Document:

EXHIBIT 10.2

 Exhibit 10.2 
  
 September 15, 2005 
  
 Endeavor Acquisition Corp. 
 180 Madison Avenue,
Suite 2305 
 New York, New York 10016 
  
 Ladenburg Thalmann & Co. Inc. 
 590 Madison Avenue 
 34th Floor 
 New York, New York 10022 
  

	 	Re:	Initial Public Offering 

  
 Gentlemen: 
  
 The undersigned officer and director of Endeavor Acquisition Corp. (“Company”), in consideration of Ladenburg Thalmann & Co. Inc. (“Ladenburg”) entering into a letter of intent (“Letter of
Intent”) to underwrite an initial public offering of the securities of the Company (“IPO”) and embarking on the IPO process, hereby agrees as follows (certain capitalized terms used herein are defined in paragraph 13 hereof):

  
 1. If the Company solicits approval of its stockholders of a
Business Combination, the undersigned will vote all Insider Shares beneficially owned by him in accordance with the majority of the votes cast by the holders of the IPO Shares. 
  
 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 (“Registration Statement”) relating to the IPO (or 24 months under the circumstances described in the prospectus relating to the IPO), the undersigned will, as soon as reasonably
practicable, (i) cause the Trust Fund (as defined in the Letter of Intent) to be liquidated and distributed to the holders of IPO Shares and (ii) take all reasonable actions within his power to cause the Company to liquidate. The undersigned hereby
waives any and all right, title, interest or claim of any kind in or to any distribution of the Trust Fund and any remaining net assets of the Company as a result of such liquidation 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. In the event of the liquidation of
the Trust Fund, the undersigned 

 Endeavor Acquisition Corp. 
 Ladenburg Thalmann & Co. Inc. 
 September 15, 2005 
  Page
 2
 
  

 
agrees to indemnify and hold harmless the Company, severally and pro rata with Jonathan J. Ledecky based on the number of Insider Shares beneficially owned
by such individuals, 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 any claim by any vendor or other person who is owed money by the Company for services rendered or products sold or contracted for, or by any
target business, but only to the extent necessary to ensure that such loss, liability, claim, damage or expense does not reduce the amount in the Trust Fund. 
  
 3. In order to minimize potential conflicts of interest which may arise from multiple affiliations, the undersigned agrees to present to the Company for
its consideration, prior to presentation to any other person or entity, any suitable opportunity to acquire an operating business, until the earlier of the consummation by the Company of a Business Combination, the liquidation of the Company or
until such time as the undersigned ceases to be an officer or director of the Company, subject to any pre-existing fiduciary and contractual 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 unless the Company obtains an opinion from an independent investment banking firm reasonably acceptable to Ladenburg 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 (“Affiliate”) of the undersigned will be entitled to receive and will not accept any compensation prior to, or for any services rendered in order to effectuate the consummation of, the
Business Combination; provided that the undersigned shall be entitled to reimbursement from the Company for his out-of-pocket expenses incurred in connection with seeking and consummating a Business Combination. 
  
 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 all Insider Shares
beneficially owned by him 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 the undersigned and an escrow agent acceptable to the Company. 

 Endeavor Acquisition Corp. 
 Ladenburg Thalmann & Co. Inc. 
 September 15, 2005 
  Page
 3
 
  

 8. The undersigned agrees to be the Chairman of the Board and Treasurer of the Company until the
earlier of the consummation by the Company of a Business Combination or the liquidation of the Company. The undersigned’s biographical information furnished to the Company and Ladenburg 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 Item 401 of Regulation S-K, promulgated under the Securities Act of 1933.
The undersigned’s Questionnaire furnished to the Company and Ladenburg and annexed as Exhibit B hereto is true and accurate in all respects. The undersigned represents and warrants that: 
  
 (a) except as set forth in the Registration Statement and
Exhibit A, he 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) he has never filed for bankruptcy or 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) he has
never been suspended or expelled from membership in any securities or commodities exchange or association or had a securities or commodities license or registration denied, suspended or revoked. 
  
 9. The undersigned has full right and power, without violating any agreement
by which he is bound, to enter into this letter agreement and to serve as Chairman of the Board and Treasurer of the Company. 
  
 10. The undersigned authorizes any employer, financial institution, or consumer credit reporting agency to release to Ladenburg and its legal
representatives or agents (including any investigative search firm retained by Ladenburg) any information they may have about the undersigned’s background and finances (“Information”). Neither Ladenburg nor its agents shall be
violating the undersigned’s right of privacy in any manner in requesting and obtaining the Information and the undersigned hereby releases them from liability for any damage whatsoever in that connection. 
  
