Document:

Exhibit
10.4

 

 

SUBSCRIPTION
AGREEMENT

 

iStar
Acquisition Corp.

1114 Avenue of the Americas

39th Floor

New York, New York  10036

 

iStar Acquisition Investor
LLC hereby subscribes for SEVEN MILLION ONE HUNDRED EIGHTY-SEVEN THOUSAND FIVE
HUNDRED (7,187,500) units (the “Initial Units”) of iStar Acquisition
Corp., a Delaware corporation (the “Company”), each unit consisting of
one share of common stock, par value $0.0001 per share (the “Common Stock”),
and one warrant to purchase one share of Common Stock at an exercise price of
$7.50 per share, for an aggregate purchase price of TWELVE THOUSAND FIVE
HUNDRED DOLLARS AND 01/100 ($12,500), the receipt and sufficiency of which is
hereby acknowledged.  Upon receipt by the
Company of said consideration on this date, the Company shall issue to the
undersigned certificates evidencing the Initial Units registered in the
undersigned’s name or, if not certificated, provide documentation reflecting
the registration in the name of the undersigned on the stock ledger of the Company.  Following such issuance of the Initial Units,
the capitalization of the Company shall be as set forth on Schedule A
hereto.  The undersigned acknowledges
that the Initial Units subscribed hereto are subject to certain transfer
restrictions to be set forth in a letter agreement, substantially in the form
of Schedule B hereto.  For so
long as the Initial Units subscribed hereto are subject to transfer
restrictions, the undersigned further acknowledges that the Initial Units shall
be held in an escrow account maintained by Continental Stock Transfer &
Trust Company pursuant to an escrow agreement, dated on or about the effective
date of the Company’s initial public offering, to be entered into by and among
the Company, Continental Stock Transfer & Trust Company and others.

 

 

 

 

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  Dated: November 7,
  2007

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  iSTAR
  ACQUISITION INVESTOR LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Catherine Rice

  
	
   

  	
   

  	
  Name:   Catherine Rice

  
	
   

  	
   

  	
  Title:    Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Accepted and Agreed on this 7th day of
  November 2007:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  iSTAR ACQUISITION CORP.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Jay Nydick

  	
   

  	
   

  
	
   

  	
  Name:  Jay Nydick

  	
   

  	
   

  
	
   

  	
  Title:   Chief Executive
  Officer and President

  	
   

  	
   

  

 

-2-

 

SCHEDULE A

 

Capitalization of iStar Acquisition Corp.

 

	
  Stockholder

  	
   

  	
  Number of Initial Units

  	
   

  	
  Percentage of Ownership

  	
   

  
	
  iStar
  Acquisition Investor LLC

  	
   

  	
  7,187,500

  	
   

  	
  50

  	
  %

  
	
  Jay
  Sugarman

  	
   

  	
  7,187,500

  	
   

  	
  50

  	
  %

  
	
  Total

  	
   

  	
  14,375,000

  	
   

  	
  100

  	
  %

  

 

-3-Exhibit 10.5

 

SUBSCRIPTION AGREEMENT

 

Jay
Sugarman

1114 Avenue of the Americas

39th Floor

New York, New York  10036

 

