This excerpt taken from the EWBC 8-K filed Apr 30, 2008.
April 23, 2008
LEHMAN BROTHERS INC.
Ladies and Gentlemen:
East West Bancorp, Inc., a Delaware corporation (the Company), proposes to issue and sell to you as the sole underwriter (the Underwriter), 175,000 shares (the Firm Securities) of the Companys convertible preferred stock, par value $0.001 per share (the Preferred Stock). The terms of the Preferred Stock will be set forth in a certificate of designations (the Certificate of Designations) to be filed by the Company with the Secretary of State of the State of Delaware. The Securities will be convertible into shares of common stock, par value $0.001 per share (the Common Stock), of the Company (the shares of Common Stock into which the Securities are convertible, the Conversion Shares), plus cash in lieu of fractional shares on the terms set forth in the Certificate of Designations. In addition, the Company proposes to grant to the Underwriter an option to purchase up to 25,000 additional shares of the Preferred Stock on the terms set forth in Section 2 (the Option Securities). The Firm Securities and the Option Securities, if purchased, are hereinafter collectively called the Securities. This is to confirm the agreement concerning the purchase of the Securities from the Company by the Underwriter.