Document:

efc7-1945_6276831exh108.htm

    Exhibit
      10.8

     

     

    PROMISSORY
      NOTE

     

    
      
        	
                $200,000.00

              	
                As
                  of July 13, 2007

              

      

    

    

    NRDC
      ACQUISITION CORP. (the “Maker”) promises to pay to the
      order of NRDC Capital Management, LLC (the “Payee”) the
      principal sum of two hundred thousand dollars ($200,000.00) in lawful money
      of
      the United States of America on the terms and conditions described
      below.

     

    1.
      Principal.  The principal balance of this Promissory Note (this
“Note”) shall be repayable on the earlier of (a) July 13,
      2009, or (b) the date on which Maker consummates an initial public offering
      of its securities.

     

    2.
      Interest.  No Interest shall accrue on the unpaid principal
      balance of this Note.

     

    3.
      Events of Default.  Each of the following shall constitute an
“Event of Default”:

     

    (a)
      Failure to Make Required Payments.  Failure by Maker to pay the
      principal of this Note within five (5) business days following the date
      when due. A “business day” for these purposes means any weekday
      on which banking or trust institutions in New York are not authorized generally
      or obligated by law, regulation or executive order to close.

     

    (b)
      Voluntary Bankruptcy, Etc.  The commencement by Maker of a
      voluntary case under the Federal Bankruptcy Code, as now constituted or
      hereafter amended, or any other applicable federal or state bankruptcy,
      insolvency, reorganization, rehabilitation or other similar law, or the consent
      by it to the appointment of or taking possession by a receiver, liquidator,
      assignee, trustee, custodian, sequestrator (or other similar official) of Maker
      or for any substantial part of its property, or the making by it of any
      assignment for the benefit of creditors, or the failure of Maker generally
      to
      pay its debts as such debts become due, or the taking of corporate action by
      Maker in furtherance of any of the foregoing.

     

    (c)
      Involuntary Bankruptcy, Etc.  The entry of a decree or order
      for relief by a court having jurisdiction in the premises in respect of Maker
      in
      an involuntary case under the Federal Bankruptcy Code, as now constituted or
      hereafter amended, or any other applicable federal or state bankruptcy,
      insolvency or other similar law, or appointing a receiver, liquidator, assignee,
      custodian, trustee, sequestrator (or similar official) of Maker or for any
      substantial part of its property, or ordering the winding-up or liquidation
      of
      its affairs, and the continuance of any such decree or order unstayed and in
      effect for a period of sixty (60) consecutive days.

     

    4.
      Remedies.

     

    (a)  Upon
      the occurrence of an Event of Default specified in Section 3(a), Payee may,
      by written notice to Maker, declare this Note to be due and payable, whereupon
      the principal amount of this Note, and all other amounts payable thereunder,
      shall become immediately due and payable without presentment, demand, protest
      or
      other notice of any kind, all of which are hereby expressly waived,
      notwithstanding anything contained herein or in the documents evidencing the
      same to the contrary.

     

    (b)  Upon
      the occurrence of an Event of Default specified in Sections 3(b) and 3(c),
      the
      unpaid principal balance of, and all other sums payable with regard to, this
      Note shall automatically and immediately become due and payable, in all cases
      without any action on the part of Payee.

     

    5.
      Waivers.  Maker and all endorsers and guarantors of, and
      sureties for, this Note waive presentment for payment, demand, notice of
      dishonor, protest, and notice of protest with regard to the Note, all errors,
      defects and imperfections in any proceedings instituted by Payee under the
      terms
      of this Note, and all benefits that might accrue to Maker by virtue of any
      present or future laws exempting any property, real or personal, or any part
      of
      the proceeds arising from any sale of any such property, from attachment, levy
      or sale under execution, or providing for any stay of execution, exemption
      from
      civil process, or extension of time for payment.

