Document:

INVESTMENT
      MANAGEMENT TRUST AGREEMENT

     

    This
      Agreement is made as of [__________], 2006, by and between Doubloon Corp. (the
      “Company”)
      and
      Continental Stock Transfer & Trust Company (the “Trustee”).

     

    WHEREAS,
      the Company’s Registration Statement on Form S-1, No. 333- [_________] (the
“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 (the “Effective
      Date”);
      

     

    WHEREAS,
      Maxim Group LLC (the “Maxim”)
      is
      acting as the representative of the underwriters in the IPO (the
“Underwriters”); 

     

    WHEREAS,
      the Company has agreed to issue securities in a private placement that will
      occur immediately prior to the IPO (the “Placement”);

     

    WHEREAS,
      PIRAC CAPITAL I, LLC (“PIRAC”) has agreed to lend to the Company the principal
      sum of $840,000 (the “Loan Proceeds”);

     

    WHEREAS,
      as described in the Registration Statement, and in accordance with the Company’s
      Certificate of Incorporation, an aggregate of $97,000,000 ($111,700,000, if
      the
      Underwriters’over-allotment option is exercised in full), which is comprised of
      (i) the net proceeds of the IPO (except as provided in the Registration
      Statement); (ii) the $2,000,000 received by the Company in exchange for its
      securities pursuant to the Placement; (iii) the Loan Proceeds; and (iv) an
      additional $750,000 (or $1,162,500, if the Underwriters’ over-allotment option
      is exercised in full) of the proceeds of the IPO, representing a portion of
      the
      underwriters’ discount (the “Contingent
      Discount”)
      which
      Maxim and the other Underwriters, have agreed to deposit in the Trust Account
      (as defined below), will be delivered to the Trustee to be deposited and held
      in
      the Trust Account for the benefit of the Company, and the holders of the
      Company’s common stock, par value $.00001 per share (the “Common
      Stock”),
      included in the units of the Company’s securities issued in the IPO (the
“Units”) and the Underwriters and, in the event the securities offered in the
      IPO are registered in Colorado, pursuant to Section 11-51-302(6) of the Colorado
      Revised Statutes (the “CRS”),
      a
      copy of which 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, the Underwriters 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;
      and

     

    NOW,
      THEREFORE, in consideration of the foregoing and the mutual covenants and
      agreements herein contained, the parties hereto agree as follows:

     

    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, without limitation, with respect to the Public
      Stockholders, the terms of Section 11-51-302(6) of the CRS, in a segregated
      trust account (“Trust
      Account”)
      established by the Trustee at a branch of Deutsche Bank Trust Company Americas
      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 “government securities,” within the meaning of Section 2(a)(16) of
      the Investment Company Act of 1940, as amended (the “1940
      Act”),
      having a maturity of 180 days or less or in any open ended investment company
      registered under the 1940 Act that holds itself out as a money market fund
      meeting the conditions of paragraphs (c)(2), (c)(3) and (c)(4) under Rule 2a-7
      promulgated under the 1940 Act;

     

    (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;

     

    (e)           notify
      the Company and Maxim 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 and/or
      Maxim
      to do so;

     

    (h)           render
      to
      the Company and to Maxim, and to such other persons 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 upon receipt of the Officers’ Certificate
      signed by the Chief Executive Officer and Chief Operating Officer in accordance
      with the terms of a letter (the “Termination
      Letter”),
      in a
      form substantially similar to that attached hereto as Exhibit
      A
      or
Exhibit
      B,
      signed
      on behalf of the Company by its Chief Executive Officer and Chief Operating
      Officer, 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. The Trustee understands and agrees that,
      except as provided in Section I (j) and Section 2 hereof, disbursements from
      the
      Trust Account shall be made only pursuant to a duly executed Termination Letter,
      together with the other documents referenced herein, including, without
      limitation, an independently certified oath and report of inspector of election
      in respect of the stock vote in favor of the Business Combination (as
      hereinafter defined). In all cases, the Trustee shall provide Maxim with a
      copy
      of any Termination Letter, Officers’ Certificates and/or any other
      correspondence that it receives with respect to any proposed withdrawal from
      the
      Trust Account promptly after it receives same. As used in this Agreement, the
      term “Business
      Combination”
means
      the acquisition by the Company, through merger, capital stock exchange, asset
      acquisition, stock purchase or other similar business combination with, one
      or
      more operating businesses in the financial services industry and related
      industries, as more fully described in the prospectus forming a part of the
      Registration Statement; and

