Document:

Unassociated Document

    Exhibit
      10.16

    
       

      FORM
        OF RIGHT OF FIRST OFFER AGREEMENT

    

     

    THIS
      RIGHT OF FIRST OFFER AGREEMENT (the “Agreement”) is
      made as of [•], 2007 by and among NRDC Acquisition Corp. (the
“Company”), NRDC Capital Management, LLC, NRDC Real Estate
      Advisors, LLC, NRDC Equity Partners LLC (the preceding three entities, the
      “Associated Entities”), William Mack, Robert Baker, Richard
      Baker and Lee Neibart (the “Associated Persons” and, together
      with the Associated Entities, the “Associated Parties”) and
      each of the Independent Directors (as defined below) of the
      Company.

    WHEREAS,
      the Company has entered into an Underwriting Agreement (the
“Underwriting Agreement”) with Banc of America Securities LLC,
      as representative of the several underwriters (the
“Underwriters”), relating to an underwritten initial public
      offering (the “Offering”), of 30,000,000 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”); and

    WHEREAS,
      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; and 

    WHEREAS,
      each of the
      Associated Persons is an (i) officer of the Company and director of the Company
      and (ii) affiliated with the Associated Entities; and

    WHEREAS,
      each of Messrs. Ronald Tysoe, Michael Indiveri, Edward Meyer and Ms. Laura
      Pomerantz is an independent director of the Company (each, an
“Independent Director”);

    WHEREAS,
      the Company, the Associated Parties and the Independent Directors desire to
      enter into this Agreement to minimize potential conflicts of interest which
      may
      arise from multiple corporate affiliations,

    IT IS
      AGREED:

    1.           Until
      the earlier of the Company’s completion of a Business Combination (as defined in
      the Underwriting Agreement), the liquidation of the Company, or until, in the
      case of each Independent Director, such time as when such Independent
      Director ceases to be a director of the Company, the when Associated
      Parties and the Independent Directors agree to:

    (a)           present
      to the Company for its consideration, prior to presentation to any other company
      or entity, any opportunity that may have to enter into a business
      combination with an operating business, subject to any pre-existing
      fiduciary obligations such Associated Person or Independent Director might
      have, in which case such Associated Person or Independent Director, as
      applicable, will not present any potential business combination to the Company
      until after he or she has presented such potential business combination to
      each
      company to which it has a pre-existing fiduciary obligation and each such
      company has determined not to pursue such potential business
      combination.

    (b)       
      cause companies or entities under their management or control (including,
      without limitation, the Associated Entities) to present all
      opportunities to enter into a business combination with an operating
      business the Company us before any other entity; and

     

        (c)       
      shall not, and shall cause each other company or entity under their management
      or control not to, pursue a business combination with an operating
      business unless and until the Board of Directors of the Company, including
      a majority of the disinterested Independent Directors, has determined that
      the Company will not pursue such business combination.

        2.          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 conflicts of law
      principles that would result in the application of the 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    substantive
      laws of another jurisdiction. It may be executed in several original or
      facsimile counterparts, each one of which shall constitute an original, and
      together shall constitute but one instrument.

        3.          The
      parties hereto consent to the jurisdiction and venue of any state or federal
      court located in the City of New York, Borough of Manhattan, for purposes of
      resolving any disputes hereunder.

    4.          Any
      notice or request to be given in connection with 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:

    if
      to the
      Associated Parties or the Independent Directors, as applicable, to:

     

    NRDC Capital Management,
      LLC
3 Manhattanville Road
Purchase, New York 10577

     

    NRDC Real Estate Advisors,
      LLC
3 Manhattanville Road
Purchase, New York 10577

     

    NRDC Equity Partners
3
      Manhattanville Road
Purchase, New York 10577

    William
      L. Mack
c/o
      NRDC
      Acquisition Corp.
3
      Manhattanville Road
Purchase,
      New York 10577

    
      Robert
        C.
        Baker

      c/o
        NRDC
        Acquisition Corp.

      3
        Manhattanville Road

      Purchase,
        New York 10577

       

      Richard
        A. Baker

      c/o
        NRDC
        Acquisition Corp.

      3
        Manhattanville Road

      Purchase,
        New York 10577

       

      Lee
        Neibart

      c/o
        NRDC
        Acquisition Corp.

      3
        Manhattanville Road

      Purchase,
        New York 10577

       

      Ronald
        W.
        Tysoe

      c/o
        NRDC
        Acquisition Corp.

      3
        Manhattanville Road

      Purchase,
        New York 10577

       

      Laura
        Pomerantz

      c/o
        NRDC
        Acquisition Corp.

      3
        Manhattanville Road

      Purchase,
        New York 10577

       

      
      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

        
           

          Michael
            J. Indiveri

          c/o
            NRDC
            Acquisition Corp.

        

      

      3
        Manhattanville Road

      Purchase,
        New York 10577

       

      Edward
        H.
        Meyer

      c/o
        NRDC
        Acquisition Corp.

