Document:

STOCK
      ESCROW AGREEMENT

     

    STOCK
      ESCROW AGREEMENT, dated as of __________, 2006 (the “Agreement”) by and among
      Energy Infrastructure Acquisition Corp., a Delaware corporation (“Company”), the
      undersigned parties listed as Initial Stockholders on the signature page hereto
      (collectively, the “Initial Stockholders”) and Continental Stock Transfer &
Trust Company, a New York corporation (“Escrow Agent”).

     

      WHEREAS,
        the Company has entered into an Underwriting Agreement, dated ________, 2006
        (“Underwriting Agreement”) with Maxim Group LLC (“Maxim”) acting as
        representative of the several underwriters (collectively, the “Underwriters”),
        pursuant to which, among other matters, the Underwriters have agreed to purchase
        15,000,000 units (not including the underwriters’ over-allotment option)
        (“Units”) of the Company. Each Unit consists of one share of the Company’s
        Common Stock, par value $.0001 per share, and one warrant (“Warrant”), each
        Warrant to purchase one share of Common Stock, all as more fully described
        in
        the Company’s definitive Prospectus, dated _______, 2006 (“Prospectus”)
        comprising part of the Company’s Registration Statement on Form S-1 (File No.
        _________) under the Securities Act of 1933, as amended (“Registration
        Statement”), declared effective on __________, 2006 (“Effective
        Date”).

     

    WHEREAS,
      the Initial Stockholders have agreed as a condition of the Underwriters’
obligation to purchase the Units pursuant to the Underwriting Agreement and
      to
      offer them to the public to deposit all of their shares of Common Stock of
      the
      Company, as set forth opposite their respective names in Exhibit A attached
      hereto (collectively “Escrow Shares”), in escrow as hereinafter
      provided.

     

    WHEREAS,
      the Company and the Initial Stockholders desire that the Escrow Agent accept
      the
      Escrow Shares, in escrow, to be held and disbursed as hereinafter
      provided.

     

    IT
      IS
      AGREED:

     

    1.  Appointment
      of Escrow Agent.
      The
      Company and the Initial Stockholders 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 Shares.
      On or
      before the Effective Date, each of the Initial Stockholders shall deliver to
      the
      Escrow Agent certificates representing his or her respective Escrow Shares,
      to
      be held and disbursed subject to the terms and conditions of this Agreement.
      Each Initial Stockholder acknowledges that the certificate representing his
      or
      her Escrow Shares is legended to reflect the deposit of such Escrow Shares
      under
      this Agreement.

     

    3.  Disbursement
      of the Escrow Shares.
      

     

    3.1.  General.
      Except
      as set forth herein and in Section 3.2 below, the Escrow Agent shall hold the
      Escrow Shares until the third anniversary of the Effective Date (“Escrow
      Period”), on which date it shall, upon written instructions from each Initial
      Stockholder, disburse each of the Initial Stockholder’s Escrow Shares to such
      Initial Stockholder; provided, 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 Shares; provided further,
      that
      if, after the Company consummates a Business Combination (as such term is
      defined in the Registration Statement), it (or the surviving entity)
      subsequently consummates a liquidation, merger, stock exchange or other similar
      transaction which results in all of its stockholders of such entity having
      the
      right to exchange their shares of Common Stock for cash, securities or other
      property, then the Escrow Agent will, upon consummation of such transaction,
      release the Escrow Shares to the Initial Stockholders so that they can similarly
      participate. The Escrow Agent shall have no further duties hereunder after
      the
      disbursement or destruction of the Escrow Shares in accordance with this Section
      3. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

      3.2.  Upon
        written instructions from the Company advising that a Business Combination
        has
        been consummated and that one or more of the public stockholders has determined
        to exercise the right to redeem their shares for cash described in the
        Registration Statement, the Escrow Agent will release and deliver to the
        Company
        for cancellation on a pro rata basis certificates representing that number
        of
        Escrow Shares (not to exceed [_____] in the aggregate) which equals the dollar
        amount of the trust account described in the Registration Statement (exclusive
        of interest) payable to redeeming stockholders above $9.90
        per
        share and dividing it by $10.00 (the value attributed to the Escrow Shares
        for
        purposes of this calculation). By way of illustration, for each 1,000 shares
        redeemed, up to [_______] shares, [__]
        Escrow
        Shares will be surrendered for cancellation. Such instructions set forth
        both
        the number of shares the Company is redeeming and the number of Escrow Shares
        to
        be delivered to the Company for cancellation.

     

    4.  Rights
      of Initial Stockholders in Escrow Shares.

     

    4.1.  Voting
      Rights as a Stockholder.
      Subject
      to the terms of the Insider Letter described in Section 4.4 hereof and except
      as
      herein provided, the Initial Stockholders shall retain all of their rights
      as
      stockholders of the Company during the Escrow Period, including, without
      limitation, the right to vote such shares.

