Document:

Exhibit 10.15

 

STOCK PURCHASE
AGREEMENT

 

This
STOCK PURCHASE AGREEMENT (this “Agreement”), dated as of March 25,
2008, by and between Patrick Tangney, a resident of the State of New York (“Buyer”)
and David C. McCourt, a resident of the State of New Jersey (“Seller”).

 

W  I  T  N  E  S  S  E  T  H:

 

WHEREAS,
Seller owns 2,574,900 shares of Granahan McCourt Acquisition Group, a Delaware
corporation (“GMAC”), common stock, par value $0.0001 per share (“GMAC
Common Stock”);

 

WHEREAS,
Buyer is the Executive Vice President, Strategy of GMAC; and

 

WHEREAS,
Seller desires to sell to Buyer, and Buyer desires to purchase from Seller, 562,500
shares of GMAC Common Stock (the “Shares”), in accordance with the terms
and conditions set forth below;

 

NOW,
THEREFORE, in consideration of the foregoing and the mutual agreements set
forth herein, and other good and valuable consideration, Buyer and Seller
hereby agree as follows:

 

1.             Purchase and Sale.  Upon the terms and subject to the conditions
of this Agreement, on the date hereof, Seller shall sell, transfer, assign,
convey and deliver to Buyer, and Buyer shall purchase from Seller, the Shares,
for an aggregate purchase price equal to $375.00 (three hundred seventy five
dollars) (the “Purchase Price”).

 

2.             Closing.  The closing of the purchase contemplated by Section 1
(the “Closing”) shall take place at the office of Debevoise &
Plimpton LLP, 919 Third Avenue, New York, N.Y. 10022, at 10:00 A.M. on March 25,
2008, or such other time, date or place as the parties may mutually agree.  At the Closing:

 

(a)           Seller will sell,
transfer and deliver to Buyer all of the Shares, via book entry, and shall
deliver appropriate instructions for book entry transfer to GMAC’s transfer
agent; and

 

(b)           Buyer will purchase the
Shares and deliver to Seller a certified or official bank check payable to or
upon the order of Seller, in an amount equal to the Purchase Price.

 

3.             Representations of
Buyer.

 

(a)           Evaluation of and
Ability to Bear Risks.  Buyer is
aware of GMAC’s business affairs and financial condition and has acquired
sufficient information about GMAC to reach an informed and knowledgeable
decision to acquire the Shares.  Buyer is
purchasing the Shares for investment for Buyer’s own account only and not with
a view to,

 

 

or for resale in connection
with, any “distribution” thereof within the meaning of the Securities Act of
1933, as amended (the “Act”).

 

(b)           Buyer represents that
Buyer is an “accredited investor” as that term is defined in Rule 501 of
Regulation D promulgated by the Securities and Exchange Commission under the
Act.

 

4.             Covenants of Buyer.

 

(a)           Buyer hereby
acknowledges that the Shares are not “IPO Shares” within the meaning of GMAC’s
Fourth Amended and Restated Certificate of Incorporation (the “Certificate
of Incorporation”) and that, as set forth in Paragraph D of Article Fifth
of the Certification of Incorporation, the Shares shall have no distribution
right unless and until there shall occur a “Business Combination” (as defined
in the Certificate of Incorporation). 
Buyer further acknowledges that, as set forth in Paragraph D of Article Fifth
of the Certification of Incorporation, if a Business Combination does not occur
within the time period specified therein, and GMAC is thereafter dissolved as
provided therein, the Shares shall not be entitled to any liquidating
distributions.

 

(b)           Buyer also hereby
acknowledges that (i) the Shares have not been registered under the
Securities Act of 1933, as amended (the “Securities Act”) or any state
or foreign securities or “blue sky” laws, (ii) it is not
anticipated that there will be any public market for the Shares unless and
until a Business Combination occurs as set forth in the Certificate of
Incorporation, (iii) the Shares must be held and Buyer must
continue to bear the economic risk of the investment in the Shares until a
Business Combination occurs and the Shares are registered under the Securities
Act and such state or foreign laws or an exemption from registration is
available, (iv) disposing of the Shares without registration in
reliance upon Rule 144 promulgated under the Securities Act (“Rule 144”)
can generally be made only in limited amounts in accordance with the terms and
conditions of such Rule 144, (v) a restrictive legend in form
and substance deemed necessary or appropriate by GMAC shall be placed on the
certificates representing the Shares and (vi) a notation shall be
made in the appropriate records of GMAC indicating that the Shares are subject
to restrictions on transfer described in this Agreement and as set forth in the
letter agreement referred to below, and appropriate stop-transfer restrictions
will be issued to any transfer agent with respect to the Shares until such time
as the transfer restrictions no longer apply to the Shares.  Buyer agrees that he will not, directly or
indirectly, offer, transfer, sell, pledge, hypothecate or otherwise dispose of
any of the Shares (or solicit any offers to buy, purchase or otherwise acquire
or take a pledge of any Shares), except in compliance with the Securities, and
the rules and regulations of the Securities and Exchange Commission
thereunder, and in compliance with applicable state and foreign securities or “blue
sky” laws.

