Document:

exv10w3

 

Exhibit 10.3

ICM License Agreement

THIS LICENSE AGREEMENT (this “License Agreement”) is entered into and made effective as of the
30th day of September, 2005 (“Effective Date”) by and between Siouxland Ethanol, LLC, a Nebraska
limited liability company (“OWNER”), and ICM, Inc., a Kansas corporation (“ICM”).

          WHEREAS, OWNER has entered into that certain Design-Build Lump Sum Contract dated September
30, 2005 (the “Contract”) with Fagen, Inc., a Minnesota corporation (“Fagen”), under which Fagen is
to design and construct a 50 million gallon per year ethanol plant for OWNER to be located in or
near Jackson, Nebraska (the “Plant”);

          WHEREAS, ICM has granted Fagen the right to use certain proprietary technology and information
of ICM in the design and construction of the Plant; and

          WHEREAS, OWNER desires from ICM, and ICM desires to grant to OWNER, a license to use such
proprietary technology and information in connection with OWNER’s ownership, operation, maintenance
and repair of the Plant, all upon the terms and conditions set forth herein;

          NOW, THEREFORE, the parties, in consideration of the foregoing premises and the mutual
promises contained herein and for other good and valuable consideration, receipt of which is hereby
acknowledged, agree as follows:

1. Upon substantial completion of the Plant by Fagen pursuant to the terms of the Contract or,
if later, payment by OWNER of all amounts due and owing to Fagen under the Contract, ICM grants
to OWNER a limited license to use the Proprietary Property (hereinafter defined) solely in
connection with the ownership, operation, maintenance and repair of the Plant, subject to the
limitations provided herein (the “Purpose”).

2. The “Proprietary Property” means, without limitation, documents, Operating Procedures
(hereinafter defined), materials and other information that are furnished by ICM to OWNER in
connection with the Purpose, whether orally, visually, in writing, or by any other means,
whether tangible or intangible, directly or indirectly (including, without limitation, through
Fagen) and in whatever form or medium including, without limitation, the design, arrangement,
configuration, and specifications of (i) the combinations of distillation, evaporation, and
alcohol dehydration equipment (including, but not limited to, pumps, vessels, tanks, heat
exchangers, piping, valves and associated electronic control equipment) and all documents
supporting those combinations; (ii) the combination of the distillers grain drying (DGD), and
heat recovery steam generation (HRSG) equipment (including, but not limited to, pumps, vessels,
tanks, heat exchangers, piping and associated electronic control equipment) and all documents
supporting those combinations; and (iii) the computer system, known as the distributed control
system (DCS and/or PLC) (including, but not limited to, the software configuration,
programming, parameters, set points, alarm points, ranges, graphical interface, and system
hardware connections) and all documents supporting that system. The “Operating Procedures”
means, without limitation, the process equipment and specifications manuals, standards of
quality, service protocols, data collection methods, construction specifications, training
methods, engineering standards and any other information prescribed by ICM from time to time
concerning the Purpose. Proprietary Property shall not include any information or materials
that OWNER can demonstrate by clear and convincing written evidence: (i) was lawfully in the
possession of OWNER prior to disclosure by ICM or Fagen; (ii) was in the public domain prior to
disclosure by ICM or Fagen; (iii) was disclosed

 

 

to OWNER by a third party other than Fagen having the legal right to possess and disclose such
information or materials; or (iv) after disclosure by ICM or Fagen comes into the public domain
through no fault of OWNER or its members, directors, officers, employees, agents, contractors,
consultants or other representatives (hereinafter collectively referred to as
“Representatives”). Information and materials shall not be deemed to be in the public domain
merely because such information is embraced by more general disclosures in the public domain,
and any combination of features shall not be deemed to be within the foregoing exceptions
merely because individual features are in the public domain if the combination itself and its
principles of operation are not in the public domain.