     

    4.2.  Dividends
      and Other Distributions in Respect of the Escrow Shares.
      During
      the Escrow Period, all dividends payable in cash with respect to the Escrow
      Shares shall be paid to the Initial Stockholders, but all dividends payable
      in
      stock or other non-cash property (“Non-Cash Dividends”) shall be delivered to
      the Escrow Agent to hold in accordance with the terms hereof. As used herein,
      the term “Escrow Shares” shall be deemed to include the Non-Cash Dividends
      distributed thereon, if any.

     

    4.3.  Restrictions
      on Transfer.
      Except
      as set forth in Section 3.2 during the Escrow Period, no sale, transfer or
      other
      disposition may be made of any or all of the Escrow Shares except (i) by gift
      to
      a member of Initial Stockholder’s immediate family or to a trust or other
      entity, the beneficiary of which is an Initial Stockholder or a member of an
      Initial Stockholder’s immediate family, (ii) by virtue of the laws of descent
      and distribution upon death of any Initial Stockholder, or (iii) pursuant to
      a
      qualified domestic relations order; provided, however, that such permissive
      transfers may be implemented only upon the respective transferee’s written
      agreement to be bound by the terms and conditions of this Agreement and of
      the
      Insider Letter signed by the Initial Stockholder transferring the Escrow Shares.
      During the Escrow Period, the Initial Stockholders shall not pledge or grant
      a
      security interest in the Escrow Shares or grant a security interest in their
      rights under this Agreement.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    4.4.  Insider
      Letters.
      Each of
      the Initial Stockholders has executed a letter agreement with Maxim and the
      Company, dated as of the Effective Date, and which is filed as an exhibit to
      the
      Registration Statement (“Insider Letter”), respecting the rights and obligations
      of such Initial Stockholder in certain events, including, but not limited to,
      the liquidation of the Company.

     

    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 protected in acting upon any order, notice, demand, certificate,
      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, termination or rescission of this Agreement
      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 counsel 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 Shares 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
      commencement 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 discretion, may commence an action in the nature
      of interpleader in an appropriate court to determine ownership or disposition
      of
      the Escrow Shares or it may deposit the Escrow Shares with the clerk of any
      appropriate court or it may retain the Escrow Shares 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 circumstances the Escrow Shares 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 Section 5.5
      or
      5.6 below.

     

    5.3.  Compensation.
      The
      Escrow Agent shall be entitled to reasonable compen-sation from the Company
      for
      all services rendered by it hereunder, as set forth on Exhibit B hereto.
      The Escrow Agent shall also be entitled to reimbursement 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 disbursements and all taxes or other governmental charges.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    5.4.  Further
      Assurances.
      From
      time to time on and after the date hereof, the Company and the Initial
      Stockholders shall deliver or cause to be delivered to the Escrow Agent such
      further documents and instruments 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 Agreement, to evidence compliance herewith
      or to assure itself that it is protected in acting hereunder.

     

    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 hereinafter provided. Such resignation
      shall become effective at such time that the Escrow Agent shall turn over to
      a
      successor escrow agent appointed by the Company and approved by Maxim, the
      Escrow Shares held hereunder. If no new escrow agent is so appointed within
      the
      60 day period following the giving of such notice of resignation, the Escrow
      Agent may deposit the Escrow Shares with any court it 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, provided, however, that such resignation shall become effective only
      upon acceptance of appointment by a successor escrow agent as provided in
      Section 5.5.

     

    5.7.  Liability.
      Notwithstanding anything herein to the contrary, 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. Each of the
      parties hereby agrees that any action, proceeding or claim against it arising
      out of or relating in any way to this Agreement shall be brought and enforced
      in
      the courts of the State of New York or the United States District Court for
      the
      Southern District of New York, and irrevocably submits to such jurisdiction,
      which jurisdiction shall be exclusive. Each of the parties hereby waives any
      objection to such exclusive jurisdiction and that such courts represent an
      inconvenient forum.

     

    6.2.  Third
      Party Beneficiaries.
      Each of
      the Initial Stockholders hereby acknowledges that the Underwriters are third
      party beneficiaries of this Agreement and this Agreement may not be modified
      or
      changed without the prior written consent of Maxim.

     

    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
      the 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.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    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 by private national courier
      service, or be mailed, certified or registered mail, return receipt requested,
      postage prepaid, and shall be deemed given when so delivered personally or,
      if
      sent by private national courier service, on the next business day after
      delivery to the courier, or, if mailed, two business days after the date of
      mailing, as follows:

     

    If
      to the
      Company, to:

     

    Energy
      Infrastructure Acquisition Corp.

    c/o
      Schwartz & Weiss, P.C.

