Document:

INVESTMENT
      MANAGEMENT TRUST AGREEMENT

     

    This
      Agreement is made as of May __, 2007 by and between Columbus Acquisition Corp.
      (the “Company”) and Continental Stock Transfer & Trust Company (the
“Trustee”).

     

    WHEREAS,
      the Company’s registration statement on Form S-1, No. 333-138890 (the
“Registration Statement”), for its initial public offering of securities (the
“IPO”) has been declared effective as of the date hereof (the “Effective Date”)
      by the Securities and Exchange Commission (capitalized terms used herein and
      not
      otherwise defined shall have the meanings set forth in the Registration
      Statement); and

     

    WHEREAS, Lazard
      Capital Markets LLC (“Lazard”) is acting as the representative of the
      underwriters in the IPO; an

     

    WHEREAS,
      as described in the Registration Statement, and in accordance with the Company’s
      Certificate of Incorporation, $99,000,000 of the gross proceeds of the IPO
      and
      sale of the Insider Warrants (as defined in the Registration Statement) (or
      $113,400,000 if the underwriters’ over-allotment option is exercised in full)
      will be delivered to the Trustee to be deposited and held in a trust account
      for
      the benefit of the Company and the holders of the Company’s common stock, par
      value $.0001 per share, issued in the IPO as hereinafter provided (the amount
      to
      be delivered to the Trustee will be referred to herein as the “Property”; the
      stockholders for whose benefit the Trustee shall hold the Property will be
      referred to as the “Public Stockholders,” and the Public Stockholders and the
      Company will be referred to together as the “Beneficiaries”); and

     

    WHEREAS,
      a portion of the Property consists of $3,000,000 (or $3,450,000 if the
      underwriters’ over-allotment option is exercised in full) attributable to the
      underwriters’ discounts and commissions which Lazard
      has
      agreed to deposit in the Trust Account; and

     

    WHEREAS,
      a portion of the Property consists of $3,650,000 attributable to the sale of
      the
      Insider Warrants;
      and

     

    WHEREAS,
      the Company and the Trustee desire to enter into this Agreement to set forth
      the
      terms and conditions pursuant to which the Trustee shall hold the
      Property;

     

    IT
      IS
      AGREED:

     

    
      	
              1.

            	
              Agreements
                and Covenants of Trustee. The Trustee hereby agrees and covenants
                to:

            

    

     

    (a) Hold
      the
      Property in trust for the Beneficiaries in accordance with the terms of this
      Agreement, in segregated trust accounts (“Trust Account”) established by the
      Trustee at a bank, broker dealer or other financial institution selected by
      the
      Trustee;

     

    (b) Manage,
      supervise and administer the Trust Account subject to the terms and conditions
      set forth herein;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (c) In
      a
      timely manner, upon the written instruction of the Company, to invest and
      reinvest the Property in any “Government Security” within the meaning of Section
      2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity
      of
      180 days or less, and/or in
      any
      open ended investment company registered under the Investment Company Act of
      1940 that holds itself out as a money market fund selected by the Company
      meeting the conditions of paragraphs (c)(2), (c)(3) and (c)(4) of Rule
      2a-7
      promulgated under the Investment Company Act of 1940, as determined by the
      Company;

     

    (d) Collect
      and receive, when due, all principal and income arising from the Property,
      which
      shall become part of the “Property,” as such term is used herein;

     

    (e) Notify
      the Company of all communications received by it with respect to any Property
      requiring action by the Company;

     

    (f) Supply
      any necessary information or documents as may be requested by the Company in
      connection with the Company’s preparation of the tax returns relating
      to income from the Property in
      the
      Trust Account
      or
      otherwise;

     

    (g) Participate
      in any plan or proceeding for protecting or enforcing any right or interest
      arising from the Property if, as and when instructed by the Company and/or
      Lazard to do so;

     

    (h) Render
      to
      the Company and to Lazard, and to such other person as the Company may instruct,
      monthly written statements of the activities of and amounts in the Trust Account
      reflecting all receipts and disbursements of the Trust Account; and

     

    (i) Commence
      liquidation of the Trust Account only upon receipt of and only in accordance
      with the terms of a letter (the “Termination Letter”), in a form substantially
      similar to that attached hereto as either Exhibit A or Exhibit B, signed on
      behalf of the Company by its President or Chairman of the Board and affirmed
      by
      counsel for the Company, and complete the liquidation of the Trust Account
      and
      distribute the Property in the Trust Account only as directed in the Termination
      Letter and the other documents referred to therein; provided, however, that
      in
      the event that a Termination Letter has not been received by the Trustee by
      the
      24-month anniversary of the effective date of the Registration Statement (“Last
      Date”), the Trust Account shall be liquidated in accordance with the procedures
      set forth in the Termination Letter attached as Exhibit B hereto and distributed
      to the stockholders of record on the Last Date. The Company shall set the record
      date to be within ten days of the Last Date, or as soon thereafter as reasonably
      practicable and legally permissible. In all cases, the Trustee shall provide
      Lazard with a copy of any Termination Letters and/or any other correspondence
      that it receives with respect to any proposed withdrawal from the Trust Account
      promptly after it receives same. The provisions of this Section 1(i) may
      not be modified, amended or deleted under any circumstances.