3. OWNER shall not use the Proprietary Property for any purpose other than the Purpose. OWNER
shall not use the Proprietary Property in connection with any expansion or enlargement of the
Plant. ICM and its Representatives shall have the express right at any time to enter upon the
premises of the Plant to inspect the Plant and its operation to ensure that OWNER is complying
with the terms of this License Agreement.

4. OWNER’s failure to materially comply with the Operating Procedures shall void all
guarantees, representations and warranties, whether expressed or implied, if any, that were
given by ICM to OWNER, directly or indirectly through Fagen, concerning the performance of the
Plant that ICM reasonably determines are materially affected by OWNER’s failure to materially
comply with such Operating Procedures. OWNER agrees to indemnify, defend and hold harmless
ICM, Fagen and their respective Representatives from any and all losses, damages and expenses
including, without limitation, reasonable attorneys’ fees resulting from, relating to or
arising out of Owner’s or its Representatives’ (a) failure to materially comply with the
Operating Procedures or (b) negligent use of the Proprietary Property.

5. Any and all modifications to the Proprietary Property made by OWNER or its Representatives
shall be the property of ICM. OWNER shall promptly notify ICM of any such modification and
OWNER agrees to assign all right, title and interest in such modification to ICM; provided,
however, OWNER shall retain the right, at no cost, to use such modification in connection with
the Purpose.

6. ICM has the exclusive right and interest in and to the Proprietary Property and the
goodwill associated therewith. OWNER will not, directly or indirectly, contest ICM’s ownership
of the Proprietary Property. OWNER’s use of the Proprietary Property does not give OWNER any
ownership interest or other interest in or to the Proprietary Property except for the limited
license granted to OWNER herein.

7. OWNER shall pay no license fee or royalty to ICM for OWNER’s use of the Proprietary Property
pursuant to this License Agreement, the consideration for the limited license granted herein is
certain payments by Fagen to ICM, which is funded by and included in the amounts payable by
OWNER to Fagen for the construction of the Plant under the Contract.

8. OWNER may not assign the limited license granted herein, in whole or in part,
without the prior written consent of ICM, which will not be unreasonably withheld or delayed.
Prior to any assignment, OWNER shall obtain from such assignee a written instrument, in form and
substance reasonably acceptable to ICM, agreeing to be bound by all the terms and provisions of
this License Agreement. Any assignment of this License Agreement shall not release OWNER from (i)
its duties and obligations hereunder concerning the disclosure and use of the Proprietary Property
by OWNER or its Representatives, or (ii) damages to ICM resulting from, or arising out of, a breach
of such duties or obligations by OWNER or its

 

 

Representatives. ICM may assign its right, title and interest in the Proprietary Property, in
whole or part, subject to the limited license granted herein.

9. The Proprietary Property is confidential and proprietary. OWNER shall keep the Proprietary
Property confidential and shall use all reasonable efforts to maintain the Proprietary Property
as secret and confidential for the sole use of OWNER and its Representatives for the Purpose.
OWNER shall retain all Proprietary Property at its principal place of business and/or the
Plant. OWNER shall not at any time without ICM’s prior written consent, copy, duplicate,
record, or otherwise reproduce the Proprietary Property, in whole or in part, or otherwise make
the same available to any unauthorized person provided, OWNER shall be permitted to copy,
duplicate or otherwise reproduce the Proprietary Property in whole or in part in connection
with, and to the extent it is necessary and essential for, the Purpose so long as all such
copies, duplicates or reproductions are kept at its principal place of business and/or the
Plant and are treated the same as any other Proprietary Property. OWNER shall not disclose the
Proprietary Property except to its Representatives who are directly involved with the Purpose,
and even then only to such extent as is necessary and essential for such Representative’s
involvement. OWNER shall inform such Representatives of the confidential and proprietary
nature of such information and, if requested by ICM, OWNER shall obtain from such
Representative a written instrument, in form and substance reasonably acceptable to ICM,
agreeing to be bound by all of the terms and provisions of this License Agreement to the same
extent as OWNER. OWNER shall make all reasonable efforts to safeguard the Proprietary Property
from disclosure by its Representatives to anyone other than permitted hereby. OWNER shall
notify ICM immediately upon discovery of any unauthorized use or disclosure of the Proprietary
Property, or any other breach of this License Agreement by OWNER or its Representatives, and
shall cooperate with ICM in every reasonable way to help ICM regain possession of the
Proprietary Property and prevent its further unauthorized use or disclosure. In the
event that OWNER or its Representatives are required by law to disclose the Proprietary
Property, OWNER shall provide ICM with prompt written notice of same so that ICM may seek a
protective order or other appropriate remedy. In the event that such protective order or other
appropriate remedy is not obtained, OWNER or its Representatives will furnish only that portion
of the Proprietary Property which in the reasonable opinion of its or their legal counsel is
legally required and will exercise its reasonable efforts to obtain reliable assurance that the
Proprietary Property so disclosed will be accorded confidential treatment.