Jay Sugarman hereby
subscribes for SEVEN MILLION ONE HUNDRED EIGHTY-SEVEN THOUSAND FIVE HUNDRED (7,187,500)
units (the “Initial Units”) of iStar Acquisition Corp., a Delaware
corporation (the “Company”), each unit consisting of one share of common
stock, par value $0.0001 per share (the “Common Stock”), and one warrant
to purchase one share of Common Stock at an exercise price of $7.50 per share, for
an aggregate purchase price of TWELVE THOUSAND FIVE HUNDRED DOLLARS AND 01/100
($12,500), the receipt and sufficiency of which is hereby acknowledged.  The undersigned represents and warrants to
the Company that he is an “accredited investor” as that term is defined in Rule 501
of Regulation D under the Securities Act of 1933, as amended.  Upon receipt by the Company of said
consideration on this date, the Company shall issue to the undersigned certificates
evidencing the Initial Units registered in the undersigned’s name or, if not
certificated, provide documentation reflecting the registration in the name of
the undersigned on the stock ledger of the Company.  Following such issuance of the Initial Units,
the capitalization of the Company shall be as set forth on Schedule A
hereto.  The undersigned acknowledges
that the Initial Units subscribed hereto are subject to certain transfer
restrictions to be set forth in a letter agreement, substantially in the form
of Schedule B hereto.  For so
long as the Initial Units subscribed hereto are subject to transfer
restrictions, the undersigned further acknowledges that the Initial Units shall
be held in an escrow account maintained by Continental Stock Transfer &
Trust Company pursuant to an escrow agreement, dated on or about the effective
date of the Company’s initial public offering, to be entered into by and among
the Company, Continental Stock Transfer & Trust Company and others.

 

 

 

 

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  Dated: November 7, 2007

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  JAY SUGARMAN

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Jay Sugarman

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Accepted and Agreed on this 7th day of
  November 2007:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  iSTAR ACQUISITION CORP.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Jay Nydick

  	
   

  	
   

  
	
   

  	
  Name:  Jay Nydick

  	
   

  	
   

  
	
   

  	
  Title:   Chief Executive
  Officer and President

  	
   

  	
   

  

 

-2-

 

SCHEDULE A

 

Capitalization of iStar Acquisition Corp.

 

	
  Stockholder

  	
   

  	
  Number of Initial Units

  	
   

  	
  Percentage of Ownership

  	
   

  
	
  iStar
  Acquisition Investor LLC

  	
   

  	
  7,187,500

  	
   

  	
  50

  	
  %

  
	
  Jay
  Sugarman

  	
   

  	
  7,187,500

  	
   

  	
  50

  	
  %

  
	
  Total

  	
   

  	
  14,375,000

  	
   

  	
  100

  	
  %

  

 

-3-Exhibit 10.6

 

iSTAR
ACQUISITION CORP.

 

PRIVATE
PLACEMENT WARRANT SUBSCRIPTION AGREEMENT

 

THIS
PRIVATE PLACEMENT WARRANT SUBSCRIPTION AGREEMENT (this “Agreement”) is
made as of the 19th day of December, 2007, by and between iStar Acquisition
Corp., a Delaware corporation (the “Company”), and iStar Financial Inc. (“Purchaser”).

 

WHEREAS,
the Company desires to commit to issue and sell, and Purchaser desires to
commit to purchase and acquire, Private Placement Warrants (as defined herein)
on the terms and conditions hereinafter set forth;

 

NOW,
THEREFORE, for and in consideration of the promises and mutual covenants set
forth herein, it is agreed between the parties as follows:

 

1.             Commitment To
Purchase Private Placement Warrants.  Subject to and immediately prior to the completion
of the Company’s initial public offering (the “IPO”), Purchaser hereby
agrees to subscribe for and purchase from the Company, and the Company hereby
agrees to issue and sell to Purchaser, 5,000,000 warrants (each an “Private
Placement Warrant”) at a purchase price of $1.00 per Private Placement Warrant
for an aggregate purchase price of $5,000,000 (the “Purchase Price”).  Each Private Placement Warrant shall entitle
the holder thereof to purchase one share of the common stock of the Company,
par value $0.0001 per share (the “Common Stock”) at an exercise price of
$7.50, in accordance with the terms set forth in the certificate evidencing the
Private Placement Warrants, substantially in the form attached hereto as Exhibit A,
and shall be subject to the terms of the Warrant Agreement, to be entered into
by and between the Company and Continental Stock Transfer & Trust
Company, as warrant agent, upon execution thereof.  The closing of the purchase and sale of the Private
Placement Warrants hereunder, including payment for and delivery of the Private
Placement Warrants, shall occur at the offices of the Company or the Company’s
legal counsel immediately prior to, and shall be subject to, the completion of
the IPO.

