Document:

Unassociated Document

    

                                                November
      17,
      2006

    

    

    Columbus
      Acquisition Corp.

    590
      Madison Avenue

    New
      York,
      New York 10022

    

    

    Ladenburg
      Thalmann & Co. Inc.

    153
      East
      53rd
      Street,
      49th
      Floor

    New
      York,
      New York 10022

    

    

    
      	 	 	
              Re:

            	
              Initial
                Public Offering

            

    

    

    Gentlemen:

    

    The
      undersigned stockholder, officer and director of Columbus Acquisition Corp.
      (“Company”), in consideration of Ladenburg Thalmann & Co. Inc. (“Ladenburg”)
      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 16 hereof):

    

    1. If
      the
      Company solicits approval of its stockholders of a Business Combination, the
      undersigned agrees to cause Columbus Acquisition Holdings LLC (the “LLC”) to
      vote all Insider Shares owned by it 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, the undersigned will (i) cause the Trust Fund (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 Fund and any remaining net assets of the Company
      as a
      result of such liquidation with respect to the Insider Shares beneficially
      owned
      by him (“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 Fund for any reason
      whatsoever. In the event of the liquidation of the Trust Fund, 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 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 Fund.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    3. In
      order
      to minimize potential conflicts of interest which may arise from multiple
      affiliations, the undersigned agrees 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 or until such time as the undersigned 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 Ladenburg that the business combination is fair to
      the
      Company’s stockholders 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 that commencing
      on
      the Effective Date, Renova U.S. Management LLC (“Related Party”), shall be
      allowed to charge the Company $7,500 per month, representing an allocable share
      of Related Party’s overhead, to compensate it for the Company’s use of Related
      Party’s offices, utilities and personnel. The undersigned shall also be entitled
      to reimbursement from the Company for his 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. 

    

    7. The
      undersigned will cause the LLC to place in escrow all Insider Shares owned
      by 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
      LLC and an escrow agent acceptable to the Company.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    8. The
      undersigned will cause the LLC to place in escrow the Insider Warrants that
      will
      be acquired by
      it
      privately from the Company simultaneously with the consummation of the
      IPO until
      30
      days after the Company consummates a Business Combination,
      subject
      to the terms of a Warrant Escrow Agreement which the Company will enter into
      with the LLC and an escrow agent acceptable to the Company.

    

    9. The
      undersigned agrees to be the Chairman of the Board, President and Chief
      Executive Officer of
      the
      Company until the earlier of the consummation by the Company of a Business
      Combination or the liquidation of the Company. The undersigned’s biographical
      information furnished to the Company and Ladenburg 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. The undersigned’s Questionnaire
      furnished to the Company and Ladenburg and annexed as Exhibit B hereto is
      true and accurate in all respects. The undersigned represents and warrants
      that:

    

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

    

    (c) he
      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.

    

    10. The
      undersigned has full right and power, without violating any agreement by which
      he is bound, to enter into this letter agreement and to serve as the Chairman
      of
      the Board, President and Chief Executive Officer of the Company.

    

    11. The
      undersigned hereby waives his right to exercise conversion rights with respect
      to any shares of the Company’s common stock owned or to be owned by the
      undersigned, directly or indirectly, and agrees that he will not seek conversion
      with respect to such shares in connection with any vote to approve a Business
      Combination.

    

    12. The
      undersigned hereby agrees to not propose, or vote in favor of, an amendment
      to
      the Company’s Certificate of Incorporation 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 stockholders other than through actions
      by
      the undersigned, the undersigned hereby agrees to vote against such proposal.
      This paragraph may not be modified or amended under any
      circumstances.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    13. 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, the undersigned agrees to cause the LLC to advance such funds
      necessary to complete such liquidation and agrees to cause the LLC not to seek
      repayment for such expenses.

    

    14. The
      undersigned authorizes any employer, financial institution, or consumer credit
      reporting agency to release to Ladenburg and its legal representatives or agents
      (including any investigative search firm retained by Ladenburg) any information
      they may have about the undersigned’s background and finances (“Information”).
      Neither Ladenburg 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.

    

    15. 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.  

