Document:

___,
      2005                         
      

     

    Everest
      Acquisition Corporation

    15/F,
      The
      Hong Kong Club Building

    3A
      Chater
      Road Central

    Hong
      Kong

    

    Jesup
      & Lamont Securities Corporation

    650
      Fifth
      Avenue

    New
      York,
      New York 10019

    

    
      	
              Re:

            	
              Initial
                Public Offering

            

    

     

    Gentlemen:

     

    The
      undersigned stockholder, officer and/or director of Everest Acquisition
      Corporation (“Company”), in consideration of Jesup & Lamont Securities
      Corporation (“Jesup & Lamont”) 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 11
      hereof):

     

    1. If
      the
      Company solicits approval of its stockholders of a Business Combination, the
      undersigned will vote all Insider Shares and IPO 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 18
      months from the effective date (“Effective Date”) of the registration statement
      relating to the IPO (or 24 months under the circumstances described in the
      prospectus relating to the IPO), the undersigned will 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 (as defined in
      the
      Letter of Intent) as a result of such liquidation with respect to his Insider
      Shares (“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 obligations
      the
      undersigned might have.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Everest
      Acquisition Corporation

    
      Jesup
        & Lamont Securities Corporation

      ___,
        2005

      Page
        2

       

    

    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 Jesup & Lamont that the
      business combination is fair to the Company’s stockholders from a financial
      point of view.

     

    5. Neither
      the undersigned, any member of the family of the undersigned, nor any Affiliate
      of the undersigned will be entitled to receive and will not accept any
      compensation for services rendered to the Company prior to the consummation
      of
      the Business Combination; provided that commencing on the Effective Date, Asia
      Pacific Capital (HK) Ltd. (“Related Party”), shall be allowed to charge the
      Company an allocable share of Related Party’s overhead, $7,500 per month, to
      compensate it for certain administrative, technology and secretarial services,
      as well as the use of certain limited office space in Hong Kong that it will
      provide to the Company. Related Party and the undersigned shall also be entitled
      to reimbursement from the Company for their 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, or 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 his Insider Shares for the period commencing on the
      Effective Date and ending one year from the consummation of 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 ________________________ 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 Jesup & Lamont 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 Section 401 of Regulation S-K, promulgated
      under the Securities Act of 1933. The undersigned’s Questionnaire furnished to
      the Company and Jesup & Lamont 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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      Everest
        Acquisition Corporation

      Jesup
        & Lamont Securities Corporation

      ___,
        2005

      Page
        3

    

    (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 ____________
      of
      the Company.

    10. The
      undersigned authorizes any employer, financial institution, or consumer credit
      reporting agency to release to Jesup & Lamont and its legal representatives
      or agents (including any investigative search firm retained by Jesup &
      Lamont) any information they may have about the undersigned’s background and
      finances (“Information”), purely for the purposes of the Company’s IPO (and
      shall thereafter hold such information confidential). Neither Jesup & Lamont
      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.

     

    11. 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 selected by the Company; (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 owned by an Insider prior to the IPO; and (iv) “IPO Shares” shall mean
      the shares of Common Stock issued in the Company’s IPO.

     

    
      
        

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Everest
      Acquisition Corporation

    Jesup
      & Lamont Securities Corporation

    ___,
      2005

    Page
      4

     

    EXHIBIT
      A

     

    [Insider’s
      biographical information]August
      ___, 2005

     

    Everest
      Acquisition Corporation

    15/F,
      The
      Hong Kong Club Building

    3A
      Chater
      Road Central

    Hong
      Kong

    

    Re:
      Everest Acquisition Corporation

     

    Gentlemen:

     

    This
      letter will confirm the agreement of Jesup & Lamont Securities Corporation,
      acting as the representative of the underwriters in the IPO (“Jesup &
      Lamont”), to purchase warrants (“Warrants”) of Everest Acquisition Corporation
      (“Company”) included in the units (“Units”) being sold in the Company’s initial
      public offering (“IPO”) upon the terms and conditions set forth herein. Each
      Unit is comprised of one share of Common Stock and two Warrants. The shares
      of
      Common Stock and Warrants will not be separately tradeable until 20 trading
      days
      following the earlier to occur of the expiration of Jesup & Lamont’s
      over-allotment option or its exercise in full, but in no event will Jesup &
      Lamont allow separate trading of the securities comprising the Units until
      the
      Company files with the Securities and Exchange Commission a Current Report
      on
      Form 8-K, which includes an audited balance sheet reflecting the Company’s
      receipt of the proceeds of the IPO, including any proceeds the Company receives
      from the exercise of the over-allotment option, if such option is exercised
      prior to the filing of the Form 8-K.

     

    1.  Jesup
      & Lamont agrees that this letter agreement constitutes an irrevocable
      obligation by Jesup & Lamont to purchase for Jesup & Lamont’s account,
      within the forty-five-trading day period commencing on the date separate trading
      of the Warrants commences (“Separation Date”), as many Warrants as are available
      for purchase at market prices not to exceed $.70 per Warrant, subject to a
      maximum Warrant purchase obligation equal to the number of One Million Two
      Hundred Fifty Thousand (1,250,000) Warrants (“Maximum Warrant
      Purchase”).

     

    2.  All
      or
      part of the Maximum Warrant Purchase may be made by one or more affiliates
      of
      Jesup & Lamont (“Affiliate”); provided,
      however,
      that
      Jesup & Lamont hereby agrees to make payment of the purchase price of such
      purchase and to fulfill its Maximum Warrant Purchase in the event and to the
      extent that any Affiliate fails to make such payment or purchase.

     

    3.  Jesup
      & Lamont agrees that neither it nor any Affiliate shall sell or transfer the
      Warrants until after the consummation of a merger, capital stock exchange,
      asset
      acquisition or other similar business combination with an operating business
      and
      acknowledges that, at the option of Jesup & Lamont, the certificates for
      such Warrants shall contain a legend indicating such restriction on
      transferability. 

     

    
      	 	 	 
	 	Very
              truly yours,
	 	 
	 	JESUP & LAMONT SECURITIES
              CORPORATION
	 	 
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:

	 	
              Title:

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