Document:

Unassociated Document

     

    

    __________________,
      2008

    

    

    Redstar
      Partners, Inc. 

    112
      East
      42nd
      Street,
      17th
      Floor

    New
      York,
      New York 10168

    

    Morgan
      Joseph & Co. Inc.

    600
      Fifth
      Avenue, 19th Floor

    New
      York,
      New York 10020

    

    Re: Initial
      Public Offering

    

    Gentlemen:

    

    The
      undersigned shareholder, officer and director of Redstar Partners, Inc.
      (“Company”), in consideration of Morgan Joseph & Co. Inc. (“MJC”) entering
      into a letter of intent (“Letter of Intent”) to underwrite an initial public
      offering of the securities of the Company (“IPO”) and embarking on the IPO
      process, hereby agrees as follows (certain capitalized terms used herein are
      defined in paragraph 15 hereof):

    

    1. If
      the
      Company solicits approval of its shareholders of an extension and/or a Business
      Combination, the undersigned will vote all Insider Shares beneficially owned
      by
      her or its in accordance with the majority of the votes cast by the holders
      of
      the IPO Shares. 

    

    2. 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 IPO, or 36 months from the Effective Date if the Extended Period
      is approved, the undersigned will (i) cause the Trust Account (as defined in
      the
      Letter of Intent) 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 Account and any remaining net assets of the Company as a result of
      such liquidation with respect to her or its Insider Shares (“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 Account for any reason whatsoever. In the event
      of
      the liquidation of the Trust Account, McWong Consultants, Inc., an affiliate
      of
      the undersigned, agrees to indemnify and hold harmless the Company against
      any
      and all loss, liability, claims, damage and expense whatsoever (including,
      but
      not limited to, any and all legal or other expenses reasonably incurred in
      investigating, preparing or defending against any litigation, whether pending
      or
      threatened, or any claim whatsoever) to which the Company may become subject
      as
      a result of any claim by any vendor or other person who is owed money by the
      Company for services rendered or products sold or contracted for, or by any
      provider of financing or target business, but only to the extent necessary
      to
      ensure that such loss, liability, claim, damage or expense does not reduce
      the
      amount in the Trust Account.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        

          Redstar
            Partners, Inc. 

          Morgan
            Joseph & Co. Inc.

          _______________,
            2008

          Page
            2

          

           

        

      

    

    3. In
      order
      to minimize potential conflicts of interest which may arise from multiple
      affiliations, the undersigned agree 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 and such time as Margaret Wong ceases to be an officer or director
      of
      the Company, subject to any pre-existing fiduciary and contractual obligations
      the undersigned might have.

    

    4. The
      undersigned acknowledges and agrees that the Company will not consummate 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 MJC that the business
      combination is fair to the Company’s shareholders from a financial
      perspective.

    

    5. 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; provided however that 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.

     

    6. 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 compensation in the event the undersigned, any member of the family of
      the
      undersigned or any Affiliate of the undersigned originates a Business
      Combination. 

    
      

      
        
          
          

        

        
          
          

          
            

          

        

        
          

            Redstar
              Partners, Inc. 

            Morgan
              Joseph & Co. Inc.

            _______________,
              2008

            Page
              3

            

             

          

        

      

    

    7. On
      the
      Effective Date, the undersigned will escrow the Insider Shares beneficially
      held
      by her or it until one year after the Company consummates a Business
      Combination, subject to the terms of a Stock Escrow Agreement which the Company
      will enter into with the undersigned and an escrow agent acceptable to the
      Company. On the Effective Date, the undersigned will escrow the Insider Warrants
      beneficially held by her or it until one year after the Company consummates
      a
      Business Combination subject to the terms of a Warrant Escrow Agreement which
      the Company will enter into with the undersigned and an escrow agent acceptable
      to the Company.