     

    (j)           as
      of the
      date 18 months from the date of this Agreement (the “LOI
      Termination Date”)
      (or 24
      months from the date hereof, in the event the Company has executed a Letter
      of
      Intent (defined below) prior to the LOI Termination Date but failed to
      consummate a Business Combination (“Second
      Termination Date”)),
      commence liquidation of the Trust Account. The Trustee, upon consultation with
      the Company and Maxim, shall deliver a notice to Public Stockholders of record
      as of the LOI Termination Date or Second Termination Date, whichever the case
      may be, by U.S. mail or via the Depository Trust Company (“DTC”),
      within five days of the LOI Termination Date or Second Termination Date, to
      notify the Public Stockholders of such event and take such other actions as
      it
      may deem necessary to inform the Beneficiaries. The Trustee shall deliver to
      each Public Stockholder its ratable share of the Property against satisfactory
      evidence of delivery of the stock certificates by the Public Stockholders to
      the
      Company through DTC, its Deposit Withdraw Agent Commission (DWAC) system or
      as
      otherwise presented to the Trustee. Notwithstanding the foregoing, if the
      Trustee receives a bona fide, executed letter of intent, agreement in principle
      or engagement letter (a “Letter
      of Intent”)
      for a
      Business Combination prior to the LOI Termination Date accompanied by an
      Officers’ Certificate as described in Section 3(e) hereof, then the Trustee
      shall forego or suspend any liquidation of the Trust Account until the earlier
      of a Business Combination or the Second Termination Date. 

    
      
         

      

      
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    2.           Limited
      Distributions of Income on Property.

     

    (a)           Upon
      receipt by the Trustee of an Officer’s Certificate signed by the Chief Executive
      Officer and Chief Operating Officer of the Company certifying as true, accurate
      and complete a copy of any tax return required to be filed on behalf of the
      Trust Account in respect of income earned on the Property held therein, the
      Trustee shall deliver to the Company for submission to the appropriate taxing
      authority a check made payable to the order of such taxing authority in the
      amount required to pay such taxes; provided, however,
      that in
      no event shall the aggregate amount of all checks issued to taxing authorities
      pursuant to this Section 2(a) exceed the income in respect of which such taxes
      are due and owing.

     

    (b)           On
      the
      last day of each month commencing __________, 2006 prior to the LOI Termination
      Date (or, if applicable, the Second Termination Date), the Trustee shall pay
      to
      PIRAC, out of the interest earned on the Trust Account, an amount equal to
      $46,666.66 ($46,666.78 in the case of the last such payment) (representing
      1/18th
      of the
      Loan Proceeds), plus accrued interest on the unpaid principal balance of the
      Loan Proceeds at the rate of 4% per annum, until the full amount of the Loan
      Proceeds, plus accrued interest thereon as aforesaid, shall be repaid to
      PIRAC.

     

    (c)           Upon
      one
      or more written requests from the Company, which may be given not more than
      once
      in any calendar month period, the Trustee shall distribute to the Company
      interest earned on the Trust Account, net of taxes payable, up to a maximum
      of
      $1,500,000 (or $1,700,000, if the underwriters’ over-allotment option is
      exercised in full). The distributions requested by the Company may be for any
      amount, provided that (i) in the aggregate, all distributions under this Section
      2(c) may not exceed $1,500,000 (or $1,700,000, if the Underwriters’
over-allotment option is exercised in full), and (ii) such distributions may
      only be made (x) if and to the extent that interest has been earned on the
      amount initially deposited into the Trust Account and (y) if all payments due
      to
      PIRAC up to the time of such distribution have been made. 

     

    (d)           Except
      as
      provided in Sections 1(i), 1(j), 2(a), 2(b) and 2(c) above, no other
      distributions from the Trust Account shall be permitted.

