Document:

Lock up Agreement

     

    Exhibit
      10.16

     

    Lock-Up
      Agreement

     

    March
      30,
      2007

     

    
      	
              Marino
                Capital Partners, Inc.

            	 	
              U.S.
                EURO Securities, Inc.

            
	
              4600
                Campus Dr., Suite 105

            	 	
              13661
                Perdido Key Drive, Penthouse Floor

            
	
              Newport
                Beach, CA 92660

            	 	
              Perdido
                Key, FL 32507

            
	
              Attn:
                Frank Marino, CEO

            	 	
              Attn:
                Michael Roy Fugler, CEO

            

    

     

    
      	 	
              RE:

            	
              U.S.
                Dry Cleaning Corporation (the
“Company”)

            

    

     

    
      Ladies
        and Gentlemen:

       

      The
        undersigned is a director, officer or owner of record or beneficially of
        certain
        shares of common stock of the Company (“Common Stock”) or securities convertible
        into or exchangeable or exercisable for Common Stock. The undersigned
        understands that the Company proposes to carry out a public offering of Common
        Stock (the “Offering”) for which you will act as the Underwriters or their
        representatives. The undersigned recognizes that the Offering will be of
        benefit
        to the undersigned and will benefit the Company by, among other things, raising
        additional capital for its operations. The undersigned acknowledges that
        you and
        the other Underwriters or their representatives are relying on the
        representations and agreements of the undersigned contained in this letter
        in
        carrying out the Offering and in entering into underwriting arrangements
        with
        the Company with respect to the Offering.

       

      In
        consideration of the foregoing, the undersigned hereby agrees that the
        undersigned will not, without the prior written consent of Marino
        Capital Partners, Inc. and US EURO Securities, Inc. (which
        consent may be withheld in each Underwriter’s sole discretion), directly or
        indirectly, sell, offer, contract or grant any option to sell (including,
        without limitation, pursuant to any short sale), pledge, transfer, establish
        an
        open “put equivalent position” within the meaning of Rule 16a-1(h) under the
        Securities Exchange Act of 1934, as amended, or otherwise dispose of any
        shares
        of Common Stock, options or warrants to acquire shares of Common Stock, or
        securities exchangeable or exercisable for or convertible into shares of
        Common
        Stock currently or hereafter owned either of record or beneficially (as defined
        in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the
        “Exchange Act”)) by the undersigned, or publicly announce an intention to do any
        of the foregoing, for a period commencing on the date hereof and continuing
        through the close of trading on the date 360 days after the effective date
        of
        the registration statement relating to the Offering (the “Lockup Period”);
provided,
        however,
        the
        undersigned shall be permitted, without obtaining consent, to (i) make bona
        fide
        gifts of Common Stock, (ii) transfer Common Stock to trusts for the direct
        or
        indirect benefit of the undersigned and members of the undersigned’s immediately
        family, (iii) if the undersigned is a partnership or corporation or similar
        entity, distribute to partners or stockholders of the undersigned, in the
        case
        of (i), (ii) or (iii) so long as the transferees agree in writing to be bound
        by
        the terms of this agreement, or (iv) if the undersigned becomes or may become
        subject to the reporting requirements of Section 16 of the Exchange Act,
        enter
        into written trading plans designed to comply with Rule 10b5-1(c) of the
        Exchange Act, provided that no sales or other dispositions may occur under
        such
        plans until after the
        close
        of trading on the date 360 days after the effective date of the registration
        statement relating to the Offering. The undersigned also agrees and consents
        to
        the entry of stop transfer instructions with the Company’s transfer agent and
        registrar against the transfer of shares of Common Stock or securities
        convertible into or exchangeable or exercisable for Common Stock held by
        the
        undersigned except in compliance with the foregoing restrictions.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Notwithstanding
        the foregoing, for the purpose of allowing the Underwriters to comply with
        NASD
        Rule 2711(f)(4), if (1) during the last 17 days of the initial Lock-Up Period,
        the Company releases earnings results or material news or (2) prior to the
        expiration of the initial Lock-Up Period, the Company announces that it will
        release earnings results during the 16-day period beginning on the last day
        of
        the initial Lock-Up Period, then in each case the Lock-Up Period will be
        extended until the expiration of the 18-day period beginning on the date
        of
        release of the earnings results or material news, as applicable, unless
Marino
        Capital Partners, Inc. and US EURO Securities, Inc.
        waive,
        in writing, such extension.