 11. This letter agreement shall be governed by and construed and enforced 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 

 Endeavor Acquisition Corp. 
 Ladenburg Thalmann & Co. Inc. 
 September 15, 2005 
  Page
 4
 
  

 
jurisdiction. The undersigned hereby (i) agrees that any action, proceeding or claim against him arising out of or relating in any way to this letter
agreement (a “Proceeding”) shall be brought and enforced in the courts of the State of New York of the United States of America for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall
be exclusive, (ii) waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum and (iii) irrevocably agrees to appoint Graubard Miller as agent for the service of process in the State of New York to
receive, for the undersigned and on his behalf, service of process in any Proceeding. If for any reason such agent is unable to act as such, the undersigned will promptly notify the Company and Ladenburg and appoint a substitute agent acceptable to
each of the Company and Ladenburg within 30 days and nothing in this letter will affect the right of either party to serve process in any other manner permitted by law. 
  
 12. The undersigned acknowledges and understands that Ladenburg and the Company will rely upon the agreements and
representations and warranties set forth herein in proceeding with the IPO. Nothing contained herein shall be deemed to render Ladenburg 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. 
  
 13. As
used herein, (i) a “Business Combination” shall mean an acquisition by merger, capital stock exchange, asset or stock acquisition, reorganization or otherwise, of an operating business; (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 prior to the IPO; and (iv) “IPO Shares” shall mean the
shares of Common Stock issued in the Company’s IPO. 
  

	
	
	 Eric J. Watson

	 Print Name of Insider

	
	/S/    ERIC J.
WATSON        
	Signature

 Exhibit A 
  
 Eric J. Watson has been our chairman of the board and treasurer since our inception. Mr. Watson has been the chairman and controls Cullen
Investments Limited, a private investment company which he founded in 1996. Cullen Investments Limited now has interests in approximately 20 companies in various industries including retail, manufacturing, consumer finance, healthcare and real
estate. Cullen Investments’ holds an 81% ownership interest in Pacific Retail Group, a publicly listed company in New Zealand that operates several consumer focused companies, including Powerhouse, a significant specialty appliance retail chain
in the United Kingdom, Bendon, an international manufacturer and retailer of women’s lingerie, and Pacific Retail Finance Group, a New Zealand consumer finance company. Another major investment of Mr. Watson’s is control of 50% of the
Hanover Group, one of the largest privately owned financial service firms in New Zealand. Prior to founding Cullen Investments, Mr. Watson was the founding chairman and largest shareholder of Blue Star Group, a retail and distribution group he
founded in 1993. In 1996, Blue Star Group was sold to U.S. Office Products, a diversified supplier of a broad range of office products and business services to corporate customers, and Mr. Watson continued as executive chairman of Blue Star Group
until 1998. In October 2001, the SEC issued a cease and desist order against Mr. Watson in connection with certain purchases and sales made by Mr. Watson of shares of a company U.S. Office Products was seeking to acquire while he was executive
chairman of Blue Star Group and acting as chief negotiator for U.S. Office Products. The SEC found Mr. Watson had violated Section 10(b) of the Securities and Exchange Act of 1934 and Rule 10b-5 promulgated thereunder with respect to such purchases
and sales by not disclosing his ownership of such shares to U.S. Office Products. After the SEC began investigating Mr. Watson’s conduct in connection with these transactions, Mr. Watson voluntarily established a fund to return any profits he
received as a result of the purchases and sales. Prior to serving with U.S. Office Products, Mr. Watson held several positions with Xerox Corporation including president of operations for Australasia. Mr. Watson received a diploma of general
management from Auckland University.EXHIBIT 10.3

 Exhibit 10.3 
  
 September 15, 2005 
  
 Endeavor Acquisition Corp. 
 180 Madison Avenue,
Suite 2305 
 New York, New York 10016 
  
 Ladenburg Thalmann & Co. Inc. 
 590 Madison Avenue 
 34th Floor 
 New York, New York 10022 
  

	 	Re:	Initial Public Offering 

  
 Gentlemen: 
  
 The undersigned stockholder and director of Endeavor Acquisition Corp. (“Company”), in consideration of Ladenburg Thalmann & Co. Inc. (“Ladenburg”) entering into a letter of intent
(“Letter of Intent”) to underwrite an initial public offering of the securities of the Company (“IPO”) and embarking on the IPO process, hereby agrees as follows (certain capitalized terms used herein are defined in paragraph 13
hereof): 
  
 1. If the Company solicits approval of its
stockholders of a Business Combination, the undersigned will vote all Insider Shares owned by him in accordance with the majority of the votes cast by the holders of the IPO Shares. 
  
 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 undersigned will, as soon as reasonably practicable, (i) cause the Trust Fund
(as defined in the Letter of Intent) to be liquidated and distributed to the holders of IPO Shares and (ii) take all reasonable actions within his power to cause the Company to liquidate. The undersigned hereby waives any and all right, title,
interest or claim of any kind in or to any distribution of the Trust Fund and any remaining net assets of the Company as a result of such liquidation with respect to his Insider Shares (“Claim”) and hereby waives any Claim the undersigned
may have 

 Endeavor Acquisition Corp. 
 Ladenburg Thalmann & Co. Inc. 
 September 15, 2005 
  Page
 2
 
  

 
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. 
  