    

    8. Margaret
      Wong agrees to be the Vice Chairman of the Board, Executive Vice President
      and a
      Director of the Company until the earlier of the consummation by the Company
      of
      a Business Combination and the liquidation of the Company. Ms. Wong’s
      biographical information furnished to the Company and MJC and attached hereto
      as
      Exhibit A is true and accurate in all respects, does not omit any material
      information with respect to the undersigned’s background and contains all of the
      information required to be disclosed pursuant to Item 401 of Regulation S-K,
      promulgated under the Securities Act of 1933, as amended. The undersigneds’
Questionnaires furnished to the Company and MJC and annexed as Exhibit B hereto
      is true and accurate in all respects. Margaret Wong represents and warrants
      that:

    

    (a) she
      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) she
      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 she is not
      currently a defendant in any such criminal proceeding; and

    

    (c) she
      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.

    

    9. The
      undersigned have full right and power, without violating any agreement by which
      they are bound, to enter into this letter agreement and Ms. Wong has full right
      and power to serve as Vice Chairman of the Board, Executive Vice President
      and a
      Director of the Company.

    
      

      
        
          
          

        

        
          
          

          
            

          

        

        
          

            Redstar
              Partners, Inc. 

            Morgan
              Joseph & Co. Inc.

            _______________,
              2008

            Page
              4

            

             

          

        

      

    

    10. The
      undersigned hereby waive any right to exercise conversion rights or appraisal
      rights with respect to any Ordinary Shares of the Company owned or to be owned
      by the undersigned, directly or indirectly, and agrees not to seek conversion
      or
      appraisal with respect to such shares in connection with any vote to approve
      a
      Business Combination.

    

    11. The
      undersigned hereby agrees to not propose, or vote in favor of, an amendment
      to
      the Company’s Memorandum and Articles of Association to extend the period of
      time in which the Company must consummate a Business Combination prior to its
      liquidation. Should such a proposal be put before shareholders other than
      through actions by the undersigned, the undersigned hereby agree to vote against
      such proposal. This paragraph may not be modified or amended under any
      circumstances.

    

    12. In
      the
      event that the Company does not consummate a Business Combination and must
      liquidate and its remaining net assets are insufficient to complete such
      liquidation, McWong Consultants, Inc. agrees to advance such funds necessary
      to
      complete such liquidation and agrees not to seek repayment for such
      expenses.

    

    13. The
      undersigned authorizes any employer, financial institution, or consumer credit
      reporting agency to release to MJC and its legal representatives or agents
      (including any investigative search firm retained by MJC) any information they
      may have about the undersigned’s background and finances (“Information”).
      Neither MJC nor its agents shall be violating the undersigned’s 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.

    

    14. This
      letter agreement shall be governed by and construed and enforced 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. The undersigned hereby (i) agrees that any action,
      proceeding or claim against his arising out of or relating in any way to this
      letter agreement (a “Proceeding”) shall be brought and enforced in the courts of
      the State of New York of the United States of America for the Southern District
      of New York, and irrevocably submits to such jurisdiction, which jurisdiction
      shall be exclusive, (ii) waives any objection to such exclusive jurisdiction
      and
      that such courts represent an inconvenient forum and (iii) irrevocably agrees
      to
      appoint Graubard Miller as agent for the service of process in the State of
      New
      York to receive, for the undersigned and on his behalf, service of process
      in
      any Proceeding. If for any reason such agent is unable to act as such, the
      undersigned will promptly notify the Company and MJC and appoint a substitute
      agent acceptable to each of the Company and MJC within 30 days and nothing
      in
      this letter will affect the right of either party to serve process in any other
      manner permitted by law. 

    
      

      
        
          
          

        

        
          
          

          
            

          

        

        
          

            Redstar
              Partners, Inc. 

            Morgan
              Joseph & Co. Inc.

            _______________,
              2008

            Page
              5

            

             

          

        

      

    

    15. As
      used
      herein, (i) a “Business Combination” shall mean a merger, capital stock
      exchange, asset acquisition or other similar business combination with an
      operating business; (ii) “Insiders” shall mean all officers, directors and
      shareholders of the Company immediately prior to the IPO; (iii) “Insider Shares”
shall mean all of the Ordinary Shares of the Company acquired by an Insider
      prior to the IPO; (iv) “Insider Warrants” means the warrants being sold
      privately by the Company to certain of the Insiders; (v) “IPO Shares” shall mean
      the Ordinary Shares issued in the Company’s IPO; and (vii) “Extended Period”
shall meant the additional month period to approve a Business Combination as
      more specifically described in the registration statement relating to the
      IPO.

