Document:

exv10w8

 

EXHIBIT
10.8

____________, 2005

Ferris, Baker Watts, Inc.

100 Light Street

Baltimore, Maryland 21202

     Re: India Globalization Capital, Inc.

Gentlemen:

     This letter will confirm the agreement of the undersigned to purchase warrants (“Warrants”) of
India Globalization Capital, Inc. (“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, par value $.0001 per share, of the Company (the
”Common Stock”) and two Warrants, each to purchase a share of Common Stock. The shares of Common
Stock and Warrants will not be separately tradeable until 90 days after the effective date of the
Company’s IPO, unless Ferris, Baker Watts, Inc. (“FBW”) informs the Company of its decision to
allow earlier separate trading.

     Ram Mukunda agrees that on the date hereof he will enter into an agreement or plan in
accordance with the guidelines specified by Rule 10b5-1 under the Securities Exchange Act of 1934,
as amended (the “Exchange Act”), with FBW, or, with FBW’s consent, an independent
broker-dealer (either, the “Broker”) registered under Section 15 of the Exchange Act which is neither
affiliated with the Company or FBW nor part of the underwriting or selling group, pursuant to which
the Broker will purchase up to $750,000 of Warrants (or at least 1,071,428 Warrants) in the public
marketplace for the undersigned’s account during the twenty trading-day period commencing on the
later of (i) the date separate trading of the Warrants commences or (ii) 60 calendar days after the
end of the restricted period under Regulation M of the Securities Act, at market prices not to
exceed $0.70 per Warrant (“Maximum Warrant Purchase”). The undersigned will instruct the Broker to
fill such order in such amounts and at such times as the Broker may determine, in its sole
discretion, during the twenty trading-day period described above.

     As of the date hereof, the undersigned represents and warrants that it is not aware of any
material nonpublic information concerning the Company or any securities of the Company, and is
entering into this Agreement in good faith and not as part of a plan or scheme to evade the
prohibitions of Rule 10b5-1. The undersigned agrees that while this agreement is in effect, the
undersigned shall comply with the prohibition set forth in Rule 10b5-1(1)(i)(C) against entering
into or altering a corresponding or hedging transaction or position with respect to the Company’s
securities. The undersigned further agrees that it shall not, directly or indirectly, communicate
any material, nonpublic information relating to the Company or the Company’s securities to any
employee of FBW or the Broker. The undersigned does not have, and shall not attempt to exercise,
any influence over how, when or whether to effect purchases of Warrants pursuant to this agreement
or the plan or agreement with the Broker.

     The undersigned may notify FBW that all or part of his respective Maximum Warrant Purchase
will be made by an affiliate of the undersigned (or another person or entity introduced to FBW by
the undersigned (a “Designee”)) and, in such event, FBW will make such purchase on behalf of said
affiliate or Designee; provided, however, that the undersigned hereby agrees to make payment of the
purchase price of such purchase and to fulfill their Maximum Warrant Purchase in the event that the
affiliate or Designee fails to make such payment or purchase.

     The undersigned shall instruct the Broker to make, keep and produce promptly upon request a
daily time-sequenced schedule of all Warrant purchases made pursuant to this agreement, on a
transaction-by-transaction basis, including (i) size, time of execution and the price of purchase
and (ii) the exchange, quotation system or other facility through which the Warrant purchase
occurred.

     The undersigned agrees that he shall not sell or transfer the Warrants until after the earlier
of a consummation of a merger, capital stock exchange, asset acquisition or other similar business
combination involving

 

the Company and acknowledges that, at the option of FBW, the certificates of
such Warrants shall contain a legend indicating such restriction on transferability, it being
understood that the Warrants purchased will be non-callable by the
Company prior to the earlier of the completion of a business
combination involving the Company or the distribution of the trust
account to the public stockholders, as long as the Warrants are held
by the undersigned.

	 	 	 	 	 
	 	Very truly yours,

 	 
	 	/s/ Ram Mukunda
 	 
	 	Ram Mukunda 	 
	 	 	 
	 

AGREED AND ACCEPTED TO:

FERRIS, BAKER WATTS, INC.

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Scott Bass
 	 
	 	 	Name:  	Scott Bass 	 
	 	 	Title:  	Vice-President 	 
	 

2exv10w9

 

EXHIBIT 10.9

INDIA GLOBALIZATION CAPITAL, INC.

______________, 2005

Integrated Global Networks, LLC

4336 Montgomery Avenue

Bethesda, MD 20814

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 India
Globalization Capital, Inc. (“IGC”) and continuing until (the “Termination Date”) the earlier of
the consummation by IGC of a “Business Combination” or the distribution of IGC’s “Trust Fund” (as
such terms are described in IGC’s IPO prospectus), Integrated
Global Networks, LLC shall make
available to IGC certain general and administrative services, including without limitation, office
and secretarial services as may be required by IGC from time to time, situated at 4336 Montgomery
Avenue, Bethesda, MD 20814. In exchange therefore, IGC shall pay
Integrated Global Networks, LLC
the sum of $4,000 per month on the Effective Date and continuing monthly thereafter until the
Termination Date.

Very truly yours,

INDIA GLOBALIZATION CAPITAL, INC.

	 	 	 
	 
	 	 
	By:
	 	 
	

	 	

	 
	 	 
	Name:
	 	 
	

	 	

	 
	 	 
	Title:
	 	 
	

	 	

AGREED TO AND ACCEPTED BY:

 

INTEGRATED GLOBAL NETWORKS, LLC

	 	 	 
	 
	 	 
	By:
	 	 
	

	 	

	 
	 	 
	Name:
	 	 
	

	 	

	 
	 	 
	Title:exv10w15

 

EXHIBIT 10.15

PROMISSORY NOTE

$50,000

Bethesda, Maryland

     India
Globalization Capital, Inc. (the “Maker”) promises to pay
to the order of Ranga Krishna (the
“Payee”) the principal sum of Fifty Thousand Dollars and No Cents ($50,000.00) in lawful money of
the United States of America, together with interest on the unpaid principal balance of this Note,
on the terms and conditions described below.

