Exhibit 10.15
July 22, 2004
EarlyBirdCapital, Inc.
000 Xxxxx Xxxxxx
00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Re: China Unistone Acquisition Corporation
Gentlemen:
This letter will confirm the agreement of the undersigned to each
purchase warrants ("Warrants") of China Unistone 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 90 days after
the effective date of the Company's IPO unless EarlyBirdCapital, Inc. ("EBC")
informs the Company of its decision to allow earlier separate trading.
Each of the undersigned jointly and severally agrees that this
letter agreement constitutes an irrevocable order for EBC to purchase for the
undersigned's accounts within the forty-trading day period commencing on the
date separate trading of the Warrants commences ("Separation Date") up to an
aggregate of 1,000,000 Warrants at market prices not to exceed $0.65 per Warrant
("Maximum Warrant Purchase"). EBC (or such other broker dealer(s) as EBC may
assign the order to) agrees to fill such order in such amounts and at such times
as it may determine, in its sole discretion, during the forty-trading day period
commencing on the Separation Date. EBC further agrees that it will not charge
the undersigned any fees and/or commissions with respect to such purchase
obligation.
Any of the undersigned may notify EBC that all or part of the
Maximum Warrant Purchase will be made by an affiliate of any of the undersigned
(or another person or entity introduced to EBC by the undersigned (a
"Designee")) who (or which) has an account at EBC and, in such event, EBC will
make such purchase on behalf of said affiliate or Designee; provided, however,
that each of the undersigned hereby agrees to make payment of the purchase price
of such purchase in the event that the affiliate or Designee fails to make such
payment.
Each of the undersigned agrees that neither he nor any affiliate or
Designee 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
EBC, the certificates for such Warrants shall contain a legend indicating such
restriction on transferability.
Very truly yours,
/s/ Xxxx X. Xxxxxx
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Xxxx X. Xxxxxx
/s/ Xxxxx X. Xx
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Xxxxx X. Xx
/s/ Xxxxx Xxxxxxxxx
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Xxxxx Xxxxxxxxx
