Document:

Unassociated Document

May 6,
2005

Healthcare
Acquisition Corp.

2116
Financial Center

666
Walnut Street

Des
Moines, IA 50309

Maxim
Group LLC

405
Lexington Avenue

New York,
NY 10174

Re:   Initial
Public Offering

Gentlemen:

The
undersigned stockholder, officer and/or director of Healthcare Acquisition Corp.
(“Company”), in consideration of Maxim Group LLC (“Maxim”) entering into a
letter of intent (“Letter of Intent”) to underwrite an initial public offering
of the securities of the Company (“IPO”) and embarking on the IPO process,
hereby agrees as follows (certain capitalized terms used herein are defined in
paragraph 11 hereof):

1.   If the
Company solicits approval of its stockholders of a Business Combination, the
undersigned will vote all Insider Shares 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 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 undersigned will take all reasonable
actions within his power to cause the Company to liquidate as soon as reasonably
practicable. In such event, the undersigned hereby waives any and all right,
title, interest or claim of any kind in or to any liquidating distributions by
the Company, including, without limitation, any distribution of the Trust Fund
(as defined in the Letter of Intent) as a result of such liquidation 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 any reason whatsoever. The undersigned agrees to indemnify and
hold harmless the Company against any and all loss, liability, claims, damage
and expense whatsoever (including, but not limited to, any and all legal or
other expenses reasonably incurred in investigating, preparing or defending
against any litigation, whether pending or threatened, or any claim whatsoever)
to which the Company may become subject as a result of any claim by any vendor
that is owed money by the Company for services rendered or products sold but
only to the extent necessary to ensure that such loss, liability, claim, damage
or expense does not reduce the amount in the Trust Fund (as defined in the
Letter of Intent).

 
Healthcare
Acquisition Corp.

Maxim
Group LLC 

May 6,
2005

 

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, and not to any other person or entity unless the opportunity is
rejected by the Company, those opportunities to acquire an operating company the
undersigned reasonably believes are suitable opportunity for the Company, 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 or director of the Company, subject to any 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 unless the Company obtains an opinion from an independent
investment banking firm reasonably acceptable to Maxim 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 the consummation of
the Business Combination; provided that the undersigned shall be entitled to
reimbursement from the Company for his out-of-pocket expenses incurred in
connection with seeking and consummating a Business Combination and Equity
Dynamics, Inc. (“Related Party”) shall be allowed to charge the Company $6,000
per month to compensate it for the Company’s use of Related Party’s offices,
utilities and personnel.

6.   Neither
the undersigned, any member of the family of the undersigned, or 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 the undersigned and an escrow agent acceptable to
the Company.

8.   The
undersigned agrees to be the Chairman of the Board and Secretary 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 Maxim and attached hereto as Exhibit A is true and
accurate in all respects, does not omit any material information with respect to
the undersigned’s background and contains all of the information required to be
disclosed pursuant to Section 401 of Regulation S-K, promulgated under the
Securities Act of 1933.  The undersigned’s Questionnaire furnished to the
Company and Maxim and annexed as Exhibit B hereto is true and accurate in
all respects.  The undersigned represents and warrants that:

- 2
-

 
Healthcare
Acquisition Corp.

Maxim
Group LLC 

May 6,
2005

 

(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 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 the Chairman of
the Board and Secretary of the Company.

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

11.   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 that provides services 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 prior to the IPO; and
(iv) “IPO Shares” shall mean the shares of Common Stock issued in the Company’s
IPO.

- 3
-

 

Healthcare
Acquisition Corp.

Maxim
Group LLC 

May 6,
2005

12.   The
undersigned hereby agrees that any action, proceeding or claim against the
undersigned arising out of or relating in any way to this Agreement shall be
brought and enforced in the courts of the State of New York or the United States
District Court for the Southern District of New York, and irrevocably submits to
such jurisdiction, which jurisdiction shall be exclusive. The undersigned hereby
waives any objection to such exclusive jurisdiction and that such courts
represent an inconvenience forum.

	 	 	 
	 	
	 
 	 
 	 
 
		By:  	/s/ John
  Pappajohn
	 	
      

      John Pappajohn
	 	

 

- 4
-Unassociated Document

May 6,
2005

Healthcare
Acquisition Corp.