 

2.             Payment of
Purchase Price.  The
purchase price for the Private Placement Warrants shall be tendered in full at
the closing by one or more combination of the following means: (a) wiring
of immediately available United States funds to an account for the benefit of
the Company, pursuant to wire instructions provided by the Company in advance or
(b) by delivery of a cashiers check to the Company of immediately
available United States funds.

 

3.             Acceptance or
Rejection of Agreement.  The
Company has the right to reject this Agreement and any subscription for the Private
Placement Warrants represented hereby in whole or in part, for any reason and
at any time prior to a closing, notwithstanding receipt by Purchaser or prior
notice of acceptance of such subscription. 
The Private Placement Warrants subscribed for herein will not be deemed
issued to or owned by Purchaser until a copy of this Agreement has been
executed by the Company and Purchaser and a closing with respect to such Private
Placement Warrants has occurred.  In the
event that a closing does not take place for any reason with respect to some or
all of the Private Placement Warrants, all cash proceeds delivered by Purchaser
in accordance herewith with respect to such Private Placement Warrants shall be
returned to Purchaser as soon as practicable, without interest, offset or
deduction.

 

4.             Limitations on
Transfer.  Purchaser
shall not assign, hypothecate, donate, encumber or otherwise dispose of any
interest in the Private Placement Warrants (and the shares of Common issued
upon exercise thereof) during the respective “Escrow Period” (as such term is
defined in a securities escrow agreement, substantially in the form attached
hereto as Exhibit B, the “Securities Escrow 

 

 

Agreement”), except (i) as
otherwise permitted by the Securities Escrow Agreement, (ii) in compliance
with applicable securities laws and (iii) in compliance with the Warrant
Agreement.

 

5.             Representations
of Purchaser.  In
connection with the purchase of the Private Placement Warrants, Purchaser
represents to the Company as follows:

 

(a)           Purchaser has been furnished
with all materials relating to the Company’s business affairs and financial
condition and materials related to the offer and sale of the Private Placement
Warrants that have been requested by Purchaser and has acquired sufficient
information about the Company to reach an informed and knowledgeable decision
to acquire the Private Placement Warrants. 
Purchaser has been afforded the opportunity to ask questions of the
executive officers and directors of the Company.  Purchaser understands that its investment in
the Private Placement Warrants involves a high degree of risk.  Purchaser has sought such accounting, legal
and tax advice as Purchaser has considered necessary to make an informed
investment decision with respect to Purchaser’s acquisition of the Private
Placement Warrants.  Purchaser has such
knowledge and expertise in financial and business matters, knows of the high
degree of risk associated with investments generally and particularly investments
in the securities of companies in the development stage such as the Company, is
capable of evaluating the merits and risks of an investment in the Private
Placement Warrants, and is able to bear the economic risk of an investment in
the Private Placement Warrants in the amount contemplated hereunder.  Purchaser can afford a complete loss of its
investment in the Private Placement Warrants. 
Purchaser is purchasing the Private Placement Warrants 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 “Securities Act”).  Purchaser understands that the Company is a
blank check development stage company recently formed for the purpose of
consummating an initial Business Combination (as such term is defined in the
Amended and Restated Certificate of Incorporation of the Company, as the same
may be amended from time to time) and understands that there is no assurance as
to the future performance of the Company and that the Company may never
effectuate a Business Combination.

 

(b)           Purchaser understands that
the Private Placement Warrants (and the shares of Common Stock issuable upon
exercise thereof) have not been registered under the Securities Act or any
state securities law by reason of a specific exemption therefrom, and that the
Company is relying on the truth and accuracy of, and Purchaser’s compliance
with, the representations and warranties and agreements of Purchaser set forth
herein to determine the availability of such exemptions and the eligibility of
Purchaser to acquire such Private Placement Warrants, including, but not
limited to, the bona fide nature of Purchaser’s investment intent as expressed
herein.

