FOUNDING SHAREHOLDER AGREEMENTFounding Shareholder Agreement • May 1st, 2014 • Quartet Merger Corp. • Blank checks
Reference is made to (i) that certain Agreement and Plan of Reorganization (the “Merger Agreement”), dated as of April 30, 2014, by and among Quartet Merger Corp. (“Quartet”), Quartet Holdco Ltd. (“Holdco”), Quartet Merger Sub, Ltd., Pangaea Logistics Solutions Ltd. (“Company”) and the securityholders of the Company and (ii) that certain Escrow Agreement, dated October 28, 2013, by and among Quartet, Continental Stock Transfer & Trust Company, the undersigned and certain other stockholders of Quartet (“Escrow Agreement”), pursuant to which 2,415,000 shares (“Quartet Escrow Shares”) of Quartet Common Stock are currently held in escrow. All capitalized terms used herein, but not otherwise defined, shall have the meaning ascribed to them in the Merger Agreement.
