Document:

efc7-2356_6326114ex1010.htm

    Exhibit
      10.10

     

    Ronald
      W.
      Tysoe

    

     [•],
      2007

     

    

    

    NRDC
      Acquisition Corp.

    3
      Manhattanville Road

    Purchase,
      New York 10577

    

    Banc
      of
      America Securities LLC

    9
      West
      57th Street

    New
      York,
      NY 10019

    

    Re:
      NRDC Acquisition Corp. Initial Public Offering

     

    Gentlemen:

     

    This
      letter agreement (this “Letter Agreement”) is being
      delivered to you in accordance with the Underwriting Agreement (the
“Underwriting Agreement”) entered into by and between
      NRDC Acquisition Corp., a Delaware corporation (the
“Company”), and Banc of America Securities LLC, a
      Delaware limited liability company, as representative of the several
      underwriters (the “Underwriters”), relating to an
      underwritten initial public offering (the “Offering”),
      of 30,000,000 of the Company’s units (the “Units”),
      each comprised of one share of the Company’s common stock, par value $0.0001 per
      share (the “Common Stock”), and one warrant
      exercisable for one share of Common Stock (each, a
“Warrant”). The Units sold in the Offering will be
      listed and traded on the American Stock Exchange pursuant to a Registration
      Statement on Form S-1 and prospectus (the
“Prospectus”) filed by the Company with the Securities
      and Exchange Commission (the
“SEC”).  Certain capitalized terms used
      herein are defined in Section 11.

     

    In
      order
      to induce the Company and the Underwriters to enter into the Underwriting
      Agreement and to proceed with the Offering and for other good and valuable
      consideration, the receipt and sufficiency of which are hereby acknowledged,
      the
      undersigned hereby agrees with the Company and the Underwriters as
      follows:

     

    
      	
               

            	
              1.

            	
              The
                undersigned hereby agrees that in the event that the Company fails
                to
                consummate a Business Combination within 24 months after the date
                of the
                final Prospectus relating to the Offering, the undersigned shall
                take all
                reasonable steps to (a) cause the Trust Account to be liquidated
                and its
                assets to be distributed to the Public Stockholders and (b) cause
                the
                Company to be liquidated as soon as reasonably practicable. The
                undersigned agrees that in connection with any cessation of the corporate
                existence of the Company, the undersigned will take all reasonable
                steps
                to cause the Company to adopt a plan of distribution in accordance
                with
                Section 281(b) of the General Corporation Law of the State of Delaware
                or
                any successor provision thereto.

            

    

     

    
      	
               

            	
              2.

            	
              With
                respect to such undersigned’s Insiders Shares, the undersigned hereby
                waives (a) any and all right, title, interest or claim of any kind
                in or
                to any distributions of the Trust Account as a result of any liquidation
                of the Company (“Claim”), and to any and all
                amounts distributed in connection with a liquidation of the Company,
                and
                hereby agrees to reimburse the Company for any distribution of the
                Trust
                Account received by the undersigned in respect of such undersigned’s
                Insiders Shares; and (b) any and all right to exercise conversion
                rights
                in connection with a proposed Business Combination. The undersigned
                acknowledges and agrees that, upon the Company’s liquidation, all warrants
                relating to the Company that are owned by the undersigned will terminate
                worthless.  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 the undersigned will
                not seek
                recourse against the Trust Account for any reason
                whatsoever.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
       

      
        	
                 

              	
                3.

              	
                (a)     
With
                  respect to the undersigned’s Insiders Shares, the undersigned shall not,
                  until one (1) year after the consummation of an initial Business
                  Combination (the “Lock-Up Period”), (i) 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 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 Insiders Shares, (ii) enter into any swap or other arrangement
                  that
                  transfers to another, in whole or in part, any of the economic
                  consequences of ownership of Insiders Shares, whether any such
                  transaction
                  is to be settled by delivery of shares of Common Stock, in cash
                  or
                  otherwise, or (iii) publicly announce an intention to effect any
                  transaction specified in clause (i) or
                  (ii).

