EXHIBIT
      10.2

    


    Dated
      as
      of March 15, 2006

    


    


    Stoneleigh
      Partners Acquisition Corp.

    555
      Fifth
      Avenue

    New
      York,
      New York 10017

    


    HCFP/Brenner
      Securities LLC

    888
      Seventh Avenue, 17th
      Floor

    New
      York,
      New York 10106

    


    Re: Initial
      Public Offering

    


    Ladies
      and Gentlemen:


     

    The
      undersigned officer, director and security holder of Stoneleigh Partners
      Acquisition Corp. (the “Company”), in consideration of HCFP/Brenner Securities
      LLC’s (“Brenner”) willingness to underwrite an initial public offering of the
      securities of the Company (the “IPO”) and embarking on the IPO process, hereby
      agrees as follows (certain capitalized terms used herein are defined in
      paragraph 10 hereof):

     

    1. 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 take all reasonable actions within
      his
      power to (i) cause the Trust Fund to be liquidated and distributed to the
      holders of the shares of Class B common stock sold in the Company’s IPO,
      (ii) to cause the Company to dissolve as soon as reasonably
      practicable and (iii) vote his shares in favor of any plan of dissolution and
      distribution recommended by the Company's board of directors. In
      addition, if a proxy statement seeking the approval of the Company’s Class B
      stockholders for a business combination has not been filed prior to 22 months
      from the date of the completion of the IPO, the undersigned shall, as a member
      of the board of directors, prior to such date, cause the board to convene,
      adopt
      and recommend to the Company’s Class B stockholders and common stockholders,
      voting as a class, a plan of dissolution and distribution, and on such date
      cause the Company to file a proxy statement with the SEC seeking Class B
      stockholder and common stockholder approval, voting as a single class, for
      such
      plan. Alternatively, if a proxy statement seeking the approval of the Class
      B
      stockholders for a business combination has been filed prior to 22 months from
      the date of completion of the IPO, but such business combination has not been
      completed, the undersigned shall, as a member of the Company’s board of
      directors, promptly, but in no event more than 30 days following the end of
      the
      24th month, convene, adopt and recommend to the Company’s Class B stockholders
      and common stockholders, a plan of dissolution and distribution. In
      the
      event that the Company does not consummate a business combination and must
      dissolve, liquidate and distribute to its Class B stockholders the amount in
      the
      Trust Fund (including any accrued interest), and liquidate and distribute to
      its
      common stockholders any remaining net assets, and if the Company’s funds outside
      of the Trust Fund are insufficient to complete such dissolution, liquidation
      and
      distribution of the Trust Fund, the undersigned agrees to advance such funds
      necessary to complete such liquidation, dissolution and distribution of the
      Trust Fund (currently anticipated to be no more than approximately $50,000
      to
      $75,000) and agrees not to seek repayment for such expenses. The
      undersigned waives any and all right, title, interest or claim of any kind
      in or
      to any distribution of the Trust Fund as a result of such liquidation with
      respect to his Insider Securities (each a "Claim") and hereby waives any Claim
      he 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. The undersigned agrees to indemnify and hold harmless
      the Company against any and all loss, liability, claims, damage and expense
      whatsoever (including, but not limited to, any and all legal or other expenses
      reasonably incurred in investigating, preparing or defending against any
      litigation, whether pending or threatened, or any claim whatsoever) which the
      Company may become subject as a result of any claim by any vendor or other
      person who is owed money by the Company for services rendered or contracted
      for
      or products sold, or by any target business, only in the event that such vendor,
      other person or target business did not execute an agreement waiving any right,
      title, interest or claim of any kind in or to any amounts held in the Trust
      Fund, and only to the extent necessary to ensure that such loss, liability,
      claim, damage or expense does not reduce the amount in the Trust Fund.


     

    2. 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
      Trust Fund or until such time as the undersigned ceases to be an officer or
      director of the Company, subject to any pre-existing fiduciary obligations
      the
      undersigned might have.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
          Stoneleigh
            Partners Acquisition Corp.

          HCFP/Brenner
            Securities LLC

          March
            15,
            2006

          Page
            2

        

      

    

     

    3. 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 Brenner that the business combination is fair to the
      Company’s stockholders from a financial perspective.

     

    4. 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 or fees of any kind, including finder’s and consulting fees,
      prior to, or for services they rendered in order to effectuate, the Business
      Combination; provided that commencing on the Effective Date, PLM International
      Inc. (“Related Party”), shall be allowed to charge the Company $7,500 per month,
      representing an allocable share of Related Party’s overhead, to compensate it
      for the Company’s use of Related Party’s offices, utilities and personnel.
      Related Party and the undersigned shall also be entitled to reimbursement from
      the Company for their out-of-pocket expenses incurred in connection with seeking
      and consummating a Business Combination. 

     

    5. Neither
      the undersigned, any member of the family of the undersigned, or 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. 

     

    6. The
      undersigned agrees not to sell any of his Insider Securities until the Company's
      completion of a Business Combination.

