Document:

ex10_2.htm

    
      

    

    
      EXHIBIT
10.2

       

      POMEROY
IT SOLUTIONS, INC.

       

      SPECIAL
CHANGE IN CONTROL BONUS AGREEMENT

       

      This
SPECIAL CHANGE IN CONTROL BONUS AGREEMENT (this “Agreement”) is made and entered
into as of this 17th day of March, 2008, by and between Pomeroy IT Solutions,
Inc., a Delaware corporation (the “Company”), and Luther K. Kearns – Senior Vice
President of Service Delivery, (the “Employee”).

       

      WHEREAS,
the Company and the Employee have agreed that it is in their respective best
interests that (i) the ongoing services of the Employee be secured at this time;
and (ii) the Employee fully devote his/her attention to maximizing the value of
the Company and to managing the Company’s participation in any potential “Change
in Control” relating to the Company.

       

      NOW,
THEREFORE, for and in consideration of the premises and the mutual covenants and
agreements herein contained, the Company and Employee hereby agree as
follows:

       

      
        	
              	
                1.

              	
                Definitions.

              

      

       

      
        	
                 
      

              	
                (a)

              	
                For
      purposes of this Agreement, “Change In Control” shall mean
      the first to occur of any of the following
  events:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                any
      “person” (as defined in Section 13(d) and 14(d) of the Securities Exchange
      Act of 1934, as amended (the “Exchange Act”), excluding for this
      purpose, (A) the Company or any subsidiary of the Company, or (B) any
      employee benefit plan of the Company or any subsidiary of the Company, or
      any person or entity organized, appointed or established by the Company
      for or pursuant to the terms of any such plan, which acquires beneficial
      ownership of voting securities of the Company, is or becomes the
      “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act),
      directly or indirectly of securities of the Company representing more than
      fifty percent (50%) of the combined voting power of the Company’s then
      outstanding securities; provided, however, that no Change In Control will
      be deemed to have occurred as a result of a change in ownership percentage
      resulting solely from an acquisition of securities by the Company;
      or

              

      

       

      
        
           

        

        
          Page 1 of
7

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                (ii)

              	
                persons
      who, as of the Effective Date constitute the Board (the “Incumbent
      Directors”) cease for any
      reason, including without limitation, as a result of a tender offer, proxy
      contest, merger or similar transaction, to constitute at least a majority
      thereof, provided that any person becoming a director of the Company
      subsequent to the Effective Date shall be considered an Incumbent Director
      if such person’s election or nomination for election was approved by a
      vote of at least fifty percent (50%) of the Incumbent Directors; but
      provided further, that any such person whose initial assumption of office
      is in connection with an actual or threatened election contest relating to
      the election of members of the Board or other actual or threatened
      solicitation of proxies or consents by or on behalf of a “person” (as
      defined in Section 13(d) and 14(d) of the Exchange Act) other than the
      Board, including by reason of agreement intended to avoid or settle any
      such actual or threatened contest or solicitation, shall not be considered
      an Incumbent Director; or

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                consummation
      of a reorganization, merger or consolidation or sale or other disposition
      of at least eighty percent (80%) of the assets of the Company (a “Business Combination”),
      unless, in each case, following such Business Combination, all or
      substantially all of the individuals and entities who were the beneficial
      owners of outstanding voting securities of the Company immediately prior
      to such Business Combination beneficially own, directly or indirectly,
      more than fifty percent (50%) of the combined voting power of the then
      outstanding voting securities entitled to vote generally in the election
      of directors of the Company resulting from such Business Combination
      (including, without limitation, a company which, as a result of such
      transaction, owns the Company or all or substantially all of the Company’s
      assets either directly or through one or more subsidiaries) in
      substantially the same proportions as their ownership, immediately prior
      to such Business Combination, of the outstanding voting securities of the
      Company; or

              

      

       

      
        	
                 
      

              	
                (iv)

              	
                approval
      by the stockholders of the Company of a complete liquidation or
      dissolution of the Company.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                “Board”
      shall mean the Board of Directors of the
  Company.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                “Disability”
      shall have the meaning as set forth in the Employment Agreement by and
      between Employee and Company dated March 18, 2008, or subsequent
      replacement there of.

              

      

       

      
        	
                 
      

              	
                (d)

              	
                “Special
      Change in Control Bonus Payment” shall mean
  $245,000.00.

              

      

       

      
        
           

        

        
          Page 2 of
7

          
            

          

        

        
           

        

      

       

      
        	
                 
      

              	
                (e)

              	
                “Term”
      shall have the meaning set forth in Section 2
  below.