              

      

       

    

    (b)                 Notwithstanding
      the foregoing, the undersigned may transfer the undersigned’s Insiders Shares
      during the Lock-Up Period (i) to a member of the undersigned’s immediate family
      or an affiliate of the undersigned, (ii) to a trust, the beneficiary of which
      is
      a member of the undersigned’s immediate family, (iii) by virtue of the laws of
      descent and distribution upon death of the undersigned, (iv) to other officers
      or directors of the Company, (v) pursuant to a qualified domestic relations
      order, or (vi) 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
      or other securities for cash, securities or other property subsequent to the
      Company’s consummating a Business Combination with a target business;
provided, however, that the permissive transfers pursuant to
      clauses (i) — (v) may be implemented only upon the respective transferee’s
      written agreement to be bound by the terms and conditions of this Letter
      Agreement. During the Lock-Up Period, the undersigned shall not grant a security
      interest in the undersigned’s Insiders Shares.

     

    (c)                 If
      (i) during the last 17 days of the Lock-Up Period, the Company issues material
      news or a material event relating to the Company occurs or (ii) before the
      expiration of the Lock-Up Period, the Company announces that material news
      or a
      material event relating to the Company will occur during the 16-day period
      beginning on the last day of the Lock-Up Period, said Lock-Up Period will be
      extended for up to 18 days beginning on the issuance of the material news or
      the
      occurrence of the material event.

     

    (d)                 The
      undersigned agrees that after the Lock-Up Period has elapsed, the undersigned’s
      Insiders Shares shall only be transferable or saleable pursuant to a sale
      registered under the Securities Act of 1933, as amended (the
“Securities Act”), or pursuant to an available
      exemption from registration, other than Regulations S of the Securities
      Act.

     

    
      	
               

            	
              4.

            	
              The
                undersigned agrees that in connection with any proposed Business
                Combination, the undersigned will vote (a) all Insiders Shares owned
                by
                the undersigned in accordance with the majority of the votes cast
                by the
                Public Stockholders in connection with the vote required to approve
                the
                Business Combination; (b) all shares of Common Stock acquired by
                the
                undersigned in the Offering or in the secondary market in favor of
                the
                Business Combination; and (c) all Insiders Shares and all shares
                of Common
                Stock acquired by the undersigned in the Offering or in the secondary
                market in favor of an amendment to the Second Restated Certificate
                providing for the Company’s perpetual
                existence.

            

    

     

    
      	
               

            	
              5.

            	
              The
                undersigned agrees to serve as a member of the Board of Directors
                of the
                Company until the earlier of the consummation by the Company of a
                Business
                Combination or the liquidation of the Company; 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 Underwriters 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
                completed questionnaires furnished to the Company and the Underwriters
                and
                attached hereto as Exhibit B are true and accurate in all material
                respects. The undersigned represents and warrants
                that:

            

    

     

    
      
        
        

      

      
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    (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; and

     

    (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.

     

    
      	
               

            	
              6.

            	
              Except
                as disclosed in the Prospectus, neither the undersigned nor any family
                member or affiliate of the undersigned will be entitled to receive,
                and no
                such person will accept:

            

    

     

    (a)                 any
      compensation, finder’s fee, reimbursement or cash payment from the Company for
      services rendered to the Company prior to or in connection with the consummation
      of a Business Combination, other than reimbursement from the Company for the
      undersigned’s reasonable out-of-pocket expenses related to the Offering and
      identifying, investigating and consummating a Business Combination;
      and

     

    (b)                 any
      finder’s fee, consulting fee or any other compensation or fees from the Company
      or any other person or entity in the event the undersigned or any family member
      or affiliate of the undersigned originates a Business Combination.

     

    
      	
               

            	
              7.

            	
              The
                undersigned acknowledges and agrees that the Company will not consummate
                any Business Combination with any entity that is affiliated with
                any
                Insiders or any of their respective affiliates unless the Company
                obtains
                an opinion from an independent investment banking firm that the Business
                Combination is fair to the Company’s stockholders from a financial
                perspective.

            

    

     

    
      	
               

            	
              8.

