Document:

Form of letter agreement among the Registrant and RAC Investors, LLC

 Exhibit 10.9 
                     , 2008 
 Raycliff Acquisition Corp. 
 5 East 59th Street, 4th Floor 
 New York, New York 10022 
  

	 	Re:	Initial Public Offering 

 Gentlemen: 
 This letter is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered into by
and between Raycliff Acquisition Corp., a Delaware corporation (the “Company”), and Deutsche Bank Securities Inc., as representative of the several underwriters (the “Underwriters”), relating to an
underwritten initial public offering (the “Offering”), of 20,000,000 of the Company’s units (the “Units”), each comprised of one share of the Company’s common stock, par value $0.0001 per
share (the “Common Stock”), and one warrant exercisable for one share of Common Stock (each, a “Warrant”). The Units sold in the Offering will be listed and traded on the American Stock Exchange
pursuant to a Registration Statement on Form S-1 and prospectus (the “Prospectus”) filed by the Company with the Securities and Exchange Commission. 
 In order to induce the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the Offering and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned hereby agrees with the Company as follows: 
 1.    As used herein, (i) a “Business Combination” shall mean a business combination with one or more target businesses whether through a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar type of transaction, with one or more target businesses or assets that have an aggregate fair market value of at least 80% of the net assets held in the Trust Account (as defined below) at the
time of the signing of a definitive agreement in connection with the Business Combination (net of taxes and excluding deferred underwriting discounts payable to underwriters in connection with the Offering pursuant to the terms and conditions of any
underwriting agreement to be entered into in connection with the Offering) and resulting in ownership by the Company of at least 50.1% of the voting equity of any such target business; (ii) “Extended Period” shall mean
an amendment to the Company’s amended and restated certificate of incorporation to provide for a six-month extension of the time period within which the Company must complete a Business Combination, as described in the Prospectus;
(iii) “Founder’s Shares” shall mean the 5,750,000 shares of Common Stock of the Company acquired by the undersigned prior to the consummation of Offering, of which an aggregate of 257,143 Founder’s Shares were
subsequently transferred in [                    ], 2008 to Norman J. Balthasar, Anthony E. Burke, Sanford
K. Robertson and Stephen Squeri; (iv) “Public Stockholders” shall mean the holders of securities issued in the Offering; and (v) “Trust Account” shall mean the trust fund into which a portion
of the net proceeds of the Offering will be deposited. 

 Raycliff Acquisition Corp. 
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 2.   (a) The undersigned agrees that in connection with any proposed Extended Period
or Business Combination, the undersigned shall (i) vote all Founder’s Shares owned by the undersigned in accordance with the majority of the votes cast by the Public Stockholders, (ii) vote any shares acquired by the undersigned in
the Offering or the secondary public market in favor of any proposed Extended Period or Business Combination, and (iii) in connection with the stockholder vote on any proposed Business Combination, vote all shares owned by the undersigned in
favor of an amendment to the Company’s Certificate of Incorporation providing for the Company’s perpetual existence in connection with a vote to approve a proposed Business Combination. For the avoidance of doubt, the undersigned also
acknowledges and agrees that the undersigned will not have any conversion rights with respect to the Founder’s Shares owned by the undersigned. 
 (b) To the extent that the Underwriters do not exercise their over-allotment option to purchase an additional 3,000,000 Units of the Company (as described in the Prospectus), the undersigned agrees that it shall
return to the Company for redemption, at a price equal to par value per share, the number of Founder’s Shares held by the undersigned determined by multiplying 716,460 by a fraction, (i) the numerator of which is 3,000,000 minus the number
of Units purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator of which is 3,000,000. 
 (c) The undersigned hereby waives any right, title, interest or claim of any kind in or to any distributions of the Trust Account as a result of any liquidation of the Company with respect to the Founder’s Shares. 
 3.   (a) Until the date which is 180 days after the completion of a Business Combination (the “Lock-Up Period”),
the undersigned shall not offer, sell, contract to sell, pledge, grant any option to purchase, make any short sale or otherwise dispose of, directly or indirectly any Founder’s Shares, any Units acquired in the Offering and the Common Stock and
Warrants comprising the Units, the Common Stock issuable upon exercise of the Warrants, or Warrants or any securities convertible into or exercisable or exchangeable for Common Stock or such Warrants or other rights to purchase Common Stock or any
such securities (the “Offering Securities”) except (i) by gift to an affiliate of the undersigned or to a charitable organization; (ii) by virtue of the laws of the state of Delaware or the undersigned’s
limited liability company agreement upon dissolution of the Sponsor; (iii) in the event of the Company’s liquidation prior to the Company’s completion of a Business Combination or the consummation of a liquidation, merger, stock
exchange or other similar transaction which results in all the Company’s stockholders having the right to exchange their Common Stock for cash, securities or other property subsequent to the Company’s consummating a Business Combination
with a target business or (iv) to the undersigned’s members Company’s officers or directors or affiliates or 

