Duration of Warrants from Warrant Agreement
This Warrant Agreement made as of January 17, 2008, between Sports Properties Acquisition Corp., a Delaware corporation, with offices at 437 Madison Avenue, New York, New York 10022 (the Company), and Continental Stock Transfer & Trust Company, a New York corporation, with offices at 17 Battery Place, New York, New York 10004 (the Warrant Agent).
Duration of Warrants. A Warrant may be exercised only during the period (Exercise Period) commencing on the later of (i) the consummation by the Company of a merger, capital stock exchange, asset acquisition, stock purchase or other similar business combination, as described more fully in the Companys Registration Statement (Business Combination) or (ii) January 17, 2009, and terminating at 5:00 p.m., New York City time, on the earlier to occur of (i) January 17, 2012 or (ii) the date fixed for redemption of the Warrants as provided in Section 6 of this Agreement (Expiration Date). Except with respect to the right to receive the Redemption 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 the Company will provide notice to registered holders of the Warrants of such extension of not less than 20 days and, further provided that any such extension shall be identical in duration among all of the Warrants. Notwithstanding the foregoing, a Warrant can expire unexercised regardless of whether a registration statement is current under the Act with respect to the Common Stock issuable upon exercise of the Warrants.