Document:

Ex 10.7

                      INVESTMENT MANAGEMENT TRUST AGREEMENT

                This Agreement is made as of _____________,  2005 by and between
Coconut Palm Acquisition  Corp. (the "Company") and Continental Stock Transfer &
Trust Company ("Trustee").

                WHEREAS, the Company's  registration  statement on Form S-1, No.
333-_______  ("Registration  Statement"),  for its  initial  public  offering of
securities  ("IPO")  has been  declared  effective  as of the date hereof by the
Securities and Exchange Commission ("Effective Date"); and

                WHEREAS,   Morgan  Joseph  &  Co.  Inc.  ("Morgan  Joseph")  and
EarlyBirdCapital,  Inc.  ("EBC")  are  acting  as  the  representatives  of  the
underwriters in the IPO; and

                WHEREAS,  as described  in the  Registration  Statement,  and in
accordance with the Company's  Certificate of Incorporation,  $54,250,000 of the
gross proceeds of the IPO ($62,620,000 if the underwriters over-allotment option
is exercised in full) will be delivered to the Trustee to be deposited  and held
in a trust  account  for the  benefit  of the  Company  and the  holders  of the
Company's  common  stock,  par  value  $.0001  per  share,  issued in the IPO as
hereinafter  provided  and in the event the Units are  registered  in  Colorado,
pursuant to Section 11-51-302(6) of the Colorado Revised Statutes. A copy of the
Colorado  Statute is  attached  hereto and made a part  hereof (the amount to be
delivered  to the  Trustee  will be referred  to herein as the  "Property";  the
stockholders  for whose  benefit the  Trustee  shall hold the  Property  will be
referred to as the "Public  Stockholders,"  and the Public  Stockholders and the
Company will be referred to together as the "Beneficiaries"); and

                WHEREAS,  the Company and the Trustee  desire to enter into this
Agreement  to set forth the terms and  conditions  pursuant to which the Trustee
shall hold the Property;

                IT IS AGREED:

1.      AGREEMENTS  AND  COVENANTS  OF TRUSTEE.  The Trustee  hereby  agrees and
covenants to:

                (a)     Hold the  Property  in trust  for the  Beneficiaries  in
accordance  with the terms of this  Agreement,  including  the terms of  Section
11-51-302(6)  of the Colorado  Statute,  in a segregated  trust account  ("Trust
Account")  established by the Trustee at a branch of Citibank,  N.A. selected by
the Trustee;

                (b)     Manage,  supervise  and  administer  the  Trust  Account
subject to the terms and conditions set forth herein;

                (c)     In a timely manner, upon the instruction of the Company,
to invest and  reinvest  the  Property  in any  "Government  Security."  As used
herein, Government Security means any Treasury Bill issued by the United States,
having a maturity of one hundred and eighty days or less;

                (d)     Collect and receive,  when due, all principal and income
arising from the Property,  which shall become part of the  "Property,"  as such
term is used herein;

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                (e)     Notify the Company of all communications  received by it
with respect to any Property requiring action by the Company;

                (f)     Supply any necessary  information or documents as may be
requested by the Company in connection with the Company's preparation of the tax
returns for the Trust Account;

                (g)     Participate  in any plan or proceeding for protecting or
enforcing  any  right or  interest  arising  from the  Property  if, as and when
instructed by the Company to do so;

                (h)     Render to the Company and to Morgan  Joseph and EBC, and
to such other person as the Company may instruct,  monthly written statements of
the  activities of and amounts in the Trust Account  reflecting all receipts and
disbursements of the Trust Account; and

                (i)     Commence  liquidation  of the Trust  Account  only after
receipt  of and  only in  accordance  with the  terms of a letter  ("Termination
Letter"),  in a form  substantially  similar to that  attached  hereto as either
Exhibit A or Exhibit B,  signed on behalf of the  Company  by its  President  or
Chairman of the Board and  Secretary  or Assistant  Secretary,  and complete the
liquidation  of the Trust  Account  and  distribute  the  Property  in the Trust
Account  only as  directed  in the  Termination  Letter and the other  documents
referred to therein.

