Document:

Exhibit 10.7

 

STOCK ESCROW AND VOTING
AGREEMENT

 

THIS STOCK ESCROW AND
VOTING AGREEMENT, dated as
of                  ,
2006 (the “Agreement”), by and
among TRANSTECH SERVICES PARTNERS INC., a Delaware corporation (the “Company”), MAXIM GROUP LLC, a New York
limited liability company (“Maxim”)
and CONTINENTAL STOCK TRANSFER & TRUST COMPANY, a New York corporation
(the “Escrow Agent”).

 

WHEREAS, the Company has
entered into an Underwriting Agreement, dated                   ,
2006, with Maxim, acting as representative of the several underwriters
(collectively, the “Underwriters”),
pursuant to which, among other matters, the Underwriters have agreed to
purchase and offer to the public (the “Offering”)
6,000,000 units (the “Units”) of
the Company’s securities. Each Unit consists of one share of the Company’s
Common Stock, par value 0.0001 per share (“Common
Stock”), and one Warrant, each Warrant to purchase one share of
Common Stock, all as more fully described in the Company’s final Prospectus,
dated [               ],
2006, comprising part of the Company’s Registration Statement on Form S-1
(File No. 333-[                  ])
under the Securities Act of 1933, as amended, declared effective on
[                    ],
2006;

 

WHEREAS, as partial
consideration for its services as representative of the Underwriters, the
Company has agreed to issue to Maxim 60,000 shares of Common Stock
(collectively, the “Maxim Shares”);

 

WHEREAS, Maxim has
agreed, as a condition of the issuance of such shares, to deposit the Maxim Shares,
in escrow, and to vote such shares, as hereinafter provided; and

 

WHEREAS, the Company and
Maxim desire that the Escrow Agent accept the Escrow Shares, in escrow, to be
held and disbursed as hereinafter provided.

 

NOW, THEREFORE, in
consideration of the premises and the mutual covenants, representations and
warranties contained herein and intending to be legally bound hereby, the
parties hereto agree as follows:

 

1                                          Appointment of Escrow Agent. The Company and Maxim hereby
appoint the Escrow Agent to act in accordance with and subject to the terms of
this Agreement, and the Escrow Agent hereby accepts such appointment and agrees
to act in accordance with and subject to such terms.

 

2                                          Deposit of Escrow Shares. On the closing date of the
Offering, and on each subsequent closing, if any, of the sale of Units pursuant
to the exercise of the Underwriters’ over-allotment option, the Company shall
deliver to the Escrow Agent certificates representing the Maxim Shares to which
Maxim is entitled, to be held and disbursed subject to, the terms and
conditions of this Agreement. Maxim acknowledges that the certificates
representing the Maxim Shares will be legended to reflect the deposit of such
Maxim Shares under this Agreement.

 

3                                          Disbursement of the Escrow
Shares. The
Escrow Agent shall hold the Maxim Shares until the consummation of a Business
Combination (as such term is defined in the Registration Statement) by the
Company (the “Escrow Period”), on
which date it shall, upon

 

 

written instructions from Maxim, disburse the
Maxim Shares to Maxim; provided, however, that if the Escrow Agent is notified
by the Company pursuant to Section 6.7 hereof that the Company is being
liquidated at any time during the Escrow Period, then the Escrow Agent shall
promptly destroy the certificates representing the Maxim Shares. The Escrow
Agent shall have no further duties hereunder after the disbursement or
destruction of the Maxim Shares in accordance with this Section 3.

 

4                                          Rights of Maxim in the Maxim
Shares.

 

4.1                                 Voting Rights as a Stockholder. Maxim shall retain all of its
rights as a stockholder of the Company during the Escrow Period, including,
without limitation, the right to vote the Maxim Shares. Notwithstanding the
foregoing, Maxim hereby agrees that it will vote the Maxim Shares, (a) in
connection with the consideration of a Business Combination, in accordance with
the majority of the shares of Common Stock voted by stockholders purchasing
shares on the Offering, and (b) in connection with the consideration of a
plan of dissolution and liquidation of the company, in favor of such plan.

 

4.2                                 Dividends and Other
Distributions in Respect of the Escrow Shares. During the Escrow Period, all dividends payable in cash
with respect to the Maxim Shares shall be paid to Maxim, but all dividends
payable in stock or other non-cash property (the “Non-Cash Dividends”) shall be delivered to the Escrow Agent to
hold in accordance with the terms hereof. As used herein, the term “Maxim
Shares” shall be deemed to include the Non-Cash Dividends distributed thereon,
if any.

