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Exhibit 10.1    
    

                                ,
2006 

TC
Acquisition Corp.

1816 Fifth Street

Berkeley, CA 94710 

	Re:
	TC
Acquisition Corp. Initial Public Offering—Letter Agreement 

Dear
Ladies and Gentlemen: 

        This
letter is being delivered to you in accordance with the Underwriting Agreement (the "Underwriting
Agreement") entered into by and between TC Acquisition Corp., a Delaware corporation (the  "Company"), and Merriman Curhan Ford & Co., as Representative (the  "Representative") of the several
Underwriters named in Schedule I thereto (the  "Underwriters"), relating to an underwritten initial public offering (the  "IPO") 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 two warrants, each exercisable for one share of Common Stock (the "Warrants"). The
capitalized terms set forth on Schedule 1 attached hereto are hereby incorporated by reference herein. 

        In
order to induce the Company and the Underwriters 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 as follows: 

        1.     If the Company solicits approval of its stockholders for a Business Combination, the undersigned shall vote (i) all
Insider Shares owned by such person in accordance with the majority of the votes cast by the holders of the IPO Shares and (ii) any and all shares of Common Stock acquired in the Private
Placement and in connection with or following the IPO in favor of the Business Combination. 

        2.     If a Transaction Failure occurs, the undersigned shall take all reasonable actions within such person's power to
(i) dissolve the Company and liquidate the Trust Fund to holders of IPO Shares as soon as reasonably practicable, and after approval of the Company's stockholders and subject to the
requirements of the Delaware General Corporation Law (the "GCL"), including the adoption of a resolution by the Company's Board of Directors, prior to
such Transaction Failure Date, pursuant to Section 275(a) of the GCL, which shall deem the dissolution of the Company advisable and cause to be prepared such notices as are required by
Section 275(a) of the GCL as promptly thereafter as possible, and (ii) vote all Insider Shares and all of the shares that may be acquired by the undersigned in or following the IPO in
favor of any plan of dissolution and distribution recommended by the Company's Board of Directors. If the Company does not consummate a Business Combination by the Transaction Failure Date, the
undersigned hereby agrees, with respect to any plan of dissolution and distribution to cause the Company's Board of Directors to convene, adopt a plan of dissolution and distribution, which the
undersigned will vote to recommend to stockholders, and promptly cause the Company to prepare and file a proxy statement with the Securities and Exchange Commission setting out the plan of
dissolution and distribution. If the Company seeks approval from its stockholders to consummate a Business Combination within 90 days of the expiration of 24 months from the Effective
Date, the undersigned agrees that the proxy statement related to such Business Combination will also seek stockholder approval for the plan of dissolution and distribution in the event the
stockholders do not approve the Business Combination. If no proxy statement seeking the approval of the stockholders for a Business Combination has been filed within 30 days prior to the date
which is 24 months from the date of the IPO, the undersigned agrees, prior to such date to convene and adopt a plan of dissolution and distribution and on such date file a proxy
statement with the SEC seeking stockholder approval for such plan. The undersigned hereby waives any and all right, title, interest or claim of any kind
("Claim") in or to any liquidating distributions by the Company, including without limitation, any 

 

distribution
of the Trust Fund as a result of such liquidation with respect to the undersigned's Insider Shares and 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. 

        3.     The undersigned agrees to indemnify and hold harmless the Company, jointly and severally with
[                        ], against any and all losses, liabilities, claims, damages and expenses 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 (i) by any vendor that is owed money by the Company for services
rendered or products sold, or (ii) by any target business or other entity with whom the Company has a written agreement, except that no such indemnification obligation shall apply to any
Damages with respect to or arising out of any claims made by such target business that has signed a release, waiver or similar agreement (whether as part of such written agreement or otherwise)
agreeing that it has no recourse to the Trust Fund, and provided that any indemnification obligation as set forth in (i) or (ii) above shall apply only to the extent necessary to ensure
that such loss, liability, claim, damage or expense does not reduce the amount in the Trust Fund.1 