     

    
      	 	 	 
	 
 	 
 	 
 
	 	 	Margaret
              Wong
	 	
              
Print
              Name of Insider

       

      
        	 	 	 
	 
 	 
 	 
 
	 	 	 
	 	
                
Signature

         

        
          	 	 	 
	 
 	 
 	 
 
	 	 	McWong
                  Consultants, Inc.
	 	
                  
Print
                  Name of Insider

           

          
            	 	 	 
	 
 	 
 	 
 
	 	By: 	 
	 	
                    

                    Name:

                    Title:

                  

          

           

           

          
            
               

            

            
               

              
                

              

            

            
               

            

          

        

      

    

     

    Exhibit
      AUnassociated Document

    INVESTMENT
      MANAGEMENT TRUST AGREEMENT

     

    This
      Agreement is made as of __________, 2008 by and between Redstar
      Partners, Inc. (the “Company”) and Continental Stock Transfer & Trust
      Company (“Trustee”).

     

    WHEREAS,
      the Company’s registration statement on Form S-1, No. 333- 149327 (“Registration
      Statement”), for its initial public offering of securities (“IPO”) has been
      declared effective as of the date hereof (“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,
      Morgan Joseph & Co. Inc. (the “Representative”) is acting as the
      representative of the underwriters in the IPO pursuant to an underwriting
      agreement dated on or about the date hereof between the Company and the
      Representative (the “Underwriting Agreement”); and

     

    WHEREAS,
      as described in the Registration Statement, and in accordance with the Company’s
      Memorandum and Articles of Association, $35,460,000 of the gross proceeds of
      the
      IPO and sale of the Insider Warrants (as defined in the Registration Statement)
      ($40,644,000 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 ordinary shares, par
      value $.0001 per share, issued in the IPO as hereinafter provided and in the
      event the Units are registered in Colorado, pursuant to Section 11-51-302(6)
      of
      the Colorado Revised Statutes. A copy of the Colorado Statute is attached hereto
      and made a part hereof (the amount to be delivered to the Trustee will be
      referred to herein as the “Property”, the shareholders for whose benefit the
      Trustee shall hold the Property will be referred to as the “Public
      Shareholders,” and the Public Shareholders and the Company will be referred to
      together as the “Beneficiaries”); and

     

    WHEREAS,
      pursuant to the Underwriting Agreement, a portion of the Property equal to
      $1,080,000 (or $1,242,000 if the underwriters’ over-allotment option is
      exercised in full, subject to proportional adjustment pursuant to the
      Underwriting Agreement if the underwriters’ over-allotment option is exercised
      in part, but not in full, prior to its expiration as specified in a notice
      pursuant to Paragraph 1(i) hereof) is attributable to deferred underwriting
      commissions that will become payable by the Company to the underwriters upon
      the
      consummation of an Initial Business Combination (the “Deferred Discount”); 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 is hereby appointed to serve as Trustee hereunder, and the Trustee
      hereby agrees to act as Trustee upon the terms and conditions set forth herein.
      The Trustee hereby agrees and covenants to:

     

    (a)  Hold
      the
      Property in trust for the Beneficiaries in accordance with the terms of this
      Agreement, including the terms of Section 11-51-302(6) of the Colorado Statute,
      in a segregated trust account (“Trust Account”) established 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 instruction of the Company, to invest and reinvest
      the
      Property in United States “government securities” within the meaning of Section
      2(a)(16) of the Investment Company Act of 1940 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 and the Representative 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 for the Trust
      Account;

     

    (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
      the
      Representative to do so;

     

    (h)  Render
      to
      the Company and to the Representative, 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;

     

    (i)  Commence
      liquidation of the Trust Account only after and promptly after receipt of,
      and
      only in accordance with, the terms of a letter (“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 Chief Executive Officer or Chairman of the
      Board
      and Secretary or Assistant Secretary or other authorized officer of 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
      Last Date (as defined in Section 3(g) below), 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 shareholders of record on the Last Date. In all cases,
      the Trustee shall provide the Representative 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;

