Document:

May
        31,
        2006

      

      

      East
        India Company Acquisition Corp.

      40
        West
        25th
        Street,
        6th
        Floor

      New
        York,
        New York 10010

      

      EarlyBirdCapital,
        Inc.

      275
        Madison Avenue

      Suite
        1203

      New
        York,
        New York 10016

      

      
        	 	 	
                Re:

              	
                Initial
                  Public Offering

              

      

      

      Gentlemen:

      

      Castlecomb
        Family Trust (“Stockholder”), a stockholder of East India Company Acquisition
        Corp. (“Company”), in consideration of EarlyBirdCapital, Inc. (“EBC”) 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,
        Stockholder will 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, Stockholder will vote all Insider Shares owned by it
        in
        favor of the Company’s decision to liquidate. Stockholder 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) and any remaining net assets
        of
        the Company as a result of such liquidation with respect to its Insider Shares
        (“Claim”) and hereby waives any Claim it 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. Stockholder
        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 EBC that the business combination is fair to the
        Company’s stockholders from a financial perspective.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

         

      

      4. Neither
        Stockholder,
        any
        control person of Stockholder (“Control Person”), nor
        any
        affiliate of Stockholder (“Affiliate”) 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
        Stockholder shall be entitled to reimbursement from the Company for his
        out-of-pocket expenses incurred in connection with seeking and consummating
        a
        Business Combination. 

       

      5. Neither
        Stockholder, any
        Control Person,
        nor any
        Affiliate will be entitled to receive or accept a finder’s fee or any other
        compensation in the event the undersigned, any Control Person or any Affiliate
        of the undersigned originates a Business Combination. 

      

      6. Stockholder
        will escrow all of its Insider Shares acquired prior to the IPO for the three
        year period commencing on the Effective Date 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.

      

      7. Stockholder’s
        Questionnaire furnished to the Company and EBC and annexed as Exhibit A
        hereto is true and accurate in all respects. Stockholder represents and warrants
        that no Control Person:

      

      (a)  is
        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)  has
        ever
        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)  has
        ever
        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.

      

      8. Stockholder
        has full right and power, without violating any agreement by which it is
        bound,
        to enter into this letter agreement.

      

      9. Stockholder
        hereby waives its right to exercise conversion rights with respect to any
        shares
        of the Company’s common stock owned by it, directly or indirectly, and agrees
        that it will not seek conversion with respect to such shares in connection
        with
        any vote to approve a Business Combination.

      

      
        
           

        

        
           

          
            

          

        

        
           

        

         

      

      10. Stockholder
        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 Stockholder,
        Stockholder hereby agrees to vote against such proposal. This paragraph may
        not
        be modified or amended under any circumstances.

      

      11. 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. Stockholder hereby (i) agrees that any action, proceeding
        or claim against him arising out of or relating in any way to this letter
        agreement (a “Proceeding”) shall be brought and enforced in the courts of the
        State of New York of the United States of America for the Southern District
        of
        New York, and irrevocably submits to such jurisdiction, which jurisdiction
        shall
        be exclusive, (ii) waives any objection to such exclusive jurisdiction and
        that
        such courts represent an inconvenient forum and (iii) irrevocably agrees
        to
        appoint Graubard Miller as agent for the service of process in the State
        of New
        York to receive, for the undersigned and on his behalf, service of process
        in
        any Proceeding. If for any reason such agent is unable to act as such,
        Stockholder will promptly notify the Company and EBC and appoint a substitute
        agent acceptable to each of the Company and EBC within 30 days and nothing
        in
        this letter will affect the right of either party to serve process in any
        other
        manner permitted by law.

      

      12. 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; and (iv) “IPO Shares” shall mean the shares of Common
        Stock issued in the Company’s IPO.

      

      Castlecomb
        Family Trust

      Print
        Name of Insider

       

      

      /s/
        Jeremy Spector

      SignatureMay
        31,
        2006

      

      

      East
        India Company Acquisition Corp.