 

(c)           Buyer hereby agrees to
be bound by the terms and conditions of that certain letter agreement, dated October 18,
2006, among GMAC, Deutsche Bank Securities Inc. and Seller which are applicable
to the holder of the Shares, as if a party thereto.

 

2

 

5.             Section 83(b) Election.  Within thirty (30) days of the date on which
the Closing occurs, Buyer shall prepare and file with the Internal Revenue
Service an election pursuant to Section 83(b)(2) of the Internal
Revenue Code of 1986, as amended (the “Code”) with respect to his
purchase of the Shares.  Buyer shall
comply with the other requirements of Section 83(b) of the Code and
the regulations promulgated thereunder so that such election is fully effective
with respect to such purchase.

 

6.             Registration
Rights Agreement.  Seller hereby
assigns and transfers all of its rights, duties and obligations under the
Registration Rights Agreement, dated as of October 18, 2006, among GMAC,
Seller and the other signatories a party thereto, solely with respect to the
Shares, and Buyer hereby accepts and agrees to assume such rights, duties and
obligations.

 

7.             Repurchase of
Shares.

 

(a)           If prior to the signing
by GMAC of a merger agreement, purchase agreement or similar document related
to a Business Combination (as defined in the Fourth Amended and Restated
Certificate of Incorporation of GMAC) Buyer ceases to be an officer or employee
of GMAC, Seller shall have the right, but not the obligation, to purchase from
Buyer, and Buyer shall sell, transfer, assign, convey and deliver to Seller if
Seller exercises such right, the Shares for an amount equal to the Purchase
Price within 60 days of the exercise of such right; provided that the
foregoing shall not apply if Buyer’s employment with GMAC was terminated by
GMAC without Cause.  “Cause” means
the Buyer’s gross misconduct, fraud or dishonesty, which has resulted or is
likely to result in material economic damage to GMAC, as determined in good
faith by the board of directors at a duly called meeting of the board of
directors, at which the Buyer is provided an opportunity to be heard (with
representation by counsel of his choosing, should he so desire).  This Section 7(a) shall expire and
be of no further force or effect upon the signing by GMAC of a merger
agreement, purchase agreement or similar document related to a Business
Combination or the filing of an S-4 related to a Business Combination,
whichever occurs earlier.

 

(b)           If, subsequent to the
filing of an S-4 related to a Business Combination but prior to the
consummation of a Business Combination (as defined in the Fourth Amended and
Restated Certificate of Incorporation of GMAC), Buyer ceases to be an officer
or employee of GMAC, Seller shall have the right, but not the obligation, to
purchase from Buyer, and Buyer shall sell, transfer, assign, convey and deliver
to Seller if Seller exercises such right, immediately prior to the closing of
such Business Combination, up to 50% of the Shares (the “Repurchased Shares”)
for an amount in cash equal to the product of (i) the number of Repurchased
Shares, multiplied by (ii) the quotient of (A) the
Purchase Price, divided by (B) the Shares; provided that the
foregoing shall not apply if Buyer’s employment with GMAC was terminated by
GMAC without Cause.  “Cause” means
the Buyer’s gross misconduct, fraud or dishonesty, which has resulted or is
likely to result in material economic damage to GMAC, as determined in good
faith by the board of directors at a duly called meeting of the board of
directors, at which the Buyer is provided an opportunity to be heard (with
representation by counsel of his choosing, should he so

 

3

 

desire).  This Section 7(b) shall expire and
be of no further force or effect upon consummation of a Business Combination.

 

8.             Indemnification.  Buyer shall indemnify the Seller and GMAC and
hold the Seller and GMAC harmless from and against any claim, loss or cause of
action arising from or in connection with the purchase of the Shares,
including, without limitation, the preparation of and filing with the Internal
Revenue Service of an election pursuant to 83(b)(2) of the Code and any
withholding obligations with respect to the purchase of the Shares.

 

9.             Miscellaneous.

 

(a)           Expenses.  Each party hereto shall pay its own expenses
incurred in connection with this Agreement, except that all stock transfer
taxes, if any, payable with respect to the transfer of the Shares hereunder
shall be paid by Buyer.