2116
Financial Center

666
Walnut Street

Des
Moines, IA 50309

Maxim
Group LLC

405
Lexington Avenue

New York,
NY 10174

Re:   Initial
Public Offering

Gentlemen:

The
undersigned stockholder, officer and/or director of Healthcare Acquisition Corp.
(“Company”), in consideration of Maxim Group LLC (“Maxim”) entering into a
letter of intent (“Letter of Intent”) to underwrite an initial public offering
of the securities of the Company (“IPO”) and embarking on the IPO process,
hereby agrees as follows (certain capitalized terms used herein are defined in
paragraph 11 hereof):

1.   If the
Company solicits approval of its stockholders of a Business Combination, the
undersigned will vote all Insider Shares 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 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 undersigned will take all reasonable
actions within his power to cause the Company to liquidate as soon as reasonably
practicable. In such event, the undersigned hereby waives any and all right,
title, interest or claim of any kind in or to any liquidating distributions by
the Company, including, without limitation, any distribution of the Trust Fund
(as defined in the Letter of Intent) as a result of such liquidation 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 any reason whatsoever. The undersigned agrees to indemnify and
hold harmless the Company against any and all loss, liability, claims, damage
and expense whatsoever (including, but not limited to, any and all legal or
other expenses reasonably incurred in investigating, preparing or defending
against any litigation, whether pending or threatened, or any claim whatsoever)
to which the Company may become subject as a result of any claim by any vendor
that is owed money by the Company for services rendered or products sold but
only to the extent necessary to ensure that such loss, liability, claim, damage
or expense does not reduce the amount in the Trust Fund (as defined in the
Letter of Intent).

Healthcare
Acquisition Corp.

Maxim
Group LLC 

May 6,
2005

 

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, and not to any other person or entity unless the opportunity is
rejected by the Company, those opportunities to acquire an operating company the
undersigned reasonably believes are suitable opportunity for the Company, 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 or director of the Company, subject to any 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 unless the Company obtains an opinion from an independent
investment banking firm reasonably acceptable to Maxim 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 the consummation of
the Business Combination; provided that the undersigned shall be entitled to
reimbursement from the Company for his out-of-pocket expenses incurred in
connection with seeking and consummating a Business Combination and The Lan
Group (“Related Party”) shall be allowed to charge the Company $1,500 per month
to compensate it for the Company’s use of Related Party’s offices, utilities and
personnel.

6.   Neither
the undersigned, any member of the family of the undersigned, or 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 the undersigned and an escrow agent acceptable to
the Company.

8.   The
undersigned agrees to be the Vice Chairman of the Board and Chief Executive
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 Maxim and attached hereto
as Exhibit A is true and accurate in all respects, does not omit any material
information with respect to the undersigned’s background and contains all of the
information required to be disclosed pursuant to Section 401 of Regulation
S-K, promulgated under the Securities Act of 1933.  The undersigned’s
Questionnaire furnished to the Company and Maxim and annexed as Exhibit B
hereto is true and accurate in all respects.  The undersigned represents
and warrants that:

- 2
-

Healthcare
Acquisition Corp.

Maxim
Group LLC 

May 6,
2005

 

(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 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 the Vice
Chairman of the Board and Chief Executive Officer of the Company.

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

11.   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 that provides services 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 prior to the IPO; and
(iv) “IPO Shares” shall mean the shares of Common Stock issued in the Company’s
IPO.

- 3
-

Healthcare
Acquisition Corp.

Maxim
Group LLC 

May 6,
2005

12.   The
undersigned hereby agrees that any action, proceeding or claim against the
undersigned arising out of or relating in any way to this Agreement shall be
brought and enforced in the courts of the State of New York or the United States
District Court for the Southern District of New York, and irrevocably submits to
such jurisdiction, which jurisdiction shall be exclusive. The undersigned hereby
waives any objection to such exclusive jurisdiction and that such courts
represent an inconvenience forum.

	 	 	 
	 	
	 
 	 
 	 
 
		By:  	/s/ Derace L. Schaffer,
      M.D.
	 	
      

      Derace L. Schaffer, M.D.
	 	

 

- 4
-

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