10. OWNER agrees to indemnify ICM for any and all damages (including, without limitation,
reasonable attorneys’ fees) arising out of or resulting from any unauthorized disclosure or use
of the Proprietary Property by OWNER or its Representatives. OWNER agrees that ICM would be
irreparably damaged by reason of a violation of the provisions contained herein and that any
remedy at law for a breach of such provisions would be inadequate. OWNER agrees that ICM shall
be entitled to seek injunctive or other equitable relief in a court of competent jurisdiction
against OWNER or its Representatives for any unauthorized disclosure or use of the Proprietary
Property without the necessity of proving actual monetary loss or posting any bond. It is
expressly understood that the remedy described herein shall not be the exclusive remedy of ICM
for any breach of such covenants, and ICM shall be entitled to seek such other relief or
remedy, at law or in equity, to which it may be entitled as a consequence of any breach of such
duties or obligations.

11. The duties and obligations of OWNER under this License Agreement, and all provisions
relating to the enforcement of such duties and obligations shall survive and remain in full

 

 

force and effect notwithstanding any termination or expiration of the Contract or this License
Agreement.

12. ICM may terminate this License Agreement upon written notice to OWNER if OWNER willfully or
wantonly (a) uses the Proprietary Property for any purpose, or (b) discloses the Proprietary
Property to anyone, in each case other than permitted herein. Upon termination of this License
Agreement, OWNER shall cease using the Proprietary Property for any purpose (including the
Purpose) and, upon request by ICM, shall promptly return to ICM all documents or other
materials in OWNER’s or its Representatives’ possession that contain Proprietary Property in
whatever format, whether written or electronic, including any and all copies or reproductions
of the Proprietary Property. OWNER shall permanently delete all such Proprietary Property from
its computer hard drives and any other electronic storage medium (including any backup or
archive system). OWNER shall deliver to ICM a written certificate which certifies that all
electronic copies or reproductions of the Proprietary Property have been permanently deleted.

13. The laws of the State of Kansas, United States of America (or US), shall govern the
validity of the provisions contained herein, the construction of such provisions, and the
interpretation of the rights and duties of the parties. Any legal action brought to enforce or
construe the provisions of this License Agreement shall be brought in the federal or state
courts located in Wichita, Kansas, and the parties agree to and hereby submit to the exclusive
jurisdiction of such courts and agree that they will not invoke the doctrine of forum non
conveniens or other similar defenses in any such action brought in such courts.
Notwithstanding the foregoing, nothing in this License Agreement will affect any right ICM may
otherwise have to bring any action or proceeding relating to this License Agreement against
OWNER or its properties in the courts of any jurisdiction. In the event the Plant is located
in, or OWNER is organized under the laws of, a country other than the US, OWNER hereby
specifically agrees that any injunctive or other equitable relief granted by a court located in
the State of Kansas, US, or any award by a court located in the State of Kansas, shall be
specifically enforceable as a foreign judgment in the country in which the Plant is located,
OWNER is organized or both, as the case may be, and agrees not to contest the validity of such
relief or award in such foreign jurisdiction, regardless of whether the laws of such foreign
jurisdiction would otherwise authorize such injunctive or other equitable relief, or award.