              

      

       

      
        	
                 
      

              	
                2.

              	
                Term
      of Agreement; Duties.

              

      

       

      
        	
                 
      

              	
                (a)

              	
                Subject
      to Section 4 below, this Agreement shall be effective on the date hereof
      and shall continue in effect through the first to occur of (i)
      the  occurrence of a Change in Control or (ii) December 31, 2009
      (the “Term”), unless extended by the President and Chief Executive Officer
      and the Compensation Committee of the Board. Upon expiration of the Term,
      all obligations of the parties under this Agreement (except obligations to
      pay money that exist as of the end of the Term and any obligation that by
      its terms survives the expiration of the Term) shall terminate and this
      Agreement shall have no further
effect.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                The
      Employee shall have such duties and obligations as are set forth in the
      Employment Agreement by and between Employee and
  Company.

              

      

       

      
        	
                 
      

              	
                3.

              	
                Payment
      of Special Change in Control Bonus Payment.  Subject to Section
      4 and Section 14 below, the Company shall pay the Employee the Special
      Change in Control Bonus Payment within four (4) business days following
      the occurrence of a Change in
Control.

              

      

       

      
        	
                 
      

              	
                4.

              	
                Termination
      of Employment and Compensation upon
Termination.

              

      

       

      
        	
                 
      

              	
                (a)

              	
                In
      the event of termination of the Employee’s employment during the Term due
      to death,  Disability or by the Company without cause , as
      defined in the Employment Agreement, Company shall pay to the Employee, or
      to his or her beneficiary in the event of death or disability, the Special
      Change in Control Bonus Payment if:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                a
      Change in Control occurs within 90 days of the date of such death,
      Disability or termination of employment without cause;
  or

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                a
      definitive agreement relating to a Change in Control has been executed at
      the effective date of such termination, and such agreement is subsequently
      consummated by the parties; or

              

        
          
             

          

          
            Page 3 of
7

            
              

            

          

          
             

          

        

      

       

      
        	
                 
      

              	
                (iii)

              	
                a
      definitive agreement relating to a Change in Control is subsequently
      executed with a party with whom the Company has had substantive
      negotiations regarding a Change in Control prior to the effective date of
      such termination, or with an affiliate of such party, and such
      negotiations have not been interrupted for a material period of time (90
      days or more) prior to the date of a Change in Control, and such agreement
      is subsequently consummated by the parties.    For
      purposes of this Section 4(a), the effective date of termination of the
      Employee’s employment with the Company shall be determined under his/her
      Employment Agreement..

              

      

       

      
        	
                 
      

              	
                (b)

              	
                In
      the event of a termination of the Employee’s employment during the Term
      for any other reason, the Company shall have no obligation to pay the
      Employee any Special Change in Control Bonus
  Payment.

              

      

       

      

       

      
        	
                 
      

              	
                (c)

              	
                If
      the Employee’s employment by the Company is not terminated prior to the
      expiration of the Term, then if a definitive agreement relating to a
      Change in Control has been executed prior to the expiration of the Term or
      if a definitive agreement relating to a Change in Control is subsequently
      executed with a party with whom the Company has had substantive
      negotiations regarding a Change in Control prior to the expiration of the
      Term, or with an affiliate of such party, and such negotiations have not
      been interrupted for a material period of time (90 days or more) prior to
      the date of execution of such definitive agreement, the Employee shall be
      entitled to the Special Change in Control Bonus Payment if the transaction
      contemplated by that definitive agreement is consummated after the
      expiration of the Term and Employee is employed by the Company at such
      time.

              

      

       

      
        	
                 
      

              	
                5.

              	
                Withholding
      Taxes.  The Company shall withhold from any payment due to the
      Employee hereunder (or his/her beneficiary or estate)  all taxes
      which, by applicable federal, state, local or other law, the Company is
      required to withhold therefrom.

              

      

       

      
        	
                 
      

              	
                6.

              	
                Confidentiality.  The
      Employee agrees that the terms of the Agreement, and all discussions
      relating to this Agreement, are and shall remain confidential as between
      the parties, unless and to the extent, disclosure as required by law or to
      secure advice from a legal or tax
advisor.

              

        
          
             

          

          
            Page 4 of
7

            
              

            

          

          
             

          

        

      

       

      
        	
                 
      

              	
                7.