    457
      Madison Avenue

    New
      York,
      New York 10022

    Attn:
      George Sagredos

     

    If
      to a
      Stockholder, to his 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:
      

     

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

     

    Ellenoff,
      Grossman & Schole LLP

    370
      Lexington Avenue 

    New
      York,
      New York 10017 

    Attn:
      Douglass S. Ellenoff, Esq. 

     

    and:

     

    Maxim
      Group LLC

    405
      Lexington Avenue 

    New
      York,
      New York 10174

      Attn:
        Clifford A. Teller

     

    and:

     

    Loeb
      & Loeb LLP 

    345
      Park
      Avenue 

    New
      York,
      New York 10154

    Attn:
      Mitchell S. Nussbaum, Esq.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

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

     

    6.7.  Liquidation
      of 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.

     

    [remainder
      of document continued on next page]

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

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

     

    ENERGY
      INFRASRUCTURE ACQUISITION CORP.

     

    By:
      _________________________________________________

     

    George
      Sagredos, Chief Operating Officer and President

     

    

     

    INITIAL
      STOCKHOLDERS:

     

    ___________________________

     

    Arie
      Silverberg

     

    ___________________________

     

    Marios
      Pantazopoulos

     

    __________________________

     

    George
      Sagredos

     

    ___________________________

     

    Andreas
      Theotokis

     

    ___________________________

     

    Jonathan
      Kollek

     

    ___________________________

     

    David
      Wong

     

     

    

     

    CONTINENTAL
      STOCK TRANSFER

    &
      TRUST COMPANY

     

    By:________________________________

     

    Name:
      

    Title:
      

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

     

    

      
        	
                Name
                  and Address of Initial
                  Stockholder

              	
                Number

                of
                  Shares

              	
                Stock

                Certificate
                  Number

              
	 	 	 
	
                Arie
                  Silverberg

              	 	 
	
                Marios
                  Pantazopoulos

              	 	 
	
                George
                  Sagredos

              	 	 
	
                Andreas
                  Theotokis

              	 	 
	
                Jonathan
                  Kollek

              	 	 
	
                David
                  Wong

              	 	 

      

    

    

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

     

    EXHIBIT
      B

     

    Escrow
      Agent Fees

     

    $1,800
      annually for acting agent escrow fee.

     

    Initial
      acceptance fee and first year agent fee to be paid at closing. 

     

    9PROMISSORY
      NOTE 

     

    
      	 $300,000	
               As
                of October 6, 2005

            
	 	
               New
                York, New York
                

            

    

     

    Energy
      Infrastructure Acquisition Corp. (the “Maker”) promises to pay to the order of
      George Sagredos (the “Payee”) the principal sum of Three Hundred Thousand
      Dollars and No Cents ($300,000.00) in lawful money of the United States of
      America, together with interest on the unpaid principal balance of this Note,
      on
      the terms and conditions described below. 

     

    1.  Principal.
      The
      principal balance of this Note shall be repayable on the earlier of (i) October
      6, 2006 or (ii) the date on which Maker consummates an initial public offering
      of its securities. 

     

    2.  Interest.
      Interest shall accrue at the rate of 4% annually (non-compounded) on the unpaid
      principal balance of this Note. 

     

    3.  Application
      of Payments.
      All
      payments shall be applied first to payment in full of any costs incurred in
      the
      collection of any sum due under this Note, including (without limitation)
      reasonable attorneys’ fees, then to the payment in full of any late charges and
      finally to the reduction of the unpaid principal balance of this Note.

     

    4.  Events
      of Default.
      The
      following shall constitute Events of Default: 

     

    (a)  Failure
      to Make Required Payments.
      Failure
      by Maker to pay the principal of or accrued interest on this Note within five
      (5) business days following the date when due. 

     

    (b)  Voluntary
      Bankruptcy, Etc.
      The
      commencement by Maker of a voluntary case under the Federal Bankruptcy Code,
      as
      now constituted or hereafter amended, or any other applicable federal or state
      bankruptcy, insolvency, reorganization, rehabilitation or other similar law,
      or
      the consent by it to the appointment of or taking possession by a receiver,
      liquidator, assignee, trustee, custodian, sequestrator (or other similar
      official) of Maker or for any substantial part of its property, or the making
      by
      it of any assignment for the benefit of creditors, or the failure of Maker
      generally to pay its debts as such debts become due, or the taking of corporate
      action by Maker in furtherance of any of the foregoing. 

     

    (c)  Involuntary
      Bankruptcy, Etc.
      The
      entry of a decree or order for relief by a court having jurisdiction in the
      premises in respect of maker in an involuntary case under the Federal Bankruptcy
      Code, as now or hereafter constituted, or any other applicable federal or state
      bankruptcy, insolvency or other similar law, or appointing a receiver,
      liquidator, assignee, custodian, trustee, sequestrator (or similar official)
      of
      Maker or for any substantial part of its property, or ordering the winding-up
      or
      liquidation of the affairs of Maker, and the continuance of any such decree
      or
      order unstayed and in effect for a period of 60 consecutive days. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    5.  Remedies.

