Document:

exh10-13.htm

     

    
      

      

    

     

     

     

     

     

     

    EXHIBIT 10.13

    
 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    [EVOS LETTERHEAD]

    
 

    

    

    February
7, 2008

    

    Via E-mail to:
rico.conte@evos.com

    

    Rico
Conte

    Vice
President

    Healthy
Fast Food, Inc.

    1075
American Pacific – Suite C

    Henderson,
NV  89074

    

    Re:           Extension of Development
Schedule for Development Year 1

    

    Dear
Rico:

    

    We are
pleased to grant your request for an extension of the ending date for
Development Year 1 for purposes of meeting your Development
Schedule.  Currently, under our Area Representative Agreement, as
amended, with you (the “Agreement”), you are required
to open, operate and maintain in operation 5 EVOS® Restaurants as of
the end of Development Year 1 – which is scheduled to end on May 31,
2008.  You have requested an extension of Development Year 1 until
December 1, 2008, with no changes to any of the other development obligations,
the Development Schedule nor the ending of any other Development
Years.

    

    As we
discussed, we are willing to award the extension on the condition that you pay
us a nonrefundable $140,000 (the “Extension Payment”) on or
before March 1st, 2008
(the “Extension Date”)
and reimburse our legal fees for handling this.  The Extension Payment
simply takes the place of the deferral of such amount by virtue of Section 11(a)
of the Agreement.  If we receive the Extension Payment in full on or
before the Extension Date, then the Agreement will be automatically modified as
follows:

    

    
      	
              (a)       
        

            	
               Development
      Year 1 will end on December 1,
2008.

            

    

    

    (b)   Development
Year 2 will begin on December 2, 2008 and end on its already scheduled ending
date of May 31, 2009, with no change in the related Development
Schedule.

    

    
      	
              (c)         

            	
              The
      remainder of the Development Schedule will be
  unchanged.

            

    

    

    (d)   We will
no longer retain the full Initial Franchise Fees for the 1st 8
Franchises sold in the Territory.  You will be compensated your
portion of the Initial Franchise Fee for such 8 Franchises otherwise in
accordance with the Agreement.  Likewise, if we do 

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    not
receive the extension Payment on or before our close of business on March 1st, 2008,
then the Agreement will continue as is with no changes.

    

    Since we
are granting the extension at your request, on acceptable conditions, you agree
to reimburse us for our legal fees incurred in connection with doing
so.  Payment is due on receipt of our invoice.

    

    When
fully signed by you and us, this letter amends the Agreement.  Terms
not otherwise defined in this letter have the meanings referenced in the
Agreement.

    

    To
signify your agreement to the foregoing, please date and sign 2 counterparts and
return them to us.  We will sign them and return 1 to
you.  Electronic signatures (by facsimile or e-mail) will be
sufficient to bind the parties.

    

    Healthfully,

    

    /s/
Michael

    

    Michael
Jeffers

      Co-Founder

    

     

    
      	
              Cc:

            	
              Alkis
      Crassas

            

    

     

    
      We
acknowledge and agree to the foregoing:

      
        	HEALTHY
      FAST FOOD, INC.	 	 	EVOS USA, INC. 	 
	 	 	 	 	 
	 	 	 	 	 
	
                /s/
      Ulderico Conte

              	 	 	
                /s/
      Michael Jeffers

              	 
	
                Print
      Name:  Ulderico Conte

              	 	 	
                Print
      Name:  Michael Jeffers

              	 
	
                Title: 
      Vice President

              	 	 	
                Title:  
      Vice President

              	 
	Date: 
      2/8/08	 	 	Date: 
      2/8/08EX-4.4

 

EX 4.4

AMENDED AND RESTATED WARRANT AGREEMENT

     THIS AMENDED AND RESTATED WARRANT AGREEMENT (this “Agreement”) is made as of the
1st day of February, 2008 between JWL Partners Acquisition Corp., a Delaware
corporation, with offices at 9 West 57th Street, 26th Floor, New York, New York 10019 (the
“Company”), and Continental Stock Transfer and Trust Company, with offices at 17 Battery
Place, 8th Floor, New York, New York 10004 (the “Warrant Agent”).

     WHEREAS, the Company has issued 5,750,000 units (the “Founders’ Units”) of the
Company, each unit consisting of one share of common stock of the Company, par value $0.0001 per
share (the “Common Stock”), and one warrant entitling the holder thereof (a
“Founder”) to purchase one share of Common Stock for $7.50 (the “Founders’
Warrants”), subject to adjustment as described herein;

     WHEREAS, the Company will engage in a public offering (the “Public Offering”) of up to
20,000,000 units of the Company, plus up to an additional 3,000,000 units if the underwriters
exercise in full their over-allotment option, for $10.00 per unit (the “Public Units”),
each unit consisting of one share of Common Stock and one warrant entitling the holder thereof to
purchase one share of Common Stock for $7.50 (the “Public Warrants”), subject to adjustment
as described herein;

     WHEREAS, immediately prior to the consummation of the Public Offering, the Company intends to
engage in a private offering of 6,000,000 warrants to certain affiliates of the Company (the
“Private Investors”) for $1.00 per warrant with each warrant evidencing the right of the
holder thereof to purchase one share of Common Stock for $7.50 (the “Private Placement
Warrants” and, together with the Founders’ Warrants and the Public Warrants, the
“Warrants”) subject to adjustment as described herein;

     WHEREAS, the Company intends to file with the Securities and Exchange Commission (the
“SEC”) a Registration Statement on Form S-1 (the “Registration Statement”) for the
registration, under the Securities Act of 1933, as amended (the “Act”) of, among other
securities, the Public Warrants;

     WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the
Warrant Agent is willing to so act, in connection with the issuance, registration, transfer,
exchange, call, exercise and cancellation of the Warrants;

     WHEREAS, the Company desires to provide for the form and provisions of the Warrants, the terms
upon which they shall be issued and exercised, and the respective rights, limitation of rights, and
immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

     WHEREAS, the Company and the Warrant Agreement desire to amend and restate the Warrant
Agreement, dated as of January 14, 2008, by and between the Company and the Warrant Agent on the
terms and conditions hereinafter provided; and

     WHEREAS, all acts and things have been done and performed which are necessary to make the
Warrants, when executed on behalf of the Company and countersigned by or on behalf

 

 

of the Warrant Agent, as provided herein, the valid, binding and legal obligations of the
Company, and to authorize the execution and delivery of this Agreement.

     NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto
agree as follows:

     1. Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent
for the Company for the Warrants, and the Warrant Agent hereby accepts such appointment and agrees
to perform the same in accordance with the terms and conditions set forth in this Agreement.