              	
                Successors
      and Assigns: No Third-Party Beneficiaries.  This Agreement shall
      inure to the benefit of and shall be binding upon the Company and its
      successors, assigns and legal representatives and the Employee, his/her
      heirs and legal representatives.  The Employee may not assign,
      transfer, or otherwise dispose of the Agreement, or any of his/her rights
      or obligations hereunder other than his/her rights to payments hereunder,
      which may be transferred only by will or by the laws of descent and
      distribution), without the prior written consent of the Company, and any
      such attempted assignment, transfer or other disposition without such
      consent shall be null and void.  The Company shall be entitled
      to assign this Agreement, without the prior written consent of the
      Employee, (i) in connection with the merger or consolidation of the
      Company with another unaffiliated corporation, or (ii) in connection with
      the sale of all or substantially all of the assets or business operations
      of the Company to another person or entity; provided, however, that such
      assignee expressly assumes all of the rights and obligations of the
      Company hereunder, and provided further that solely with respect to any
      obligations of the Company to make a Special Change in Control Bonus
      Payment, the Company shall remain liable with respect to such obligation
      in the event of a default by such assignee.  After any such
      assignment, the Agreement shall continue in full force and
      effect.

              

      

       

      
        	
                 
      

              	
                8.

              	
                Entire
      Agreement.  This Agreement sets forth the entire agreement
      between the parties hereto with respect to the subject matter hereof, and
      supersedes all other agreements and understandings, written or oral,
      between the parties hereto with respect to the subject matter hereof;
      provided, however, nothing in the Agreement is intended to affect the
      Employee’s rights to payments or benefits provided to the Employee under
      his/her Employment Agreement and the Company’s equity based compensation
      and/or welfare benefit plans.

              

      

       

      
        	
                 
      

              	
                9.

              	
                Waiver
      and Amendments.  Any waiver, alteration, amendment or
      modification of any of the terms of this Agreement shall be valid only if
      made in writing and signed by the parties hereto; provided however, that
      any such waiver, alteration, amendment or modification is consented to on
      the Company’s behalf by the President and Chief Executive Officer or the
      Board.   No waiver by either of the parties hereto of their
      rights hereunder shall be deemed to constitute a waiver with respect to
      any subsequent occurrences or transactions hereunder unless such waiver
      specifically states that it is to be construed as a continuing
      waiver.

              

      

       

      
        
           

        

        
          Page 5 of
7

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                10.

              	
                Severability.
      If any provision of this Agreement or the application of any provision is
      held invalid, unenforceable or otherwise illegal, the remainder of this
      Agreement and the application of such provision will not be affected, and
      the provision so held to be invalid, unenforceable or otherwise illegal
      will be reformed to the extent (and only to the extent) necessary to make
      it enforceable, valid or legal. To the extent any provisions held to be
      invalid, unenforceable or otherwise illegal cannot be reformed, such
      provisions are to be stricken herefrom and the remainder of this Agreement
      will be binding on the parties and their successors and assigns as if such
      invalid or illegal provisions were never included in this Agreement from
      the first instance.

              

      

       

      
        	
                 
      

              	
                11.

              	
                Governing
      Law. This Agreement will be construed and enforced according to the laws
      of the Commonwealth of Kentucky, without giving effect to the conflict of
      laws principles thereof.

              

      

       

      
        	
                 
      

              	
                12.

              	
                Section
      Headings.  The headings of the sections and subsections of this
      Agreement are inserted for convenience only and shall be deemed to
      constitute a part hereof, affect the meaning or interpretation hereof or
      of any term or provision hereof.

              

      

       

      
        	
                 
      

              	
                13.

              	
                Obligations
      Contingent on Performance.  The obligations of the Company
      hereunder, including its obligation to make the payments provided for
      herein, are contingent upon the Employee’s performance of the Employee’s
      obligations under his/her Employment
Agreement.

              

      

       

      
        	
                 
      

              	
                14.

              	
                Waiver
      and Release.  The Employee acknowledges and agrees that any
      payment made under this Agreement is contingent upon Employee delivering
      to the Company at the time of such Change In Control a release in the form
      attached hereto as Exhibit A, and the expiration of all revocation periods
      related thereto.

              

      

       

      
        	
                 
      

              	
                15.

              	
                Counterparts.  This
      Agreement may be executed in two or more counterparts, each of which shall
      be deemed to be an original but all of which together shall constitute one
      and the same instrument.  The execution of this Agreement may be
      by actual or facsimile signature.

              

      

       

      
        	
                 
      

              	
                16.

