Document:

INVESTMENT
      MANAGEMENT TRUST AGREEMENT

     

    This
      Agreement (this “Agreement”)
      is
      made as of _________, 2006 by and between Global Technology Industries, Inc.
      (the “Company”),
      Continental Stock Transfer & Trust Company (the “Trustee”)
      and
      Morgan Joseph & Co. Inc. (“Morgan
      Joseph”)

     

    WHEREAS,
      the Company has entered into an Underwriting Agreement with Morgan Joseph acting
      as the representative of the underwriters (collectively, the “Underwriters”),
      pursuant to which, among other matters, the Underwriters have agreed to purchase
      from the Company, and effect a public offering (the “IPO”)
      of,
      10,000,000 Units (“Units”),
      each
      Unit consisting of one share of the Company’s common stock, par value $.0001 per
      share (“Common
      Stock”),
      and
      one warrant (“Warrant”),
      each
      Warrant to purchase one share of Common Stock all as more fully described in
      the
      Company’s final Prospectus comprising part of the Company’s Registration
      Statement on Form S-1 (File No. 333 _______) under the Securities Act of 1933,
      as amended (“Registration
      Statement”);

     

    WHEREAS,
      the Company has completed a private placement pursuant to which GTI Holdings,
      LLC, which is the parent holding company of Global
      Technology Investments, LLC and is owned by certain of the Company’s officers
      and
      directors, purchased (i)
      an
      aggregate of 250,000 Units (“Private
      Placement Units”)
      for an
      aggregate of $2,000,000 (the “Private
      Placement”)
      and
      (ii) 416,667 additional Warrants (“Private
      Placement Warrants”)
      at a
      price of $1.20 per Warrant or $500,000 in the aggregate (sold separately and
      not
      in combination with the Common Stock in the form of the Private Placement
      Units), which Private Placement Units and Private Placement Warrants shall
      be
      substantially identical to the Units and Warrants issued in the IPO, except
      that the Private Placement Units, and their underlying shares of Common Stock
      and Warrants, and the Private Placement Warrants shall not initially be
      registered under the Securities Act of 1933, as amended;

     

    WHEREAS,
      the Registration Statement has been declared effective as of the date hereof
      by
      the Securities and Exchange Commission (“Effective
      Date”);
      

     

    WHEREAS,
      as described in the Registration Statement, funds (the “Property”)
      constituting a portion of the proceeds of the IPO and the Private Placement
      will
      be delivered to the Trustee to be deposited and held in a trust account for
      the
      benefit of the Company and the holders of the Common Stock (the “Public
      Stockholders,”
and
      collectively with the Company, the “Beneficiaries”)
      issued
      in the IPO as part of the Units (such shares, excluding shares of Common Stock
      issued upon exercise of Warrants issued in the IPO, the “IPO
      Shares”);
      and

     

    WHEREAS,
      the Company and the Trustee desire to enter into this Agreement to set forth
      the
      terms and conditions pursuant to which the Trustee shall hold the
      Property.

     

    IT
      IS
      AGREED:

     

    1.  Agreements
      and Covenants of Trustee.
      The
      Trustee hereby agrees and covenants to:

     

    (a)  Hold
      the
      Property in trust for the Beneficiaries in accordance with the terms of this
      Agreement (“Trust
      Account”)
      established by the Trustee at a branch of [BANK] selected by the Trustee;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (b)  Manage,
      supervise and administer the Trust Account subject to the terms and conditions
      set forth herein;

     

    (c)  In
      a
      timely manner, upon the written instruction of the Company, invest and reinvest
      the Property in (i) money market funds meeting certain conditions under Rule
      2a-7 (or any successor rule) promulgated under the Investment Company Act of
      1940 as determined by the Company or (ii) securities issued or guaranteed by
      the
      United States, selected by the Company;

     

    (d)  Collect
      and receive, when due, all principal and income arising from the Property,
      which
      shall become part of the “Property”;

     

    (e)  Notify
      the Company of all communications received by it with respect to any Property
      requiring action by the Company;

     

    (f)  Supply
      any necessary information or documents as may be requested by the Company in
      connection with the Company’s preparation of the tax returns for the Trust
      Account;

     

    (g)  Participate
      in any plan or proceeding for protecting or enforcing any right or interest
      arising from the Property if, as and when instructed by the
      Company;

     

    (h)  Render
      to
      the Company and to Morgan Joseph, and to such other persons as the Company
      may
      from time to time instruct, monthly written statements of the activities of
      and
      amounts in the Trust Account reflecting all receipts and disbursements of the
      Trust Account;

     

    (i)  Upon
      written instructions from the Company, deliver to the Company, on a quarterly
      basis, from the Property in the Trust Account, an amount equal to the taxes
      payable by the Company, if any, relating to interest earned on the Property;
      

     

    (j)  Upon
      receipt of a letter (a “Termination
      Letter”),
      in a
      form substantially similar to that attached hereto as either Exhibit A or
      Exhibit B, signed on behalf of the Company by its Chief Executive Officer or
      Chairman of the Board and affirmed by a majority of its Board of Directors,
      comply with the instructions set forth in the letter regarding the liquidation
      of the Trust Account, including distribution of the Property in the Trust
      Account only as directed in the Termination Letter and the other documents
      referred to therein; and

     

    (k)  If
      the
      Trustee shall not have received a Termination Letter on or prior to the
      Distribution Date, promptly following the Distribution Date the Trustee shall
      liquidate the Trust Account in accordance with the procedures set forth in
      the
      Termination Letter attached as Exhibit B to the Public Stockholders as of a
      record date established fixed by the Trustee, which record date shall be within
      ten days of the liquidation date, or as soon thereafter as is practicable.
      For
      purposes of this Agreement, the “Distribution
      Date”
shall
      mean _______ ___, 2007 [18
      months from the Effective Date] or,
      if on
      or prior to such date the Trustee has received a certification from the Company
      substantially in the form of Exhibit C, the date that is two years from the
      Effective Date.