     2. Warrants.

     2.1. Form of Warrant. Each Warrant shall be issued in registered form only, shall be
in substantially the form of Warrant attached as Exhibit A hereto, the provisions of which are
incorporated herein, and shall be signed by, or bear the facsimile signature of, the Chief
Executive Officer and Secretary of the Company and shall bear a facsimile of the Company’s seal. In
the event the person whose facsimile signature has been placed upon any Warrant shall have ceased
to serve in the capacity in which such person signed the Warrant before such Warrant is issued, it
may be issued with the same effect as if he or she had not ceased to be such at the date of
issuance.

     2.2. Effect of Countersignature. Unless and until countersigned by the Warrant Agent
pursuant to this Agreement, a Warrant shall be invalid and of no effect and may not be exercised by
the holder thereof.

     2.3. Registration.

          2.3.1. Warrant Register. The Warrant Agent shall maintain books (the “Warrant
Register”) for the registration of original issuance and the registration of transfers of the
Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and register the
Warrants in the names of the respective holders thereof in such denominations and otherwise in
accordance with instructions delivered to the Warrant Agent by the Company.

          2.3.2. Registered Holder. Prior to due presentment for registration of transfer of any
Warrant, the Company and the Warrant Agent may deem and treat the person in whose name such Warrant
shall be registered upon the Warrant Register as the absolute owner of such Warrant and of each
Warrant represented thereby (notwithstanding any notation of ownership or other writing on the
Warrant Certificate made by anyone other than the Company or the Warrant Agent), for the purpose of
any exercise thereof and for all other purposes, and neither the Company nor the Warrant Agent
shall be affected by any notice to the contrary.

     2.4. Detachability of Warrants. The securities comprising the Public Units and the
Founders’ Units will not be separately transferable until the 5th day after the earlier to occur of
the expiration of the underwriters’ over-allotment option or its exercise in full, but in no event
will separate trading of the securities comprising the Public Units be allowed until the Company
files a Current Report on Form 8-K (the “Initial 8-K”) with the SEC which includes an
audited

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balance sheet reflecting the receipt by the Company of the gross proceeds of the Public
Offering, and an additional Current Report on Form 8-K including the proceeds received by the
Company from the exercise of the underwriters’ over-allotment option, if the over-allotment option
is exercised after the filing of the Initial 8-K.

     2.5. Founders’ Warrants and Private Placement Warrants. The Founders Warrants and the
Private Placement Warrants shall have the same terms as, and be in the same form as, the Public
Warrants, except (i) the Founders’ Warrants and the Private Placement Warrants will be
non-redeemable so long as they are held by the Founders or Private Investors or their Permitted
Transferees (as defined below); (ii) the Founders’ Warrants will not be (and the Common Stock to be
issued upon exercise of such Founders’ Warrants will not be) transferable or salable by the
Founders or their Permitted Transferees (except in each case to Permitted Transferees) until one
year after the consummation of a Business Combination; (iii) the Private Placement Warrants will
not be (and the Common Stock to be issued upon exercise of such Private Placement Warrants will not
be) transferable or salable by the Private Investors or their Permitted Transferees (except in each
case to Permitted Transferees) until 90 calendar days after the consummation of a Business
Combination; and (iv) as otherwise set forth in Section 3.2 hereof. “Permitted Transferees” shall
mean the recipient of a Founders’ Warrant or Private Placement Warrant through a transfer by any of
the Founders or Private Investors (a) by gift to a member of the Founder’s immediate family for
estate planning purposes or to a trust, the beneficiary of which is the Founder or a member of the
Founder’s immediate family, (b) if the Founder is not a natural person, by gift to a member of the
immediate family of such Founder’s controlling person for estate planning purposes or to a trust,
the beneficiary of which is such Founder’s controlling person or a member of the immediate family
of such Founder’s controlling person, (c) by virtue of the laws of descent and distribution upon
death of the Founder, (d) pursuant to a qualified domestic relations order, or (e) by transfer,
with or without consideration, to the officers, directors and other Founders of the Company and,
with respect to GEH Capital, Inc., employees of Clinton Group, Inc., entities controlled by Mr.
George Hall, the chief executive officer of Clinton Group, Inc., and funds managed by Clinton
Group, Inc.; provided, however, that such permitted transfers may be effected only upon the
respective transferee’s written agreement to be bound by the same transfer restrictions as such
Founder or Private Investor upon receiving such Warrants (except in the case of clause (c), in
which case the transferee will execute such agreement as soon as practicable after such transfer).

     3. Terms and Exercise of Warrants.

     3.1. Warrant Price. Each Warrant shall, when countersigned by the Warrant Agent,
entitle the registered holder thereof, subject to the provisions of such Warrant and of this
Agreement, to purchase from the Company the number of shares of Common Stock stated therein, at the
price of $7.50 per whole share, subject to the adjustments provided in Section 4 hereof and in the
last sentence of this Section 3.1. The term “Warrant Price” as used in this Agreement refers to the
price per share at which Common Stock may be purchased at the time a Warrant is exercised. The
Company in its sole discretion may lower the Warrant Price at any time prior to the Expiration Date
(as defined below); provided, however, that any change in the Warrant Price must apply identically
in percentage terms to all of the Warrants, and provided

3

 

further that any reduction in Warrant Price must remain in effect for at least twenty (20)
business days.

     3.2. Duration of Warrants. A Warrant may be exercised only during the period (the
“Exercise Period”) commencing on the later of (i) the completion by the Company of its
initial business combination with one or more operating businesses or assets through a merger,
capital stock exchange, asset or stock acquisition, exchangeable share transaction or other similar
business combination having collectively a fair market value of at least 80% of the Company’s net
assets (excluding deferred underwriting discounts and commissions) at the time of the transaction
(a “Business Combination”), and (ii) one year after the effective date of the Registration
Statement, and terminating at 5:00 p.m., New York City time on the earlier to occur of (i) four
years after the effective date of the Registration Statement and (ii) the date fixed for calling
the Warrants as provided in Section 6 of this Agreement (the “Expiration Date”); provided,
however, that (i) the Public Warrants shall not be exercisable and the Company shall not be
obligated to issue Common Stock in respect thereof unless, at the time a holder seeks to exercise
the Public Warrants, a prospectus relating to the Common Stock issuable upon exercise of the Public
Warrants is current and the Common Stock has been registered or qualified or deemed to be exempt
under the securities laws of the state of residence of the holder of the Public Warrants and (ii)
in addition to the exercise conditions set forth in this Section 3.2, the Founders’ Warrants may
only become exercisable following the Company’s completion of a Business Combination if and when
the last sales price of the Common Stock has been at least $13.50 per share as reported by any
national securities exchange or quoted on the NASD OTC Bulletin Board (or its successor entity), as
the case may be, as such price may be adjusted pursuant to Sections 4.3 or Section 4.8 hereof (the
“Trigger Price”), on each of twenty (20) trading days within any thirty (30) trading day
period beginning 90 calendar days after such Business Combination. Except with respect to the right
to receive the Call Price (as set forth in Section 6 hereunder), each Warrant not exercised on or
before the Expiration Date shall become void, and all rights thereunder and all rights in respect
thereof under this Agreement shall cease at the close of business on the Expiration Date. The
Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration
Date; provided, however, that any extension of the duration of the Warrants must apply equally to
all of the Warrants. Should the Company wish to extend the Expiration Date of the Warrants, the
Company shall provide advance notice to the stock exchange on which the Warrants are listed in
accordance with the requirements of such exchange.