      3
        Manhattanville Road

      Purchase,
        New York 10577

       

    

    if to the Company,
      to:

    NRDC Acquisition
      Corp.
Manhattanville Road
Purchase, New York 10577
Attn:  Francis
      Casale
Fax No.:  (914) 272-8067

    with a copy
      to:

    Sidley Austin LLP
787
      Seventh Avenue
New York, New York10022
Attn:  Jack I. Kantrowitz,
      Esq.
Samir A. Gandhi, Esq.
Fax No.: ( 212)
      839-5599

     

    5.          Each
      of the Associated Entities 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.

     

    6.          This
      Agreement constitutes the entire agreement and understanding of the parties
      hereto in respect of its subject matter and supersedes all prior understandings,
      agreements, or representations by or among the parties hereto, written or oral,
      to the extent they relate in any way to the subject matter hereof or the
      transactions contemplated hereby. This Agreement may not be amended, modified
      or
      waived as to any particular provision, except by a written instrument executed
      by all parties hereto.

     

    IN
      WITNESS WHEREOF, the parties have duly executed this Right of First Offer
      Agreement as of the date first written above.

    
      	 	NRDC
              CAPITAL MANAGEMENT,
              LLC	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	Title	 	 
	 	 	 	 

    

     

    
      	 	NRDC
              REAL ESTATE ADVISORS,
              LLC	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	Title	 	 
	 	 	 	 

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	 	NRDC
              EQUITY PARTNERS
              LLC	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	Title	 	 
	 	 	 	 

    

     

    
      	 	 	 
	 	 	 	 
	 	 	 
	 	WILLIAM
              L. MACK	 

    

     

    
      	 	 	 
	 	 	 	 
	 	 	 
	 	ROBERT
              C. BAKER	 

    

     

    
      	 	 	 
	 	 	 	 
	 	 	 
	 	RICHARD
              A. BAKER	 

    

     

    
      	 	 	 
	 	 	 	 
	 	 	 
	 	LEE
              NEIBART	 

    

     

    
      	 	 	 
	 	 	 	 
	 	 	 
	 	RONALD.
              W TYSOE	 

    

     

    
      	 	 	 
	 	 	 	 
	 	 	 
	 	LAURA
              POMERANTZ	 

    

     

    
      	 	 	 
	 	 	 	 
	 	 	 
	 	MICHAEL
              J. INDIVERI	 

    

     

    
      	 	 	 
	 	 	 	 
	 	 	 
	 	EDWARD
              H. MEYER	 

    

     

     

    
      	 	NRDC
              ACQUISITION CORP.	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	Title	 	 
	 	 	 	 

    

     

    
      4Unassociated Document

    
      Exhibit
        10.17

       

      NRDC
        ACQUISITION CORP.

       

      CO-INVESTMENT
        AGREEMENT

       

      THIS
        CO-INVESTMENT AGREEMENT (this “Agreement”), dated as
        of [●],
        2007,
        is entered into by and between NRDC Acquisition Corp., a
        Delaware corporation (the “Company”) and NRDC Capital
        Management, LLC, a Delaware limited liability company (the
“Purchaser”).

       

      WHEREAS,
        the Company intends to file a registration statement (the “Registration
        Statement”) for the initial public offering of units (the
“Initial Public Offering”), each unit consisting of one share
        of the common stock, par value $0.0001 per share, of the Company
        (“Common Stock”), and one warrant to purchase one share of
        Common Stock at an exercise price of $7.50 per share.

       

      WHEREAS,
        immediately prior to the completion of the Company’s initial merger, capital
        stock exchange, stock purchase, asset acquisition or other similar business
        combination with one or more operating businesses (a “Business
        Combination”), the Purchaser desires to purchase and the Company
        desires to issue and sell, upon the terms and conditions set forth in this
        Agreement, for an aggregate purchase price of $20,000,000 (the
“Co-Investment Units Purchase Price”), 2,000,000 Co-Investment
        Units (the “Co-Investment Units”) at $10.00 per unit, each unit
        consisting of one share of Common Stock (“Co-Investment Common
        Stock”) and one warrant to purchase one share of Common Stock at an
        exercise price of $7.50 per share (“Co-Investment
        Warrants”).

       

      NOW
        THEREFORE, in consideration of the mutual promises contained in this Agreement
        and other good and valuable consideration, the receipt and sufficiency of
        which
        are hereby acknowledged, the parties to this Agreement hereby agree as
        follows:

       

      Section
        1.  AUTHORIZATION,
        PURCHASE AND SALE; TERMS OF THE CO-INVESTMENT UNITS, CO-INVESTMENT SHARES
        AND
        CO-INVESTMENT WARRANTS.

       

      A.  Authorization
        of the Co-Investment Units, Co-Investment Common Stock, Co-Investment Warrants,
        and the shares of Common Stock underlying the Co-Investment Warrants. The
        Company has duly authorized the issuance and sale to the Purchaser of each
        of
        the Co-Investment Units, Co-Investment Common Stock, Co-Investment Warrants,
        and
        the shares of Common Stock underlying the Co-Investment Warrants (collectively,
        the “Securities”).