	1
	Paragraph
3 to be included in the Letter Agreements for each of Mr. Majteles and MGS Partners, LLC 

        4.     In order to minimize potential conflicts of interest which may arise from multiple affiliations, the undersigned agrees to
present to the Company for its consideration, prior to presentation to any other person or entity, any suitable opportunity to acquire all or substantially all of the outstanding equity securities of,
or otherwise acquire (through merger, capital stock exchange, asset or stock acquisition or other business combination), an operating business in the technology, media or telecommunications
industries, until the earlier of the consummation by the Company of a Business Combination, the distribution of the Trust Fund or until such time as the undersigned ceases to be an officer or director
of the Company; provided, however, that the presentation of such opportunities to the Company shall in each case be subject to any fiduciary obligation
of the undersigned's arising from a fiduciary relationship established prior to the undersigned's fiduciary relationship with the Company.2 

	2
	Paragraph
4 to be included in the Letter Agreements for all Officers and Directors of the Company. 

        5.     The undersigned acknowledges and agrees that the Company will not consummate any Business Combination which involves a
company which is affiliated with any of the Company's officer and directors unless the Company obtains an opinion from an independent investment banking firm that is a member of the National
Association of Securities Dealers, Inc. that the business combination is fair to the Company's stockholders from a financial perspective.3 

	3
	Paragraph
5 to be included in the Letter Agreements for all Officers and Directors of the Company. 

        6.     The undersigned shall not, and shall cause the members of such person's Immediate Family and the affiliates of such person
not to, accept any compensation for services rendered to the Company prior to, or in connection with, the Business Combination; provided, that the
undersigned shall be entitled to receive reimbursement from the Company for its out-of-pocket expenses incurred on behalf of the Company in connection with seeking and
consummating a Business Combination as contemplated in the Prospectus. 

2

 

        7.     The undersigned shall not, and shall cause the members of such person's Immediate Family and the affiliates of such person
not to, accept a finder's fee or any other compensation in the event the undersigned, any member of such person's Immediate Family or any affiliate of such person originates a Business Combination. 

        8.     The undersigned hereby agrees to be
[the                        of the
Company][and][a member of the Board of Directors] of the Company until the earlier of the consummation by the Company of a Business
Combination, the liquidation of the Trust Fund or the dissolution of the Company.4 

	4
	Paragraph
8 to be included in the Letter Agreements for all Officers and Directors of the Company. 

        9.     The undersigned represents and warrants that (i) the biographical information furnished to the Company and the
Representative and attached hereto as Exhibit A is true and accurate in all 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 Item 401 of Regulation S-K, promulgated under the Securities Act of 1933, as
amended, (ii) the questionnaires furnished by the undersigned to the Company and the Representative are true and accurate in all respects, and (iii) the undersigned has full right and
power, without violating any agreement (including, without limitation, any non-competition or non-solicitation agreement with any employer or former employer) by which the
undersigned is bound to enter into this letter agreement and to serve as [                        ][and][a member of the Board of
Directors] of the Company. The undersigned further 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 such person 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 registration denied, suspended or revoked. 

        (d)   The undersigned consents to being named in the Registration Statement as a[n]
[Officer] [Director] [Special Advisor] of the Company.5 

	5
	Paragraph
9 to be included in the Letter Agreements for all Officers, Directors and Special Advisors. 

        10.   The undersigned acknowledges and understands that the Underwriters and the Company will rely upon the agreements,
representations and warranties set forth herein in proceeding with the IPO. The Company and the undersigned acknowledge that the Representative is an intended third party beneficiary of the provisions
of this letter agreement. In that regard, the Representative shall have the right in its sole discretion, but not the obligation, to enforce the provisions of this letter agreement. Nothing contained
herein shall be deemed to render the Representative (or any of the Underwriters) a representative of, or a fiduciary with respect to, the Company, its stockholders, or any creditor or vendor of the
Company with respect to the subject matter hereof. 

        11.   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 

3

 

earlier
of (i) the Business Combination Date and (ii) the Termination Date; provided, however, that any such termination shall not relieve the undersigned from any liability resulting
from or arising out of any breach of any agreement or covenant hereunder occuring prior to the termination of this letter agreement. 

        12.   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. 

        13.   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. 