     3.3. Exercise of Warrants.

          3.3.1. Payment. Subject to the provisions of the Warrant and this Agreement, a Warrant, when
countersigned by the Warrant Agent, may be exercised by the registered holder thereof by
surrendering it, no later than 5:00 P.M., New York time, on any business day, at the office of the
Warrant Agent or at the office of its successor as Warrant Agent, with the subscription form, as
set forth in the Warrant, duly executed, and, except as set forth in Section 3.4, by paying in
full, in lawful money of the United States, good certified check or good bank draft payable to the
order of the Company (or as otherwise agreed to by the Company), the Warrant Price for each full
share of Common Stock as to which the Warrant is exercised and any

4

 

and all applicable taxes due in connection with the exercise of the Warrant, the exchange of
the Warrant for the Common Stock and the issuance of the Common Stock.

          3.3.2. Issuance of Certificates. As soon as practicable after the exercise of any Warrant and,
except as set forth in Section 3.4, the clearance of the funds in payment of the Warrant Price, the
Company shall issue to the registered holder of such Warrant a certificate or certificates for the
number of full shares of Common Stock to which such holder is entitled, registered in such name or
names as may be directed by him, her or it, and if such Warrant shall not have been exercised in
full, a new countersigned Warrant for the number of shares as to which such Warrant shall not have
been exercised. Notwithstanding the foregoing, the Company shall not be obligated to deliver any
securities pursuant to the exercise of a Warrant, and shall have no obligation to settle the
Warrant exercise unless a registration statement under the Act with respect to the Common Stock is
effective, subject to the Company satisfying its obligations under Section 7.4 to use its best
efforts. In the event that a registration statement with respect to the Common Stock underlying a
Warrant is not effective under the Act, the holder of such Warrant shall not be entitled to
exercise such Warrant. Notwithstanding anything to the contrary contained in this Agreement, under
no circumstances will the Company be required to net cash settle the exercise of the Warrants.
Warrants may not be exercised by, and securities may not be issued to, any registered holder in any
jurisdiction in which such exercise would be unlawful. As a result of the provisions of this
Section 3.3.2, any or all of the Warrants may expire unexercised. In no event shall the registered
Holder of a Warrant be entitled to receive any monetary damages if the shares of Common Stock
underlying the Warrants have not been registered by the Company pursuant to an effective
registration statement or if a current prospectus is not available for delivery by the Warrant
Agent, as long as the Company has fulfilled its obligation to use its best efforts to effect such
registration and ensure a current prospectus is available for delivery by the Warrant Agent.

          3.3.3. Valid Issuance. All shares of Common Stock issued upon the proper exercise of a Warrant
in conformity with this Agreement shall be validly issued, fully paid and nonassessable.

          3.3.4. Date of Issuance. Each person in whose name any such certificate for shares of Common
Stock is issued shall for all purposes be deemed to have become the holder of record of such shares
on the date on which the Warrant was surrendered and payment of the Warrant Price was made,
irrespective of the date of delivery of such certificate, except that, if the date or time of such
surrender and payment is a date or time when the stock transfer books of the Company are closed,
such person shall be deemed to have become the holder of such shares at the close of business on
the next succeeding date on which the stock transfer books are open.

     3.4. Cashless Exercise. 

          3.4.1. Determination of Amount. In lieu of the payment of the Warrant Price, a registered
holder shall have the right (but not the obligation) to convert any exercisable but unexercised
Warrants into shares of Common Stock (the “Conversion Right”) as follows: upon exercise of
the Conversion Right and in exchange for the number of Warrants being exercised, the Company shall
deliver to the holder (without payment by the holder of any of the Warrant Price in cash) that
number of shares of Common Stock equal to the quotient obtained by dividing

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(x) the Value (as defined below) of the Warrants being exercised by (y) the Current Market
Value (as defined below). The “Value” of the Warrants being exercised shall equal the
amount derived from subtracting (a) (i) the Warrant Price multiplied by (ii) the number of shares
of Common Stock issuable upon exercise of the Warrants being converted from (b) (i) the Current
Market Value of a share of Common Stock multiplied by (ii) the number of shares of Common Stock
issuable upon exercise of the Warrants being converted. As used herein, the term “Current Market
Value” per share of Common Stock at any date shall mean the average last sale price of the Common
Stock for the ten (10) trading days ending on the third trading day prior to the date on which the
Warrant Agent receives notice of the registered holder’s exercise of the Conversion Right in the
principal trading market for the Common Stock as reported by any national securities exchange or
quoted on the NASD OTC Bulletin Board (or its successor entity), as the case may be; provided, that
if the fair market value of the Common Stock cannot be so determined, the “Current Market Value”
per share shall be determined by the Board of Directors of the Company, in good faith.

          3.4.2. Mechanics of Cashless Exercise. The Conversion Right may be exercised by a registered
holder during the Exercise Period by surrendering the Warrant with the duly executed exercise form
attached thereto with the cashless exercise section completed to the Warrant Agent, exercising the
Conversion Right and specifying the total number of shares of Common Stock the registered holder
will purchase pursuant to such Conversion Right; provided that any holder that holds Warrants in a
brokerage account shall follow the procedures of such holder’s broker and the Depository Trust
Company in order to exercise the Conversion Right.

     4. Adjustments.

     4.1. Stock Dividends; Split-Ups. If after the Public Offering, and subject to the
provisions of Section 4.6 below, the number of outstanding shares of Common Stock is increased by a
stock dividend payable in shares of Common Stock, or by a split-up of shares of Common Stock, or
other similar event, then, on the effective date of such stock dividend, split-up or similar event,
the number of shares of Common Stock issuable on exercise of each Warrant shall be increased in
proportion to such increase in outstanding shares of Common Stock.

