Document:

Exhibit
10.9

 

 

[DATE]

 

iStar Acquisition Corp.

1114 Avenue of the Americas, 39th Floor

New York, New York  10036

 

Banc of America Securities LLC

9 West 57th Street

New York, NY 10019

 

Re:          Initial Public
Offering

 

Ladies and Gentlemen:

 

This letter agreement is
being delivered to you in accordance with the Underwriting Agreement (the “Underwriting
Agreement”) entered into by and between iStar Acquisition Corp., a Delaware
corporation (the “Company”), and Banc of America Securities LLC (the “Underwriter”),
relating to an underwritten initial public offering (the “IPO”) pursuant
to a Registration Statement on Form S-1 (File No. 333-147305) (the “Registration
Statement”) 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 (a “Warrant”).  Certain capitalized terms used herein are
defined in Section 1 hereof.

 

In order to induce the
Company and the Underwriter to enter into the Underwriting Agreement and to
proceed with the IPO, and in recognition of the benefit that such IPO will
confer upon the undersigned as a stockholder of the Company, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the undersigned hereby agrees with the Company and the
Underwriter as follows:

 

1.             As used herein, (i) a “Business
Combination” (as such term is defined in the Amended and Restated
Certificate of Incorporation of the Company); (ii) “Existing Holders”
shall mean all persons who own securities of the Company immediately prior to
the IPO, including the Company’s executive officers and directors; (iii) “Initial
Units” shall mean an aggregate of 14,375,000 Units of the Company initially
issued to iStar Acquisition Investor LLC and Jay Sugarman of which some were
subsequently transferred to other Existing Holders; (iv) “Initial
Shares” shall mean an aggregate of 14,375,000 shares of Common Stock
underlying the Initial Units; (v) “Component Shares” shall mean the
2,500,000 shares of Common Stock underlying the Private Placement Units; (vi) “IPO
Shares” shall mean the shares of Common Stock underlying the Units issued
in the Company’s IPO or any shares of Common Stock acquired in the secondary
market; (vii) “Public Stockholders” shall mean purchasers of the
Common Stock in the IPO or in the secondary market, including iStar Financial
Inc. and any of the Company’s executive officers and directors or their
affiliates to the extent that they purchase or acquire Common Stock in the IPO
or the secondary market; and (viii) “Trust Fund” shall mean the
Trust Account established under that certain Investment Management Trust
Agreement, dated as of the date hereof, between the Company and Continental
Stock Transfer & Trust Company.

 

2.             If the Company solicits approval of
its stockholders of a Business Combination, the undersigned will vote (i) all
Initial Shares, all Component Shares and any other shares of Common Stock owned
by the undersigned prior to the completion of the IPO in accordance with the
majority of the votes cast by the holders of the IPO Shares and (ii) all
other shares of the Company’s Common Stock that may be acquired by the
undersigned in or following completion of the IPO in favor of such Business
Combination.

 

 

3.             (a)  In the event that
the Company fails to consummate a Business Combination by [    ]
[24 months from the date of the final prospectus], the undersigned will
take all reasonable actions within the undersigned’s power to (a) cause
the Trust Fund to be liquidated and, after paying or reserving for payment of the
Company’s liabilities, distributed to the holders of the IPO Shares and the
holders of the Component Shares as soon as reasonably practicable and (b) cause
the Company to liquidate as soon as reasonably practicable (the earliest date
on which the conditions in clauses (a) and (b) are both
satisfied being the “Liquidation Date”). 
The undersigned agrees that in connection with any cessation of
corporate existence of the Company, he or she will cause the Company to adopt a
plan of dissolution and distribution in accordance with Section 281(b) of
the General Corporation Law of the State of Delaware or any successor provision
thereto.

