Document:

Exhibit 10.5 

FORM OF INVESTMENT
MANAGEMENT TRUST AGREEMENT 

        This
Agreement is made as of _____________, 2007 by and between Hanover-STC
Acquisition Corp. (“Company”) and Continental Stock Transfer & Trust Company
(“Trustee”).  

        WHEREAS,
the Company’s registration statement on Form S-1, No. 333 _____ (“Registration
Statement”), for its initial public offering of securities (“IPO”) has been declared
effective as of the date hereof (“Effective Date”) by the Securities and Exchange
Commission (capitalized terms used herein and not otherwise defined shall have the
meanings set forth in the Registration Statement); and  

        WHEREAS,
Citigroup Global Markets Inc. (“Citigroup”) is acting as the representative of the
underwriters in the IPO (the “Underwriters”); and  

        WHEREAS,
as described in the Registration Statement, and in accordance with the Company’s
Certificate of Incorporation, $146,625,000 of the gross proceeds of the IPO, including
certain deferred underwriting discounts and commissions and proceeds from the sale of the Sponsors’
Warrants (or $168,225,000 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 holders of the Company’s common stock, par value
$.0001 per share, issued in the IPO as hereinafter provided (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”);  

        WHEREAS,
pursuant to the Underwriting Agreement, a portion of the Property equal to $4.5  million
($5.2 million, if the underwriters’ over-allotment option is exercised in full) (or the
amount specified in a notice pursuant to Paragraph 2(e) hereof) is attributable to
deferred underwriting commissions that will become payable by the Company to Citigroup
upon the consummation of an Initial Business Combination (as defined in the Registration
Statement) (the “Deferred Discount”); 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; 

                (b)
Manage, supervise and administer the Trust Account subject to the terms and conditions
set forth herein; 

 
	 	
	 

                (c)
In a timely manner, upon the instruction of the Company, to invest and reinvest the
Property in United States “government securities” within the meaning of Section 2(a)(16)
of the Investment Company Act of 1940 having a maturity of 180 days or less, and/or in
any open ended investment company registered under the Investment Company Act of 1940
that holds itself out as a money market fund selected by the Company meeting the
conditions of paragraphs (c)(2), (c)(3) and (c)(4) of Rule 2a-7 promulgated under the
Investment Company Act of 1940, as determined by the Company; 

                (d)
Collect and receive, when due, all principal and income arising from the Property, which
shall become part of the “Property,” as such term is used herein; 

                (e)
Notify the Company and Citigroup 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 for the Trust Account; 

                (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 and/or Citigroup to
do so; 

                (h)
Render to the Company and to Citigroup, 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; and 

                (i)
Commence liquidation of the Trust Account only after and promptly after receipt of, and
only in accordance with, the terms of a letter (“Termination Letter”), in a form
substantially similar to that attached hereto as either Exhibit A or Exhibit B hereto,
signed on behalf of the Company by its Chief Executive Officer, Chief Financial Officer,
Secretary or Assistant Secretary or other authorized officer of the Company, 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;
provided, however, that in the event that a Termination Letter has not been received by
the Trustee by the 24-month anniversary of the effective date of the Registration
Statement (“Last Date”), the Trust Account shall be liquidated in accordance with the
procedures set forth in the Termination Letter attached as Exhibit B hereto and
distributed to the stockholders of record on the Last Date. In all cases, the Trustee
shall provide Citigroup with a copy of any Termination Letters and/or any other
correspondence that it receives with respect to any proposed withdrawal from the Trust
Account promptly after it receives same. The provisions of this Section 1(i) may not be
modified, amended or deleted under any circumstances.  

        2.
Limited Distributions of Income from Trust Account.  

        (a)
Upon written request from the Company, which may be given from time to time in a form
substantially similar to that attached hereto as Exhibit C, the Trustee shall distribute
to the Company the amount requested by the Company to cover any income or  

 
	 	
-2-	 

franchise tax obligation owed by the
Company as a result of interest or other income earned on the funds held in the Trust
Account; 

                (b)
Upon written request from the Company, which may be given from time to time in a form
substantially similar to that attached hereto as Exhibit D, the Trustee shall distribute
to the Company the amount requested by the Company to cover expenses related to
investigating and selecting a target business and other working capital requirements;
provided, however, that the aggregate amount of all such distributions shall not exceed
$1,825,000; and 

                (c)
The limited distributions referred to in Sections 2(a) and 2(b) above shall be made only
from income collected on the Property. Except as provided in Section 2(a) and 2(b) above,
no other distributions from the Trust Account shall be permitted except in accordance
with Section 1(i) hereof. 

