Document:

As
        of
        March 17, 2006 

     

    Global
      Technology Industries, Inc.

    375
      Park
      Avenue, Suite 1505

    New
      York,
      NY 10152

     

    Morgan
      Joseph & Co. Inc.

    600
      Fifth
      Avenue, 19th Floor

    New
      York,
      New York 10020

     

    Re:    Initial
      Public Offering

     

    Ladies
      and Gentlemen: 

     

    The
      undersigned director of Global Technology Industries, Inc. (the “Company”),
      in
      consideration of Morgan Joseph & Co. Inc. (“Morgan
      Joseph”)
      entering into a letter of intent to act as lead underwriter in connection with
      the initial public offering of the securities of the Company (“IPO”),
      hereby agrees as follows: 

    

      1.    The
        undersigned agrees that in connection with the vote required to consummate
        a
        Business Combination (as defined in the Amended and Restated Certificate
        of
        Incorporation of the Company (the “Certificate”)),
        it
        shall (a) vote the shares of common stock owned by it immediately prior to
        the
        IPO (“Insider
        Shares”)
        in
        accordance with the majority of the shares of common stock voted by the holders
        of shares purchased in the IPO and (b) vote any shares of common stock acquired
        by it in the IPO or afterward in favor of a Business Combination. 

       

      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 (i) cause the Trustee
        (as
        defined in the Registration Statement) to liquidate the Trust Account to
        our
        public stockholders, (ii) take all reasonable actions within his power to
        cause
        the Company to dissolve as soon as reasonably practicable and (iii) vote
        his
        shares in favor of any plan of dissolution and distribution recommended by
        the
        Company’s board of directors. The undersigned hereby waives any and all right,
        title, interest or claim of any kind (“Claim”)
        in or
        to any distribution of the Trust Account (as defined in the Certificate)
        in
        respect of its Insider Shares as a result of the liquidation of the Trust
        Account or otherwise 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 Account for any reason
        whatsoever; provided,
        however,
        that
        this paragraph shall not limit the undersigned’s right to receive distributions
        from the Trust Account in respect of any securities acquired by it in the
        IPO or
        afterward. 

    

     

    3.    Neither
      the undersigned, any member of the family of the undersigned, nor any affiliate
      of the undersigned will be entitled to receive from the Company, and will not
      accept from the Company, any compensation for services rendered to the Company
      prior to the consummation of the Business Combination except as described in
      the
      registration statement filed with and declared effective by the Securities
      and
      Exchange Commission in connection with the IPO (the “Registration
      Statement”).

     

    4.    Neither
      the undersigned, any member of the family of the undersigned, nor any affiliate
      of the undersigned will be entitled to receive or will 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.

     

    5.    The
      undersigned acknowledges and agrees that the Company has agreed not to
      consummate any Business Combination that involves a company that is affiliated
      with any director, officer or stockholder or the Company immediately prior
      to
      the consummation of the IPO unless the Company obtains an opinion from an
      independent investment banking firm to the effect that the Business Combination
      is fair to the Company's stockholders from a financial perspective.

     

    6.    The
      undersigned’s biographical information set forth in the Registration Statement
      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, as amended. The undersigned’s Director’s and
      Officer’s Questionnaire furnished to the Company in connection with the
      Registration Statement 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;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

      Global
        Technology Industries, Inc.

      Morgan
        Joseph & Co. Inc.

        As
          of
          March 17, 2006

      Page
        2

    

     

     

    (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. 

     

    7.  The
      undersigned has full right and power, without violating any agreement by which
      he is bound, to enter into this letter agreement. 

     

    8.  This
      letter agreement shall be governed by and construed and enforced in accordance
      with the laws of the State of New York, without giving effect to conflicts
      of
      law principles that would result in the application of the substantive laws
      of
      another jurisdiction. 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, at the expense
      of
      the Company, prior to the effectiveness of the Registration Statement, a person
      or entity acceptable to Morgan Joseph, 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 (and Morgan Joseph agrees that CT Corporation
      System is an acceptable agent). If for any reason such agent is unable to act
      as
      such, the undersigned will promptly notify the Company and Morgan Joseph and
      appoint a substitute agent acceptable to Morgan Joseph 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. 

     

    

     

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK]

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

      Global
        Technology Industries, Inc.

