Document:

Unassociated 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:

      

      The
        undersigned stockholder, officer 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 any pre-existing fiduciary and contractual
        obligations the undersigned might have.

      

      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 the Chief Executive Officer and Secretary and 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 Chief Executive
        Officer and Secretary and 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.

      

      Kary
        Shankar

      Print
        Name of Insider

      

      

      

      /s/
        Kary Shankar

      Signature

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Exhibit
        A

      

      Kary
        Shankarhas
        been
        our chief executive officer, secretary and a member of our board of directors
        since our inception. Since February 2005, Mr. Shankar has been the managing
        director of CF-Group Inc., an IT enabled services outsourcing company providing
        IT and business process outsourcing services out of the United States and
        India
        to United States corporations. From June 2004 to January 2005, Mr. Shankar
        served as vice president of softProjex Inc., an IT outsourcing company. From
        1998 to June 2004, Mr. Shankar served a consultant for ABI Services
        TranquilMoney Inc., an IT/healthcare outsourcing company, and Advizex
        Technologies, an IT provider of infrastructure and enterprise application
        solutions. Between 1981 and 1998, he was associated as a consultant or director
        of companies involved in steel, consumer products, entertainment software
        and
        banking and financial services. Mr. Shankar received a Bachelor of Commerce
        from the University of Madras in India and a P.G.D.M. from the Indian Institute
        of Management, Ahmedabad.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:

    

    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 any pre-existing fiduciary and contractual
      obligations the undersigned might have.

    

    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.

    

    Saurabh
      Srivastava

    Print
      Name of Insider

    

    

    

    /s/
      Saurabh Srivastava

    Signature

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Exhibit
      A

    

    Saurabh
      Srivastava
      has been
      a member of our board of directors since our inception. Since April 2006, Mr.
      Srivastava has been the honorary president of Xansa India Ltd., an outsourcing
      and technology company, and served as executive chairman of Xansa from April
      1998 to April 2006. In 1989, Mr. Srivastava founded IIS Infotech Limited, a
      software services and consulting company, and served as that company’s chairman
      of the board from its inception until it was acquired by Xansa in 1998. In
      1988,
      Mr. Srivastava co-founded the National Association of Software Services
      Companies (NASSCOM), India’s software industry association, for which he served
      as chairman from 1997 to 1998 and as chairman emeritus from 1999 to the present.
      Since August 2005, Mr. Srivastava has been a special advisor to Global Services
      Partners Acquisition Corp., an OTC Bulletin Board listed blank check company
      formed to acquire an operating business with an initial focus on the business
      process services industry. Since April 2002, Mr. Srivastava has been a member
      of
      the Venture Capital Committee of the Securities and Exchange Board of India.
      Since 2000, Mr. Srivastava has been chairman of the Indian Venture Capital
      Association, an organization of venture capital funds in India, whose mission
      is
      to facilitate growth of venture capital and private equity in India. From 2000
      until September 2002, Mr. Srivastava was also a member of the Screening
      Committee, OTCEI (Over-the-Counter Exchange of India). Since 1999, he has been
      a
      founder and chairman of Infinity, India’s first angel venture capital fund. Mr.
      Srivastava has also been a member of the Investment Committee of the Indian
      Government’s National Venture Capital Fund since October 2002. From 1997 to
      1998, Mr. Srivastava was chairman of the Information Technology Committee of
      FICCI (Federation of Indian Chambers of Commerce and Industry). Mr. Srivastava
      received a B.S. from the Indian Institute of Technology at Kanpur, India and
      a
      M.S. from Harvard University.

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