       

      B.  Purchase
        and Sale of the Co-Investment Units. Immediately prior to the completion
        of the
        Business Combination (the “Closing Date”), which will not occur
        until after the approval of the Business Combination by the requisite vote
        of
        the Company’s stockholders, the Company shall issue and sell to the Purchaser
        and the Purchaser shall purchase from the Company, the Co-Investment Units
        for
        the Co-Investment Units Purchase Price. On the Closing Date, the Company
        shall
        deliver certificates evidencing the Co-Investment Units, registered in the
        Purchaser’s name, upon the payment by the Purchaser of the Co-Investment Units
        Purchase Price, by wire transfer of immediately available funds to the Company
        in accordance with the Company’s wiring instructions. In the event that the
        Company fails to consummate the Business Combination within 24 months from
        the
        consummation of its Initial Public Offering, Purchaser’s obligation to purchase
        the Co-Investment Units shall be null and void and of no further force and
        effect.

       

      C.  Terms
        of
        the Co-Investment Units, Co-Investment Common Stock and Co-Investment
        Warrants.

       

      (i)  Co-Investment
        Units.  Each Co-Investment Unit shall have the terms set forth in
        the Co-Investment Unit Certificate attached as EXHIBIT A hereto.

       

      (ii)  Co-Investment
        Common Stock.  The Co-Investment Common Stock shall have the terms
        set forth in the Second and Amended Certificate of Incorporation of the Company,
        as may be amended and restated

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       from
        time to time, (the “Certificate of Incorporation”) and the
        Co-Investment Common Stock Certificate attached as EXHIBIT B
        hereto.

       

      (iii)  Co-Investment
        Warrants.  The Co-Investment Warrants shall have the terms set
        forth in the Warrant Agreement set forth as EXHIBIT C hereto (the
“Warrant Agreement”).

       

      (iv)  Transfer
        Restrictions.  The Purchaser shall not sell or transfer the
        Co-Investment Units, Co-Investment Common Stock, Co-Investment Warrants or
        the
        shares of Common Stock underlying the Co-Investment Warrants for a period
        of one
        year from the date the Company completes its Business Combination; provided,
        however, that Purchaser may sell or transfer the Co-Investment Units,
        Co-Investment Common Stock, Co-Investment Warrants or the shares of Common
        Stock
        underlying the Co-Investment Warrants to a Permitted Transferee (as hereinafter
        defined) who agrees in writing with the Company to be subject to such transfer
        restrictions. The Purchaser acknowledges that the Co-Investment Warrants
        and the
        shares of Common Stock issuable upon exercise of the Co-Investment Warrants
        are
        subject to the restrictions on transfer set forth in the Warrant Agreement.
        “Permitted Transferee” means (a) any officer, director or
        employee of the Company; or (b) any member or other person or entity associated
        or affiliated with NRDC Capital Management, LLC and its current or former
        members.

       

      (v)  Registration
        Rights.  In connection with the closing of the Initial Public
        Offering, the Company and the Purchaser shall enter into an agreement (the
        “Registration Rights Agreement”) granting the Purchaser
        registration rights with respect to the Securities;
        provided however that such registration rights with respect to the Securities
        shall not become effective prior to the end of the applicable Lock-Up
        Period.

       

      Section
        2.  REPRESENTATIONS
        AND WARRANTIES OF THE COMPANY.

       

      As
        a
        material inducement to the Purchaser to enter into this Agreement and purchase
        the Co-Investment Units, the Company hereby represents and warrants to the
        Purchaser that:

       

      A.  Organization
        and Corporate Power.  The Company is a corporation duly organized,
        validly existing and in good standing under the laws of the State of
        Delaware.  The Company possesses all requisite corporate power and
        authority necessary to carry out the transactions contemplated by this Agreement
        and the Warrant Agreement.

       

      B.  Authorization;
        No Breach.

       

      (i)  Due
        Authorization.  The execution, delivery and performance of this
        Agreement and the Warrant Agreement have been duly authorized by the Company.
        This Agreement constitutes the valid and binding obligation of the Company,
        enforceable in accordance with its terms. The Warrant Agreement, and upon
        issuance in accordance with, and payment pursuant to, the terms of the Warrant
        Agreement and this Agreement, the Co-Investment Warrants, constitute valid
        and
        binding obligations of the Company, enforceable in accordance with their
        respective terms as of the Closing Date.

       

      (ii)  Conflicts.  The
        execution and delivery by the Company of this Agreement, the Warrant Agreement
        and the sale and issuance of each of the Securities and the fulfillment of
        and
        compliance with the respective terms hereof and thereof by the Company, do
        not
        and will not as of the Closing Date (i) conflict with or result in a breach
        of
        the terms, conditions or provisions of, (ii) constitute a default under,
        (iii)
        result in the creation of any lien, security interest, charge or encumbrance
        upon the Company’s capital stock or assets, (iv) result in a violation of, or
        (v) require any authorization, consent, approval, exemption or other action
        by
        or notice or declaration to, or filing with, any court or administrative
        or
        governmental body or agency pursuant to the Certificate of Incorporation
        or the
        bylaws of the Company, or any material law, statute, rule or regulation to
        which
        the Company is subject, or any agreement, order, judgment or decree to which
        the
        Company is subject, except for any filings required after the date hereof
        under
        federal or state securities laws.