            	
              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), to enter into this
                Letter
                Agreement and to serve as a director of the Company.  The
                undersigned hereby consents to being named in the
                Prospectus.

            

    

     

    
      	
               

            	
              9.

            	
              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 participate in the formation of,
                or
                accept any position as a director or officer with, any blank check
                company
                or any entity commonly regarded as a “special purpose acquisition
                company.”

            

    

     

    
      	
               

            	
              10.

            	
              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 Second Restated
                Certificate.

            

    

     

    
      	
               

            	
              11.

            	
              As
                used herein, (a) a “Business Combination” shall
                mean the Company’s initial acquisition of one or more operating
                businesses, through a merger, capital stock exchange, stock purchase,
                asset acquisition, or other similar business combination, having
                an
                aggregate fair market value of at least eighty percent (80%) of the
                balance held in the Trust Account (excluding the amount held in the
                Trust
                Account representing the deferred underwriting discounts and commissions
                and taxes payable) at the time of such acquisition; (b)
                “Founders” shall mean NRDC Capital Management
                LLC, William L. Mack, Robert C. Baker, Richard A. Baker and Lee Neibart;
                (c) “Insiders” shall mean the Founders and all
                other officers, directors and stockholders of the Company immediately
                prior to the Offering; (d) “Insiders Shares”
                shall mean all of the shares of Common Stock owned by an Insider
                prior to
                the Offering (and shall include any shares of Common Stock issued
                as
                dividends with respect to such

            

    

     

    
      
        
        

      

      
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              shares);
                (e) “Public Stockholders” shall mean the holders
                of securities issued in the Offering; (f) “Second Restated
                Certificate” shall mean the Company’s Second Amended and
                Restated Certificate of Incorporation, as the same may be amended
                from
                time to time; and (g) “Trust Account” shall mean
                the trust account established for the benefit of the Public Stockholders
                into which a portion of the net proceeds of the Offering will be
                deposited.

            

    

     

    
      	
               

            	
              12.

            	
              The
                undersigned acknowledges and understands that the Company will rely
                upon
                the agreements, representations and warranties set forth herein in
                proceeding with the Offering. Nothing contained herein shall be deemed
                to
                render 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.

            

    

     

    
      	
               

            	
              13.

            	
              This
                Letter Agreement constitutes the entire agreement and understanding
                of the
                parties hereto in respect of its subject matter and supersedes all
                prior
                understandings, agreements, or representations by or among the parties
                hereto, written or oral, to the extent they relate in any way to
                the
                subject matter hereof or the transactions contemplated
                hereby.  This Letter Agreement may not be amended, modified or
                waived as to any particular provision, except by a written instrument
                executed by all parties hereto.  No party hereto may assign
                either this Letter Agreement or any of its rights, interests, or
                obligations hereunder without the prior written approval of the other
                parties hereto. Any purported assignment in violation of this Section
                14
                shall be void and ineffectual and shall not operate to transfer or
                assign
                any interest or title to the purported assignee.  This Letter
                Agreement, the entire relationship of the parties hereto, and any
                litigation between the parties (whether grounded in contract, tort,
                statute, law or equity) shall be governed by, construed in accordance
                with, and interpreted pursuant to the laws of the State of New York,
                without giving effect to its choice of laws principles. 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.  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.  This Letter Agreement shall be binding
                on the undersigned and such person’s respective heirs, personal
                representatives, successors and assigns. This Letter Agreement shall
                terminate on the earlier of (a) the expiration of the Lock-Up Period
                applicable to the undersigned’s Insiders Shares and (b) the liquidation of
                the Company; provided that such termination shall not relieve the
                undersigned from liability for any breach of this Letter Agreement
                prior
                to its termination.

            

    

     

    [SIGNATURES
      COMMENCE ON NEXT PAGE]

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
       

      
        	 	Sincerely,	 
	 	 	 	 
	 	RONALD
                W. TYSOE	 
	 	 	 
	 	  	 

      

       

       

       

      
        	Accepted
                and agreed:	 	
                 

              	 	
                 

              
	 	 	 	 	 	 
	 NRDC
                ACQUISITION CORP.	 	
                 