 

4.             The undersigned hereby waives any
and all right, title, interest or claim of any kind (“Claim”) to
participate in any liquidating distribution of the Trust Fund as part of the
Company’s plan of distribution with respect to any shares of Common Stock owned
by the undersigned prior to the completion of the IPO, provided that the
foregoing shall not apply to any Component Shares, IPO Shares or any shares of
Common Stock acquired in the secondary market by the undersigned.  The undersigned hereby waives any Claim the
undersigned may have in the future as a result of, or arising out of, any
contracts or agreements with the Company and will not seek recourse against the
Trust Fund for any reason whatsoever, including any tort claims.  The undersigned hereby agrees that the
Company shall be entitled to reimbursement from the undersigned for any
distribution of the Trust Account or any other amounts distributed by the
Company in connection with a liquidating distribution received by the
undersigned to which the undersigned was not entitled under this letter
agreement.

 

5.             [The
undersigned agrees to indemnify and hold harmless the Company against any and
all loss, liability, claims, damage and expense whatsoever (including, but not
limited to, any and all legal or other expenses reasonably incurred in
investigating, preparing or defending against any litigation, whether pending
or threatened, or any claim whatsoever) (collectively, “Damages”) to
which the Company may become subject as a result of any claim by any (a) vendor
or service provider who is owed money by the Company for services rendered or
products sold to the Company and (b) acquisition target, but in each case
only to the extent (i) such vendor, service provider, or acquisition
target has not executed a waiver of rights or claims to the Trust Fund, and (ii) necessary
to ensure that such Damages do not reduce the amount in the Trust Fund (or, in
the event that such claim arises after the distribution of the Trust Fund, to
the extent necessary to ensure that the Company’s former stockholders are not
liable for any amount of such Damages). 
For avoidance of doubt, the foregoing indemnification obligation of the
undersigned shall not apply to claims under the Company’s indemnification of
the underwriter of the offering (including, without limitation, the
Underwriter) against certain liabilities, including liabilities under the
Securities Act of 1933, as amended (the “Securities Act”).](1)

 

6.             [In
the case of the Company’s dissolution and liquidation, the undersigned
understands that the Company expects that all costs and expenses associated
with implementing the Company’s plan of distribution as well as payments to any
creditors, will be funded from amounts remaining out of the $200,000 of
proceeds from the IPO held outside the Trust Fund and from the $6 million in
interest income on the balance of the Trust Fund that will be released to the
Company to fund its working capital requirements, subject to adjustment as set
forth in the Warrant Agreement between the Company and Continental Stock Transfer &
Trust Company.  The undersigned further
understands that if those funds are not sufficient to cover the costs and
expenses of dissolution and liquidation of the Company, the undersigned will
indemnify and hold harmless the Company against such additional costs and
expenses of 

 (1)          This
section of the agreement will appear only in the agreement executed by iStar
Financial Inc.

 

2

 

dissolution and liquidation,
excluding any special, indirect or consequential costs or expenses, such as
litigation pertaining to the Company’s dissolution and liquidation.](2)

 

7.             The undersigned acknowledges and
agrees that the Company will not consummate any Business Combination with an
entity that is affiliated with any Existing Holder or any of their respective
affiliates; provided that the Company may consummate
a Business Combination with such an entity if the Company receives unanimous
consent from the disinterested directors of the Company and obtains an opinion
from an unaffiliated, independent investment banking firm, which is a member of
the Financial Industry Regulatory Authority (“FINRA”), that the Business
Combination is fair to the Company’s stockholders from a financial point of
view.

 

8.             Neither the undersigned, any member
of the family of the undersigned, nor any affiliate of the undersigned will be
entitled to receive, and will not 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 the Business Combination, other than (i) repayment
of loans in the amount of $100,000 made to the Company by each of iStar
Financial Inc. and Jay Sugarman for the payment of offering-related and
organizational expenses; (ii) a payment of an aggregate of $7,500 per
month to iStar Financial Inc. or its subsidiary for the Company’s use of its
offices, utilities and administrative support; and (iii) reimbursement for
any reasonable out-of-pocket expenses in connection with the Company’s
activities, such as seeking and consummating a Business Combination, provided that such reimbursement has been approved by the
board of directors of the Company.

 

9.             Neither the undersigned, any member
of the family of the undersigned, nor any affiliate of the undersigned will be
entitled to receive or accept a finder’s fee or any other compensation from the
Company or any other entity or person in the event the undersigned, any member
of the family of the undersigned or any affiliate of the undersigned originates
a Business Combination, except as described in the Registration Statement.