     

    
      
        
        

      

      
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          2
          -

        
          

        

      

      
        
        

      

       

    

    2.  Agreements
      and Covenants of the Company.
      The
      Company hereby agrees and covenants to:

     

    (a)  Give
      all
      instructions to the Trustee hereunder in writing, signed by an Authorized
      Individual. The “Authorized
      Individuals”
shall
      be those individuals from time to time designated in writing to the Trustee
      by
      the Company as “Authorized Officers,” provided that each such individual must be
      an executive officer or Chairman of the Board of the Company. The initial
      Authorized Individuals are identified in Exhibit D to this Agreement. In
      addition, except with respect to its duties under Section 1(j) above, the
      Trustee shall be entitled to rely on, and shall be protected in relying on,
      any
      verbal or telephonic advice or instruction which it in good faith believes
      to be
      given by any one of the persons authorized above to give written instructions,
      provided that the Company shall promptly confirm such instructions in
      writing;

     

    (b)  Hold
      the
      Trustee harmless and indemnify the Trustee from and against any and all
      expenses, including reasonable counsel fees and disbursements, or loss suffered
      by the Trustee in connection with any action, suit or other proceeding brought
      against the Trustee involving any claim, or in connection with any claim or
      demand which in any way arises out of or relates to this Agreement, the services
      of the Trustee hereunder, or the Property or any income earned from investment
      of the Property, except for expenses and losses resulting from the Trustee's
      gross negligence or willful misconduct. Promptly after the receipt by the
      Trustee of notice of demand or claim or the commencement of any action, suit
      or
      proceeding, pursuant to which the Trustee intends to seek indemnification under
      this paragraph, it shall notify the Company in writing of such claim
      (hereinafter referred to as the “Indemnified
      Claim”).
      The
      Trustee shall have the right to conduct and manage the defense against such
      Indemnified Claim, provided,
      however,
      that
      the Trustee shall obtain the consent of the Company with respect to the
      selection of counsel, which consent shall not be unreasonably withheld. The
      Company may participate in such action with its own counsel; 

     

    (c)  Pay
      the
      Trustee an initial acceptance fee of [$1,000] and an annual fee of [$3,000]
      (it
      being expressly understood that the Property shall not be used to pay such
      fee).
      The Company shall pay the Trustee the initial acceptance fee and first year’s
      fee on the Effective Date and thereafter yearly on the anniversary of the
      Effective Date. The Trustee shall refund to the Company the fee (on a pro rata
      basis) with respect to any period after the liquidation of the Trust Fund.
      The
      Company shall not be responsible for any other fees or charges of the Trustee
      except as may be provided in Section 2(b) of this Agreement (it being expressly
      understood that the Property shall not be used to make any payments to the
      Trustee under such paragraph);

     

    (d)  In
      connection with any vote of the Company’s stockholders regarding a Business
      Combination (as defined in the Certificate of Incorporation of the Company),
      provide to the Trustee an affidavit or certificate of a firm regularly engaged
      in the business of soliciting proxies and tabulating stockholder votes (which
      firm may be the Trustee) verifying the number of votes of the Company’s
      stockholders for and against such Business Combination.

     

    
      
        
        

      

      
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          3
          -

        
          

        

      

      
        
        

      

       

    

    3.  Limitations
      of Liability.
      The
      Trustee shall have no responsibility or liability to:

     

    (a)  Take
      any
      action with respect to the Property, other than as directed in Section 1 of
      this
      Agreement and the Trustee shall have no liability to any party except for
      liability arising out of its own gross negligence or willful
      misconduct;

     

    (b)  Institute
      any proceeding for the collection of any principal and income arising from,
      or
      institute, appear in or defend any proceeding of any kind with respect to,
      any
      of the Property unless and until it shall have received instructions from the
      Company given as provided herein to do so and the Company shall have advanced
      or
      guaranteed to it funds sufficient to pay any expenses incident
      thereto;

     

    (c)  Change
      the investment of any Property, other than in compliance with Section 1(c)
      of
      this Agreement;

     

    (d)  Refund
      any depreciation in principal of any Property;

     

    (e)  Assume
      that the authority of any Authorized Officer designated by the Company to give
      instructions hereunder shall not be continuing unless provided otherwise in
      such
      designation, or unless the Company shall have delivered a written revocation
      of
      such authority to the Trustee;

     