     

    
      	
              2.

            	
              Limited
                Distributions of Income from Trust
                Account.

            

    

     

    (a) Upon
      written request from the Company, which may be given from time to time in a
      form
      substantially similar to that attached hereto as Exhibit C, the Trustee shall
      distribute to the Company the amount requested by the Company to cover any
      income or franchise tax obligation owed by the Company;

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

    

    (b) Upon
      written request from the Company, which may be given from time to time in a
      form
      substantially similar to that attached hereto as Exhibit D, the Trustee shall
      distribute to the Company the amount requested by the Company to cover expenses
      related to investigating and selecting a target business and other working
      capital requirements; provided, however, that the aggregate amount of all such
      distributions shall not exceed $1,750,000; and

     

    (c) The
      limited distributions referred to in Sections 2(a) and 2(b) above shall be
      made
      only from income collected on the Property. Except as provided in Section 2(a)
      and 2(b) above, no other distributions from the Trust Account shall be permitted
      except in accordance with Section 1(i) hereof.

     

    
      	
              3.

            	
              Agreements
                and Covenants of the Company. The Company hereby agrees and covenants
                to:

            

    

     

    (a) Give
      all
      instructions to the Trustee hereunder in writing, signed by the Company’s
      Chairman of the Board or President. In addition, except with respect to its
      duties under Sections 1(i), 2(a) and 2(b) above, the Trustee shall be entitled
      to rely on, and shall be protected in relying on, any verbal or telephonic
      advice or instruction which it in good faith believes to be given by any one
      of
      the persons authorized above to give written instructions, provided that the
      Company shall promptly confirm such instructions in writing;

     

    (b) Hold
      the
      Trustee harmless and indemnify the Trustee from and against, any and all
      expenses, including reasonable counsel fees and disbursements, or loss suffered
      by the Trustee in connection with any action, suit or other proceeding brought
      against the Trustee involving any claim, or in connection with any claim or
      demand which in any way arises out of or relates to this Agreement, the services
      of the Trustee hereunder, or the Property or any income earned from investment
      of the Property, except for expenses and losses resulting from the Trustee’s
      gross negligence or willful misconduct. Promptly after the receipt by the
      Trustee of notice of demand or claim or the commencement of any action, suit
      or
      proceeding, pursuant to which the Trustee intends to seek indemnification under
      this paragraph, it shall notify the Company in writing of such claim
      (hereinafter referred to as the “Indemnified Claim”). The Trustee shall have the
      right to conduct and manage the defense against such Indemnified Claim,
      provided, that the Trustee shall obtain the consent of the Company with respect
      to the selection of counsel, which consent shall not be unreasonably withheld.
      The Company may participate in such action with its own counsel;

     

    (c) Pay
      the
      Trustee an initial acceptance fee, an annual fee and a transaction processing
      fee for each disbursement made pursuant to Section 2 as set forth on Schedule
      A
      hereto, which fees shall be subject to modification by the parties from time
      to
      time. It is expressly understood that the Property shall not be used to pay
      such
      fees and further agreed that said transaction processing fees shall be deducted
      by the Trustee from accumulated income at the time that disbursements are made
      to the Company pursuant to Section 2. The Company shall pay the Trustee the
      initial acceptance fee and first year’s fee at the consummation of the IPO and
      thereafter on the anniversary of the Effective Date. The Trustee shall refund
      to
      the Company the annual fee (on a pro rata basis) with respect to any period
      after the liquidation of the Trust Fund. The Company shall not be responsible
      for any other fees or charges of the Trustee except as set forth in this Section
      3(c) and as may be provided in Section 3(b) hereof (it being expressly
      understood that the Property shall not be used to make any payments to the
      Trustee under such Sections);
      and

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

       

    

    (d) In
      connection with any vote of the Company's stockholders regarding a Business
      Combination, provide to the Trustee an affidavit or certificate of a firm
      regularly engaged in the business of soliciting proxies and/or tabulating
      stockholder votes (which firm may be the Trustee) verifying the vote of the
      Company's stockholders regarding such Business Combination.

     

    
      	
              4.