14. OWNER hereby agrees to waive all claims against ICM and ICM’s Representatives for any
consequential damages that may arise out of or relate to this License Agreement, the Contract
or the Proprietary Property whether arising in contract, warranty, tort (including negligence),
strict liability or otherwise, including but not limited to losses of use, profits, business,
reputation or financing. OWNER further agrees that the aggregate recovery of OWNER and Fagen
(and everyone claiming by or through OWNER and Fagen), as a whole, against ICM and ICM’s
Representatives, collectively, for any and all claims that arise out of, relate to or result
from this License Agreement, the Proprietary Property or the Contract, whether arising in
contract, warranty, tort (including negligence), strict liability or otherwise, shall
not exceed One Million US Dollars ($1,000,000).

15. The terms and conditions of this License Agreement constitute the entire agreement between
the parties with respect to the subject matter hereof and supersede any prior understandings,
agreements or representations by or between the parties, written or oral. Any rule of
construction to the effect that any ambiguity is to be resolved against the drafting party
shall not be applicable in the interpretation of this License Agreement. This License

 

 

Agreement may not be modified or amended at any time without the written consent of the
parties.

16. All notices, requests, demands, reports, statements or other communications (herein
referred to collectively as “Notices”) required to be given hereunder or relating to this
License Agreement shall be in writing and shall be deemed to have been duly given if
transmitted by personal delivery or mailed by certified mail, return receipt requested, postage
prepaid, to the address of the party as set forth below. Any such Notice shall be deemed to be
delivered and received as of the date so delivered, if delivered personally, or as of the third
business day following the day sent, if sent by certified mail. Any party may, at any time,
designate a different address to which Notices shall be directed by providing written notice in
the manner set forth in this paragraph.

17. In the event that any of the terms, conditions, covenants or agreements contained in this
License Agreement, or the application of any thereof, shall be held by a court of competent
jurisdiction to be invalid, illegal or unenforceable, such term, condition, covenant or
agreement shall be deemed void ab initio and shall be deemed severed from this License
Agreement. In such event, and except if such determination by a court of competent
jurisdiction materially changes the rights, benefits and obligations of the parties under this
License Agreement, the remaining provisions of this License Agreement shall remain unchanged
unaffected and unimpaired thereby and, to the extent possible, such remaining provisions shall
be construed such that the purpose of this License Agreement and the intent of the parties can
be achieved in a lawful manner.

18. The duties and obligations herein contained shall bind, and the benefits and advantages
shall inure to, the respective successors and permitted assigns of the parties hereto.

19. The waiver by any party hereto of the breach of any term, covenant, agreement or condition
herein contained shall not be deemed a waiver of any subsequent breach of the same or any other
term, covenant, agreement or condition herein, nor shall any custom, practice or course of
dealings arising among the parties hereto in the administration hereof be construed as a waiver
or diminution of the right of any party hereto to insist upon the strict performance by any
other party of the terms, covenants, agreement and conditions herein contained.

20. In this License Agreement, where applicable, (i) references to the singular shall include
the plural and references to the plural shall include the singular, and (ii) references to the
male, female, or neuter gender shall include references to all other such genders where the
context so requires.

IN WITNESS WHEREOF, the parties hereto have executed this License Agreement, the Effective
Date of which is indicated on page 1 of this License Agreement.

	 	 	 
	OWNER:

	 	ICM:
	 
	Siouxland Ethanol, LLC

	 	ICM, Inc.
	 