    (f)  The
      other
      parties hereto or to anyone else for any action taken or omitted by it, or
      any
      action suffered by it to be taken or omitted, in good faith and in the exercise
      of its own best judgment, except for its gross negligence or willful misconduct.
      The Trustee may rely conclusively and shall be protected in acting upon any
      order, notice, demand, certificate, opinion or advice of counsel (including
      counsel chosen by the Trustee), statement, instrument, report or other paper
      or
      document (not only as to its due execution and the validity and effectiveness
      of
      its provisions, but also as to the truth and acceptability of any information
      therein contained) which is believed by the Trustee, in good faith, to be
      genuine and to be signed or presented by the proper person or persons. The
      Trustee shall not be bound by any notice or demand, or any waiver, modification,
      termination or rescission of this agreement or any of the terms hereof, unless
      evidenced by a written instrument delivered to the Trustee signed by the proper
      party or parties and, if the duties or rights of the Trustee are affected,
      unless it shall give its prior written consent thereto; 

     

    (g)  Verify
      the correctness of the information set forth in the Registration Statement
      or to
      confirm or assure that any Business Combination consummated by the Company
      or
      any other action taken by the Company is as contemplated by the Registration
      Statement; or 

     

    (h)  Subject
      to the requirements of Section 1(i) of this Agreement, pay any taxes on behalf
      of the Trust Account to any governmental entity or taxing
      authority.

     

    4.  Termination.
      This
      Agreement shall terminate as follows:

     

    (a)  If
      the
      Trustee gives written notice to the Company that it desires to resign under
      this
      Agreement, the Company shall use its reasonable efforts to locate a successor
      trustee. At such time that the Company notifies the Trustee that a successor
      trustee has been appointed by the Company and has agreed to become subject
      to
      the terms of this Agreement, the Trustee shall transfer the management of the
      Trust Account to the successor trustee, including but not limited to the
      transfer of copies of the reports and statements relating to the Trust Account,
      whereupon this Agreement shall terminate; provided,
      however,
      that if
      the Company does not locate a successor trustee within 90 days of receipt of
      the
      resignation notice from the Trustee, the Trustee may submit an application
      to
      have the Property deposited with the United States District Court for the
      Southern District of New York and upon such deposit, the Trustee shall be immune
      from any liability whatsoever that arises due to any actions or omissions to
      act
      by any party after such deposit; or 

     

    
      
        
        

      

      
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          4
          -

        
          

        

      

      
        
        

      

       

    

    (b)  At
      such
      time that the Trustee has completed the liquidation of the Trust Account in
      accordance with the provisions of Section 1(j) or Section 1(k) of this
      Agreement, and distributed the Property in accordance with the provisions of
      the
      Termination Letter, this Agreement shall terminate except with respect to
      Section 2(b) of this Agreement. 

     

    5.  General
      Provisions.

     

    (a)  The
      Company and the Trustee each acknowledge that the Trustee will follow the
      security procedures set forth in this Section 5 with respect to funds
      transferred from the Trust Account. Upon receipt of written instructions, the
      Trustee will confirm such instructions with an Authorized Individual at an
      Authorized Telephone Number listed on the attached Exhibit D. The Company and
      the Trustee will each restrict access to confidential information relating
      to
      such security procedures to authorized persons. Each party must notify the
      other
      party immediately if it has reason to believe unauthorized persons may have
      obtained access to such information, or of any change in its authorized
      personnel. In executing funds transfers, the Trustee will rely upon account
      numbers or other identifying numbers of a beneficiary, beneficiary's bank or
      intermediary bank, rather than names. The Trustee shall not be liable for any
      loss, liability or expense resulting from any error in an account number or
      other identifying number, provided it has accurately transmitted the numbers
      provided.

     

    (b)  This
      Agreement shall be governed by and construed and enforced in accordance with
      the
      laws of the State of New York, without giving effect to conflict of laws. It
      may
      be executed in several counterparts, each one of which shall constitute an
      original, and together shall constitute but one instrument.

     

    (c)  This
      Agreement contains the entire agreement and understanding of the parties hereto
      with respect to the subject matter hereof. This Agreement or any provision
      hereof may only be changed, amended or modified by a writing signed by each
      of
      the parties hereto; provided,
      however,
      that no
      such change, amendment or modification may be made without the prior written
      consent of Morgan Joseph. As to any claim, cross-claim or counterclaim in any
      way relating to this Agreement, each party waives the right to trial by
      jury.

     

    (d)  The
      parties hereto consent to the jurisdiction and venue of any state or federal
      court located in the City of New York for purposes of resolving any disputes
      hereunder.

     

    (e)  Any
      notice, consent or request to be given in connection with any of the terms
      or
      provisions of this Agreement shall be in writing and shall be sent by Express
      Mail or similar private courier service, by certified mail (return receipt
      requested), by hand delivery or by facsimile transmission:

     

    
      
        
        

      

      
        -
          5
          -

        
          

        

      

      
        
        

      

       

    

    
      	
              if
                to the Trustee, to:

            	
              Continental
                Stock Transfer 

              &
                Trust Company

              17
                Battery Place 

              New
                York, New York 10004

              Attn:
                Steven G. Nelson, Chairman

              Fax
                No.: (212) 509-5150

            
	 	 
	
              if
                to the Company, to:

            	
              Global
                Technology Industries, Inc.

              375
                Park Avenue, Suite 1505

              New
                York, NY

              Attn:
                Robert Kay

              Fax
                No.: 212-753-2888

            
	 	 
	
              in
                either case with a copy to:

            	
              Morgan
                Joseph & Co. Inc.