 Raycliff Acquisition Corp. 
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family members of any of the undersigned’s members Company’s officers or directors; provided, however, that the permissive transfers
set forth above may be implemented only upon the respective transferee’s written agreement to be bound by the terms and conditions of this Letter Agreement. The foregoing restrictions are expressly agreed to preclude, subject to the exceptions
set forth above, the undersigned or any affiliate of the undersigned from engaging during the Lock-Up Period in any hedging or other transaction which is designed to or which reasonably could be expected to lead to or result in a sale or disposition
of the Offering Securities even if the undersigned’s Offering Securities would be disposed of by someone other than the undersigned. Such prohibited hedging or other transactions would include, without limitation, any short sale or any
purchase, sale or grant of any right (including, without limitation, any put or call option) with respect to any of the Offering Securities or with respect to any security that includes, relates to, or derives any significant part of its value from
the Offering Securities. 
 (b) The undersigned agrees and consents to the entry of stop transfer instructions with the Company’s
transfer agent and registrar against the transfer of the undersigned’s Offering Securities except in compliance with the foregoing restrictions. 
 (c) The undersigned understands and agrees that this paragraph 3 is irrevocable and shall be binding upon the undersigned’s heirs, legal representatives, successors, and assigns. 
 (d) Further, the undersigned agrees that after the Lock-Up Period has elapsed, the Offering Securities shall only be transferable or saleable pursuant to
a sale registered under the Securities Act of 1933, as amended, or pursuant to an available exemption from registration. 
 4.   (a) Except as disclosed in the Prospectus, neither the undersigned nor any affiliate of the undersigned will be entitled to receive, and no such person will accept, any finder’s fee, reimbursement or cash payment
from the Company for services rendered to the Company prior to or in connection with the consummation of a Business Combination other than reimbursement for any out-of-pocket expenses related to the Offering and identifying, investigating and
consummating a Business Combination. 
 (b) Neither the undersigned nor any affiliate of the undersigned will accept a finder’s fee,
consulting fee or any other compensation or fees from any person or other entity in connection with a Business Combination, other than compensation or fees that may be received for any services provided following a Business Combination. 

5.    The undersigned has full right and power, without violating any agreement by which it is bound (including, without limitation,
any non-competition or non-solicitation agreement with any employer or former employer), to enter into this Letter Agreement. 
 6.
   The undersigned acknowledges and understands that the Underwriters and the Company will rely upon the agreements, representations and warranties set forth herein in proceeding with the Offering. 

 Raycliff Acquisition Corp. 
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 7.    This letter agreement may not be amended, modified or waived as to any
particular provision, except by a written instrument executed by the undersigned, the Company and the Underwriters. The undersigned may not assign either this letter agreement or any of its rights, interests, or obligations hereunder without the
prior written approval of the Company and the Underwriters. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee. This
letter agreement shall be governed by and interpreted and construed in accordance with the laws of the State of New York applicable to contracts formed and to be performed entirely within the State of New York, without regard to the conflicts of law
provisions thereof to the extent such principles and rules would require or permit the application of the laws of another jurisdiction. The undersigned hereby agrees that any action, proceeding or claim against the undersigned arising out of or
relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction
shall be exclusive. The undersigned hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. This letter agreement shall be binding on the undersigned and such person’s respective
successors, heirs, personal representatives and assigns. This letter agreement shall terminate on the earlier of (i) the expiration of the Lock-Up Period and (ii) the liquidation of the Company; provided, that this letter agreement shall
earlier terminate in the event that the Offering is not consummated and closed by                     , 2008. 
  

			
	Sincerely,
	
	 RAC INVESTORS, LLC
 a Delaware limited
liability company

		
	By:	 	  

	Name:	 	  

