Document:

PROMISSORY
      NOTE

     

    
      	
              $200,000

            	
              As
                of June 19, 2006

            
	 	
              Norwalk,
                Connecticut

            

    

    

    Doubloon
      Corp. (the "Maker")
      promises to pay to the order of PIRAC I, LLC (the "Payee")
      the
      principal sum of Two Hundred Thousand Dollars and No Cents ($200,000.00) in
      lawful money of the United States of America, on the terms and conditions
      described below.

    

    1.           Principal.
      The
      principal balance of this Note shall be repayable on the earlier of (i) January
      1, 2008, or (ii) the date on which Maker consummates an initial public offering
      of its securities (the “Maturity
      Date”).

    

    2.           Interest.
      This
      Note shall bear simple interest at the rate of four percent (4%) per annum.
      Interest payable on this Note shall be calculated on the basis of one year
      of
      three hundred sixty-five (365) days for the number of days elapsed. All accrued
      interest and outstanding principal shall be due and payable on the Maturity
      Date.

    

    3.           Payment.
      The
      principal balance of this Note may be prepaid in whole or in part at any time
      or
      from time to time. Any prepayment of principal shall be accompanied by payment
      of all accrued interest thereon.

    

    4.           Application
      of Payments.
      All
      payments shall be applied first to payment in full of any costs incurred in
      the
      collection of any sum due under this Note, including, without limitation,
      reasonable attorneys' fees, then to the payment of interest and, finally, to
      the
      reduction of the unpaid principal balance of this Note.

    

    5.           Events
      of Default.
      The
      following shall constitute Events of Default:

    

    (a)           Failure
      to Make Required Payments.
      Failure
      by Maker to pay the principal of or accrued interest on this Note within five
      (5) business days following the date when due.

    

    (b)           Voluntary
      Bankruptcy, Etc.
      The
      commencement by Maker of a voluntary case under applicable bankruptcy law,
      or
      any other applicable insolvency, reorganization, rehabilitation or other similar
      law, or the consent by it to the appointment of, or taking possession by, a
      receiver, liquidator, assignee, trustee, custodian, sequestrator or other
      similar official of Maker or for any substantial part of its property, or the
      making by it of any assignment for the benefit of creditors, or the failure
      of
      Maker generally to pay its debts as such debts become due, or the taking of
      corporate action by Maker in furtherance of any of the foregoing.

    

    (c)           Involuntary
      Bankruptcy, Etc.
      The
      entry of a decree or order for relief by a court having jurisdiction in the
      premises in respect of Maker in an involuntary case under applicable bankruptcy
      law, or any other applicable insolvency or other similar law, or appointing
      a
      receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
      official of Maker or for any substantial part of its property, or ordering
      the
      winding-up or liquidation of the affairs of Maker, and the continuance of any
      such decree or order unstayed and in effect for a period of 60 consecutive
      days.

    

    6.           Remedies.

    

    (a)           Upon
      the occurrence of an Event of Default specified in Section 5(a), Payee may,
      by
      written notice to Maker, declare this Note to be due and payable, whereupon
      the
      principal amount of this Note, and all other amounts payable hereunder, shall
      become immediately due and payable without presentment, demand, protest or
      other
      notice of any kind, all of which are hereby expressly waived, anything contained
      herein or in the documents evidencing the same to the contrary
      notwithstanding.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    (b)           Upon
      the occurrence of an Event of Default specified in Sections 5(b) and 5(c),
      the
      unpaid principal balance of, and all other sums payable with regard to, this
      Note shall automatically and immediately become due and payable, in all cases
      without any action on the part of Payee.

    

    7.           Waivers.
      Maker
      and all endorsers and guarantors of, and sureties for, this Note waive
      presentment for payment, demand, notice of dishonor, protest, and notice of
      protest with regard to this Note, all errors, defects and imperfections in
      any
      proceedings instituted by Payee under the terms of this Note, and all benefits
      that might accrue to Maker by virtue of any present or future laws exempting
      any
      property, real or personal, or any part of the proceeds arising from any sale
      of
      any such property, from attachment, levy or sale under execution, or providing
      for any stay of execution, exemption from civil process or extension of time
      for
      payment; and Maker agrees that any real estate that may be levied upon pursuant
      to a judgment obtained by virtue hereof, on any writ of execution issued hereon,
      may be sold upon any such writ in whole or in part in any order desired by
      Payee.