 

4.3                                 Restrictions on Transfer. During the Escrow Period,
Maxim shall not (a) sell, transfer or otherwise dispose of any or all of
the Maxim Shares, to any entity, or (b) pledge or grant a security
interest in the Maxim Shares or grant a security interest in its rights under
this Agreement.

 

4.4                                 Waiver of Rights Upon
Liquidation. Maxim
hereby waives any and all right, title, interest or claim of any kind in or to
any liquidating distributions by the Company in the event of the dissolution
and liquidation of the Company upon the Company’s failure to timely complete a
Business Combination with respect to the Maxim Shares.

 

5                                          Concerning the Escrow Agent.

 

5.1                                 Good Faith Reliance. The Escrow Agent shall not be
liable for any action taken or omitted by it in good faith and in the exercise
of its own best judgment, and may rely conclusively and shall be protected
in acting upon any order, notice, demand, certificate, opinion or advice of
counsel (including counsel chosen by the Escrow Agent), statement, instrument,
report or other paper or document (not only as to its due execution and the
validity and effectiveness of its provisions, but also as to the truth and
acceptability of any information therein contained) which is believed by the
Escrow Agent to be genuine and to be signed or presented by the proper person
or persons. The Escrow Agent shall not be bound by any notice or demand, or any
waiver, modification, termination or rescission of this Agreement unless
evidenced by a writing delivered to the Escrow Agent signed by the proper party
or parties and,

 

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if the duties or rights of the Escrow Agent
are affected, unless it shall have given its prior written consent thereto.

 

5.2                                 Indemnification. The Escrow Agent shall be
indemnified and held harmless by the Company from and against any expenses,
including counsel fees and disbursements, or loss suffered by the Escrow Agent
in connection with any action, suit or other proceeding involving any claim
which in any way, directly or indirectly, arises out of or relates to this
Agreement, the services of the Escrow Agent hereunder, or the Maxim Shares held
by it hereunder, other than expenses or losses arising from the gross
negligence or willful misconduct of the Escrow Agent. Promptly after the
receipt by the Escrow Agent of notice of any demand or claim or the
commencement of any action, suit or proceeding, the Escrow Agent shall notify
the other parties hereto in writing. In the event of the receipt of such
notice, the Escrow Agent, in its sole discretion, may commence an action
in the nature of interpleader in an appropriate court to determine ownership or
disposition of the Maxim Shares or it may deposit the Maxim Shares with
the clerk of any appropriate court or it may retain the Maxim Shares
pending receipt of a final, non-appealable order of a court having jurisdiction
over all of the parties hereto directing to whom and under what circumstances
the Maxim Shares are to be disbursed and delivered. The provisions of this Section 5.2
shall survive in the event the Escrow Agent resigns or is discharged pursuant
to Sections 5.5 or 5.6 below.

 

5.3                                 Compensation. The Escrow Agent shall be
entitled to reasonable compensation from the Company for all services rendered
by it hereunder. The Escrow Agent shall also be entitled to reimbursement from
the Company for all expenses paid or incurred by it in the administration of
its duties hereunder, including, but not limited to, all legal counsel and
agents’ fees and disbursements and all taxes or other governmental charges.

 

5.4                                 Further Assurances. From time to time, on and
after the date hereof, the Company and Maxim shall deliver, or cause to be
delivered, to the Escrow Agent such further documents and instruments and shall
do or cause to be done such further acts as the Escrow Agent shall reasonably
request to carry out more effectively the provisions and purposes of this
Agreement, to evidence compliance herewith or to assure itself that it is protected
in acting hereunder.

 

5.5                                 Resignation. The Escrow Agent may resign
at any time and be discharged from its duties as escrow agent hereunder by its
giving the other parties hereto written notice and such resignation shall
become effective as hereinafter provided. Such resignation shall become
effective at such time that the Escrow Agent shall turn over to a successor
escrow agent appointed by the Company, the Maxim Shares held hereunder. If no
new escrow agent is so appointed within the sixty (60) day period following the
giving of such notice of resignation, the Escrow Agent may deposit the
Maxim Shares with any court it reasonably deems appropriate.

