Letter Agreement between Good Harbor Consulting, LLC and Good Harbor Partners Acquisition Corp. Regarding IPO and Business Combination
This agreement is between Good Harbor Consulting, LLC and Good Harbor Partners Acquisition Corp., with HCFP/Brenner Securities LLC as the underwriter. Good Harbor Consulting waives any claim to IPO trust funds and agrees not to seek compensation or fees related to a business combination, except for limited office overhead and expenses. The agreement restricts the sale of certain securities until a business combination is completed and requires voting in favor of board-approved combinations. It also includes background representations and authorizes background checks. The agreement is part of the process for the company's initial public offering.
Exhibit 10.9
, 2006
Good Harbor Partners Acquisition Corp.
4100 North Fairfax Drive
Arlington, VA 22203
HCFP/Brenner Securities LLC
888 Seventh Avenue, 17th Floor
New York, New York 10106
Re: Initial Public Offering
Ladies and Gentlemen:
The undersigned securityholder of Good Harbor Partners Acquisition Corp. (the Company), in consideration of HCFP/Brenner Securities LLCs (Brenner) willingness to underwrite an initial public offering of the securities of the Company (the IPO) and embarking on the IPO process, hereby agrees as follows (certain capitalized terms used herein are defined in paragraph 10 hereof):
1. The undersigned waives any and all right, title, interest or claim of any kind in or to any distribution of the Trust Fund as a result of such liquidation with respect to its Insider Securities (each a Claim) and hereby waives any Claim it 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 Fund for any reason whatsoever.
2. The undersigned will not submit to the Company for consideration, or vote for the approval of, any Business Combination which involves a company which is affiliated with any of the Insiders unless the Company obtains an opinion from an independent investment banking firm reasonably acceptable to Brenner that the business combination is fair to the Companys stockholders from a financial perspective.
3. Neither the undersigned, nor any affiliate (Affiliate) of the undersigned will be entitled to receive and will not accept any compensation or fees of any kind, including finders and consulting fees, prior to, or for services they rendered in order to effectuate, the Business Combination; provided that commencing on the Effective Date, the undersigned shall be allowed to charge to the Company an allocable share of the undersigneds overhead, up to $7,500 per month to compensate the undersigned for the Companys use of the undersigneds offices, utilities and personnel. The undersigned shall also be entitled to reimbursement from the Company for its out-of-pocket expenses incurred in connection with seeking and consummating a Business Combination.
4. Neither the undersigned nor any of its Affiliates will be entitled to receive or accept a finders fee or any other compensation in the event the undersigned or any Affiliate of the undersigned originates a Business Combination.
Good Harbor Partners Acquisition Corp.
HCFP/Brenner Securities LLC
Page 2
5. The undersigned agrees not to sell any of its Insider Securities until the Companys completion of a Business Combination.
6. The undersigned has agreed to vote any shares of Class B common stock it holds or hereafter acquires in favor of any proposed Business Combination approved by the Companys Board of Directors.
7. The undersigned represents and warrants that it:
(a) 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;
(b) 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 it is not currently a defendant in any such criminal proceeding; and
(c) 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.
8. The undersigned has full right and power, without violating any agreement by which it is bound, to enter into this letter agreement and to be a security holder of the Company.
9. The undersigned authorizes any employer, financial institution, or consumer credit reporting agency to release to Brenner and its legal representatives or agents (including any investigative search firm retained by Brenner) any information they may have about the undersigneds background and finances (Information). Neither Brenner nor its agents shall be violating my right of privacy in any manner in requesting and obtaining the Information and the undersigned hereby releases them from liability for any damage whatsoever in that connection.
10. As used herein, (i) a Business Combination shall mean an acquisition by merger, capital stock exchange, asset or stock acquisition, reorganization or otherwise, of an operating business selected by the Company; (ii) Insiders shall mean all officers, directors and securityholders of the Company immediately prior to the IPO; (iii) Insider Securities shall mean all of the shares of common stock, Class W Warrants and Class Z Warrants (and all shares of common stock underlying such securities) of the Company owned by an Insider prior to the IPO; and (iv) Trust Fund shall mean that portion of the net proceeds of the IPO placed in trust for the benefit of the holders of the shares of Class B common stock issued in the Companys IPO as contemplated by the Companys prospectus relating to the IPO.
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