     

    6.
      Unconditional Liability.  Maker and all endorsers and
      guarantors of, and sureties for, this Note waive all notices in connection
      with
      the delivery, acceptance, performance, default, or enforcement of the payment
      of
      this Note, and agree that liability shall be unconditional, without regard
      to
      the liability of any other party, and shall not be affected in any manner by
      any
      indulgence, extension of time, renewal, waiver or modification granted or
      consented to by Payee, and consent to any and all extensions of time, renewals,
      waivers, or modifications that may be granted by Payee with respect to the
      payment or other provisions of this Note, and agree that additional makers,
      endorsers, guarantors, or sureties may become parties hereto without notice
      to
      them or affecting their liability hereunder.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    7.
      Notices.  Any notice called for hereunder shall be deemed
      properly given if (a) sent by certified mail, return receipt requested,
      (b) personally delivered, (c) dispatched by any form of private or
      governmental express mail or delivery service providing receipted delivery,
      or
      (d) sent by facsimile, to the principal office of Maker or the home address
      of Payee as indicated on the books and records of Maker. Notice shall be deemed
      given on the earlier of (i) actual receipt by the receiving party,
      (ii) the date shown on a facsimile transmission confirmation,
      (iii) the date reflected on a signed delivery receipt, or (iv) two
      (2) business days following tender of delivery or dispatch by express mail
      or delivery service.

     

    8.
      Construction.  This Note shall be governed by, construed and
      enforced in accordance with, the laws of the State of New York, without giving
      effect to the conflicts of laws principles thereof.

     

    9.
      Severability.  Any provision contained in this Note which is
      prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
      be ineffective to the extent of such prohibition or unenforceability without
      invalidating the remaining provisions hereof, and any such prohibition or
      unenforceability in any jurisdiction shall not invalidate or render
      unenforceable such provision in any other jurisdiction.

     

     

     

    IN
      WITNESS WHEREOF, Maker, intending to be legally bound hereby, has
      caused this Promissory Note to be duly executed by the authorized officer named
      below the day and year first above written.

     

    

    
      	 	NRDC
              ACQUISITION
              CORP.	 
	 	 	 	 
	
               

            	
              /s/
                RICHARD BAKER

            	 
	 	By:
	Richard
              Baker	 
	 	Title:	Chief
              Executive Officer	 
	 	 	 	 

    

     

     

    
 

    2efc7-1945_6276847exh1010.htm

    Exhibit
      10.10

     

     

     

    NRDC
      ACQUISITION CORP.

     

    SUBSCRIPTION
      AGREEMENT

     

    THIS
      SUBSCRIPTION
      AGREEMENT (the
      “Agreement”) is made as of the 13th day of July 2007, by
      and between NRDC Acquisition Corp., a Delaware corporation (the
“Company”), and NRDC Capital Management, LLC
      (“Purchaser”).

     

    WHEREAS,
      the Company desires to
      issue, and Purchaser desires to acquire, stock of the Company as herein
      described, on the terms and conditions hereinafter set forth.

     

    NOW,
      THEREFORE, IT
      IS AGREED
      between the parties as
      follows:

     

    1.
      Purchase and Sale of Stock.  Purchaser hereby agrees to
      purchase from the Company, and the Company hereby agrees to sell to Purchaser,
      an aggregate of seven million one hundred eighty seven thousand five hundred
      (7,187,500) shares of the Company’s Common Stock (the
“Stock”) at a price per share of $0.00348, for an aggregate
      purchase price of twenty five thousand dollars ($25,000.00). The closing
      hereunder, including payment for and delivery of the Stock, shall occur at
      the
      offices of the Company immediately following the execution of this Agreement,
      or
      at such other time and place as the parties may mutually agree.

     

    2.
      Limitations on Transfer.  Purchaser shall not assign,
      hypothecate, donate, encumber or otherwise dispose of any interest in the Stock
      except in compliance with applicable securities laws.