 3. In order to minimize potential conflicts
of interest which may arise from multiple affiliations, the undersigned agrees to present to the Company for its consideration, prior to presentation to any other person or entity, any suitable opportunity to acquire an operating business, until the
earlier of the consummation by the Company of a Business Combination, the liquidation of the Company or until such time as the undersigned ceases to be a director of the Company, subject to any pre-existing fiduciary and contractual 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 unless the Company obtains an opinion from an independent investment banking firm reasonably acceptable to
Ladenburg 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 (“Affiliate”) of the undersigned will be entitled to
receive and will not accept any compensation prior to, or for any services rendered in order to effectuate the consummation of, the Business Combination; provided that the undersigned shall be entitled to reimbursement from the Company for his
out-of-pocket expenses incurred in connection with seeking and consummating a Business Combination. 
  
 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 the undersigned and an escrow agent acceptable to the Company. 
  
 8. The undersigned agrees to be a Director of the Company until the earlier of the consummation by the Company of a Business
Combination or the liquidation of the Company. The undersigned’s biographical information furnished to the Company and Ladenburg and attached hereto as Exhibit A is true and accurate in all 

 Endeavor Acquisition Corp. 
 Ladenburg Thalmann & Co. Inc. 
 September 15, 2005 
  Page
 3
 
  

 
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 Item 401 of Regulation S-K, promulgated under the Securities Act of 1933. The undersigned’s Questionnaire furnished to the Company and Ladenburg and annexed as Exhibit B hereto is true and accurate in all respects. The
undersigned represents and warrants that: 
  
 (a)
he 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) he has never filed for bankruptcy or 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) he has never
been suspended or expelled from membership in any securities or commodities exchange or association or had a securities or commodities license or registration denied, suspended or revoked. 
  
 9. The undersigned has full right and power, without violating any agreement
by which he is bound, to enter into this letter agreement and to serve as a Director of the Company. 
  
 10. The undersigned authorizes any employer, financial institution, or consumer credit reporting agency to release to Ladenburg and its legal
representatives or agents (including any investigative search firm retained by Ladenburg) any information they may have about the undersigned’s background and finances (“Information”). Neither Ladenburg nor its agents shall be
violating the undersigned’s right of privacy in any manner in requesting and obtaining the Information and the undersigned hereby releases them from liability for any damage whatsoever in that connection. 
  
 11. This letter agreement shall be governed by and construed and enforced 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. The undersigned hereby (i) agrees that any action,
proceeding or claim against him arising out of or relating in any way to this letter agreement (a “Proceeding”) shall be brought and enforced in the courts of the State of New York of the United States of America for the Southern District
of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive, (ii) waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum and (iii) 

 Endeavor Acquisition Corp. 
 Ladenburg Thalmann & Co. Inc. 
 September 15, 2005 
  Page
 4
 
  

 
irrevocably agrees to appoint Graubard Miller as agent for the service of process in the State of New York to receive, for the undersigned and on his behalf,
service of process in any Proceeding. If for any reason such agent is unable to act as such, the undersigned will promptly notify the Company and Ladenburg and appoint a substitute agent acceptable to each of the Company and Ladenburg within 30 days
and nothing in this letter will affect the right of either party to serve process in any other manner permitted by law. 
  
 12. The undersigned acknowledges and understands that Ladenburg and the Company will rely upon the agreements and representations and warranties set forth
herein in proceeding with the IPO. Nothing contained herein shall be deemed to render Ladenburg 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. 
  
 13. As used herein, (i) a “Business
Combination” shall mean an acquisition by merger, capital stock exchange, asset or stock acquisition, reorganization or otherwise, of an operating business; (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 prior to the IPO; and (iv) “IPO Shares” shall mean the shares of Common Stock issued in
the Company’s IPO. 
  

	
	
	 Jay H. Nussbaum

	 Print Name of Insider

	
	/S/    JAY H.
NUSSBAUM        
	Signature

 Exhibit A 
  
 Jay H. Nussbaum has been a member of our board of directors since our inception. Since May 2004, Mr. Nussbaum has served as the global
head of sales, marketing and business development for Citigroup® Global Transaction Services, a division of Citigroup which handles cash management, trade, securities services and fund services. From January 2002 to April 2004, Mr. Nussbaum was affiliated with BearingPoint,
Inc. (formerly KPMG Consulting), a consulting company, where he served most recently as head of worldwide sales. From 1991 to January 2002, Mr. Nussbaum was affiliated with Oracle Corporation, a Nasdaq National Market listed enterprise software
company, where he most recently served as executive vice president. Prior to joining Oracle Corporation, Mr. Nussbaum was affiliated with Xerox Corporation for 24 years where he most recently served as president of integrated systems
operations. Mr. Nussbaum received a B.A. from the University of Maryland.

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