2.      AGREEMENTS  AND COVENANTS OF THE COMPANY.  The Company hereby agrees and
covenants to:

                (a)     Give  all  instructions  to  the  Trustee  hereunder  in
writing,  signed  by the  Company's  President  or  Chairman  of the  Board.  In
addition,  except with respect to its duties  under  paragraph  1(i) above,  the
Trustee  shall be entitled to rely on, and shall be protected in relying on, any
verbal or telephonic advice or instruction which it in good faith believes to be
given by any one of the persons  authorized above to give written  instructions,
provided that the Company shall promptly confirm such instructions in writing;

                (b)     Hold the Trustee harmless and indemnify the Trustee from
and  against,  any and all  expenses,  including  reasonable  counsel  fees  and
disbursements,  or loss suffered by the Trustee in  connection  with any action,
suit or other proceeding  brought against the Trustee involving any claim, or in
connection with any claim or demand which in any way arises out of or relates to
this Agreement,  the services of the Trustee  hereunder,  or the Property or any
income earned from  investment  of the Property,  except for expenses and losses
resulting from the Trustee's gross  negligence or willful  misconduct.  Promptly
after  the  receipt  by  the  Trustee  of  notice  of  demand  or  claim  or the
commencement  of any action,  suit or proceeding,  pursuant to which the Trustee
intends  to seek  indemnification  under  this  paragraph,  it shall  notify the
Company in writing of such claim  (hereinafter  referred to as the  "Indemnified
Claim").  The  Trustee  shall have the right to conduct  and manage the  defense
against such  Indemnified  Claim,  provided,  that the Trustee  shall obtain the
consent of the Company with respect to the  selection of counsel,  which consent
shall not be  unreasonably  withheld.  The  Trustee  may not agree to settle any
Indemnified Claim without the

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prior written consent of the Company. The Company may participate in such action
with its own counsel; and

                (c)     Pay the Trustee an initial  acceptance fee of $1,000 and
an annual fee of $3,000 (it being  expressly  understood that the Property shall
not be used to pay such fee).  The  Company  shall pay the  Trustee  the initial
acceptance  fee  and  first  year's  fee at the  consummation  of  the  IPO  and
thereafter on the anniversary of the Effective Date. The Trustee shall refund to
the Company the fee (on a pro rata basis) with  respect to any period  after the
liquidation  of the Trust Fund.  The Company  shall not be  responsible  for any
other fees or charges of the Trustee except as may be provided in paragraph 2(b)
hereof (it being  expressly  understood  that the Property  shall not be used to
make any payments to the Trustee under such paragraph).

3.      LIMITATIONS OF LIABILITY.  The Trustee shall have no  responsibility  or
liability to:

                (a)     Take any action with respect to the Property, other than
as directed in paragraph 1 hereof and the Trustee shall have no liability to any
party except for  liability  arising out of its own gross  negligence or willful
misconduct;

                (b)     Institute  any  proceeding  for  the  collection  of any
principal  and  income  arising  from,  or  institute,  appear in or defend  any
proceeding of any kind with respect to, any of the Property  unless and until it
shall have received instructions from the Company given as provided herein to do
so and the Company shall have  advanced or guaranteed to it funds  sufficient to
pay any expenses incident thereto;

                (c)     Change the  investment  of any  Property,  other than in
compliance with paragraph 1(c);

                (d)     Refund any depreciation in principal of any Property;

                (e)     Assume that the  authority of any person  designated  by
the  Company  to give  instructions  hereunder  shall not be  continuing  unless
provided  otherwise  in such  designation,  or unless  the  Company  shall  have
delivered a written revocation of such authority to the Trustee;

                (f)     The  other  parties  hereto  or to  anyone  else for any
action  taken or  omitted  by it, or any  action  suffered  by it to be taken or
omitted, in good faith and in the exercise of its own best judgment,  except for
its gross negligence or willful  misconduct.  The Trustee may rely  conclusively
and shall be protected in acting upon any order,  notice,  demand,  certificate,
opinion  or  advice  of  counsel  (including  counsel  chosen  by the  Trustee),
statement, instrument, report or other paper or document (not only as to its due
execution and the validity and  effectiveness of its provisions,  but also as to
the truth and  acceptability  of any  information  therein  contained)  which is
believed  by the  Trustee,  in good  faith,  to be  genuine  and to be signed or
presented by the proper person or persons. The Trustee shall not be bound by any
notice or demand, or any waiver, modification, termination or rescission of this
Agreement or any of the terms hereof,  unless evidenced by a written  instrument
delivered  to the  Trustee  signed by the proper  party or parties  and,  if the
duties or rights of the  Trustee  are  affected,  unless it shall give its prior
written consent thereto;

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                (g)     Verify the  correctness of the  information set forth in
the Registration  Statement or to confirm or assure that any acquisition made by
the  Company  or  any  other  action  taken  by  it is as  contemplated  by  the
Registration Statement; and

                (h)     Pay any taxes on behalf of the Trust  Account  (it being
expressly  understood  that the Property shall not be used to pay any such taxes
and that such taxes, if any, shall be paid by the Company from funds not held in
the Trust Account).

