Document:

PRIVATE
      PLACEMENT SECURITIES PURCHASE AGREEMENT

     

    Private
      Placement Securities Purchase Agreement
      (this
“Agreement”)
      made
      as of this 17 day of March, 2006 among Global Technology Industries, Inc.,
      a Delaware corporation (the “Company”),
      Morgan Joseph & Co. Inc. (“Morgan
      Joseph”)
      as
      representative of the underwriters of the IPO (as defined below) (solely for
      the
      purposes of Section 10 hereof), and GTI Holdings, LLC (the “Purchaser”).

     

      Whereas,
        the
        Company intends to file with the Securities and Exchange Commission
        (“SEC”)
        a
        registration statement on Form S-1, as amended (the “Registration
        Statement”),
        in
        connection with the Company’s initial public offering (the “IPO”)
        of
        units, each unit (“Unit”)
        consisting of (i) one share of the Company’s common stock, $0.0001 par value
        (the “Common
        Stock”),
        and
        (ii) one warrant (the “Warrant”),
        each
        Warrant to purchase one share of Common Stock;

     

    Whereas,
      pursuant to the terms and conditions hereof, the Company desires to sell, and
      the Purchaser desires to acquire, in a private placement (the “Placement”),
      (i)
      250,000 Units (the “Placement
      Units”)
      and
      (ii) 416,667 Warrants (sold separately and not in combination with the Common
      Stock in the form of the Placement Units) (the “Placement
      Warrants”),
      which
      Units and Warrants shall be substantially identical to the Units and Warrants
      issued in the IPO, except that the Placement Units, and their underlying shares
      of Common Stock and Warrants, and the Placement Warrants shall not initially
      be
      registered under the Securities Act of 1933, as amended (the “Securities
      Act”),
      and
      the Warrants will be exercisable by the holder thereof on a cashless basis
      as
      described in the Warrant Agreement filed as an exhibit to the Registration
      Statement (the “Warrant
      Agreement”);
      and

     

    Whereas,
      the
      Warrants included in the Placement Units and the Placement Warrants shall be
      governed by the Warrant Agreement.

     

    Now,
      Therefore,
      for and
      in consideration of the premises and the mutual covenants hereinafter set forth,
      the parties hereto do hereby agree as follows:

     

    1.  Purchase
      of Placement Units.
      The
      Purchaser hereby agrees to purchase 250,000 Placement Units at a purchase price
      of $8.00 per Placement Unit, for an aggregate purchase price of $2,000,000
      (the
“Unit
      Purchase Price”).

     

    2.  Purchase
      of Placement Warrants.
      The
      Purchaser hereby agrees to purchase 416,667 Placement Warrants at a purchase
      price of $1.20 per Placement Warrant, for an aggregate purchase price of
      $500,000 (the “Warrant
      Purchase Price”,
      and
      together with the Unit Purchase Price, the “Purchase
      Price”).
      

     

    3.  Closing.
      The
      closing of the purchase and sale of the Placement Units and the Placement
      Warrants (the “Closing”)
      will
      take place immediately
      prior the closing of the IPO. At the Closing, the Purchaser shall pay the
      Purchase Price by wire transfer of funds to an account maintained by the
      Company. Upon receipt, the Company shall deposit the Purchase Price into the
      trust account described in the Registration Statement (the “Trust
      Account”).
      The
      certificates for the Common Stock and Warrants comprising the Placement Units
      and the certificates for the Placement Warrants shall be delivered to the
      Purchaser promptly after the closing of the IPO, provided, however that the
      Warrant certificates will not be physically delivered to the Purchaser earlier
      than the time when they start to trade.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    4.  Voting
      of Shares.
      In
      connection with the vote required to consummate a Business Combination (as
      defined in the Amended and Restated Certificate of Incorporation of the
      Company), the Purchaser shall vote the shares of Common Stock included in the
      Placement Units, and any shares of Common Stock acquired in the IPO or
      afterward, in favor of the Business Combination, and therefore waives any
      conversion rights it might have with respect to such shares. 

     

    5.  Waiver
      of Liquidation Distributions.
      The
      Purchaser hereby waives any and all right, title, interest or claim of any
      kind
      (“Claim”)
      in or
      to any distribution of the Trust Account in respect of the shares of Common
      Stock included in the Placement Units as a result of the liquidation of the
      Trust Account or otherwise and hereby waives any Claim the Purchaser may have
      in
      the future as a result of, or arising out of, any contracts or agreements with
      the Company and will not seek recourse against the Trust Account for any reason
      whatsoever; provided,
      however,
      that
      this paragraph shall not limit the Purchaser’s right to receive distributions
      from the Trust Account in respect of any securities acquired by it in the IPO
      or
      afterward.