              	
                Notices.  All
      notices and other communications hereunder shall be in writing and shall
      be given by hand delivery to the other party or by registered or certified
      mail, return receipt requested, postage prepaid, addressed as
      follows:

              

      

       

      
        
          
          

        

        
          Page 6 of
7

          
            

          

        

        
          
          

        

      

       

      
        	
                If
      to the Employee:

              	 
      	
                Ken
      Kearns

              
	
                 
      

              	 
      	
                69
      Panorama Circle

              
	 
      	 
      	
                Trophy
      Club, Texas 76262

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                If
      to the Company:

              	 
      	
                Pomeroy
      IT Solutions, Inc.

              
	 
      	 
      	
                1020
      Petersburg Road

              
	 
      	 
      	
                Hebron,
      Kentucky  41048

              
	 
      	 
      	
                Attention:  President
      and Chief Executive Officer

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                With
      copy to:

              	 
      	
                Pomeroy
      IT Solutions, Inc.

              
	 
      	 
      	
                1020
      Petersburg Road

              
	 
      	 
      	
                Hebron,
      Kentucky 41048

              
	 
      	 
      	
                Attention:  General
      Counsel

              

      

       

       

      IN
WITNESS WHEREOF, the undersigned have executed this Agreement of the date first
written above.

       

       

      
        
          	
                  Pomeroy
      IT Solutions, Inc.

                	 
      	
                  Employee

                	 
      
	 	 	 	 
	
                   

                	 
      	 
      	
                   

                	 
      	 
      
	
                  By:

                	
                  Keith
      R. Coogan

                	 
      	
                  By:

                	
                  Luther
      K. Kearns

                	 
      
	
                  Title:

                	
                  President/Chief
      Executive Officer

                	
                  Title:

                	
                  Senior
      Vice President of

                	 
      
	 
      	 
      	 
      	 
      	
                  Service
      Delivery

                	 
      

        

      

       

       

    

    Page 7 of
7Exhibit
      4.1

    

    [FACE
      OF
      CERTIFICATE - LAMBERT’S COVE ACQUISITION CORPORATION]

    

    UNITS
      

    

    

    [LAC.U]
      

    

    

    SEE
      REVERSE FOR CERTAIN DEFINITIONS 

    

    CUSIP
      [           ]

    

    

    LAMBERT’S
      COVE ACQUISITION CORPORATION

    

    UNITS
      CONSISTING OF ONE SHARE OF COMMON STOCK AND ONE WARRANT EACH TO PURCHASE ONE
      SHARE OF COMMON STOCK

    

    This
      Certifies that 

    

    

    is
      the
      owner of

    

    Units.

    

    Each
      Unit
      (“Unit”) consists of one (1) share of common stock, par value $.0001 per share
      (“Common Stock”), of LAMBERT’S COVE ACQUISITION CORPORATION, a Delaware
      corporation (the “Company”), and one warrant (the “Warrant”). Each Warrant
      entitles the holder to purchase one (1) share of Common Stock for $7.50 per
      share (subject to adjustment). Each Warrant will become exercisable on the
      later
      of (i) the Company’s completion of an acquisition through a merger, capital
      stock exchange, asset or stock acquisition, exchangeable share transaction,
      joint venture or other similar business combination with one or more
      operating businesses or assets (a “Business
      Combination”) and
      (ii) [
      ], 2009 [ONE YEAR FROM THE DATE OF THE FINAL PROSPECTUS RELATING TO THE
      COMPANY’S INITIAL PUBLIC OFFERING], and will expire unless exercised before 5:00
      p.m., New York City Time, on [----], 2013 [FIVE YEARS FROM THE DATE OF THE
      FINAL
      PROSPECTUS RELATING THE COMPANY’S INITIAL PUBLIC OFFERING], or earlier upon
      redemption or liquidation of the Company’s trust account at J.P. Morgan Chase
      Bank NA maintained by Continental Stock Transfer & Trust Company acting
      as trustee (the “Expiration Date”). 