     4.2. Aggregation of Shares. If after the Public Offering, and subject to the
provisions of Section 4.6, the number of outstanding shares of Common Stock is decreased by a
consolidation, combination, reverse stock split or reclassification of shares of Common Stock or
other similar event, then, on the effective date of such consolidation, combination, reverse stock
split, reclassification or similar event, the number of shares of Common Stock issuable on exercise
of each Warrant shall be decreased in proportion to such decrease in outstanding shares of Common
Stock.

     4.3. Adjustments in Exercise Price. Whenever the number of shares of Common Stock
purchasable upon the exercise of the Warrants is adjusted, as provided in Sections 4.1 and 4.2
above, the Warrant Price and Trigger Price shall be adjusted (to the nearest cent) by multiplying
such Warrant Price and Trigger Price immediately prior to such adjustment by a fraction (x) the
numerator of which shall be the number of shares of Common Stock purchasable upon the exercise of
the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the
number of shares of Common Stock so purchasable immediately thereafter.

6

 

     4.4. Replacement of Securities upon Reorganization. In case of any reclassification or
reorganization of the outstanding shares of Common Stock (other than a change covered by Sections
4.1 or 4.2 hereof or that solely affects the par value of such shares of Common Stock), or in the
case of any merger or consolidation of the Company with or into another corporation (other than a
consolidation or merger in which the Company is the continuing corporation and that does not result
in any reclassification or reorganization of the outstanding shares of Common Stock), or in the
case of any sale or conveyance to another corporation or entity of the assets or other property of
the Company as an entirety or substantially as an entirety in connection with which the Company is
dissolved, the Warrant holders shall thereafter have the right to purchase and receive, upon the
basis and upon the terms and conditions specified in the Warrants and in lieu of the shares of
Common Stock of the Company immediately theretofore purchasable and receivable upon the exercise of
the rights represented thereby, the kind and amount of shares of stock or other securities or
property (including cash) receivable upon such reclassification, reorganization, merger or
consolidation, or upon a dissolution following any such sale or transfer, that the Warrant holder
would have received if such Warrant holder had exercised his, her or its Warrant(s) immediately
prior to such event; and if any reclassification also results in a change in shares of Common Stock
covered by Sections 4.1 or 4.2, then such adjustment shall be made pursuant to Sections 4.1, 4.2,
4.3 and this Section 4.4. The provisions of this Section 4.4 shall similarly apply to successive
reclassifications, reorganizations, mergers or consolidations, sales or other transfers.

     4.5. Notices of Changes in Warrant. Upon every adjustment of the Warrant Price,
Trigger Price or the number of shares issuable upon exercise of a Warrant, the Company shall give
written notice thereof to the Warrant Agent, which notice shall state the Warrant Price or Trigger
Price resulting from such adjustment and the increase or decrease, if any, in the number of shares
purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the
method of calculation and the facts upon which such calculation is based. Upon the occurrence of
any event specified in Sections 4.1, 4.2, 4.3 or 4.4, then, in any such event, the Company shall
give written notice to each Warrant holder, at the last address set forth for such holder in the
Warrant Register, of the record date or the effective date of the event. Failure to give such
notice, or any defect therein, shall not affect the legality or validity of such event.

     4.6. No Fractional Shares. Notwithstanding any provision contained in this Agreement
to the contrary, the Company shall not issue fractional shares upon exercise of Warrants. If, by
reason of any adjustment made pursuant to this Section 4, the holder of any Warrant would be
entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the
Company shall, upon such exercise, round up or down to the nearest whole number the number of the
shares of Common Stock to be issued to the Warrant holder.

     4.7. Form of Warrant. The form of Warrant need not be changed because of any
adjustment pursuant to this Section 4, and Warrants issued after such adjustment may state the same
Warrant Price and the same number of shares as is stated in the Warrants initially issued pursuant
to this Agreement. However, the Company may at any time in its sole discretion make any change in
the form of Warrant that the Company may deem appropriate and that does not affect the substance
thereof, and any Warrant thereafter issued or countersigned, whether in

7

 

exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so
changed.

     4.8. Extraordinary Dividends. If the Company, at any time during the Exercise Period,
shall pay a dividend or make a distribution in cash, securities or other assets to the holders of
Common Stock (or other shares of the Company’s capital stock into which the Warrants are
convertible), other than (w) as described in Sections 4.1, 4.2 or 4.4, (x) regular quarterly or
other periodic dividends, (y) in connection with the conversion rights of the holders of Common
Stock upon consummation of a Business Combination or (z) in connection with the Company’s
liquidation and the distribution of its assets upon its failure to consummate a Business
Combination (any such non-excluded event being referred to herein as an “Extraordinary
Dividend”), then the Warrant Price and the Trigger Price shall be decreased, effective
immediately after the effective date of such Extraordinary Dividend, by the amount of cash and/or
the fair market value (as determined by the Company’s Board of Directors, in good faith) of any
securities or other assets paid on each share of Common Stock in respect of such Extraordinary
Dividend.

     4.9. Notice of Certain Transactions. In the event that the Company shall (a) offer to
holders of its Common Stock rights to subscribe for or to purchase any securities convertible into
shares of Common Stock or shares of stock of any class or any other securities, rights or options,
(b) issue any rights, options or warrants entitling the holders of Common Stock to subscribe for
shares of Common Stock or (c) make a tender offer, redemption offer or exchange offer with respect
to the Common Stock, the Company shall send to the Warrant holders a notice of such action or
offer. Such notice shall be mailed to the registered holders at their addresses as they appear in
the Warrant Register, which shall specify the record date for the purposes of such dividend,
distribution or rights, or the date such issuance or event is to take place and the date of
participation therein by the holders of Common Stock, if any such date is to be fixed, and shall
briefly indicate the effect of such action on the Common Stock and on the number and kind of any
other shares of stock and on other property, if any, and the number of shares of Common Stock and
other property, if any, issuable upon exercise of each Warrant and the Warrant Price or Trigger
Price after giving effect to any adjustment pursuant to this Section 4 which would be required as a
result of such action. Such notice shall be given as promptly as practicable after the Company has
taken any such action.

     5. Transfer and Exchange of Warrants.

     5.1. Registration of Transfer. The Warrant Agent shall register the transfer, from
time to time, of any outstanding Warrant upon the Warrant Register, upon surrender of such Warrant
for transfer, properly endorsed with signatures properly guaranteed and accompanied by appropriate
instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate
number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. The
Warrants so cancelled shall be delivered by the Warrant Agent to the Company from time to time upon
request.