       

      C.  Title
        to Securities.  Upon issuance in accordance with, and payment
        pursuant to, the terms hereof and the Warrant Agreement, as the case may
        be,
        each of the Securities will be duly and validly issued, fully paid and
        nonassessable. Upon issuance in accordance with, and payment pursuant to,
        the
        terms hereof and the Warrant 

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      Agreement,
        as the case may be, the Purchaser will have or receive good title to the
        Securities, free and clear of all liens, claims and encumbrances of any
        kind, other than (a) transfer restrictions hereunder and under the other
        agreements contemplated hereby, (b) transfer restrictions under federal and
        state securities laws, and (c) liens, claims or encumbrances imposed due
        to the
        actions of the Purchaser.

       

      D.  Governmental
        Consents.  No permit, consent, approval or authorization of, or
        declaration to or filing with, any governmental authority is required in
        connection with the execution, delivery and performance by the Company of
        this
        Agreement or the Warrant Agreement, or the consummation by the Company of
        any
        other transactions contemplated hereby.

       

      Section
        3.  REPRESENTATIONS
        AND WARRANTIES OF THE PURCHASER.

       

      As
        a
        material inducement to the Company to enter into this Agreement and issue
        and
        sell the Co-Investment Units, the Purchaser hereby represents and warrants
        to
        the Company that:

       

      A.  Capacity
        and State Law Compliance.  The Purchaser will engage in the
        transactions contemplated by this Agreement within a state in which the offer
        and sale of the Securities is permitted under applicable securities
        laws.

       

      B.  Authorization;
        No Breach.

       

      (i)  This
        Agreement constitutes a valid and binding obligation of the Purchaser,
        enforceable in accordance with its terms.

       

      (ii)  The
        execution and delivery by the Purchaser of this Agreement and the fulfillment
        of
        and compliance with the respective terms hereof by the Purchaser does not
        conflict with or result in a breach of the terms, conditions or provisions
        of
        the certificate of formation or limited liability company agreement of the
        Purchaser or any other agreement, instrument, order, judgment or decree to
        which
        the Purchaser is subject.

       

      C.  Investment
        Representations.

       

      (i)  The
        Purchaser understands that no Co-Investment Warrants will be exercisable
        unless
        at the time of exercise (a) a registration statement relating to the shares
        of
        Common Stock issuable upon exercise of the Co-Investment Warrants is effective,
        (b) a prospectus relating to the shares of Common Stock issuable upon exercise
        of the Co-Investment Warrants is available for use, (c) the Common Stock
        has
        been registered or qualified or deemed to be exempt under the securities
        laws of
        the state of residence of the holder of the warrants, and (d) the last sales
        price of the Common Stock listed on the American Stock Exchange, or other
        national stock exchange in which the Common Stock may be traded, has equaled
        or
        exceeded $14.25 per share for any 20 trading days within any 30-trading-day
        period beginning at least 90 calendar days after the consummation of the
        Business Combination.

       

      (ii)  The
        Purchaser has been furnished with all materials relating to the business,
        finances and operations of the Company and materials relating to the offer
        and
        sale of the Securities which have been requested by the
        Purchaser.  The Purchaser has been afforded the opportunity to ask
        questions of the executive officers and directors of the Company. The Purchaser
        understands that its investment in the Securities involves a high degree
        of
        risk. The Purchaser has sought such accounting, legal and tax advice as the
        Purchaser has considered necessary to make an informed investment decision
        with
        respect to the Purchaser’s acquisition of the Securities.

       

      (iii)  The
        Purchaser understands that the Securities will be offered and will be sold
        to it
        in reliance on specific exemptions from the registration requirements of
        the
        United States federal and state securities laws and that the Company is relying
        upon the truth and accuracy of, and the Purchaser's compliance with, the
        representations and warranties of the Purchaser set forth herein in order
        to
        determine the availability of such exemptions and the eligibility of the
        Purchaser to acquire such Securities.

       

      (iv)  The
        Purchaser did not decide to enter into this Agreement as a result of any
        general
        solicitation or general advertising within the meaning of Rule 502(c) under
        the
        Securities Act.

      
         

        
          
            
            

          

          
            3

            
              

            

          

          
            
            

          

        

         

      

      (v)  The
        Purchaser has been furnished with all materials relating to the business,
        finances and operations of the Company and materials relating to the offer
        and
        sale of the Securities which have been requested by the
        Purchaser.  The Purchaser has been afforded the opportunity to ask
        questions of the executive officers and directors of the Company. The Purchaser
        understands that its investment in the Securities involves a high degree
        of
        risk. The Purchaser has sought such accounting, legal and tax advice as the
        Purchaser has considered necessary to make an informed investment decision
        with
        respect to the Purchaser's acquisition of the Securities.

       

      (vi)  The
        Purchaser understands that no United States federal or state agency or any
        other
        government or governmental agency has passed on or made any recommendation
        or
        endorsement of the Securities or the fairness or suitability of the investment
        in the Securities by the Purchaser nor have such authorities passed upon
        or
        endorsed the merits of the offering of the Securities.

