Document:

Exhibit 10.1

 

[                           ],
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 XII 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.

 

(5) The undersigned agrees
to indemnify and hold harmless the Company against any and all loss, liability,
claims, damage and expense whatsoever (including, but not limited to, any and
all legal or other expenses reasonably incurred in investigating, preparing or
defending against any litigation, whether pending or threatened, or any claim
whatsoever) to which the Company may become subject as a result of any claim by
any vendor, prospective target business or other entity that is owed money by
the Company for services rendered or products sold to us or the claims of any
target businesses, subject to the following limitations: (i) such
indemnification will only be made insofar as the Company did not obtain a
waiver from such party of such party’s rights or claims to the Trust Account,
(ii) such indemnification will be made only to the extent necessary to ensure
that such loss, liability, claim, damage or expense does not reduce the amount
in the Trust Account (as defined in the Letter of Intent) below the amount
necessary in order for each holder of IPO Shares to receive a liquidation
amount of at least $5.85 per IPO Share owned by such holder, and (iii) such
indemnity shall be limited to the extent of the undersigned’s pro rata
beneficial ownership of the Company immediately prior to the IPO.

 

II. In
order to minimize potential conflicts of interest which may arise from multiple
affiliations, the undersigned agrees to present to the Company for its
consideration, prior to presentation to any other person or entity, any
suitable opportunity to acquire an operating business, until the earlier of (i)
the consummation by the Company of a Business Combination, (ii) the dissolution
of the Company or (iii) such time as the undersigned ceases to be an officer or
director of the Company, subject to any pre-existing fiduciary and contractual
obligations the undersigned might have.

 

III. 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 unless the Company obtains an opinion from an independent
investment banking firm which is a member of the National Association of Securities
Dealers, Inc. and is reasonably acceptable to Maxim that the Business
Combination is fair to the Company’s stockholders from a financial perspective.

 

IV.
(1) Neither the undersigned, any member of the family of the undersigned, nor
any affiliate of the undersigned (“Affiliate”)
will be entitled to receive, and no such person will accept, any compensation
for services rendered to the Company prior to the consummation of a Business
Combination.

 

2

 

(2) The undersigned shall be entitled to reimbursement
from the Company for his out-of-pocket expenses incurred in connection with
seeking and consummating a Business Combination.

 

V. Neither
the undersigned, any member of the family of the undersigned, nor any Affiliate
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 originates a Business Combination.

 

VI.
(1) The undersigned agrees to be the [officer title] and a director of the
Company until the earlier of the consummation of a Business Combination or the
dissolution of the Company. The undersigned agrees to not resign (or advise the
Board that the undersigned declines to seek re-election to the Board of
Directors) from his position as officer and/or director of the Company as set
forth in the Registration Statement without the prior consent of Maxim until
the earlier of the consummation by the Company of a Business Combination,
liquidation of the Trust Account, or the dissolution of the Company. The
undersigned acknowledges that the foregoing does not interfere with or limit in
any way the right of the Company to terminate the undersigned’s employment at
any time (subject to other contractual rights the undersigned may have) nor
confer upon the undersigned any right to continue in the employ of Company.

 

(2) The undersigned’s biographical information
furnished to the Company and Maxim and attached hereto as Exhibit A is true and
accurate in all respects, does not omit any material information with respect
to the undersigned’s background and contains all of the information required to
be disclosed pursuant to Item 401 of Regulation S-K, promulgated under the
Securities Act of 1933. The undersigned’s Questionnaire previously furnished to
the Company and Maxim is true and accurate in all respects as of the date first
written above.

 

(3) The undersigned represents and warrants that:

 

(a)
he is not subject to or a respondent in any legal action for, any
injunction relating to, or any 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) he 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) he 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.

 

VII. 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 the [officer title] and a director of the
Company.

 

3

 

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

 

IX. 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.

 

X. 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.

 

XI. 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.

 

XII. 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
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.

 

4

 

XIII. 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

  	
   

  

 

6

 

EXHIBIT
A

 

[biography]

 

7Exhibit 10.2

 

[                           ],
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 XII 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. In
order to minimize potential conflicts of interest which may arise from multiple
affiliations, the undersigned agrees to present to the Company for its
consideration, prior to presentation to any other person or entity, any
suitable opportunity to acquire an operating business, until the earlier of (i)
the consummation by the Company of a Business Combination, (ii) the dissolution
of the Company or (iii) such time as the undersigned ceases to be a director of
the Company, subject to any pre-existing fiduciary and contractual obligations
the undersigned might have.

 

III. 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 unless the Company obtains an opinion from an independent
investment banking firm which is a member of the National Association of
Securities Dealers, Inc. and is reasonably acceptable to Maxim that the
Business Combination is fair to the Company’s stockholders from a financial
perspective.

 

IV.
(1) Neither the undersigned, any member of the family of the undersigned, nor
any affiliate of the undersigned (“Affiliate”)
will be entitled to receive, and no such person will accept, any compensation
for services rendered to the Company prior to the consummation of a Business
Combination.

 

(2) The undersigned shall be entitled to reimbursement
from the Company for his out-of-pocket expenses incurred in connection with
seeking and consummating a Business Combination.

 

V. Neither
the undersigned, any member of the family of the undersigned, nor any Affiliate
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 originates a Business Combination.

 

VI.
(1) The undersigned agrees to be a director of the Company until the earlier of
the consummation of a Business Combination or the dissolution of the Company.
The undersigned agrees to not resign (or advise the Board that the undersigned
declines to seek re-election to the Board of Directors) from his position as
director of the Company as set forth in the Registration Statement without the prior
consent of Maxim until the earlier of the consummation by the Company of a
Business Combination, liquidation of the Trust Account, or the dissolution of
the 

 

2

 

Company. The
undersigned acknowledges that the foregoing does not interfere with or limit in
any way the right of the Company to terminate the undersigned’s employment at
any time (subject to other contractual rights the undersigned may have) nor
confer upon the undersigned any right to continue in the employ of Company.

 

(2) The undersigned’s biographical information
furnished to the Company and Maxim and attached hereto as Exhibit A is true and
accurate in all respects, does not omit any material information with respect
to the undersigned’s background and contains all of the information required to
be disclosed pursuant to Item 401 of Regulation S-K, promulgated under the
Securities Act of 1933. The undersigned’s Questionnaire previously furnished to
the Company and Maxim is true and accurate in all respects as of the date first
written above.

 

(3) The undersigned represents and warrants that:

 

(a)
he is not subject to or a respondent in any legal action for, any
injunction relating to, or any 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) he 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) he 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.

 

VII. 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.

 

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

 

IX. 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.

 

X. 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 

 

3

 

a Stock Escrow
Agreement which the Company will enter into with the undersigned and an escrow
agent acceptable to the Company.

 

XI. 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.

 

XII. 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 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.

 

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

 

[Signature Page to Follow]

 

4

 

	
   

  	
   

  	
   

  
	
   

  	
  Print
  Name of Insider

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Signature

  	
   

  

 

5

 

EXHIBIT
A

 

[biography]

 

6

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