4.      TERMINATION. This Agreement shall terminate as follows:

                (a)     If the Trustee gives written  notice to the Company that
it desires to resign under this Agreement,  the Company shall use its reasonable
efforts to locate a successor  trustee.  At such time that the Company  notifies
the Trustee that a successor  trustee has been  appointed by the Company and has
agreed to become  subject  to the terms of this  Agreement,  the  Trustee  shall
transfer the management of the Trust Account to the successor trustee, including
but not limited to the transfer of copies of the reports and statements relating
to the Trust  Account,  whereupon  this  Agreement  shall  terminate;  provided,
however, that, in the event that the Company does not locate a successor trustee
within ninety days of receipt of the  resignation  notice from the Trustee,  the
Trustee may submit an application to have the Property deposited with the United
States  District  Court  for the  Southern  District  of New York and upon  such
deposit, the Trustee shall be immune from any liability whatsoever;

                (b)     At  such  time  that  the  Trustee  has   completed  the
liquidation of the Trust Account in accordance  with the provisions of paragraph
1(i) hereof,  and  distributed the Property in accordance with the provisions of
the Termination  Letter,  this Agreement shall terminate  except with respect to
Paragraph 2(b); or

                (c)     On such date after _____________,  2007 when the Trustee
deposits the Property  with the United  States  District  Court for the Southern
District of New York in the event that,  prior to such date, the Trustee has not
received a Termination Letter from the Company pursuant to paragraph 1(i).

5.      MISCELLANEOUS.

                (a)     The Company and the Trustee  each  acknowledge  that the
Trustee  will follow the  security  procedures  set forth below with  respect to
funds transferred from the Trust Account.  Upon receipt of written instructions,
the Trustee will confirm such instructions  with an Authorized  Individual at an
Authorized  Telephone  Number listed on the attached  Exhibit C. The Company and
the Trustee will each restrict  access to confidential  information  relating to
such security procedures to authorized persons. Each party must notify the other
party  immediately  if it has reason to believe  unauthorized  persons  may have
obtained  access  to  such  information,  or of any  change  in  its  authorized
personnel.  In  executing  funds  transfers,  the Trustee will rely upon account
numbers or other  identifying  numbers of a beneficiary,  beneficiary's  bank or
intermediary  bank,  rather than names.  The Trustee shall not be liable for any
loss,  liability  or expense  resulting  from

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any error in an account  number or other  identifying  number,  provided  it has
accurately transmitted the numbers provided.

                (b)     This  Agreement  shall be governed by and  construed and
enforced in accordance  with the laws of the State of New York,  without  giving
effect to conflicts of law  principles  that would result in the  application of
the  substantive  laws of another  jurisdiction.  It may be  executed in several
counterparts, each one of which shall constitute an original, and together shall
constitute but one instrument.

                (c)     This  Agreement   contains  the  entire   agreement  and
understanding  of the parties  hereto with respect to the subject matter hereof.
This Agreement or any provision hereof may only be changed,  amended or modified
by a writing signed by each of the parties hereto;  provided,  however,  that no
such change,  amendment or  modification  may be made without the prior  written
consent of Morgan Joseph and EBC. As to any claim,  cross-claim or  counterclaim
in any way relating to this  Agreement,  each party waives the right to trial by
jury.

                (d)     The parties hereto consent to the jurisdiction and venue
of any  state or  federal  court  located  in the City of New York,  Borough  of
Manhattan, for purposes of resolving any disputes hereunder.

                (e)     Any notice, consent or request to be given in connection
with any of the terms or  provisions of this  Agreement  shall be in writing and
shall be sent by express mail or similar private courier  service,  by certified
mail (return receipt requested), by hand delivery or by facsimile transmission:

                if to the Trustee, to:

                           Continental Stock Transfer
                             & Trust Company
                           17 Battery Place
                           New York, New York 10004
                           Attn:    Steven G. Nelson
                           Fax No.:  (212) 509-5150

                if to the Company, to:

                           Coconut Palm Acquisition Corp.
                           595 South Federal Highway, Suite 600
                           Boca Raton, Florida 33432
                           Attn:    Richard C. Rochon, Chief Executive Officer
                           Fax No.:  (561) 955-7311

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                in either case with a copy to:

                           Morgan Joseph & Co. Inc.
                           600 Fifth Avenue, 19th Floor
                           New York, New York 10020
                           Attn:    Mike Powell
                           Fax No.:  (212) 218-3719

                and

                           EarlyBirdCapital, Inc.
                           275 Madison Avenue, Suite 1203
                           New York, New York 10016
                           Attn:    Steven Levine
                           Fax No.:   (212) 661-4936

                (f)     This  Agreement  may  not be  assigned  by  the  Trustee
without the prior consent of the Company.