	Title:Securities Assignment Agreement

 Exhibit 10.10 
 SECURITIES ASSIGNMENT AGREEMENT 
 This Securities Assignment Agreement (this
“Assignment”), dated as of February 25, 2008, is made and entered into by and among RAC Investors, LLC, a Delaware limited liability company (the “Seller”) and the parties identified on the
signature page hereto (each a “Buyer” and collectively, the “Buyers”). 
 WHEREAS, on
the terms and subject to the conditions set forth in this Assignment, the Seller wishes to assign an aggregate of 257,143 shares of common stock (“Common Stock”) of the Raycliff Acquisition Corp. (the
“Company”) (the “Securities”) to the Buyers and the Buyers wish to purchase the Securities from the Seller. 
 NOW, THEREFORE, in consideration of the premises, representations, warranties and the mutual covenants contained in this Assignment, and for other good and valuable consideration, the receipt,
sufficiency and adequacy of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 
 Section 1 Assignment of Securities. Seller hereby assigns the Securities to the Buyers, with each Buyer receiving such number of shares of Common Stock as shown by such Buyer’s name on Exhibit A hereto. The Buyers
have paid to the Seller an aggregate amount of Twenty Five Dollars and Seventy-Two Cents ($25.72) (the “Purchase Price”), in consideration of the assignment. Within a reasonable time after the date hereof, (i) the Seller
shall deliver to the Company for cancellation the certificate representing the Common Stock held by the Seller, (ii) the Company shall re-issue to the Seller certificates representing the Common Stock held by the Seller after giving effect to
the sale of the Securities to the Buyers and (iii) the Company shall issue and deliver to the Buyers certificates representing the Securities purchased by the Buyers. 
 Section 2 No Conflicts. Each party represents and warrants that neither the execution and delivery of this Assignment by such,
nor the consummation or performance by such party of any of transactions contemplated hereby, will with or without notice or lapse of time, constitute, create or result in a breach or violation of, default under, loss of benefit or right under or
acceleration of performance of any obligation required under any agreement to which it is a party. 
 Section 3
Investment Representations. Each Buyer represents and warrants, with respect to himself only, as follows: Such Buyer hereby acknowledges that an investment in the Securities involves certain significant risks. Such Buyer has no need
for liquidity in its investment in the Securities for the foreseeable future and is able to bear the risk of that investment for an indefinite period. Such Buyer acknowledges and hereby agrees that the Securities will not be transferable under any
circumstances unless the Buyer either registers the Securities in accordance with federal and state securities laws or finds and complies with an exemption under such laws and such transfer complies with all applicable lock-up restrictions on such
Buyer. Such Buyer further understands that any certificates evidencing the Securities bear a legend referring to the foregoing transfer restrictions. The Securities are being acquired solely for such Buyer’s own account, for investment purposes
only, and are not being purchased with a view to or for the resale, distribution, subdivision or fractionalization thereof; and such Buyer 

 
has no present plans to enter into any contract, undertaking, agreement or arrangement for such resale, distribution, subdivision or fractionalization. Such
Buyer has been given the opportunity to (i) ask questions of and receive answers from the Seller and the Company concerning the terms and conditions of the Securities, and the business and financial condition of the Company and (ii) obtain
any additional information that the Seller possesses or can acquire without unreasonable effort or expense that is necessary to assist such Buyer in evaluating the advisability of the purchase of the Securities and an investment in the Company. Such
Buyer is not relying on any oral representation made by any person as to the Company or its operations, financial condition or prospects. Such Buyer is an “accredited investor” as defined in Regulation D promulgated by the Securities and
Exchange Commission under the Securities Act of 1933. 
 Section 4 Miscellaneous. This Assignment, together with
the certificates, documents, instruments and writings that are delivered pursuant hereto, constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter. This Assignment may be executed in two or more
counterparts, each of which will be deemed an original but all of which together will constitute one and the same instrument. This Assignment may not be amended, modified or waived as to any particular provision, except by a written instrument
executed by all the parties sought to be bound thereby. Except as otherwise provided herein, no party hereto may assign either this Assignment or any of its rights, interests, or obligations hereunder without the prior written approval of the other
parties. 
 [SIGNATURE PAGE FOLLOWS] 
  

 2 

 IN WITNESS WHEREOF, the undersigned have executed this Assignment to be effective as of the date first set forth
above. 
  

					
	SELLER:
	
	RAC INVESTORS, LLC
			
		 	By:	 	 RAYCLIFF MANAGEMENT, LLC
 its Managing
Member

			
		 	By:	 	 /s/ Bippy Siegal

		 	Name:	 	Bippy Siegal
		 	Title:	 	Managing Member
	
	BUYERS:
	
	 /s/ Norman J. Balthasar

	Norman J. Balthasar
	
	 /s/ Anthony E. Burke

	Anthony E. Burke
	
	 /s/ Stephen Squeri

	Stephen Squeri
	
	SANFORD R. ROBERTSON AND JEANNE ROBERTSON, TRUSTEES OF THE ROBERTSON REVOCABLE TRUST, DATED NOVEMBER 27, 2002
		
	By:	 	 /s/ Sanford R. Robertson

		 	Sanford R. Robertson, Trustee

 Signature Page to the Securities Assignment Agreement 

 EXHIBIT A 
  

			
	 Buyer Name
	  	Common Stock
	 Norman J. Balthasar
	  	57,143
	 Anthony E. Burke
	  	57,143
	 Stephen Squeri
	  	57,143
	 Robertson Revocable Trust
	  	85,714
		  	 
	 Total
	  	257,143

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