    

    8.           Unconditional
      Liability.
      Maker
      hereby waives all notices in connection with the delivery, acceptance,
      performance, default or enforcement of the payment of this Note, and agrees
      that
      its liability shall be unconditional, without regard to the liability of any
      other party, and shall not be affected in any manner by any indulgence,
      extension of time, renewal, waiver or modification granted or consented to
      by
      Payee, and consents to any and all extensions of time, renewals, waivers or
      modifications that may be granted by Payee with respect to the payment or other
      provisions of this Note, and agrees that additional makers, endorsers,
      guarantors or sureties may become parties hereto without notice to them or
      affecting their liability hereunder.

    

    9.           Notices.
      Any
      notice called for hereunder shall be deemed properly given if (i) sent by
      certified mail, return receipt requested, (ii) personally delivered, (iii)
      dispatched by any form of private or governmental express mail or delivery
      service providing receipted delivery, (iv) sent by telefacsimile, or (v) sent
      by
      e-mail, to the following addresses or to such other address as either party
      may
      designate by notice in accordance with this Section:

     

    If
      to
      Maker:

    

    Doubloon
      Corp.

    c/o
      Pirate Capital LLC

    200
      Connecticut Avenue

    4th
      Floor

    Norwalk,
      Connecticut 06854

    Attention
      of Chief Executive Officer 

    Email
      Address: tom@piratecapitalllc.com

    

    If
      to
      Payee:

    

    PIRAC
      I,
      LLC

    c/o
      Pirate Capital LLC

    200
      Connecticut Avenue

    4th
      Floor

    Norwalk,
      Connecticut 06854

    Attention
      of Member

    Email
      Address: tom@piratecapitalllc.com

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    Notice
      shall be deemed given on the earlier of actual receipt by the receiving party,
      if sent by certified mail, and (i) three business days after certification
      thereof, (ii) if personally delivered, the date reflected on a signed delivery
      receipt, (iii) if sent by private or governmental express mail or delivery
      service, one (1) business day following tender of delivery or dispatch by
      express mail or delivery service, (iv) if by facsimile, the date shown on a
      telefacsimile transmission confirmation, or (v) if sent by email, the date
      on
      which an e-mail transmission was received by the receiving party's on-line
      access provider.

    

    10.           Construction.
      This
      Note shall be construed and enforced in accordance with the domestic, internal
      law, but not the law of conflict of laws, of the State of
      Connecticut.

    

    11.           Severability.
      Any
      provision contained in this Note which is prohibited or unenforceable in any
      jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
      such prohibition or unenforceability without invalidating the remaining
      provisions hereof, and any such prohibition or unenforceability in any
      jurisdiction shall not invalidate or render unenforceable such provision in
      any
      other jurisdiction.

    

    IN
      WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this
      Note to be duly executed the day and year first above written.

    

        DOUBLOON
      CORP.

    

    

    By: 
      /s/
      Thomas R. Hudson
      Jr.              

    Name:
      Thomas R. Hudson Jr.

    Title:
      Chief Executive Officer 

    
       

       

       

      
        
           

        

        
          3PROMISSORY
      NOTE

    

    
      	
              $840,000

            	
              ____________,
                2006

            
	 	
              Norwalk,
                Connecticut

            

    

    

    Doubloon
      Corp. ("Maker")
      promises to pay to the order of PIRAC I, LLC (the "Payee")
      the
      principal sum of Eight Hundred and Forty Thousand Dollars and No Cents
      ($840,000.00) in lawful money of the United States of America, on the terms
      and
      conditions described below.