     5.2. Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant
Agent, together with a written request for exchange or transfer, and thereupon the Warrant Agent
shall issue in exchange therefor one or more new Warrants as requested by the registered holder

8

 

of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided,
however, that in the event that a Warrant surrendered for transfer bears a restrictive legend, the
Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange therefor until the
Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be
made and indicating whether the new Warrants must also bear a restrictive legend.

     5.3. Fractional Warrants. The Warrant Agent shall not be required to register any
transfer or exchange which will result in the issuance of a warrant certificate for a fraction of a
warrant.

     5.4. Service Charges. No service charge shall apply to any holder of Warrants for any
exchange or registration of transfer of Warrants.

     5.5. Warrant Execution and Countersignature. The Warrant Agent is hereby authorized to
countersign and to deliver, in accordance with the terms of this Agreement, the Warrants required
to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by
the Warrant Agent, will supply the Warrant Agent with Warrants duly executed on behalf of the
Company for such purpose.

     6. Call.

     6.1. Call. Subject to Section 6.4 hereof, not less than all of the outstanding Public
Warrants, including those Private Placement Warrants and Founders’ Warrants that are not held by a
Private Investor or Founder or one of such Private Investor’s or Founder’s Permitted Transferees,
may be called, at the option of the Company, at any time after they become exercisable and prior to
their expiration, at the office of the Warrant Agent, upon the notice referred to in Section 6.2,
at the price of $.01 per Warrant (the “Call Price”), provided that (i) the last sales price
as reported by any national securities exchange or quoted on the NASD OTC Bulletin Board (or its
successor entity), as the case may be, of the Common Stock has been greater than or equal to the
Trigger Price on each of twenty (20) trading days within any thirty (30) trading day period ending
on the third business day prior to the date on which notice of the call is given (the
“Measurement Period”) and (ii) the Public Warrants and the Common Stock underlying such
Warrants are covered by an effective registration statement and a current prospectus from the
beginning of the Measurement Period through the date fixed for the call. In the event the Company
calls the Public Warrants pursuant to this Section 6.1, the Company shall have the option to
require all (but not part) of the holders of the Public Warrants to exercise such Public Warrants
on a cashless basis.

     6.2. Call Date; Notice of Call. In the event the Company shall elect to call all of
the Public Warrants, the Company shall fix a date for the call, which date shall be prior to the
expiration of the Public Warrants (the “Call Date”). Notice of the call shall be mailed by
first class mail, postage prepaid, by the Company not less than thirty (30) days prior to the date
fixed for the call to the registered holders of the Public Warrants to be called at their last
addresses as they shall appear in the Warrant Register. Any notice mailed in the manner herein
provided shall be conclusively presumed to have been duly given on the date sent whether or not the
registered holder received such notice.

9

 

     6.3. Exercise after Notice of the Call. The Public Warrants may be exercised pursuant
to Section 3.3 or Section 3.4 hereof at any time after notice of the call shall have been given by
the Company pursuant to Section 6.2 hereof and prior to the Call Date. On and after the Call Date,
the record holder of the Public Warrants shall have no further rights except to receive, upon
surrender of the Public Warrants, the Call Price.

     6.4. Outstanding Public Warrants Only. The Company understands that the call rights
provided for in this Section 6 apply only to outstanding Public Warrants. To the extent a person
holds rights to purchase Public Warrants, such purchase rights shall not be extinguished by the
call. However, once such purchase rights are exercised, the Company may call the Public Warrants
issued upon such exercise provided that the criteria for the call set forth in Section 6.1 are met.

     7. Other Provisions Relating to Rights of Holders of Warrants.

     7.1. No Rights as Stockholder. A Warrant does not entitle the registered holder
thereof to any of the rights of a stockholder of the Company, including, without limitation,
receiving dividends or other distributions, exercising any preemptive rights to vote or to consent
or to receive notice as stockholders in respect of the meetings of stockholders or the election of
directors of the Company or any other matter.

     7.2. Lost, Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen,
mutilated or destroyed, the Company and the Warrant Agent may on such terms as to indemnity or
otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant,
include the surrender thereof), issue a new Warrant of like denomination, tenor, and date as the
Warrant so lost, stolen, mutilated or destroyed. Any such new Warrant shall constitute a substitute
contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated or
destroyed Warrant shall be at any time enforceable by anyone.

     7.3. Reservation of Common Stock. The Company shall at all times reserve and keep
available a number of its authorized but unissued shares of Common Stock that will be sufficient to
permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement.

     7.4. Registration of Common Stock. The Company agrees that, prior to the commencement
of the Exercise Period, it shall file with the SEC a new registration statement, for the
registration under the Act of, and it shall take such action as is necessary to qualify for sale,
in those states in which the Public Warrants were initially offered by the Company, the Common
Stock issuable upon exercise of the Public Warrants. In either case, the Company will use its best
efforts to cause the same to become effective on or prior to the commencement of the Exercise
Period and use its best efforts to maintain the effectiveness of such registration statement and
ensure that a current prospectus is on file with the SEC until the expiration of the Warrants in
accordance with the provisions of this Agreement; provided, however, that the Company shall not be
obligated to deliver securities, and shall not have penalties for failure to deliver securities, if
a registration statement is not effective or a current prospectus is not on file with the SEC at
the time of exercise by the holder.

10

 

     7.5. Delivery of Prospectus or Notice. Upon the exercise of any Warrant, if the
Company requests, the Warrant Agent shall deliver to the Holder of such Warrant, prior to or
concurrently with the delivery of the shares of Common Stock issued upon such exercise, in
accordance with the Company’s request, either (i) a prospectus relating to the shares of Common
Stock deliverable upon exercise of Warrants and complying in all material respects with the Act or
(ii) the notice referred to in Rule 173 under the Act.

     8. Concerning the Warrant Agent and Other Matters.

     8.1. Payment of Taxes. The Company will from time to time promptly pay all taxes and
charges that may be imposed upon the Company or the Warrant Agent in respect of the issuance or
delivery of shares of Common Stock upon the exercise of Warrants, but the Company shall not be
obligated to pay any transfer taxes in respect of the Warrants or such shares of Common Stock.

