Amendment to Insider Letter Agreements among Millstream Acquisition Corporation, EarlyBirdCapital, Inc., and Certain Insiders
Millstream Acquisition Corporation, EarlyBirdCapital, Inc., and several individual insiders, including Arthur Spector and others, agree to amend prior insider letter agreements dated May 9, 2003. This amendment removes EarlyBirdCapital's right of first refusal for public sales and deletes certain compensation provisions. The insiders confirm they will not receive or accept any finder's fee or compensation if they originate a business combination. The agreement is signed by all relevant parties and trustees.
Exhibit 10.11
June 25, 2003
Millstream Acquisition Corporation
c/o Arthur Spector
435 Devon Park Drive
Building 400
Wayne, Pennsylvania 19087
EarlyBirdCapital, Inc.
600 Third Avenue
33rd Floor
New York, New York 10016
- Re:
- Insider Letters
Gentlemen:
Each of the undersigned hereby confirm that:
1. Section 10 of the letter agreements, dated May 9, 2003, among Millstream Acquisition Corporation ("Company"), EarlyBirdCapital, Inc. ("EBC") and each of Arthur Spector, Dr. Heinz C. Schimmelbusch, Robert E. Keith, Jr. and Don K. Rice and Section 9 of the letter agreements, dated May 9, 2003, among the Company, EBC and each of the Spector Family Trust and J. Brian O'Neill, relating to the right of first refusal granted to EBC by the undersigned for public sales, is hereby deleted in its entirety; and
2. The last proviso of Section 6 of the letter agreements, dated May 9, 2003, among the Company, EBC and each of Arthur Spector, Dr. Heinz C. Schimmelbusch, Robert E. Keith, Jr. and Don K. Rice and the last proviso of Section 5 of the letter agreements, dated May 9, 2003, among the Company, EBC and each of the Spector Family Trust and J. Brian O'Neill, is hereby deleted in its entirety such that Section 6 and Section 5 read as follows, respectively;
"The undersigned will not be entitled to receive and will not accept a finder's fee or any other compensation in the event the undersigned originates a Business Combination."
/s/ ARTHUR SPECTOR Arthur Spector | /s/ DR.HEINZ C. SCHIMMELBUSCH Dr. Heinz C. Schimmelbusch | |||
/s/ ROBERT E. KEITH, JR. Robert E. Keith, Jr. | /s/ DON K. RICE Don K. Rice | |||
SPECTOR FAMILY TRUST | ||||
By: | ||||
/s/ J. BRIAN O'NEILL J. Brian O'Neill | /s/ ADAM B. SPECTOR Adam B. Spector, Trustee | |||
By: | ||||
/s/ JEREMY D. SPECTOR Jeremy D. Spector, Trustee | ||||
Accepted and Agreed: | ||||
MILLSTREAM ACQUISITION CORPORATION | ||||
By: | ||||
/s/ ARTHUR SPECTOR Arthur Spector, Chairman | ||||
EARLYBIRDCAPITAL, INC. | ||||
By: | ||||
/s/ STEVEN LEVINE Steven Levine, Chairman | ||||