[The Remainder of this Page is Intentionally Left Blank]

4

 

	 
	 	 
	 	 
	 	 

	 	 	Sincerely,	 	 
	

 	
 	

By:	
 	

	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 

	 
	 	 
	 	 

	Accepted and agreed:	 	 
	

TC Acquisition Corp.	
 	

 
	

By:	
 	

	
 	

 
	Name:	 	Robert J. Majteles	 	 
	Title:	 	President and Chief Executive Officer	 	 

5

 
Exhibit 10.1  

 
 

Schedule 1    
    

 
 

SUPPLEMENTAL COMMON DEFINITIONS    
    

        Unless the context shall otherwise require, the following terms shall have the following respective meanings for all purposes, and the
following definitions are equally applicable to both the singular and the plural forms and the feminine, masculine and neuter forms of the terms defined.

        "Business Combination" shall mean the acquisition by the Company, whether by merger, capital stock exchange, asset or stock acquisition or
other similar type of transaction of one or more operating businesses in the technology-related sector (collectively, the "Target Business") having,
collectively, a fair market value (as calculated in accordance with the Company's Amended and Restated Certificate of Incorporation) at least equal to 80% of the Company's net assets at the time of
such merger, capital stock exchange, asset or stock acquisition or other similar type of transaction; provided, that any acquisition of multiple
operating businesses shall occur contemporaneously with one another. 

        "Business Combination Date" shall mean the date upon which a Business Combination is consummated. 

        "Effective Date" shall mean the date upon which the Registration Statement is declared effective under the Securities Act of 1933, as
amended, by the SEC. 

        "Immediate Family" shall mean, with respect to any person, such person's spouse, lineal descendents, father, mother, brothers or sisters
(including any such relatives by adoption or marriage). 

        "Independent Directors" shall mean the Company's directors that qualify as "independent" under NASD Rule 4200(a)(15), as amended. 

        "Insiders" shall mean all of the officers, directors and stockholders of the Company immediately prior to the Company's IPO. 

        "Insider Shares" shall mean (i) all shares of Common Stock of the Company owned by an Insider immediately prior to the Company's
IPO but shall not include any shares of Common Stock underlying the Units and the Warrants included in the Units issued to an Insider in the Private Placement. For the avoidance of doubt, Insider
Shares shall not include any IPO Shares purchased by Insiders in connection with or subsequent to the Company's IPO. 

        "IPO Shares" shall mean all shares of Common Stock issued by the Company in its IPO, regardless of whether such shares were issued to an
Insider or otherwise; provided, however, the that the term IPO Shares shall not include any of the shares of Common Stock issued by the Company to an Insider in the Private Placement. 

        "Private Placement" shall mean the 300,000 Units to be offered by the Company to MGS Partners, LLC or any other Insider concurrently with
the Units to be issued by the Company in the IPO. 

        "Prospectus" shall mean the final prospectus filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended, and
included in the Registration Statement. 

        "Registration Statement" shall mean the registration statement filed by the Company on Form S-1
(No. 333-126355) with the SEC on July 1, 2005, and any amendment or supplement thereto, in connection with the Company's IPO. 

        "SEC" shall mean the United States Securities and Exchange Commission. 

6

 

        "Termination Date" shall mean the date that is sixty (60) calendar days immediately following the Transaction Failure Date. 

        "Transaction Failure" shall mean the failure to consummate a Business Combination (i) during the eighteen-month period immediately
following the closing date of the IPO, or (ii) during the twenty-four-month period immediately following the closing date of the IPO if a letter of intent, definitive
agreement or agreement in principle is executed within the eighteen-month period immediately following the closing date of the IPO. 

        "Transaction Failure Date" shall mean (i) the date eighteen (18) months following the closing date of the IPO, or
(ii) the date twenty-four (24) months following the closing date of the IPO if a letter of intent, definitive agreement or agreement in principle is executed within eighteen
(18) months following the closing date of the IPO. 

        "Trust Fund" shall mean that certain trust account established with Continental Stock Transfer & Trust Company, as trustee, and in
which the Company deposited the offering proceds to be held in trust, as described in the Prospectus. 