      40
        West
        25th
        Street,
        6th
        Floor

      New
        York,
        New York 10010

      

      EarlyBirdCapital,
        Inc.

      275
        Madison Avenue

      Suite
        1203

      New
        York,
        New York 10016

      

      
        	 	 	
                Re:

              	
                Initial
                  Public Offering

              

      

      

      Gentlemen:

      

      The
        undersigned stockholder and director of East India Company Acquisition Corp.
        (“Company”), in consideration of EarlyBirdCapital, Inc. (“EBC”) 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 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. 

      

      
        
           

        

        
           

          
            

          

        

        
           

        

        

          East
            India Company Acquisition Corp.

          EarlyBirdCapital,
            Inc.

          May
            31,
            2006

          Page
            2

        

         

      

      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 (i) any pre-existing fiduciary and
        contractual obligations the undersigned might have and (ii) any fiduciary
        and
        contractual obligations the undersigned may have in the future as a result
        of
        his acting as an executive officer of another “specified purpose acquisition
        corporation.”

      

      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 EBC 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 the undersigned
        shall 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
        for
        the three year period commencing on the Effective Date 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 a 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
        EBC 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 EBC and annexed as
        Exhibit B hereto is true and accurate in all respects. The undersigned
        represents and warrants that:

      

      
        
           

        

        
           

          
            

          

        

        
           

        

        

          East
            India Company Acquisition Corp.

          EarlyBirdCapital,
            Inc.

          May
            31,
            2006

          Page
            3

        

         

      

      (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 a 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 EBC and its legal representatives or agents
        (including any investigative search firm retained by EBC) any information
        they
        may have about the undersigned’s background and finances (“Information”).
        Neither EBC 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.

      

      
        
           

        

        
           

          
            

          

        

        
           

        

        

          East
            India Company Acquisition Corp.

          EarlyBirdCapital,
            Inc.

          May
            31,
            2006

          Page
            4

        

         

      

      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.
        The
        undersigned hereby (i) agrees that any action, proceeding or claim against
        him
        arising out of or relating in any way to this letter agreement (a “Proceeding”)
        shall be brought and enforced in the courts of the State of New York of the
        United States of America for the Southern District of New York, and irrevocably
        submits to such jurisdiction, which jurisdiction shall be exclusive, (ii)
        waives
        any objection to such exclusive jurisdiction and that such courts represent
        an
        inconvenient forum and (iii) irrevocably agrees to appoint Graubard Miller
        as
        agent for the service of process in the State of New York to receive, for
        the
        undersigned and on his behalf, service of process in any Proceeding. If for
        any
        reason such agent is unable to act as such, the undersigned will promptly
        notify
        the Company and EBC and appoint a substitute agent acceptable to each of
        the
        Company and EBC within 30 days and nothing in this letter will affect the
        right
        of either party to serve process in any other manner permitted by law.
 

      

      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; and (iv) “IPO Shares” shall mean the shares of Common
        Stock issued in the Company’s IPO.

      

      Marc
        L. Walinsky

      Print
        Name of Insider

      

      

      

      /s/
        Marc L. Walinsky

      Signature

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Exhibit
        A

      

      Marc
        L. Walinsky has
        been
        a member of our board of directors since our inception. Since 2004, Mr. Walinsky
        has acted as a consultant to Millstream II Acquisition Corporation, an OTC
        Bulletin Board listed blank check company formed to acquire an operating
        business, in its pursuit of a business combination. Since August 2000, Mr.
        Walinsky has also served as a director of Safeguard International Fund, L.P.,
        a
        private equity fund investing primarily in controlling positions in industrial
        companies in North America and Europe. From 1999 to 2000, Mr. Walinsky worked
        at
        Bank of America Capital Investors, the private equity and mezzanine investment
        group for Bank of America Corporation. He also worked at Banc of America
        Securities LLC in the leveraged finance group, underwriting high yield bonds
        and
        senior bank debt from 1998 to 1999. Mr. Walinsky received a B.B.A. and a
        M.A.
        from the University of Michigan.

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