	 	 
	/s/ Tom Lynch

	 	/s/ Dave Vander Griend
	 

	 	 
	(Signature)

	 	(Signature)

 

 

	 	 	 
	Tom Lynch

	 	Dave Vander Griend
	 

	 	 
	(Printed Name)

	 	(Printed Name)
	 
	 	 
	COB and President

	 	CEO
	 

	 	 
	(Title)

	 	(Title)
	 
	 	 
	Date: January 5, 2006

	 	Date: January 20, 2006

	 

	 	 

 
	 
	 	 
	Address for giving notices:

	 	Address for giving notices:
	 
	 	 
	1501 Knox Boulevard, P. O. Box 147

	 	301 N First Street
	 

	 	 
	 
	 	 
	Jackson, NE 68743

	 	Colwich, KS 67030exv10w4

 

EXHIBIT 10.4

INVESTMENT MANAGEMENT TRUST AGREEMENT

This Agreement is made as of                     , 2005 by and between India Globalization Capital, Inc.
(the “Company”) and Continental Stock Transfer & Trust Company (“Trustee”).

WHEREAS, the Company’s
Registration Statement on Form S-1, No. 333-124942 (“Registration Statement”),
for its initial public offering of securities (“IPO”) has been declared effective as of the date
hereof by the Securities and Exchange Commission (“Effective Date”); and

WHEREAS, Ferris, Baker Watts,
Incorporated (“FBW”) is acting as the representative of the underwriters in
the IPO; and

WHEREAS, as described in the
Company’s Registration Statement, $57,210,600 of the gross proceeds
of the IPO and the Placement as herein provided as herein provided
($65,615,250 if the underwriters over-allotment option is exercised
in full) (the “Base Deposit”) will be delivered to the Trustee to be deposited and held in a trust account for the
benefit of the Company, FBW and the holders of the Company’s common stock, par value $.0001 per share,
issued in the IPO (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, FBW and the Company will be referred to
together as the “Beneficiaries”) and in the event the securities offered in the IPO are registered
in Colorado, pursuant to Section 11-51-302(6) of the Colorado Revised Statutes (the “CRS”). A copy
of Section 11-51-302(6) of the CRS is attached hereto and made a part hereof and

WHEREAS, a portion of the
Property consists of $1,769,400 attributable to the underwriters’ non-accountable
expenses allowance which FBW, on behalf of the underwriters, has
agreed to deposit in the Trust Account (defined below); and

WHEREAS, the Company has
agreed to issue securities in a private placement (the
“Placement”); 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, including, without limitation, the terms of Section 11-51-302(6) of the CRS, in a
segregated trust account (“Trust Account”) established by
the Trustee at a branch of United Bank, Inc.
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 instruction of the Company, to invest and reinvest the Property in
any “Government Security.” As used herein, Government Security means any Treasury Bill issued by
the United States, having a maturity of one hundred and eighty days or less;

(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 FBW 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 written
instructions of the Company to do so;

(h)      Render to the Company and to FBW, 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)       As of the date of the consummation of a
business combination (“Business Combination”), commence
liquidation of the Trust Account upon receipt of the Officers’ Certificate signed by the Chief Executive Officer and Chief Financial Officer and in accordance with the
terms of a letter (“Termination Letter”), in a form substantially similar to that attached hereto
as Exhibit A signed on behalf of the Company by its President, Chief Financial Officer or Chairman of
the Board and Secretary or Assistant Secretary. The Trustee shall complete the liquidation of the Trust Account
and distribute the Property in the Trust Account to the Beneficiaries as directed in the Termination Letter and the
other documents referred to therein. The Trustee understands and agrees that disbursements from
the Trust Account shall be made only pursuant to a duly executed Termination Letter, together with
the other documents referenced herein, including, without limitation,
an independently certified oath and report of inspector of election
in respect of the shareholder vote in favor of the Business Combination. In all cases, the Trustee shall provide FBW with a copy of
any Termination Letters, Officers’ Certificates and/or any other correspondence that it receives with respect to any
proposed withdrawal from the Trust Account promptly after it receives same.