 

10.           The undersigned hereby agrees that,
on a date that is within the five-day period following the date that is
45 days after the date of the Underwriting Agreement or, if earlier, the
date the Underwriter terminate its over-allotment option (as defined in the
Underwriting Agreement) pursuant to the terms of the Underwriting Agreement,
the undersigned will forfeit to the Company, and the Company shall accept from
the undersigned, at no cost, the number of shares of Common Stock determined by
multiplying (a) the product of (i) 1,875,000, multiplied by (ii) a
fraction, (x) the numerator of which is the number of Initial Shares held
by the undersigned, and (y) the denominator of which is the number of
Initial Shares held by all Existing Holders, by (b) a fraction, (i) the
numerator of which is 7,500,000 minus the number of shares of Common Stock
purchased by the Underwriter upon the exercise of its over-allotment option,
and (ii) the denominator of which is 7,500,000.

 

11.           [The
undersigned agrees to serve as [President,
Chief Executive Officer and Secretary]  [Chairman of the Board]  [as a member of the Board of Directors of the Company]](3) until the earlier of the consummation by the
Company of a Business Combination or the Liquidation Date; provided,
however, that nothing herein shall be
construed as providing a right of the undersigned to maintain any position if
removed by proper corporate action.  The
undersigned’s biographical information furnished to the Company and the
Underwriter and attached hereto as Exhibit A is true and accurate
in all material respects, does not omit any material information with respect
to the undersigned’s background and contains all of the information required to
be disclosed pursuant to Section 401 of Regulation S-K, promulgated
under the Securities Act.  The
undersigned’s FINRA questionnaire furnished to the 

(2)           This section of the agreement will appear only in the
agreement executed by iStar Financial Inc.

(3)           This section will reflect the relationship of the insider
to the Company, as applicable.

 

 

3

 

Company and the Underwriter
and attached hereto as Exhibit B is true and accurate in all
material respects.](4)  The
undersigned represents and warrants that:

 

(a)           the undersigned is not subject to or a respondent in any
legal action for, any injunction, cease-and-desist order or order or
stipulation to desist or refrain from any act or practice relating to the
offering of securities in any jurisdiction;

 

(b)           the undersigned has never been convicted of or pleaded
guilty to any crime (i) involving any fraud or (ii) relating to any
financial transaction or handling of funds of another person, or (iii) pertaining
to any dealings in any securities and the undersigned is not currently a
defendant in any such criminal proceeding;

 

(c)           the undersigned has never been suspended or expelled from
membership in any securities or commodities exchange or association or had a
securities or commodities license or registrations denied, suspended or
revoked; and

 

(d)           [the
undersigned is capable of funding a shortfall in the Trust Fund to satisfy its
indemnification obligation under Section 5 above.](5)

 

12.           With respect to the undersigned’s
Initial Units, the warrants underlying the Initial Units (and the Common Stock
issued upon exercise thereof) and Initial Shares (collectively, the undersigned’s
“Initial Securities,” the undersigned shall not (a) sell, offer to
sell, contract or agree to sell, hypothecate, pledge, grant any option to
purchase or otherwise dispose of or agree to dispose of, directly or
indirectly, or, except as provided in that certain Registration Rights
Agreement dated as of the date hereof, file (or participate in the filing of) a
registration statement with the SEC in respect of, or establish or increase a
put equivalent position or liquidate or decrease a call equivalent position
within the meaning of Section 16 of the Securities Exchange Act of 1934,
as amended, and the rules and regulations of the SEC promulgated
thereunder with respect to, any Initial Securities, (b) enter into any
swap or other arrangement that transfers to another, in whole or in part, any
of the economic consequences of ownership of Initial Securities, whether any
such transaction is to be settled by delivery of shares of Common Stock, in
cash or otherwise, or (c) publicly announce an intention to effect any
transaction specified in clause (a) or (b) until one year after
the consummation of an initial Business Combination (the “Insider Lock-Up
Period”), except that if (a) during the last 17 days of the Insider
Lock-Up Period, the Company issues material news or a material event relating
to the Company occurs or (b) prior to the expiration of the Insider Lock-Up
Period, the Company announces that material news or a material event will occur
during the 16-day period beginning on the last day of the Insider Lock-Up
Period, then the Insider Lock-Up Period shall end on and include the 18th day
following the date of the issuance of the material news or the occurrence of a
material event.  Notwithstanding the
foregoing, the undersigned may transfer the undersigned’s Initial Securities
during the applicable Insider Lock-Up Period (i) to a member of the
undersigned’s immediate family, (ii) to an affiliate of the undersigned, (iii) to
a charitable organization, (iv) to a trust, the beneficiary of which is a
member of the undersigned’s immediate family, (v) by virtue of the laws of
descent and distribution upon death of the undersigned, (vi) to other
officers or directors of the Company, (vii) to current and former
directors, officers and employees of the undersigned, (vii) pursuant to a
qualified domestic relations order, or (viii) in the event of a merger,
capital stock exchange, stock purchase, asset acquisition or other similar
transaction which results in all the Company’s stockholders having the right to
exchange their shares of Common Stock for cash, securities or other property
subsequent to the Company’s consummating a Business Combination with an
acquisition target; 

