Letter Agreement Regarding Liquidation Funding for East India Company Acquisition Corp.

Contract Categories: Business Finance › Funding Agreements
Summary

This agreement, dated August 2, 2006, is between East India Company Acquisition Corp. and Kary Shankar and Dipak Nandi. If the company fails to complete a business combination and must liquidate, Shankar and Nandi agree to provide up to $15,000 to cover any shortfall in the trust account for distribution to public stockholders. They also agree not to seek repayment for these funds. This ensures that stockholders receive the full liquidation amount even if the company's assets are insufficient.

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EX-10.13 8 v048735_ex10-13.htm
Letter Agreement



To the Board of Directors of
As of August 2, 2006
East India Company Acquisition Corp.
  

Gentlemen:

In the event that East India Company Acquisition Corp. (the “Corporation”) does not consummate a business combination and must distribute to its public stockholders the amount in its trust account (including any accrued interest) plus any remaining net assets, and if such funds are insufficient to complete such liquidation, the undersigned agrees to advance such funds necessary to complete such liquidation (currently anticipated to be no more than approximately $15,000) and agrees not to seek repayment for such expenses.


Very truly yours,


/s/ Kary Shankar
Kary Shankar


/s/ Dipak Nandi
Dipak Nandi