            	
              Limitations
                of Liability. The Trustee shall have no responsibility or liability
                to:

            

    

     

    (a) Take
      any
      action with respect to the Property, other than as directed in Sections 1 and
      2
      hereof and the Trustee shall have no liability to any party except for liability
      arising out of its own gross negligence or willful misconduct;

     

    (b) Institute
      any proceeding for the collection of any principal and income arising from, or
      institute, appear in or defend any proceeding of any kind with respect to,
      any
      of the Property unless and until it shall have received instructions from the
      Company given as provided herein to do so and the Company shall have advanced
      or
      guaranteed to it funds sufficient to pay any expenses incident
      thereto;

     

    (c) Change
      the investment of any Property, other than in compliance with Section
      1(c);

     

    (d) Refund
      any depreciation in principal of any Property;

     

    (e) Assume
      that the authority of any person designated by the Company to give instructions
      hereunder shall not be continuing unless provided otherwise in such designation,
      or unless the Company shall have delivered a written revocation of such
      authority to the Trustee;

     

    (f) The
      other
      parties hereto or to anyone else for any action taken or omitted by it, or
      any
      action suffered by it to be taken or omitted, in good faith and in the exercise
      of its own best judgment, except for its gross negligence or willful misconduct.
      The Trustee may rely conclusively and shall be protected in acting upon any
      order, notice, demand, certificate, opinion or advice of counsel (including
      counsel chosen by the Trustee), statement, instrument, report or other paper
      or
      document (not only as to its due execution and the validity and effectiveness
      of
      its provisions, but also as to the truth and acceptability of any information
      therein contained) which is believed by the Trustee, in good faith, to be
      genuine and to be signed or presented by the proper person or persons. The
      Trustee shall not be bound by any notice or demand, or any waiver, modification,
      termination or rescission of this Agreement or any of the terms hereof, unless
      evidenced by a written instrument delivered to the Trustee signed by the proper
      party or parties and, if the duties or rights of the Trustee are affected,
      unless it shall give its prior written consent thereto;

     

    (g) Verify
      the correctness of the information set forth in the Registration Statement
      or to
      confirm or assure that any acquisition made by the Company or any other action
      taken by it is as contemplated by the Registration Statement;

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

       

    

    (h) File
      income tax or information returns with the U.S. Internal Revenue Service and
      payee statements with the Company, documenting the taxes payable by the Company,
      if any, relating to interest earned on the Property;

     

    (i) Pay
      any
      taxes on behalf of the Trust Account (it being expressly understood that, as
      set
      forth in Section 2(a), if there is any income tax obligation relating to the
      income of the Property in the Trust Account, then, at the written instruction
      of
      the Company, the Trustee shall disburse funds out of the Property in the Trust
      Account in an amount specified by the Company as necessary to pay its income
      tax
      liability); and

     

    (j) Compute,
      confirm or otherwise verify amounts requested by the Company pursuant to
      Sections 1(i), 2(a) and 2(b) above.

     

    
      	
              5.

            	
              Termination.
                This Agreement shall terminate as
                follows:

            

    

     

    (a) If
      the
      Trustee gives written notice to the Company that it desires to resign under
      this
      Agreement, the Company shall use its reasonable efforts to locate a successor
      trustee. At such time that the Company notifies the Trustee that a successor
      trustee has been appointed by the Company and has agreed to become subject
      to
      the terms of this Agreement, the Trustee shall transfer the management of the
      Trust Account to the successor trustee, including but not limited to the
      transfer of copies of the reports and statements relating to the Trust Account,
      whereupon this Agreement shall terminate; provided, however, that, in the event
      that the Company does not locate a successor trustee within ninety days of
      receipt of the resignation notice from the Trustee, the Trustee may submit
      an
      application to have the Property deposited with the United States District
      Court
      for the Southern District of New York and upon such deposit, the Trustee shall
      be immune from any liability whatsoever; or

     

    (b) At
      such
      time that the Trustee has completed the liquidation of the Trust Account in
      accordance with the provisions of Section 1(i) hereof, and distributed the
      Property in accordance with the provisions of the Termination Letter, this
      Agreement shall terminate except with respect to Section 3(b).

     

    
      	
              6.

            	
              Miscellaneous.

            

    

     

    (a) The
      Company and the Trustee each acknowledge that the Trustee will follow the
      security procedures set forth below with respect to funds transferred from
      the
      Trust Account. Upon receipt of written instructions, the Trustee will confirm
      such instructions with an Authorized Individual at an Authorized Telephone
      Number listed on the attached Exhibit E. The Company and the Trustee will each
      restrict access to confidential information relating to such security procedures
      to authorized persons. Each party must notify the other party immediately if
      it
      has reason to believe unauthorized persons may have obtained access to such
      information, or of any change in its authorized personnel. In executing funds
      transfers, the Trustee will rely upon account numbers or other identifying
      numbers of a beneficiary, beneficiary’s bank or intermediary bank, rather than
      names. The Trustee shall not be liable for any loss, liability or expense
      resulting from any error in an account number or other identifying number,
      provided it has accurately transmitted the numbers provided.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

       

    

    (b) This
      Agreement shall be governed by and construed and enforced in accordance with
      the
      laws of the State of New York, without giving effect to conflict of laws. It
      may
      be executed in several counterparts, each one of which shall constitute an
      original, and together shall constitute but one instrument.