7

 
 
 

Exhibit A    
    

 
 

BIOGRAPHY    
    

        [Insert Bio here] 

8

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Exhibit 10.1

Schedule 1

SUPPLEMENTAL COMMON DEFINITIONS

Exhibit A

BIOGRAPHYQuickLinks
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Exhibit 10.4    
    

 
 

INVESTMENT MANAGEMENT TRUST AGREEMENT

        This
Agreement is made as of                        , 2006 by and between TC Acquisition Corp. (the "Company") and Continental Stock
Transfer & Trust Company ("Trustee"). 

        WHEREAS,
the Company's Registration Statement on Form S-1, No. 333-126355 ("Registration Statement"), for its initial public offering of securities
("IPO") has been declared effective as of the date hereof by the Securities and Exchange Commission ("Effective Date"); and 

        WHEREAS,
the Company has completed a private placement of 300,000 Units for an aggregate amount of $1,800,000 (the "Private Placement"); and 

        WHEREAS,
Merriman Curhan Ford & Co. ("Merriman") is acting as the representative of the underwriters in the IPO; and 

        WHEREAS,
as described in the Company's Registration Statement, and in accordance with the Company's Amended and Restated Certificate of Incorporation, (i) $32,280,000 of the net
proceeds of the IPO ($37,356,000 if the underwriters over-allotment option is exercised in full), (ii) in accordance with the Private Placement Unit Agreement, dated as of
                        , 2006, among the Company, Merriman and certain purchasers, $1,800,000 of the gross proceeds of the
Private Placement and (iii) in accordance with the Underwriting Agreement,
dated as of            , 2006, between the Company and Merriman, as representative of the Underwriters (the "Underwriting Agreement") an additional $720,000 ($828,000 if the Underwriters'
over-allotment option is exercised in full), representing a deferred fee of 2% of the gross proceeds of the IPO will be held in a trust account for the benefit of the Company and the
holders of the Company's common stock, par value $0.0001 per share, issued in the IPO as hereinafter provided and in the event the Units are registered in Colorado,
pursuant to Section 11-51-302(6) of the Colorado Revised Statutes. A copy of the Colorado Statute is attached hereto and made a part hereof (the amount to be delivered
to the Trustee will be referred to herein as the "Property"; the stockholders for whose benefit the Trustee shall hold the Property will be referred to as the "Public Stockholders," and the Public
Stockholders and the Company will be referred to together as the "Beneficiaries"); and 

        WHEREAS,
the Company and the Trustee desire to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold the Property; 

        IT
IS AGREED: 

        1.     Agreements and Covenants of Trustee. The Trustee hereby agrees and covenants to: 

        (a)   Hold
the Property in trust for the Beneficiaries in accordance with the terms of this Agreement, including the terms of
Section 11-51-302(6) of the Colorado Statute, in a segregated trust account ("Trust Account") established by the Trustee at a branch of JP Morgan Chase NY Bank; 

        (b)   Manage,
supervise and administer the Trust Account subject to the terms and conditions set forth herein; 

        (c)   In
a timely manner, upon the written instruction of the Company, to invest and reinvest the Property in any "Government Security" (as used herein, Government Security
means money market funds meeting conditions of the Investment Company Act of 1940, as amended, or securities issued or guaranteed by the United States); 

        (d)   Collect
and receive, when due, all principal and income arising from the Property, which shall become part of the "Property," as such term is used herein; 

        (e)   Notify
the Company of all communications received by it with respect to any Property requiring action by the Company; 

 

        (f)    Supply
any necessary information or documents as may be requested by the Company in connection with the Company's preparation of the tax returns for the Trust Account; 

        (g)   Participate
in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as and when instructed by the Company to do so; 

        (h)   Render
to the Company and to such other person as the Company may instruct in writing, monthly statements of the activities of and amounts in the Trust Account
reflecting all receipts and disbursements of the Trust Account; 