                (g)     Each of the Trustee and the  Company  hereby  represents
that it has the full right and power and has been duly  authorized to enter into
this  Agreement  and to  perform  its  respective  obligations  as  contemplated
hereunder. The Trustee acknowledges and agrees that it shall not make any claims
or proceed against the Trust Account, including by way of set-off, and shall not
be entitled to any funds in the Trust Account under any circumstance.

                (h)     Each of the Company and the Trustee  hereby  acknowledge
that Morgan Joseph and EBC are third party beneficiaries of this Agreement.

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                IN  WITNESS  WHEREOF,   the  parties  have  duly  executed  this
Investment Management Trust Agreement as of the date first written above.

                                            CONTINENTAL STOCK TRANSFER & TRUST
                                            COMPANY, as Trustee

                                            By: ____________________________
                                                Name:
                                                Title:

                                            COCONUT PALM ACQUISITION CORP.

                                            By: ____________________________
                                                Name: Richard C. Rochon
                                                Title: Chief Executive Officer

                                       7
<PAGE>

                                                                       EXHIBIT A

                             [LETTERHEAD OF COMPANY]

                                       [INSERT DATE]

Continental Stock Transfer
  & Trust Company
17 Battery Place
New York, New York 10004
Attn:  Steven Nelson

                Re:     Trust Account No. 530-           Termination Letter
                        ---------------------------------------------------

Gentlemen:

                Pursuant to paragraph  1(i) of the Investment  Management  Trust
Agreement  between Coconut Palm  Acquisition  Corp.  ("Company") and Continental
Stock Transfer & Trust Company ("Trustee"), dated as of __________, 2005 ("Trust
Agreement"),  this is to  advise  you  that  the  Company  has  entered  into an
agreement ("Business Agreement") with __________________  ("Target Business") to
consummate a business combination with Target Business ("Business  Combination")
on or about  [INSERT  DATE].  The Company  shall notify you at least 48 hours in
advance of the  actual  date of the  consummation  of the  Business  Combination
("Consummation Date").

                In accordance with the terms of the Trust  Agreement,  we hereby
authorize you to commence  liquidation  of the Trust Account to the effect that,
on the  Consummation  Date,  all of  funds  held in the  Trust  Account  will be
immediately  available  for transfer to the account or accounts that the Company
shall direct on the Consummation Date.

                On the  Consummation  Date (i)  counsel  for the  Company  shall
deliver to you written  notification that (a) the Business  Combination has been
consummated  and (b) the provisions of Section  11-51-302(6)  and Rule 51-3.4 of
the Colorado  Statute have been met, and (ii) the Company  shall  deliver to you
written instructions with respect to the transfer of the funds held in the Trust
Account  ("Instruction  Letter").  You are hereby  directed  and  authorized  to
transfer the funds held in the Trust  Account  immediately  upon your receipt of
the counsel's letter and the Instruction Letter, in accordance with the terms of
the  Instruction  Letter.  In the event that certain  deposits held in the Trust
Account may not be liquidated by the Consummation Date without penalty, you will
notify the  Company of the same and the Company  shall  direct you as to whether
such  funds  should  remain  in the  Trust  Account  and  distributed  after the
Consummation Date to the Company.  Upon the distribution of all the funds in the
Trust  Account  pursuant  to the  terms  hereof,  the Trust  Agreement  shall be
terminated.

                In the event that the Business Combination is not consummated on
the  Consummation  Date described in the notice thereof and we have not notified
you on or before the original Consummation Date of a new Consummation Date, then
the funds held in the Trust Account shall be reinvested as provided in the Trust
Agreement on the business day immediately following the Consummation Date as set
forth in the notice.

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<PAGE>

                                            Very truly yours,

                                            COCONUT PALM ACQUISITION CORP.

                                            By:________________________________
                                                 Richard C. Rochon, Chairman

                                            By:________________________________
                                                  Robert C. Farenhem, Secretary

cc:   Morgan Joseph & Co. Inc.
      EarlyBirdCapital, Inc.