     

    (c) This
      Agreement contains the entire agreement and understanding of the parties hereto
      with respect to the subject matter hereof. This Agreement or any provision
      hereof may only be changed, amended or modified by a writing signed by each
      of
      the parties hereto; provided, however, that no such change, amendment or
      modification may be made without the prior written consent of Lazard. As to
      any
      claim, cross-claim or counterclaim in any way relating to this Agreement, each
      party waives the right to trial by jury.

     

    (d) The
      parties hereto consent to the jurisdiction and venue of any state or federal
      court located in the City of New York for purposes of resolving any disputes
      hereunder.

     

    (e) Any
      notice, consent or request to be given in connection with any of the terms
      or
      provisions of this Agreement shall be in writing and shall be sent by express
      mail or similar private courier service, by certified mail (return receipt
      requested), by hand delivery or by facsimile transmission:

     

    if
      to the
      Trustee, to:

     

    Continental
      Stock Transfer & Trust Company

    17
      Battery Place

    8th
      Floor

    New
      York,
      New York 10004

    Attn:
      Steven Nelson, President

    Fax:
      (212) 616-7620

     

    if
      to the
      Company, to:

     

    Columbus
      Acquisition Corp.

    153
      East
      53rd
      Street,
      58th
      Floor

    New
      York,
      NY 10022

    Attn:
      Andrew Intrater

    Fax:
      (212) 308-6623

    

    in
      either
      case with a copy to:

     

    Lazard
      Capital Markets LLC

    30
      Rockefeller Plaza

    New
      York,
      NY 10020

    Attn:
      Robert Berger

    Fax:
      (212) 641-2636

     

    (f) This
      Agreement may not be assigned by the Trustee without the prior consent of the
      Company and Lazard.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

       

    

    (g) Each
      of
      the Trustee and the Company hereby represents that it has the full right and
      power and has been duly authorized to enter into this Agreement and to perform
      its respective obligations as contemplated hereunder. 

     

    (h) The
      Trustee acknowledges and agrees that it shall not make any claims or proceed
      against the Trust Account, including by way of set-off, and shall not be
      entitled to any funds
      in
      the Trust Account under any circumstance.

     

    (i) Each
      of
      the Trustee and the Company hereby acknowledges that Lazard is a third party
      beneficiary of this Agreement.

     

    [Signature
      page follows]

     

     

     

     

     

    
 

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

       

    

    IN
      WITNESS WHEREOF, the parties have duly executed this Investment Management
      Trust
      Agreement as of the date first written above.

     

    
      	 	
              CONTINENTAL
                STOCK TRANSFER

              &
                TRUST COMPANY, as Trustee

               

            
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 
	 	 	 
	 	
              COLUMBUS
                ACQUISITION CORP.

               

            
	 	
              By:

            	 
	 	
              Name:

            	
              Andrew
                Intrater

            
	 	
              Title:

            	
              Chairman
                of the Board and Chief Executive Officer

            
	 	
               

            	 

    

    

     

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

     

    [LETTERHEAD
      OF COMPANY]

     

    [INSERT
      DATE]

     

    Continental
      Stock Transfer & Trust Company

    17
      Battery Place

    8th
      Floor

    New
      York,
      New York 10004

    Attn: Steven
      Nelson, President

     

    
      	Re:	
              Trust
                Account No. [___________]

              Termination
                Letter

            

    

     

    Gentlemen:

     

    Pursuant
      to Section 1(i) of the Investment Management Trust Agreement between Columbus
      Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust
      Company (the “Trustee”), dated as of _____________, 2007 (the “Trust
      Agreement”), this is to advise you that the Company has entered into an
      agreement (“Business Agreement”) with __________________ (the “Target Business”)
      to consummate a business combination with Target Business (a “Business
      Combination”) on or about [INSERT DATE]. The Company shall notify you at least
      48 hours in advance of the actual date of the consummation of the Business
      Combination (the “Consummation Date”).

     

    In
      accordance with the terms of the Trust Agreement, we hereby authorize you to
      commence liquidation of the Trust Account to the effect that, on the
      Consummation Date, all of the funds held in the Trust Account will be
      immediately available for transfer to the account or accounts that the Company
      shall direct in writing on the Consummation Date.

     

    On
      the
      Consummation Date (i) counsel for the Company shall deliver to you written
      notification that the Business Combination has been consummated and (ii) the
      Company shall deliver to you (a) [an affidavit] [a certificate] of
      __________________, which verifies the vote of the Company’s stockholders in
      connection with the Business Combination and (b) written instructions with
      respect to the transfer of the funds held in the Trust Account (the “Instruction
      Letter”). You are hereby directed and authorized to transfer the funds held in
      the Trust Account immediately upon your receipt of the counsel’s letter and the
      Instruction Letter, in accordance with the terms of the Instruction Letter.
      In
      the event that certain deposits held in the Trust Account may not be liquidated
      by the Consummation Date without penalty, you will notify the Company of the
      same and the Company shall direct you as to whether such funds should remain
      in
      the Trust Account and distributed after the Consummation Date to the Company.
      Upon the distribution of all the funds in the Trust Account pursuant to the
      terms hereof, the Trust Agreement shall be terminated.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

       

    

    In
      the
      event that the Business Combination is not consummated on the Consummation
      Date
      described in the notice thereof and we have not notified you on or before the
      original Consummation Date of a new Consummation Date, then the funds held
      in
      the Trust Account shall be reinvested as provided in the Trust Agreement on
      the
      business day immediately following the Consummation Date as set forth in the
      notice.