              	 	
                 

              
	 	
                 

              	 	 	 	 
	 	 	 	 	 	 
	By:	
                 

              	 	
                 

              	 	
                 

              
	Name:	 	 	 	 
	Title: 	 	 	 	 
	 	
                 

              	 	
                 

              	 	
                 

              
	 	
                 

              	 	 	 	 

      

      
        	BANC
                OF AMERICA SECURITIES
                LLC	 	
                 

              	 	
                 

              
	 	
                 

              	 	 	 	 
	 	 	 	 	 	 
	By:	
                 

              	 	
                 

              	 	
                 

              
	Name:	 	 	 	 
	Title: 	 	 	 	 
	 	
                 

              	 	
                 

              	 	
                 

              
	 	
                 

              	 	 	 	 

      

      

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

    INFORMATION
      FURNISHED TO THE COMPANY

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

    QUESTIONNAIRE

     

     

    
      7efc7-2356_6305234ex1011.htm

    Exhibit
      10.11

     

    NRDC
      ACQUISITION CORP.

     

    INVESTMENT
      MANAGEMENT TRUST AGREEMENT

     

    THIS
      INVESTMENT MANAGEMENT TRUST AGREEMENT (the
“Agreement”) is made as of [•], 2007, by and between
NRDC Acquisition Corp., a Delaware corporation (the
      “Company”) and Continental Stock Transfer & Trust
      Company, a New York corporation (the
“Trustee”).

     

    WHEREAS,
      the Company’s Registration Statement on Form S-1, as amended, No. 333-144871
      (together with any registration statement filed pursuant to Rule 462(b), the
      “Registration Statement”), for its initial public offering (the
“IPO”) of units (the “Units”), each consisting of one share of
      the Company’s common stock, par value $0.0001 per share (the “Common
      Stock”), and one warrant (collectively, the
“Warrants”) to purchase one share of Common Stock, has been
      declared effective as of the date hereof by the Securities and Exchange
      Commission (the “Effective Date”); and

     

    WHEREAS,
      Banc of America Securities LLC is acting as the underwriter (the
“Underwriter”) in the IPO; and

     

    WHEREAS,
      the Company has agreed to sell certain of its securities to its existing
      stockholders in a private placement to be effected concurrently with the IPO
      (“Private Placement”); and

     

    WHEREAS,
      as described in the Registration Statement, and in accordance with the Company’s
      Certificate of Incorporation, as amended, $296,450,589 of the gross proceeds
      of
      the IPO and the sale of securities in the Private Placement ($339,875,589 if
      the
      Underwriters’ over-allotment option is exercised in full) will be delivered to
      the Trustee to be deposited and held in a trust account for the benefit of
      the
      Company and the public stockholders of the Common Stock issued in the IPO (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,
      a portion of the Property consists of $10,500,000 (or $12,075,000 if the
      Underwriters’ over-allotment option is exercised in full) attributable to the
      Underwriters’ discount (“Deferred Discount”) which the
      Underwriters have agreed to deposit in the Trust Account (defined below);
      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, in a segregated trust account (“Trust Account”)
      established by the Trustee at a branch of [•], selected by the
      Trustee;

     

    (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” within the
      meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended,
      having a maturity of 180 days or less, or in money market funds selected by
      the
      Company meeting the conditions specified in Rule 2a-7 promulgated under the
      Investment Company Act of 1940, as amended, as determined by the
      Company;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (d)          Collect
      and receive, when due, all principal and income arising from the Property,
      which
      income, net of taxes, shall become part of the “Property,” as
      such term is used herein; provided, however, that,
      notwithstanding the foregoing or any contrary provision contained herein, the
      Trustee shall release to the Company an aggregate amount of up to $2,250,000
      from interest earned on the Trust Account, net of taxes, upon the Company’s
      demand, to fund working capital requirements;

     

    (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 relating to income
      from the Property in the Trust Account or otherwise;

     

    (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
      in
      writing to do so;

     

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

     