              600
                Fifth Avenue, 19th Floor

              New
                York, New York 10020

              Attn:
                Michael Powell 

              Fax
                No.: (212) 218-3719

            
	 	 
	
              and

            	
              Benesch,
                Friedlander, Coplan & Aronoff LLP

              2300
                BP Tower

              200
                Public Square

              Cleveland,
                OH 44114

              Attn:
                Douglas Haas

              Fax
                No.: (216) 363-4588

            
	 	 
	 	
              McDermott
                Will & Emery LLP

              340
                Madison Avenue

              New
                York, NY 10017

              Attn:
                Stephen E. Older, Esq.

              Fax
                No.: (212) 547-5444

            

    

     

    (f)  This
      Agreement may not be assigned by the Trustee without the prior written consent
      of the Company and Morgan Joseph.

     

    (g)  Each
      of
      the Trustee and the Company hereby represents that it has the full right and
      power and has been duly authorized to enter into this Agreement and to perform
      its respective obligations as contemplated hereunder. 

     

    (h)  The
      Trustee acknowledges and agrees that it shall not make any claims or proceed
      against the Trust Account, including by way of set-off, and shall not be
      entitled to any funds in the Trust Account under any circumstance.

     

    
      
        
        

      

      
        -
          6
          -

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the parties have duly executed this Investment Management
      Trust
      Agreement as of the date first written above.

     

    
      	 	 	 
	 	CONTINENTAL
              STOCK
              TRANSFER & TRUST COMPANY, as Trustee
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name: Steven
              G. Nelson
	 	Title: Chairman

    

     

    
      	 	 	 
	 	GLOBAL
              TECHNOLOGY
              INDUSTRIES, INC.
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name: Robert
              B. Kay
	 	Title: Chief
              Executive Officer

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

     

    [Letterhead
      of Company]

     

    [Insert
      date]

     

    Continental
      Stock Transfer

    &
      Trust Company

    17
      Battery Place 

    New
      York,
      New York 10004

    Attn:
      Steven G. Nelson

     

    
      	 	
              Re:

            	
              Trust
                Account No. [     ] Termination
                Letter

            

    

     

    Gentlemen:

     

    Reference
      is made to that certain Investment Management Trust Agreement between Global
      Technology Industries, Inc. (the “Company”) and Continental Stock Transfer &
Trust Company (the “Trustee”) dated as of _____________, 2006 (the “Trust
      Agreement”). Capitalized terms used in this letter shall have the meanings
      ascribed to them in the Trust Agreement unless otherwise defined in this
      letter.

     

    Pursuant
      to Section 1(j) of the Trust Agreement, the Company hereby advises you that
      it
      has entered into a definitive agreement to consummate a Business Combination
      with _________. The Company anticipates that the Business Combination will
      be
      consummated on or about [insert date]. The Company shall notify you at least
      48
      hours in advance of the actual date of the consummation of the Business
      Combination (the “Consummation Date”).

     

    In
      accordance with paragraph B of Article Sixth of the Certificate of Incorporation
      of the Company, the Business Combination has been approved by the stockholders
      of the Company and by the Public Stockholders holding a majority of the IPO
      Shares, and Public Stockholders holding less than 20% of the IPO Shares have
      voted against the Business Combination and given notice of exercise of their
      conversion rights described in paragraph C of Article Sixth of the Certificate
      of Incorporation of the Company. Pursuant to Section 2(d) of the Trust
      Agreement, we are providing you with a certificate of ________________, which
      verifies the number of votes of the Company’s stockholders for and against the
      Business Combination.

     

    On
      the
      Consummation Date (a) counsel for the Company shall deliver to you written
      notification that the Business Combination has been consummated, and (b) the
      Company shall deliver to you written instructions with respect to the transfer
      of the funds held in the Trust Account (the “Instruction Letter”). You are
      hereby directed and authorized to transfer the funds held in the Trust Account
      immediately upon your receipt of the counsel's letter and the Instruction
      Letter, in accordance with the terms of the Instruction Letter. In addition,
      on
      the Consummation date, you are hereby directed and authorized to
      transfer $_________, the contingent underwriting discount, held in the
      Trust Account directly to Morgan Joseph. If certain deposits held in the Trust
      Account may not be liquidated by the Consummation Date without penalty, you
      will
      notify the Company of the same and the Company shall direct you as to whether
      such funds should remain in the Trust Account and be distributed after the
      Consummation Date to the Company. Upon the distribution of all the funds in
      the
      Trust Account pursuant to the terms hereof, the Trust Agreement shall be
      terminated.

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

       

    

    If
      the
      proposed Business Combination is not consummated on the Consummation Date
      described in the notice thereof and we have not notified you on or before the
      original Consummation Date of a new Consummation Date, then you shall reinvest
      the funds held in the Trust Account as provided in the Trust Agreement on the
      business day immediately following the Consummation Date as set forth in the
      notice.

     

    The
      undersigned directors constitute a majority of the Board of Directors of the
      Company as of the date of this letter.