                                       9
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                                                                       EXHIBIT B

                             [LETTERHEAD OF COMPANY]

                                       [INSERT DATE]

Continental Stock Transfer
  & Trust Company
17 Battery Place
New York, New York 10004
Attn:

                Re:     Trust Account No. 530-         Termination Letter
                        -------------------------------------------------

Gentlemen:

                Pursuant to paragraph  1(i) of the Investment  Management  Trust
Agreement  between Coconut Palm  Acquisition  Corp.  ("Company") and Continental
Stock  Transfer  & Trust  Company  ("Trustee"),  dated as of  ___________,  2005
("Trust  Agreement"),  this is to advise you that the Company has been unable to
effect a  Business  Combination  with a Target  Company  within  the time  frame
specified in the Company's prospectus relating to its IPO.

                In accordance with the terms of the Trust  Agreement,  we hereby
(a) certify to you that the provisions of Section  11-51-302(6)  and Rule 51-3.4
of the  Colorado  Statute  have  been met and (b)  authorize  you,  to  commence
liquidation of the Trust Account. You will notify the Company and Citibank, N.A.
("Designated  Paying Agent") in writing as to when all of the funds in the Trust
Account  will  be  available  for  immediate  transfer  ("Transfer  Date").  The
Designated  Paying  Agent  shall  thereafter  notify  you as to the  account  or
accounts  of the  Designated  Paying  Agent that the funds in the Trust  Account
should be  transferred  to on the Transfer  Date so that the  Designated  Paying
Agent may commence  distribution  of such funds in accordance with the Company's
instructions.  You shall have no  obligation  to oversee the  Designated  Paying
Agent's  distribution  of the funds.  Upon the payment to the Designated  Paying
Agent of all the  funds in the  Trust  Account,  the  Trust  Agreement  shall be
terminated.

                                            Very truly yours,

                                            COCONUT PALM ACQUISITION CORP.

                                            By:________________________________
                                                 Richard C. Rochon, Chairman

                                            By:________________________________
                                                 Robert C. Farenhem , Secretary

cc:   Morgan Joseph & Co. Inc.
      EarlyBirdCapital, Inc.

                                       10
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                                                                       EXHIBIT C

AUTHORIZED INDIVIDUAL(S)                             AUTHORIZED
FOR TELEPHONE CALL BACK                              TELEPHONE NUMBER(S)

COMPANY:

Coconut Palm Acquisition Corp.
595 South Federal Highway, Suite 600
Boca Raton, Florida 33432
Attn: Richard C. Rochon, Chief Executive Officer     (561) 955-7300

TRUSTEE:

Continental Stock Transfer
  & Trust Company
17 Battery Place
New York, New York 10004
Attn:  Steven G. Nelson, Chairman                    (212) 845-3200

                                       11EX 10.8

                             STOCK ESCROW AGREEMENT

                STOCK   ESCROW   AGREEMENT,   dated   as  of   _________,   2005
("Agreement"),  by and among RPCP INVESTMENTS, LLLP ("Existing Stockholder") and
CONTINENTAL  STOCK TRANSFER & TRUST  COMPANY,  a New York  corporation  ("Escrow
Agent").

                WHEREAS, the Company has entered into an Underwriting Agreement,
dated _____________,  2005 ("Underwriting Agreement"),  with Morgan Joseph & Co.
Inc. and EarlyBirdCapital, Inc. acting as representatives ("Representatives") of
the several underwriters (collectively, the "Underwriters"),  pursuant to which,
among other matters,  the Underwriters have agreed to purchase  10,000,000 units
("Units")  of the  Company.  Each Unit  consists  of one share of the  Company's
common stock,  par value $.0001 per share  ("Common  Stock"),  and two Warrants,
each Warrant to purchase one share of Common Stock,  all as more fully described
in the Company's final  Prospectus,  dated  _____________,  2005  ("Prospectus")
comprising  part of the Company's  Registration  Statement on Form S-1 (File No.
333-_______)  under  the  Securities  Act of  1933,  as  amended  ("Registration
Statement"), declared effective on _____________, 2005 ("Effective Date").

                WHEREAS,  the Existing  Stockholder has agreed as a condition of
the sale of the Units to deposit its shares of Common Stock of the  Company,  as
set forth opposite its name in Exhibit A attached hereto  (collectively  "Escrow
Shares"), in escrow as hereinafter provided.

                WHEREAS,  the Company and the Existing  Stockholder  desire that
the Escrow Agent accept the Escrow Shares,  in escrow,  to be held and disbursed
as hereinafter provided.

