Document:

STOCK
        ESCROW AGREEMENT

      

      STOCK
        ESCROW AGREEMENT, dated as of _____________, 2006 (“Agreement”), by and among
        EAST INDIA COMPANY ACQUISITION CORP., a Delaware corporation (“Company”), E.I.
        INVESTMENT SERVICES LIMITED, KARY SHANKAR, MARC L. WALINSKY, CASTLECOMB FAMILY
        TRUST and SAURABH SRIVASTAVA (collectively “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 EarlyBirdCapital, Inc. (“EBC”) acting as
        representative of the several underwriters (collectively, the “Underwriters”),
        pursuant to which, among other matters, the Underwriters have agreed to purchase
        6,000,000 units (“Units”) of the Company. Each Unit consists of one share of the
        Company’s common stock, par value $.0001 per share (“Common Stock”), and two
        Warrants, each Warrant to purchase one share of Common Stock, all as more
        fully
        described in the Company’s final Prospectus, dated _________, 2006
        (“Prospectus”) comprising part of the Company’s Registration Statement on Form
        S-1 (File No. 333-_______) 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 sale of the Units
        to
        deposit 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 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 Escrow
        Shares is legended to reflect the deposit of such Escrow Shares under this
        Agreement.

      

      3. Disbursement
        of the Escrow Shares.
        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 (and any applicable stock power) 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, however,
        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 the 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 receipt of a certificate, executed
        by
        the Chief Executive Officer of the Company, in form reasonably acceptable
        to the
        Escrow Agent, that such transaction is then being consummated, release the
        Escrow Shares to the Initial Stockholders upon consummation of the transaction
        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.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      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.
        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, the beneficiary of which is an Initial
        Stockholder or a member of an Initial Stockholder’s immediate family, or
upon
        the
        dissolution and liquidation of an Initial Stockholder and the distribution
        of
        assets to its members,
        (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.

      

      4.4 Insider
        Letters.
        Each of
        the Initial Stockholders has executed a letter agreement with EBC and the
        Company, dated as indicated on Exhibit A hereto, 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. 

      

      
        
          
          

        

        
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       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 Sections
        5.5 or
        5.6 below.

      

      5.3 Compensation.
        The
        Escrow Agent shall be entitled to reasonable compensation from the Company
        for
        all services rendered by it hereunder. 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.

      

      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, 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 reasonably 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.

      

      
        
          
          

        

        
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      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, without giving
        effect to conflicts of law principles that would result in the application
        of
        the substantive laws of another jurisdiction.

      

      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 EBC. 

      

      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.

      

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

      

      
        	 	 	
                If
                  to the Company, to:

              

      

      

      East
        India Company Acquisition Corp.

      40
        West
        25th
        Street,
        6th
        Floor

      New
        York,
        New York 10010

      Attn: Chairman

      

      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: Chairman

      

      
        
          
          

        

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

       

      Graubard
        Miller

      The
        Chrysler Building

      405
        Lexington Avenue

      New
        York,
        New York 10174

      Attn: David
        Alan Miller, Esq.

      

      and:

      

      EarlyBirdCapital,
        Inc.

      275
        Madison Avenue, Suite 1203

      New
        York,
        New York 10016

      Attn: David
        M.
        Nussbaum, Chairman

      

      and:

      

      Blank
        Rome LLP

      The
        Chrysler Building

      405
        Lexington Avenue

      New
        York,
        New York 10174

      Attn: Robert
        J.
        Mittman, Esq.

       

      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 the 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.

      

      
        
          
          

        

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

      

      EAST
        INDIA COMPANY ACQUISITION CORP.

      

      

      By:
         ______________________________  

       

       

       

      INITIAL
        STOCKHOLDERS:

      

      E.I.
        INVESTMENT SERVICES LIMITED

      

       

      By:
         ___________________________

      Name:

      Title:

      

      

      ___________________________

      Kary
        Shankar

      

      

      ___________________________

      Marc
        L.
        Walinsky

       

      CASTLECOMB
        FAMILY TRUST

      

       

      By:  ___________________________

      Name:

      Title:

      

      

      ___________________________

      Saurabh
        Srivastava

      CONTINENTAL
        STOCK TRANSFER

      &
        TRUST COMPANY

      

      

      By:  ___________________________

      Name:

      Title:
        

      

      
        
          
          

        

        
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      EXHIBIT
        A

      

      
        	
                Name
                  and Address of 

                Initial
                  Stockholder 

              	
                Number
                  

                of
                  Shares

              	 	
                Stock
                  

                Certificate
                  Number

              	
                Date
                  of 

                Insider
                  Letter

              
	 	 	 	 	 
	
                E.I.
                  Investment Services Limited

                c/o
                  Satyendra Chandra Nandi

                AH-196
                  Sector II, Salt Lake City, Kolkata 700091

                West
                  Bengal, India

              	
                900,000

              	 	
                1

              	
                May
                  31, 2006

              
	 	 	 	 	 
	
                Kary
                  Shankar

                40
                  West 25th
                  Street, 6th
                  Floor

                New
                  York, New York 10010

              	
                325,000

              	 	
                2

              	
                May
                  31, 2006

              
	 	 	 	 	 
	
                Marc
                  L. Walinsky

                435
                  Devon Park Drive, Building 400

                Wayne
                  Pennsylvania 19087

              	
                100,000

              	 	
                3

              	
                May
                  31, 2006

              
	 	 	 	 	 
	
                Castlecomb
                  Family Trust

                c/o
                  Arthur Spector

                435
                  Devon Park Drive, Building 400

                Wayne
                  Pennsylvania 19087

              	
                100,000

              	 	
                4

              	
                May
                  31, 2006

              
	 	 	 	 	 
	
                Saurabh
                  Srivastava

                40
                  West 25th
                  Street, 6th
                  Floor

                New
                  York, New York 10010

              	
                75,000

              	 	
                5

              	
                May
                  31, 2006EAST
      INDIA COMPANY ACQUISITION CORP.

    

    

    

    

    _____________
      ___, 2006

    

    30
      CPS
      LLC

    40
      West
      25th
      Street,
      6th
      Floor

    New
      York,
      New York 10010

    

    Gentlemen:

    

    This
      letter will confirm our agreement that, commencing on the effective date
      (“Effective Date”) of the registration statement for the initial public offering
      (“IPO”) of the securities of East India Company Acquisition Corp. (“EICAC”) and
      continuing until the earlier of the consummation by EICAC of a “Business
      Combination” (as described in EICAC’s IPO prospectus) or EICAC’s liquidation
      (the “Termination Date”), 30 CPS LLC shall make available to EICAC certain
      office and secretarial services as may be required by EICAC from time to time,
      situated at 40 West 25th
      Street,
      6th
      Floor,
      New York, New York 10010. In exchange therefore, EICAC shall pay 30 CPS LLC
      the
      sum of $7,500 per month on the Effective Date and continuing monthly thereafter
      until the Termination Date.

    

    

    Very
      truly yours,

    

    

    EAST
      INDIA COMPANY ACQUISITION CORP.

    

    

    

    

    By: ________________________________

    Name:

    Title:

     

    AGREED
      TO
      AND ACCEPTED BY:

    

    30
      CPS
      LLC

    

    

    By: _________________

    Name:
      

    Title:

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