      Morgan
        Joseph & Co. Inc.

        As
          of
          March 17, 2006

      Page
        3

       

    

    

    IN
      WITNESS WHEREOF, the undersigned officer and/or director has executed this
      agreement as of the date first written above.

    
 

    

    

    Print
      Name: Morris Mark 

    Signature:
      /s/ Morris MarkGLOBAL
      TECHNOLOGY INDUSTRIES, INC.

    

    RESTRICTED
      STOCK AGREEMENT

    

    
 

      June
        5,
        2006

     

    Robert
      J.
      Cresci

    Global
      Technology Industries, Inc.

    375
      Park
      Avenue - Suite 1505

    New
      York,
      New York 10152

    

    Dear
      Mr.
      Cresci:

    

      This
        Agreement confirms the grant of Restricted Stock to you effective as of June
        5,
        2006 by Global Technology Industries, Inc., upon the terms and conditions
        described herein. 

     

      1. Grant
        of Restricted Stock.
        Pursuant to action of its Board of Directors, Global Technology Industries,
        Inc.
        (the “Company”) hereby grants you “Restricted Stock” for an aggregate of 23,000
        shares of the Company’s Common Stock (the “Restricted Shares”) for $225.40 in
        cash, at a purchase price of $0.0098 per share, subject to the terms and
        conditions hereinafter set forth. 

     

    2. Closing.
      The
      transfer of the Restricted Shares (the “Closing”) shall occur simultaneously
      with the execution of this Agreement. Concurrently with the execution of this
      Agreement, (i) the Company shall have delivered to you a certificate
      representing the Restricted Shares, and (ii) you shall have delivered to the
      Company a duly executed (A) stock power, endorsed in blank, relating to the
      Restricted Shares, and (B) a duly signed election under Section 83(b) of the
      Internal Revenue Code of 1986, as amended (the “Code”), with respect to the
      grant of Restricted Shares; provided that the election shall only be delivered
      if you intend to make such an election at the Closing. 

     

    3. Restrictions.
      The
      Restricted Shares are being awarded to you subject to the transfer and
      forfeiture restrictions set forth below (the “Restrictions”), which shall lapse
      after the expiration of the vesting periods described in paragraph 4 below.
      

     

    (a) Transfer.
      You may
      not directly or indirectly, by operation of law or otherwise, voluntarily or
      involuntarily, alienate, attach, sell, assign, pledge, encumber, charge or
      otherwise transfer any of the Restricted Shares still subject to Restrictions.
      

     

    (b) Forfeiture.
      Upon
      termination of your directorship with the Company for any reason, all Restricted
      Shares for which the Restrictions have not lapsed at such time shall be returned
      to or canceled by the Company, and shall be deemed to have been forfeited by
      you. Upon a forfeiture of your Restricted Shares, the Company will not be
      obligated to pay you any consideration whatsoever for the forfeited Restricted
      Shares.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    4. Lapse
      of Restrictions.

     

    (a) The
      Restrictions shall lapse to the extent the Restricted Shares have become vested,
      as follows:

     

    (i) 33
      1/3%
      of the Restricted Shares shall become vested on the 12-month anniversary of
      the
      consummation of the Company’s initial public offering (the “Effective
      Date”);

     

    (ii) 33
      1/3%
      of the Restricted Shares shall become vested on the 24-month anniversary of
      the
      Effective Date; and 

     

    (iii) 33
      1/3%
      of the Restricted Shares shall become vested on the 36-month anniversary of
      the
      Effective Date.

     

    (b) To
      the
      extent the Restrictions shall have lapsed under this paragraph 4 with respect
      to
      any portion of the Restricted Shares, those shares (“Vested Shares”) will be
      free of the terms and conditions of this Agreement.

     

    5. Adjustments.
      The
      terms “Restricted Shares” and “Vested Shares” shall include any shares or other
      securities that you receive or become entitled to receive as a result of your
      ownership of the original Restricted Shares.

     

    6. Custody.
      All
      certificates representing the Restricted Shares (other than Vested Shares)
      shall
      be deposited, together with stock powers executed by you, in proper form for
      transfer, with the Company. The Company is hereby authorized to effectuate
      the
      transfer into its name of all certificates representing the Restricted Shares
      which are forfeited to the Company pursuant to paragraph 3 hereof. Certificates
      representing shares as to which the Restrictions have lapsed shall, subject
      to
      any applicable securities law restrictions, be delivered by the Company to
      you
      or your personal representative.