        (i)    Commence
liquidation of the Trust Account promptly after receipt of and only in accordance with the terms of a letter ("Termination Letter"), in a form substantially
similar to that attached hereto as either Exhibit A or Exhibit B, signed on behalf of the Company by its Chief Executive Officer or President and affirmed by its entire Board of
Directors, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account only as directed in the Termination Letter and the other documents referred to therein as
part of the Company's plan of dissolution and distribution approved by the Company's stockholders; provided, however, that in the event that a Termination Letter has not been received by
                        , 2008 (or the date that is the six month anniversary of such date, in the event that a letter of intent,
agreement in principle or definitive agreement has been executed prior to such
date in connection with a Business Combination (as defined in the Termination Letter attached hereto as Exhibit A) that has not been consummated
by                        , 2008), the Trust Account
shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B. The Trustee understands and agrees that, except as provided in Section 2,
disbursements from the Trust Account shall be made only pursuant to a duly executed Termination Letter, together with the other documents referenced herein, including, without limitation, an
independently certified oath and report of inspector of election in respect of the stockholder vote in favor of the Business Combination (as hereinafter defined). In all cases, the Trustee shall
provide Merriman with a copy of any Termination Letters, Officers' Certificates and/or any other correspondence that it receives with respect to any proposed withdrawal from the Trust Account promptly
after it receives same; and 

        (j)    Distribute
from the Trust Account to the Company such amounts as may be requested pursuant to Section 2 hereof. 

        2.     Limited Distributions of Income. 

        (a)   Upon
receipt by the Trustee of an Officer's Certificate signed by the Chief Executive Officer or the President and Secretary of the Company certifying as true, accurate
and complete a copy of any tax return required to be filed on behalf of the Trust Account in respect of income earned on the Property held therein, the Trustee shall deliver to the Company for
submission to the appropriate taxing authority a check made payable to the order of such taxing authority in the amount required to pay such taxes; provided, however, that in no event shall the
aggregate amount of all checks issued to taxing authorities pursuant to this Section 2(a) exceed the income in respect of which such taxes are due and owing. 

        (b)   Upon
written request, which may be given not more than once in any calendar quarter, from the Company, the Trustee shall distribute to the Company an amount equal to the
income earned on the Property; provided, however, that any distribution pursuant to this Section 2(b) shall only be used to fund working capital requirements of the Company and the costs
related to identifying, researching and acquiring prospective target businesses and (including the payment of up to $7,500 of fees payable to the Law Officers of Tyler R. Meade for general and
administrative services) as set forth in the Company's request; provided, further, that the aggregate amount of distributions made pursuant to this Section 2(b) shall not exceed $680,000. 

2

 

        (c)   Except
as provided in Sections 2(a) and 2(b) above, no other distributions from the Trust Account shall be permitted except in accordance with Section 1(i). 

        3.     Agreements and Covenants of the Company. The Company hereby agrees and covenants to: 

        (a)   Give
all instructions to the Trustee hereunder in writing, signed by the Company's Chief Executive Officer or President. In addition, except with respect to its duties
under paragraph 1(j) above, the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction which it in good faith believes to be
given by any one of the persons authorized above to give written instructions, provided that the Company shall promptly confirm such instructions in writing; 

        (b)   Hold
the Trustee harmless and indemnify the Trustee from and against, any and all expenses, including reasonable counsel fees and disbursements, or loss suffered by the
Trustee in connection with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection with any claim or demand which in any way arises out of or relates to
this Agreement, the services of the Trustee hereunder, or the Property or any income earned from investment of the Property, except for expenses and losses resulting from the Trustee's gross
negligence or willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding, pursuant to which the Trustee intends to
seek indemnification under this paragraph, it shall notify the Company in writing of such claim (hereinafter referred to as the "Indemnified Claim").
The Trustee shall have the right to conduct and manage the defense against such Indemnified Claim, provided, that the Trustee shall obtain the consent of the Company with respect to the selection of
counsel, which consent shall not be unreasonably withheld. The Company may participate in such action with its own counsel; 

        (c)   Pay
the Trustee an initial acceptance fee of $1,000 and an annual fee of $3,000 (it being expressly understood that the Property shall not be used to pay such fee). The
Company shall pay the Trustee the initial acceptance fee and first year's fee at the consummation of the IPO and thereafter the annual fee on the anniversary of the Effective Date. The Trustee shall
refund to the Company the fee (on a pro rata basis) with respect to any period after the liquidation of the Trust Account. The Company shall not be responsible for any other fees or charges of the
Trustee except as may be provided in paragraph 2(b) hereof (it being expressly understood that the Property shall not be used to make any payments to the Trustee under such paragraph); 