1. PRINCIPAL. The principal balance of this Note shall be repayable on the earlier of
(i) April 30, 2006 or (ii) the date on which Maker consummates an initial public offering
of its securities.

2. INTEREST. The principal balance shall bear interest at the rate of four per cent per
annum.

3. APPLICATION OF PAYMENTS. All payments shall be applied first to payment in full of
any costs incurred in the collection of any sum due under this Note, including (without
limitation) reasonable attorneys’ fees, then to the payment in full of any late charges
and finally to the reduction of the unpaid principal balance of this Note.

4. EVENTS OF DEFAULT. The following shall constitute Events of Default:

(a) FAILURE TO MAKE REQUIRED PAYMENTS. Failure by Maker to pay the
principal of or accrued interest on this Note within five (5) business days
following the date when due.

(b) VOLUNTARY BANKRUPTCY, ETC. The commencement by Maker of a voluntary
case under the Federal Bankruptcy Code, as now constituted or hereafter amended,
or any other applicable federal or state bankruptcy, insolvency, reorganization,
rehabilitation or other similar law, or the consent by it to the appointment of or
taking possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or other similar official) of Maker or for any substantial part of
its property, or the making by it of any assignment for the benefit of creditors,
or the failure of Maker generally to pay its debts as such debts become due, or
the taking of corporate action by Maker in furtherance of any of the foregoing.

(c) INVOLUNTARY BANKRUPTCY, ETC. The entry of a decree or order for
relief by a court having jurisdiction in the premises in respect of Maker in an
involuntary case under the Federal Bankruptcy Code, as now or hereafter
constituted, or any other applicable federal or state bankruptcy, insolvency or
other similar law, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator (or similar official) of Maker or for any substantial part
of its property, or ordering the winding-up or liquidation of its affairs, and the
continuance of any such decree or order unstayed and in effect for a period of 60
consecutive days.

5. REMEDIES.

(a) Upon the occurrence of an Event of Default specified in Section 4(a),
Payee may, by written notice to Maker, declare this Note to be due and payable,
whereupon the principal

 

 

amount of this Note, and all other amounts payable
thereunder, shall become immediately due and payable without presentment, demand,
protest or other notice of any kind, all of which are hereby expressly waived,
anything contained herein or in the documents evidencing the same to the contrary
notwithstanding.

(b) Upon the occurrence of an Event of Default specified in Sections 4(b)
and 4(c), the unpaid principal balance of, an all other sums payable with regard
to, this Note shall automatically and immediately become due and payable, in all
cases without any action on the part of the Payee.

6. WAIVERS. Maker and all endorsers and guarantors of, and sureties for, this Note waive
presentment for payment, demand, notice of dishonor, protest, and notice of protest with
regard to the Note, all errors, defects and imperfections in any proceedings instituted by
Payee under the terms of the Note, and all benefits that might accrue to Maker by virtue
of any present or future laws exempting any property, real or personal, or any part of the
proceeds arising from any sale of any such property, from attachment, levy or sale under
execution, or providing for any stay of execution, exemption from civil process, or
extension of time for payment; and Maker agrees that any real estate that may be levied
upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued
hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.

7. UNCONDITIONAL LIABILITY. Maker hereby waives all notices in connection with the
delivery, acceptance, performance, default, or enforcement of the payment of this Note,
and agrees that its liability shall be unconditional, without regard to the liability of
any other party, and shall not be affected in any manner by any indulgence, extension of
time, renewal, waiver or modification granted or consented to by Payee, and consents to
any and all extensions of time, renewals, waivers, or modifications that may be granted
by Payee with respect to the payment or other provisions of this Note, and agree that
additional makers, endorsers, guarantors, or sureties may become parties hereto without
notice to them or affecting their liability hereunder.

8. NOTICES. Any notice called for hereunder shall be deemed properly given if (i) sent
by certified mail, return receipt requested, (ii) personally delivered, (iii) dispatched
by any form of private or governmental express mail or delivery service providing
receipted delivery, (iv) sent by telefacsimile or (v) sent by e-mail, to the following
addresses or to such other address as either party may designate by notice in accordance
with this Section:

If to Maker:

India Globalization Capital, Inc.

4336 Montgomery Avenue

Bethesda, Maryland 20814

Attn.: John Cherin, Chief Financial Officer

If to Payee:

Ranga Krishna

 

 

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Notice shall be deemed given on the earlier of (i) actual receipt by the receiving party, (ii) the
date shown on a telefacsimile transmission confirmation, (iii) the date on which an e-mail
transmission was received by the receiving party’s on-line access provider (iv) the date reflected
on a signed delivery receipt, or (vi) two (2) Business Days following tender of delivery or
dispatch by express mail or delivery service.

9. CONSTRUCTION. This Note shall be construed and enforced in accordance with the
domestic, internal law, but not the law of conflict of laws, of the State of Maryland.

10. SEVERABILITY. Any provision contained in this Note which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such
provision in any other jurisdiction.

IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly
executed by its Chief Executive Officer the day and year first above written.

	 	 	 	 	 
	 	INDIA GLOBALIZATION CAPITAL, INC.

 	 
	Date: September 26, 2005 	By:  	/s/  John Cherin
 	 
	 	 	    Chief Financial Officer 	 
	 	 	 	 
	 

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