Document:

January 10, 2008

Enterprise Acquisition Corp.

6800 Broken Sound Parkway

Boca Raton, Florida  33487

 

UBS Securities LLC

299 Park Avenue

New York, New York 10171

 

Ladenburg Thalmann & Co. Inc.

4400 Biscayne Blvd., 14th  Floor

Miami, Florida  33137

 

	
             
 	
            Re: 
 	
            Initial Public Offering 
 

Gentlemen:

The undersigned officer and stockholder of Enterprise Acquisition Corp. (“Company”), in consideration of UBS Securities LLC and Ladenburg Thalmann & Co. Inc. (collectively, the “Underwriters”) having agreed to underwrite an initial public offering of the securities of the Company (“IPO”) and having completed the IPO process, hereby agrees as follows (certain capitalized terms used herein are defined in paragraph 14 hereof):

1.            If the Company solicits approval of its stockholders of a Business Combination, the undersigned will vote all Insider Shares beneficially owned by him in accordance with the majority of the votes cast by the holders of the IPO Shares.

2.            In the event that the Company fails to consummate a Business Combination within 24 months from the effective date (“Effective Date”) of the registration statement relating to the IPO, the undersigned will (i) cause the Trust Fund to be liquidated and distributed to the holders of IPO Shares and (ii) take all reasonable actions within his power to cause the Company to liquidate as soon as reasonably practicable. The undersigned hereby waives any and all right, title, interest or claim of any kind in or to any distribution of the Trust Fund and any remaining net assets of the Company as a result of such liquidation with respect to the Insider Shares beneficially owned by him (“Claim”) and hereby waives any Claim the undersigned may have in the future as a result of, or arising
out of, any contracts or agreements with the Company and will not seek recourse against the Trust Fund for any reason whatsoever. 

3.            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 the consummation by the Company of a Business Combination, the liquidation of the Company or until such time as the undersigned ceases to be an officer of the Company, subject to any pre-existing fiduciary and contractual obligations the undersigned might have.

 

 

Enterprise Acquisition Corp.

UBS Securities LLC

Ladenburg Thalmann & Co. Inc.

__________, 2008

Page 2

 

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 unless the Company obtains an opinion from an independent investment banking firm reasonably acceptable to the Underwriters 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 (“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; provided that commencing on the Effective Date, Bell & Staton, Inc. (“Related Party”), shall be allowed to charge the Company $7,500 per month, to compensate it for certain general and administrative services including office space, utilities and secretarial support, as may be required by the Company from time to time. The Related Party and the undersigned shall also be entitled to reimbursement from the Company for their 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 all of the Insider Shares beneficially owned by him acquired prior to the IPO until one year after the consummation by the Company 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.

8.            The undersigned agrees to be the Chief Financial Officer of the Company until the earlier of the consummation by the Company of a Business Combination or the liquidation of the Company. The undersigned’s biographical information furnished to the Company and the Underwriters 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 furnished to the Company and the Underwriters and annexed as Exhibit B hereto is true and accurate in all respects. The undersigned represents and warrants that:

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

 

 

Enterprise Acquisition Corp.

UBS Securities LLC

Ladenburg Thalmann & Co. Inc.

__________, 2008

Page 3

 

(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.

9.            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 Chairman of the Board of the Company.

10.          The undersigned hereby waives his right to exercise conversion rights with respect to any shares of the Company’s common stock owned or to be owned by the undersigned, directly or indirectly, and agrees that he will not seek conversion with respect to such shares in connection with any vote to approve a Business Combination.

11.          The undersigned hereby agrees to not propose, or vote in favor of, an amendment to the Company’s Certificate of Incorporation to extend the period of time in which the Company must consummate a Business Combination prior to its liquidation. This paragraph may not be modified or amended under any circumstances.

12.          The undersigned authorizes any employer, financial institution, or consumer credit reporting agency to release to the Underwriters and its legal representatives or agents (including any investigative search firm retained by the Underwriters) any information they may have about the undersigned’s background and finances (“Information”). Neither the Underwriters 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.

