August 17,
2009
North Shore
Acquisition Corp.
175 Great Neck
Road, Suite 204
Great Neck, New
York 11021
Gentlemen:
As a condition
to the consummation of the transactions contemplated by that
certain agreement (the “ Put/Call Agreement ”),
dated the date hereof, by and among North Shore Acquisition Corp.
(the “ Company ”), Barry J. Gordon, Marc H.
Klee, Robert Sroka, Arthur H. Goldberg, Harvey Granat, Alan J.
Loewenstein (collectively, the “ Sellers ”) and
Sang-Chul Kim, the undersigned hereby agrees as follows (certain
capitalized terms used herein are defined in paragraph 10
hereof):
1. In
the event that the Company fails to consummate a Business
Combination within 24 months from the effective date (“
Effective Date ”) of the registration statement
relating to the Company’s initial public offering of
securities (“ IPO ”), the undersigned will (i)
cause the trust fund established in connection with the
Company’s IPO (the “ Trust Fund ”) to be
liquidated and distributed to the holders of IPO Shares and (ii)
take all reasonable actions within his power to cause the Company
to liquidate as soon as reasonably practicable. The undersigned
hereby waives any and all right, title, interest or claim of any
kind in or to any distribution of the Trust Fund and any remaining
net assets of the Company as a result of such liquidation (“
Claim ”) 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 Fund for any reason whatsoever.
2. In
order to minimize potential conflicts of interest that may arise
from multiple affiliations, the undersigned agrees to present to
the Company for its consideration, prior to presentation to any
other person or entity, any suitable opportunity to acquire an
operating business, until the earlier of the consummation by the
Company of a Business Combination, the liquidation of the Company
or until such time as the undersigned ceases to be an officer or
director of the Company, subject to any pre-existing fiduciary and
contractual obligations the undersigned might have.
3. The
undersigned acknowledges and agrees that the Company will not
consummate any Business Combination that involves a company that is
affiliated with any of the Insiders unless the Company obtains an
opinion from an independent investment banking firm reasonably
acceptable to EarlyBirdCapital, Inc., as representative of the
underwriters of the Company’s IPO (the “
Underwriters ”), that the Business Combination is fair
to the Company’s stockholders from a financial
perspective.
4. Neither
the undersigned, any member of the family of the undersigned, nor
any affiliate (“ Affiliate ”) of the undersigned
will be entitled to receive and will not accept any compensation
for services rendered to the Company prior to or in connection with
the consummation of the Business Combination. Notwithstanding the
foregoing, the Company will be allowed to enter into a services
agreement with Capital Express Co., Ltd. (“ Related
Party ”) for the Company’s use of Related
Party’s offices, utilities and personnel. The Related Party
and the undersigned shall also be entitled to reimbursement from
the Company for their out-of-pocket expenses incurred in connection
with seeking and consummating a Business Combination.
5. Neither
the undersigned, any member of the family of the undersigned, nor
any Affiliate of the undersigned will be entitled to receive or
accept a finder’s fee or any other