Document:

Exhibit 10.8

           ,
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 10
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 immediately thereafter (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

 

1

 

any reason whatsoever. 
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 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.

 

2

 

10.           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.

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.

 

3

 

	
   

  	
   

  
	
   

  	
  Francis Jenkins, III

  

 

 

 

 

	
  Accepted and agreed:

  	
   

  
	
  Shermen WSC Acquisition Corp.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
  Name:

  	
  G. Kenneth Moshenek

  	
   

  
	
  Title:

  	
  President and Chief Operating Office

  	
   

  
				

 

4Exhibit 10.9

STOCK ESCROW AGREEMENT

STOCK ESCROW AGREEMENT, dated
as of [               ],
2006 (“Agreement”), by and among SHERMEN WSC ACQUISITION CORP., a Delaware corporation
(“Company”), JOHN E. TOFFOLON, JR., JOSEPH F. PROCHASKA, DONALD D. POTTINGER and
SHERMEN WSC HOLDING LLC (collectively “Initial Stockholders”) and CONTINENTAL
STOCK TRANSFER & TRUST COMPANY, a New York corporation (“Escrow Agent”).

WHEREAS, the Company has entered
into an Underwriting Agreement, dated [May] [    ], 2006 (“Underwriting
Agreement”), with CRT Capital Group LLC (the “Underwriter”), pursuant
to which, among other matters, the Underwriter has agreed to purchase 20,000,000
units (“Units”) of the Company.  Each Unit
consists of one share of the Company’s Common Stock, par value $.0001 per share,
and two Warrants, each Warrant to purchase one share of Common Stock, all as more
fully described in the Company’s final Prospectus, dated
[                 ],
2006 (“Prospectus”) comprising part of the Company’s Registration Statement on Form
S-1 (File No. 333-133869) under the Securities Act of 1933, as amended (“Registration
Statement”), declared effective on
[                    ],
2006 (“Effective Date”).

WHEREAS, the Initial Stockholders
have agreed as a condition of the sale of the Units to deposit their shares of Common
Stock of the Company, as set forth opposite their respective names in Exhibit A
attached hereto (collectively “Escrow Shares”), in escrow as hereinafter
provided.

WHEREAS, the Company and the
Initial Stockholders desire that the Escrow Agent accept the Escrow Shares, in escrow,
to be held and disbursed as hereinafter provided.

IT IS AGREED:

1.             Appointment of Escrow Agent.  The Company and the Initial Stockholders hereby
appoint the Escrow Agent to act in accordance with and subject to the terms of this
Agreement and the Escrow Agent hereby accepts such appointment and agrees to act
in accordance with and subject to such terms.

2.             Deposit of Escrow Shares.  On or before the Effective Date, each of the Initial
Stockholders shall deliver to the Escrow Agent certificates representing his respective
Escrow Shares, to be held and disbursed subject to the terms and conditions of this
Agreement.  Each Initial Stockholder acknowledges
that the certificate representing his Escrow Shares is legended to reflect the deposit
of such Escrow Shares under this Agreement.

3.             Disbursement of the Escrow Shares.  The Escrow Agent shall hold the Escrow Shares
until the third anniversary of the Effective Date (“Escrow Period”), on which
date it shall, upon written instructions from each Initial Stockholder, disburse
each of the Initial Stockholder’s Escrow Shares to such Initial Stockholders; provided,
however, that if the Escrow Agent is notified by the Company pursuant to Section
6.7 hereof that the Company is being liquidated at any time during the Escrow Period,
then the Escrow Agent shall promptly destroy the certificates representing the Escrow
Shares; provided further, however, that if, after the Company consummates a Business
Combination (as such term is defined in the Registration Statement), it (or the
surviving entity) subsequently consummates a liquidation, merger, stock exchange
or

 

 

 

other similar transaction which
results in all of the stockholders of such entity having the right to exchange their
shares of Common Stock for cash, securities or other property, then the Escrow Agent
will, upon receipt of a certificate, executed by the Chief Executive Officer or
Chief Financial Officer of the Company, in form reasonably acceptable to the Escrow
Agent, that such transaction is then being consummated, and release the Escrow Shares
to the Initial Stockholders upon consummation of the transaction so that they can
similarly participate.  The Escrow Agent shall
have no further duties hereunder after the disbursement or destruction of the Escrow
Shares in accordance with this Section 3.

4.             Rights of Initial Stockholders in Escrow
Shares.

4.1.          Voting Rights as a Stockholder.  Subject to the terms of the Insider Letter described
in Section 4.4 hereof and except as herein provided, the Initial Stockholders shall
retain all of their rights as stockholders of the Company during the Escrow Period,
including, without limitation, the right to vote such shares.

4.2.          Dividends and Other Distributions in
Respect of the Escrow Shares.  During
the Escrow Period, all dividends payable in cash with respect to the Escrow Shares
shall be paid to the Initial Stockholders, but all dividends payable in stock or
other non-cash property (“Non-Cash Dividends”) shall be delivered to the
Escrow Agent to hold in accordance with the terms hereof.  As used herein, the term “Escrow Shares”
shall be deemed to include the Non-Cash Dividends distributed thereon, if any.