 

(b)           Notices.  All notices, claims, requests, demands and
other communications hereunder will be in writing and will be deemed to have
been duly given if delivered or mailed (registered or certified mail, postage
prepaid, return receipt) as follows:

 

	
  (i)

  	
  If to Seller, to:

  
	
   

  	
   

  
	
   

  	
  c/o Granahan McCourt Acquisition Corp.

  
	
   

  	
  179 Stony Brook Road

  
	
   

  	
  Hopewell, NJ 08525

  
	
   

  	
  Tel: (609) 333-1200

  
	
   

  	
  Attention: David C. McCourt

  
	
   

  	
   

  
	
   

  	
  with a copy to:

  
	
   

  	
   

  
	
   

  	
  Debevoise &
  Plimpton LLP

  
	
   

  	
  919
  Third Avenue

  
	
   

  	
  New
  York, NY 10022

  
	
   

  	
  Fax:
  (212) 909-6836

  
	
   

  	
  Attention:
  Michael J. Gillespie

  
	
   

  	
   

  
	
  (ii)

  	
  If to Buyer, to:

  
	
   

  	
   

  
	
   

  	
  250 Mercer Street

  
	
   

  	
  Suite C-305

  
	
   

  	
  New York, NY 10012

  
	
   

  	
  Fax: (646) 405-0198

  
	
   

  	
  Attention: Patrick Tangney

  

 

(c)           No Third Party
Beneficiaries.  Nothing in this
Agreement shall confer any rights upon any person or entity that is not a party
or a successor or permitted assignee of a party to this Agreement other than (i) Section 8,
which is intended to be for the benefit of

 

4

 

and enforceable by GMAC
and may be enforced by GMAC, and (ii) Section 4, which is intended to
be for the benefit of GMAC and Deutsche Bank Securities, Inc. and may be
enforced by such persons.

 

(d)           Waiver; Amendment.  This Agreement may be amended or modified
only by a written instrument executed by each party hereto.  Any of the terms and conditions of this
Agreement may be waived in writing at any time prior to the Closing by the
party or parties entitled to the benefits thereof.  Any such waiver shall constitute a waiver
only with respect to the specific matter described in such writing and shall in
no way impair the rights of the party or parties granting such waiver in any
other respect or at any other time.  The
failure of any party to insist upon strict performance of the provisions hereof
shall not be construed as a waiver of future compliance.

 

(e)           Governing Law.  This Agreement shall be governed and
construed in accordance with the laws of the State of New York (except that no
effect shall be given to any conflicts of law principles of the State of New
York that would require the application of the laws of any other jurisdiction).

 

(f)            Counterparts.  This Agreement may be executed in
counterparts, each of which when so executed shall be deemed an original and
all of which shall constitute one and the same instrument.

 

(g)           Further Action.  Each of the parties hereto agrees to use its
reasonable best efforts to take, or cause to be taken, all actions and to do,
or cause to be done, all things necessary, proper or advisable to consummate
and make effective the transactions contemplated by this Agreement.

 

[Remainder
of page intentionally left blank.]

 

5

 

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

 

	
   

  	
  Patrick Tangney

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Patrick Tangney

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  David C. McCourt

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ David C. McCourtExhibit 10.16

 

STOCK PURCHASE
AGREEMENT

 

This
STOCK PURCHASE AGREEMENT (this “Agreement”), dated as of April 24,
2008, by and between Gopi Sundaram, resident of the State of New York (“Buyer”)
and David C. McCourt, a resident of the State of New Jersey (“Seller”).

 

W  I  T
N  E  S  S  E  T  H:

 

WHEREAS,
Seller owns 2,012,400 shares of Granahan McCourt Acquisition Group, a Delaware
corporation (“GMAC”), common stock, par value $0.0001 per share (“GMAC
Common Stock”);

 

WHEREAS,
Buyer is the Vice President of Business Affairs of GMAC; and

 

WHEREAS,
Seller desires to sell to Buyer, and Buyer desires to purchase from Seller, 180,000
shares of GMAC Common Stock (the “Shares”), in accordance with the terms
and conditions set forth below;

 

NOW,
THEREFORE, in consideration of the foregoing and the mutual agreements set
forth herein, and other good and valuable consideration, Buyer and Seller
hereby agree as follows:

 

1.             Purchase and Sale.  Upon the terms and subject to the conditions
of this Agreement, on the date hereof, Seller shall sell, transfer, assign,
convey and deliver to Buyer, and Buyer shall purchase from Seller, the Shares,
for an aggregate purchase price equal to $120.00 (one hundred and twenty U.S
Dollars) (the “Purchase Price”).