    (i)           If
      there is any income or other tax obligation relating to the income from the
      Property in the Trust Account as determined by the Company, then, from time
      to
      time, at the written instruction of the Company, the Trustee shall promptly,
      to
      the extent there is not sufficient cash in the Trust Account to pay such tax
      obligation, liquidate such assets held in the Trust Account as shall be
      designated by the Company in writing, and disburse to the Company by wire
      transfer or by check, out of the Property in the Trust Account, the amount
      indicated by the Company as owing in respect of such income tax obligation;
      and

     

    (j)           Commence
      liquidation of the Trust Account only upon receipt of and only in accordance
      with the terms of a letter (the “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 President or Chairman of the Board, 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. The
      Trustee shall provide the Underwriter with a copy of any Termination Letter
      and/or any other correspondence that it receives with respect to any proposed
      withdrawal from the Trust Account promptly after it receives the
      same.

     

    2.           Limited
      Distributions Of Income From Trust Account.

     

    Except
      for an aggregate amount of up to $2,250,000 from the interest earned on the
      Trust Account, net of taxes, that the Trustee shall release to the Company
      upon
      the Company’s demand to fund working capital requirements, no distributions from
      the Trust Account shall be permitted except in accordance with Sections 1(i)
      and
      1(j) hereof. The Trustee shall have no responsibility or liability to verify
      calculations, qualify or otherwise approve Company requests for distributions
      pursuant to this Section 2.

     

    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
      President or Chairman of the Board. In addition, except with respect to its
      duties under Sections 1(i) and 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

     

    
      
        
        

      

      
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    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, an annual fee and a transaction
      processing fee for each disbursement made pursuant to Section 1(i) as set forth
      on Schedule A hereto, which fees shall be subject to modification by the
      parties from time to time. It is expressly understood that the Property shall
      not be used to pay such fees and further agreed that said transaction processing
      fees shall be deducted by the Trustee from the disbursements made to the Company
      pursuant to Section 1(i). The Company shall pay the Trustee the initial
      acceptance fee and first year’s fee at the completion of the IPO and thereafter
      on the anniversary of the Effective Date. The Trustee shall refund to the
      Company the annual fee (on a pro rata basis) with respect to any period after
      the liquidation of the Trust Fund. The Company shall not be responsible for
      any
      other fees or charges of the Trustee except as set forth in this Section 3(c)
      and as may be provided in Section 3(b) hereof (it being expressly understood
      that the Property shall not be used to make any payments to the Trustee under
      such Sections);

     

    (d)           Provide
      to the Trustee any letter of intent, agreement in principle or definitive
      agreement that is executed prior to [•], 2009 in connection with a Business
      Combination;

     

    (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; and

     

    (f)           if
      the Company does not effect a Business Combination within 24 months after
      completion of the IPO, the Company’s existence shall cease except for the
      purposes of the Company winding up its affairs and liquidating pursuant to
      Section 278 of the Delaware General Corporation Law, in which case as promptly
      as practicable thereafter the Company shall adopt a plan of distribution in
      accordance with Section 281(b) of the Delaware General Corporation Law. Upon the
      Company’s adoption of such plan of distribution, the Company shall promptly
      provide the Trustee a Termination Letter substantially in the form of Exhibit
      B hereto.

     

    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 Section
      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;

     

    (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 written 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 Section
      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;

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    (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
      (other than information provided by the Trustee) 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;

     

    (h)           As
      and to the extent requested from time to time by the Company, prepare, execute
      and file such tax reports, income or other tax returns and pay any taxes with
      respect to income and activities relating to the Trust Account, regardless
      of
      whether such tax is payable by the Trust Account or the Company (including
      but
      not limited to income tax obligations), it being expressly understood that
      as
      set forth in Section 1(i), if there is any income or other tax obligation
      relating to the Trust Account or the Property in the Trust Account, as
      determined from time to time by the Company and regardless of whether such
      tax
      is payable by the Company or the Trust, at the written instruction of the
      Company, the Trustee shall make funds available in cash from the Property in
      the
      Trust Account an amount specified by the Company as owing to the applicable
      taxing authority, which amount shall be paid directly to the Company by
      electronic funds transfer, account debit, check or other method of payment,
      and
      the Company shall forward such payment to the taxing authority; or

     

    (i)           Verify
      calculations, qualify or otherwise approve Company requests for distributions
      pursuant to Sections 1(i) and 2 above.