        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 Chief
Executive Officer, Chief Financial Officer or other authorized officer. In addition,
except with respect to its duties under paragraphs 1(i), 2(a) and 2(b) 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 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 Trustee may not agree to settle any Indemnified
Claim without the prior written consent of the Company unless such settlement includes a
full release of the Company with respect to such Indemnified Claim. 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 2 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 unless and until it is
distributed to the Company pursuant to Section 2. The Company shall pay the Trustee the
initial  

 
	 	
-3-	 

acceptance fee and first year’s fee
at the consummation 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)
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/or tabulating stockholder votes (which
firm may be the Trustee) verifying the vote of the Company’s stockholders regarding such
Business Combination; and 

                (e)
Within five business days after Citigroup’s over-allotment option (or any unexercised
portion thereof) expires or is exercised in full, provide the Trustee with a notice in
writing (with a copy to Citigroup) of the total amount of the Deferred Discount, which
shall in no event be less than $4,500,000. 

        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 paragraphs 1 and
2 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 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 paragraph 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; 

                (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, 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  

 
	 	
-4-	 

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 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; and 

                (h)
File information returns with the United States Internal Revenue Service and payee
statements with the Company, documenting the taxes payable by the Company, if any,
relating to interest earned on the Property. 

        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 any court in the State of New York or
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; or 

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

 
	 	
-5-	 

                (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 conflicts of law principles that
would result in the application of the substantive laws of another jurisdiction. It may
be executed in several original or facsimile counterparts, each one of which shall
constitute an original, and together shall constitute but one instrument. 

                (c)
This Agreement contains the entire agreement and understanding of the parties hereto with
respect to the subject matter hereof. Except for Section 1(i) (which may not be amended
under any circumstances), this Agreement or any provision hereof may only be changed,
amended or modified by a writing signed by each of the parties hereto; provided, however,
that no such change, amendment or modification may be made without the prior written
consent of the Public Stockholders, it being the specific intention of the parties
hereto that each Public Stockholder is and shall be a third-party beneficiary of this
paragraph 6(c) with the same right and power to enforce this paragraph 6(c) as either of
the parties hereto, and provided, further, that this Agreement may not be changed,
waived, amended or modified in such a manner as to adversely affect the right of the
Underwriters to receive the Deferred Discount as contemplated herein without the written
consent of Citigroup. For purposes of this paragraph 6(c), the “consent of the Public
Stockholders” shall mean receipt by the Trustee of a certificate from an entity
certifying that (i) such entity regularly engages in the business of serving as inspector
of elections for companies whose securities are publicly traded, and (ii) either (a) 70%
of the Public Stockholders of record as of a record date established in accordance with
Section 213(a) of the Delaware General Corporation Law, as amended (the “DGCL”), have
voted in favor of such amendment or modification or (b) 70% of the Public Stockholders of
record as of a record date established in accordance with Section 213(b) of the DGCL have
delivered to such entity a signed writing approving such amendment or modification. 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 jurisdiction and venue of any state or federal court
located in the City of New York, Borough of Manhattan, 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
                                                      

      New York, New York 10004 

                                                     Attn:    Steven G. Nelson
                                                      

      Fax No.:  (212) 509-5150
	 	 	 	 
	 	if to the Company, to:	 	Hanover-STC Acquisition Corp.
                                                      

      590 Madison Avenue, 35thFloor 

                                                     New York, New York  10027
                                                      

      Attn:    Chief Executive Officer

 

	 	
-6-	 

	   	in either case, 

      with a copy to:	   	                     

      Citigroup Global Markets Inc. 

                                                     388 Greenwich Street
                                                      

      New York, New York  10013
                                       

      Attn: 

                                                     Fax No.:  (___) ___-____
	 	 	 	 
	 	          and	 	Akin Gump
Strauss Hauer & Feld LLP                                                       

      590 Madison
Avenue                                                       

      New York, New York  10022 

                                                     Attn:    Bruce Mendelsohn, Esq.
                                                      

      Fax No.:  (212) 872-1002

                (f)
This Agreement may not be assigned by the Trustee without the prior consent of the
Company and Citigroup. 

                (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 funds in the Trust Account under any
circumstance. 

                (h)
Each of the Company and the Trustee hereby acknowledge that Citigroup is a third party
beneficiary of this Agreement. 

[SIGNATURE PAGE
FOLLOWS] 

 
	 	
-7-	 

        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:  
____________________________
	 	 
	 	HANOVER-STC ACQUISITION CORP.
	 	 