    

    16. As
      used
      herein, (i) a “Business Combination” shall mean an acquisition by merger,
      capital stock exchange, asset or stock acquisition, reorganization or otherwise,
      of an operating business; (ii) “Insiders” shall mean all officers, directors and
      stockholders of the Company immediately prior to the IPO; (iii) “Insider Shares”
shall mean all of the shares of Common Stock of the Company acquired by an
      Insider prior to the IPO or privately from the Company simultaneously with
      the
      IPO; (iv) “Insider Warrants” shall mean the warrants being purchased in a
      private placement transaction simultaneously with the consummation of the IPO;
      and (v) “IPO Shares” shall mean the shares of Common Stock issued in the
      Company’s IPO.

    

    

    

    [Signature
      page follows]

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      

      

      
        	 	ANDREW INTRATER
	 	 	 
	 	/s/
                Andrew Intrater	 
	 	Signature	 

      

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      A

    

    Andrew
      Intrater has been our Chairman of the Board, President and Chief Executive
      Officer since our inception.  Since January 2000, Mr. Intrater has been the
      Chief Executive Officer of Columbus Nova, a
      private
      investment firm with
      offices in New York, Los Angeles, Charlotte and Moscow.  Columbus Nova
      manages in excess of $1.5 billion of investor capital through public and private
      investment vehicles.  Mr. Intrater also serves as the Senior Managing
      Partner of Columbus Nova's investment business, including Columbus Nova Capital
      and Columbus Nova Opportunity Fund, and is a former Director of Renova
      Management, a global leader in energy, base metals and mining industries.
      Columbus Nova is the U.S.-based affiliate of the Renova Group of companies,
      one
      of the largest Russian strategic investors in the metallurgical, oil, machine
      engineering, mining, chemical, construction, housing & utilities and
      financial sectors, with net assets of approximately $9 billion at the end of
      2005.  Renova Group of companies is a shareholder of leading mining and
      industrial entities in the Russian and global business communities, such as
      TNK-BP, OJSC SUAL-Holding and CJSC Integrated Energy Systems.  Its social
      and municipal operations include OJSC Russian Utilities, Koltsovo Airport
      (Yekaterinburg) and the Nongovernmental Large Pension Fund.  In addition,
      Renova Group of companies have affiliated investment companies that operate
      in
      real estate (Renova-Development, Renova-Stroi-Group), portfolio investment
      (Direct Investments Fund) and intangible asset management (Institute for
      Corporate Development). From 1985 to 2000, Mr. Intrater served as President
      and
      Chief Operating Officer of Oryx Technology Corp., and its predecessor, ATI,
      a
      leading manufacturer of semi-conductor testing equipment, based in Silicon
      Valley.  Mr. Intrater serves as Chairman of the Board of Directors of
      Moscow Cablecom Corp., a company listed on the Nasdaq Global Market. In early
      November 2006, Renova Media Enterprises Ltd., a principal shareholder of Moscow
      Cablecom Corp., offered to acquire all of the common shares of Moscow Cablecom
      that it does not own. Mr. Intrater is also a member of the Board of Directors
      of
      Oryx Technology Corp., Clareos, Inc. and Ethertouch, Ltd.  Mr. Intrater
      received a B.S. from Rutgers University.November
      17, 2006

    

    

    Columbus
      Acquisition Corp.

    590
      Madison Avenue

    New
      York,
      New York 10022

    

    

    Ladenburg
      Thalmann & Co. Inc.

    153
      East
      53rd
      Street,
      49th
      Floor

    New
      York,
      New York 10022

    

    

    
      	 	 	
              Re:

            	
              Initial
                Public Offering

            

    

    

    Gentlemen:

    

    The
      undersigned stockholder, officer and director of Columbus Acquisition Corp.
      (“Company”), in consideration of Ladenburg Thalmann & Co. Inc. (“Ladenburg”)
      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 14 hereof):

    

    1. If
      the
      Company solicits approval of its stockholders of a Business Combination, the
      undersigned will vote all Insider Shares owned by him 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, the undersigned will (i) cause the Trust Fund (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 Fund and any remaining net assets of the Company
      as a
      result of such liquidation with respect to the Insider Shares beneficially
      owned
      by him (“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 Fund for any reason
      whatsoever.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    3. In
      order
      to minimize potential conflicts of interest which may arise from multiple
      affiliations, the undersigned agrees 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 or until such time as the undersigned 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 Ladenburg that the business combination is fair to
      the
      Company’s stockholders 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 that commencing
      on
      the Effective Date, Renova U.S. Management LLC (“Related Party”), shall be
      allowed to charge the Company $7,500 per month, representing an allocable share
      of Related Party’s overhead, to compensate it for the Company’s use of Related
      Party’s offices, utilities and personnel. The undersigned shall also be entitled
      to reimbursement from the Company for his 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. 