     

    
      	 	 	 
	 	Very truly yours,
	 	 
	 	GLOBAL
              TECHNOLOGY
              INDUSTRIES, INC.
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:
	 	
              Title:

            

    

    
       

      
        	 	 	 
	 	AFFIRMED:
	 
 	 
 	 
 
	 	 	 
	 	
                
Name:
	 	
                Title: Director

              

      

      
         

        
          	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
                  
Name:
	 	
                  Title: Director

                

        

        
           

          
            	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
                    
Name:
	 	
                    Title: Director

                  

          

           

        

      

    

     

    
      
        
        

      

      
        A-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

     

    [Letterhead
      of Company]

     

    [Insert
      date]

     

    Continental
      Stock Transfer

    &
      Trust Company

    17
      Battery Place

    New
      York,
      New York 10004

    Attn:
      Steven G. Nelson

     

    
      	 	
              Re:

            	
              Trust
                Account No. [     ] Termination
                Letter

            

    

     

    Gentlemen:

     

    Reference
      is made to that certain Investment Management Trust Agreement between Global
      Technology Industries, Inc. (the “Company”) and Continental Stock Transfer &
Trust Company (the “Trustee”) dated as of _____________, 2006 (the “Trust
      Agreement”). Capitalized terms used in this letter shall have the meanings
      ascribed to them in the Trust Agreement unless otherwise defined in this
      letter.

     

    Pursuant
      to Section 1(j) of the Trust Agreement, the Company hereby advises you that
      the
      Board of Directors of the Company has voted to dissolve and liquidate the
      Company. Attached hereto is a copy of the minutes of the meeting of the Board
      of
      Directors of the Company relating thereto, certified by the Secretary of the
      Company as true and correct and in full force and effect.

     

    In
      accordance with the terms of the Trust Agreement, we hereby authorize you to
      liquidate the Trust Account to the Public Stockholders. In connection with
      this
      liquidation, you are hereby authorized to establish a record date for the
      purposes of determining the Public Stockholders of record entitled to receive
      their pro rata share of the Trust Account. The record date shall be within
      ten
      days of the liquidation date, or as soon thereafter as is practicable.

     

    You
      shall
      notify the Company in writing as to when all of the funds in the Trust Account
      will be available for immediate transfer (“Transfer Date”) in accordance with
      the terms of the Trust Agreement. You shall commence distribution of such funds
      in accordance with the terms of the Trust Agreement and you shall oversee the
      distribution of the funds. Upon the payment of all the funds in the Trust
      Account, the Trust Agreement shall be terminated.

     

    The
      undersigned directors constitute a majority of the Board of Directors of the
      Company as of the date of this letter.

     

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

    

     

    
      
        	 	 	 
	 	Very truly yours,
	 	 
	 	GLOBAL
                TECHNOLOGY
                INDUSTRIES, INC.
	 
 	 
 	 
 
	 	By:  	 
	 	
                
Name:
	 	
                Title:

              

      

      
        
          	 	 	 
	 	 
	 
 	 
 	 
 
	 	By:  	 
	 	
                  
Name:
	 	Title:

        

         

         

        
          	 	 	 
	 	AFFIRMED:
	 
 	 
 	 
 
	 	 	 
	 	
                  
Name:
	 	
                  Title: Director

                

        

        
           

          
            	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
                    
Name:
	 	
                    Title: Director

                  

          

          
             

            
              	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
                      
Name:
	 	
                      Title: Director

                    

            

            
              
                 

                
                  	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
                          
Name:
	 	
                          Title: Director

                        

                

                 

              

            

          

        

      

    

     

    
      
        
        

      

      
        B-2

        
          

        

      

      
        
        

      

       

    

    EXHIBIT
      C

     

    [Letterhead
      of Company]

     

    [Insert
      date]

     

    Continental
      Stock Transfer

    &
      Trust Company

    17
      Battery Place 

    New
      York,
      New York 10004

    Attn:
      Steven G. Nelson

     

    
      	 	
              Re:

            	
              Trust
                Account No. [     ] -Extension
                of Distribution Date

            

    

     

    Gentlemen:

     

    Reference
      is made to that certain Investment Management Trust Agreement between Global
      Technology Industries, Inc. (the “Company”) and Continental Stock Transfer &
Trust Company (the “Trustee”) dated as of _____________, 2006 (the “Trust
      Agreement”). Capitalized terms used in this letter shall have the meanings
      ascribed to them in the Trust Agreement unless otherwise defined in this letter.
      

     

    The
      Company hereby advises you that it has entered into a letter of intent, an
      agreement in principle or a definitive agreement to complete a Business
      Combination, a copy of which is enclosed. As a result, the Distribution Date
      has
      been extended to _____________, 2008, the second anniversary of the Effective
      Date. 

     

    
       

      
        
          	 	 	 
	 	Very truly yours,
	 	 
	 	GLOBAL
                  TECHNOLOGY
                  INDUSTRIES, INC.
	 