       

      The
        undersigned hereby acknowledges and agrees that written notice of any waiver
        of
        the extension of the Lock-Up Period, if any, pursuant to the previous paragraph
        will be delivered by Marino
        Capital Partners, Inc. and US EURO Securities, Inc.
        to the
        Company and that any such notice properly delivered will be deemed to have
        been
        given to, and received by, the undersigned.

       

      With
        respect to the Offering only, the undersigned waives any registration rights
        relating to registration under the Securities
        Act of 1933, as amended,
        of any
        Common Stock owned either of record or beneficially by the undersigned,
        including any rights to receive notice of the Offering. In addition, the
        undersigned agrees that it will not, without the prior written consent of
        Marino
        Capital Partners, Inc. and US EURO Securities, Inc.,
        during
        the Lock-Up Period, as may be extended pursuant to the terms of this Lock-Up
        Agreement, make any demand for, or exercise any right with respect to, the
        registration of any shares of Common Stock or any securities convertible
        into or
        exchangeable or exercisable for shares of Common Stock.

       

      This
        agreement shall terminate and be of no further force or effect if (i) the
        Offering is not consummated on or before [___________] or (ii) the Underwriting
        Agreement among the Company, Marino Capital Partners, Inc. and US EURO
        Securities, Inc. (the “Underwriting Agreement”) terminates prior to the First
        Closing Date (as defined in the Underwriting Agreement).

       

      This
        agreement is irrevocable and will be binding on the undersigned and the
        respective successors, heirs, personal representatives, and assigns of the
        undersigned.

       

      

      

       

       

      
        

      

      Robert
        Y. LeeForm of Subscription Agreement

    Exhibit
      10.17

    

    SUBSCRIPTION
      AGREEMENT

    

    To
      U.S. Dry Cleaning Corporation:

    

    I
      am a
      resident of the State of California. I hereby certify that, by checking the
      applicable box below, I meet the suitability standard described:

    

    PLEASE
      CHECK AT LEAST ONE:

    

    
      	o  	
              I
                currently have a liquid net worth, meaning a net worth exclusive
                of home,
                home furnishings and automobile, of at least $250,000) plus estimated
                $65,000 gross income during the current tax
                year

            

    

    
      	o  	
              I
                currently have a liquid net worth, meaning a net worth exclusive
                of home,
                home furnishings and automobile, of at least $500,000
                

            

    

    
      	o  	
              I
                currently have a net worth inclusive of home, home furnishings and
                automobiles, of at least $1,000,000

            

    

    
      	o  	
              I
                currently have an annual gross income of at least
                $200,000

            

    

    

    I
      understand that U.S. Dry Cleaning Corporation and the underwriters will be
      relying on the above representations by me.

    

    I
      enclose
      herewith $____________ as payment for ___________ Units at $______ per Unit
      in
      the pending public offering of U.S. Dry Cleaning Corporation. Please issue
      my
      Units in following name(s):

    

    (Please
      Print)

    

    Name(s):
      ___________________ ___________________ ___________________

    

    As:
      (check one)

    

     ̈⁯
      Individual ⁯
       ̈
      Joint
      Tenancy   ̈⁯
Husband
      & Wife as community property

     ̈
      Tenants
      in Common  ̈⁯Corporation
       ⁯ ̈
      Trust  

     ̈⁭
Other:
      ______________________________________________

    

    My
      mailing address is:

    

    (P.O.
      Box
      not acceptable): ___________________________________________

    City:
      ____________________________________ State: ______ Zip/Post Code:
      ______

    Home
      Phone: ______________________ Work Phone: _________________________

    Social
      Security or Taxpayer ID Number(s): ________________
      __________________

    

    ******************************************

    No
      subscription is effective until accepted by the underwriter and the issuer.
      The
      undersigned understands that this subscription may be accepted or rejected
      in
      whole or in part by the underwriter or the issuer in their sole discretion
      and
      that this subscription is and shall be irrevocable the underwriter or the issuer
      for any reason reject this subscription.

    *******************************************

    

    

    ______________________________________          _______________________________

    Subscriber
      Signature             Date

    

    ______________________________________          _______________________________

    Subscriber
      Signature             Date

    

    Subscription
      Accepted by Underwriter:

    

    

    ______________________________________         ________________________________

    BY:                
Date

    ITS:

     

    Subscription
      Accepted by U.S. Dry Cleaning Corporation:

    

    

    ___________________________________________              _______________________

    BY:
      Robert Y. Lee                    Date

    ITS:
      Chief Executive Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}]]