	 	By:         ____________________________ 

                                                                                                               Name:
 ____________________________
                                                                                                              

      Title:
   ____________________________

   

	 	
S-1	 

SCHEDULE A 

  	
        

      
	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	$3,000
	Transaction processing fee 

         for disbursements to 

         Company under Section 2	 	Deduction by Trustee from accumulated 

         income following disbursement made to 

         Company under Section 2 	$250
	
        

      

  

   

	 	
Schedule A	 

EXHIBIT A 

[Letterhead of Company] 

[Insert date] 

Continental Stock Transfer & Trust
Company 
17 Battery Place 
New York, New York  10004 
Attn: Steven Nelson 

	 	         Re:  	  	Trust
Account No. ________ Termination Letter 

Gentlemen: 

        Pursuant
to paragraph 1(i) of the Investment Management Trust Agreement between Hanover-STC
Acquisition Corp. (“Company”) and Continental Stock Transfer & Trust Company (“Trustee”),
dated as of __________, 2007 (“Trust Agreement”), this is to advise you that the Company
has entered into an agreement (“Business Agreement”) with __________________ (“Target
Business”) to consummate a business combination with Target Business (“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
(“Consummation Date”).  

        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
funds held in the Trust Account will be immediately available for transfer to the account
or accounts that the Company shall direct 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 (“Counsel’s Letter”),
(ii) the Company shall deliver to you (a) [an affidavit] [a certificate] of
__________________, which verifies the vote of the Company’s stockholders in connection
with the Business Combination and (b) written instructions with respect to the transfer
of the funds held in the Trust Account other than the Deferred Discount (“Instruction
Letter”) and (iii) Citigroup shall deliver to you written instructions for delivery of
the Deferred Discount. 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, to (a) Public Stockholders who exercised their conversion rights in
connection with the initial Business Combination, in an amount equal to their pro rata
share of the amounts in the Trust Account as of two business days prior to the
consummation date of the Business Combination  (including the Deferred Discount and any income actually received on
the Trust Account balance and held in the Trust Account, but less an amount equal to
estimated taxes that are or will be due on such income at an assumed rate of [40]%); (b)
to Citigroup in an amount equal to the Deferred Discount as so directed by them, and (c)
the remainder, in accordance with the terms of the Instruction Letter. In the event that
certain deposits held in the  

 
	 	
Exhibit A	 

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
distributed after the Consummation Date to the Company. Upon the distribution of all the
funds in the Trust Account pursuant to the terms hereof, the Trust Agreement shall be
terminated and the Trust Account closed. 

        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, 

      

	 	 
	 	
      HANOVER-STC ACQUISITION CORP.  

      

	 	 
	 	By:      _____________________
                                                                                                               

      Name:
  _____________________
                                                                                                              

      Title:   _____________________

 

	cc:  	  	Citigroup
Global Markets Inc. 

 
	 	
Exhibit A	 

EXHIBIT B 

[Letterhead of Company] 

[Insert date] 

Continental Stock Transfer & Trust
Company 
17 Battery Place 
New York, New York  10004 
Attn:    Steven Nelson 

	 	         Re:  	  	Trust
Account No. ________ Termination Letter 

Gentlemen: 

        Pursuant
to paragraph 1(i) of the Investment Management Trust Agreement between Hanover-STC
Acquisition Corp. (“Company”) and Continental Stock Transfer & Trust Company (“Trustee”),
dated as of ___________, 2007 (“Trust Agreement”), this is to advise you that the Company
has been unable to effect a Business Combination with a Target Company within the time
frame specified in the Company’s Certificate of Incorporation, as described in the
Company’s prospectus relating to its IPO. 

        In
accordance with the terms of the Trust Agreement, we hereby authorize you, to commence
liquidation of the Trust Account as promptly as practicable to stockholders of record on
the Last Date (as defined in the Trust Agreement). You will notify the Company in writing
as to when all of the funds in the Trust Account will be available for immediate transfer
(“Transfer Date”) in accordance with the terms of the Trust Agreement and the Certificate
of Incorporation of the Company. You shall commence distribution of such funds in
accordance with the terms of the Trust Agreement and the Certificate of Incorporation of
the Company 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. 

	   	
      Very truly yours, 

      

	 	 
	 	
      HANOVER-STC ACQUISITION CORP.  

      

	 	 
	 	By:      _____________________
                                                                                                               

      Name:
  _____________________
                                                                                                              

      Title:   _____________________

 

	cc:  	  	Citigroup
Global Markets Inc. 

