Continental Stock Transfer & Trust Company
March 13,
2009
Continental
Stock Transfer & Trust Company
00
Xxxxxxx Xxxxx
New York,
NY 10004
Attn:
Xxxxxx Xxxxxx
Re: Proposed
Transfer of Certain Shares of Common Stock of
Tremisis
Energy Acquisition Corporation II
Dear Xx.
Xxxxxx:
Pursuant to that certain Stock Escrow
Agreement (the “Escrow
Agreement”) dated December 6, 2007 by and among Tremisis Energy
Acquisition Corporation II (the “Company”), Continental Stock
Transfer & Trust Company (the “Escrow Agent”), Xxxxxxxx X.
Xxxxx, Xxxxxx X. Xxxxxx, Xxx Xxxxxx, Xxxxxxx X. Xxxxxx, Xxxxxxx X. Xxxxxx, Xxxx
Xxxxxxxxx, Xxxx Xxxxxx, Xxxxx Xxxxx, Xxxx Xxxxxxx, Xxxx Xxxxxxxxx, Xxxxxx
Xxxxxx, Xxxxx XxXxxxxxx, Xxxxxxx Xxxxxx, Xxxxx Xxxxxx, Xxx Xxxx, Xxxxx X.
Xxxxxxx, Xxxx X. Xxxxx and Xxxxxxxx Xxxxxx (collectively, the “Initial Stockholders”), the
Escrow Agent is currently holding in escrow the shares of the Company’s common
stock owned by each of the Initial Stockholders in the amounts identified in
Schedule A (the
“Escrow
Shares”).
The Initial Stockholders have executed
an agreement (the “Put/Call
Agreement”) of even date herewith pursuant to which they have agreed to
transfer a portion of each Initial Stockholders’ Escrow Shares in the amounts
identified in Schedule
A (the “Transfer
Shares”) in a private transaction to SoftForum Co., Ltd. and Sang-Xxxx
Xxx (the “Investors”),
for no cash consideration upon the Company’s consummation of a Business
Combination (as such term is defined in the Put/Call Agreement). The
Escrow Shares and the Transfer Shares will remain in escrow with you pursuant to
the terms of the Escrow Agreement, but after the consummation of a Business
Combination, you will hold the Transfer Shares on behalf of the Investors and
not us. As Escrow Agent, you acknowledge and agree not to enter into
any control or other agreement relating to, or deliver possession of, the
Transfer Shares to any third party, other than the Investors, that could create
or perfect a security interest in the Transfer Shares.
Further, in connection with our
agreement to transfer the Transfer Shares to the Investors, we are attaching
executed stock powers with respect to the Transfer Shares. Please
hold these stock powers in escrow, together with the Transfer Shares, and upon
consummation of a Business Combination, kindly effect the transfer of the
Transfer Shares to the Investors. The Investors are agreeing to be bound by the
terms and conditions of the Escrow Agreement and will deliver the appropriate
stock powers to the Escrow Agent.
This letter shall serve as irrevocable
instructions from the Initial Stockholders to you as the Escrow Agent with
respect to the transfer of the Transfer Shares upon consummation of the Business
Combination and may not be altered by any of us in the future, except upon
termination of the Put/Call Agreement in accordance with its terms
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Very
truly yours,
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INITIAL
STOCKHOLDERS:
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/s/ Xxxxxxxx X. Xxxxx
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Xxxxxxxx
X. Xxxxx
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/s/ Xxxxxx X. Xxxxxx
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Xxxxxx
X. Xxxxxx
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/s/ Xxx Xxxxxx
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Xxx
Xxxxxx
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/s/ Xxxxxxx X. Xxxxxx
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Xxxxxxx
X. Xxxxxx
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/s/ Xxxxxxx X. Xxxxxx
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Xxxxxxx
X. Xxxxxx
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/s/ Xxxx Xxxxxxxxx
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Xxxx
Xxxxxxxxx
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/s/ Xxxx Xxxxxx
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Xxxx
Xxxxxx
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/s/ Xxxxx Xxxxx
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Xxxxx
Xxxxx
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/s/ Xxxx Xxxxxxx
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Xxxx
Xxxxxxx
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[Signature
Page - Transfer Shares Release Letter]
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/s/ Xxxx Xxxxxxxxx
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Xxxx
Xxxxxxxxx
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/s/ Xxxxxx Xxxxxx
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Xxxxxx
Xxxxxx
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/s/ Xxxxx XxXxxxxxx
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Xxxxx
XxXxxxxxx
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/s/ Xxxxxxx Xxxxxx
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Xxxxxxx
Xxxxxx
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/s/ Xxxxx Xxxxxx
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Xxxxx
Xxxxxx
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/s/ Xxx Xxxx
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Xxx
Xxxx
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/s/ Xxxxx X. Xxxxxxx
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Xxxxx
X. Xxxxxxx
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/s/ Xxxx X. Xxxxx
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Xxxx
X. Xxxxx
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/s/ Xxxxxxxx Xxxxxx
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Xxxxxxxx
Xxxxxx
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The
undersigned acknowledge and consent to the foregoing terms.
THE
COMPANY:
TREMISIS
ENERGY ACQUISITION CORPORATION II
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By:
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/s/ Xxxxxxxx X. Xxxxx | |
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Name:
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Xxxxxxxx X. Xxxxx | |
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Title:
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Chief Executive Officer | |
ESCROW
AGENT:
CONTINENTAL
STOCK TRANSFER & TRUST COMPANY
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By:
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/s/ Xxxxxxxxx Xxxxxxxx | |
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Name:
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Xxxxxxxxx Xxxxxxxx | |
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Title:
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Vice President | |
[Signature
Page - Transfer Shares Release Letter]
Schedule
A
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Name of Stockholder
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Escrow Shares
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Transfer Shares
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||||||
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Xxxxxxxx
X. Xxxxx
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827,726 | 794,187 | ||||||
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Xxxxxx
X. Xxxxxx
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827,726 | 794,187 | ||||||
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Xxx
Xxxxxx
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144,822 | 138,391 | ||||||
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Xxxxxxx
X. Xxxxxx
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144,822 | 138,391 | ||||||
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Xxxxxxx
X. Xxxxxx
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19,322 | 18,528 | ||||||
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Xxxx
Xxxxxxxxx
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42,185 | 40,451 | ||||||
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Xxxx
Xxxxxx
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37,500 | 35,959 | ||||||
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Xxxxx
Xxxxx
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28,125 | 26,969 | ||||||
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Xxxx
Xxxxxxx
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28,125 | 26,969 | ||||||
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Xxxx
Xxxxxxxxx
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28,125 | 26,969 | ||||||
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Xxxxxx
Xxxxxx
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28,125 | 26,969 | ||||||
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Xxxxx
X. Xxxxxxx
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18,750 | 17,979 | ||||||
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Xxxxx
XxXxxxxxx
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14,063 | 13,485 | ||||||
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Xxxxxxx
Xxxxxx
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14,063 | 13,485 | ||||||
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Xxxxx
Xxxxxx
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14,063 | 13,485 | ||||||
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Xxx
Xxxx
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14,063 | 13,485 | ||||||
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Xxxxxxxx
Xxxxxx
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14,063 | 13,485 | ||||||
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Xxxx
X. Xxxxx
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187,500 | 179,794 | ||||||