     

    The
      Common Stock and Warrant comprising the Units represented by this certificate
      are not separately transferable prior to the fifth (5th)
      day
      following the earlier to occur of: (i)  the expiration of the underwriters’
over-allotment option, (ii) its exercise in full, or (iii) the
      announcement by the representatives of the underwriters of their intention
      not
      to exercise all or any remaining portion of the over-allotment option, provided,
      however, in no event will the Common Stock and Warrants begin to trade
      separately until the Company files a Current Report on Form 8-K containing
      an
      audited balance sheet reflecting its receipt of the gross proceeds of its
      initial public offering and issues a press release announcing when such separate
      trading will begin.
      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    The
      terms
      of the Warrants are governed by a Warrant Agreement, dated as of [ ], 2008,
      between the Company and Continental Stock Transfer & Trust Company, as
      Warrant Agent, and are subject to the terms and provisions contained therein,
      all of which terms and provisions the holder of this certificate consents to
      by
      acceptance hereof. Copies of the Warrant Agreement are on file at the office
      of
      the Warrant Agent at 17
      Battery Place, New York, New York 10004,
      and are
      available to any Warrant holder on written request and without cost.

    

    This
      certificate is not valid unless countersigned by the Transfer Agent and
      Registrar of the Company.

     

    Witness
      the facsimile seal of the Company and the facsimile signature of its duly
      authorized officers. 

    

    LAMBERT’S
      COVE ACQUISIITON CORPORATION

     

    CORPORATE
      

    STATE
      OF
      DELEWARE

    (SEAL)

    2008

     

    By
      

    

    

    (SIGNATURE)

    CHIEF
      EXECUTIVE OFFICER 

    

    

    (SEAL)

    

    (SIGNATURE)

    SECRETARY
      

    

    
      COUNTERSIGNED
        AND REGISTERED: 

      CONTINENTAL STOCK
        TRANSFER & TRUST COMPANY 

      TRANSFER
        AGENT AND REGISTRAR 

      BY:
        

      AUTHORIZED
        OFFICER 

    

     

    [REVERSE
      OF CERTIFICATE]

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    LAMBERT’S
      COVE ACQUISITION CORPORATION

    

    The
      Company will furnish without charge to each stockholder who so requests, a
      statement of the powers, designations, preferences and relative, participating,
      optional or other special rights of each class of stock or series thereof of
      the
      Company and the qualifications, limitations, or restrictions of such preferences
      and/or rights. This certificate and the units represented hereby are issued
      and
      shall be held subject to the terms and conditions applicable to the securities
      underlying and comprising the units, including, as applicable, the Certificate
      of Incorporation and all amendments thereto, the Warrant Agreement and
      resolutions of the Board of Directors providing for the issue of Securities
      (copies of which may be obtained from the secretary of the corporation), to
      all
      of which the holder of this certificate by acceptance hereof
      consents.

     

    The
      following abbreviations, when used in the inscription on the face of this
      certificate, shall be construed as though they were written out in full
      according to applicable laws or regulations:

     

    TEN
      COM -
      as tenants in common  

    TEN
      ENT -
      as tenants by the entireties  

    JT
      TEN -
      as joint tenants with right of survivorship and not as tenants in
      common

    

    UNIF
      GIFT
      MIN ACT- ______________Custodian________________

    (Cust)
        
 (Minor)

    under
      Uniform Gifts to Minors Act ________________________ 

                                                                                     
      (State)
      

    

    Additional
      abbreviations may also be used though not in the above list.

     

    For
      value
      received ___________________________ , hereby sell(s), assign(s) and transfer(s)
      unto

     

    PLEASE
      INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 

    

     

      
        

      

    

    (PLEASE
      PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

    

     

      
        

      

    

    

     

      
        

      

    

    Units
      represented by the within Certificate, and do hereby irrevocably constitute
      and
      appoint

     

     

      
        

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Attorney
      to transfer the said Units on the books of the within named Company with full
      power of substitution in the premises.

     

    Dated:
      

    

    Notice: The
      signature to this assignment must correspond with the name as written upon
      the
      face of the certificate in every particular, without alteration or enlargement
      or any change whatever.

     

    Signature(s)
      Guaranteed: 

    

    By
      ___________________

    THE
      SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS,
      STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP
      IN
      AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE
      17Ad-15). 

    

    The
      holder of this certificate shall be entitled to receive a pro-rata portion
      of
      funds from the trust account only in the event that the Company is liquidated
      because it does not consummate a Business Combination or if the holder seeks
      to
      redeem his, her or its respective shares into cash in connection with a proposed
      extension of the Company’s existence to [ ], 2011 [THIRTY-SIX MONTHS FROM THE
      DATE OF THE FINAL PROSPECTUS RELATING TO THE COMPANY’S INITIAL PUBLIC OFFERING]
      or a Business Combination which he, she or it voted against and which is
      actually approved and, in the case of a Business Combination, completed by
      the
      Company. In no other circumstances shall the holder have any right or interest
      of any kind in or to the trust account.

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