 

5.6                                 Discharge of Escrow Agent. The Escrow Agent shall resign
and be discharged from its duties as escrow agent hereunder if so requested in
writing at any time by the Company and Maxim, jointly; provided, however, that
such resignation shall become effective only upon acceptance of appointment by
a successor escrow agent as provided in Section 5.5.

 

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5.7                                 Liability. Notwithstanding anything
herein to the contrary, the Escrow Agent shall not be relieved from liability
hereunder for its own gross negligence or its own willful misconduct.

 

6                                          Miscellaneous.

 

6.1                                 Governing Law. This Agreement shall for all
purposes be deemed to be made under and shall be construed in accordance with
the laws of the New York.

 

6.2                                 Entire Agreement. This Agreement contains the
entire agreement of the parties hereto with respect to the subject matter
hereof and, except as expressly provided herein, may not be changed or
modified except by an instrument in writing signed by the party to be charged.

 

6.3                                 Headings. The headings contained in this
Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation thereof.

 

6.4                                 Binding Effect. This Agreement shall be
binding upon and inure to the benefit of the respective parties hereto and
their legal representatives, successors and assigns.

 

6.5                                 Notices. Any notice or other
communication required or which may be given hereunder shall be in writing
and either be delivered personally or be mailed, certified or registered mail,
or by private national courier service, return receipt requested, postage
prepaid, and shall be deemed given when so delivered personally or, if mailed,
two days after the date of mailing, as follows:

 

If to the Company, to:

 

TransTech Services Partners Inc.

New York, New York                   

Attn:   Chief Executive Officer

 

If to Maxim, to:

Maxim Group, LLC

405 Lexington Avenue

New York, New York 10174

Attn:   Clifford A. Teller,
Managing Director

 

And if to the Escrow
Agent, to:

 

Continental Stock Transfer & Trust
Company

17 Battery Place

New York, New York 10004

Attn:   Chairman

 

A copy of any notice sent
hereunder shall be sent to:

 

Katten Muchin Rosenman LLP

 

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575 Madison Avenue

New York, New York 10022

Attn:  Howard S. Jacobs, Esq.

 

and:

 

Ellenoff, Grossman & Schole LLP

370 Lexington Avenue

New York, New York 10017

Attn: Douglas S. Ellenoff, Esq.

 

The parties may change
the persons and addresses to which the notices or other communications are to
be sent by giving written notice to any such change in the manner provided
herein for giving notice.

 

6.6                                 Liquidation of Company. The Company shall give the
Escrow Agent written notification of the liquidation and dissolution of the
Company in the event that the Company fails to consummate a Business
Combination within the time period(s) specified in the Prospectus.

 

6.7                                 Counterparts. This Agreement may be
executed in several counterparts, each one of which may be delivered by
facsimile transmission and each of which shall constitute an original, and
together shall constitute but one instrument.

 

(Remainder of page intentionally left blank. Signature pages to
follow.)

 

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

 

 

	
   

  	
   

  	
  TRANSTECH SERVICES PARTNERS INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Chief Executive Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  MAXIM GROUP LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CONTINENTAL STOCK TRANSFER & TRUST
  COMPANY

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  

 

6Exhibit 10.8

 

September       , 2006

 

Lotus Capital LLC

445 Fifth Avenue, Suite 30H

New York, New York 10016

 

Re:                               TRANSTECH SERVICES
PARTNERS INC.

 

Gentlemen:

 

This letter
will confirm our agreement, that commencing on the effective date (“Effective
Date”) of the registration statement of the initial public offering (“IPO”) of
the securities of TransTech Services Partners Inc. (the “Company”) and
continuing until 18 months after the Effective Date (or 24 months after the
Effective Date if a letter of intent, agreement in principle or definitive
agreement has been executed within 18 months after the Effective Date and the “Business
Combination” (as defined in the prospectus) related thereto has not been
completed within such 18-month period), Lotus Capital LLC (“You”) shall make
available to the Company certain technology and administrative and secretarial
services, as well as the use of certain limited office space, including a
conference room, in New York City, as may be required by the Company from
time to time, situated at 445 Fifth Avenue (or any successor location). In
exchange therefore, the Company shall pay to You the sum of $7,500 per month
commencing on the Effective Date and continuing monthly thereafter.

 

	
   

  	
   

  	
  Very truly yours,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  TRANSTECH SERVICES PARTNERS INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Suresh Rajpal

  
	
   

  	
   

  	
   

  	
  Title: Chief Executive Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Agreed to and Accepted by:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  LOTUS CAPITAL LLC

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

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