        (d)   Provide
to the Trustee any letter of intent, agreement in principle or definitive agreement that is executed prior
to                        , 2008 in connection with a Business
Combination; and 

        (e)   In
connection with any vote of the Company's stockholders regarding a Business Combination, provide to the Trustee an affidavit or certificate of a firm regularly
engaged in the business of soliciting proxies and tabulating stockholder votes (which firm may be the Trustee) verifying the vote of the Company's stockholders regarding such Business Combination. 

        (f)    At
least three (3) business days prior to sending any such request or correspondence in respect of any disbursement by the Trustee, the Company shall provide
Merriman with a copy of the proposed written disbursement request and any other correspondence in respect of disbursement to the Company. 

        4.     Limitations of Liability. The Trustee shall have no responsibility or liability to: 

        (a)   Take
any action with respect to the Property, other than as directed in paragraph 1 hereof and the Trustee shall have no liability to any party except for
liability arising out of its own gross negligence or willful misconduct; 

3

 

        (b)   Institute
any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding of any kind with respect to, any
of the Property unless and until it
shall have received instructions from the Company given as provided herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses incident thereto; 

        (c)   Change
the investment of any Property, other than in compliance with paragraph 1(c); 

        (d)   Refund
any depreciation in principal of any Property; 

        (e)   Assume
that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless provided otherwise in such designation,
or unless the Company shall have delivered a written revocation of such authority to the Trustee; 

        (f)    The
other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith and in the exercise
of its own best judgment, except for its gross negligence or willful misconduct. The Trustee may rely conclusively and shall be protected in acting upon any order, judgment, instruction, notice,
demand, certificate, opinion or advice of counsel (including counsel chosen by the Trustee), statement, instrument, report or other paper or document (not only as to its due execution and the validity
and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which is believed by the Trustee, in good faith, to be genuine and to be signed or
presented by the proper person or persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this agreement or any of the terms hereof,
unless evidenced by a written instrument delivered to the Trustee signed by the proper party or parties and, if the duties or rights of the Trustee are affected, unless it shall give its prior written
consent thereto; 

        (g)   Verify
the correctness of the information set forth in the Registration Statement or to confirm or assure that any acquisition made by the Company or any other action
taken by it is as contemplated by the Registration Statement; and 

        (h)   Subject
to the requirements of Section 1(i) of the Trust Agreement, pay any taxes on behalf of the Trust Account to any governmental entity or taxing
authority. 

        5.     Termination. This Agreement shall terminate as follows: 

        (a)   If
the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable efforts to locate a successor
trustee. At such time that the Company notifies the Trustee that a successor trustee has been appointed by the Company and has agreed to become subject to the terms of this Agreement, the Trustee
shall transfer the management of the Trust Account to the successor trustee, including but not limited to the transfer of copies of the
reports and statements relating to the Trust Account, whereupon this Agreement shall terminate; provided, however, that, in the event that the Company does not locate a successor trustee within ninety
days of receipt of the resignation notice from the Trustee, the Trustee may submit an application to have the Property deposited with the United States District Court for the Southern District of New
York and upon such deposit, the Trustee shall be immune from any liability whatsoever; or 

        (b)   At
such time that the Trustee has completed the liquidation of the Trust Account in accordance with the provisions of paragraph 1(i) hereof, and
distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate except with respect to Paragraph 3(b). 

        6.     Miscellaneous. 

4

 

        (a)   The
Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect to funds transferred from the Trust
Account. Upon receipt of written instructions, the Trustee will confirm such instructions with an Authorized Individual at an Authorized Telephone Number listed on the attached Exhibit C. The
Company and the Trustee will each restrict access to confidential information relating to such security procedures to authorized persons. Each party must notify the other party immediately if it has
reason to believe unauthorized persons may have obtained access to such information, or of any change in its authorized personnel. In executing funds transfers, the Trustee will rely upon account
numbers or other identifying numbers of a beneficiary, beneficiary's bank or intermediary bank, rather than names. The Trustee shall not be liable for any loss, liability or expense resulting from any
error in an account number or other identifying number, provided it has accurately transmitted the numbers provided. 