     

    6.  Business
      Combination with an
      Affiliate. The
      Purchaser acknowledges and agrees that the Company has agreed not to consummate
      any Business Combination that involves a company that is affiliated with any
      director, officer or stockholder of the Company immediately prior to the
      consummation of the IPO unless the Company obtains an opinion from an
      independent investment banking firm to the effect that the Business Combination
      is fair to the Company’s stockholders from a financial perspective.

     

    7.  Finder’s
      Fee or Other
      Compensation. Neither
      the Purchaser, its security holders, any member of the family of the Purchaser’s
      security holders, nor any affiliate of the Purchaser will be entitled to receive
      or will accept a finder’s fee or any other compensation in the event the
      Purchaser, any member of the family of the Purchaser’s security holders or any
      affiliate of the Purchaser originates a Business Combination. 

     

    8.  Compensation
      for Services.
Neither
      the Purchaser, its security holders, any member of the family of the Purchaser’s
      security holders, nor any affiliate of the Purchaser will be entitled to receive
      from the Company, and will not accept from the Company, any compensation for
      services rendered to the Company prior to the consummation of the Business
      Combination, except in connection with services provided by the Purchaser,
      or
      its affiliate, pursuant to the Advance Agreement between the Company and the
      Purchaser, the Letter Agreement between the Purchaser and the Company regarding
      administrative services or as described in the registration statement filed
      with
      and declared effective by the Securities and Exchange Commission in connection
      with the IPO. 

     

    9.  Representations
      and Warranties of the Purchaser.
      The
      Purchaser hereby represents and warrants to the Company that:

     

    9.1  The
      Purchaser is an “accredited investor” as that term is defined in Rule 501 of
      Regulation D promulgated under the Securities Act.

     

    9.2  The
      Placement Units and Placement Warrants are being acquired for the Purchaser’s
      own account, only for investment purposes and not with a view to, or for resale
      in connection with, any distribution or public offering thereof within the
      meaning of the Securities Act.

     

    9.3  The
      Purchaser has the full right, power and authority to enter into this Agreement
      and this Agreement is a valid and legally binding obligation of the Purchaser
      enforceable against the Purchaser in accordance with its terms.

     

    10.  Waiver
      of Claims; Indemnification.
      The
      Purchaser hereby waives any and all rights to assert any present or future
      claims, including any right of rescission, against the Company, Morgan Joseph
      or
      the other underwriters in the IPO with respect to its purchase of the Placement
      Units or Placement Warrants, and the Purchaser agrees to indemnify and hold
      the
      Company, Morgan Joseph and the other underwriters in the IPO harmless from
      all
      losses, damages or expenses that relate to claims or proceedings brought against
      the Company, Morgan Joseph or such other underwriters by the Purchaser of the
      Placement Units or Placement Warrants or its transferees, heirs, assigns or
      any
      subsequent holders of the Placement Units or Placement Warrants.

     

    11.  Counterparts;
      Facsimile.
      This
      Agreement may be executed in any number of counterparts, each of which when
      so
      executed shall be deemed to be an original and all of which taken together
      shall
      constitute one and the same instrument. This Agreement or any counterpart may
      be
      executed via facsimile transmission, and any such executed facsimile copy shall
      be treated as an original.

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    12.  Governing
      Law; Jurisdiction.
      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. The Purchaser hereby (i) agrees that any action,
      proceeding or claim against it arising out of or relating in any way to this
      Agreement (a “Proceeding”)
      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,
      (ii) waives any objection to such exclusive jurisdiction and that such courts
      represent an inconvenient forum; and (iii) irrevocably agrees to appoint, at
      the
      expense of the Company, prior to the effectiveness of the Registration
      Statement, a person or entity acceptable to Morgan Joseph, as agent for the
      service of process in the State of New York to receive, for the Purchaser and
      on
      its behalf, service of process in any Proceeding (and Morgan Joseph agrees
      that
      CT Corporation System is an acceptable agent). If for any reason such agent
      is
      unable to act as such, the Purchaser will promptly notify the Company and Morgan
      Joseph and appoint a substitute agent acceptable to Morgan Joseph within 30
      days
      and nothing in this letter will affect the right of either party to serve
      process in any other manner permitted by law.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

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

     

    
      	
              GLOBAL
                TECHNOLOGY INDUSTRIES, INC.