     

    
      	 	
              Very
                truly yours,

               

            
	 	
              COLUMBUS
                ACQUISITION CORP.

               

            
	 	
              By:

            	 
	 	 	
              Name:
                Andrew Intrater

            
	 	 	
              Title:
                Chairman of the Board and Chief Executive Officer

            
	
               

              cc:
                Lazard Capital Markets LLC

            	 	 

    

    

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

     

    [LETTERHEAD
      OF COMPANY]

     

    [INSERT
      DATE]

     

    Continental
      Stock Transfer & Trust Company

    17
      Battery Place

    8th
      Floor

    New
      York,
      New York 10004

    Attn:
      Frank Di Paolo, CFO

     

    
      	Re:	
              Trust
                Account No. [_________] Termination
                Letter

            

    

     

    Gentlemen:

     

    Pursuant
      to Section 1(i) of the Investment Management Trust Agreement between Columbus
      Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust
      Company (the “Trustee”), dated as of _____________, 2007 (the “Trust
      Agreement”), this is to advise you that the Company has been unable to effect a
      Business Combination with a Target Company within the time frame specified
      in
      the Company’s Certificate of Incorporation, as described in the Company’s
      prospectus relating to its IPO.

    

    In
      accordance with the terms
      of
      the Trust Agreement, we hereby authorize you to commence liquidation of the
      Trust Account as promptly as practicable to stockholders of record on the Last
      Date (as defined in the Trust Agreement). You
      will
      notify the Company in writing as to when all of the funds in the Trust Account
      will be available for immediate transfer (the “Transfer Date”) in
      accordance with the terms of the Trust Agreement. You shall commence
distribution
      of such funds, in your separate capacity as the designated paying agent (as
      separately agreed to in a letter agreement), in accordance with the
      terms
      of the Trust Agreement.
      Upon
      the distribution of all the funds in the Trust Account, your obligations under
      the Trust Agreement shall be terminated.

    
      	 	
               

               

              Very
                truly yours,

               

            
	 	
              COLUMBUS
                ACQUISITION CORP.

               

            
	 	
              By:

            	 
	 	 	
              Name:
                Andrew Intrater

            
	 	 	
              Title:
                Chairman of the Board and Chief Executive Officer

            
	
               

              cc:
                Lazard Capital Markets LLC

            	 	 

    

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

     

    [LETTERHEAD
      OF COMPANY]

     

    [Insert
      Date]

     

    
      	
              Continental
                Stock Transfer & Trust Company

              17
                Battery Place

              New
                York, New York 10004

              Attn:
                [                     
                ] 

            
	 
	
              Re:   
                 Trust Account No.
                [                 
                   ] — Distribution of Income on Property 

               

            

    

    Gentlemen:
      

     

    Pursuant
      to Section
      2(a) of
      the Investment Management Trust Agreement between Columbus Acquisition Corp.
      (the “Company”) and Continental Stock Transfer & Trust Company (the
“Trustee”), dated as of ________, 2007 (the “Trust Agreement”), this
      is
      to advise you that the Company hereby requests that you deliver to the Company
      $_______ of the income earned on the Property as of the date hereof. The Company
      needs such funds to pay for the tax obligations as set forth on the attached
      tax
      return or tax statement. In accordance with the terms of the Trust Agreement,
      you are hereby directed and authorized to transfer (via wire transfer) such
      funds promptly upon your receipt of this letter to the Company's operating
      account at:

     

    [WIRE
      INSTRUCTION INFORMATION]

     

    
      	 	
              Very
                truly yours,

               

            
	 	
              COLUMBUS
                ACQUISITION CORP.

               

            
	 	
              By:

            	 
	 	 	
              Name:
                Andrew Intrater

            
	 	 	
              Title:
                Chairman of the Board and Chief Executive Officer

            
	
               

              cc:
                Lazard Capital Markets LLC

            	 	 

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      D

     

    [LETTERHEAD
      OF COMPANY]

     

    [Insert
      Date]

     

    
      	
              Continental
                Stock Transfer & Trust Company

              17
                Battery Place

              New
                York, New York 10004

              Attn:
                [                      
                ] 

            
	 
	
              Re:
                Trust Account No.
                [                      
                ] — Distribution of Income on Property 

               

            

    

    Gentlemen:

    

    Pursuant
      to Section 2(b) of the Investment Management Trust Agreement between Columbus
      Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust
      Company (the “Trustee”), dated as of ___________, 2007 (the “Trust Agreement”),
      this is to advise you that the Company hereby requests that you deliver to
      the
      Company $_______ of the income earned on the Property as of the date hereof.
      The
      Company needs such funds to cover its expenses relating to investigating and
      selecting a target business and other working capital requirements.
      In accordance with the terms of the Trust Agreement, you are hereby directed
      and
      authorized to transfer (via wire transfer) such funds promptly upon your receipt
      of this letter to the Company's operating account at: 

    

    [WIRE
      INSTRUCTION INFORMATION] 

     

    
      	 	
              Very
                truly yours,

               

            
	 	
              COLUMBUS
                ACQUISITION CORP.