     

    (a)  Upon
      the
      occurrence of an Event of Default specified in Section 4(a), Payee may, by
      written notice to Maker, declare this Note to be due and payable, whereupon
      the
      principal amount of this Note, and all other amounts payable thereunder, shall
      become immediately due and payable without presentment, demand, protest or
      other
      notice of any kind, all of which are hereby expressly waived, anything contained
      herein or in the documents evidencing the same to the contrary notwithstanding.
      

     

    (b)  Upon
      the
      occurrence of an Event of Default specified in Sections 4(b) and 4(c), the
      unpaid principal balance of, and all other sums payable with regard to, this
      Note shall automatically and immediately become due and payable, in all cases
      without any action on the part of Payee. 

     

    6.  Waivers.
      Maker
      and all endorsers and guarantors of, and sureties for, this Note waive
      presentment for payment, demand, notice of dishonor, protest, and notice of
      protest with regard to the Note, all errors, defects and imperfections in any
      proceedings instituted by Payee under the terms of this Note, and all benefits
      that might accrue to Maker by virtue of any present or future laws exempting
      any
      property, real or personal, or any part of the proceeds arising from any sale
      of
      any such property, from attachment, levy or sale under execution, or providing
      for any stay of execution, exemption from civil process, or extension of time
      for payment; and Maker agrees that any real estate that may be levied upon
      pursuant to a judgment obtained by virtue hereof, on any writ of execution
      issued hereon, may be sold upon any such writ in whole or in part in any order
      desired by Payee. 

     

    7.  Unconditional
      Liability.
      Maker
      hereby waives all notices in connection with the delivery, acceptance,
      performance, default, or enforcement of the payment of this Note, and agrees
      that its liability shall be unconditional, without regard to the liability
      of
      any other party, and shall not be affected in any manner by any indulgence,
      extension of time, renewal, waiver or modification granted or consented to
      by
      Payee, and consents to any and all extensions of time, renewals, waivers, or
      modifications that may be granted by Payee with respect to the payment or other
      provisions of this Note, and agrees that additional makers, endorsers,
      guarantors, or sureties may become parties hereto without notice to them or
      affecting their liability hereunder. 

     

    8.  Notices.
      Any
      notice called for hereunder shall be deemed properly given if (i) sent by
      certified mail, return receipt requested, (ii) personally delivered, (iii)
      dispatched by any form of private or governmental express mail or delivery
      service providing receipted delivery, (iv) sent by telefacsimile or (v) sent
      by
      e-mail, to the following addresses or to such other address as either party
      may
      designate by notice in accordance with this Section: 

     

    If
      to
      Maker: 

     

    Energy
      Infrastructure Acquisition Corp. 

    c/o
      Schwartz & Weiss, P.C.

    457
      Madison Avenue

    New
      York,
      New York 10022 

    Attn.:
      Marios Pantazopoulos, Chief Financial Officer 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    If
      to
      Payee: 

     

    George
      Sagredos 

    Energy
      Infrastructure Acquisition Corp. 

    c/o
      Schwartz & Weiss, P.C.

    457
      Madison Avenue

    New
      York,
      New York 10022 

     

    Notice
      shall be deemed given on the earlier of (i) actual receipt by the receiving
      party, (ii) the date shown on a telefacsimile transmission confirmation, (iii)
      the date on which an e-mail transmission was received by the receiving party’s
      on-line access provider, (iv) the date reflected on a signed delivery receipt,
      or (vi) two (2) Business Days following tender of delivery or dispatch by
      express mail or delivery service. 

     

    9.  Construction.
      This
      Note shall be construed and enforced in accordance with the domestic, internal
      law, but not the law of conflict of laws, of the State of New York.

     

    10.  Severability.
      Any
      provision contained in this Note which is prohibited or unenforceable in any
      jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
      such prohibition or unenforceability without invalidating the remaining
      provisions hereof, and any such prohibition or unenforceability in any
      jurisdiction shall not invalidate or render unenforceable such provision in
      any
      other jurisdiction. 

     

    IN
      WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this
      Note to be duly executed by its Chief Financial Officer the day and year first
      above written. 

     

     

      
        	 	 	 
	 	ENERGY
                INFRASTRUCTURE ACQUSITION CORP.
	 
 	 
 	 
 
	Date: 	By:  	/s/ Marios
                Pantazopoulos 
	 	
                
Name:
                Marios Pantazopoulos 
	 	Title: Chief
                Financial Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}]]