(4)           This section of the agreement will appear only in the
agreements executed by the directors and officers of the Company.

(5)           This section of the agreement will appear only in the
agreement executed by iStar Financial Inc.

 

 

4

 

 

provided, however, that the permissive transfers pursuant to
clauses (i) — (vii) may be implemented only upon the respective
transferee’s written agreement to be bound by the terms and conditions of this
Agreement.  During the applicable Insider
Lock-Up Period, the undersigned shall not grant a security interest in the
undersigned’s Initial Securities.

 

13.           With respect to the undersigned’s
Private Placement Warrants or shares issuable upon exercise thereof, Private
Placement Units and Component Shares (the “Private Placement Securities”),
the undersigned shall not (a) sell, offer to sell, contract or agree to
sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of
or agree to dispose of, directly or indirectly, or, except as provided in that
certain Registration Rights Agreement dated as of the date hereof, file (or
participate in the filing of) a registration statement with the SEC in respect
of, or establish or increase a put equivalent position or liquidate or decrease
a call equivalent position within the meaning of Section 16 of the
Securities Exchange Act of 1934, as amended, and the rules and regulations
of the SEC promulgated thereunder with respect to, any Placement Securities, (b) enter
into any swap or other arrangement that transfers to another, in whole or in
part, any of the economic consequences of ownership of Placement Securities,
whether any such transaction is to be settled by delivery of shares of Common
Stock or other securities, in cash or otherwise, or (c) publicly announce
an intention to effect any transaction specified in clause (a) or (b) until
the consummation of an initial Business Combination (the “Private Placement
Securities Lock-Up Period”), except that if (a) during the last 17
days of the Private Placement Securities Lock-Up Period, the Company issues
material news or a material event relating to the Company occurs or (b) prior
to the expiration of the Private Placement Securities Lock-Up Period, the
Company announces that material news or a material event will occur during the
16-day period beginning on the last day of the Private Placement Securities
Lock-Up Period, then the Private Placement Securities Lock-Up Period shall end
on and include the 18th day following the date of the issuance of the material
news or the occurrence of the material event. 
Notwithstanding the foregoing, the undersigned may transfer the undersigned’s
Placement Securities during the applicable Private Placement Securities Lock-Up
Period (i) to a member of the undersigned’s immediate family, (ii) to
an affiliate of the undersigned, (iii) to a charitable organization, (iv) to
a trust, the beneficiary of which is a member of the undersigned’s immediate
family, (v) by virtue of the laws of descent and distribution upon death
of the undersigned, (vi) to other officers or directors of the Company, (vii) to
current and former directors, officers and employees of the undersigned, (vii) pursuant
to a qualified domestic relations order, or (viii) in the event of a
merger, capital stock exchange, stock purchase, asset acquisition or other
similar transaction which results in all the Company’s stockholders having the
right to exchange their shares of Common Stock for cash, securities or other
property subsequent to the Company’s consummating a Business Combination with
an acquisition target; provided, however, that the permissive transfers pursuant to
clauses (i) — (vii) may be implemented only upon the respective
transferee’s written agreement to be bound by the terms and conditions of this
Agreement.  During the applicable Private
Placement Securities Lock-Up Period, the undersigned shall not grant a security
interest in the undersigned’s Placement Securities.