13.          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 her arising out of or relating in any way to this letter agreement (a “Proceeding”) shall be brought and enforced in the courts of the State of New York of the United States of America for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive, (ii) waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum and (iii) irrevocably agrees to appoint
Akerman Senterfitt 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 the Underwriters and appoint a substitute agent acceptable to each of the Company and the Underwriters 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.

 

 

Enterprise Acquisition Corp.

UBS Securities LLC

Ladenburg Thalmann & Co. Inc.

__________, 2008

Page 4

 

14.          As used herein, (i) a “Business Combination” shall mean an acquisition by merger, capital stock exchange, asset or stock acquisition, reorganization or otherwise, of an operating business; (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 acquired by an Insider prior to the IPO; (iv) “IPO Shares” shall mean the shares of Common Stock issued in the Company’s IPO; and (v) “Trust Fund” shall mean the trust fund into which a portion of the net proceeds of the Company’s IPO will be deposited.

 

 

 

	
             
 	
            Ezra Shashoua
 	
             
 
	
             
 	
            Print Name of Insider
 	
             
 
	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 
	
             
 	
            /s/ Ezra Shashoua
 	
             
 
	
             
 	
            Signature
 	
             
 

 

 

 

 

 

 

 

 

 

Exhibit A

 

Mr. Shashoua joined Enterprise Acquisition Corp. in 2007. Previously, from 2003 to 2007, he was Executive Vice President and Chief Financial Officer of Cruzan International, Inc., a Florida based publicly held spirits company which owned the Cruzan Rum brand and various manufacturing plants. He was part of the management team that grew the long ignored Cruzan brand into a 700,000 annual case premium rum.

 

Prior to his employment at Cruzan, he served in a similar capacity from 2001 to 2003 at NationsRent, Inc., a publicly held NYSE equipment rental company, and led the effort to successfully restructure and turnaround the highly leveraged company.

 

Mr. Shashoua had previously been at 7-Eleven, Inc. where he served in various roles of increasing responsibility over 18 years culminating in his appointment as Chief Financial Officer. During his tenure, the company went through a leveraged buyout, reorganization and sale. After reorganization, Mr. Shashoua was a leader of the management team that revitalized the 7-Eleven convenience store concept.

 

Mr. Shashoua started his career as an attorney at the law firm of Sonnenschein Nath and Rosenthal in Chicago. He holds a B.A. from Northwestern University and a J.D. from Illinois institute of Technology-Chicago Kent College of Law.

 

 

Exhibit B

 

[D&O questionnaire]exhib-1.htm

    
      

      

    

     

     

    EXHIBIT
      10.1

     

     

    DEBT
      RESTRUCTURING AGREEMENT

     

    This
      DEBT RESTRUCTURING
      AGREEMENT (the "Agreement") is entered into as of January 11, 2008 by and
      between Sapphire Developments Limited, a Belize corporation ("Sapphire"),
      Atlantic Wine Agencies, Inc., a Florida corporation (“Atlantic”) and Fairhurst
      Properties S.A., a B.V.I. corporation ("Fairhurst"). Sapphire and Fairhurst
      shall sometimes be referred to herein as the “Parties.”

    

    WHEREAS,
      Sapphire loaned One
      Million Two Hundred Fifty-Nine thousand Eight Hundred Sixty-Three U.S. Dollars
      ($1,259,863) plus interest of 5% compounded on an annualized basis to Atlantic
      the aggregate principal and interest of which is equal to One Million Three
      Hundred Eighty-Eight Thousand Nine Hundred Ninety-Nine U.S. Dollars
      ($1,388,999). Such loan is evidenced in the form of the promissory note attached
      hereto as Exhibit
      A (“Promissory Note”);

    

    WHEREAS,
      Sapphire has agreed
      to terminate the Promissory Note in exchange for the consideration contemplated
      in this Agreement and subject to the terms and conditions set forth herein;
      and

    

    WHEREAS,
      the Parties hereto
      desire that mutual releases be executed by each as additional consideration
      to
      the assignment referred to herein.

