Document:

Exhibit 10.3

 

[                        ],
2006

 

TransTech Services Partners Inc. 

445 Fifth Avenue, Suite 30H

New York, New York 10016

 

Maxim Group LLC 

405 Lexington Avenue 

New York, New York 10174

 

Re:                               TransTech Services Partners Inc. (the “Company”)

 

Gentlemen:

 

The undersigned, in consideration of Maxim Group LLC (“Maxim”) entering into a letter of intent (“Letter of Intent”) to underwrite an initial public offering
of the securities of the Company (“IPO”) and
embarking on the IPO process, hereby agrees as follows (certain capitalized
terms used herein are defined in paragraph VI hereof):

 

I. (1) In the event that the Company fails to
consummate a Business Combination within 18 months from the effective date (“Effective Date”) of the registration statement relating to
the IPO (or 24 months under the circumstances described in the prospectus
relating to the IPO (such later date being referred to herein as the “Termination Date”)), the undersigned shall (A) take all
such action reasonably within its power as is necessary to dissolve the Company
and liquidate the Trust Account to holders of IPO Shares (i) as soon as
reasonably practicable, (ii) after approval of the Company’s stockholders,
(iii) subject to the requirements of the Delaware General Corporation Law
(the “GCL”), including voting for the
adoption of a resolution by the board of directors, prior to such Termination
Date, pursuant to Section 275(a) of the GCL, finding the dissolution
of the Company advisable and (iv) causing the preparation of such notices
as are required by said Section 275(a) of the GCL as promptly
thereafter as possible; (B) cause the board of directors to convene and
adopt a plan of dissolution and distribution, vote his shares in favor of any
plan of dissolution and distribution recommended by the board of directors, and
seek stockholder approval for the plan of dissolution and distribution; and (C) on
the date of any such adoption, cause the Company to prepare and file a proxy
statement with the Securities and Exchange Commission setting out the plan of
dissolution and distribution.

 

(2) 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 to take all such action reasonably within its
power as is necessary to ensure that the proxy statement related to such
Business Combination will seek stockholder approval for the plan of dissolution
and distribution in the event the stockholders do not approve the Business
Combination.

 

(3) 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 to take, prior to such date, all such
action reasonably within its power as is necessary 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.

 

(4) Except with
respect to any of the IPO Shares acquired by the undersigned in connection with
or following the IPO, the undersigned hereby (a) waives any and all right,
title, interest or claim of any kind (“Claim”) in or
to all funds in the Trust Account and any remaining net assets of the Company
upon liquidation of the Trust Account and dissolution of the Company, (b) 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 (c) agrees
that the undersigned will not seek recourse against the Trust Account for any
reason whatsoever.

 

II. The undersigned
has full right and power, without violating any agreement by which he is bound,
to enter into this letter agreement and to serve as a director of the Company.

 

III. In connection with the vote required to
consummate a Business Combination, the undersigned agrees that he will vote all
shares of common stock owned by him (either directly or indirectly) prior to
the IPO and the Private Placement (the “Insider Shares”),
if any, in accordance with the majority of the votes cast by the holders of the
IPO Shares and the Private Placement Shares, and all shares of common stock
acquired in connection with the Private Placement or in or following the IPO “for”
a Business Combination.

 

IV. The undersigned
will escrow his Insider Shares, if any, for the period commencing on the
Effective Date and ending on the earlier of: (i) the third anniversary of
the Effective Date, and (ii) the first anniversary of the completion of a
Business Combination, subject to the terms of a Stock Escrow Agreement which
the Company will enter into with the undersigned and an escrow agent acceptable
to the Company.

