EXHIBIT 10.11
COASTAL BANCSHARES ACQUISITION CORP.
August 4, 2004
Coastal Acquisition, LLC
0000 Xxxx Xxxxxxx, Xxxxx 000
Xxxxxxx, Xxxxx 00000
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 Coastal Bancshares Acquisition Corp. (the
"Company") and continuing (i) until the consummation by the Company of a
"Business Combination" (as described in the Company's IPO prospectus), (ii) 18
months from commencement of the IPO if the Company does not effect a Business
Combination, or (iii) 24 months from the consummation of the IPO if a letter of
intent, agreement in principle or definitive agreement has been executed within
18 months of commencement of the IPO and the Company has not effected a Business
Combination, Coastal Acquisition, LLC shall make available to the Company
certain office and secretarial services as may be required by the Company from
time to time, situated at 0000 Xxxx Xxxxxxx, Xxxxx 000, Xxxxxxx, Xxxxx 00000. In
exchange therefore, the Company shall pay Coastal Acquisition, LLC the sum of
$7,500 per month on the Effective Date and continuing monthly thereafter.
Very truly yours,
COASTAL BANCSHARES
ACQUISITION CORP.
By: /s/ X. Xxxxxx Xxxxxxx
---------------------------
Name: X. Xxxxxx Xxxxxxx
Title: President
AGREED TO AND ACCEPTED BY:
COASTAL ACQUISITION LLC
By: /s/ Xxxx X. Xxxxxxxx
--------------------------
Name: Xxxx X. Xxxxxxxx
Title: President