    

    NOW,
      THEREFORE, in
      consideration of the covenants and agreements contained herein, and for One
      Dollar and other good and valuable consideration, the receipt and sufficiency
      of
      which are hereby acknowledged, the parties hereto agree as follows:

    

    1.           
      Termination
      of Promissory Note.  Upon the satisfaction of all conditions of this
      Agreement and in exchange for the consideration found herein, Sapphire shall
      consider the Promissory Note null and void.

    

    2.           
      Consideration. 
      Consideration for this Agreement is as follows:

    

    
      	
               

            	
              (a)

            	
              Atlantic
                shall pay Three Million Two Hundred Thousand South African Rand
                (R$3,200,000) to Sapphire with the first payment of One Million Two
                Hundred Thousand South African Rand (R$1,200,000) on the date of
                signing
                of this Agreement and all related agreement and the remaining Two
                Million
                South African Rand (R$2,000,000) on or before the Closing Date
                (collectively, “Atlantic Payment”).

            

    

    

    
      	
               

            	
              (b)

            	
              Atlantic
                shall issue 26,699,950 shares of Atlantic common stock (“Sapphire Shares”)
                to Sapphire and such Shares shall be held in escrow held in Escrow
                by
                Sanders, Ortoli, Vaughn-Flam, Rosenstadt LLP pursuant to the form
                of
                Escrow Agreement attached hereto as Exhibit
                B (“Escrow Agreement”). Sapphire shall also enter into the Voting
                Agreement in the form attached hereto as Exhibit
                C (“Voting Agreement”) whereby Sapphire shall grant limited voting
                rights over all Atlantic shares of common stock held by it or affiliates
                of Sapphire. 

            

    

    

    
      	
               

            	
              (b)

            	
              Atlantic
                shall issue a promissory note to Fairhurst in the amount of approximately
                $400,000 without interest and maturing on January 11, 2009 (“Fairhurst
                Note”) in the form attached hereto as Exhibit
                D; 

            

    

    

    
      	
               

            	
              (c)

            	
              Each
                of Sapphire and Fairhurst shall execute mutual releases in the forms
                attached hereto as Exhibit
                E and Exhibit
                F, respectively; 

            

    

    

    
      	
               

            	
              (d)

            	
              Fairhurst
                shall ensure that Adam Mauerberger remain as the Chief Executive
                Officer
                of Atlantic until such time that a material merger or share exchange
                occurs (“Atlantic Corporate Event”);

            

    

    

    
      	
               

            	
              (e)

            	
              19,960,000
                Shares of Common Stock of Atlantic held by Fairhurst shall be transferred
                to Sapphire upon the earlier of the six-month anniversary date of
                this
                Agreement or the completion of the Atlantic Corporate Event (“Fairhurst
                Shares”). The Fairhurst Shares shall be held in Escrow pursuant to the
                terms of the Escrow Agreement. Fairhurst shall also enter into the
                Voting
                Agreement. 

            

    

    

    

    3.           
      Closing
      Date.  The “Closing Date” shall be no later than January 31,
      2008.

    

    4.           
      Further
      Actions.  The parties shall execute and deliver all documents,
      provide all information and take or forbear from taking all such action as
      may
      be necessary or appropriate to achieve the purposes of this Agreement. Each
      party shall bear its own expenses in connection therewith.

    

    5.           
      Governing
      Law.  This Agreement shall be construed in accordance with and
      governed by the laws of the State of New York and any action or proceeding
      hereunder must be commenced and prosecuted in the Supreme Court of the State
      of
      New York, New York County.

    

    6.           
      Entire
      Agreement.  This Agreement constitutes the entire agreement among
      the parties pertaining to the subject matter hereof and supersedes all prior
      agreements and understandings pertaining thereto. No covenant, representation
      or
      condition not expressed in this Agreement shall affect or be deemed to
      interpret, change or restrict the express provisions hereof.

    

    7.           
      Amendments. 
      This Agreement may be modified or amended only with the written approval of
      all
      parties.

    

    8.           
      No
      Waiver.  No failure by any party to insist upon the strict
      performance of any covenant, agreement, term or condition of this Agreement
      or
      to exercise any right or remedy available upon a breach thereof shall constitute
      a waiver of any such breach or of such or any other covenant, agreement, term
      or
      condition.