       

      (vii)  The
        Purchaser understands that: (a) the Securities have not been and are not
        being
        registered under the Securities Act or any state securities laws, and may
        not be
        offered for sale, sold, assigned or transferred unless (A) subsequently
        registered thereunder or (B) sold in reliance on an exemption therefrom;
        and (b)
        except as specifically set forth in the Registration Rights Agreement, neither
        the Company nor any other person is under any obligation to register the
        Securities under the Securities Act or any state securities laws or to comply
        with the terms and conditions of any exemption thereunder. In this regard,
        the
        Purchaser understands that the Securities and Exchange Commission has taken
        the
        position that promoters or affiliates of a blank check company and their
        transferees, both before and after a Business Combination, are deemed to
        be
“underwriters” under the Securities Act when reselling the securities of a blank
        check company. Based on that position, Rule 144 adopted pursuant to the
        Securities Act would not be available for resale transactions of the Securities
        despite technical compliance with the requirements of such Rule, and the
        Securities can be resold only through a registered offering or in reliance
        upon
        another exemption from the registration requirements of the Securities Act.
        The
        Purchaser is able to bear the economic risk of its investment in the Securities
        for an indefinite period of time.

       

      (viii)  The
        Purchaser has such knowledge and expertise in financial and business matters,
        knows of the high degree of risk associated with investments generally and
        particularly investments in the securities of companies in the development
        stage
        such as the Company, is capable of evaluating the merits and risks of an
        investment in the Securities and is able to bear the economic risk of an
        investment in the Securities in the amount contemplated hereunder. The Purchaser
        has adequate means of providing for its current financial needs and
        contingencies and will have no current or anticipated future needs for liquidity
        which would be jeopardized by the investment in the Securities. The Purchaser
        can afford a complete loss of its investment in the Securities.

       

      Section
        4.  CONDITIONS
        OF THE OBLIGATIONS OF THE PURCHASER AND THE COMPANY.

       

      Each
        of
        the Purchaser’s and the Company’s obligation to consummate the transactions
        contemplated hereby is subject to:

      
         

        A.   The
          Company having entered into a definitive agreement relating to a Business
          Combination;

         

        B.   The
          Business Combination having been approved by a majority of the votes cast
          by the
          Company’s stockholders at a duly held stockholders meeting;

         

        C.   An
          amendment of the Company’s amended and restated certificate of incorporation to
          provide for the Company’s perpetual existence having been approved by the
          holders of a majority of the Company’s outstanding shares of Common Stock;
          and

         

        D.   Public
          Stockholders of the Company owning fewer than 30% of the Company’s initial
          shares of common stock sold in the Initial Public Offering having both
          voted
          against the Company’s initial Business Combination and exercised their
          conversion rights.

         

        
          
            
            

          

          
            4

            
              

            

          

          
            
            

          

        

         

        Section
          5.  MISCELLANEOUS.

         

        A.           Failure
          to Purchase.    

        

        Each
          of the Purchaser and the Company
          understands and agrees that in the event that the Purchaser fails to purchase
          the Co-Investment Units in accordance with, and subject to, the terms of
          this
          Agreement, without any further action required by any party, by its failure
          to
          purchase the Co-Investment Units the Purchaser shall have forfeited to
          the
          Company, and the Company shall have accepted from the Purchaser, at no
          cost to
          the Company, all shares of Common Stock, and all warrants (including any
          warrants purchased in a private placement immediately prior to the completion
          of
          the Initial Public Offering), held by the Purchaser prior to the completion
          of
          the Initial Public Offering.  For purposes of this Section 5(A), the
          term Purchaser shall include the Purchaser’s permitted transferees (as
          applicable).

        

        B.           Further
          Assurances.    

        

        The
          parties hereto shall execute and
          deliver such additional documents and take such additional actions as any
          party
          reasonably may deem to be practical and necessary in order to consummate
          the
          transactions contemplated by this Agreement.

        

        C.           Legends.

         

      

      (i)  The
        certificates evidencing the Co-Investment Units and the Co-Investment Shares
        will include the legend set forth on EXHIBITS A AND B hereto, respectively,
        which the Purchaser has read and understood. The Co-Investment Warrants and
        Shares issued upon exercise of the Co-Investment Warrants will include the
        legend set forth in EXHIBIT A to the Warrant Agreement in the case of the
        Warrants and in the Warrant Agreement in the case of the Shares, which the
        Purchaser has read and understood.