     

    7. The
      undersigned agrees to be the Chairman of the Board, Chief Executive Officer
      and
      Assistant Secretary of the Company until the earlier of the consummation by
      the
      Company of a Business Combination or the distribution of the Trust Fund. The
      undersigned’s biographical information furnished to the Company and Brenner 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 Section
      401
      of Regulation S-K, promulgated under the Securities Act of 1933. The
      undersigned’s Questionnaire furnished to the Company and Brenner and annexed as
      Exhibit B hereto is true and accurate in all respects. The undersigned
      represents and warrants that:

     

    (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;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
          Stoneleigh
            Partners Acquisition Corp.

          HCFP/Brenner
            Securities LLC

          March
            15,
            2006

          Page
            3

        

      

    

     

    (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.

     

    8. 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 the Chairman
      of
      the Board, Chief Executive Officer and Assistant Secretary of the
      Company.

     

    9. The
      undersigned authorizes any employer, financial institution, or consumer credit
      reporting agency to release to Brenner and its legal representatives or agents
      (including any investigative search firm retained by Brenner) any information
      they may have about the undersigned’s background and finances (“Information”).
      Neither Brenner nor its agents shall be violating my 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.
      Brenner
      shall only use such Information for the limited purpose of reviewing the history
      and background of the undersigned in connection with his position as an officer,
      director or securityholder of the Company and shall keep such Information
      confidential and shall use its best efforts to cause
      any
      of its employees and other authorized persons, who have access to such
      Information, to observe the same restrictions described herein.

     

    10. 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 selected by the Company; (ii) “Insiders” shall mean all
      officers, directors and securityholders of the Company immediately prior to
      the
      IPO; (iii) “Insider Securities” shall mean all of the shares of common stock,
      Class W Warrants and Class Z Warrants (and all shares of common stock underlying
      such securities) of the Company owned by an Insider prior to the IPO; and (iv)
      “Trust Fund” shall mean that portion of the net proceeds of the IPO placed in
      trust for the benefit of the holders of the shares of Class B common stock
      issued in the Company’s IPO as contemplated by the Company's prospectus relating
      to the IPO.

     

    Gary
      D.
      Engle

    Print
      Name of Insider

     

    /s/
      Gary
      D. Engle 
      
        

      

    

    Signature

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    


    EXHIBIT
      A

     

    Gary
      D. Engle has been our Chief Executive Officer and Chairman since our
      inception. From December 1994 until December 2005, Mr. Engle served as
      President, Chief Executive Officer and controlling shareholder of Equis
      Corporation, a corporate real estate services firm. Through Equis and other
      affiliates, Mr. Engle owned and operated a variety of real estate and equipment
      finance and leasing companies.  Equis and its affiliates have managed in
      excess of $1 billion of real estate assets and equipment leasing assets, have
      structured and financed more than $2 billion in lease financing transactions
      and
      remarketed over $1 billion in equipment. Since February 2001, Mr. Engle has
      been
      a director of PLM International Inc., a transportation company that leases
      marine containers, shipping vessels, commercial aircraft and other assets.
      PLM
      sold its rail leasing assets to CIT Group in August 2005 and its marine,
      aviation and other leasing businesses to an affiliate of AMA Capital Partners
      in
      November 2005. Since August 2003, Mr. Engle has served as a member of the
      executive committee of CBI Acquisition, LLC, the holding company of Caneel
      Bay,
      a luxury resort on the island of St. John.  Since May 2000, Mr. Engle has
      served on the Board of Managers of DSC/Purgatory, LLC and, since 1999 has
      served on the Board of Managers of Mountain Springs Kirkwood, LLC. DSC and
      Mountain Springs own and operate ski resorts in the western United States.
      Since
      March 2000, Mr. Engle has been a member of the Board of Managers of Echelon
      Development Holdings, LLC, a Florida-based commercial and residential real
      estate development company. Since 1997, Mr. Engle has been the Chairman and
      Chief Executive Officer of Semele Group Inc., which serves as a holding company
      for a number of investments and is a joint venture partner in Rancho Malibu,
      a
      264 acre residential development in Malibu, California. Semele Group also owns
      the general partner of Kettle Valley, a 1,012 unit residential development
      in
      Kelowna, British Columbia. From 1987 to 1990, Mr. Engle was a principal of
      Cobb
      Partners Development Inc., a real estate and mortgage trading company which
      he
      co-founded in 1987. From 1980 to 1987, Mr. Engle served in various capacities
      with Arvida Disney Company, a large-scale community real estate company owned
      by
      The Walt Disney Company, including Senior Vice President from April 1980 to
      1987; Chief Financial Officer and Senior Vice President – Acquisitions
      from
      May 1984 to 1987; and Chief Executive Officer of Arvida Disney Financial
      Services from May 1984 to 1987. Mr. Engle was a founding Director of Disney
      Development, the real estate development division of the Walt Disney Company.
      Mr. Engle received a B.S. from the University of Massachusetts (Amherst) and
      an
      M.B.A. from Harvard University.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B

     

    Intentionally
      Omitted