 
	 	
Exhibit B	 

EXHIBIT C 

[Letterhead of Company] 

[Insert date] 

Continental Stock Transfer & Trust
Company 
17 Battery Place 
New York, New York  10004 
Attn:    Steven Nelson 

	 	         Re:  	  	Trust
Account No. ________ 

Gentlemen: 

        Pursuant
to paragraph 2(a) of the Investment Management Trust Agreement between Hanover-STC
Acquisition Corp. (“Company”) and Continental Stock Transfer & Trust Company (“Trustee”),
dated as of ___________, 2007 (“Trust Agreement”), this is to advise you that the Company
hereby requests that you deliver to the Company $_______ of the income earned on the
Property as of the date hereof. The Company needs such funds to pay for the tax
obligations as set forth on the attached tax return or tax statement. In accordance with
the terms of the Trust Agreement, you are hereby directed and authorized to transfer (via
wire transfer) such funds promptly upon your receipt of this letter to the Company’s
operating account at:  

[WIRE INSTRUCTION
INFORMATION] 

	   	
      Very truly yours, 

      

	 	 
	 	
      HANOVER-STC ACQUISITION CORP.  

      

	 	 
	 	By:      _____________________
                                                                                                               

      Name:
  _____________________
                                                                                                              

      Title:   _____________________

 
	 	
Exhibit C	 

EXHIBIT D 

[Letterhead of Company] 

[Insert date] 

Continental Stock Transfer & Trust
Company 
17 Battery Place 
New York, New York  10004 
Attn:    Steven Nelson 

	 	         Re:  	  	Trust
Account No. ________ 

Gentlemen: 

        Pursuant
to paragraph 2(b) of the Investment Management Trust Agreement between Hanover-STC
Acquisition Corp. (“Company”) and Continental Stock Transfer & Trust Company (“Trustee”),
dated as of ___________, 2007 (“Trust Agreement”), this is to advise you that the Company
hereby requests that you deliver to the Company $_______ of the income earned on the
Property as of the date hereof, which does not exceed, in the aggregate with all such
prior disbursements pursuant to paragraph 2(b), if any, the maximum amount set forth in
paragraph 2(b). The Company needs such funds to cover its expenses relating to
investigating and selecting a target business and other working capital requirements. In
accordance with the terms of the Trust Agreement, you are hereby directed and authorized
to transfer (via wire transfer) such funds promptly upon your receipt of this letter to
the Company’s operating account at: 

[WIRE INSTRUCTION
INFORMATION] 

	   	
      Very truly yours, 

      

	 	 
	 	
      HANOVER-STC ACQUISITION CORP.  

      

	 	 
	 	By:      _____________________
                                                                                                               

      Name:
  _____________________
                                                                                                              

      Title:   _____________________

 

	cc:  	  	Citigroup
Global Markets Inc. 

 
	 	
Exhibit
D	 

EXHIBIT E 

  		
	
        

    
	AUTHORIZED INDIVIDUAL(S) FOR TELEPHONE  

        CALL BACK	 	AUTHORIZED TELEPHONE 

         NUMBER(S)
	
        

    
	Company:	 	(212) 409-2434
	 	 	 
	Hanover-STC Acquisition Corp. 

         590 Madison Avenue, 35th Floor 

         New York, New York 10022  

        Attn: Chief Executive Officer	 	 
	
        

    
	Trustee:	 	(212) 845-3200
	 	 	 
	
        Continental Stock Transfer & Trust Company   

        17 Battery Place 

        New York, New York 10004  

        Attn: Steven G. Nelson, Chairman	 	 
	
        

    

  

   

	 	
Exhibit EExhibit 10.7 

HANOVER-STC
ACQUISITION CORP. 

______________, 2007

 

Hanover Group US 

____________________________________ 

____________________________________ 

Gentlemen: 

        This
letter will confirm our agreement that, commencing on the effective date (“Effective
Date”) of the registration statement for the initial public offering (“IPO”)
of the securities of Hanover-STC Acquisition Corp. (“HAC”) and continuing until
the earlier of (i) the consummation by HAC of a “Business Combination” or (ii)
HAC’s liquidation (in each case as described in HAC’s IPO prospectus) (such
earlier date hereinafter referred to as the “Termination Date”), Hanover Group
US shall make available to HAC certain office space, utilities and secretarial support as
may be required by HAC from time to time, located at [___________________] (or any
successor location). In exchange therefor, HAC shall pay Hanover Group US the sum of
$10,000 per month on the Effective Date and continuing monthly thereafter until the
Termination Date. In connection herewith Hanover Group US has executed a waiver
substantially in the form of Exhibit [_] to the underwriting agreement executed by HAC in
connection with the IPO.  

	  	
Very
truly yours, 

	  	
HANOVER-STC
ACQUISITION CORP. 

	  	
By:
                                                                                                 ___________________________

      Name:
                                                                                               _________________________

      Title: __________________________ 

AGREED TO AND ACCEPTED BY: 

HANOVER GROUP US 

By:
                                             ___________________________

  Name:
                                           _________________________

  Title: __________________________

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}]]