 

(c)           Purchaser further
acknowledges and understands that the Private Placement Warrants (and the
shares of Common Stock issuable upon exercise thereof) must be held
indefinitely, subject to any expiration, unless the Private Placement Warrants
(and the shares of Common Stock issuable upon exercise thereof) are
subsequently registered under the Securities Act or an exemption from such
registration is available.  Purchaser
understands that the certificates evidencing the Private Placement Warrants
(and the shares of Common Stock issuable upon exercise thereof) will be
imprinted with a legend which prohibits the transfer of the Private Placement
Warrants (and the shares of Common Stock issuable upon exercise thereof) unless
the Private Placement Warrants (and the shares of Common Stock issuable upon
exercise thereof) are registered or such registration is not required in the
opinion of counsel for the Company.

 

2

 

(d)           Purchaser is familiar with
the provisions of Rule 144 under the Securities Act, as in effect from
time to time (“Rule 144”), which, in substance, permit 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 Private
Placement Warrants (and the shares of Common Stock issuable upon exercisable
thereof) under the Securities Act, the Private Placement Warrants (and the
shares of Common Stock issuable upon exercise thereof) 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 Purchaser has purchased, and
made full payment of (within the meaning of Rule 144), the securities to
be sold.

 

(e)           Purchaser further
understands that at the time Purchaser wishes to sell the Private Placement
Warrants 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 Private
Placement Warrants (and the shares of Common Stock issuable upon exercise
thereof) under Rule 144 even if the minimum holding period requirement had
been satisfied.  Notwithstanding Sections
6(d) and (e) hereof, Purchaser understands that it may be considered
a promoter of the Company and understands that it is the position of the
Securities and Exchange Commission (the “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 Securities
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 Securities Act.

 

(g)           Purchaser has all necessary
power and authority to enter into this Agreement and to consummate the
transactions contemplated hereby.  All
action necessary to be taken by Purchaser to authorize the execution, delivery
and performance of this Agreement and all other agreements and instruments
delivered by Purchaser in connection with the transactions contemplated hereby
has been duly and validly taken, and this Agreement has been duly executed and
delivered by Purchaser.  Subject to the
terms and conditions of this Agreement, this Agreement constitutes the valid,
binding and enforceable obligation of Purchaser, enforceable in accordance with
its terms, except as enforceability may be limited by (i) applicable
bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or
similar laws of general application now or hereafter in effect affecting the
rights and remedies of creditors and by general principles of equity
(regardless of whether enforcement is sought in a proceeding at law or in
equity); and (ii) the applicability of the federal and state securities
laws and public policy as to the enforceability of the indemnification
provisions of this Agreement.  The
purchase by Purchaser of the Private Placement Warrants does not conflict with
the organizational documents of Purchaser or with any material contract by
which Purchaser or its property is bound, or any laws or regulations or decree,
ruling or judgment of any court applicable to Purchaser or its property.  The principal place of business of Purchaser
is as set forth on the signature page hereto.

 

(h)           Purchaser did not decide to
enter into this Agreement as a result of any general solicitation or general
advertising within the meaning of Rule 502(c) of the Securities Act.

 

3

 

(i)            Purchaser understands that
no United States federal or state agency or any other government or
governmental agency has passed on or made any recommendation or endorsement of
the Private Placement Warrants or the fairness or suitability of the investment
in the Private Placement Warrants, nor have such authorities passed upon or
endorsed the merits of the offering of the Private Placement Warrants.