     

    7. Voting
      and Other Rights.

     

    (a) Upon
      the
      registration of the Restricted Shares in your name, you shall have all of the
      rights and status as a stockholder of the Company with respect to the Restricted
      Shares, including the right to vote such shares and to receive dividends or
      other distributions thereon.

     

    (b) The
      grant
      of the Restricted Shares to you does not confer upon you any right to continue
      as a director of the Company.

     

    8. Withholding
      Taxes.
      The
      award or other transfer of the Restricted Shares, and the lapse of Restrictions
      on the Restricted Shares, shall be conditioned further on any required
      withholding taxes having been collected by lump sum payroll deduction or direct
      payment to the Company. 

     

    9. Miscellaneous.
      This
      Agreement: (a) shall be binding upon and inure to the benefit of any successor
      of the Company and your successors, assigns and estate, including your
      executors, administrators and trustees; (b) shall be governed by the laws of
      the
      State of Delaware and any applicable laws of the United States; and (c) may
      not
      be amended except in writing and signed by both parties hereto.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    To
      confirm your acceptance of the foregoing, please sign and return one copy of
      this Agreement to Robert B. Kay at Global Technologies Industries,
      Inc.

     

    
      	 	 	 
	 	GLOBAL
              TECHNOLOGY
              INDUSTRIES, INC.
	 
 	 
 	 
 
	 	By:  	
              /s/
                Robert B. Kay

            
	 	
              
Name:
              Robert B. Kay
	 	Title: Chief Executive
              Officer

    

     

    ACCEPTED
      AND AGREED:

    
      
        	 	 	 	 
	
                /s/
                  Robert J. Cresci

              	 	 	 
	
                
                  

                

                 

              	 	 	
              

      

        
          	Date:	June
                  5, 2006	 	 	 

        

      

         

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

     

    Section
      83(b)
      Election

     

    This
      statement is made under Section 83(b) of the Internal Revenue Code of 1986,
      as
      amended, pursuant to Treasury Regulations Section 1.83-2.

     

    
      	 	
              a.

            	
              The
                taxpayer who performed the services
                is:

            

    

     

    Name:
       _____________________________________
      

     

    Address: 
      ___________________________________

     

    __________________________________

     

    Social
      Security No.: ___________________________

     

    
      	 	
              b.

            	
              The
                property with respect to which the election is made is ______ shares
                of
                the Common Stock of Global Technology Industries,
                Inc.

            

    

     

    
      	 	
              c.

            	
              The
                property was transferred on ________ __,
                _____.

            

    

     

    
      	 	
              d.

            	
              The
                taxable year for which the election is made is the calendar year
                _____.

            

    

     

    
      	 	
              e.

            	
              The
                property is subject to a risk of forfeiture pursuant to which the
                taxpayer
                will forfeit the property if taxpayer’s service with the issuer is
                terminated. This risk of forfeiture lapses in a series of installments
                over a three-year period ending on ________ ___,
                _____.

            

    

     

    
      	 	
              f.

            	
              The
                fair market value of such property at the time of transfer (determined
                without regard to any restriction other than a restriction which
                by its
                terms will never lapse) is $_____ per
                share.

            

    

     

    
      	 	
              g.

            	
              A
                copy of this statement was furnished to Global Technology Industries,
                Inc., for whom taxpayer renders the services underlying the transfer
                of
                such property.

            

    

     

    
      	 	
              h.

            	
              This
                statement is executed on _______ __,
                _____.

            

    

     

     

    
      	  	 	  
	 Signature of Spouse (if any)	 	 Signature of
              Taxpayer

    

     

    This
      election must be filed with the Internal Revenue Service Center with which
      the
      taxpayer files his or her federal income tax returns and must be filed within
      30
      days after the date of purchase. This filing should be made by registered or
      certified mail, return receipt requested. The taxpayer must retain two copies
      of
      the completed form for filing with his or her federal and state tax returns
      for
      the current tax year and an additional copy for his or her
      records.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00104-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00104-of-00352.parquet"}]]