(j)      
As
of the date 18 months from the date of this Agreement (the
“LOI Termination Date”) (or 24 months from the date
hereof in the event the Company has executed the Letter of Intent
(defined below) prior to the LOI Termination Date but failed to consummate a Business
Combination (“Second Termination Date”)), commence
liquidation of the Trust Account. The Trustee, upon consultation with
the Company and FBW, shall deliver a notice to Public Stockholders of
record as of the LOI Termination Date or Second Termination Date,
whichever the case may be, by U.S. mail or via the Depository Trust
Company (“DTC”), within five days of the LOI Termination
Date or Second Termination Date, to notify the Public Stockholders of
such event and take such other actions as it may deem necessary to
inform the Beneficiaries. The Trustee shall deliver to each Public
Stockholder its ratable share of the Property against satisfactory evidence of delivery of the stock certificates
by the Public Stockholders to the Company through DTC, its Deposit
Withdraw Agent Commission (DWAC) system or as otherwise presented to
the Trustee. Notwithstanding the foregoing, if the Trustee receives a
bona fide, executed letter of intent or engagement letter (the
“Letter of Intent”) for a Business Combination prior to the
LOI Termination Date accompanied by an Officers’ Certificate as
described in Section 2(e) hereof, then the Trustee shall forego or
suspend any liquidation of the Trust Account until the earlier of a
Business Combination or the Second Termination Date.

2.       LIMITED DISTRIBUTIONS OF INCOME ON PROPERTY.

(a)     Upon receipt by the Trustee of an Officer’s Certificate signed
 by the Chief Executive Officer and Chief Financial Officer of the
Company certifying as true, accurate and complete a copy of any tax return required to be filed on behalf of the Trust Account in respect of income earned on the Property held therein, the Trustee shall deliver to the Company for submission to the appropriate taxing authority a check made payable to the order of such taxing authority in the amount required to pay such taxes;
provided, however, that in no event shall the aggregate amount of all checks issued to taxing authorities pursuant to this Section 2(a) exceed the income in respect of which such taxes are due and owing.

(b)     Upon written request from the Company,
which may be given not more than once in any calendar month, the Trustee shall distribute to
the Company an amount equal to the income earned on the Base Deposit,
net of taxes payable through the last day of the month immediately
preceding the date of receipt of the Company’s request; provided,
however, that the maximum amount of
distributions, net of taxes, that the Company may request and the Trustee shall distribute
pursuant to this Section 2(b) shall be $1,855,000.

(c)     Except as provided in Sections 2(a) and 2(b) above, no other
 distributions from the Trust Account shall be permitted except in accordance with Sections 1(i) and 1(j) hereof.

3.        AGREEMENTS AND COVENANTS OF THE COMPANY.

(a)
     The Company hereby agrees and covenants to provide all instructions to the Trustee hereunder in writing, signed by the Company’s President or
Chairman of the Board and Chief Financial Officer. In addition,
except with respect to its duties under section 1(i) and (j) 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 and/or FBW, whichever has the authority to issue the
instructions, shall promptly
confirm such instructions in writing;

(b)
     The Company hereby agrees and covenants to 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

2

 

shall not be unreasonably withheld. The Company may participate in such action with its own
counsel;

(c)      Pay the Trustee an initial acceptance fee of $1,000 and an annual fee of $3,000 (it being
expressly understood that the Property shall not be used to pay such fee). 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
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 may be
provided in section 2(b) hereof (it being expressly understood that the Property shall not be
used to make any payments to the Trustee under such section);

(d)     In
the event that the Company consummates a Business Combination and the
Trust Account is liquidated in accordance with Section 1(i) hereof,
the Trustee or another independent party designated by FBW shall act
as the inspector of election to certify the results of the
shareholder vote.