       

      (ii)  By
        accepting the Securities, the Purchaser agrees, prior to any transfer of
        the
        Securities, to give written notice to the Company expressing its desire to
        effect such transfer and describing briefly the proposed transfer. Upon
        receiving such notice, the Company shall present copies thereof to its counsel
        and the Purchaser agrees not to make any disposition of all or any portion
        of
        the Securities unless and until:

       

      (a)  there
        is
        then in effect a registration statement under the Securities Act covering
        such
        proposed disposition and such disposition is made in accordance with such
        registration statement, in which case the legends set forth above with respect
        to the Securities sold pursuant to such registration statement shall be removed;
        or

       

      (b)  if
        reasonably requested by the Company, (A) the Purchaser shall have furnished
        the
        Company with an opinion of counsel, reasonably satisfactory to the Company,
        that
        such disposition will not require registration of such Securities under the
        Securities Act, (B) the Company shall have received customary representations
        and warranties regarding the transferee that are reasonably satisfactory
        to the
        Company signed by the proposed transferee and (C) the Company shall have
        received an agreement by such transferee to the restrictions contained in
        the
        legends referred to in (i) hereof.

       

      Notwithstanding
        the foregoing, the Purchaser also understands and acknowledges that the transfer
        of the Co-Investment Units, Co-Investment Shares, Co-Investment Warrants
        and
        exercise of the Co-Investment Warrants are subject to the specific conditions
        to
        such transfer or exercise as outlined herein and in the Warrant Agreement
        as to
        which the Purchaser specifically assents by its execution hereof.

       

      (iii)  The
        Company may, from time to time, make stop transfer notations in its records
        and
        deliver stop transfer instructions to its transfer agent to the extent its
        counsel considers it necessary to ensure compliance with federal and state
        securities laws and the transfer restrictions contained elsewhere in this
        Agreement and the Warrant Agreement.

       

      D.  Successors
        and Assigns.  Except as otherwise expressly provided herein, all
        covenants and agreements contained in this Agreement by or on behalf of any
        of
        the parties hereto shall bind and inure to the benefit of the 

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      respective
        successors of the parties hereto whether so expressed or not. Notwithstanding
        the foregoing or anything to the contrary herein, the parties may not assign
        this Agreement or their obligations hereunder.

       

      E.  Severability.  Whenever
        possible, each provision of this Agreement shall be interpreted in such manner
        as to be effective and valid under applicable law, but if any provision of
        this
        Agreement is held to be prohibited by or invalid under applicable law, such
        provision shall be ineffective only to the extent of such prohibition or
        invalidity, without invalidating the remainder of this Agreement.

       

      F.  Counterparts.  This
        Agreement may be executed simultaneously in two or more counterparts, none
        of
        which need contain the signatures of more than one party, but all such
        counterparts taken together shall constitute one and the same
        agreement.

       

      G.  Descriptive
        Headings; Interpretation.  The descriptive headings of this
        Agreement are inserted for convenience only and do not constitute a substantive
        part of this Agreement. The use of the word “including” in this Agreement shall
        be by way of example rather than by limitation.

       

      H.  Governing
        Law.  This Agreement shall be deemed to be a contract made under
        the laws of the State of New York and for all purposes shall be construed
        in
        accordance with the internal laws of said State. The parties agree that,
        all
        actions and proceedings arising out of this Agreement or any of the transactions
        contemplated hereby, shall be brought in the United States District Court
        for
        the Southern District of New York or in a New York State Court in the County
        of
        New York and that, in connection with any such action or proceeding, submit
        to
        the jurisdiction of, and venue in, such court. Each of the parties hereto
        also
        irrevocably waives all right to trial by jury in any action, proceeding or
        counterclaim arising out of this Agreement or the transactions contemplated
        hereby.

       

      I.  Notices.  All
        notices, demands or other communications to be given or delivered under or
        by
        reason of the provisions of this Agreement shall be in writing and shall
        be
        deemed to have been given when delivered personally to the recipient, sent
        to
        the recipient by reputable overnight courier service (charges prepaid) or
        mailed
        to the recipient by certified or registered mail, return receipt requested
        and
        postage prepaid. Such notices, demands and other communications shall be
        sent:

      
         

        
          	 If
                  to the Company:	NRDC
                  Acquisition Corp.
	 	3
                  Manhattanville Road
	 	Purchase,
                  NY 10577
	 	Tel.
                  No.: (914) 272-8067
	 	 
	 If
                  to the Purchaser: 	NRDC
                  Capital Management, LLC
	 	3
                  Manhattanville Road
	 	Purchase,
                  NY 10577
	 	Tel.
                  No.: (914) 272-8067

        

         

        
          
            	 In
                    each case, with a copy to: 	Sidley
                    Austin LLP
	 	787
                    Seventh Avenue
	 	New
                    York, NY 10019
	 	Tel.
                    No.: (212) 839-5300
	 	Fax
                    No.: (212) 839-5599

          

           

        

      

      or
        to
        such other address or to the attention of such other person as the recipient
        party has specified by prior written notice to the sending party.

       

      J.  No
        Strict Construction.  The parties hereto have participated jointly
        in the negotiation and drafting of this Agreement. In the event an ambiguity
        or
        question of intent or interpretation arises, this Agreement shall be construed
        as if drafted jointly by the parties hereto, and no presumption or burden
        of
        proof shall arise favoring or disfavoring any party by virtue of the authorship
        of any of the provisions of this Agreement.

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      K.  Costs
        and Expenses.  Each party shall bear its own costs and expenses in
        connection with the preparation of this Agreement and the transaction
        contemplated hereby, and neither party shall be obligated to reimburse the
        other
        party for any expenses incurred in connection  with the performance of
        this Agreement.