     

    3.
      Restrictive Legends.  All certificates representing the Stock
      shall have endorsed thereon legends in substantially the following forms (in
      addition to any other legend which may be required by other agreements between
      the parties hereto):

     

    (a)  “THE
      SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED. NO TRANSFER, SALE OR OTHER DISPOSITION
      OF
      THESE SHARES MAY BE MADE UNLESS A REGISTRATION STATEMENT WITH RESPECT TO THESE
      SHARES HAS BECOME EFFECTIVE UNDER SAID ACT, OR THE COMPANY HAS BEEN FURNISHED
      WITH AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION
      IS
      NOT REQUIRED.”

     

    (b)  Any
      legend required by appropriate blue sky officials.

     

    4.
      Investment Representations.  In connection with the purchase of
      the Stock, Purchaser represents to the Company the following:

     

    (a)  Purchaser
      is aware of the Company’s business affairs and financial condition and has
      acquired sufficient information about the Company to reach an informed and
      knowledgeable decision to acquire the Stock. Purchaser is purchasing the Stock
      for investment for Purchaser’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)  Purchaser
      understands that the Stock has not been registered under the Act by reason
      of a
      specific exemption therefrom, which exemption depends upon, among other things,
      the bona fide nature of Purchaser’s investment intent as expressed
      herein.

     

    (c)  Purchaser
      further acknowledges and understands that the Stock must be held indefinitely
      unless the Stock is subsequently registered under the Act or an exemption from
      such registration is available. Purchaser understands that the certificate
      evidencing the Stock will be imprinted with a legend which prohibits the
      transfer of the Stock unless the Stock is registered or such registration is
      not
      required in the opinion of counsel for the Company.

     

    (d)  Purchaser
      is familiar with the provisions of Rule 144 under the Act (as in effect from
      time to time, “Rule 144”), which, in substance, permits limited
      public resale of “restricted securities” acquired, directly or indirectly, from
      the issuer thereof (or from an affiliate of such issuer), in a non-public
      offering subject to the satisfaction of certain conditions. Unless the Company
      registers the Stock under the Act, the Stock may be resold by Purchaser only
      in
      certain limited circumstances subject to the provisions of Rule 144, which
      requires, among other things: (i) the availability of certain public
      information about the Company and (ii) the resale occurring following the
      required holding period under Rule 144 after the Purchaser has purchased, and
      made full payment for (within the meaning of Rule 144), the securities to be
      sold.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (e)  Purchaser
      further understands that, at the time Purchaser wishes to sell the Stock, there
      may be no public market upon which to make such a sale, and that, even if such
      a
      public market then exists, the Company may not be satisfying the current public
      information requirements of Rule 144, and that, in such event, Purchaser would
      be precluded from selling the Stock under Rule 144 even if the minimum holding
      period requirement had been satisfied. Notwithstanding Section 4(d) and
      this Section 4(e) hereof, Purchaser understands that Purchaser may be
      considered a promoter of the Company and understands that it is the position
      of
      the Securities and Exchange Commission (“SEC”) that promoters
      or affiliates of a blank check company and their transferees, both before and
      after a business combination, would act as an “underwriter” under the Act when
      reselling the securities of a blank check company. Accordingly, the SEC believes
      that those securities can be resold only through a registered offering and
      that
      Rule 144 would not be available for those resale transactions despite technical
      compliance with the requirements of Rule 144.

     

    (f)  Purchaser
      represents that Purchaser is an “accredited investor” as that term is defined in
      Rule 501 of Regulation D promulgated by the SEC under the Act.

     

    5.
No
      Employment Rights.  This Agreement is not an employment contract
      and, to the extent applicable, nothing in this Agreement shall affect in any
      manner whatsoever the right or power of the Company (or a parent or subsidiary
      of the Company) to terminate Purchaser’s employment or other relationship with
      the Company for any reason at any time, with or without cause and with or
      without notice.