            	 	 	GTI HOLDINGS, LLC
	
              A
                Delaware Corporation

            	 	 	 
	 	 	 	 
	By:
              /s/ Robert B.
              Kay	 	 	By:
              /s/ Jonathan
              N. Schulhof
	
              

            	 	 	
              

            
	Name:
              Robert B.
              Kay
Title: President	 	 	Name:
              Jonathan N.
              Schulhof
Title: President

    

     

    
      	MORGAN
              JOSEPH
              & CO. INC.	 	 	 
	as representative of the
              underwriters	 	 	 
	 	 	 	 
	By:
              /s/ R. Michael
              Powell	 	 	
            
	
              

            	 	 	
            
	Name:
              R. Michael
              Powell
Title: Managing Director	 	 	 

    

     

    
      
        
        

      

      
        -4-GLOBAL
      TECHNOLOGY INDUSTRIES, INC. 

     

    STOCK
      PURCHASE AGREEMENT 

     

      This
        Common Stock Purchase Agreement
        (the
“Agreement”)
        is
        made as of January 19, 2006, by and between Global
        Technology Industries, Inc.,
        a
        Delaware corporation (the “Company”),
        and
GTI
        Capital Partners LLC
        (“Purchaser”).
        

     

    The
      Company desires to issue, and Purchaser desires to acquire, stock of the Company
      as herein described, on the terms and conditions hereinafter set forth;

     

    1.  Purchase
      and Sale of Stock.
      Purchaser hereby agrees to purchase from the Company, and the Company hereby
      agrees to sell to Purchaser, an aggregate of 2,562,500 shares of the Common
      Stock of the Company (the “Stock”)
      at
      $0.0098 per share, for an aggregate purchase price of $25,000, payable in cash.
      The closing hereunder, including payment for and delivery of the Stock shall
      occur at the offices of the Company immediately following the execution of
      this
      Agreement, or at such other time and place as the parties may mutually agree.
      

     

    2.  Limitations
      on Transfer.
      Purchaser shall not assign, hypothecate, donate, encumber or otherwise dispose
      of any interest in the Stock except in compliance with the provisions herein
      and
      applicable securities laws. The Company shall not be required (a) to transfer
      on
      its books any shares of Stock of the Company which shall have been transferred
      in violation of any of the provisions set forth in this Agreement or (b) to
      treat as owner of such shares or to accord the right to vote as such owner
      or to
      pay dividends to any transferee to whom such shares shall have been so
      transferred. Purchaser
      hereby further acknowledges that Purchaser may be required to hold the Stock
      purchased hereunder indefinitely. During the period of time during which the
      Purchaser holds the Stock, the value of the Stock may increase or decrease,
      and
      any risk associated with such Stock and such fluctuation in value shall be
      borne
      by the Purchaser.
      

     

    3.  Restrictive
      Legends.
      All
      certificates representing the Stock shall have endorsed thereon legends in
      substantially the following forms (in addition to any other legend which may
      be
      required by other agreements between the parties hereto): 

     

    (a)  “THE
      SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR SALE,
      PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
      AS
      TO THE SECURITIES UNDER SAID ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE
      COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.” 

     

    (b)  Any
      legend required by appropriate blue sky officials. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    4.  Investment
      Representations.
      In
      connection with the purchase of the Stock, Purchaser represents to the Company
      the following: 

     

    (a)  Purchaser
      is aware of the Company’s business affairs and financial condition and has
      acquired sufficient information about the Company to reach an informed and
      knowledgeable decision to acquire the Stock. Purchaser is purchasing the Stock
      for investment for Purchaser’s own account only and not with a view to, or for
      resale in connection with, any “distribution” thereof within the meaning of the
      Securities Act of 1933, as amended (the “Act”). 

     

    (b)  Purchaser
      understands that the Stock has not been registered under the Act by reason
      of a
      specific exemption therefrom, which exemption depends upon, among other things,
      the bona fide nature of Purchaser’s investment intent as expressed herein.

     

    (c)  Purchaser
      further acknowledges and understands that the Stock must be held indefinitely
      unless the Stock is subsequently registered under the Act or an exemption from
      such registration is available. Purchaser understands that the certificate
      evidencing the Stock will be imprinted with a legend which prohibits the
      transfer of the Stock unless the Stock is registered or such registration is
      not
      required in the opinion of counsel for the Company. 