     8.2. Resignation, Consolidation or Merger of Warrant Agent.

          8.2.1. Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it
hereafter appointed, may resign its duties and be discharged from all further duties and
liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office
of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company
shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company
shall fail to make such appointment within a period of sixty (60) days after it has been notified
in writing of such resignation or incapacity by the Warrant Agent or by the holder of a Warrant
(who shall, with such notice, submit his Warrant for inspection by the Company), then the holder of
any Warrant may apply to the Supreme Court of the State of New York for the County of New York for
the appointment of a successor Warrant Agent at the Company’s cost. Any successor Warrant Agent,
whether appointed by the Company or by such court, shall be a corporation organized and existing
under the laws of the State of New York in good standing and having its principal office in the
Borough of Manhattan, City and State of New York, and shall be authorized under such laws to
exercise corporate trust powers and subject to supervision or examination by federal or state
authority. After appointment, any successor Warrant Agent shall be vested with all the authority,
powers, rights, immunities, duties and obligations of its predecessor Warrant Agent with like
effect as if originally named as Warrant Agent hereunder, without any further act or deed; but if
for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and
deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent
all the authority, powers, rights, immunities, duties and obligations of such predecessor Warrant
Agent hereunder; and upon request of any successor Warrant Agent, the Company shall make, execute,
acknowledge and deliver any and all instruments in writing for more fully and effectually vesting
in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities,
duties and obligations.

          8.2.2. Notice of Successor Warrant Agent. In the event a successor Warrant Agent shall be
appointed, the Company shall give notice thereof to the predecessor Warrant Agent, the
representative of the underwriters in connection with the Public Offering and the transfer agent
for the Common Stock not later than the effective date of any such appointment.

11

 

          8.2.3. Merger or Consolidation of Warrant Agent. Any corporation into which the Warrant Agent
may be merged or with which it may be consolidated or any corporation resulting from any merger or
consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent
under this Agreement, without any further act or deed.

     8.3. Fees and Expenses of Warrant Agent.

          8.3.1. Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for
its services as Warrant Agent hereunder and will reimburse the Warrant Agent upon demand for all
expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder.

          8.3.2. Further Assurances. The Company agrees to perform, execute, acknowledge and deliver or
cause to be performed, executed, acknowledged and delivered all such further and other acts,
instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying out
or performing of the provisions of this Agreement.

     8.4. Liability of Warrant Agent.

          8.4.1. Reliance on Company Statement. Whenever in the performance of its duties under this
Agreement, the Warrant Agent shall deem it necessary or desirable that any fact or matter be proved
or established by the Company prior to taking or suffering any action hereunder, such fact or
matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed
to be conclusively proved and established by a statement signed by the Chief Executive Officer,
Chairman of the Board of Directors or Vice Chairman of the Board of Directors of the Company and
delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken
or suffered in good faith by it pursuant to the provisions of this Agreement.

          8.4.2. Indemnity. The Warrant Agent shall be liable hereunder only for its own gross
negligence, willful misconduct or bad faith. The Company agrees to indemnify the Warrant Agent and
save it harmless against any and all liabilities, including judgments, costs and reasonable counsel
fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement except
as a result of the Warrant Agent’s gross negligence, willful misconduct or bad faith. In case any
action arising out of this Agreement is brought against the Warrant Agent, the Company will be
entitled to participate therein and, to the extent that it may wish, to assume the defense thereof,
and after notice from the Company to the Warrant Agent of its election so to assume the defense,
the Company will not be liable to the Warrant Agent under this Section 8.4.2 for any legal or other
expenses subsequently incurred by the Warrant Agent in connection with the defense thereof. The
Warrant Agent shall not, without the prior written consent of the Company, effect any settlement of
any pending or threatened action hereunder.

          8.4.3. Exclusions. The Warrant Agent shall have no responsibility with respect to the validity
of this Agreement or with respect to the validity or execution of any Warrant (except its
countersignature thereof); nor shall it be responsible for any breach by the Company of any
covenant or condition contained in this Agreement or in any Warrant; nor shall it be responsible to
make any adjustments required under the provisions of Section 4 hereof or responsible for the
manner, method or amount of any such adjustment or the ascertaining of the existence of facts

12

 

that would require any such adjustment; nor shall it by any act hereunder be deemed to make
any representation or warranty as to the authorization or reservation of any shares of Common Stock
to be issued pursuant to this Agreement or any Warrant or as to whether any shares of Common Stock
will, when issued, be valid and fully paid and nonassessable.

     8.5. Acceptance of Agency. The Warrant Agent hereby accepts the agency established by
this Agreement and agrees to perform the same upon the terms and conditions herein set forth and,
among other things, shall account promptly to the Company with respect to Warrants exercised and
concurrently account for and pay to the Company all moneys received by the Warrant Agent for the
purchase of shares of Common Stock through the exercise of Warrants.

     8.6. Waiver. The Warrant Agent hereby waives any and all right, title, interest or
claim of any kind (“Claim”) in or to any distribution of the Trust Account (as defined in
that certain Investment Management Trust Agreement to be entered into by and between the Company
and Continental Stock Transfer and Trust Company, as trustee thereunder), and hereby agrees not to
seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for
any reason whatsoever.

     9. Miscellaneous Provisions.

     9.1. Successors. All the covenants and provisions of this Agreement by or for the
benefit of the Company or the Warrant Agent shall bind and inure to the benefit of their respective
successors and assigns.

     9.2. Notices. Any notice or other communication required or which may be given
hereunder shall be in writing and shall be sent by certified or registered mail, by private
national courier service (return receipt requested, postage prepaid), by personal delivery or by
facsimile transmission. Such notice or communication shall be deemed given (a) if mailed, two
business days after the date of mailing, (b) if sent by national courier service, one business day
after being sent, (c) if delivered personally, when so delivered, or (d) if sent by facsimile
transmission, on the second business day after such facsimile is transmitted, in each case as
follows:

If to the Warrant Agent, to:

Continental Stock Transfer and Trust Company

17 Battery Place, 8th Floor

New York, New York 10004

Attn: Greg Denman

Fax: (212) 616-7615

If to the Company, to:

JWL Partners Acquisition Corp.

9 West 57th Street, 26th Floor

New York, New York 10019

Attn: Steven R. Isko

Fax: (212) 829-9424

13

 

If to the representative of the several underwriters, to:

Credit Suisse Securities (USA) LLC

Eleven Madison Avenue

New York, New York 10010

Attn: Susan Fellner

Fax: (212) 322-2980

with a copy to:

Greenberg Traurig, LLP

200 Park Avenue

New York, New York 10166

Attn: Joseph A. Herz, Esq.

Fax: (212) 801-6400

in each case with a copy to:

Skadden, Arps, Slate, Meagher & Flom LLP

300 South Grand Avenue, Suite 3400

Los Angeles, California 90071

Attn: Gregg A. Noel, Esq.

Fax: (213) 687-5000

     9.3. Applicable Law. This Agreement and the Warrants shall be governed by, and
construed in accordance with, the laws of the State of New York applicable to contracts executed in
and to be performed in that State, including, without limitation, Sections 5-1401 and 5-1402 of the
New York General Obligations Law and the New York Civil Practice Laws and Rules 327(b). 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 the Company 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 at the
address set forth in Section 9.2 hereof. Such mailing shall be deemed personal service and shall be
legal and binding upon the Company in any action, proceeding or claim.