                IT IS AGREED:

        1.      APPOINTMENT  OF  ESCROW  AGENT.  The  Company  and the  Existing
Stockholder  hereby  appoint  the  Escrow  Agent to act in  accordance  with and
subject to the terms of this  Agreement and the Escrow Agent hereby accepts such
appointment and agrees to act in accordance with and subject to such terms.

        2.      DEPOSIT OF ESCROW SHARES.  On or before the Effective  Date, the
Existing   Stockholder   shall   deliver  to  the  Escrow  Agent  a  certificate
representing its respective  Escrow Shares,  to be held and disbursed subject to
the  terms  and  conditions  of  this   Agreement.   The  Existing   Stockholder
acknowledges that the certificate  representing its Escrow Shares is legended to
reflect the deposit of such Escrow Shares under this Agreement.

        3.      DISBURSEMENT  OF THE ESCROW SHARES.  The Escrow Agent shall hold
the Escrow Shares until the third  anniversary  of the  Effective  Date ("Escrow
Period"),  on which date it shall,  upon written  instructions from the Existing
Stockholder,  disburse the Existing  Stockholder's Escrow Shares to the Existing
Stockholder;  provided,  however,  that if the Escrow  Agent is  notified by the
Company  pursuant to Section 6.7 hereof that the Company is being  liquidated at
any time during the Escrow Period,  then immediately  prior to the effectiveness
of such  liquidation,  the Escrow Agent shall promptly  destroy the certificates
representing  the  Escrow  Shares  and the  Escrow  Shares  shall no  longer  be
considered issued and outstanding  securities of the Company;  provided further,
however,  that if, after the Company consummates a Business Combination (as such
term is defined in the  Registration  Statement),  it (or the surviving  entity)
subsequently consummates a liquidation,  merger, stock exchange or other similar
transaction  which results in all of the  stockholders of such entity having the
right to exchange  their  shares of Common Stock for cash,  securities  or other
property,

<PAGE>

then the Escrow Agent will, upon receipt of a certificate, executed by the Chief
Executive Officer or Chief Financial Officer of the Company,  in form reasonably
acceptable to the Escrow Agent, that such transaction is then being consummated,
release the Escrow Shares to the Existing  Stockholder upon  consummation of the
transaction so that it can similarly participate. The Escrow Agent shall have no
further duties  hereunder  after the  disbursement  or destruction of the Escrow
Shares in accordance with this Section 3.

        4.      RIGHTS OF EXISTING STOCKHOLDER IN ESCROW SHARES.

                4.1     VOTING RIGHTS AS A STOCKHOLDER.  Subject to the terms of
the  Insider  Letter  described  in  Section  4.4  hereof  and  except as herein
provided,  the  Existing  Stockholder  shall  retain  all  of  its  rights  as a
stockholder  of  the  Company  during  the  Escrow  Period,  including,  without
limitation, the right to vote such shares.

                4.2     DIVIDENDS  AND OTHER  DISTRIBUTIONS  IN  RESPECT  OF THE
ESCROW  SHARES.  During the Escrow  Period,  all dividends  payable in cash with
respect to the Escrow Shares shall be paid to the Existing Stockholder,  but all
dividends  payable in stock or other non-cash  property  ("Non-Cash  Dividends")
shall be  delivered  to the Escrow  Agent to hold in  accordance  with the terms
hereof. As used herein,  the term "Escrow Shares" shall be deemed to include the
Non-Cash Dividends distributed thereon, if any.

                4.3     RESTRICTIONS ON TRANSFER.  During the Escrow Period,  no
sale,  transfer  or other  disposition  may be made of any or all of the  Escrow
Shares  except  (i)  upon  the  dissolution  and  liquidation  of  the  Existing
Stockholder and the distribution of assets to its limited partners; (ii) by gift
to a immediate family member of the Existing  Stockholder's  limited partners or
to a trust,  the  beneficiary  of which is a  limited  partner  of the  Existing
Stockholder  or a member of the immediate  family of the Existing  Stockholder's
limited  partners,  (iii) by virtue of the laws of descent and distribution upon
death of any limited partner of the Existing Stockholder,  or (iv) pursuant to a
qualified  domestic  relations order;  provided,  however,  that such permissive
transfers  may be  implemented  only upon the  respective  transferee's  written
agreement to be bound by the terms and  conditions of this  Agreement and of the
Insider  Letter  signed by the  Existing  Stockholder  transferring  the  Escrow
Shares.  During the Escrow Period, the Existing  Stockholder shall not pledge or
grant a security  interest in the Escrow Shares or grant a security  interest in
its rights under this Agreement.