       

      [SIGNATURE
        PAGE FOLLOWS]

       

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      
        IN
          WITNESS WHEREOF, the parties hereto have executed
          this Co-Investment Agreement on the date first written above.

         

         

        
          	 	 	 	 
	 	 	 	 NRDC
                  ACQUISITION CORP.
	 	 	 	 
	 	 	 	 
	 	 	 	 By:
	 	 	 	 Name: 
                  Richard A. Baker
	 	 	 	 Title:
                  Chief Executive Officer
	 	 	 	 
	 	 	 	 
	 	 	 	 NRDC
                  CAPITAL MANAGEMENT, LLC
	 	 	 	 
	 	 	 	 
	 	 	 	 By:

        

        
          	 	 	 	 Name:
	 	 	 	 Title:
	 	 	 	 

        

         

      

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

      Exhibit
        A

       

      SPECIMEN
        OF CO-INVESTMENT UNIT CERTIFICATE

       

      No.
        U-                                                                                                                 UNITS

      CUSIP
        No.:
                    

       

      NRDC
        ACQUISITION CORP.

       

      UNITS
        CONSISTING OF ONE SHARE OF COMMON STOCK AND

      ONE
        WARRANT TO PURCHASE ONE SHARE OF COMMON STOCK

       

      SEE
        REVERSE FOR CERTAIN DEFINITIONS

       

      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 NRDC Acquisition Corp., a Delaware
          corporation (the “Corporation”), and one (1) warrant (the
“Warrant”) of the Corporation. The Warrant entitles the holder to
          purchase one (1) share of Common Stock for $7.50 per share (subject to
          adjustment). The Warrant will become exercisable only after the date on
          which
          the last sales price of the Corporation’s common stock on the American Stock
          Exchange, or other national securities exchange on which the Corporation’s
          common stock may be traded, equals or exceeds $14.25 per share for any
          20
          trading days within any 30-trading-day period beginning at least 90 calendar
          days after the consummation of the Corporation’s initial business combination.
          The Common Stock and Warrants comprising the Units represented by this
          certificate are not transferable separately until five (5) trading days
          after the earlier to occur of the termination of the underwriters’
over-allotment option in connection with the Corporation’s initial public
          offering (the “IPO”) or the exercise in full by the underwriters of that
          option. In no event will the separate trading of the Common Stock and the
          Warrants comprising the Units represented by this certificate begin until
          the
          Corporation has filed a Current Report on Form 8-K with the Securities
          and
          Exchange Commission containing an audited balance sheet reflecting the
          Corporation’s receipt of the proceeds of its IPO and the Corporation has issued
          a press release announcing when such separate trading will begin. The terms
          of
          the Warrants are governed by a Warrant Agreement, dated as of
                    ,
          2007, between the Corporation 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, NY 10004,
          and are
          available to any Warrant holder on written request and without
          cost.

      

       

      THE
        SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
        ACT
        OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED,
        SOLD,
        TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES
        ACT
        OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION
        FROM SUCH REGISTRATION IS AVAILABLE. THESE SECURITIES ARE ALSO SUBJECT TO
        RESTRICTIONS ON TRANSFER OR SALE PURSUANT TO A CO-INVESTMENT AGREEMENT DATED
        [●],
        2007,
        A COPY OF WHICH CAN BE OBTAINED FROM THE CORPORATION AT ITS EXECUTIVE
        OFFICES.

      

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

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

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

       

       

       

      
        	 	
                 NRDC
                  ACQUISITION CORP.

              	 
	 	
                 CORPORATE

              	 
	 	
                 DELAWARE

              	 
	 	
                 SEAL

              	 
	 	
                 2007

              	 
	 	 	 

      

      
        	 By:	 	 	 
	 	
                 Chief
                  Executive Officer

              	 	
                 President

              
	 	 	 	 

      

       

      
        	
                Countersigned
                  By:

              	 	 
	 	
                Transfer
                  Agent

              	 

      

       

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

      

      NRDC
        ACQUISITION CORP.

       

      The
        Corporation 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
        Corporation and the qualifications, limitations, or restrictions of such
        preferences and/or rights.

       

      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

              	
                UNIF GIFT MIN ACT
                  -

              	
                          
                  Custodian                                   

              
	
                TEN
                  ENT

              	
                -

              	
                as
                  tenants by the entireties

              	 	
                (Cust)                       (Minor)

              
	
                JT
                  TEN

              	
                -

              	
                as
                  joint tenants with right of survivorship and not as tenants in
                  common

              	 	
                under
                  Uniform Gifts to Minors Act
                                      

                ___________________________

              
	 	 	 	 	 (State)
	 	 	 	 	 

      

      

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

       

      FOR
        VALUE
        RECEIVED,
                                        
                
        HEREBY SELL, ASSIGN AND TRANSFER 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 CORPORATION WITH FULL POWER OF SUBSTITUTION IN THE
        PREMISES.

       

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      
         

        
           

          
            	 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 whatsoever.
	 	 	 	 