 

V. This letter agreement shall be governed by and
construed and enforced in accordance with the laws of the State of New York,
without giving effect to conflicts of law principles that would result in the
application of the substantive laws of another jurisdiction. The undersigned
hereby (i) agrees that any action, proceeding or claim against him arising
out of or relating in any way to this letter agreement (a “Proceeding”)
shall be brought and enforced in the federal courts of the United States of
America for the Southern District of New York, and irrevocably submits to the
jurisdiction of such courts, which jurisdiction shall be exclusive, (ii) waives
any objection to the exclusive jurisdiction of such courts and any objection
that such courts represent an inconvenient forum and (iii) irrevocably
agrees to appoint Katten Muchin Rosenman LLP as agent for the service of
process in the State of New York to receive, for the undersigned and on his
behalf, service of process in any Proceeding. If for any reason such agent is
unable to act as such, the undersigned will promptly notify the Company and
Maxim and appoint a substitute agent acceptable to each of the Company and
Maxim within 30 days and nothing in this letter will affect the right of either
party to serve process in any other manner permitted by law.

 

VI. As used herein, (i) a
“Business Combination” shall mean an
acquisition by the Company, by merger, capital stock exchange, asset or stock
acquisition, reorganization or otherwise, of an operating business or
businesses in the business services industry; (ii) “Insiders”
shall mean all officers, directors and stockholders of the Company immediately
prior

 

2

 

to the IPO; (iii) “IPO Shares”
shall mean the shares of Common Stock issued in the Company’s IPO; (iv) “Private Placement Shares” shall mean the 166,667 shares of
Common Stock issued by the Company in a transaction exempt from registration
with the Securities and Exchange Commission under Regulation D prior to the
Effective date, as described in greater detail in the prospectus relating to
the IPO; and (v) “Trust Account”
shall mean the trust account in which most of the proceeds to the Company of
the IPO will be deposited and held for the benefit of the holders of the IPO
shares, as described in greater detail in the prospectus relating to the IPO.

 

VII. This letter
agreement shall supersede any other letter agreement signed by the undersigned
with respect to the subject matter hereof.

 

[Signature Page to Follow]

 

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  Print Name of Insider

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature

  	
   

  

 

4

 

EXHIBIT A

 

[biography]

 

5Exhibit 10.4

 

[                       ],
2006

 

TransTech Services Partners Inc. 

445 Fifth Avenue, Suite 30H

New York, New York 10016

 

Maxim Group LLC 

405 Lexington Avenue 

New York, New York 10174

 

Re:                               TransTech Services Partners Inc. (the “Company”)

 

Gentlemen:

 

The undersigned, in consideration of Maxim Group LLC (“Maxim”) entering into a letter of intent (“Letter of Intent”) to underwrite an initial public offering
of the securities of the Company (“IPO”) and
embarking on the IPO process, hereby agrees as follows (certain capitalized
terms used herein are defined in paragraph VI hereof):

 

I. (1) In the event that the Company fails to
consummate a Business Combination within 18 months from the effective date (“Effective Date”) of the registration statement relating to
the IPO (or 24 months under the circumstances described in the prospectus
relating to the IPO (such later date being referred to herein as the “Termination Date”)), the undersigned shall (A) take all
such action reasonably within its power as is necessary to dissolve the Company
and liquidate the Trust Account to holders of IPO Shares (i) as soon as
reasonably practicable, (ii) after approval of the Company’s stockholders,
(iii) subject to the requirements of the Delaware General Corporation Law
(the “GCL”), including voting for the
adoption of a resolution by the board of directors, prior to such Termination
Date, pursuant to Section 275(a) of the GCL, finding the dissolution
of the Company advisable and (iv) causing the preparation of such notices
as are required by said Section 275(a) of the GCL as promptly
thereafter as possible; (B) cause the board of directors to convene and
adopt a plan of dissolution and distribution, vote his shares in favor of any
plan of dissolution and distribution recommended by the board of directors, and
seek stockholder approval for the plan of dissolution and distribution; and (C) on
the date of any such adoption, cause the Company to prepare and file a proxy
statement with the Securities and Exchange Commission setting out the plan of
dissolution and distribution.

 

(2) 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 to take all such action reasonably within its
power as is necessary to ensure that the proxy statement related to such
Business Combination will seek stockholder approval for the plan of dissolution
and distribution in the event the stockholders do not approve the Business
Combination.

 

(3) 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 to take, prior to such date, all such
action reasonably within its power as is necessary 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.

