Document:

Exhibit 10.6

 

                , 2006

Shermen WSC Acquisition
Corp.

c/o The Shermen Group

1251 Avenue of the Americas, Suite 900

New York, New York  10020

Re:          Initial Public Offering

Gentlemen:

This letter is being delivered to you in accordance
with the Underwriting Agreement (the “Underwriting Agreement”) entered into by
and between Shermen WSC Acquisition Corp., a Delaware corporation (the “Company”),
and CRT Capital Group LLC (the “Underwriter”), 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 of which are exercisable for
one share of Common Stock (each, a “Warrant”). 
Certain capitalized terms used herein are defined in paragraph 11
hereof.

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

1.             If
the Company solicits approval of its stockholders of a Business Combination,
the undersigned will vote all shares of Common Stock, including Insider Shares
and IPO Shares, owned by him in accordance with the majority of the votes cast
by the Public Stockholders.

2.             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 (the first to occur of such dates, the “Transaction
Failure Date”), the undersigned will take all reasonable actions within his
power to cause (i) the Company to dissolve and liquidate as soon as practicable
in accordance with Section 5.4 of the Amended and Restated Certificate of
Incorporation of the Company and (ii) the Trust Fund to be liquidated and
distributed to the holders of the IPO Shares as soon as practicable following
the adoption of a plan of distribution in accordance with Section 5.4 of
the Amended and Restated Certificate of Incorporation of the Company (the
earliest date on which the conditions in clauses (i) and (ii) are both
satisfied being the “Liquidation Date”). 
The undersigned hereby waives any and all right, title, interest or
claim of any kind in or to any distributions of the Trust Fund as a result of
such distribution, or to any other amounts distributed in connection with a
liquidating distribution of the Company, with respect to his Insider Shares (“Claim”)
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. 

 

1

 

The undersigned hereby agrees that the Company shall
be entitled to reimbursement from the undersigned for any distribution of the
Trust Fund, or any other amounts distributed by the Company in connection with
a liquidating distribution, received by the undersigned in respect of such person’s
Insider Shares.

3.             In
order to minimize potential conflicts of interest which may arise from multiple
affiliations, the undersigned will 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 or acquire control of (through merger,
capital stock exchange, asset acquisition, stock purchase or other business
combination), an operating business in the agriculture industry, 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, director or stockholder of the Company, subject to any
pre-existing fiduciary obligations the undersigned might have.

4.             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 Insiders or 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.

5.             Neither
the undersigned, any member of the family of the undersigned, nor any affiliate
of the undersigned will be entitled to receive and will not accept any
compensation for services rendered to the Company prior to or in connection
with the consummation of the Business Combination.  The undersigned shall also be entitled to
reimbursement from the Company for his out-of-pocket expenses incurred in
connection with seeking and consummating a Business Combination.

6.             Neither
the undersigned, any member of the family of the undersigned, nor any affiliate
of the undersigned will be entitled to receive, or accept, a finder’s fee or
any other compensation in the event the undersigned, any member of the family
of the undersigned or any affiliate of the undersigned originates a Business
Combination.

7.             The
undersigned will escrow his Insider Shares for the three year period commencing
on the Effective Date subject to the terms of a Stock Escrow Agreement which
the Company will enter into with an escrow agent acceptable to the Company.

8.             The
undersigned will not propose, or seek stockholder approval of, any amendment of
the provisions of Article Fifth of the Amended and Restated Certificate of
Incorporation of the Company.

9.             The
undersigned agrees to be 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 Date.  The undersigned’s
biographical information furnished to the Company and the Underwriter and
attached hereto as Exhibit A is true and accurate in all respects, does not 

 

2

 

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 of 1933.  The undersigned’s
questionnaires furnished to the Company and the Underwriter and attached hereto
as Exhibit B are true and accurate in all respects.  The undersigned represents and warrants that:

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

                (b)           the undersigned has never been
convicted of or pleaded guilty to any crime (i) involving any fraud or (ii)
relating to any financial transaction or handling of funds of another person,
or (iii) pertaining to any dealings in any securities and he 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 registrations
denied, suspended or revoked.

The undersigned understands that the Underwriter may
conduct a background check with respect to the undersigned, and hereby
authorizes any employer, financial institution or consumer credit reporting
agency to release to the Underwriter and its legal representatives or agents
(including any investigative search firm retained by the Underwriter) any
information they may have about the undersigned’s background and finances (“Information”).
Neither the Underwriter nor its agents shall be violating the undersigned’s right
of privacy in any manner in requesting and obtaining the Information or in
otherwise performing a background check, and the undersigned hereby releases
them from liability for any damage whatsoever in that connection.