 

14.           The undersigned has full right and
power, without violating any agreement by which the undersigned is bound
(including, without limitation, any non-competition or non-solicitation
agreement with any employer or former employer), to enter into this letter
agreement and serve as [[President,
Chief Executive Officer and Secretary,]  [Chairman of the Board,]  [as a member of the Board of Directors of the Company]],(6) and hereby consents to being named in the
Registration Statement as a[n]  [officer][director] of the
Company.

 

15.           The undersigned agrees that until the
consummation of a Business Combination or the cessation of the corporate
existence of the Company, whichever is earlier, the undersigned will not 

(6)           This section will reflect the relationship of the insider
to the Company, as applicable.

 

 

5

 

participate in the formation
of any blank check company or any entity commonly regarded as a “special
purpose acquisition company.”

 

16.           The undersigned agrees that until the
consummation of a Business Combination, the undersigned will not recommend or
take any action to amend or waive any provisions of Article Fifth or Article Sixth
of the Company’s Amended and Restated Certificate of Incorporation.

 

17.           The undersigned acknowledges and
understands that the Company will rely upon the agreements, representations and
warranties set forth herein in proceeding with the IPO.

 

18.           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 (a) the
consummation of the Business Combination, and (b) the Liquidation Date; provided that such termination shall not relieve the
undersigned from liability for any breach of this agreement prior to its
termination, [and provided
further that Section 5 of this
letter agreement shall survive a termination pursuant to clause (b).](7)

 

19.           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 or rules would require or permit the
application of the laws of another jurisdiction.

 

20.           No term or provision of this letter
agreement may be amended, changed, waived, altered or modified except by
written instrument executed and delivered by the party against whom such
amendment, change, waiver, alteration or modification is to be enforced.

 

21.           The undersigned hereby agrees that
any action, proceeding or claim against the undersigned arising out of, or
relating in any way to this letter 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.

 

22.           The undersigned hereby irrevocably and
unconditionally waives the right to a trial by jury in any action, suit,
counterclaim or other proceeding (whether based on contract, tort or otherwise)
arising out of, connected with or relating to this letter agreement.

 

(7)           This section of the agreement will appear only in the
agreement executed by iStar Financial Inc.

 

[Remainder of page intentionally left blank]

 

 

6

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Name of Existing Holder]

  
	
   

  	
   

  	
   

  
	
  Accepted and agreed:

  	
   

  
	
   

  	
   

  	
   

  
	
  iSTAR ACQUISITION CORP.

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name: Jay Nydick

  	
   

  
	
   

  	
  Title: President and Chief
  Executive Officer

  	
   

  
	
   

  	
   

  	
   

  
	
  BANC OF AMERICA SECURITIES LLC

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

 

 

7

 

 

Exhibit A

 

Biographical Information
Furnished to the Company and the Underwriter

 

 

 

8

 

Exhibit B

 

FINRA
Questionnaire Furnished to the Company and the Underwriter

 

 

 

9Exhibit 10.14

 

LICENSE AGREEMENT

 

This TRADEMARK LICENSE AGREEMENT (this “Agreement”)
is effective as of the [  ]th day of
[      ], 200[ ] (“Effective Date”)
by and between iStar Financial Inc., a Maryland corporation (the “Licensor”),
and iStar Acquisition Corp., a Delaware corporation (the “Licensee”).

 

WHEREAS, Licensor is the owner of the service mark,
corporate and trade name “iStar” (the “Mark”);

 

WHEREAS, Licensee is a
newly-organized blank check company formed for the purpose of acquiring one or
more operating businesses, or a portion of such business or businesses, through
a merger, capital stock exchange, stock purchase, asset acquisition, or other
similar business combination (the “Licensee Business”);

 

WHEREAS, Licensee desires to use the Mark in
connection with the operation of its business in the United States and Licensor
is willing to permit Licensee to use the Mark, subject to the terms and
conditions herein.