 	 
 	 
 
	 	By:  	 
	 	
                  
Name:
	 	
                  Title:

                

        

         

      

    

     

    
      
        
        

      

      
        C-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      D

    

    
      	
              AUTHORIZED
                INDIVIDUAL(S)

              FOR
                TELEPHONE CALL BACK

            	
              AUTHORIZED

              TELEPHONE
                NUMBER(S)

            
	 	 
	
              Company:

            	 
	 	 
	
              Robert
                B. Kay

            	
              (212)
                755-9100

            
	 	 
	
              Trustee:

            	 
	 	 
	
              Continental
                Stock Transfer & Trust Company

              17
                Battery Place

              New
                York, New York 10004

              Attn:
                Steven G. Nelson

            	
              (212)
                845-3200

            

    

     

     

    
      
        
        

      

      
        D-1STOCK
      ESCROW AGREEMENT 

     

    This
      Stock Escrow Agreement (this “Agreement”)
      is
      made and entered into as of March ___, 2006, by and among Continental Stock
      Transfer and Trust Company, a New York corporation (“Escrow
      Agent”),
      Global Technology Industries, Inc., a Delaware corporation (the “Company”),
      and
      GTI Capital Partners LLC (“Capital
      Partners”),
      with
      reference to the following facts: 

     

    A. The
      Company has entered into an Underwriting Agreement dated March ___, 2006
      (“Underwriting
      Agreement”),
      with
      Morgan Joseph & Co. Inc., acting as representative (“Representative”)
      of the
      underwriters (collectively, the “Underwriters”),
      pursuant to which, among other matters, the Underwriters have agreed to purchase
      10,000,000 units (“Units”)
      of the
      Company. Each Unit consists of one share of the Company’s common stock, par
      value $.0001 per share (“Common
      Stock”),
      and
      one Warrant, each Warrant to purchase one share of Common Stock, all as more
      fully described in the Company’s final prospectus, dated _________, 2006
      (“Prospectus”)
      comprising part of the Company’s Registration Statement on Form S-1 (File No.
      333 ___) under the Securities Act of 1933, as amended (“Registration
      Statement”).

     

    B. In
      order
      to facilitate the public offering of the Units, Capital Partners has agreed
      to
      deposit all shares of Common Stock that it owns as of the date hereof (the
      “Escrow
      Shares”),
      in
      escrow as hereinafter provided.

     

    C. The
      Company and Capital Partners desire that the Escrow Agent accept the Escrow
      Shares, in escrow, to be held and disbursed as hereinafter
      provided.

     

    NOW,
      THEREFORE, with reference to the foregoing facts, the parties agree as follows:
      

     

    1.  Appointment
      of Escrow Agent.
      The
      Company and Capital Partners hereby appoint the Escrow Agent to act in
      accordance with and subject to the terms of this Agreement, and the Escrow
      Agent
      hereby accepts such appointment and agrees to act in accordance with and subject
      to such terms.

     

    2.  Deposit
      of Escrow Shares.
      On or
      before the effective date of the Registration Statement, Capital Partners shall
      deliver to the Escrow Agent a certificate representing its Escrow Shares, to
      be
      held and disbursed subject to the terms and conditions of this Agreement.
      Capital Partners acknowledges that the certificate representing its Escrow
      Shares is legended to reflect the deposit of such Escrow Shares under this
      Agreement.

     

    3.  Disbursement
      of the Escrow Shares.

     

    3.1  The
      Escrow Agent shall hold the Escrow Shares from the date of delivery until the
      Release Date (the “Escrow
      Period”).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    3.2  For
      purposes of this Agreement: 

     

    3.2.1  “Business
      Combination”
shall
      mean a
      merger,
      capital stock exchange, asset or stock acquisition or other similar business
      combination with one or more operating businesses.

     

    3.2.2  “Release
      Date”
shall
      mean the earliest to occur of: (a) eighteen (18) months following the closing
      of
      the Business Combination; (b) the Sale Date; and (c) the Trust Account
      Liquidation Date. 

     

    3.2.3  “Sale
      Date”
shall
      mean the date that a Stockholder Liquidation Event occurs.

     

    3.2.4  “Stockholder
      Liquidation Event”
shall
      mean: (a) the merger, consolidation, reorganization or similar transaction
      involving the Company (or a successor to the Company) in which the common
      stockholders of the Company (or such successor) have the right to exchange
      their
      shares of Common Stock (or successor securities) for cash, securities or other
      property, but excluding a reorganization in which the common stockholders
      exchange their shares for shares of a newly formed holding company and have
      substantially the same proportionate interests in the holding company that
      they
      had in the Company (or successor); (b) the liquidation of the Company; or (c)
      the sale of all or substantially all of the assets of the Company.

     

      3.2.5  “Trust
        Account”
shall
        mean a trust
        account at JP Morgan Chase NY Bank, maintained by Continental Stock
        Transfer & Trust Company, acting as trustee.
        

     

    3.2.6  “Trust
      Account Liquidation Date”
shall
      mean the date prior to the completion of a Business Combination that the Trust
      Account is liquidated and the funds in the Trust Account are distributed to
      the
      beneficial owners of the Trust Account.

     

    3.3  Upon
      the
      Release Date, the Escrow Agent shall disburse to Capital Partners its respective
      Escrow Shares to the address on record of Capital Partners or as may otherwise
      be directed by Capital Partners in writing. 

     

    3.4  The
      Company agrees to notify the Escrow Agent in advance of any anticipated
      Stockholder Liquidation Event or Trust Account Liquidation Date and upon the
      occurrence thereof. The Escrow Agent shall rely upon a certificate (the
“Officer’s Certificate”), executed by the Chief Executive Officer or Chief
      Financial Officer of the Company, in form reasonably acceptable to the Escrow
      Agent, that certifies that the Release Date has occurred, and shall not be
      required to disburse the Escrow Shares unless and until it receives the
      Officer’s Certificate. 