     

    (d)  Purchaser
      warrants and represents that Purchaser is an “accredited investor” as that term
      is defined in Rule 501 of Regulation D promulgated by the Securities and
      Exchange Commission under the Act. 

     

    (e)  Purchaser
      further warrants and represents that Purchaser has either (i) preexisting
      personal or business relationships, with the Company or any of its officers,
      directors or controlling persons, or (ii) the capacity to protect his own
      interests in connection with the purchase of the Stock by virtue of the business
      or financial expertise of himself or of professional advisors to Purchaser
      who
      are unaffiliated with and who are not compensated by the Company or any of
      its
      affiliates, directly or indirectly. 

     

    5.  Miscellaneous.
      

     

    (a)  Notices.
      All
      notices required or permitted hereunder shall be in writing and shall be deemed
      effectively given: (i) upon personal delivery to the party to be notified,
      (ii)
      when sent by confirmed telex or facsimile if sent during normal business hours
      of the recipient, and if not during normal business hours of the recipient,
      then
      on the next business day, (iii) five (5) calendar days after having been sent
      by
      registered or certified mail, return receipt requested, postage prepaid, or
      (iv)
      one (1) business day after deposit with a nationally recognized overnight
      courier, specifying next day delivery, with written verification of receipt.
      All
      communications shall be sent to the other party hereto at such party’s address
      hereinafter set forth on the signature page hereof, or at such other address
      as
      such party may designate by ten (10) days advance written notice to the other
      party hereto. 

     

    (b)  Successors
      and Assigns.
      This
      Agreement shall inure to the benefit of the successors and assigns of the
      Company and, subject to the restrictions on transfer herein set forth, be
      binding upon Purchaser, Purchaser’s successors, and assigns. 

     

    (c)  Governing
      Law; Venue.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of New York. The parties agree that any action brought by either party
      to
      interpret or enforce any provision of this Agreement shall be brought in, and
      each party agrees to, and does hereby, submit to the jurisdiction and venue
      of,
      the appropriate state or federal court for the district encompassing the
      Company’s principal place of business. 

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (d)  Further
      Execution.
      The
      parties agree to take all such further action(s) as may reasonably be necessary
      to carry out and consummate this Agreement as soon as practicable, and to take
      whatever steps may be necessary to obtain any governmental approval in
      connection with or otherwise qualify the issuance of the securities that are
      the
      subject of this Agreement. 

     

    (e)  Entire
      Agreement; Amendment.
      This
      Agreement constitutes the entire agreement between the parties with respect
      to
      the subject matter hereof and supersedes and merges all prior agreements or
      understandings, whether written or oral. This Agreement may not be amended,
      modified or revoked, in whole or in part, except by an agreement in writing
      signed by each of the parties hereto. 

     

    (f)  Severability.
      If one
      or more provisions of this Agreement are held to be unenforceable under
      applicable law, the parties agree to renegotiate such provision in good faith.
      In the event that the parties cannot reach a mutually agreeable and enforceable
      replacement for such provision, then (i) such provision shall be excluded from
      this Agreement, (ii) the balance of the Agreement shall be interpreted as if
      such provision were so excluded and (iii) the balance of the Agreement shall
      be
      enforceable in accordance with its terms. 

     

    (g)  Counterparts.
      This
      Agreement may be executed in two or more counterparts, each of which shall
      be
      deemed an original and all of which together shall constitute one instrument.
      

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

        In
      Witness
      Whereof,
      the
      parties hereto have executed this Agreement as of the day and year first above
      written. 

     

      
        	 	 	 
	 	Global
                Technology Industries, Inc.
	 
 	 
 	 
 
	
              	By:  	/s/ Robert
                B. Kay
	 	
                
Robert
                B. Kay, Chief Executive Officer
	 	
                 

                Address:
                  375 Park
                  Avenue, Suite 1505 

                New York, NY
                  10152

              

      

    
       

        
          	 	 	 
	 	 
	 
 	 
 	 
 
	
                	By:  	/s/
                  Jonathan Schulhof
	 	
                  
Name:
                  Jonathan Schulhof
Title: Chief Financial
                  Officer
	 	
                   

                  
                    Address:
                      c/o
                      Global Technology Industries, Inc.

                    375 Park Avenue, Suite 1505 
                      New
                        York, NY
                        10152

                    

                  

                

        

    

     

    
      
        
        

      

      
        4

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