 

NOW, THEREFORE, in consideration of the premises and
the mutual promises and covenants contained herein and for other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follows:

 

ARTICLE I

GRANT OF RIGHTS

 

Subject to the terms and conditions herein, Licensor
hereby grants to Licensee a paid-up, non-exclusive license to use the Mark in the
United States in connection with the Licensee Business.  All rights not expressly granted to Licensee
in this Article 1 are reserved to Licensor.

 

ARTICLE II

OWNERSHIP

 

Licensee agrees that, as between the parties, Licensor
is the sole owner of the Mark.  Licensee
agrees not to directly or indirectly challenge or contest the validity of, or
Licensor’s rights, in the Mark (and the associated goodwill), including without
limitation, arising out of or relating to any third-party claim, allegation,
action, demand, proceeding or suit (“Action”) regarding enforcement of
this Agreement or involving any third party. 
The parties intend that any and all goodwill in the Mark arising from
Licensee’s use of the Mark shall inure solely to the benefit of Licensor.  Notwithstanding the foregoing, in the event
that Licensee is deemed to own any rights in the Mark, Licensee hereby assigns
such rights to Licensor.

 

 

ARTICLE III

USE OF THE MARK

 

Section 3.1.            Licensee agrees to maintain and
preserve the quality of the Mark, and to use the Mark in good faith and in a
dignified manner, in a manner consistent with Licensor’s high standards of and
reputation for quality, and in accordance with good trademark practice wherever
the Mark is used.  Licensee shall not
take any action that could be detrimental to the Mark or its associated
goodwill.  If Licensor decides in its
sole discretion to register the Mark, Licensee agrees to affix all such
trademark notices as may be requested by the Licensor or required under
applicable laws.

 

Section 3.2.            Licensee shall, at its sole expense,
comply at all times with all applicable laws, regulations, exchange and other rules and
reputable industry practice pertaining to the Licensee Business and the use of
the Mark.

 

ARTICLE IV

TERMINATION

 

Section 4.1.            The term of this Agreement (“Term”)
commences on the Effective Date and shall terminate on the later of (i) the
liquidation of the Licensee or (ii) sixty days after the consummation of
the Business Combination (as such term is defined in the Amended and Restated
Certificate of Incorporation of the Licensee), unless extended by the mutual
agreement of the Licensor and the Licensee.

 

Section 4.2.            If a party materially breaches one
or more of its obligations hereunder, the other party may terminate this
Agreement, effective upon written notice, if such party does not cure such
breach within 30 days written notice thereof (or any mutually agreed
extension).  Licensor may terminate this
Agreement immediately, effective upon written notice, if Licensee violates Article VII.

 

Section 4.3.            Licensor has the right to terminate
this Agreement immediately upon written notice to Licensee if (i) Licensee
makes an assignment for the benefit of creditors; (ii) Licensee admits in
writing its inability to pay debts as they mature; (iii) a trustee or
receiver is appointed for a substantial part of Licensee’s assets; and (iv) to
the extent termination is enforceable under local law, a proceeding in
bankruptcy is instituted against Licensee which is acquiesced in, is not
dismissed within 120 days, or results in an adjudication of bankruptcy.

 

Section 4.4.            If an event described in Article V
occurs, Licensor shall have the right, in addition to its other rights and
remedies, to suspend Licensee’s rights regarding the Mark while Licensee
attempts to remedy the situation.

 

Section 4.5.            Upon termination of this Agreement
for any reason, (i) Licensee shall immediately cease all use of the Mark
(except for limited transitional use, subject to Licensor’s consent); (ii) the
parties shall cooperate so as to best preserve the value of the Mark; and (iii) Sections 6.3,
6.4, 6.5 and 6.6 shall survive any such event.

 

2

 

ARTICLE V

INFRINGEMENT

 

Licensee agrees to notify Licensor promptly after it
becomes aware of any actual or threatened infringement, imitation, dilution,
misappropriation or other unauthorized use or conduct in derogation (“Infringement”)
of the Mark.  Licensor shall have the
sole right to bring any Action to remedy the foregoing, and Licensee shall
cooperate with Licensor in same, at Licensor’s expense.

