Amendment to Insider Letter Agreements among Millstream Acquisition Corporation, EarlyBirdCapital, Inc., and Certain Insiders

Summary

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.

EX-10.11 7 a2115169zex-10_11.htm EX 10.11

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