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Exhibit 10.2    
    

                                        
                        ,
2008 

Cherry
Tree Acquisition Corp.

301 Carlson Parkway

Suite 103

Minneapolis, MN 55305 

Lazard
Capital Markets LLC

30 Rockefeller Plaza

New York, NY 10020 

        Re:  Initial
Public Offering 

Gentlemen:

        The
undersigned officer and director of Cherry Tree Acquisition Corp. ("Company"), in consideration of Lazard Capital Markets LLC ("Lazard") agreeing to underwrite an initial
public offering of securities of the Company ("IPO") and embarking on the IPO process, hereby agrees as follows (certain capitalized terms used herein are defined in paragraph 18 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. In the event of the liquidation
of the Trust Fund, 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) which the Company may become
subject as a result of any claim by any vendor, service provider, financing provider or other person who is owed money by the Company for services rendered or products sold or contracted for, or by
any target business, but only to the extent necessary to ensure that such loss, liability, claim, damage or expense does not reduce the amount of funds in the Trust Fund and only if such a vendor or
prospective target business does not execute an agreement waiving any claims against the Trust Fund. 

        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 Business Combination opportunity with a target business or businesses having a collective fair value in excess of 80% of the Company's net
assets, until the earlier of the consummation by the Company of a Business Combination or the liquidation of the Company, subject to any pre-existing fiduciary and contractual obligations
the undersigned might have. 

        4.     The
undersigned acknowledges and agrees that the Company will not consummate any Business Combination that involves a company affiliated with any of the Insiders unless
the Company obtains an opinion from an independent investment banking firm reasonably acceptable to Lazard that the business combination is fair 

to
the Company's unaffiliated stockholders from a financial point of view. The undersigned acknowledges and agrees that the Company will not consummate a Business Combination with any company with
which the undersigned has had any discussions, formal or otherwise, prior to the consummation of the IPO, with respect to a Business Combination. 

        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 the undersigned shall be entitled to repayment of a
$50,000 note, and provided further that commencing on the Effective Date, Cherry Tree Companies, LLC ("Related Party") shall be allowed to charge the Company $10,000 per month to compensate it
for the Company's use of Related Party's offices, utilities and personnel. 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, 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. The undersigned understands
that if the underwriters do not exercise any part of their over-allotment option, then certain of the undersigned's Insider Shares shall be cancelled upon expiration of the
over-allotment option, and the undersigned will receive no consideration for such cancellation. 

        8.     The
undersigned agrees to be the Chief Executive Officer and Director 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 Lazard 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 Lazard 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; 

        b)    he
has never, nor has any entity with which he has been affiliated, filed for bankruptcy, been declared insolvent or been placed into involuntary receivership; 

        c)     he
has never been convicted of or pleaded guilty to any crime (i) involving any fraud, (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; 

        d)    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; and 

        e)    he
is capable, as of the date hereof, of satisfying his foreseeable indemnification obligations under Section 2 above. 

        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 Chief Executive
Officer and Director 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.   In
the event that the Company does not consummate a Business Combination and must liquidate and its remaining net assets are insufficient to complete such liquidation,
the undersigned agrees to advance such funds necessary to complete such liquidation and agrees not to seek repayment for such expenses. 

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

        14.   The
undersigned acknowledges and understands that the Underwriters and the Company will rely upon the agreements, representations and warranties set forth herein in
proceeding with the IPO. 

        15.   This
Agreement shall be binding on the undersigned and such person's respective successors, heirs, personal representatives and assigns. This Agreement shall terminate
on the earlier of (i) the date upon which a Business Combination is consummated, or (ii) the Company's earlier liquidation; provided, however, that any such termination shall not relieve
the undersigned from any liability resulting from or arising out of any breach of any agreement or covenant hereunder occurring prior to the termination of this Agreement. 

        16.   No
term or provision of this Agreement may be amended, changed, waived, altered or modified except by written instrument executed and delivered by the undersigned with
the written consent of the Company and Lazard. 

