definition of “Acquiring Person”. The definition of “Acquiring Person” in Section l(a) of the Rights Agreement is amended by deleting the first sentence of the definition in its entirety and replacing it with the following:

“(a) “ACQUIRING PERSON” shall mean any Person who or which,

 

 

together with all Affiliates and Associates of such Person, shall be the Beneficial Owner of 15% or more of the Common Shares then outstanding, but shall not include (i) the Company, any Subsidiary of the Company or any employee benefit plan of the Company or of any Subsidiary of the Company, or any entity holding Common Shares for or pursuant to the terms of any such plan or (ii) any of Chase New Air Investors, Quantum Industrial Partners LDC, Weston Presidio or Deutsche Lufthansa AG (each, a “PERMITTED INVESTOR”), or any of its or their respective Affiliates or Associates (each, collectively with their respective Permitted Investor, an “INVESTOR GROUP”), PROVIDED THAT any such Investor Group’s beneficial ownership does not exceed in the aggregate 25% of the Common Shares of the Company then outstanding, or in the case of an Investor Group made up of Quantum Industrial
Partners LDC and its Affiliates or Associates (a “QUANTUM INVESTOR GROUP”), 30% of the Common Shares of the Company then outstanding, or in the case of an Investor Group made up of Deutsche Lufthansa AG and its Affiliates or Associates (a “DEUTSCHE LUFTHANSA AG INVESTOR GROUP”), 20% of the Common Shares of the Company then outstanding. Notwithstanding the foregoing, no Person shall be deemed to be an Acquiring Person as the result of an acquisition of Common Shares by the Company which, by reducing the number of shares outstanding, increases the proportionate number of shares beneficially owned by such Person to 15% or more of the Common Shares of the Company then outstanding (or in the case of an Investor Group other than a Deutsche Lufthansa AG Investor Group or Quantum Investor Group, more than 25% of the Common Shares then outstanding, in the case of a Deutsche Lufthansa AG Investor Group, more than 20% of the Common Shares then outstanding, or in the case of a
Quantum Investor Group, more than 30% of the Common Shares then outstanding); provided, however, that if a Person shall become the Beneficial Owner of 15% or more of the Common Shares of the Company then outstanding (or in the case of an Investor Group other than a Deutsche Lufthansa AG Investor Group or Quantum Investor Group, more than 25% of the Common Shares then outstanding, in the case of a Deutsche Lufthansa AG Investor Group, more than 20% of the Common Shares then outstanding, or in the case of a Quantum Investor Group, more than 30% of the Common Shares then outstanding) by reason of share purchases by the Company and shall, after such share purchases by the Company, become the Beneficial Owner of any additional Common Shares of the Company (other than pursuant to a dividend or distribution paid or made by the Company on the outstanding Common Shares in Common Shares or pursuant to a split or subdivision of the outstanding Common Shares), then such Person shall be deemed to
be an Acquiring Person unless upon becoming the Beneficial Owner of such additional Common Shares of the Company such Person does not beneficially own 15% or more of the Common Shares of the Company then outstanding (or in the case of an

 

 

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Investor Group other than a Deutsche Lufthansa AG Investor Group or Quantum Investor Group, more than 25% of the Common Shares then outstanding, in the case of a Deutsche Lufthansa AG Investor Group, more than 20% of the Common Shares then outstanding, or in the case of a Quantum Investor Group, more than 30% of the Common Shares then outstanding).”

SECTION 1.02. New Section 35. Section 35 is hereby added to the Rights Agreement to read in its entirety as follows:

“Section 35. The Stock Purchase Agreement. Notwithstanding anything contained in this Agreement to the contrary, (a) neither the approval, execution, delivery or public announcement of the Stock Purchase Agreement, dated as of December 13, 2007 (the “STOCK PURCHASE AGREEMENT”), between the Company and Deutsche Lufthansa AG, nor the consummation of the transactions contemplated thereby (including, without limitation, the issuance of the Common Shares) or the performance by the Company of its obligations thereunder shall cause (i) the Rights to become exercisable or (ii) Deutsche Lufthansa AG or any of its Affiliates or Associates to be an Acquiring Person and (b) solely for purposes of determining whether Deutsche Lufthansa AG or any of its Affiliates or Associates is an Acquiring
Person, until such time as the standstill obligations set forth in Section 5.13 of the Stock Purchase Agreement lapse in accordance with Section 5.13(c) thereof, the Common Shares acquired by Deutsche Lufthansa AG or any of its Affiliates or Associates pursuant to the Stock Purchase Agreement, and any Common Shares hereafter acquired by Deutsche Lufthansa AG or any of its Affiliates or Associates up to 20% of the Common Shares then outstanding, shall be excluded from the Common Shares deemed hereunder to be Beneficially Owned by Deutsche Lufthansa AG or any of its Affiliates or Associates.”

SECTION 1.03. Amendment of Section 21. Section 21 of the Rights Agreement is hereby amended by adding a new sentence after the existing first sentence as follows:

“In the event the transfer agency relationship in effect between the Company and the Rights Agent terminates, the Rights Agent will be deemed to have resigned automatically and be discharged from its duties under this Agreement as of the effective date of such termination, and the Company shall be responsible for sending any required notice.”

SECTION 1.04. New Section 36. Section 36 is hereby added to the Rights Agreement to read in its entirety as follows:

“Section 36. Force Majeure. Notwithstanding anything to the contrary contained herein, the Rights Agent shall not be liable for any delays or

 

 

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failures in performance resulting from acts beyond its reasonable control including, without limitation, acts of God, terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunction of computer facilities, or loss of data due to power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties, war, or civil unrest.”

SECTION 1.05. Conflict. Except as set forth in this Amendment, all terms and provisions of the Rights Agreement shall remain in full force and legal effect. To the extent that there is a conflict between the terms and provisions of the Rights Agreement, the terms and provisions of this Amendment shall govern for purposes of the subject matter of this Amendment only.

SECTION 1.06. Governing Law. This Amendment shall be deemed to be a contract made under the laws of the State of Delaware and for all purposes shall be governed by and construed in accordance with the laws of such State applicable to contracts to be made and performed entirely within such State.

SECTION 1.07. Counterparts. This Amendment may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

[SIGNATURE PAGE FOLLOWS]

 

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the day and year first above written.

 

	
                        “COMPANY”
 	
                         
 	
                        JETBLUE AIRWAYS CORPORATION
 
	
                         
 	
                         
 	
                         
 	
                         
 	
                        By: 
 	
                         
 /s/ Mark D. Powers
 
	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 	
                        Name: Mark D. Powers
 
	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 	
                        Title: Senior Vice President Treasurer
 

 

	
                        “RIGHTS AGENT”
 	
                         
 	
                        COMPUTERSHARE TRUST COMPANY, N.A.
 
	 	 	 	 	 	 
	
                         
 	
                         
 	
                         
 	
                         
 	
                        By: 
 	
      /s/ Darlene DioDato  
 
	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 	
                        Name: Darlene DioDato
 
	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 	
  Title: Senior Managing Director

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