 

ARTICLE VI

REPRESENTATIONS AND WARRANTIES

 

Section 6.1.            Each party represents and warrants to the
other party that:

 

(a)           This
Agreement is a legal, valid and binding obligation of the warranting party,
enforceable against such party in accordance with its terms, subject to the
effect of any applicable bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting creditors’ rights and remedies generally, and subject,
as to enforceability, to the effect of general principles of equity (regardless
of whether enforcement is considered in a proceeding at law or in equity);

 

(b)           The
warranting party is not subject to any judgment, order, injunction, decree or
award of any court, administrative agency or governmental body that would or
might interfere with its performance of any of its material obligations
hereunder; and

 

(c)           The
warranting party has full power and authority to enter into and perform its
obligations under this Agreement in accordance with its terms.

 

Section 6.2.            Except as expressly set forth in Section 6.3,
Licensor makes no representations or warranties, express or implied, with
respect to this agreement or the mark, and expressly disclaims all such
representations and warranties, including any with respect to title, non-infringement,
merchantability, value, reliability or fitness for use.   Licensee’s use of the mark is on an “as is”
basis and is at its own risk.

 

Section 6.3.            Licensor will defend at its expense,
indemnify and hold harmless Licensee and its affiliates and their respective
directors, officers, employees, agents and representatives (“Related Parties”)
from any loss, liability, damage, award, settlement, judgment, fee, cost or
expense (including reasonable attorneys’ fees and costs of suit) (“Losses”)
arising out of or relating to (i) any breach by Licensor of this Agreement
or its warranties, representations, covenants and undertakings hereunder; or (ii) any
third-party Action against any of them that arises out of or relates to any
claim that Licensee’s use of the Mark as expressly authorized hereunder
infringes the rights of a third party within the United States.

 

Section 6.4.            Licensee will defend at its expense,
indemnify and hold harmless Licensor and its affiliates and their respective
Related Parties from any Losses arising out of or relating to any third-party
Action against any of them that arises out of or relates to (i) any breach
by Licensee of this Agreement or its warranties, representations, covenants and
undertakings hereunder; (ii) Licensee’s operation of its business; or (iii) any
claim that Licensee’s use of the Mark, other than as explicitly authorized by
this Agreement, infringes the rights of a third party anywhere in the world.

 

3

 

Section 6.5.            The indemnified party will promptly
notify the indemnifying party in writing of any indemnifiable claim and
promptly tender its defense to the indemnifying party.  Any delay in such notice will not relieve the
indemnifying party from its obligations to the extent the indemnified party is
not prejudiced thereby.  The indemnified
party will cooperate with the indemnifying party at the indemnifying party’s
expense.  The indemnifying party may not
settle any indemnified claim in a manner that adversely affects the indemnified
party without its consent (which shall not be unreasonably withheld or
delayed).  The indemnified party may
participate in its defense with counsel of its own choice at its own expense.

 

Section 6.6.            Except with respect to a party’s
indemnification obligations hereunder, neither party will be liable to the
other party for special, indirect, consequential, exemplary, punitive or
incidental damages (including lost profits or goodwill, business interruption
and the like) relating to this agreement, even if it has been advised of the
possibility of such damages.

 

ARTICLE VII

ASSIGNMENTS

 

Licensee may not assign, sublicense, pledge, mortgage
or otherwise encumber this Agreement or its right to use the Mark, in whole or
in part, without the prior written consent of Licensor in its sole
discretion.  For the avoidance of doubt,
a merger, change of control, reorganization or stock sale of Licensee shall be
deemed an “assignment” requiring such consent, regardless of whether Licensee
is the surviving entity.  Licensee
acknowledges that its identity is a material condition that induced Licensor to
enter into this Agreement.  Any attempted
action in violation of the foregoing shall be null and void ab initio and of no force or effect, and shall result in
immediate termination of this Agreement.