     

    (j)  Distribute
      the Deferred Discount to the Representative on behalf of the Underwriters upon
      receipt of written notice from the Company; and

     

    (k)  Distribute
      upon receipt of an Extension Notification Letter, to Public Shareholders who
      exercised their conversion rights in connection with an Extension an amount
      equal to the pro rata share of the Property relating to the ordinary shares
      for
      which such Public Shareholders have exercised conversion rights in connection
      with a vote of shareholders for an Extension.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    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,
      signed
      on behalf of the Company by a duly authorized executive officer of the Company,
      the Trustee shall distribute to the Company the amount requested by the Company
      to cover any of the Company’s tax obligations;

     

    (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, signed on behalf
      of
      the Company by a duly authorized executive officer of the Company, the Trustee
      shall distribute to the Company the amount requested by the Company to cover
      expenses related to administrative expenses, investigating and selecting a
      target business and other working capital requirements; provided, however,
      that
      the aggregate amount of all such distributions pursuant to this subsection
      shall
      not exceed $1,050,000 and
      the
      Company will not be allowed to withdraw interest income earned on the trust
      account unless there is sufficient funds available to pay the Company’s tax
      obligations that are or will be due on such interest income at an assumed rate
      of 40% or otherwise then due at that time;
      and

     

    (c)  The
      limited distributions referred to in Sections 2(a) and 2(b) above shall be
      made
      only from interest 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), 1(j) and 1(k) 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 Chief Executive Officer or other authorized officer.
      In
      addition, except with respect to its duties under paragraphs 1(i), 1(j), 1(k),
      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 Trustee may not agree to settle any Indemnified Claim without the prior
      written consent of the Company, which consent shall not be unreasonably
      withheld. The Company may participate in such action with its own counsel;
      

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    (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 unless and until it is distributed 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);

     

    (d)  Within
      five business days after the underwriters’ over-allotment option (or any
      unexercised portion thereof) expires or is exercised in full, provide the
      Trustee with a notice in writing (with a copy to the Representative) of the
      total amount of the Deferred Discount;

     

    (e)  In
      connection with any vote of the Company’s shareholders regarding a Business
      Combination or an Extension, provide to the Trustee an affidavit or certificate
      of a firm regularly engaged in the business of soliciting proxies and/or
      tabulating shareholder votes (which firm may be the Trustee) verifying the
      vote
      of the Company’s shareholders regarding such Business Combination or
      Extension;

     

    (f)  Within
      5
      business days after the consummation of the initial IPO, provide the Trustee
      with a notice in writing (with a copy to the Representative) indicating the
      date
      that is 24 months after the date of the consummation of the initial public
      offering (such date, the “Initial Last Date”); and

     

    (g)  Within
      five business days after the vote of the Company’s shareholders regarding an
      Extension (as described in paragraph (e) above) provide the Trustee with a
      letter (an “Extension Notification Letter”) (with a copy to the Representative)
      providing that (i) the Initial Last Date has been extended (an “Extension”) to a
      date that is not more than 36 months after the consummation of the IPO (such
      date, the “Extended Last Date”); as used herein the term “Last Date” shall mean
      the later of (A) the Initial Last Date and (B) the Extended Last Date, if there
      is an Extension, and (ii) instructions for the distribution of funds to Public
      Shareholders who exercised their conversion option in connection with such
      Extension.

     

    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 paragraphs 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;

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    (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
      paragraph 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; and

     

    (h)  File
      information returns with the United States 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.

     

    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 any court in the State of New
      York or 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 

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

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

     

    6.  Miscellaneous.

     

    (a)  The
      Company and the Trustee each acknowledge that the Trustee will follow the
      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. 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.