     

    6.
      Miscellaneous.

     

    (a)
      Notices.  All notices required or permitted hereunder shall be
      in writing and shall be deemed effectively given: (i) upon personal
      delivery to the party to be notified; (ii) when sent by confirmed facsimile
      if sent during normal business hours of the recipient, and if not sent during
      normal business hours of the recipient, then on the next business day;
      (iii) five (5) calendar days after having been sent by registered or
      certified mail, return receipt requested, postage prepaid; or (iv) one
      (1) business day after deposit with a nationally recognized overnight
      courier, specifying next day delivery, with written verification of receipt.
      All
      communications shall be sent to the other party hereto at such party’s address
      hereinafter set forth on the signature page hereof, or at such other address
      as
      such party may designate by ten (10) days advance written notice to the
      other party hereto.

     

    (b)
      Successors and Assigns.  This Agreement shall inure to the
      benefit of the successors and assigns of the Company and, subject to the
      restrictions on transfer herein set forth, be binding upon Purchaser and
      Purchaser’s successors and assigns.

     

    (c)
      Attorneys’ Fees; Specific Performance.  Purchaser shall
      reimburse the Company for all costs incurred by the Company in enforcing the
      performance by Purchaser of, or protecting the Company’s rights under, any part
      of this Agreement, including reasonable costs of investigation and attorneys’
fees.

     

    (d)
      Governing Law; Venue.  This Agreement shall be governed by and
      construed in accordance with the laws of the State of New York without regard
      to
      conflicts of law thereof. The parties agree that any action brought by either
      party to interpret or enforce any provision of this Agreement shall be brought
      in, and each party agrees to and does hereby submit to the jurisdiction and
      venue of, the appropriate state or federal court for the district encompassing
      the Company’s principal place of business.

     

    (e)
      Further Execution.  The parties agree to take all such further
      action(s) as may be reasonably necessary to carry out and consummate this
      Agreement as soon as practicable, and to take whatever steps may be necessary
      to
      obtain any governmental approval in connection with, or otherwise qualify the
      issuance of the securities that are the subject of, this Agreement.

     

    (f)
      Independent Counsel. Purchaser acknowledges that this Agreement has been
      prepared on behalf of the Company by Sidley Austin LLP, counsel to the Company,
      and
      that Sidley Austin LLP does not represent, and is not acting on behalf of,
      Purchaser. Purchaser has been provided with an opportunity to consult with
      Purchaser’s own counsel with respect to this Agreement.

     

    (g)
      Entire Agreement; Amendment.  This Agreement constitutes the
      entire agreement between the parties with respect to the subject matter hereof
      and supersedes and merges all prior agreements or understandings, whether
      written or oral. This Agreement may not be amended, modified or revoked, in
      whole or in part, except by an agreement in writing signed by each of the
      parties hereto.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (h)
      Severability.  If one or more provisions of this Agreement are
      held to be unenforceable under applicable law, the parties agree to renegotiate
      such provision in good faith. In the event that the parties cannot reach a
      mutually agreeable and enforceable replacement for such provision, then
      (i) such provision shall be excluded from this Agreement, (ii) the
      balance of the Agreement shall be interpreted as if such provision were so
      excluded and (iii) the balance of the Agreement shall be enforceable in
      accordance with its terms.

     

    (i)
      Counterparts.  This Agreement may be executed in two or more
      counterparts, each of which shall be deemed an original and all of which
      together shall constitute one instrument.

     

    [Remainder
      of This Page Intentionally Left Blank]

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have executed this Subscription Agreement
      as
      of the day and year first above written.

     

    

    

    
      	 	NRDC
              ACQUISITION CORP.	 
	 	 	 	 
	
               

            	
              By:
                

            	 /s/
              RICHARD BAKER	 
	 	Name:	Richard
              Baker	 
	 	Title:	Chief
              Executive Officer	 
	 	Address:
              	3
              Manhattanville Road, Purchase, New York 10577	 

    

     

    
      	 	NRDC
              CAPITAL MANAGEMENT, LLC	 
	 	 	 	 
	
               

            	
              By:
                

            	 /s/
              FRANCIS CASALE	 
	 	Name:	Francis
              Casale	 
	 	Title:	Secretary	 
	 	Address:
              	3
              Manhattanville Road, Purchase, New York 10577	 

    

     

     

    4

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