Document:

Exhibit 4.6

AMENDED AND RESTATED WARRANT
CLARIFICATION AGREEMENT

 

This Amended and Restated
Warrant Clarification Agreement (this “Agreement”), dated November 27, 2006
amends and restates the Warrant Clarification Agreement dated July 19, 2006, to
the Warrant Agreement, dated as of August 15, 2005 (the “Warrant Agreement”),
by and between Stone Arcade Acquisition Corp., a Delaware corporation, with
offices at c/o Stone-Kaplan Investments, LLC, One Northfield Plaza, Suite 480,
Northfield, Illinois 60093 (“Company”), and Continental Stock Transfer &
Trust Company, a New York corporation, with offices at 17 Battery Place,
New York, New York 10004 (“Warrant Agent”).

 

WHEREAS,
Section 9.8 of the Warrant Agreement provides that the parties to the Warrant
Agreement may amend the Warrant Agreement without the consent of any registered
holder for the purpose of curing any ambiguity, or of curing, correcting or
supplementing any defective provision contained therein or adding or changing
any other provisions with respect to matters or questions arising under the
Warrant Agreement as the parties may deem necessary or desirable and that the
parties deem shall not adversely affect the interest of the registered holders;

 

WHEREAS, as a
result of certain questions that have arisen regarding the accounting treatment
applicable to the Warrants, the parties hereto deem it necessary and desirable
to amend the Warrant Agreement to clarify that the registered holders do not
have the right to receive a net cash settlement in the event the Company does
not maintain a current prospectus relating to the common stock issuable upon
exercise of the warrants at the time such warrants are exercisable.

 

NOW, THEREFORE,
in consideration of the mutual agreements contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, and intending to be legally bound hereby, the parties hereto
agree to amend the Warrant Agreement as set forth herein. 

 

1.             Exercise of the Warrants. The undersigned hereby
agree that the Warrant Agreement is hereby amended by adding the following last
two sentences to Section 3.3.2:

 

“In no event will the
registered holder of a Warrant be entitled to receive a net-cash settlement or
other consideration in lieu of physical settlement in shares of Common Stock if
the Common Stock underlying the Warrants is not covered by an effective
registration statement. Accordingly, the Warrants may expire unexercised and
worthless if a current registration statement covering the Common Stock is not
effective.”

 

2.             Redemption of the Warrants. The undersigned
hereby agree that the Warrant Agreement is hereby amended by adding the
following penultimate sentence to Section 6.1:

 

“For the avoidance of
doubt, the Company may redeem the Warrants only if there is an effective
registration statement with respect to the Common Stock to enable the exercise
of the Warrants during the period specified in Section 6.3 hereof.

 

3.             Miscellaneous. 

 

a.             Governing Law; Jurisdiction. The validity, interpretation,
and performance of this Agreement shall be governed in all respects by the laws
of the State of New York, without giving effect to conflict of laws.  The Company hereby agrees that any action,
proceeding or claim against it arising out of or relating in any way to this
Agreement shall be brought and enforced in the courts of the State of New York
or the United States District Court for the Southern District of New York, and
irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive.  The Company hereby waives any objection to
such exclusive jurisdiction and that such courts represent an inconvenience
forum.  Any such process or summons to be
served upon the Company may be served by transmitting a copy thereof by
registered or certified mail, return receipt requested, postage prepaid,
addressed to it in care of the address set forth above or such other address as
the undersigned shall furnish in writing to the other.  Such mailing shall be deemed personal service
and shall be legal and binding upon the Company in any action, proceeding or
claim. 

 

b.             Binding Effect. This Agreement shall be binding
upon and inure to the benefit of the parties hereto and to their respective
heirs, legal representatives, successors and assigns.  

 

c.             Entire Agreement. This Agreement sets forth the
entire agreement and understanding between the parties as to the subject matter
thereof and merges and supersedes all prior discussions, agreements and
understandings of any and every nature among them. Except as set forth in this
Agreement, provisions of the original Warrant Agreement which are not
inconsistent with this Agreement shall remain in full force and effect.  This Agreement may be executed in
counterparts.

 

 

d.             Severability. 
This Agreement shall be deemed severable, and the invalidity or
unenforceability of any term or provision hereof shall not affect the validity
or enforceability of this Agreement or of any other term or provision
hereof.  Furthermore, in lieu of any such
invalid or unenforceable term or provision, the parties hereto intend that
there shall be added as a part of this Agreement a provision as similar in
terms to such invalid or unenforceable provision as may be possible and be
valid and enforceable.

IN
WITNESS WHEREOF, the parties hereto have executed this Amended and Restated Warrant
Clarification Agreement as of the date first written above.