        17.   This
letter agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York. 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 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 Graubard Miller 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 Lazard
and appoint a substitute agent acceptable to each of the Company and Lazard 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. 

        18.   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. 

	 	 	Gordon F. Stofer
 Print Name of Insider
	    	 	 
	    	 	 
	    	 	 
	 	 	     
 Signature

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Exhibit 10.2QuickLinks
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Exhibit 10.3    
    

                                        
                        ,
2008 

Cherry
Tree Acquisition Corp.

301 Carlson Parkway

Suite 103

Minneapolis, MN 55305 

Lazard
Capital Markets LLC

30 Rockefeller Plaza

New York, NY 10020 

        Re:  Initial
Public Offering 

Gentlemen:

        The
undersigned officer of Cherry Tree Acquisition Corp. ("Company"), in consideration of Lazard Capital Markets LLC ("Lazard") agreeing to underwrite an initial public offering
of securities of the Company ("IPO") and embarking on the IPO process, hereby agrees as follows (certain capitalized terms used herein are defined in paragraph 17 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 Business Combination opportunity with a target business or businesses having a collective fair value in excess of 80% of the Company's net
assets, until the earlier of the consummation by the Company of a Business Combination or the liquidation of the Company, subject to any pre-existing fiduciary and contractual obligations
the undersigned might have. 

        4.     The
undersigned acknowledges and agrees that the Company will not consummate any Business Combination that involves a company affiliated with any of the Insiders unless
the Company obtains an opinion from an independent investment banking firm reasonably acceptable to Lazard that the business combination is fair to the Company's unaffiliated stockholders from a
financial point of view. The undersigned acknowledges and agrees that the Company will not consummate a Business Combination with any company with which the undersigned has had any discussions, formal
or otherwise, prior to the consummation of the IPO, with respect to a Business Combination. 

        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, Cherry Tree Companies, LLC ("Related Party") shall be allowed to charge the Company $10,000 per month to compensate it for the Company's use of Related
Party's offices, utilities and personnel. 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, 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. The undersigned understands
that if the underwriters do not exercise any part of their over-allotment option, then certain of the undersigned's Insider Shares shall be cancelled upon expiration of the
over-allotment option, and the undersigned will receive no consideration for such cancellation. 

        8.     The
undersigned agrees to be Senior Vice President 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 Lazard 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 Lazard 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; 

        b)    he
has never, nor has any entity with which he has been affiliated, filed for bankruptcy, been declared insolvent or been placed into involuntary receivership; 

        c)     he
has never been convicted of or pleaded guilty to any crime (i) involving any fraud, (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 

        d)    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 Senior Vice President
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. 

2

 

        12.   The
undersigned authorizes any employer, financial institution or consumer credit reporting agency to release to Lazard and its legal representatives or agents
(including any investigative search firm retained by Lazard) any information they may have about the undersigned's background and finances ("Information"). Neither Lazard 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.   The
undersigned acknowledges and understands that the Underwriters and the Company will rely upon the agreements, representations and warranties set forth herein in
proceeding with the IPO. 

        14.   This
Agreement shall be binding on the undersigned and such person's respective successors, heirs, personal representatives and assigns. This Agreement shall terminate
on the earlier of (i) the date upon which a Business Combination is consummated, or (ii) the Company's earlier liquidation; provided, however, that any such termination shall not relieve
the undersigned from any liability resulting from or arising out of any breach of any agreement or covenant hereunder occurring prior to the termination of this Agreement. 

        15.   No
term or provision of this Agreement may be amended, changed, waived, altered or modified except by written instrument executed and delivered by the undersigned with
the written consent of the Company and Lazard. 

        16.   This
letter agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York. 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 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 Graubard Miller 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 Lazard
and appoint a substitute agent acceptable to each of the Company and Lazard 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. 

        17.   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. 

	 	 	David G. Latzke
 Print Name of Insider
	    	 	 
	    	 	 
	    	 	 
	 	 	     
 Signature

3

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Exhibit 10.3

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