                4.4     INSIDER LETTERS. The Existing Stockholder has executed a
letter agreement with the Representatives and the Company, dated as indicated on
Exhibit A hereto, and which is filed as an exhibit to the Registration Statement
("Insider  Letter"),  respecting  the rights and  obligations  of such  Existing
Stockholder in certain  events,  including but not limited to the liquidation of
the Company.

        5.      CONCERNING THE ESCROW AGENT.

                5.1     GOOD  FAITH  RELIANCE.  The  Escrow  Agent  shall not be
liable for any action  taken or omitted by it in good faith and in the  exercise
of its own best judgment,  and may rely  conclusively  and shall be protected in
acting upon any order, notice, demand, certificate, opinion or advice of counsel
(including counsel chosen by the Escrow Agent), statement, instrument, report or
other paper or document  (not only as to its due  execution and the validity and
effectiveness of its provisions,  but also as to the truth and  acceptability of
any information  therein  contained) which is believed by the Escrow Agent to be
genuine  and to be signed or  presented  by the proper  person or

                                       2
<PAGE>

persons.  The Escrow  Agent  shall not be bound by any notice or demand,  or any
waiver,  modification,  termination  or  rescission  of  this  Agreement  unless
evidenced by a writing  delivered to the Escrow Agent signed by the proper party
or parties and, if the duties or rights of the Escrow Agent are affected, unless
it shall have given its prior written consent thereto.

                5.2     INDEMNIFICATION.  The Escrow Agent shall be  indemnified
and held  harmless by the  Company  from and  against  any  expenses,  including
counsel  fees  and  disbursements,  or loss  suffered  by the  Escrow  Agent  in
connection with any action,  suit or other proceeding  involving any claim which
in any way, directly or indirectly,  arises out of or relates to this Agreement,
the  services of the Escrow  Agent  hereunder,  or the Escrow  Shares held by it
hereunder,  other than expenses or losses  arising from the gross  negligence or
willful misconduct of the Escrow Agent. Promptly after the receipt by the Escrow
Agent of notice of any demand or claim or the  commencement of any action,  suit
or  proceeding,  the  Escrow  Agent  shall  notify the other  parties  hereto in
writing.  In the event of the receipt of such notice,  the Escrow Agent,  in its
sole  discretion,  may  commence an action in the nature of  interpleader  in an
appropriate court to determine  ownership or disposition of the Escrow Shares or
it may deposit the Escrow Shares with the clerk of any  appropriate  court or it
may retain the Escrow Shares pending receipt of a final, non-appealable order of
a court having jurisdiction over all of the parties hereto directing to whom and
under what  circumstances  the Escrow Shares are to be disbursed and  delivered.
The  provisions  of this Section 5.2 shall survive in the event the Escrow Agent
resigns or is discharged pursuant to Sections 5.5 or 5.6 below.

                5.3     COMPENSATION.  The Escrow  Agent  shall be  entitled  to
reasonable  compensation  from  the  Company  for all  services  rendered  by it
hereunder.  The Escrow  Agent shall also be entitled to  reimbursement  from the
Company for all  expenses  paid or incurred by it in the  administration  of its
duties  hereunder  including,  but not limited to, all  counsel,  advisors'  and
agents' fees and disbursements and all taxes or other governmental charges.

                5.4     FURTHER  ASSURANCES.  From time to time on and after the
date hereof, the Company and the Existing  Stockholder shall deliver or cause to
be  delivered to the Escrow Agent such further  documents  and  instruments  and
shall  do or  cause to be done  such  further  acts as the  Escrow  Agent  shall
reasonably  request to carry out more effectively the provisions and purposes of
this Agreement,  to evidence  compliance herewith or to assure itself that it is
protected in acting hereunder.

                5.5     RESIGNATION. The Escrow Agent may resign at any time and
be discharged  from its duties as escrow agent hereunder by its giving the other
parties  hereto written notice and such  resignation  shall become  effective as
hereinafter provided.  Such resignation shall become effective at such time that
the Escrow Agent shall turn over to a successor  escrow  agent  appointed by the
Company,  the  Escrow  Shares  held  hereunder.  If no new  escrow  agent  is so
appointed  within  the 60 day  period  following  the  giving of such  notice of
resignation,  the Escrow  Agent may deposit the Escrow  Shares with any court it
reasonably deems appropriate.