     

    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 that arises due to any
      actions or omissions to act by any party after such deposit;

     

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

     

    6.           Miscellaneous.

     

    (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

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    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 one instrument. This Agreement or any
      counterpart may be executed via facsimile or other electronic transmission,
      and
      any such executed facsimile or other electronic copy shall be treated as an
      original.

     

    (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 non-exclusive 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:

     

    Continental
      Stock Transfer & Trust Company

    17
      Battery Place, 8th Floor

    New
      York,
      NY 10004

    Attn:
      Mr.
      Steven Nelson, President

    Fax:
      (212) 616-7620

     

    if
      to the
      Company, to:

     

    NRDC
      Acquisition Corp.

    3
      Manhattanville Road

    Purchase,
      NY 10577

    Attn:
      Richard A. Baker, Chief Executive Officer

    Fax:
      (914) 272-8067

     

    with
      a
      copy to:

     

    Sidley
      Austin LLP

    787
      Seventh Avenue

    New
      York,
      NY 10019

    Attn:
      Samir A. Gandhi, Esq.

    Fax:
      (212) 839-8654

     

    in
      either
      case with a copy on behalf of the Underwriter to:

     

    Banc
      of
      America Securities LLC

    9
      West
      57th
      Street

    New
      York,
      NY 10019

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    Attn:
      Managing Director (NRDC Acquisition Corp.)

    Fax:
      (646) 313-4784

     

    with
      a
      copy to:

     

    Bingham
      McCutchen LLP

    399
      Park
      Avenue

    New
      York,
      NY 10022

    Attn:
      Floyd I. Wittlin, Esq.

    Fax:
      (212) 752-5378

     

    (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 part
      of
      the Property 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 any property held in
      trust for the Company in 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.

     

    (j)           Each
      of the Company and Trustee agrees and acknowledges that the Underwriter is
      a
      third party beneficiary of this Agreement.

     

    [Remainder
      of page intentionally left blank]

     

    
      
        
        

      

      
        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:	 	 
	 	 	 	 

    

    
      	 	NRDC
              ACQUISITION CORP.	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	Name:	Richard
              A. Baker	 
	 	Title:	Chief
              Executive Officer	 
	 	 	 	 

    

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

     

    [LETTERHEAD
      OF COMPANY]

     

    [INSERT
      DATE]

     

    Continental
      Stock Transfer & Trust Company

    17
      Battery Place, 8th Floor

    New
      York,
      NY 10004

    Attn:     Steven
      Nelson, President

     

    Re:         Trust
      Account No. [•] Termination Letter

     

    Gentlemen:

     

    Pursuant
      to Section 1(j) of the Investment Management Trust Agreement between NRDC
      Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust
      Company (the “Trustee”), dated as of [•], 2007 (the “Trust Agreement”), this is
      to advise you that the Company has entered into an agreement (“Business
      Agreement”) with [•] (the “Target Business”) to consummate a business
      combination with Target Business (a “Business Combination”) on or about [INSERT
      DATE]. The Company shall notify you at least 48 hours in advance of the actual
      date of the consummation of the Business Combination (the “Consummation Date”).
      Defined terms used but not otherwise defined herein shall have the meaning
      ascribed to such terms in the Trust Agreement.

     

    Pursuant
      to Section 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 the
      funds
      held in the Trust Account will be immediately available for transfer to the
      account or accounts that the Company shall direct in writing on the Consummation
      Date.

     

    On
      the
      Consummation Date (i) counsel for the Company shall deliver to you written
      notification that the Business Combination has been consummated and (ii) the
      Company shall deliver to you written instructions with respect to the transfer
      of the funds held in the Trust Account (the “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 or, with
      respect to the Deferred Discount, to the Underwriter. Upon the distribution
      of
      all the funds in the Trust Account pursuant to the terms hereof, the Trust
      Agreement shall be terminated.