               

            
	 	
              By:

            	 
	 	 	
              Name:
                Andrew Intrater

            
	 	 	
              Title:
                Chairman of the Board and Chief Executive Officer

            
	
               

              cc:
                Lazard Capital Markets LLC

            	 	 

    

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    EXHIBIT
      E

     

    AUTHORIZED
      INDIVIDUAL(S) AND TELEPHONE NUMBERS

     

    AUTHORIZED
      FOR TELEPHONE CALL BACK

     

    
      	
              COMPANY:

            	
              Columbus
                Acquisition Corp.

            
	 	
              153
                East 53rd
                Street, 58th
                Floor

              New
                York, NY 10022

              Attn:
                Andrew Intrater

              Telephone:
                (212) 418-9600

            
	 	 
	
              TRUSTEE:

            	
              Continental
                Stock Transfer & Trust Company

              17
                Battery Place

              8th
                Floor

              New
                York, New York 10004

              Attn: Steven
                Nelson, President

            
	 	
              Telephone:

            	
              (212)
                845-3202

            

    

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      A

    

    Schedule
      of fees pursuant to Section 3(c) of Investment Management Trust
      Agreement

    between
      Columbus Acquisition Corp. and 

    Continental
      Stock Transfer & Trust Company

    

    

    
      	
              Fee
                Item

            	 	
              Time
                and method of payment 

            	 	
              Amount

            
	
              Initial
                acceptance fee

            	 	
              Initial
                closing of IPO by wire transfer 

            	 	
              $1,000

            
	
              Annual
                fee

            	 	
              First
                year, initial closing of IPO by wire transfer; thereafter on the
                anniversary of the effective date of the IPO by wire transfer or
                check

            	 	
              $3,000

            
	
              Transaction
                processing fee for disbursements to Company under Sections 2(a) and
                2(b)

            	 	
              Deduction
                by Trustee from disbursement made to Company under Section
                2(b)

            	 	
              $250

            

    

    

    Agreed:

    Dated:
      May 14, 2007

    COLUMBUS
      ACQUISITION CORP. 

     

    

    By:_______________________________

    Authorized
      Officer

    

    Continental
      Stock Transfer & Trust Co.

    

    

    By:
      _______________________________

    Authorized
      OfficerWARRANT
      ESCROW AGREEMENT

    

    WARRANT
      ESCROW AGREEMENT, dated as of _____________, 2007
      (“Agreement”), by and among COLUMBUS ACQUISITION CORP., a Delaware corporation
      (“Company”), COLUMBUS ACQUISITION HOLDINGS LLC, a Delaware limited liability
      company (“Insider Purchaser”) and CONTINENTAL STOCK TRANSFER & TRUST
      COMPANY, a
      New
      York corporation (“Escrow
      Agent”).

    

    WHEREAS,
      the Company has received a binding commitment
      (“Subscription Agreements”)
      from the
      Insider Purchaser to purchase an aggregate of 3,650,000 warrants (“Insider
      Warrants”).

     

    WHEREAS,
      the Company has entered into an Underwriting Agreement, dated __________, 2007
      (“Underwriting Agreement”), with Lazard Capital Markets
      LLC (“Lazard”), pursuant to which, among other matters, Lazard has agreed
      to purchase 12,500,000 units (“Units”) of the Company. Each Unit consists of one
      share of the Company’s common stock, par value $.0001 per share (“Common
      Stock”), and one Warrant, each Warrant to purchase one share of Common Stock,
      all as more fully described in the Company’s final prospectus, dated _________,
      2007 (“Prospectus”), which is part of the Company’s Registration Statement on
      Form S-1 (File No. 333-138890) under the Securities Act of 1933, as
      amended (“Registration Statement”), declared effective on ________, 2007
      (“Effective Date”).

    

    WHEREAS,
      the Insider Purchaser has agreed as a condition of the sale of the Units to
      deposit its Insider Warrants, as set forth opposite its name in Exhibit A
      attached hereto (collec-tively “Escrow Warrants”), in escrow as hereinafter
      provided.

    

    WHEREAS,
      the Company and the Insider Purchaser desire that the Escrow Agent accept the
      Escrow Warrants, in escrow, to be held and disbursed as hereinafter
      provided.