 

6.             Representations
and Warranties of the Company.  The Company hereby represents and warrants to
Purchaser that the Company is a corporation duly incorporated, validly existing
and in good standing under the laws of the State of Delaware and the Company
has all necessary corporate power and authority to enter into this Agreement
and to consummate the transactions contemplated hereby.  All corporate action necessary to be taken by
the Company to authorize the execution, delivery and performance of this
Agreement and all other agreements and instruments delivered by the Company in
connection with the transactions contemplated hereby has been duly and validly
taken and this Agreement has been duly executed and delivered by the Company.  Subject to the terms and conditions of this
Agreement, this Agreement constitutes the valid, binding and enforceable
obligation of the Company, enforceable in accordance with its terms, except as
enforceability may be limited by (i) applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent transfer or similar laws of general
application now or hereafter in effect affecting the rights and remedies of
creditors and by general principles of equity (regardless of whether
enforcement is sought in a proceeding at law or in equity); and (ii) the
applicability of the federal and state securities laws and public policy as to
the enforceability of the indemnification provisions of this Agreement.  The sale by the Company of the Private
Placement Warrants does not conflict with the Amended and Restated Certificate
of Incorporation or by-laws of the Company or any material contract by which
the Company or its property is bound, or any federal or state laws or
regulations or decree, ruling or judgment of any United States or state court
applicable to the Company or its property. 
Upon issuance in accordance with, and payment pursuant to, the terms
hereof, Purchaser will have good title to the Private Placement Warrants (and
the shares of Common Stock issuable upon exercise thereof) free and clear of
all liens, claims and encumbrances of any kind, other than the restrictions set
forth in Section 4 hereof.

 

7.             Indemnification.  Purchaser hereby agrees to indemnify and hold
harmless the Company and the Company’s officers, directors, stockholders,
employees, agents, and attorneys against any and all losses, claims, demands,
liabilities and expenses (including reasonable legal or other expenses incurred
by each such person in connection with defending or investigating any such
claims or liabilities, whether or not resulting in any liability to such person
or whether incurred by the indemnified party in any action or proceeding
between the indemnitor and indemnified party or between the indemnified party
and any third party) to which any such indemnified party may become subject,
insofar as such losses, claims, demands, liabilities and expenses (a) arise
out of or are based upon any untrue statement or alleged untrue statement of a
material fact made by Purchaser and contained herein, or (b) arise out of
or are based upon any breach by Purchaser of any representation, warranty or
agreement made by Purchaser contained herein.

 

8.             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
during normal business hours of the recipient, then on the next business day, (iii) five
calendar days after having been sent by registered or certified mail, return
receipt requested, postage prepaid, or (iv) one 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 

 

4

 

other address as such party
may designate by ten 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, shall 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 of, or protecting its 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 Delaware without regard
to the principles of 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 reasonably be 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 Clifford Chance US LLP, counsel
to the Company and that Clifford Chance US 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.

 

(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. 
This Agreement or any counterpart may be executed via facsimile or electronic
mail transmission, and any such executed facsimile or electronic mail copy
shall be treated as an original.

 

(j)            Survival.  The representations and warranties contained
herein will survive the delivery of, and the payment for, the Private Placement
Warrants.

 

5

 

(k)           Waiver of Jury Trial.  Each party hereto hereby irrevocably and
unconditionally waives the right to a trial by jury in any action, suit,
counterclaim or other proceeding (whether based on contract, tort or otherwise)
arising out of, connected with or relating to this Agreement, the transactions
contemplated hereby, or the actions of Purchaser in the negotiation,
administration, performance or enforcement hereof.

 

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

 

	
   

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  iSTAR ACQUISITION CORP.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jay Nydick

  
	
   

  	
   

  	
  Name: Jay S. Nydick

  
	
   

  	
   

  	
  Title:   Chief
  Executive Officer and President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PURCHASER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  iSTAR FINANCIAL INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Catherine Rice

  
	
   

  	
   

  	
  Name: Catherine Rice

  
	
   

  	
   

  	
  Title:   Chief
  Financial Officer

  

 

6

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