     

    4.  Rights
      of Capital Partners in Escrow Shares.

     

    4.1  Rights
      as a Stockholder.
      Except
      as provided in this Section 4 and the Insider Letter (as defined below), Capital
      Partners shall retain all of its rights as a stockholder of the Company with
      respect to its Escrow Shares during the Escrow Period, including, without
      limitation: 

     

    
      
        
        

      

      
        -
          2
          -

        
          

        

      

      
        
        

      

       

    

    4.1.1  the
      right
      to vote; and 

     

    4.1.2  the
      right
      to receive dividends and distributions, if any, with cash dividends paid to
      Capital Partners and dividends paid in stock or other non-cash property
      (“Non-Cash
      Dividends”)
      delivered to the Escrow Agent to hold in accordance with the terms hereof (and
      the term “Escrow
      Shares”
shall
      be deemed to include the Non-Cash Dividends distributed with respect to any
      Escrow Shares held by the Escrow Agent prior to the distribution).

     

    4.2  Restrictions
      on Transfer.
      During
      the Escrow Period, Capital Partners agrees not to sell, transfer or assign
      any
      or all of its Escrow Shares except to its members (and the Escrow Shares may
      subsequently be transferred by such members to their ancestors, descendants
      or
spouse
      or
      to trusts established for the benefit of such persons or the member, or to
      affiliated companies);
      provided, however, that such permissive transfers may be implemented only upon
      the respective transferee’s written agreement to be bound by the terms and
      conditions of this Agreement as a stockholder and of the Insider Letter signed
      by Capital Partners transferring the Escrow Shares. During the Escrow Period,
      Capital Partners agrees that it may not pledge or grant a security interest
      in
      the Escrow Shares or grant a security interest in its rights under this
      Agreement. For purposes of this Agreement, “Insider
      Letter”
means
      a
      letter agreement between Capital Partners, the Representative and the Company
      substantially in the form of Exhibit ___ to the Registration Statement setting
      forth certain rights and obligations of Capital Partners in certain events,
      including but not limited to the liquidation of the Company.

     

    5.  Concerning
      the Escrow Agent.

     

    5.1  Good
      Faith Reliance.
      The
      Escrow Agent shall not be liable for any action taken or omitted by it in good
      faith and in the exercise of its own best judgment, and may rely conclusively
      and shall be protected in acting upon any order, notice, demand, certificate,
      opinion or advice of counsel (including counsel chosen by the Escrow Agent),
      statement, instrument, report or other paper or document (not only as to its
      due
      execution and the validity and effectiveness of its provisions, but also as
      to
      the truth and acceptability of any information therein contained) which is
      believed by the Escrow Agent to be genuine and to be signed or presented by
      the
      proper person or persons. The Escrow Agent shall not be bound by any notice
      or
      demand, or any waiver, modification, termination or rescission of this Agreement
      unless evidenced by a writing delivered to the Escrow Agent signed by the proper
      party or parties and, if the duties or rights of the Escrow Agent are affected,
      unless it shall have given its prior written consent thereto.

     

    5.2  Indemnification.
      The
      Company agrees to indemnify and hold the Escrow Agent harmless from and against
      any expenses, including counsel fees and disbursements, or losses suffered
      by
      the Escrow Agent in connection with any action, suit or other proceeding
      involving any claim which in any way, directly or indirectly, arises out of
      or
      relates to this Agreement, the services of the Escrow Agent hereunder, or the
      Escrow Shares held by it hereunder, other than expenses or losses arising from
      the gross negligence or willful misconduct of the Escrow Agent. Promptly after
      the receipt by the Escrow Agent of notice of any demand or claim or the
      commencement of any action, suit or proceeding, the Escrow Agent shall notify
      the other parties hereto in writing. In the event of the receipt of such notice,
      the Escrow Agent, in its sole discretion, may commence an action in the nature
      of interpleader in an appropriate court to determine ownership or disposition
      of
      the Escrow Shares or it may deposit the Escrow Shares with the clerk of any
      appropriate court or it may retain the Escrow Shares pending receipt of a final,
      non appealable order of a court having jurisdiction over all of the parties
      hereto directing to whom and under what circumstances the Escrow Shares are
      to
      be disbursed and delivered. The provisions of this Section 5.2 shall survive
      in
      the event the Escrow Agent resigns or is discharged pursuant to Sections 5.5
      or
      5.6 below.

     

    
      
        
        

      

      
        -
          3
          -

        
          

        

      

      
        
        

      

       

    

    5.3  Compensation.
      The
      Escrow Agent shall be entitled to reasonable compensation from the Company
      for
      all services rendered by it hereunder. The Escrow Agent shall also be entitled
      to reimbursement from the Company for all expenses paid or incurred by it in
      the
      administration of its duties hereunder including, but not limited to, all
      counsel, advisors’ and agents’ fees and disbursements and all taxes or other
      governmental charges.

     

    5.4  Further
      Assurances.
      From
      time to time on and after the date hereof, the Company and Capital Partners
      shall deliver or cause to be delivered to the Escrow Agent such further
      documents and instruments and shall do or cause to be done such further acts
      as
      the Escrow Agent shall reasonably request to carry out more effectively the
      provisions and purposes of this Agreement, to evidence compliance herewith
      or to
      assure itself that it is protected in acting hereunder.

