Exhibit
10.2


 


                ,
2007


Shermen WSC Acquisition
Corp.

c/o The Shermen Group

1251 Avenue of the Americas, Suite 900

New York, New York  10020


Re:         
Initial Public Offering


Gentlemen:


This letter is
being delivered to you in accordance with the Underwriting Agreement (the “Underwriting
Agreement”) entered into by and among Shermen WSC Acquisition Corp., a Delaware
corporation (the “Company”), CRT Capital Group LLC (“CTR”) and CIBC World
Markets (“CIBC”) (CRT and CIBC, collectively, the “Underwriters”), relating to
an underwritten initial public offering (the “IPO”) of the Company’s units (the
“Units”), each comprised of one share of the Company’s common stock, par value
$0.0001 per share (the “Common Stock”), and two warrants, each of which are
exercisable for one share of Common Stock (each, a “Warrant”).  Certain
capitalized terms used herein are defined in paragraph 11 hereof.


In order to induce
the Company and the Underwriters to enter into the Underwriting Agreement and
to proceed with the IPO, and in recognition of the benefit that such IPO will
confer upon the undersigned as a member of Shermen WSC Holding LLC, a
stockholder of the Company, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the undersigned
hereby agrees with the Company as follows:


1.            
If the Company solicits approval of its stockholders of a Business Combination,
the undersigned will vote all shares of Common Stock, including Insider Shares
and IPO Shares, owned by him in accordance with the majority of the votes cast
by the Public Stockholders.


2.            
In the event that the Company fails to consummate a Business Combination within
18 months from the effective date (“Effective Date”) of the registration
statement relating to the IPO or 24 months under the circumstances described in
the prospectus relating to the IPO (the first to occur of such dates, the “Transaction
Failure Date”), the undersigned will take all reasonable actions within his
power to cause (i) the Company to dissolve and liquidate as soon as practicable
in accordance with Section 5.4 of the Amended and Restated Certificate of
Incorporation of the Company and (ii) the Trust Fund to be liquidated and
distributed to the holders of the IPO Shares as soon as practicable following
the adoption of a plan of distribution in accordance with Section 5.4 of
the Amended and Restated Certificate of Incorporation of the Company (the
earliest date on which the conditions in clauses (i) and (ii) are both
satisfied being the “Liquidation Date”).  The undersigned hereby waives
any and all right, title, interest or claim of any kind in or to any
distributions of the Trust Fund as a result of such distribution, or to any
other amounts distributed in connection with a liquidating distribution of the
Company, with respect to his Insider Shares (“Claim”) and hereby waives any
Claim the undersigned may have in the future as a result of, or arising out of,
any contracts or agreements with the Company and will not seek recourse against
the Trust Fund for any reason whatsoever.


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The undersigned hereby
agrees that the Company shall be entitled to reimbursement from the undersigned
for any distribution of the Trust Fund, or any other amounts distributed by the
Company in connection with a liquidating distribution, received by the
undersigned in respect of such person’s Insider Shares.  The undersigned
agrees to indemnify and hold harmless the Company against any and all loss,
liability, claims, damage and expense whatsoever (including, but not limited
to, any and all legal or other expenses reasonably incurred in investigating,
preparing or defending against any litigation, whether pending or threatened,
or any claim whatsoever) which the Company may become subject as a result of
(i) any claim by any vendor or other person who is owed money by the Company
for services rendered or products sold, or (ii) any claim by any target
business that the Company did not pay, or reimburse, such target business that
the Company agreed in writing with such target business to be liable for, in
accordance with the terms of such agreement, but in each case only to the
extent necessary to ensure that such loss, liability, claim, damage or expense
does not reduce the amount in the Trust Fund (or, in the event that such claim
arises after the distribution of the Trust Fund, to the extent necessary to
ensure that the Company’s former stockholders other than the undersigned and
the other Insiders are not liable for any amount of such loss, liability,
claim, damage or expense); provided, however, that the foregoing shall not
apply, and the undersigned shall have no liability, as to any claimed amounts
owed to a third party who has executed a waiver with respect to such loss,
liability, claim, damage or expense, as applicable, (including any target
business) or to the Underwriters (the “Indemnification Obligations”).  The
undersigned hereby represents and covenants that, so long as this letter agreement
is outstanding, he will maintain and make available sufficient funds for the
purpose of satisfying the Indemnification Obligations.


3.            
In order to minimize potential conflicts of interest which may arise from
multiple affiliations, the undersigned will present to the Company for its
consideration, prior to presentation to any other person or entity, any
suitable opportunity to acquire all or substantially all of the outstanding
equity securities of, or otherwise acquire or acquire control of (through
merger, capital stock exchange, asset acquisition, stock purchase or other
business combination), an operating business in the agriculture industry, until
the earlier of the consummation by the Company of a Business Combination, the
distribution of the Trust Fund or until such time as the undersigned ceases to
be an officer, director or stockholder of the Company, subject to any
pre-existing fiduciary obligations the undersigned might have.


4.            
The undersigned acknowledges and agrees that the Company will not consummate
any Business Combination which involves a company which is affiliated with any
of the Insiders or their respective affiliates unless the Company obtains an
opinion from an independent investment banking firm that the business
combination is fair to the Company’s stockholders from a financial perspective.


5.            
Neither the undersigned, any member of the family of the undersigned, nor any
affiliate of the undersigned will be entitled to receive and will not accept
any compensation for services rendered to the Company prior to or in connection
with the consummation of the Business Combination, provided that commencing on
the effective date of the IPO, Shermen Capital Partners, LLC (“Related Party”)
shall be allowed to charge the Company $9,950 per month to compensate it for
the Company’s use of Related Party’s offices, utilities and personnel. 
The undersigned shall also be entitled to reimbursement from the Company for
his out-of-pocket expenses incurred in connection with seeking and consummating
a Business Combination.