 

(4) Except with
respect to any of the IPO Shares acquired by the undersigned in connection with
or following the IPO, the undersigned hereby (a) waives any and all right,
title, interest or claim of any kind (“Claim”) in or
to all funds in the Trust Account and any remaining net assets of the Company
upon liquidation of the Trust Account and dissolution of the Company, (b) 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 (c) agrees
that the undersigned will not seek recourse against the Trust Account for any
reason whatsoever.

 

II. The undersigned
has full right and power, without violating any agreement by which he is bound,
to enter into this letter agreement and to serve as a director of the Company.

 

III. In connection with the vote required to
consummate a Business Combination, the undersigned agrees that he will vote all
shares of common stock owned by him (either directly or indirectly) prior to
the IPO and the Private Placement (the “Insider Shares”),
if any, in accordance with the majority of the votes cast by the holders of the
IPO Shares and the Private Placement Shares, and all shares of common stock
acquired in connection with the Private Placement or in or following the IPO “for”
a Business Combination.

 

IV. The undersigned
will escrow his Insider Shares and the Private Placement Units for the period
commencing on the Effective Date and ending on the earlier of: (i) the third
anniversary of the Effective Date, and (ii) the first anniversary of the
completion of a Business Combination, subject to the terms of a Stock Escrow
Agreement which the Company will enter into with the undersigned and an escrow
agent acceptable to the Company. Without the prior written consent of Maxim,
the undersigned will not, during the period commencing on the date hereof and
ending on the date of the completion of a Business Combination, sell or
transfer the Incentive Warrants (except to stockholders of the undersigned,
spouses or children of such stockholders, or trusts established for their
benefit).

 

V. This letter agreement shall be governed by and
construed and enforced in accordance with the laws of the State of New York,
without giving effect to conflicts of law principles that would result in the
application of the substantive laws of another jurisdiction. The undersigned
hereby (i) agrees that any action, proceeding or claim against him arising
out of or relating in any way to this letter agreement (a “Proceeding”)
shall be brought and enforced in the federal courts of the United States of
America for the Southern District of New York, and irrevocably submits to the
jurisdiction of such courts, which jurisdiction shall be exclusive, (ii) waives
any objection to the exclusive jurisdiction of such courts and any objection
that such courts represent an inconvenient forum and (iii) irrevocably
agrees to appoint Katten Muchin Rosenman LLP as agent for the service of
process in the State of New York to receive, for the undersigned and on his
behalf, service of process in any Proceeding. If for any reason such agent is
unable to act as such, the undersigned will promptly notify the Company and
Maxim and appoint a substitute agent acceptable to each of the Company and
Maxim within 30 days and nothing in this letter will affect the right of either
party to serve process in any other manner permitted by law.

 

2

 

VI. As used herein, (i) a
“Business Combination” shall mean an
acquisition by the Company, by merger, capital stock exchange, asset or stock
acquisition, reorganization or otherwise, of an operating business or
businesses in the business services industry; (ii) “Incentive
Warrants” shall mean the incentive warrants to purchase up to an
aggregate of 400,000 shares of Common Stock issued to TSP Ltd. prior to the
effective date of the IPO; (iii) “Insiders” shall
mean all officers, directors and stockholders of the Company immediately prior
to the IPO; (iv) “IPO Shares”
shall mean the shares of Common Stock issued in the Company’s IPO; (v) “Private Placement Shares” shall mean the 166,667 shares of
Common Stock issued by the Company in a transaction exempt from registration
with the Securities and Exchange Commission under Regulation D prior to the
Effective Date, as described in greater detail in the prospectus relating to
the IPO (the “Private Placement Transaction”)
and “Private Placement Units” shall the
166,667 units issued by the Company in the Private Placement Transaction; and (vi) “Trust Account” shall mean the trust account in which most of
the proceeds to the Company of the IPO will be deposited and held for the
benefit of the holders of the IPO shares, as described in greater detail in the
prospectus relating to the IPO.

 

VII. This letter
agreement shall supersede any other letter agreement signed by the undersigned
with respect to the subject matter hereof.

 

[Signature Page to Follow]

 

3

 

	
   

  	
   

  	
  TSP Ltd.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

4

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