     

    (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 conflicts of law
      principles that would result in the application of the substantive laws of
      another jurisdiction. It may be executed in several original or facsimile
      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. Except for Section 1(i) (which may
      not be amended under any circumstances), 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 the
      Representative. 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, Borough of Manhattan, 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:

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    if
      to the
      Trustee, to:

     

    Continental
      Stock Transfer & Trust Company

    17
      Battery Place 

    New
      York,
      New York 10004

    Attn: Steven
      Nelson

    Fax
      No.:
      (___) ___-____

     

    if
      to the
      Company, to:

     

    Redstar
      Partners, Inc. 

    122
      East
      42nd Street, 17th Floor

    New
      York,
      New York 10168

    Attn:
      Nathan J. Mazurek, Chairman

    Fax
      No.:
      (___) ___-____

     

    in
      either
      case with a copy to:

     

    Morgan
      Joseph & Co. Inc. 

    600
      Fifth
      Avenue, 19th Floor

    New
      York,
      New York 10020

    Attn:
      Tina Pappas

    Fax
      No.:
      (212) 218-3760

     

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

     

    (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. 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.

     

    (h)  Each
      of
      the Company and the Trustee hereby acknowledge that the Representative is a
      third party beneficiary of this Agreement.

     

    
      
         

      

      
        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:
                

            

    

     

    
      
        	 	 	 
	 	REDSTAR
                PARTNERS, INC. 
	 
 	 
 	 
 
	 	By:  	 
	 	
                

                Name:
                  

                Title:
                  

              

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

    

    
       

    

    SCHEDULE
      A

     

    

    
      	
              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 Section
                2

            	 	
              Deduction
                by Trustee from accumulated income following disbursement made to
                Company
                under Section 2

            	 	
              $250

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    EXHIBIT
      A

     

    [Letterhead
      of Company]

     

    [Insert
      date]

     

    Continental
      Stock Transfer 

    &
      Trust Company

    17
      Battery Place

    New
      York,
      New York 10004

    Attn:
      Steven Nelson

     

    
      	
            	Re:	
              Trust
                Account No. __________ Termination
                Letter

            

    

     

    Gentlemen:

     

    Pursuant
      to paragraph 1(i) of the Investment Management Trust Agreement between
Redstar
      Partners, Inc. (“Company”) and Continental Stock Transfer & Trust Company
      (“Trustee”), dated as of ____________, 2008 (“Trust Agreement”), this is to
      advise you that the Company has entered into an agreement (“Business Agreement”)
      with __________________ (“Target Business”) to consummate a business combination
      with Target Business (“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 (“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 funds held in the Trust Account will be immediately
      available for transfer to the account or accounts that the Company shall direct
      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 (“Counsel’s
      Letter”) and (ii) the Company shall deliver to you (a) [an affidavit] [a
      certificate] of __________________, which verifies the vote of the Company’s
      shareholders in connection with the Business Combination and (b) written
      instructions with respect to the transfer of the funds held in the Trust Account
      (“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 and the
      Trust Account closed.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    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,
	 	 
	 	REDSTAR PARTNERS, INC. 
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Nathan
              J. Mazurek, Chairman of the
              Board

    
      	 	 	 
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Margaret
              Wong , Secretary

    

     

    cc:
      Morgan Joseph & Co. Inc.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    EXHIBIT
      B

     

    [Letterhead
      of Company]

     

    [Insert
      date]

     

    Continental
      Stock Transfer 

    &
      Trust Company

    17
      Battery Place

    New
      York,
      New York 10004

    Attn:
      Steven Nelson

     

    
      	
            	Re:	
              Trust
                Account No. _______ Termination
                Letter

            

    

     

    Gentlemen:

     

    Pursuant
      to paragraph 1(i) of the Investment Management Trust Agreement between
Redstar
      Partners, Inc. (“Company”) and Continental Stock Transfer & Trust Company
      (“Trustee”), dated as of ____________, 2008 (“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
      Memorandum and Articles of Association, 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
      shareholders 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 (“Transfer Date”) in accordance
      with the terms of the Trust Agreement and the Memorandum and Articles of
      Association of the Company. You shall commence distribution of such funds in
      accordance with the terms of the Trust Agreement and the Memorandum and Articles
      of Association of the Company and you shall oversee the distribution of the
      funds. Upon the distribution of all the funds in the Trust Account, your
      obligations under the Trust Agreement shall be terminated. 