    

    1.           Principal.
      Subject
      to Section 3, the principal balance of this Note shall be repayable in seventeen
      monthly installments of Forty Six Thousand Six Hundred Sixty Six Dollars and
      Sixty Six Cents ($46,666.66) and a final installment of Forty Six Thousand
      Six
      Hundred and Sixty Six Dollars and Seventy Eight Cents ($46,666.78), commencing
      on ____________ and continuing on the __ day of each succeeding month until
      paid
      in full.

    

    2.           Interest.
      This
      Note shall bear simple interest at the rate of four percent (4%) per annum.
      Interest payable on this Note shall be calculated on the basis of one year
      of
      three hundred sixty-five (365) days for the number of days elapsed.

    

    3.           Payment.
      Payments of principal and interest under this Note shall be made from the
      interest earned on the amounts deposited in a trust account (the “Trust
      Account”)
      established by Maker in connection with its initial public offering (the
“IPO”)
      as
      described in Maker’s Certificate of Incorporation, as amended, and in the
      Registration Statement on Form S-1 filed in connection with the IPO (the
“Registration
      Statement”).

    

    4.           Mandatory
      Prepayment.
      The
      outstanding principal balance of this Note and all accrued and unpaid interest
      thereon shall be paid upon Maker’s consummation of a Business Combination (as
      defined in Maker’s Certificate of Incorporation, as amended).

    

    5.           Application
      of Payments.
      All
      payments shall be applied first to payment in full of any costs incurred in
      the
      collection of any sum due under this Note, including, without limitation,
      reasonable attorneys' fees, then to the payment of interest and, finally, to
      the
      reduction of the unpaid principal balance of this Note.

    

    6.           Events
      of Default.
      The
      following shall constitute Events of Default:

    

    (a)           Failure
      to Make Required Payments.
      Failure
      by Maker to pay the principal of or accrued interest on this Note within five
      (5) business days following the date when due.

    

    (b)           Voluntary
      Bankruptcy, Etc.
      The
      commencement by Maker of a voluntary case under applicable bankruptcy law,
      or
      any other applicable insolvency, reorganization, rehabilitation or other similar
      law, or the consent by it to the appointment of, or taking possession by, a
      receiver, liquidator, assignee, trustee, custodian, sequestrator or other
      similar official of Maker or for any substantial part of its property, or the
      making by it of any assignment for the benefit of creditors, or the failure
      of
      Maker generally to pay its debts as such debts become due, or the taking of
      corporate action by Maker in furtherance of any of the foregoing.

    

    (c)           Involuntary
      Bankruptcy, Etc.
      The
      entry of a decree or order for relief by a court having jurisdiction in the
      premises in respect of Maker in an involuntary case under applicable bankruptcy
      law, or any other applicable insolvency or other similar law, or appointing
      a
      receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
      official of Maker or for any substantial part of its property, or ordering
      the
      winding-up or liquidation of the affairs of Maker, and the continuance of any
      such decree or order unstayed and in effect for a period of 60 consecutive
      days.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    7.           Remedies.

    

    (a)           Upon
      the occurrence of an Event of Default specified in Section 6(a), Payee may,
      by
      written notice to Maker, declare this Note to be due and payable, whereupon
      the
      unpaid principal amount of this Note, and all other amounts payable hereunder,
      shall become immediately due and payable without presentment, demand, protest
      or
      other notice of any kind, all of which are hereby expressly waived, anything
      contained herein or in the documents evidencing the same to the contrary
      notwithstanding.

    

    (b)           Upon
      the occurrence of an Event of Default specified in Sections 6(b) and 6(c),
      the
      unpaid principal balance of, and all other sums payable with regard to, this
      Note shall automatically and immediately become due and payable, in all cases
      without any action on the part of Payee.

    

    8.           Subordination.
      Notwithstanding anything contained in this Note to the contrary, in the event
      that Payee adopts a plan of voluntary dissolution as provided for in its
      Certificate of Incorporation, as amended, and the Registration Statement,
      payments of outstanding principal and accrued and unpaid interest thereafter
      shall be subordinate in right of payment to payments to be made from the Trust
      Account to purchasers of Maker’s securities in the IPO, up to the amounts set
      forth in the Registration Statement ($97,000,000, or $111,700,000 if the
      underwriters’ over-allotment option is exercised in full).