 

2.             Closing.  The closing of the purchase contemplated by Section 1
(the “Closing”) shall take place at the office of Debevoise &
Plimpton LLP, 919 Third Avenue, New York, N.Y. 10022, at 10:00 A.M. on April 24,
2008, or such other time, date or place as the parties may mutually agree.  At the Closing:

 

(a)           Seller will sell,
transfer and deliver to Buyer all of the Shares, via book entry, and shall
deliver appropriate instructions for book entry transfer to GMAC’s transfer
agent; and

 

(b)           Buyer will purchase the
Shares and deliver to Seller a certified or official bank check payable to or
upon the order of Seller, in an amount equal to the Purchase Price.

 

3.             Representations of
Buyer.

 

(a)           Evaluation of and
Ability to Bear Risks.  Buyer is
aware of GMAC’s business affairs and financial condition and has acquired
sufficient information about GMAC to reach an informed and knowledgeable
decision to acquire the Shares.  Buyer is
purchasing the Shares for investment for Buyer’s own account only and not with
a view to, 

 

 

or for resale in connection
with, any “distribution” thereof within the meaning of the Securities Act of
1933, as amended (the “Act”).

 

(b)           Buyer represents that
Buyer is an “accredited investor” as that term is defined in Rule 501 of
Regulation D promulgated by the Securities and Exchange Commission under the
Act.

 

4.             Covenants of Buyer.

 

(a)           Buyer hereby
acknowledges that the Shares are not “IPO Shares” within the meaning of GMAC’s
Fourth Amended and Restated Certificate of Incorporation (the “Certificate
of Incorporation”) and that, as set forth in Paragraph D of Article Fifth
of the Certification of Incorporation, the Shares shall have no distribution
right unless and until there shall occur a “Business Combination” (as defined
in the Certificate of Incorporation). 
Buyer further acknowledges that, as set forth in Paragraph D of Article Fifth
of the Certification of Incorporation, if a Business Combination does not occur
within the time period specified therein, and GMAC is thereafter dissolved as
provided therein, the Shares shall not be entitled to any liquidating
distributions.

 

(b)           Buyer also hereby
acknowledges that (i) the Shares have not been registered under the
Securities Act of 1933, as amended (the “Securities Act”) or any state
or foreign securities or “blue sky” laws, (ii) it is not
anticipated that there will be any public market for the Shares unless and
until a Business Combination occurs as set forth in the Certificate of
Incorporation, (iii) the Shares must be held and Buyer must
continue to bear the economic risk of the investment in the Shares until a
Business Combination occurs and the Shares are registered under the Securities
Act and such state or foreign laws or an exemption from registration is
available, (iv) disposing of the Shares without registration in
reliance upon Rule 144 promulgated under the Securities Act (“Rule 144”)
can generally be made only in limited amounts in accordance with the terms and
conditions of such Rule 144, (v) a restrictive legend in form and
substance deemed necessary or appropriate by GMAC shall be placed on the
certificates representing the Shares and (vi) a notation shall be
made in the appropriate records of GMAC indicating that the Shares are subject
to restrictions on transfer described in this Agreement and as set forth in the
letter agreement referred to below, and appropriate stop-transfer restrictions
will be issued to any transfer agent with respect to the Shares until such time
as the transfer restrictions no longer apply to the Shares.  Buyer agrees that he will not, directly or
indirectly, offer, transfer, sell, pledge, hypothecate or otherwise dispose of
any of the Shares (or solicit any offers to buy, purchase or otherwise acquire
or take a pledge of any Shares), except in compliance with the Securities, and
the rules and regulations of the Securities and Exchange Commission
thereunder, and in compliance with applicable state and foreign securities or “blue
sky” laws.

 

(c)           Buyer hereby agrees to
be bound by the terms and conditions of that certain letter agreement, dated October 18,
2006, among GMAC, Deutsche Bank Securities Inc. and Seller which are applicable
to the holder of the Shares, as if a party thereto.

 

2

 

5.             Section 83(b) Election.  Within thirty (30) days of the date on which
the Closing occurs, Buyer shall prepare and file with the Internal Revenue
Service an election pursuant to Section 83(b)(2) of the Internal
Revenue Code of 1986, as amended (the “Code”) with respect to his
purchase of the Shares.  Buyer shall
comply with the other requirements of Section 83(b) of the Code and
the regulations promulgated thereunder so that such election is fully effective
with respect to such purchase.