    

    IT
      IS
      AGREED:

     

    1. Appointment
      of Escrow Agent.
      The
      Company and the Insider Purchaser hereby appoint the Escrow Agent to act in
      accordance with and subject to the terms of this Agreement and the Escrow Agent
      hereby accepts such appointment and agrees to act in accordance with and subject
      to such terms.

    

    2. Deposit
      of Escrow Warrants.
      Upon
      issuance and receipt of certificates representing the Escrow Warrants, the
      Insider Purchaser shall deliver such certificates to the Escrow Agent, to be
      held and disbursed subject to the terms and conditions of this Agree-ment.
      The
      Insider Purchaser acknowledges that the certi-ficate representing its Escrow
      Warrants is legended to reflect the deposit of such Escrow Warrants under this
      Agreement.

    

    3. Disbursement
      of the Escrow Warrants.
      The
      Escrow Agent shall hold the Escrow Warrants until 30 days after the consummation
      of a Business Combination (as such term is defined in the Registration
      Statement) (“Escrow Period”), on which date it shall, upon written instructions
      from the Insider Purchaser, disburse the Insider Purchaser’s Escrow Warrants to
      the Insider Purchaser; pro-vided, however, that if the Escrow Agent is notified
      by the Company pursuant to Section 6.7 hereof that the Company is being
      liquidated at any time during the Escrow Period, then the Escrow Agent shall
      promptly destroy the certificates representing the Escrow Warrants. The Escrow
      Agent shall have no further duties hereunder after the disbursement or
      destruction of the Escrow Warrants in accordance with this
      Section 3.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    4. Restrictions
      on Transfer of Escrow Warrants.
      During
      the Escrow Period, no sale, transfer or other disposition may be made of any
      or
      all of the Escrow Warrants. 

    

    5. Concerning
      the Escrow Agent.

    

    5.1 Good
      Faith Reliance.
      The
      Escrow Agent shall not be liable for any action taken or omitted by it in good
      faith and in the exercise of its own best judgment, and may rely conclusively
      and shall be pro-tected in acting upon any order, notice, demand, certifi-cate,
      opinion or advice of counsel (including counsel chosen by the Escrow Agent),
      statement, instrument, report or other paper or document (not only as to its
      due
      execution and the validity and effectiveness of its provisions, but also as
      to
      the truth and acceptability of any information therein contained) which is
      believed by the Escrow Agent to be genuine and to be signed or presented by
      the
      proper person or persons. The Escrow Agent shall not be bound by any notice
      or
      demand, or any waiver, modification, termina-tion or rescission of this
      Agree-ment unless evidenced by a writing delivered to the Escrow Agent signed
      by
      the proper party or parties and, if the duties or rights of the Escrow Agent
      are
      affected, unless it shall have given its prior written consent thereto.

    

     5.2 Indemnification.
      The
      Escrow Agent shall be indemnified and held harmless by the Company from and
      against any expenses, including coun-sel fees and disbursements, or loss
      suffered by the Escrow Agent in connection with any action, suit or other
      proceeding involving any claim which in any way, directly or indirectly, arises
      out of or relates to this Agreement, the services of the Escrow Agent hereunder,
      or the Escrow Warrants held by it hereunder, other than expenses or losses
      arising from the gross negligence or willful misconduct of the Escrow Agent.
      Promptly after the receipt by the Escrow Agent of notice of any demand or claim
      or the com-mence-ment of any action, suit or proceeding, the Escrow Agent shall
      notify the other parties hereto in writing. In the event of the receipt of
      such
      notice, the Escrow Agent, in its sole discre-tion, may commence an action in
      the
      nature of interpleader in an appropriate court to determine ownership or
      disposition of the Escrow Warrants or it may deposit the Escrow Warrants with
      the clerk of any appropriate court or it may retain the Escrow Warrants pending
      receipt of a final, non-appealable order of a court having jurisdiction over
      all
      of the parties hereto directing to whom and under what circum-stances the Escrow
      Warrants are to be disbursed and delivered. The provisions of this Section
      5.2
      shall survive in the event the Escrow Agent resigns or is discharged pursuant
      to
      Sections 5.5 or 5.6 below.

    

    5.3 Compensation.
      The
      Escrow Agent shall be entitled to reason-able compensation from the Company
      for
      all services rendered by it hereunder. The Escrow Agent shall also be entitled
      to reimburse-ment from the Company for all expenses paid or incurred by it
      in
      the administration of its duties hereunder including, but not limited to, all
      counsel, advisors’ and agents’ fees and disburse-ments and all taxes or other
      governmental charges.

    

    5.4 Further
      Assurances.
      From
      time to time on and after the date hereof, the Company and the Insider Purchaser
      shall deliver or cause to be delivered to the Escrow Agent such further
      documents and instru-ments and shall do or cause to be done such further acts
      as
      the Escrow Agent shall reasonably request to carry out more effectively the
      provisions and purposes of this Agree-ment, to evidence compliance herewith
      or
      to assure itself that it is protected in acting hereunder.