    

    7. The
      undersigned will escrow all of his Insider Shares acquired prior to the IPO
      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.

    

    8. The
      undersigned agrees to be the Executive Director of
      the
      Company until the earlier of the consummation by the Company of a Business
      Combination or the liquidation of the Company. The undersigned’s biographical
      information furnished to the Company and Ladenburg 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. The undersigned’s Questionnaire
      furnished to the Company and Ladenburg and annexed as Exhibit B hereto is
      true and accurate in all respects. The undersigned represents and warrants
      that:

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

    

    (c) he
      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 has full right and power, without violating any agreement by which
      he is bound, to enter into this letter agreement and to serve as the Executive
      Director of the Company.

    

    10. The
      undersigned hereby waives his right to exercise conversion rights with respect
      to any shares of the Company’s common stock owned or to be owned by the
      undersigned, directly or indirectly, and agrees that he will not seek conversion
      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 Certificate of Incorporation 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 stockholders other than through actions
      by
      the undersigned, the undersigned hereby agrees to vote against such proposal.
      This paragraph may not be modified or amended under any
      circumstances.

    

    12. The
      undersigned authorizes any employer, financial institution, or consumer credit
      reporting agency to release to Ladenburg and its legal representatives or agents
      (including any investigative search firm retained by Ladenburg) any information
      they may have about the undersigned’s background and finances (“Information”).
      Neither Ladenburg 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.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    13. 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.  

    

    14. As
      used
      herein, (i) a “Business Combination” shall mean an acquisition by merger,
      capital stock exchange, asset or stock acquisition, reorganization or otherwise,
      of an operating business; (ii) “Insiders” shall mean all officers, directors and
      stockholders of the Company immediately prior to the IPO; (iii) “Insider Shares”
shall mean all of the shares of Common Stock of the Company acquired by an
      Insider prior to the IPO or privately from the Company simultaneously with
      the
      IPO; and (iv) “IPO Shares” shall mean the shares of Common Stock issued in the
      Company’s IPO.

    

    

    

    

    

    

    [Signature
      page follows]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 
	 	MICHAEL
              W. ERNESTUS
	 
 	 
 	 
 
	 	 	/s/ Michael
              W. Ernestus
	 	
              
Signature
	 	 

    

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      A

    

    Michael
      W. Ernestus has been our Executive Director since November 2006. Since October
      2001, Mr. Ernestus has been a Managing Partner of Artus Advisors, LLC, a
      financial advisory firm for hedge funds, start-up and second stage investments
      as well as leveraged buyout transactions. Since June 2005, Mr. Ernestus has
      also
      been a Managing Partner of Atlantic European Partners, LLC, a privately-held
      investment company with focus on investments in European “old-economy”
manufacturing industries. From 1997 to 2001, Mr. Ernestus was the Managing
      Member of Recovery Asset Management, LLC, an advisory firm to hedge funds as
      well as to a Luxemburg-based publicly traded fund. From 1993 to 1996, Mr.
      Ernestus was a member of the Board of Directors and the Head of Investment
      Banking and Origination & Syndication of Swiss
      Bank’s German operation, SBC-Warburg (Deutschland) AG, formerly Schweizerischer
      Bankverein (Deutschland) AG.
      During
      that period, Mr. Ernestus was also the Managing Director, Corporate Finance
      of
      SBC-Warburg, London, formerly Swiss Bank Corporation, London. From 1991 to
      1993,
      Mr. Ernestus was a Director, Investment Banking at Salomon Brothers AG in
      Frankfurt, Germany. From 1986 to 1991, Mr. Ernestus was a Vice President at
      Bankers Trust in New York, first in their Corporate Finance, Foreign Direct
      Investment Group and later in their Merchant Banking Origination Group. From
      1983 to 1986, Mr. Ernestus was a Vice President in the Commercial Banking
      Division of Deutsche Bank AG’s New York Branch. From 1978 to 1982, Mr. Ernestus
      assumed various positions at Berliner Handels- und Frankfurter Bank (BHF-Bank)
      in Frankfurt and New York. Mr. Ernestus received a Graduate Degree in Law and
      a
      Doctorate in Law from Johann-Wolfgang-Goethe-Universit’t in Frankfurt, Germany
      and an LL.M. from the University of California, Boalt Hall School of Law as
      well
      as an M.B.A. from New York University, Stern School of Business.

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