10.           The
undersigned has full right and power, without violating any agreement by which
he is bound (including, without limitation, any non-competition or
non-solicitation agreement with any employer or former employer), to enter into
this letter agreement and to serve as a member of the Board of Directors of the
Company.

11.           As
used herein, (i) a “Business Combination” shall mean the initial acquisition by
the Company, through a merger, capital stock exchange, asset acquisition, stock
purchase or similar other business combinations, of an operating business in
the agriculture industry selected by the Company; (ii) “Insiders” shall mean
all officers, directors and stockholders of the Company immediately prior to
the IPO; (iii) “Insider Shares” shall mean all of the shares of Common Stock of
the Company owned by an Insider immediately prior to the IPO; (iv) “IPO Shares”
shall mean the shares of Common Stock issued in the Company’s IPO; (v) “Public
Stockholders” shall mean the holders of IPO Shares, excluding the Insiders
which are holders of IPO Shares, if any; and (vi) “Trust Fund” shall mean the
Trust Account established under that certain Investment Management Trust
Agreement, dated as of the date hereof, between the Company and Continental
Stock Transfer & Trust Company.

 

3

 

The undersigned acknowledges and understands that the
Underwriter 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 Underwriter is an intended third party beneficiary of the provisions
of this letter agreement.  In that
regard, the Underwriter 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 Underwriter 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.

This letter agreement shall be binding on the
undersigned and such person’s respective successors, heirs, personal
representatives and assigns.  This letter
agreement shall terminate on the earlier of (i) the Business Combination Date
and (ii) the Liquidation Date; provided that such termination shall not relieve
the undersigned from liability for any breach of this agreement prior to its
termination.

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.

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.

 

4

 

	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Donald D. Pottinger

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Accepted and agreed:

  	
   

  	
   

  
	
  Shermen WSC Acquisition Corp.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Name: G. Kenneth Moshenek

  	
   

  	
   

  
	
   

  	
  Title: President and Chief Operating Officer

  	
   

  	
   

  
					

 

 

5Exhibit 10.7

 

	
   

  	
   

  	
  , 2006

  

 

Shermen WSC Acquisition
Corp.

c/o The Shermen Group

1251 Avenue of the Americas, Suite 900

New York, New York  10020

Re:          Initial Public Offering

Gentlemen:

This letter is being delivered to you in accordance
with the Underwriting Agreement (the “Underwriting Agreement”) entered into by
and between Shermen WSC Acquisition Corp., a Delaware corporation (the “Company”),
and CRT Capital Group LLC (the “Underwriter”), 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 of which are exercisable for
one share of Common Stock (each, a “Warrant”). 
Certain capitalized terms used herein are defined in paragraph 11
hereof.

In order to induce the Company and the Underwriter to
enter into the Underwriting Agreement and to proceed with the IPO, and in
recognition of the benefit that such IPO will confer upon the undersigned as a member
of Shermen WSC Holding LLC, 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 of a Business Combination,
the undersigned will vote all shares of Common Stock, including Insider Shares
and IPO Shares, owned by him in accordance with the majority of the votes cast
by the Public Stockholders.

2.             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 (the first to occur of such dates, the “Transaction
Failure Date”), the undersigned will take all reasonable actions within his
power to cause (i) the Company to dissolve and liquidate as soon as practicable
in accordance with Section 5.4 of the Amended and Restated Certificate of
Incorporation of the Company and (ii) the Trust Fund to be liquidated and
distributed to the holders of the IPO Shares as soon as practicable following
the adoption of a plan of distribution in accordance with Section 5.4 of
the Amended and Restated Certificate of Incorporation of the Company (the
earliest date on which the conditions in clauses (i) and (ii) are both
satisfied being the “Liquidation Date”). 
The undersigned hereby waives any and all right, title, interest or
claim of any kind in or to any distributions of the Trust Fund as a result of
such distribution, or to any other amounts distributed in connection with a
liquidating distribution of the Company, with respect to his Insider Shares (“Claim”)
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. 

 

1

 

The undersigned hereby agrees that the Company shall
be entitled to reimbursement from the undersigned for any distribution of the
Trust Fund, or any other amounts distributed by the Company in connection with
a liquidating distribution, received by the undersigned in respect of such person’s
Insider Shares.

3.             In
order to minimize potential conflicts of interest which may arise from multiple
affiliations, the undersigned will 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 or acquire control of (through
merger, capital stock exchange, asset acquisition, stock purchase or other
business combination), an operating business in the agriculture industry, 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, director or stockholder of the Company, subject to any
pre-existing fiduciary obligations the undersigned might have.