                5.6     DISCHARGE OF ESCROW AGENT. The Escrow Agent shall resign
and be discharged  from its duties as escrow agent  hereunder if so requested in
writing at any time by the other parties  hereto,  jointly,  provided,  however,
that such resignation shall become effective only upon acceptance of appointment
by a successor escrow agent as provided in Section 5.5.

                                       3
<PAGE>

                5.7     LIABILITY.   Notwithstanding   anything  herein  to  the
contrary,  the Escrow Agent shall not be relieved from  liability  hereunder for
its own gross negligence or its own willful misconduct.

        6.      MISCELLANEOUS.

                6.1     GOVERNING LAW. This Agreement  shall for all purposes be
deemed to be made under and shall be  construed in  accordance  with the laws of
the State of New York, without giving effect to conflicts of law principles that
would result in the application of the substantive laws of another jurisdiction.

                6.2     THIRD  PARTY  BENEFICIARIES.  The  Existing  Stockholder
hereby  acknowledges that the Underwriters are third party beneficiaries of this
Agreement and this  Agreement  may not be modified or changed  without the prior
written consent of the Representatives.

                6.3     ENTIRE  AGREEMENT.  This  Agreement  contains the entire
agreement of the parties  hereto with respect to the subject  matter hereof and,
except as expressly provided herein, may not be changed or modified except by an
instrument in writing signed by the party to the charged.

                6.4     HEADINGS.  The headings  contained in this Agreement are
for  reference  purposes  only and shall not  affect in any way the  meaning  or
interpretation thereof.

                6.5     BINDING EFFECT. This Agreement shall be binding upon and
inure  to  the  benefit  of  the  respective  parties  hereto  and  their  legal
representatives, successors and assigns.

                6.6     NOTICES.  Any notice or other communication  required or
which  may be given  hereunder  shall be in  writing  and  either  be  delivered
personally or be mailed,  certified or registered  mail, or by private  national
courier service, return receipt requested,  postage prepaid, and shall be deemed
given when so  delivered  personally  or, if mailed,  two days after the date of
mailing, as follows:

                If to the Company, to:

                           Coconut Palm Acquisition Corp.
                           595 South Federal Highway, Suite 600
                           Boca Raton, Florida 33432
                           Attn:    Chairman

                If to a Stockholder, to his address set forth in Exhibit A.

                and if to the Escrow Agent, to:

                           Continental Stock Transfer & Trust Company
                           17 Battery Place
                           New York, New York 10004
                           Attn:    Chairman

                                       4
<PAGE>

                A copy of any notice sent hereunder shall be sent to:

                           Morgan Joseph & Co. Inc.
                           600 Fifth Avenue, 19th Floor
                           New York, New York 10020
                           Attn:    Mike Powell

                and:

                           EarlyBirdCapital, Inc.
                           275 Madison Avenue, Suite 1203
                           New York, New York 10016
                           Attn:    Steven Levine

                and:

                           Olshan Grundman Frome Rosenzweig & Wolosky LLP
                           Park Avenue Towers
                           65 East 55th Street
                           New York, New York 10022
                           Attn:    Kenneth Schlesinger, Esq.

                and:

                           Graubard Miller
                           The Chrysler Building
                           405 Lexington Avenue
                           New York, New York 10174
                           Attn:    David Alan Miller, Esq.

                The parties may change the  persons and  addresses  to which the
notices or other  communications  are to be sent by giving written notice to any
such change in the manner provided herein for giving notice.

                6.7     LIQUIDATION  OF THE COMPANY.  The Company shall give the
Escrow Agent written  notification  of the  liquidation  and  dissolution of the
Company in the event that the Company fails to consummate a Business Combination
within the time period(s) specified in the Prospectus.

                                       5
<PAGE>

                WITNESS the  execution  of this  Agreement  as of the date first
above written.

                               COCONUT PALM ACQUISITION CORP.

                               By: ________________________________
                                   Name: Richard C. Rochon
                                   Title: Chairman and Chief Executive Officer

                               EXISTING STOCKHOLDER:

                               RPCP INVESTMENTS, LLLP

                               By: ________________________________
                                   Name:
                                   Title:

                               CONTINENTAL STOCK TRANSFER
                                 & TRUST COMPANY

                               By: ________________________________
                                   Name:
                                   Title:

                                       6
<PAGE>

                                    EXHIBIT A

                                                      Stock
Name and Address of                       Number    Certificate       Date of
Existing Stockholder                    of Shares      Number     Insider Letter
--------------------                    ---------   -----------   --------------

RPCP Investments, LLP                   2,500,000       1          May 17, 2005
595 South Federal Highway, Suite 600
Boca Raton, Florida 33432

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