4.3.          Restrictions on Transfer.  During the Escrow Period, no sale, transfer or
other disposition may be made of any or all of the Escrow Shares except (i) by gift
to a member of Initial Stockholder’s immediate family or to a trust, the beneficiary
of which is an Initial Stockholder or a member of an Initial Stockholder’s immediate
family, (ii) by virtue of the laws of descent and distribution upon death of any
Initial Stockholder, or (iii) pursuant to a qualified domestic relations order;
provided, however, that such permissive transfers may be implemented
only upon the respective transferee’s written agreement to be bound by the terms
and conditions of this Agreement (including, without limitation, the transfer
restriction set forth in this section 4.3) and of the Insider Letter signed by the
Initial Stockholder transferring the Escrow Shares.  During the Escrow Period, the Initial Stockholders
shall not pledge or grant a security interest in the Escrow Shares or grant a security
interest in their rights under this Agreement.

4.4.          Insider Letters.  Each of the Initial Stockholders has executed
a letter agreement with the Company, dated as indicated on Exhibit A hereto, and
which is filed as an exhibit to the Registration Statement (“Insider Letter”),
respecting the rights and obligations of such Initial Stockholder in certain events,
including but not limited to the liquidation of the Company.

5.             Concerning the Escrow Agent.

5.1.          Good Faith Reliance.  The Escrow Agent shall not be liable for any action
taken or omitted by it in good faith and in the exercise of its own best judgment,
and 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
Escrow Agent), 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

 

2

 

 

therein contained) which is believed
by the Escrow Agent to be genuine and to be signed or presented by the proper person
or persons.  The Escrow Agent shall not be
bound by any notice or demand, or any waiver, modification, termination or rescission
of this Agreement unless evidenced by a writing delivered to the Escrow Agent signed
by the proper party or parties and, if the duties or rights of the Escrow Agent
are affected, unless it shall have given its prior written consent thereto.

5.2.          Indemnification.  The Escrow Agent shall be indemnified and held
harmless by the Company from and against any expenses, including counsel fees and
disbursements, or loss suffered by the Escrow Agent in connection with any action,
suit or other proceeding involving any claim which in any way, directly or indirectly,
arises out of or relates to this Agreement, the services of the Escrow Agent hereunder,
or the Escrow Shares held by it hereunder, other than expenses or losses arising
from the gross negligence or willful misconduct of the Escrow Agent.  Promptly after the receipt by the Escrow Agent
of notice of any demand or claim or the commencement of any action, suit or proceeding,
the Escrow Agent shall notify the other parties hereto in writing.  In the event of the receipt of such notice, the
Escrow Agent, in its sole discretion, may commence an action in the nature of interpleader
in an appropriate court to determine ownership or disposition of the Escrow Shares
or it may deposit the Escrow Shares with the clerk of any appropriate court or it
may retain the Escrow Shares pending receipt of a final, non-appealable order of
a court having jurisdiction over all of the parties hereto directing to whom and
under what circumstances the Escrow Shares are to be disbursed and delivered.  The provisions of Sections 5.2 and 5.7 shall survive
in the event the Escrow Agent resigns or is discharged pursuant to Sections 5.5
or 5.6 below.

5.3.          Compensation.  The Escrow Agent shall be entitled to reasonable
compensation from the Company for all services rendered by it hereunder.  The Escrow Agent shall also be entitled to reimbursement
from the Company for all expenses paid or incurred by it in the administration of
its duties hereunder including, but not limited to, all counsel, advisors’ and agents’
fees and disbursements and all taxes or other governmental charges.

5.4.          Further Assurances.  From time to time on and after the date hereof,
the Company and the Initial Stockholders shall deliver or cause to be delivered
to the Escrow Agent such further documents and instruments and shall do or cause
to be done such further acts as the Escrow Agent shall reasonably request to carry
out more effectively the provisions and purposes of this Agreement, to evidence
compliance herewith or to assure itself that it is protected in acting hereunder.

5.5.          Resignation.  The Escrow Agent may resign at any time and be
discharged from its duties as escrow agent hereunder by its giving the other parties
hereto written notice and such resignation shall become effective as hereinafter
provided.  Such resignation shall become effective
at such time that the Escrow Agent shall turn over to a successor escrow agent appointed
by the Company, the Escrow Share held hereunder.  If no new escrow agent is so appointed within
the 60 day period following the giving of such notice of resignation, the Escrow
Agent may deposit the Escrow Shares with any court it reasonably deems appropriate.

5.6.          Discharge of Escrow Agent.  The Escrow Agent shall resign and be discharged
form its duties as escrow agent hereunder if so requested in writing at any time
by the Company and a majority of the Initial Shareholders, jointly, provided, however,
that such

 

 

3

 

 

resignation shall become effective
only upon acceptance of appointment by a successor escrow agent as provided in Section
5.5.