4.             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 Insiders or 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.

5.             Neither
the undersigned, any member of the family of the undersigned, nor any affiliate
of the undersigned will be entitled to receive and will not accept any
compensation for services rendered to the Company prior to or in connection
with the consummation of the Business Combination.  The undersigned shall also be entitled to
reimbursement from the Company for his out-of-pocket expenses incurred in
connection with seeking and consummating a Business Combination.

6.             Neither
the undersigned, any member of the family of the undersigned, nor any affiliate
of the undersigned will be entitled to receive, or accept, a finder’s fee or
any other compensation in the event the undersigned, any member of the family
of the undersigned or any affiliate of the undersigned originates a Business
Combination.

7.             The
undersigned will escrow his Insider Shares for the three year period commencing
on the Effective Date subject to the terms of a Stock Escrow Agreement which
the Company will enter into with an escrow agent acceptable to the Company.

8.             The
undersigned will not propose, or seek stockholder approval of, any amendment of
the provisions of Article Fifth of the Amended and Restated Certificate of
Incorporation of the Company.

9.             The
undersigned agrees to be Secretary of the Company until the earlier of the
consummation by the Company of a Business Combination or the Liquidation
Date.  The undersigned’s biographical
information furnished to the Company and the Underwriter and attached hereto as
Exhibit A is true and accurate in all respects, does not omit any material 

 

2

 

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
of 1933.  The undersigned’s
questionnaires furnished to the Company and the Underwriter and attached hereto
as Exhibit B are true and accurate in all respects.  The undersigned represents and warrants that:

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

                (b)           the undersigned has never been
convicted of or pleaded guilty to any crime (i) involving any fraud or (ii)
relating to any financial transaction or handling of funds of another person,
or (iii) pertaining to any dealings in any securities and he 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 registrations
denied, suspended or revoked.

The undersigned understands that the Underwriter may
conduct a background check with respect to the undersigned, and hereby
authorizes any employer, financial institution or consumer credit reporting
agency to release to the Underwriter and its legal representatives or agents
(including any investigative search firm retained by the Underwriter) any
information they may have about the undersigned’s background and finances (“Information”).
Neither the Underwriter nor its agents shall be violating the undersigned’s
right of privacy in any manner in requesting and obtaining the Information or
in otherwise performing a background check, and the undersigned hereby releases
them from liability for any damage whatsoever in that connection.

10.           The
undersigned has full right and power, without violating any agreement by which
he is bound (including, without limitation, any non-competition or
non-solicitation agreement with any employer or former employer), to enter into
this letter agreement and to serve Secretary of the Company.

11.           As
used herein, (i) a “Business Combination” shall mean the initial acquisition by
the Company, through a merger, capital stock exchange, asset acquisition, stock
purchase or similar other business combinations, of an operating business in
the agriculture industry selected by the Company; (ii) “Insiders” shall mean
all officers, directors and stockholders of the Company immediately prior to
the IPO; (iii) “Insider Shares” shall mean all of the shares of Common Stock of
the Company owned by an Insider immediately prior to the IPO; (iv) “IPO Shares”
shall mean the shares of Common Stock issued in the Company’s IPO; (v) “Public
Stockholders” shall mean the holders of IPO Shares, excluding the Insiders
which are holders of IPO Shares, if any; and (vi) “Trust Fund” shall mean the
Trust Account established under that certain Investment Management Trust
Agreement, dated as of the date hereof, between the Company and Continental
Stock Transfer & Trust Company.

 

3

 

The undersigned acknowledges and understands that the
Underwriter 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 Underwriter is an intended third party beneficiary of the provisions
of this letter agreement.  In that
regard, the Underwriter 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 Underwriter 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.

This letter agreement shall be binding on the
undersigned and such person’s respective successors, heirs, personal
representatives and assigns.  This letter
agreement shall terminate on the earlier of (i) the Business Combination Date
and (ii) the Liquidation Date; provided that such termination shall not relieve
the undersigned from liability for any breach of this agreement prior to its
termination.

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.

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.

 

4

 

	
   

  	
   

  
	
   

  	
  Jon A. Emswiler

  
	
   

  	
   

  
	
   

  	
   

  
	
  Accepted and agreed:

  	
   

  
	
  Shermen WSC Acquisition
  Corp.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
  Name:

  	
  G. Kenneth Moshenek

  	
   

  
	
  Title:

  	
  President and Chief
  Operating Officer

  	
   

  
					

 

 

 

5

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