(e)     The
Officers’ Certificate referenced in Sections 1(i) and (j) hereof
shall require the Chief Executive Officer and Chief Financial Officer
of the Company to each certify the following (wherever applicable):
(1) prior to the LOI Termination Date, the Company has entered into a
bona fide Letter of Intent with a target business; and/or (2) prior to
the LOI Termination Date, the Company has entered into a Business
Combination with a target business, the terms of which are
consistent with the requirements set forth in the Registration
Statement; and/or (3) prior to the Second Termination Date, the
Company has entered into a Business Combination with a target
business, the terms of which are consistent with the requirements set
forth in the Registration Statement; and (4) the Board of Directors
(the “Board”) pursuant to the unanimous written consent of
the Board has approved (where applicable): (i) the Business
Combination; and/or (ii) Letter of Intent. A copy of such consent
shall be attached as an exhibit to the Officers’ Certificate.

3.        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 Section 1 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 written 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) hereof;

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

(e)
     Assume that the authority of any person
designated by the Company and FBW to give written instructions
hereunder shall not be continuing unless provided otherwise in such designation, or unless the
Company and FBW 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 need not investigate any fact or matter stated in
the document. 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;

3

 

(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, unless an officer of the Trustee has actual knowledge thereof, written notice of such event
is sent to the Trustee or as otherwise required under
Section 1(i) hereof; and

(h)      Pay any taxes on behalf of the Trust Account (it being expressly understood that the Property
shall not be used to pay any such taxes and that such taxes, if any, shall be paid by the Company
from funds not held in the Trust Account).

4.        CERTAIN RIGHTS OF TRUSTEE.

(a)      Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or
opinion of counsel or both. The Trustee shall not be liable for any action it takes or omits to
take
in good faith in reliance on such Officers’ Certificate or opinion of counsel. The Trustee may
consult with counsel and the advice of such counsel or any opinion of counsel shall be full and
complete authorization and protection from liability in respect of any action taken, suffered or
omitted by it hereunder in good faith and in reliance thereon.

(b)      The Trustee may act through its attorneys and agents and shall not be responsible for the
misconduct or negligence of any agent appointed with due care.

(c)      The Trustee shall not be liable for any action it takes or omits to take in good faith that it
believes to be authorized or within the rights or powers conferred upon it by this Agreement.

(d)      The Trustee shall not be responsible for and makes no representation as to the validity or
adequacy of this Agreement; it shall not be accountable for the Company’s use of the proceeds
from the Trust Account. Notwithstanding the effective date of this Agreement or anything to the
contrary contained in this Agreement, the Trustee shall have no liability or responsibility for
any
act or event relating to this Agreement or the transactions related thereto which occurs prior to
the date of this Agreement, and shall have no contractual obligations to the Beneficiaries until
the date of this Agreement.

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;

(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 2(b) hereof; or

(c)      On such date after                     , 2007 when the Trustee deposits the Property with the United
States District Court for the Southern District of New York in the event that, prior to such date,
the Trustee has not received a Termination Letter from the Company
pursuant to Sections 1(i) or (j) hereof.

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 C. 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.

4

 

(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 FBW. 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 State 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

New York, New York 10004

Attn: Steven G. Nelson Fax No.: (212) 509-5150

if to the Company, to:

India Globalization Capital, Inc.

4336 Montgomery Avenue

Bethesda, Maryland 20814

Attn: Ram Mukunda, Chairman Fax No.: (240) 465-0273

in either case with a copy to:

Ferris, Baker Watts,
Incorporated

100 Light Street

Baltimore, MD 21202

Attn: Scott T. Bass, Vice President Fax No.: (410) 659-4632

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

(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

5

 

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.

[REMAINDER OF PAGE DELIBERATELY LEFT BLANK]

6

 

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:

INDIA GLOBALIZATION CAPITAL, INC.

By:

Name:                                                       

Chairman and Chief Executive Officer

7

 

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 Section 1(i) of the Investment Management Trust Agreement between India Globalization
Capital, Inc. (“Company”) and Continental Stock Transfer & Trust Company (“Trustee”), dated as of
                    , 2005 (“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”) and shall
provide you with an Officers’ Certificate in accordance with Sections
1(i) and 2(d) of the Trust Agreement.