 

	
  

  	
  STONE ARCADE ACQUISTION CORP.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Roger W. Stone

  
	
   

  	
  Name:

  	
  Roger Stone

  
	
   

  	
  Title:

  	
  Chairman and CEO

  
	
   

  	
   

  
	
   

  	
  CONTINENTAL STOCK TRANSFER & TRUST

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steve Nelson

  
	
   

  	
  Name:

  	
  Steve Nelson

  
	
   

  	
  Title:

  	
  Chairman

  

 

	
                      Accepted
  and Agreed:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
                      MORGAN
  JOSEPH & CO., INC.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By: 

  	
  /s/ Mary Lou Malanoski

  	
   

  	
   

  
	
  Name: 

  	
  Mary Lou Malanoski

  	
   

  	
   

  
	
  Title:

  	
  Managing DirExhibit 4.7

AMENDED
AND RESTATED UNIT PURCHASE OPTION 

CLARIFICATION AGREEMENT

This Amended and Restated Unit Purchase Option
Clarification Agreement (this “Agreement”), dated December 7, 2006 amends and
restates the Unit Purchase Option Clarification Agreement dated September 20,
2006, to the Unit Purchase Option, dated as of August 15, 2005 (the “Option”),
issued by Stone Arcade Acquisition Corporation, a Delaware corporation, with
offices at c/o Stone-Kaplan Investments, LLC, One Northfield Plaza, Suite 480,
Northfield, Illinois 60093 (“Company”), to Morgan Joseph & Co. Inc., with
offices at 600 Fifth Avenue, 19th Floor, New York, New York 10020 (“Option
Holder”).

WHEREAS, as a result of certain
questions that have arisen regarding the accounting treatment applicable to the
Option, the parties hereto deem it necessary and desirable to amend the Option
to clarify that the Option Holder
does not have the right, and did not have the right at the time of issuance of
the Option, to receive a net cash settlement in the event the Company does not
maintain a current prospectus relating to the units, common stock and warrants
issuable upon exercise of the Option at the time such Option is exercisable.

NOW, THEREFORE, in consideration of the mutual agreements
contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, and intending to be legally bound
hereby, the parties hereto agree to amend the Option as set forth herein. 

4.             Option.
The undersigned hereby agree that the Option is hereby amended by adding the
following as Section 2.1.1 to the Option:

“2.1.1      No
Exercise of Purchase Option if a Registration Statement is not Effective.
Notwithstanding anything herein to the contrary, the Company shall not be
obligated to deliver any securities pursuant to the exercise of this Purchase
Option unless (i) a registration statement under the Act with respect to the
Units, Warrants and Common Stock issuable upon such exercise is effective, or
(ii) in the opinion of counsel to the Company or counsel to the Holder
reasonably satisfactory to the Company, the exercise of this Purchase Option is
exempt from the registration requirements of the Act and such securities are
qualified for sale or exempt from qualification under applicable securities
laws of the states or other jurisdictions in which the registered holders
reside.  This Purchase Option may not be
exercised by, or securities issued to, any registered holder in any state in
which such exercise or issuance would be unlawful.  The Holders are not, and at the time of the
initial issuance of this Purchase Option were not, entitled to receive a
net-cash settlement or other consideration in lieu of physical settlement in
securities if the 

 

securities underlying this Purchase Option are not covered by an
effective registration statement.

 

5.          Damages. The undersigned hereby agree that solely
for the reason outlined in the recital clause of this Agreement and without
otherwise in any way limiting any rights the Holder may have under applicable
law as a result of a breach by the Company of any provision of the Option, the
Option is hereby amended by deleting Section 5.3 in its entirety.

6.          Miscellaneous.

a.      Governing Law; Jurisdiction. The
validity, interpretation, and performance of this Agreement shall be governed
in all respects by the laws of the State of New York, without giving effect to
conflict of laws.  The Company hereby
agrees that any action, proceeding or claim against it arising out of or
relating in any way to this Agreement shall be brought and enforced in the
courts of the State of New York or the United States District Court for the
Southern District of New York, and irrevocably submits to such jurisdiction,
which jurisdiction shall be exclusive. 
The Company hereby waives any objection to such exclusive jurisdiction
and that such courts represent an inconvenient forum.  Any such process or summons to be served upon
the Company may be served by transmitting a copy thereof by registered or
certified mail, return receipt requested, postage prepaid, addressed to it in
care of the address set forth above or such other address as the undersigned
shall furnish in writing to the other. 
Such mailing shall be deemed personal service and shall be legal and
binding upon the Company in any action, proceeding or claim. 

 

b.      Binding Effect. This Agreement
shall be binding upon and inure to the benefit of the parties hereto and to
their respective heirs, legal representatives, successors and assigns.  

 

c.      Entire Agreement. This  Agreement sets forth the entire agreement and
understanding between the parties as to the subject matter thereof and merges
and supersedes all prior discussions, agreements and understandings of any and
every nature among them. Except as set forth in this Agreement, provisions of
the original Option which are not inconsistent with this Agreement shall remain
in full force and effect.  This Agreement
may be executed in counterparts.

d.      Severability.  This Agreement shall be deemed severable, and
the invalidity or unenforceability of any term or provision hereof shall not
affect the validity or enforceability of this Agreement or of any other term or
provision hereof.  Furthermore, in lieu
of any such invalid or unenforceable term or provision, the parties hereto
intend that there shall be added as a part of this Agreement a provision as
similar in terms to such invalid or unenforceable provision as may be possible and
be valid and enforceable.

 

IN WITNESS
WHEREOF, the parties hereto have executed this Amended and Restated Unit
Purchase Option Clarification Agreement as of the date first written above.

	
  

  	
  STONE ARCADE ACQUISITION 

  	
   

  
	
   

  	
  CORPORATION

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Roger W.
  Stone

  	
   

  
	
   

  	
   

  	
  Name:  Roger W. Stone

  	
   

  
	
   

  	
   

  	
  Title:  Chairman and CEO

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  MORGAN JOSEPH & CO. INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ MaryLou Malanoski

  	
   

  
	
   

  	
   

  	
  Name:  MaryLou Malanoski

  	
   

  
	
   

  	
   

  	
  Title:  Executive Vice President

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