        (b)   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 conflict of laws. It may be
executed in several counterparts, each one of which shall constitute an original, and together shall constitute but one instrument. 

        (c)   This
Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. The parties hereto may change, waive,
amend or modify any provision contained herein that may be defective or inconsistent with any other provision contained herein only upon the written consent of each of the parties hereto; provided
that such action shall not materially adversely affect the interests of the Public Stockholders. Any other change, waiver, amendment or modification to this Agreement shall be subject to approval by a
majority of the Public Stockholders. As to any claim, cross-claim or counterclaim in any way relating to this Agreement, each party waives the right to trial by jury. 

        (d)   The
parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York for purposes of resolving any disputes hereunder. 

        (e)   Any
notice, consent or request to be given in connection with any of the terms or provisions of 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 Trustee, to: 

5

 

Continental
Stock Transfer

& Trust Company

17 Battery Place

New York, New York 10004

Attn: Steven G. Nelson

Fax No.: (212) 509-5150 

if
to the Company, to: 

TC
Acquisition Corp.

1816 Fifth Street

Berkeley, CA 94710

Attn: Robert J. Majteles

Tel. No.: (510) 652-7244 

        (f)    This
Agreement may not be assigned by the Trustee without the prior consent of the Company. 

        (g)   Each
of the Trustee 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. The Trustee acknowledges and agrees that it shall not make any claims or proceed against the Trust Account, including by way of set-off,
and shall not be entitled to any funds in the Trust Account under any circumstance. 

        (h)   The
Trustee hereby waives any and all right, title, interest or claim of any kind ("Claim") in or to any distribution of the Trust Account, and hereby agrees not to seek
recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever. 

        (i)    The
Trustee hereby consents to the inclusion of Continental Stock Transfer & Trust Company in the Registration Statement and other materials relating to the IPO. 

        7.     Additional Parties. For so long as proceeds of the IPO and/or Private Placement are held in the trust account, Merriman is
a third party beneficiary with respect to Section 3(f) and shall be entitled to enforce the terms of Section 3(f) of this Agreement to the same extent as if they were a party hereto. 

[Signature
page follows.] 

6

 

        IN
WITNESS WHEREOF, the parties have duly executed this Investment Management Trust Agreement as of the date first written above. 

	 
	 	 
	 	 
	 	 

	 	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee
	

 	
 	

By:	
 	

	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 
	

 	
 	

TC ACQUISITION CORP.
	

 	
 	

By:	
 	

	 	 	 	 	Name:	 	Robert J. Majteles
	 	 	 	 	Title:	 	President and Chief Executive Officer

7

Exhibit 10.4  

 
 

EXHIBIT A    
    

[Letterhead of Company]  

[Insert date]

Continental
Stock Transfer

& Trust Company

17 Battery Place

New York, New York 10004

Attn: Steven Nelson 

	Re:
	Trust Account No.———Termination Letter

Gentlemen:

        Pursuant
to paragraph 1(i) of the Investment Management Trust Agreement between TC Acquisition Corp. ("Company") and Continental Stock Transfer & Trust Company ("Trustee"),
dated as of                        , 2006 ("Trust Agreement"), this is to advise you that the Company has entered into an
agreement ("Business Agreement") with                        ("Target Business") to
consummate a business combination with the Target Business
("Business Combination") on or about [insert date]. The Company shall notify you at least two business days in advance of the actual date of the consummation of the Business
Combination ("Consummation Date"). 

        Pursuant
to paragraph 3(e) of the Trust Agreement, we are providing you with [an affidavit][a certificate] of                        ,
which verifies the vote of the Company's stockholders in connection with the Business Combination. In accordance with the terms of the Trust Agreement, we hereby authorize you to commence liquidation
of the Trust Account to the effect that, on the Consummation Date, all of funds held in the Trust Account will be immediately available for transfer to the account or accounts that the Company shall
direct on the Consummation Date. 