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6.            
Neither the undersigned, any member of the family of the undersigned, nor any
affiliate of the undersigned will be entitled to receive, or accept, a finder’s
fee or any other compensation in the event the undersigned, any member of the
family of the undersigned or any affiliate of the undersigned originates a
Business Combination.


7.            
The undersigned will escrow his Insider Shares for the three year period
commencing on the Effective Date subject to the terms of a Stock Escrow
Agreement which the Company will enter into with an escrow agent acceptable to
the Company.


8.            
The undersigned will not propose, or seek stockholder approval of, any
amendment of the provisions of Article Fifth of the Amended and Restated
Certificate of Incorporation of the Company.


9.            
The undersigned agrees to be a member of the Board of Directors of the Company
and Chief Executive Officer until the earlier of the consummation by the
Company of a Business Combination or the Liquidation Date.  The
undersigned’s biographical information furnished to the Company and the
Underwriter and attached hereto as Exhibit A is true and accurate in all
respects, does not omit any material information with respect to the
undersigned’s background and contains all of the information required to be
disclosed pursuant to Section 401 of Regulation S-K, promulgated under the
Securities Act of 1933.  The undersigned’s questionnaires furnished to the
Company and the Underwriter and attached hereto as Exhibit B are true and
accurate in all respects.  The undersigned represents and warrants that:


               
(a)           the undersigned
is not subject to or a respondent in any legal action for, any injunction,
cease-and-desist order or order or stipulation to desist or refrain from any
act or practice relating to the offering of securities in any jurisdiction;


               
(b)           the undersigned
has never been convicted of or pleaded guilty to any crime (i) involving any
fraud or (ii) relating to any financial transaction or handling of funds of
another person, or (iii) pertaining to any dealings in any securities and he is
not currently a defendant in any such criminal proceeding; and


               
(c)           the undersigned
has never been suspended or expelled from membership in any securities or
commodities exchange or association or had a securities or commodities license
or registrations denied, suspended or revoked.


The undersigned
understands that the Underwriter may conduct a background check with respect to
the undersigned, and hereby authorizes any employer, financial institution or
consumer credit reporting agency to release to the Underwriter and its legal
representatives or agents (including any investigative search firm retained by
the Underwriter) any information they may have about the undersigned’s
background and finances (“Information”). Neither the Underwriter nor its agents
shall be violating the undersigned’s right of privacy in any manner in
requesting and obtaining the Information or in otherwise performing a
background check, and the undersigned hereby releases them from liability for
any damage whatsoever in that connection.


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10.          
The undersigned has full right and power, without violating any agreement by
which he is bound (including, without limitation, any non-competition or
non-solicitation agreement with any employer or former employer), to enter into
this letter agreement and to serve as a member of the Board of Directors and
Chief Executive Officer of the Company.


11.          
As used herein, (i) a “Business Combination” shall mean the initial acquisition
by the Company, through a merger, capital stock exchange, asset acquisition,
stock purchase or similar other business combinations, of an operating business
in the agriculture industry selected by the Company; (ii) “Insiders” shall mean
all officers, directors and stockholders of the Company immediately prior to
the IPO; (iii) “Insider Shares” shall mean all of the shares of Common Stock of
the Company owned by an Insider immediately prior to the IPO; (iv) “IPO Shares”
shall mean the shares of Common Stock issued in the Company’s IPO; (v) “Public
Stockholders” shall mean the holders of IPO Shares, excluding the Insiders
which are holders of IPO Shares, if any; and (vi) “Trust Fund” shall mean the
Trust Account established under that certain Investment Management Trust
Agreement, dated as of the date hereof, between the Company and Continental
Stock Transfer & Trust Company.


The undersigned
acknowledges and understands that the Underwriter and the Company will rely
upon the agreements, representations and warranties set forth herein in
proceeding with the IPO.  The Company and the undersigned acknowledge that
the Underwriter is an intended third party beneficiary of the provisions of
this letter agreement.  In that regard, the Underwriter shall have the right
in its sole discretion, but not the obligation, to enforce the provisions of
this letter agreement.  Nothing contained herein shall be deemed to render
the Underwriter a representative of, or a fiduciary with respect to, the
Company, its stockholders, or any creditor or vendor of the Company with
respect to the subject matter hereof.


This letter
agreement shall be binding on the undersigned and such person’s respective
successors, heirs, personal representatives and assigns.  This letter
agreement shall terminate on the earlier of (i) the Business Combination Date
and (ii) the Liquidation Date; provided that such termination shall not relieve
the undersigned from liability for any breach of this agreement prior to its
termination, and provided further that Section 2 hereof shall survive a
termination pursuant to clause (ii).


This letter
agreement shall be governed by and interpreted and construed in accordance with
the laws of the State of New York applicable to contracts formed and to be
performed entirely within the State of New York, without regard to the
conflicts of law provisions thereof to the extent such principles or rules
would require or permit the application of the laws of another jurisdiction.


No term or
provision of this letter agreement may be amended, changed, waived, altered or
modified except by written instrument executed and delivered by the party
against whom such amendment, change, waiver, alteration or modification is to
be enforced.


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  Francis P. Jenkins, Jr.

  
	
   

  	
   

  	
   

  
	
  Accepted and agreed:

  	
   

  	
   

  
	
  Shermen WSC Acquisition Corp.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
  Name:

  	
  G. Kenneth Moshenek

  	
   

  	
   

  
	
  Title:

  	
  President and Chief Operating Officer

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  



 


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