 

6.             Registration
Rights Agreement.  Seller hereby
assigns and transfers all of its rights, duties and obligations under the
Registration Rights Agreement, dated as of October 18, 2006, among GMAC,
Seller and the other signatories a party thereto, solely with respect to the
Shares, and Buyer hereby accepts and agrees to assume such rights, duties and
obligations.

 

7.             Repurchase of Shares.  If,
at any time prior to the consummation of a Business Combination (as defined in
the Fourth Amended and Restated Certificate of Incorporation of GMAC), Buyer
ceases to be an officer or employee of GMAC, Seller shall have the right, but
not the obligation, to purchase from Buyer, and Buyer shall sell, transfer,
assign, convey and deliver to Seller if Seller exercises such right, the Shares
for an amount equal to the Purchase Price within 60 days of the exercise of
such right; provided that the foregoing shall not apply if Buyer’s
employment with GMAC was terminated by GMAC without Cause.  “Cause” means the Buyer’s gross
misconduct, fraud or dishonesty, which has resulted or is likely to result in
material economic damage to GMAC, as determined in good faith by the board of
directors at a duly called meeting of the board of directors, at which the
Buyer is provided an opportunity to be heard (with representation by counsel of
his choosing, should he so desire).

 

8.             Indemnification.  Buyer shall indemnify the Seller and GMAC and
hold the Seller and GMAC harmless from and against any claim, loss or cause of
action arising from or in connection with the purchase of the Shares,
including, without limitation, the preparation of and filing with the Internal
Revenue Service of an election pursuant to 83(b)(2) of the Code and any
withholding obligations with respect to the purchase of the Shares.

 

9.             Miscellaneous.

 

(a)           Expenses.  Each party hereto shall pay its own expenses
incurred in connection with this Agreement, except that all stock transfer
taxes, if any, payable with respect to the transfer of the Shares hereunder
shall be paid by Buyer.

 

(b)           Notices.  All notices, claims, requests, demands and other
communications hereunder will be in writing and will be deemed to have been
duly given if delivered or mailed (registered or certified mail, postage
prepaid, return receipt) as follows:

 

3

 

(i)            If to Seller, to:

 

c/o Granahan McCourt
Acquisition Corp.

179 Stony Brook Road

Hopewell, NJ 08525

Tel: (609) 333-1200 

Attention: David C.
McCourt

 

with a
copy to:

 

Debevoise & Plimpton LLP 

919 Third Avenue

New York, NY 10022

Fax:  (212)
909-6836

Attention: Michael J. Gillespie

 

(ii)           If to Buyer, to:

 

100
8th Avenue, #1E

Brooklyn,
NY 11215

Attention: Gopi Sundaram

 

(c)           No Third Party
Beneficiaries.  Nothing in this
Agreement shall confer any rights upon any person or entity that is not a party
or a successor or permitted assignee of a party to this Agreement other than (i) Section 8,
which is intended to be for the benefit of and enforceable by GMAC and may be
enforced by GMAC, and (ii) Section 4, which is intended to be for the
benefit of GMAC and Deutsche Bank Securities, Inc. and may be enforced by
such persons.

 

(d)           Waiver; Amendment.  This Agreement may be amended or modified
only by a written instrument executed by each party hereto.  Any of the terms and conditions of this
Agreement may be waived in writing at any time prior to the Closing by the
party or parties entitled to the benefits thereof.  Any such waiver shall constitute a waiver
only with respect to the specific matter described in such writing and shall in
no way impair the rights of the party or parties granting such waiver in any
other respect or at any other time.  The
failure of any party to insist upon strict performance of the provisions hereof
shall not be construed as a waiver of future compliance.

 

(e)           Governing Law.  This Agreement shall be governed and
construed in accordance with the laws of the State of New York (except that no
effect shall be given to any conflicts of law principles of the State of New
York that would require the application of the laws of any other jurisdiction).

 

(f)            Counterparts.  This Agreement may be executed in
counterparts, each of which when so executed shall be deemed an original and
all of which shall constitute one and the same instrument.

 

(g)           Further Action.  Each of the parties hereto agrees to use its
reasonable best efforts to take, or cause to be taken, all actions and to do,
or cause to be done, all things 

 

4

 

necessary, proper or
advisable to consummate and make effective the transactions contemplated by this
Agreement.

 

[Remainder of
page intentionally left blank.]

 

5

 

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

 

 

	
   

  	
    /s/ Gopi Sundaram

  
	
   

  	
  Gopi Sundaram

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/David C. McCourt

  
	
   

  	
  David C. McCourt

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