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 and FBW shall direct in writing on the Consummation Date.

On the Consummation Date (i) counsel for the Company shall deliver to you written notification that
(a) the Business Combination has been consummated, and (b) the provisions of Section 11-51-302(6)
and Rule 51-3.4 of the CRS have been met, to the extent
applicable; (ii) the Company shall
deliver along with the oath and report of inspector of election certified by an independent inspector
which may be the Trustee or as otherwise appointed by FBW (collectively, the
“Report”); and (iii) the Company shall deliver to you written instructions with respect to the transfer of the funds held in the Trust
Account (“Instruction Letter”) along with satisfactory evidence of delivery of the stock certificates from the Public
Stockholders who elect to exercise their conversion rights through the Depository Trust Company, its Deposit Withdraw Agent Commission
(DWAC) system or as otherwise presented to you (the “Stock Certificates”). You are hereby directed and authorized to transfer the funds held
in the Trust Account immediately upon your receipt of the
counsel’s letter, the Report, evidence of delivery of the Stock
Certificates, the Officers’ Certificate and the Instruction
Letter (the “Deliverables”) in accordance with the terms of
the Instruction Letter. Notwithstanding the foregoing, upon verification of receipt by you of the Deliverables,
we hereby agree and acknowledge that the Property (as defined in the Trust Agreement) in
the Trust Account shall be distributed 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 and FBW of the same and the Company and, if the
amount set forth in clause (1) shall not have been paid in full, FBW, shall
issue joint written instructions directing you as to whether such funds should
remain in the Trust Account and distributed after the Consummation
Date to the Company and/or FBW. Upon the
distribution of all the funds in the Trust Account pursuant to the terms hereof, the Trust
Agreement shall be terminated.

8

 

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,

INDIA GLOBALIZATION CAPITAL, INC.

	 	 	 	 	 
	By: 	  	 	 	 
	 	 	Chief Executive Officer 	 
	 	  	 	 	 
	 	 	 	 
	By: 	  	 	 	 
	 	 	Chief Financial Officer 	 

9

 

EXHIBIT B

	 	 	 	 	 	 
	 	 	 	 	 	 
	 	AUTHORIZED INDIVIDUAL(S)

FOR TELEPHONE CALL BACK

	 	 	AUTHORIZED

TELEPHONE NUMBER(S)	 
	 	 
	 	 	 	 
	 	COMPANY:
	 	 	 	 
	 	 
	 	 	 	 
	 	India Globalization Capital, Inc.
	 	 	 	 
	 	4336 Montgomery Avenue
	 	 	 	 
	 	Bethesda, Maryland 20814
	 	 	 	 
	 	Attn: Ram Mukunda, Chairman
	 	 	 	 
	 	 

	 	 	(301) 983-0998	 
	 	 
	 	 	 	 
	 	FBW:
	 	 	 	 
	 	 
	 	 	 	 
	 	Ferris Baker Watts, Incorporated
	 	 	 	 
	 	100 Light Street
	 	 	 	 
	 	Baltimore,
Maryland 21202
	 	 	 	 
	 	Attn.: Scott Bass, Vice-President
	 	 	(410) 659-2565	 
	 	 

	 	 	 	 
	 	 
	 	 	 	 
	 	TRUSTEE:
	 	 	 	 
	 	 
	 	 	 	 
	 	 
	 	 	 	 
	 	Continental Stock Transfer
	 	 	 	 
	 	& Trust Company
	 	 	 	 
	 	17 Battery Place
	 	 	 	 
	 	New York, NY 10004
	 	 	 	 
	 	Attn: Steven Nelson
	 	 	 	 
	 	

	 	 	(212) 845-3200	 
	 	 	 	 	 	 

10

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"}]]