 

ARTICLE VIII

MISCELLANEOUS

 

Section 8.1.            All notices hereunder shall be in
writing and hand delivered or mailed by registered or certified mail (return
receipt requested) or nationally recognized overnight courier service or
facsimile with delivery confirmed to the following addresses (or at such other
addresses as shall be specified by like notice) and will be deemed given on the
date received:

 

LICENSOR:

 

iStar Financial Inc. 

1114 Avenue of the Americas, 39th Floor

New York, New York 10036

Attention: Jay Sugarman

Facsimile: 212-930-9411

 

4

 

LICENSEE:

 

iStar Acquisition Corp. 

1114 Avenue of the Americas, 39th Floor

New York, New York 10036

Attention: Jay Nydick

Facsimile: 212-930-9449

 

Section 8.2.            Further Assurances.  Licensor and Licensee agree to execute such
further documentation and perform such further actions, including the
recordation of such documentation with appropriate authorities, as may be
reasonably requested by the other party hereto to evidence and effectuate
further the purposes and intents set forth in this Agreement.

 

Section 8.3.            Entire Agreement/Construction.  This Agreement shall constitute the entire
agreement between the parties with respect to the subject matter hereof and
shall supersede all previous negotiations, commitments and writings with
respect to such subject matter.

 

Section 8.4.            Amendments.  This Agreement, including this provision of
this Agreement, may not be modified or amended except by an agreement in
writing signed by each of the parties hereto.

 

Section 8.5.            Cumulative Rights; Waiver.  All rights and remedies which Licensor or
Licensee may have hereunder or by operation of law are cumulative, and the
pursuit of one right or remedy shall not be deemed an election to waive or
renounce any other right or remedy.  The
failure of either Licensor or Licensee to require strict performance by the
other party of any provision in this Agreement will not waive or diminish that
party’s right to demand strict performance thereafter of that or any other
provision hereof.

 

Section 8.6.            Severability.  The parties agree that each provision of this
Agreement shall be construed as separable and divisible from every other
provision.  The unenforceability of any
one provision shall not limit the enforceability, in whole or in part, of any
other provision hereof.  If any term or
provision of this Agreement (or the application thereof to any party or set of
circumstances) shall be held invalid or unenforceable in any jurisdiction and
to any extent, it shall be ineffective only to the extent of such invalidity or
unenforceability and shall not invalidate or render unenforceable any other
terms or provisions of this Agreement (or such applicability thereof).  In such event, the parties shall negotiate in
good faith a valid, enforceable, applicable substitute provision that attempts
as closely as possible to achieve the intended purpose of the previous term or
provision and has an effect as comparable as possible on the parties’
respective positions.

 

Section 8.7.            Governing Law/Jurisdiction.  This Agreement shall for all purposes be
governed by and construed in accordance with the laws of the State of New York
applicable to contracts made and to be performed entirely in the State of New
York.  The parties hereby agree that any
action, proceeding or claim against it arising out of or relating in any way to
this Agreement shall be brought and enforced in the state or federal courts
located in the State of New York, Borough of Manhattan, and irrevocably submit
to such jurisdiction, which jurisdiction shall be exclusive.  The parties hereby waive any objection to
such exclusive jurisdiction and agree not to plead or claim that such courts
represent an inconvenient forum.

 

Section 8.8.            Construction.  Titles and headings to sections herein are
inserted for the convenience of reference only and are not intended to be a
part of or to affect the meaning or interpretation of this Agreement.  This Agreement shall be construed as if
drafted jointly by the parties.

 

5

 

Section 8.9.            Separate Counterparts.  This Agreement may be executed in one or more
counterparts, all of which shall be considered one and the same agreement, and
shall become effective when one or more such counterparts have been signed by
each of the parties and delivered to the other parties.  Delivery of an executed signature page of
this Agreement by facsimile transmission shall be effective as delivery of a
manually executed counterpart hereof.

 

[Remainder of Page Intentionally Left Blank]

 

6

 

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

 

	
   

  	
  iSTAR FINANCIAL INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name: Jay Sugarman

  
	
   

  	
   

  	
  Title: Chairman and Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  iSTAR ACQUISITION CORP.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name: Jay Nydick

  
	
   

  	
   

  	
  Title: Chief Executive Officer and President

  

 

[Signature
page to License Agreement.]

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