     

    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,	 
	 	 	 
	 	NRDC
              ACQUISITION CORP.	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	Name:	Richard
              A. Baker	 
	 	Title:	Chief
              Executive Officer	 
	 	 	 	 

    

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

     

    [LETTERHEAD
      OF COMPANY]

     

    [INSERT
      DATE]

     

    Continental
      Stock Transfer & Trust Company

    17
      Battery Place, 8th Floor

    New
      York,
      NY 10004

    Attn:      Frank
      Di Paolo, CFO

     

    Re:          Trust
      Account No. [•] Termination Letter

     

    Gentlemen:

     

    Pursuant
      to paragraph 1(j) of the Investment Management Trust Agreement between NRDC
      Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust
      Company (the “Trustee”), dated as of [•], 2007 (the “Trust Agreement”), this is
      to advise you that the Company’s existence has ceased due to the Company’s
      inability to effect a Business Combination within the time frame specified
      in
      the Company’s prospectus relating to its IPO. Defined terms used but not
      otherwise defined herein shall have the meaning ascribed to such terms in the
      Trust Agreement.

     

    In
      accordance with the terms of the Trust Agreement, we hereby authorize you to
      commence liquidation of the Trust Account. You will notify the Company in
      writing as to when all of the funds in the Trust Account will be available
      for
      immediate transfer (the “Transfer Date”) in accordance with the Company’s plan
      of distribution attached hereto. You shall commence distribution of such funds
      in accordance with the terms of such plan of distribution and you shall oversee
      the distribution of the funds. Upon the distribution of all the funds in the
      Trust Account, your obligations under the Trust Agreement shall be terminated
      and the Trust Account shall be closed.

     

    
      	 	Very
              truly yours,	 
	 	 	 
	 	NRDC
              ACQUISITION CORP.	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	Name:	Richard
              A. Baker	 
	 	Title:	Chief
              Executive Officer	 
	 	 	 	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

     

    AUTHORIZED
      INDIVIDUAL(S) AND TELEPHONE NUMBERS

     

    AUTHORIZED
      FOR TELEPHONE CALL BACK

     

    
      	
              COMPANY:

            	
              NRDC
                Acquisition Corp.

            

      	 	3
              Manhattanville Road

      	 	Purchase,
              NY 10577

      	 	Attn:
              Richard A. Baker, Chief Executive
              Officer

      	 	Telephone:
              (914) 272-8067

    

    

    
      	TRUSTEE:	Continental
              Stock Transfer & Trust Company

      	 	17
              Battery Place, 8th
              Floor

      	 	New
              York, New York 10004

      	 	Attn:
              Steven Nelson, President

      	 	Telephone:
              (212) 845-3202

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      A

     

    Schedule
      of fees pursuant to Section 3(c) of Investment Management Trust
      Agreement

    between
      NRDC Acquisition Corp. and

    Continental
      Stock Transfer & Trust Company

     

    
      	
              
                Fee
                  Item

              

            	 	
              
                Time
                  and method of payment

              

            	 	
              
                Amount

              

            
	 	 	 	 	 
	
              Initial
                acceptance fee

            	 	
              Initial
                closing of IPO by wire transfer

            	 	
              $        1,000

            
	 	 	 	 	 
	
              Annual
                fee

            	 	
              First
                year, initial closing of IPO by wire transfer; thereafter on the
                anniversary of the effective date of the IPO by wire transfer or
                check

            	 	
              $             [•]

            
	 	 	 	 	 
	
              Transaction
                processing fee for disbursements to Company under Sections 1(i) and
                2

            	 	
              Deduction
                by Trustee from disbursement made to Company under Section
                2

            	 	
              $             [•]

            

    

    

    Dated:                      [•],
      2007

     

    
      	 	Agreed:	 
	 	 	 
	 	NRDC
              Acquisition Corp.	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	Title:	 	 
	 	 	 	 

    

    
      	 	Continental
              Stock Transfer &
              Trust Company	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	Title:

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