    

    9.           
      Rights
      Cumulative.  The rights and remedies of each of the parties
      hereunder shall be mutually exclusive, and the implementation of one or more
      of
      the provisions of this Agreement shall not preclude the implementation of any
      other provision.

    

    10.           
      Counterparts. 
      This Agreement may be executed in counterparts, all of which taken together
      shall constitute one agreement binding on all the parties notwithstanding that
      all the parties are not signatories to the original or the same
      counterpart.

    

    11.           
      Indemnification. 
      Fairhurst agrees to indemnify and hold harmless Sapphire and its officers and
      directors, and each other person, if any, who controls any such entity against
      any and all loss, liability, claim, damages and expense whatsoever (including,
      but not limited to, any and all expenses whatsoever reasonably incurred in
      investigating, preparing or defending against any litigation commenced or
      threatened or any claim whatsoever) arising out of or based upon any breach
      or
      failure by Fairhurst to comply with any representation, warranty, covenant
      or
      agreement made by Fairhurst herein or in any other document furnished by
      Fairhurst to any of the foregoing in connection with this
      Agreement.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    12.           
      Notices. 
      All notices required or permitted under this Agreement shall be given in writing
      and, unless otherwise provided, shall be deemed effectively given upon personal
      delivery to the party to be notified by hand or professional courier service
      or
      five days after deposit with the United States Post Office, by registered or
      certified mail, postage prepaid and addressed to such party at its respective
      address set forth in this Agreement, or at such other address as such party
      may
      designate by ten days’ advance notice to the other party.

    

    IN
      WITNESS WHEREOF, the
      parties have executed this Agreement as of the above date.

    

    

    

    

    Sapphire
      Developments Limited

    

    

                                                                                                                   
      By: /s/ Peter
      Spring

    Peter
      Spring

    Vice-President

    

     

    Fairhurst
      Properties S.A.

    

                                                                                                                   
      By: /s/ Adam
      Mauerberger

    Adam
      Mauerberger

    President

    
 

    Atlantic
      Wine Agencies,
      Inc.

     

    By:
/s/
      Adam
      Mauerberger

    Adam
      Mauerberger

    President

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

    NOVEMBER
      2005 SAPPHIRE
      PROMISSORY NOTE

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

    ESCROW
      AGREEMENT

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

    VOTING
      AGREEMENT

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      D

    FAIRHURST
      PROMISSORY
      NOTE

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      E

    

    

    Effective
      upon execution of this Agreement, Sapphire Developments Limited releases and
      forever discharges Adam Mauerberger, his employees, agents, successors, assigns,
      legal representatives, affiliates, directors and officers from and against
      any
      and all actions, claims, suits, demands, payment obligations or other
      obligations or liabilities of any nature whatsoever, whether known or unknown,
      which such party or any of its shareholders employees, agents, successors,
      assigns, legal representatives, affiliates, directors or officers have had,
      now
      have or may in the future have directly or indirectly arising out of (or in
      connection with) any of the Agreements including any activities undertaken
      pursuant to any of the Agreements.

    

    

    Sapphire
      Developments Limited

    

    

    By:
/s/
      Peter
      Spring

    Peter
      Spring

    Vice-President

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      F

    

    Effective
      upon execution of this Agreement, Adam Mauerberger releases and forever
      discharges Sapphire Developments Limited, its shareholders, employees, agents,
      successors, assigns, legal representatives, affiliates, directors and officers
      from and against any and all actions, claims, suits, demands, payment
      obligations or other obligations or liabilities of any nature whatsoever,
      whether known or unknown, which such party or any of its employees, agents,
      successors, assigns, legal representatives, affiliates, directors or officers
      have had, now have or may in the future have directly or indirectly arising
      out
      of (or in connection with) any of the Agreements including any activities
      undertaken pursuant to any of the Agreements.

    

    Fairhurst
      Properties S.A.

    

    

    By:
/s/
      Adam
      Mauerberger

    Adam
      Mauerberger

    President

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