    

    9.           Waivers.
      Maker
      and all endorsers and guarantors of, and sureties for, this Note waive
      presentment for payment, demand, notice of dishonor, protest, and notice of
      protest with regard to this Note, all errors, defects and imperfections in
      any
      proceedings instituted by Payee under the terms of this Note, and all benefits
      that might accrue to Maker by virtue of any present or future laws exempting
      any
      property, real or personal, or any part of the proceeds arising from any sale
      of
      any such property, from attachment, levy or sale under execution, or providing
      for any stay of execution, exemption from civil process or extension of time
      for
      payment; and Maker agrees that any real estate that may be levied upon pursuant
      to a judgment obtained by virtue hereof, on any writ of execution issued hereon,
      may be sold upon any such writ in whole or in part in any order desired by
      Payee.

    

    10.           Unconditional
      Liability.
      Maker
      hereby waives all notices in connection with the delivery, acceptance,
      performance, default or enforcement of the payment of this Note, and agrees
      that
      its liability shall be unconditional, without regard to the liability of any
      other party, and shall not be affected in any manner by any indulgence,
      extension of time, renewal, waiver or modification granted or consented to
      by
      Payee, and consents to any and all extensions of time, renewals, waivers or
      modifications that may be granted by Payee with respect to the payment or other
      provisions of this Note, and agrees that additional makers, endorsers,
      guarantors or sureties may become parties hereto without notice to them or
      affecting their liability hereunder.

    

    11           Notices.
      Any
      notice called for hereunder shall be deemed properly given if (i) sent by
      certified mail, return receipt requested, (ii) personally delivered, (iii)
      dispatched by any form of private or governmental express mail or delivery
      service providing receipted delivery, (iv) sent by telefacsimile, or (v) sent
      by
      e-mail, to the following addresses or to such other address as either party
      may
      designate by notice in accordance with this Section:

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    If
      to
      Maker:

    

    Doubloon
      Corp.

    c/o
      Pirate Capital LLC

    200
      Connecticut Avenue

    4th
      Floor

    Norwalk,
      Connecticut 06854

    Attention
      of Chief Executive Officer 

    Email
      Address: tom@piratecapitalllc.com

    

    If
      to
      Payee:

    

    PIRAC
      I,
      LLC

    c/o
      Pirate Capital LLC

    200
      Connecticut Avenue

    4th
      Floor

    Norwalk,
      Connecticut 06854

    Attention
      of Member

    Email
      Address: tom@piratecapitalllc.com

    

    Notice
      shall be deemed given on the earlier of actual receipt by the receiving party,
      if sent by certified mail, and (i) three business days after certification
      thereof, (ii) if personally delivered, the date reflected on a signed delivery
      receipt, (iii) if sent by private or governmental express mail or delivery
      service, one (1) business day following tender of delivery or dispatch by
      express mail or delivery service, (iv) if by facsimile, the date shown on a
      telefacsimile transmission confirmation, or (v) if sent by email, the date
      on
      which an e-mail transmission was received by the receiving party's on-line
      access provider.

    

    12.           Construction.
      This
      Note shall be construed and enforced in accordance with the domestic, internal
      law, but not the law of conflict of laws, of the State of
      Connecticut.

    

    13.           Severability.
      Any
      provision contained in this Note which is prohibited or unenforceable in any
      jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
      such prohibition or unenforceability without invalidating the remaining
      provisions hereof, and any such prohibition or unenforceability in any
      jurisdiction shall not invalidate or render unenforceable such provision in
      any
      other jurisdiction.

    

    IN
      WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this
      Note to be duly executed the day and year first above written.

    

    DOUBLOON
      CORP.

    

    

    By: 
      __________________________________

    Name:
      Thomas R. Hudson Jr.

    Title:
      Chief Executive Officer

    
      
         

      

      
        3

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