        On
the Consummation Date (i) counsel for the Company shall deliver to you written notification that (a) the Business Combination has been consummated and (b) the
provisions of Section 11-51-302(6) and Rule 51-3.4 of the Colorado Statute have been met, and (ii) the Company shall deliver to you written
instructions with respect to the transfer of the funds held in the Trust Account ("Instruction Letter"). You are hereby directed and authorized to transfer the funds held in the Trust Account
immediately upon your receipt of the counsel's letter and the Instruction Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits held in the Trust Account
may not be liquidated by the Consummation Date without penalty, you will notify the Company of the same and the Company shall direct you as to whether such funds should remain in the Trust Account and
be distributed after the Consummation Date to the Company. Upon the distribution of all the funds in the Trust Account pursuant to the terms hereof, the Trust Agreement shall be terminated and the
Trust Account closed. 

        In
the event that the Business Combination is not consummated on the Consummation Date described in the notice thereof and we have not notified you on or before the original Consummation
Date of a new Consummation Date, then the funds held in the Trust Account shall be reinvested as 

provided
in the Trust Agreement on the business day immediately following the Consummation Date as set forth in the notice. 

	 
	 	 
	 	 

	 	 	Very truly yours,
	

 	
 	
TC ACQUISITION CORP.
	

 	
 	

By:	
 	

 Robert J. Majteles, President and Chief Executive Officer

Exhibit 10.4  

 
 

EXHIBIT B    
    

[Letterhead of Company]

[Insert date]

Continental
Stock Transfer

& Trust Company

17 Battery Place

New York, New York 10004

Attn: Steven Nelson 

	Re:
	Trust Account No.[                        ] Termination
Letter

Gentlemen: 

        Pursuant
to the Investment Management Trust Agreement between TC Acquisition Corp. ("Company") and Continental Stock Transfer & Trust Company ("Trustee"), dated as of
                        , 2006 ("Trust Agreement"), this is to advise you that the Board of Directors and the stockholders of the
Company have voted to dissolve the Company and liquidate the Trust Account.
Attached hereto is a copy of the minutes of the meeting of the Board of Directors of the Company relating thereto, certified by the Secretary of the Company as true and correct and in full force and
effect. 

        In
accordance with the terms of the Trust Agreement, we hereby (a) certify to you that the provisions of Section 11-51-302(6) and
Rule 51-3.4 of the Colorado Statute have been met and (b) authorize you, to commence liquidation of the Trust Account. In connection with this liquidation, you are hereby
authorized to establish a record date for the purposes of determining the stockholders of record entitled to receive their per share portion of the Trust Account. The record date shall be within ten
(10) days of the liquidation date, or as soon thereafter as is practicable.You will notify the Company and JP Morgan Chase NY Bank ("Designated Paying Agent") in writing as to when all of the
funds in the Trust Account will be available for immediate transfer ("Transfer Date") in accordance with the terms of the Trust Agreement and the Certificate of Incorporation of the Company. You shall
commence distribution of such funds in accordance with the terms of the Trust Agreement and the Certificate of Incorporation of the Company and you shall oversee the distribution of the funds. Upon
the payment of all the funds in the Trust Account, the Trust Agreement shall be terminated. 

	 
	 	 
	 	 

	 	 	Very truly yours,
	

 	
 	
TC ACQUISITION CORP.
	

 	
 	

By:	
 	

 Robert J. Majteles, President and Chief

Executive Officer

Exhibit 10.4  

 
 

EXHIBIT C    
    

	AUTHORIZED INDIVIDUAL(S)

FOR TELEPHONE CALL BACK	 	AUTHORIZED

TELEPHONE NUMBER(S)
	
Company:	
 	

 
	

TC Acquisition Corp.

1816 Fifth Street

Berkeley, California 94710

Attn: Robert J. Majteles, President and Chief Executive Officer	
 	

(510) 652-7244
	
Trustee:	
 	

 
	

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: Steven G. Nelson, Chairman	
 	

(212) 845-3200

QuickLinks

Exhibit 10.4

INVESTMENT MANAGEMENT TRUST AGREEMENT

EXHIBIT A

EXHIBIT B

EXHIBIT C

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