     

    
      
        	 	 	 
	 	Very
                truly
                yours,
	 	 
	 	REDSTAR PARTNERS, INC. 
	 
 	 
 	 
 
	 	By:  	 
	 	
                
Nathan
                J. Mazurek, Chairman of the
                Board

      
        	 	 	 
	 
 	 
 	 
 
	 	By:  	 
	 	
                
Margaret
                Wong , Secretary

      

       

      cc:
        Morgan Joseph & Co. Inc.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    EXHIBIT
      C

     

    [Letterhead
      of Company]

     

    [Insert
      date]

     

    Continental
      Stock Transfer 

    &
      Trust Company

    17
      Battery Place

    New
      York,
      New York 10004

    Attn:
      Steven Nelson

    
       

      
        	
              	Re:	
                Trust
                  Account No. __________

              

      

       

    

    Gentlemen:

     

    Pursuant
      to paragraph 2(a) of the Investment Management Trust Agreement between Redstar
      Partners, Inc. (“Company”) and Continental Stock Transfer & Trust Company
      (“Trustee”), dated as of ___________, 2008 (“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,
	 	 
	 	REDSTAR PARTNERS, INC. 
	 
 	 
 	 
 
	 	By:  	 
	 	
                
Nathan
                J. Mazurek, Chairman of the
                Board

      
        	 	 	 
	 
 	 
 	 
 
	 	By:  	 
	 	
                
Margaret
                Wong , Secretary

      

       

      cc:
        Morgan Joseph & Co. Inc.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

         

      

    

    EXHIBIT
      D

     

    [Letterhead
      of Company]

     

    [Insert
      date]

     

    Continental
      Stock Transfer 

    &
      Trust Company

    17
      Battery Place

    New
      York,
      New York 10004

    Attn:
      Steven Nelson

    
      
         

        
          	
                	Re:	
                  Trust
                    Account No. __________

                

        

         

      

    

    Gentlemen:

     

    Pursuant
      to paragraph 2(b) of the Investment Management Trust Agreement between Redstar
      Partners, Inc. (“Company”) and Continental Stock Transfer & Trust Company
      (“Trustee”), dated as of __________, 2008 (“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, which
      does
      not exceed, in the aggregate with all such prior disbursements pursuant to
      paragraph 2(b), if any, the maximum amount set forth in paragraph 2(b). The
      Company needs such funds to cover its expenses relating to administrative
      expenses, 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,
	 	 
	 	REDSTAR PARTNERS, INC. 
	 
 	 
 	 
 
	 	By:  	 
	 	
                  
Nathan
                  J. Mazurek, Chairman of the
                  Board

        
          	 	 	 
	 
 	 
 	 
 
	 	By:  	 
	 	
                  
Margaret
                  Wong , Secretary

        

         

        cc:
          Morgan Joseph & Co. Inc.

         

        
          
             

          

          
             

            
              

            

          

          
             

          

           

        

      

    

    EXHIBIT
      E

     

    
      
        	
                AUTHORIZED
                  INDIVIDUAL(S)

              	 	
                AUTHORIZED

              	 
	
                FOR
                  TELEPHONE CALL BACK 

              	 	
                TELEPHONE
                  NUMBER(S)

              	 
	 	 	 	 
	
                Company:

              	 	 	 
	 	 	 	 
	
                Redstar
                  Partners, Inc.

              	 	 	 
	
                122
                  East 42nd
                  Street, 17th
                  Floor

              	 	 	 
	
                New
                  York, New York 10168

              	 	 	 
	
                Attn:
                  Nathan J. Mazurek, Chairman

              	 	
                (212)
                  551-7815

              	 
	 	 	 	 
	 	 	 	 
	
                Trustee:

              	 	 	 
	 	 	 	 
	
                Continental
                  Stock Transfer 

                &
                  Trust Company

              	 	 	 
	
                17
                  Battery Place

              	 	 	 
	
                New
                  York, New York 10004

              	 	 	 
	
                Attn:
                  

              	 	
                (___)
                  ___-____

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