     9.4. Waiver of Trial by Jury. Each party hereto hereby irrevocably and unconditionally
waives the right to a trial by jury in any action, suit, counterclaim or other proceeding (whether
based on contract, tort or otherwise) arising out of, connected with or relating to this Agreement,
the transactions contemplated hereby, or the actions of the Investor in the negotiation,
administration, performance or enforcement hereof.

     9.5. Persons Having Rights under this Agreement. Nothing in this Agreement expressed
and nothing that may be implied from any of the provisions hereof is intended, or shall be
construed, to confer upon, or give to, any person or corporation other than the parties hereto and
the registered holders of the Warrants and, for the purposes of Sections 2.5, 6.1, 6.4, 7.4, 9.2
and

14

 

9.9 hereof, the representative of the underwriters, any right, remedy, or claim under or by
reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof.
The representative of the underwriters (on behalf of the underwriters) shall be deemed to be a
third party beneficiary of this Agreement with respect to Sections 2.5, 6.1, 6.4, 7.4, 9.2 and 9.9
hereof. All covenants, conditions, stipulations, promises, and agreements contained in this
Agreement shall be for the sole and exclusive benefit of the parties hereto (and the representative
of the underwriters with respect to Sections 2.5, 6.1, 6.4, 7.4, 9.2 and 9.9 hereof), their
successors and assigns and the registered holders of the Warrants.

     9.6. Examination of this Agreement. A copy of this Agreement shall be available at all
reasonable times at the office of the Warrant Agent in the Borough of Manhattan, City and State of
New York, for examination by the registered holder of any Warrant. Prior to such examination, the
Warrant Agent may require any such holder to submit his Warrant for inspection by it.

     9.7. Counterparts. This Agreement may be executed in any number of original or
facsimile 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.

     9.8. Effect of Headings. The section headings herein are for convenience only and are
not part of this Agreement and shall not affect the interpretation hereof.

     9.9. Amendments. This Agreement may be amended by the parties hereto without the
consent of any registered holder for the purpose of curing any ambiguity, or curing, correcting or
supplementing any defective provision contained herein, or adding or changing any other provisions
with respect to matters or questions arising under this Agreement as the parties may deem necessary
or desirable and that the parties deem shall not adversely affect the interest of the registered
holders. All other modifications or amendments, including, but not limited to, any amendment to
increase the Warrant Price or shorten the Exercise Period, shall require the written consent of the
representative of the underwriters and the registered holders of a majority of the then outstanding
Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the
duration of the Exercise Period in accordance with Sections 3.1 and 3.2 without such consent.

[Remainder of page intentionally left blank]

15

 

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

	 	 	 	 	 
	 	JWL PARTNERS ACQUISITION CORP.

 	 
	 	By:  	/s/ Steven R. Isko
 	 
	 	 	Name:  	Steven R. Isko 	 
	 	 	Title:  	Vice Chairman of the Board and
Corporate Secretary 	 
	 

	 	 	 	 	 
	 	CONTINENTAL STOCK TRANSFER

AND TRUST COMPANY

 	 
	 	By:  	/s/  Gregory P.
Denman	 
	 	 	Name:  	Gregory P. Denman	 
	 	 	Title:  	Vice President	 
	 

[WARRANT AGREEMENT]

16

 

Exhibit A

Form of Warrant

17

 

[Founders’ Warrant Legend:

THE SECURITIES REPRESENTED BY THIS WARRANT CERTIFICATE (INCLUDING THE SECURITIES ISSUABLE UPON
EXERCISE OF THE WARRANT) HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE TRANSFERRED IN
VIOLATION OF SUCH ACT AND LAWS, OR AN EXEMPTION FROM REGISTRATION THEREFROM.]

THE SECURITIES REPRESENTED BY THIS WARRANT CERTIFICATE (INCLUDING THE SECURITIES ISSUABLE UPON
EXERCISE OF THE WARRANT) ARE SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER AND OTHER AGREEMENTS
SET FORTH IN THE WARRANT AGREEMENT DATED AS OF                                         , 2008, BY AND
BETWEEN THE COMPANY AND THE WARRANT AGENT (THE “WARRANT AGREEMENT”). COPIES OF SUCH AGREEMENT MAY
BE OBTAINED BY THE HOLDER HEREOF AT THE COMPANY’S PRINCIPAL PLACE OF BUSINESS WITHOUT CHARGE.

			
	 	 	 
	 	 	 
	 	 	 
	NUMBER          
	 	WARRANTS

THIS WARRANT WILL BE VOID IF NOT EXERCISED PRIOR TO

5:00 P.M. NEW YORK CITY TIME,                     , 2012

JWL PARTNERS ACQUISITION CORP.

[CUSIP #]

WARRANT

     THIS CERTIFIES THAT, for value received, [                    ] is the registered holder of a Warrant or
Warrants expiring [                    ], 2012 [four (4) years from the effective date of the
registration statement] (the “Warrant”) to purchase one fully paid and non-assessable share
of Common Stock, par value $0.0001 per share (the “Shares”), of JWL Partners Acquisition
Corp., a Delaware corporation (the “Company”), for each Warrant evidenced by this Warrant
Certificate. The Warrant entitles the holder thereof to purchase from the Company, commencing on
the later of (i) the completion of a Business Combination (as such term is defined in the Amended
and Restated Articles of Incorporation of the Company), and (ii)                     , 2009
[one year after the effective date of the registration statement], such number of Shares of the
Company at the price of $7.50 per share, upon surrender of this Warrant Certificate accompanied by
the annexed duly executed subscription form and payment of the Warrant Price at the office or
agency of [                    ] (the “Warrant Agent”) (such payment to be made as described in the
Warrant Agreement), but only subject to the conditions set forth herein and in the warrant
agreement between the Company and the Warrant Agent (the “Warrant Agreement”). The Warrant
Agreement provides that upon the occurrence of certain events the Warrant Price and the number of
Warrant Shares purchasable hereunder, set forth on the face hereof, may, subject to certain
conditions, be adjusted. The term “Warrant Price” as used in this Warrant Certificate refers to the
price per Share at which Shares may be purchased at the time the Warrant is exercised.

18

 

     No fraction of a Share will be issued upon any exercise of a Warrant. If the holder of a
Warrant would be entitled to receive a fraction of a Share upon any exercise of a Warrant, the
Company shall, upon such exercise, round up to the nearest whole number the number of Shares to be
issued to such holder.