          

           

           

          
            	Signature(s)
                    Guaranteed:	 
	
                     

                    ____________________________________________________________

                  	 
	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).	 

          

           

        

      

       

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

       

      Exhibit
        B

       

      SPECIMEN
        CO-INVESTMENT COMMON STOCK CERTIFICATE

       

      

       

      No.                                                                                                            SHARES

      CUSIP
        No.:
                    

       

      NRDC
        ACQUISITION CORP.

      INCORPORATED
        UNDER THE LAWS OF THE STATE OF DELAWARE

      COMMON
        STOCK

       

      SEE
        REVERSE FOR CERTAIN DEFINITIONS

       

      THIS
        CERTIFIES THAT

       

      IS
        THE
        OWNER OF

       

      FULLY
        PAID AND NON-ASSESSABLE SHARES OF THE PAR VALUE OF $0.0001 EACH OF
        THE

      COMMON
        STOCK OF

       

      NRDC
        ACQUISITION CORP.

       

      TRANSFERABLE
        ON THE BOOKS OF THE CORPORATION IN PERSON OR BY DULY AUTHORIZED ATTORNEY
        UPON
        SURRENDER OF THIS CERTIFICATE PROPERLY ENDORSED. THIS CERTIFICATE IS NOT
        VALID
        UNLESS COUNTERSIGNED BY THE TRANSFER AGENT AND REGISTERED BY THE REGISTRAR.
        WITNESS THE SEAL OF THE CORPORATION AND THE FACSIMILE SIGNATURES OF ITS DULY
        AUTHORIZED OFFICERS.

       

      DATED:

       

      
        
           

           

          
            	 	
                     NRDC
                      ACQUISITION CORP.

                  	 
	 	
                     CORPORATE

                  	 
	 	
                     DELAWARE

                  	 
	 	
                     SEAL

                  	 
	 	
                     2007

                  	 
	 	 	 

          

          
            	 By:	 	 	 
	 	
                     Chief
                      Executive Officer

                  	 	
                     President

                  
	 	 	 	 

          

           

          
            	
                    By:

                  	 	 
	 	
                    Transfer
                      Agent

                  	 

          

        

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      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

              	
                UNIF GIFT MIN ACT
                  -

              	
                          
                  Custodian                                   

              
	
                TEN
                  ENT

              	
                -

              	
                as
                  tenants by the entireties

              	 	
                (Cust)                       (Minor)

              
	
                JT
                  TEN

              	
                -

              	
                as
                  joint tenants with right of survivorship and not as tenants in
                  common

              	 	
                under
                  Uniform Gifts to Minors Act
                                      

                _________________________

              
	 	 	 	 	 (State)
	 	 	 	 	 

      

      

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

       

       

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

       

      NRDC
        ACQUISITION CORP.

       

      NRDC
        Acquisition Corp. (the “Corporation”) will furnish without charge to each
        stockholder who so requests the powers, designations, preferences and relative,
        participating, optional or other special rights of each class of stock or
        series
        thereof of the Corporation and the qualifications, limitations, or restrictions
        of such preferences and/or rights. This certificate and the shares represented
        thereby are issued and shall be held subject to all the provisions of the
        Corporation’s Second Amended and Restated Certificate of Incorporation and all
        amendments thereto and resolutions of the Board of Directors providing for
        the
        issue of shares of the Corporation’s Common Stock (copies of which may be
        obtained from the Corporation), to all of which the holder of this certificate
        by acceptance hereof assents.

       

      THE
        SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
        ACT
        OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED,
        SOLD,
        TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES
        ACT
        OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION
        FROM SUCH REGISTRATION IS AVAILABLE. THESE SECURITIES ARE ALSO SUBJECT TO
        RESTRICTIONS ON TRANSFER OR SALE PURSUANT TO A CO-INVESTMENT AGREEMENT DATED
        [●],
        2007,
        A COPY OF WHICH CAN BE OBTAINED FROM THE CORPORATION AT ITS EXECUTIVE
        OFFICES.

      

      FOR
        VALUE
        RECEIVED,
                                        
                
        HEREBY SELL, ASSIGN AND TRANSFER UNTO

       

      PLEASE
        INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

       

      

      
        _________________________________________

        
_________________________________________

         

         

        
          
            

          

        

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

        ASSIGNEE)

         

        
          
 

          

        

      

      

      

       

      _____________________________________________ SHARES
        OF THE CAPITAL STOCK REPRESENTED BY THE WITHIN CERTIFICATE, AND DO HEREBY
        IRREVOCABLY CONSTITUTE AND APPOINT _____________ ATTORNEY TO TRANSFER THE
        SAID
        STOCK ON THE BOOKS OF THE WITHIN NAMED CORPORATION WITH FULL POWER OF
        SUBSTITUTION IN THE PREMISES.

       

       

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

       

      
         

        
          	 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 whatsoever.
	 	 	 	 

        

         

         

        
          	Signature(s)
                  Guaranteed:	 
	
                   

                  ____________________________________________________________

                	 
	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).	 

        

         

      

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

       

      Exhibit
        C

       

      WARRANT
        AGREEMENT

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