Document:

exhibit 10.3

 

July 5,
2005

QuadraPoint
Acquisition Corp.

900 North
Michigan Avenue

Chicago,
Illinois 60606

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 QuadraPoint 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 11 hereof):

1. 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 circum-stances 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 (“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 agrees to indemnify and hold harmless the Company,
severally pro rata with Paul D. Lapping and Peter L. Venetis 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.

2. In order
to minimize potential conflicts of inter-est 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.

3. 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.

 

4. 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 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, Gordian Investment Partners, LLC (“Related Party”), shall be
allowed to charge the Company $3,750 per month, representing an allocable share
of Related Party’s overhead, to compensate it for the Company’s use of Related
Party’s offices, utilities and personnel. Related Party and the undersigned
shall also be entitled to reimbursement from the Company for their out-of-pocket
expenses incurred in connection with seeking and consummating a Business
Combination. 

 

 

1

5. 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. 

6. The
undersigned agrees to be the Chief Financial Officer, Executive Vice President,
Secretary and 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 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 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.

7. 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 Chief Financial
Officer, Executive Vice President, Secretary and Director of the
Company.

8. 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.

9. 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 exclu-sive, (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.  

10. 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.

11. 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; and (iii) “IPO Shares”
shall mean the shares of Common Stock issued in the Company’s IPO.

 

	 	 	 
	 	
	 
 	 
 	 
 
		By:  	/s/ Brian B.
    Boorstein
	 	
      

      Brian B. Boorstein
	 	

2

Exhibit
A

Brian
B. Boorstein has been
our executive vice president, chief financial officer, secretary and a member of
our board of directors since our inception. Mr. Boorstein has served as a
managing member of Gordian Investment Partners, LLC, an entity formed to make
equity and debt investments in middle-market companies, since May 2005. Since
June 2003, Mr. Boorstein has served as a principal of Montana Street Holdings,
L.L.C., a private holding company formed to invest in leveraged buyouts and
growth equity investments and to actively participate in the operations of such
investments. From July 2001 to June 2003, Mr. Boorstein served as managing
member of Connecting Capital & Partners, L.L.C., a merchant banking company
organized to make principal investments in alternative assets and provide
limited strategic investment banking advice. In January 1995, Mr. Boorstein
founded Dakota Capital Partners, L.L.C., a private equity firm focused on
leveraged buyouts and growth equity investments in the industrial and business
service industries, and acted as its principal until July 2001. From 1988 to
1995, Mr. Boorstein served as a principal of Heller Equity Capital Corporation,
a subsidiary of Heller Financial, Inc. As a founding member of this Small
Business Investment Company, he was responsible for overseeing the entire
portfolio of investments. Prior to this, he was an investment banking associate
with Merrill Lynch Capital Markets from 1987 to 1988, an associate with Golder,
Thoma & Cressey from 1986 to 1987 and a consultant with Arthur Andersen
& Co. from 1982 to 1985. Mr. Boorstein received a B.S. from Stanford
University and a M.B.A. from the Graduate School of Business of the University
of Chicago.exhibit 10.4

 

July 5,
2005

QuadraPoint
Acquisition Corp.

900 North
Michigan Avenue

Chicago,
Illinois 60606

Ladenburg
Thalmann & Co. Inc.

590
Madison Avenue

34th
Floor

New York,
New York 10022

	
      
	
      
	
      Re:
	
      Initial
      Public Offering

Gentlemen:

Lapping
Investments II, LLC (“Investments”), a stockholder of QuadraPoint 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 11 hereof):

1. If the
Company solicits approval of its stockholders of a Business Combination, the
Investments will vote all Insider Shares owned by it 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 circum-stances described in the
prospectus relating to the IPO), Investments will vote all Insider Shares owned
by it in favor of the Company’s decision to liquidate. Each of Investments and
each controlling person of Investments (each a “Control Person”) hereby waives
any and all right, title, interest or claim of any kind in or to any
distribution of the Trust Fund (as defined in the Letter of Intent) and any
remaining net assets of the Company as a result of such liquidation with respect
to its Insider Shares (“Claim”) and hereby waives any Claim either 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. 

3. Investments
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.

 

4. Neither
Investments, any Control Person, nor any affiliate of Investments or any Control
Person (“Affiliate”) will be entitled to receive and will not accept any
compensation for services rendered to the Company prior to the consummation of
the Business Combination; provided that Investments shall be entitled to
reimbursement from the Company for its out-of-pocket expenses incurred in
connection with seeking and consummating a Business Combination. 

 

 

1

5. Neither
Investments, any Control Person, nor any Affiliate 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. 

6. Investments
will escrow its 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 Investments and an escrow agent acceptable to the
Company.

7. Investments’
Questionnaire furnished to the Company and Ladenburg and annexed as
Exhibit A hereto is true and accurate in all respects. Investments
represents and warrants that no Control Person:

(a) is
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) 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 is not currently a
defendant in any such criminal proceeding; and

(c) 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.

8. Investments
has full right and power, without violating any agreement by which it is bound,
to enter into this letter agreement.

9. This
letter agreement shall be governed by and construed and enforced in accor-dance
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.
Investments 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 exclu-sive, (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, Investments 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.

10. 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.

11. 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.

 

	 	 	 
	 	
	 	 
	 	Lapping Investments II,
      LLC
	 
 	 
 	 
 
		By:  	/s/ Paul D.
  Lapping
	 	
      

      Paul D. Lapping
	 	Manager

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}]]