5.7.          Liability.  Notwithstanding anything herein to the contrary,
the Escrow Agent shall not be relieved from liability hereunder for its own gross
negligence or its own willful misconduct.

5.8.          Trust Fund Waiver.  The Escrow Agent has no right, title, interest,
or claim of any kind (“Claim”) in or to any monies in the Trust Account (as
defined in that certain Investment Management Trust Agreement, dated as of [May]
[   ], 2006 by and between the Company and Continental Stock Transfer
& Trust Company, as trustee of the Trust Account), and hereby waives any Claim
it may have in the future in or to any monies in the Trust Account, and hereby agrees
not to seek recourse, reimbursement, payment or satisfaction for any Claim against
the Trust Account for any reason whatsoever.

6.             Miscellaneous.

6.1.          Governing Law.  This Agreement shall for all purposes be deemed
to be made under and shall be construed in accordance with the laws of the State
of New York.

6.2.          Third Party Beneficiaries.  Each of the Initial Stockholders and the
Escrow Agent hereby acknowledges that the Underwriter is a third party beneficiary
of this Agreement and this Agreement may not be modified or changed without the
prior written consent of the Underwriter.

6.3.          Entire Agreement.  This Agreement contains the entire agreement of
the parties hereto with respect to the subject matter hereof and, except as expressly
provided herein, may not be changed or modified except by an instrument in writing
signed by the party to be charged.

6.4.          Headings.  The headings contained in this Agreement are for
reference purposes only and shall not affect in any the meaning or interpretation
thereof.

6.5.          Binding Effect.  This Agreement shall be binding upon and inure
to the benefit of the respective parties hereto and their legal representatives,
successors and assigns.

6.6.          Notices.  Any notice or other communication required or
which may be given hereunder shall be in writing and either be delivered personally
or be mailed, certified or registered mail, or by private national courier service,
return receipt requested, postage prepaid, and shall be deemed given when so delivered
personally or, if mailed, two days after the date of mailing, as follows:

 

If
to the Company, to

 

Shermen
WSC Acquisition Corp.

c/o
The Shermen Group

1251
Avenue of the Americas, Suite 900

New
York, NY  10020

 

4

 

Attn:  Francis P. Jenkins, Chairman and Chief
Executive Officer

 

If
to a Stockholder, to his address set forth in Exhibit A.

 

and
if to the Escrow Agent, to:

 

Continental
Stock Transfer & Trust Company

17
Battery Place

New
York, NY  10004

Attn:  Steven Nelson, Chairman and President

 

A
copy of any notice sent hereunder shall be sent to:

 

CRT
Capital Group LLC

262
Harbor Drive

Stanford,
CT 06902

Attn:  Christopher Chase, Managing Director

 

and:

 

Bingham
McCutchen LLP

399
Park Avenue

New
York, NY 10022

Attn:  Floyd Wittlin, Esq.

 

and:

Dechert
LLP

30
Rockefeller Plaza

New
York, NY  10112

Attn:  Gerald
Adler, Esq.

The parties may change the persons
and addresses to which the notices or other communications are to be sent by giving
written notice to any such change in the manner provided herein for giving notice.

6.7.          Liquidation of Company.  The Company shall give the Escrow Agent written
notification of the liquidation and dissolution of the Company in the event that
the Company fails to consummate a Business Combination within the time period(s)
specified in the Prospectus.

 

5

 

WITNESS the execution of this
Agreement as of the date first above written:

	
   

  	
   

  	
  SHERMEN WSC ACQUISITION
  CORP.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name: G. Kenneth
  Moshenek,

  
	
   

  	
   

  	
  Title:   President
  and Chief Operating Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  INITIAL STOCKHOLDERS:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  JOHN E. TOFFOLON, JR.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  JOSEPH F. PROCHASKA

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  DONALD D. POTTINGER

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SHERMEN WSC HOLDING LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  Shermen Capital Partners,
  LLC, its Managing Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Francis P. Jenkins, Jr

  
	
   

  	
   

  	
  Title:

  	
  Managing Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CONTINENTAL STOCK TRANSFER
  & TRUST COMPANY

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
						

 

 

6

 

 

EXHIBIT A

 

 

 

	
  Name and Address of

  Initial Stockholder

  	
   

  	
  Number

  of Shares

  	
   

  	
  Stock

  Certificate

  Number

  	
   

  	
  Date of

  Insider

  Letter

  	
   

  
	
  John E. Toffolon, Jr.

  	
   

  	
  25,000

  	
   

  	
  1

  	
   

  	
  , 2006

  	
   

  
	
  Joseph F. Prochaska

  	
   

  	
  25,000

  	
   

  	
  2

  	
   

  	
  , 2006

  	
   

  
	
  Donald D. Pottinger

  	
   

  	
  25,000

  	
   

  	
  3

  	
   

  	
  , 2006

  	
   

  
	
  Shermen WSC Holding LLC

  	
   

  	
  4,925,000

  	
   

  	
  4

  	
   

  	
  , 2006

  	
   

  

 

 

7

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