     

    5.5  Resignation.
      The
      Escrow Agent may resign at any time and be discharged from its duties as escrow
      agent hereunder by giving the other parties hereto written notice, and such
      resignation shall become effective as hereinafter provided. Such resignation
      shall become effective at such time that the Escrow Agent shall turn over to
      a
      successor escrow agent appointed by the Company the Escrow Shares held
      hereunder. If no new escrow agent is so appointed within the 60-day period
      following the giving of such notice of resignation, the Escrow Agent may deposit
      the Escrow Shares with any court it reasonably deems appropriate.

     

    5.6  Discharge
      of Escrow Agent.
      The
      Escrow Agent shall resign and be discharged from its duties as escrow agent
      hereunder if so requested in writing at any time by the Company and the holders
      of a majority of the Escrow Shares, provided, however, that such resignation
      shall become effective only upon acceptance of appointment by a successor escrow
      agent as provided in Section 5.5.

     

    5.7  Liability.
      Notwithstanding anything herein to the contrary, the Escrow Agent shall not
      be
      relieved from liability hereunder for its own gross negligence or its own
      willful misconduct.

     

    6.  Miscellaneous.

     

    6.1  Governing
      Law.
      This
      Agreement shall for all purposes be deemed to be made under and shall be
      construed in accordance with the laws of the State of New York, without giving
      effect to conflicts of law principles that would result in the application
      of
      the substantive laws of another jurisdiction.

     

    6.2  Third-Party
      Beneficiaries.
      Capital
      Partners hereby acknowledges that the Underwriters are third-party beneficiaries
      of this Agreement and this Agreement may not be modified or changed without
      the
      prior written consent of the Representative.

     

    
      
        
        

      

      
        -
          4
          -

        
          

        

      

      
        
        

      

       

    

    6.3  Entire
      Agreement.
      This
      Agreement contains the entire agreement of the parties hereto with respect
      to
      the subject matter hereof and, except as expressly provided herein, may not
      be
      changed or modified except by an instrument in writing signed by the party
      to be charged.

     

    6.4  Headings.
      The
      headings contained in this Agreement are for reference purposes only and shall
      not affect in any way the meaning or interpretation thereof.

     

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

     

    6.6  Notices.
      Any
      notice or other communication required or which may be given hereunder shall
      be
      in writing and either be delivered personally or be mailed, certified or
      registered mail, or by private courier service, return receipt requested,
      postage prepaid, and shall be deemed given when so delivered personally or,
      if
      mailed, two days after the date of mailing, as follows: 

     

    If
      to the
      Company, to:

     

    Global
      Technology Industries, Inc.

    375
      Park
      Avenue, Suite 1505

    New
      York,
      NY 10152

     

    If
      to
      Capital Partners to:

     

    c/o
      Global Technology Industries, Inc.

    375
      Park
      Avenue, Suite 1505

    New
      York,
      NY 10152

     

    and
      if to
      the Escrow Agent, to: 

     

    Continental
      Stock Transfer & Trust Company

    17
      Battery Place

    New
      York,
      New York 10004

    Attn:
      Chairman

     

    A
      copy of
      any notice sent hereunder shall be sent to: 

     

    Morgan
      Joseph & Co. Inc.

    600
      Fifth
      Avenue, 19th Floor

    New
      York,
      New York 10020

    Attn:
      Mike Powell

     

    and:

     

    McDermott
      Will & Emery LLP

    340
      Madison Avenue 

    New
      York,
      NY 10017

    Attn:
      Stephen Older, Esq.

     

              and:

                           Benesch,
      Friedlander, Coplan & Aronoff LLP

                          
      2300 BP Tower

                          
      200 Public Square

                          
      Cleveland, OH 44114

                          
      Attn: Douglas E. Haas, Esq.

     

     

     

     

    
      
        
        

      

      
        -
          5
          -

        
          

        

      

      
        
        

      

    

    Any
      party
      may change the person and address to which the notices or other communications
      are to be sent by giving written notice to any such change in the manner
      provided herein for giving notice.

     

    6.7  Liquidation
      of the Company.
      The
      Company shall give the Escrow Agent written notification of the liquidation
      and
      dissolution of the Company in the event that the Company fails to consummate
      a
      Business Combination within the time period(s) specified in the
      Prospectus.

     

    
      
        
        

      

      
        -
          6
          -

        
          

        

      

      
        
        

      

    

    WITNESS
      the execution of this Agreement as of the date first above written.

     

    
      	 	 	 
	 	GLOBAL
              TECHNOLOGY
              INDUSTRIES, INC.
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:
              Robert B. Kay
	 	Title:
              Chief Executive Officer

    

    
       

      
        	 	 	 
	 	CONTINENTAL
                STOCK
                TRANSFER & TRUST COMPANY
	 
 	 
 	 
 
	 	By:  	 
	 	
                
Name:
	 	Title:

      

      
         

        
          	 	 	 
	 	GTI
                  CAPITAL
                  PARTNERS LLC:
	 
 	 
 	 
 
	 	By:  	 
	 	
                  
Name:
	 	Title:

        

         

         

        
          
            
            

          

          
            -
              7
              -

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