     Upon any exercise of the Warrant for less than the total number of full Shares provided for
herein, there shall be issued to the registered holder hereof or his assignee a new Warrant
Certificate covering the number of Shares for which the Warrant has not been exercised.

     Warrant Certificates, when surrendered at the office or agency of the Warrant Agent by the
registered holder hereof in person or by attorney duly authorized in writing, may be exchanged in
the manner and subject to the limitations provided in the Warrant Agreement, but without payment of
any service charge, for another Warrant Certificate or Warrant Certificates of like tenor and
evidencing in the aggregate a like number of Warrants.

     Upon due presentment for registration of transfer of the Warrant Certificate at the office or
agency of the Warrant Agent, a new Warrant Certificate or Warrant Certificates of like tenor and
evidencing in the aggregate a like number of Warrants shall be issued to the transferee in exchange
for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without
charge except for any applicable tax or other governmental charge.

     The Company and the Warrant Agent may deem and treat the registered holder as the absolute
owner of this Warrant Certificate (notwithstanding any notation of ownership or other writing
hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the
registered holder, and for all other purposes, and neither the Company nor the Warrant Agent shall
be affected by any notice to the contrary.

     This Warrant does not entitle the registered holder to any of the rights of a stockholder of
the Company.

     The Company reserves the right to call the Warrant at any time prior to its exercise, with a
notice of call in writing to the holders of record of the Warrant, giving thirty (30) days prior
written notice of such call at any time after the Warrant becomes exercisable if the last sale
price of the Shares as reported by any national securities exchange or quoted on the NASD OTC
Bulletin Board (or its successor entity), as the case may be, has been at least $13.50 per share
(the “Trigger Price”) on any twenty (20) trading days within any thirty (30) trading day period
ending on the third business day prior to the date on which notice of such call is given (the
“Measurement Period”). The Warrant may not be called unless the Warrant and the Shares are covered
by an effective registration statement and a current prospectus from the beginning of the
Measurement Period through the date fixed for the call. The call price of the Warrants is to be
$.01 per Warrant. Any Warrant either not exercised or tendered back to the Company by the end of
the date specified in the notice of call shall be canceled on the books of the Company and have no
further value except for the $.01 call price. The Trigger Price is subject to adjustments as
provided in the Warrant Agreement.

	 	 	 	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	By:
	 	 	 	 
	 

	 	 	 	 

Chief Executive Officer
	 	 	 	 

Secretary	 	 

19

 

SUBSCRIPTION FORM — CASH EXERCISE

To Be Executed by the registered holder in Order to Exercise Warrants

     The undersigned registered holder irrevocably elects to exercise
Warrants represented by this Warrant Certificate, and to purchase the shares of Common Stock issuable upon the exercise of such
Warrants, and requests that Certificates for such shares shall be issued in the name of:

	 	 	 	 	 
	 

	 	 

	 	 

(PLEASE TYPE OR PRINT NAME AND ADDRESS)

	 	 	 	 	 
	 

	 	 

	 	 

(SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)

and be delivered to:

	 	 	 	 	 
	 
	 	 	 	 
	 

	 	 

	 	 

	 	 	 	 	 
	 
	 	 	 	 
	 

	 	 

	 	 

	 	 	 	 	 
	 
	 	 	 	 
	 

	 	 

	 	 

(PLEASE PRINT OR TYPE NAME AND ADDRESS)

and, if such number of Warrants shall not be all the Warrants evidenced by this Warrant
Certificate, that a new Warrant Certificate for the balance of such Warrants be registered in the
name of, and delivered to, the registered holder at the address stated below:

Dated:

	 	 	 	 	 
	 

	 	 	 	 
	 

	 	 

Name:	 	 
	 

	 	Address:	 	 
	 
	 	 	 	 
	 

	 	Tax Identification Number:	 	 

THE SIGNATURE(S) MUST 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 SECURITIES AND EXCHANGE COMMISSION RULE 17Ad-15).

20

 

SUBSCRIPTION FORM — CASH EXERCISE

To Be Executed by the registered holder in Order to Exercise Warrants

     The undersigned registered holder irrevocably elects (i) to exercise                      Warrants represented by
this Warrant Certificate, and (ii) to surrender                      Warrants represented by this Warrant Certificate
(with a “Value” of $ based on a “Current Market Value” of $                      ) to purchase the shares of Common
Stock issuable upon the exercise of the Warrants exercised hereby, and requests that Certificates
for such shares shall be issued in the name of:

	 	 	 	 	 
	 

	 	 

	 	 

(PLEASE TYPE OR PRINT NAME AND ADDRESS)

	 	 	 	 	 
	 

	 	 

	 	 

(SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)

and be delivered to:

	 	 	 	 	 
	 
	 	 	 	 
	 

	 	 

	 	 

	 	 	 	 	 
	 
	 	 	 	 
	 

	 	 

	 	 

	 	 	 	 	 
	 
	 	 	 	 
	 

	 	 

	 	 

(PLEASE PRINT OR TYPE NAME AND ADDRESS)

and, if such number of Warrants shall not be all the Warrants evidenced by this Warrant
Certificate, that a new Warrant Certificate for the balance of such Warrants be registered in the
name of, and delivered to, the registered holder at the address stated below:

Dated:

	 	 	 	 	 
	 

	 	 	 	 
	 

	 	 

Name:	 	 
	 

	 	Address:	 	 
	 
	 	 	 	 
	 

	 	Tax Identification Number:	 	 

THE SIGNATURE(S) MUST 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 SECURITIES AND EXCHANGE COMMISSION RULE 17AD-15).

21

 

ASSIGNMENT

(To assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the warrant.)

     FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned
to:

	 	 	 	 	 
	 
	 	 	 	 
	 

	 	 

	 	 

(PLEASE TYPE OR PRINT NAME)

	 	 	 	 	 
	 
	 	 	 	 
	 

	 	 

	 	 

(SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)

whose address is:

	 	 	 	 	 
	 
	 	 	 	 
	 

	 	 

	 	 

	 	 	 	 	 
	 
	 	 	 	 
	 

	 	 

	 	 

(PLEASE PRINT OR TYPE ADDRESS)

Dated:                          ,                                             
         

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Holder’s Signature:
	 	 
	 	 
	 
	 	 	 	 	 	 
	 

	 	Holder’s Address:
	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 
	 	 
	 

	 	Holder’s Tax	 	 	 	 
	 

	 	Identification	 	 	 	 
	 

	 	Number:
	 	 
	 	 
	 
	 	 	 	 	 	 

Signature Guaranteed: _________________________________________________________

THE SIGNATURE(S) MUST 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 SECURITIES AND EXCHANGE COMMISSION RULE 17Ad-15).

22

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