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

    

    5.5 Resignation.
      The
      Escrow Agent may resign at any time and be discharged from its duties as escrow
      agent hereunder by its giving the other parties hereto written notice and such
      resignation shall become effective as herein-after provided. Such resignation
      shall become effective at such time that the Escrow Agent shall turn over to
      a
      suc-cessor escrow agent appointed by the Company, the Escrow Warrants held
      hereunder. If no new escrow agent is so appointed within the 60 day period
      follow-ing the giv-ing of such notice of resignation, the Escrow Agent may
      deposit the Escrow Warrants with any court it reasonably deems
      appropriate.

    

    5.6 Discharge
      of Escrow Agent.
      The
      Escrow Agent shall resign and be discharged from its duties as escrow agent
      hereunder if so requested in writing at any time by the other parties hereto,
      jointly, pro-vided, however, that such resignation shall become effec-tive
      only
      upon acceptance of appointment by a successor escrow agent as provided in
      Section 5.5.

    

    5.7 Liability.
      Notwithstanding anything herein to the con-trary, the Escrow Agent shall not
      be
      relieved from liability hereunder for its own gross negligence or its own
      willful misconduct.

    

    6. Miscellaneous.

    

    6.1 Governing
      Law.
      This
      Agreement shall for all purposes be deemed to be made under and shall be
      construed in accordance with the laws of the State of New York, without giving
      effect to conflicts of law principles that would result in the application
      of
      the substantive laws of another jurisdiction.

    

    6.2 Intentionally
      Omitted.
      

    

    6.3 Entire
      Agreement.
      This
      Agreement contains the entire agreement of the parties hereto with respect
      to
      the subject matter hereof and, except as expressly provided herein, may not
      be
      changed or modified except by an instrument in writing signed by the party
      to be
      charged. 

     

    6.4 Headings.
      The
      headings contained in this Agreement are for reference purposes only and shall
      not affect in any way the meaning or interpretation thereof.

    

    6.5 Binding
      Effect.
      This
      Agreement shall be binding upon and inure to the benefit of the respective
      parties hereto and their legal representatives, successors and
      assigns.

    

    6.6 Notices.
      Any
      notice or other communication required or which may be given hereunder shall
      be
      in writing and either be delivered personally or be mailed, certified or
      registered mail, or by private national courier service, return receipt
      requested, postage prepaid, and shall be deemed given when so delivered
      personally or, if mailed, two days after the date of mailing, as
      follows:

    

    
      	 	 	
              If
                to the Company, to:

            

    

    

    Columbus
      Acquisition Corp.

    
      	 	 	 	
              153
                East 53rd
                Street, 58th
                Floor

            

    

    New
      York,
      New York 10022

    Attn: Chairman

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

       

    

    If
      to the
      Insider Purchaser, to its address set forth in Exhibit A.

    

    and
      if to
      the Escrow Agent, to:

    

    Continental
      Stock Transfer & Trust Company

    17
      Battery Place

    New
      York,
      New York 10004

    Attn: Chairman

    

    A
      copy of
      any notice sent hereunder shall be sent to:

    

    LeBoeuf,
      Lamb, Greene & MacRae LLP 

    125
      West
      55th Street 

    New
      York,
      NY 10019

    Attn:
      Andrew Hulsh, Esq.

    

    and: 

    Lazard
      Capital Markets LLC

    30
      Rockefeller Plaza

    New
      York,
      New York 10020

    Attn: Robert
      Berger

    

    and: 

    Graubard
      Miller

    The
      Chrysler Building

    405
      Lexington Avenue

    New
      York,
      New York 10174

    Attn:
      David Alan Miller, Esq.

     

    The
      parties may change the persons and addresses to which the notices or other
      communications are to be sent by giving written notice of any such change in
      the
      manner provided herein for giving notice.

    

     6.7 Liquidation
      of the Company.
      The
      Company shall give the Escrow Agent written notification of the liquidation
      and
      dissolution of the Company in the event that the Company fails to consummate
      a
      Business Combination within the time period(s) specified in the
      Prospectus.

    

    
 

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

       

    

    WITNESS
      the execution of this Agreement as of the date first above written.

    

    COLUMBUS
      ACQUISITION CORP.

    

    

    By:        
       ______________________________  

     

     

    INSIDER
      PURCHASER:

     

     

    COLUMBUS
      ACQUISITION HOLDINGS LLC

     

    

    

    By:        
       ___________________________

     

     

    CONTINENTAL
      STOCK TRANSFER

    &
      TRUST COMPANY

    

    

    By:________________________________

         
      Name: 

         
      Title: 

    

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

       

    

    EXHIBIT
      A

    

    
      	
              Name
                and Address of 

              Insider
                Purchaser 

            	 	
              Number
                

              of
                Warrants

            	 	
               

               

              Warrant
                Number

            	 	
              Date
                of 

              Subscription
                Agreement

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