     

    3.           Agreements
      and Covenants of the Company.
      The
      Company hereby agrees and covenants:

     

    (a)           to
      provide all instructions to the Trustee hereunder in writing, signed by the
      Company’s Chief Executive Officer and Chief Operating Officer. In addition,
      except with respect to its duties under paragraph 1(i) and 1(j) 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 and/or Maxim shall promptly confirm
      such
      instructions in writing; and

    
      
         

      

      
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    (b)           to
      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 prior written consent of the Company. The Company may participate
      in
      such action with its own counsel; 

     

    (c)           to
      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 Section 3(b) hereof (it being expressly understood
      that the Property shall not be used to make any payments to the Trustee under
      such section); and

     

    (d)           that,
      in
      the event that the Company consummates a Business Combination and the Trust
      Account is liquidated in accordance with Section 1(i) hereof, the Trustee or
      another independent party designated by Maxim shall act as the inspector of
      election to certify the results of the stockholder vote; and

     

    (e)           that
      the
      Officers' Certificate referenced in Sections 1(i) and (j) hereof shall require
      the Chief Executive Officer and Chief Operating Officer of the Company to each
      certify the following (wherever applicable): (1) prior to the LOI Termination
      Date, the Company has entered into a bona fide Letter of Intent with a target
      business; and/or (2) prior to the LOI Termination Date, the Company has entered
      into a Business Combination with a target business, the terms of which are
      consistent with the requirements set forth in the Registration Statement; and/or
      (3) prior to the Second Termination Date, the Company has entered into a
      Business Combination with a target business, the terms of which are consistent
      with the requirements set forth in the Registration Statement; and (4) the
      Board
      of Directors (the “Board”),
      has
      approved (where applicable): (i) the Business Combination; and/or (ii) the
      Letter of Intent. 

     

    4.           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 Section 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 written 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;

    
      
         

      

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

     

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

     

    (e)           assume
      that the authority of any person designated by the Company and/or Maxim to
      give
      written instructions hereunder shall not be continuing unless provided otherwise
      in such designation, or unless the Company and/or Maxim 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 on, 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;

     

    (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, unless an officer
      of the Trustee has actual knowledge thereof, written notice of such event is
      sent to the Trustee or as otherwise required under Section 1(i) hereof;
      and

     

    (h)           pay
      any
      taxes on behalf of the Trust Account (it being expressly understood that the
      Trustee’s sole obligation with respect to taxes shall be to have checks with
      respect thereto as provided for by Section 2(a) hereof).

     

    5.           Certain
      Rights Of Trustee.

     

    (a)           Before
      the Trustee acts or refrains from acting, it may require an Officers’
Certificate or opinion of counsel or both. The Trustee shall not be liable
      for
      any action it takes or omits to take in good faith in reliance on such Officers’
Certificate or opinion of counsel. The Trustee may consult with counsel and
      the
      advice of such counsel or any opinion of counsel shall be full and complete
      authorization and protection from liability in respect of any action taken,
      suffered or omitted by it hereunder in good faith and in reliance
      thereon.

     

    (b)           The
      Trustee may act through its attorneys and agents and shall not be responsible
      for the misconduct or negligence of any agent appointed with due
      care.

     

    (c)           The
      Trustee shall not be liable for any action it takes or omits to take in good
      faith that it believes to be authorized or within the rights or powers conferred
      upon it by this Agreement.

    
      
         

      

      
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    (d)           The
      Trustee shall not be responsible for and makes no representation as to the
      validity or adequacy of this Agreement, and it shall not be accountable for
      the
      Company’s use of the proceeds from the Trust Account. Notwithstanding the
      effective date of this Agreement or anything to the contrary contained in this
      Agreement, the Trustee shall have no liability or responsibility for any act
      or
      event relating to this Agreement or the transactions related thereto which
      occurs prior to the date of this Agreement, and shall have no contractual
      obligations to the Beneficiaries until the date of this Agreement.

     

    6.           No
      Right of Set-Off.
      The
      Trustee waives any right of set-off or any right, title, interest or claim
      of
      any kind that the Trustee any have against the Property held in the Trust
      Account. In the event that the Trustee has a claim against the Company under
      this Agreement, including, without limitation, under Section 3(b), the Trustee
      will pursue such claim solely against the Company and not against the property
      held in the Trust Account.

     

    7.           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 during which time the Trustee shall continue to act in accordance with
      the terms of this Agreement. 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, 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 the Company does not locate a successor trustee within 90
      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 that arises due to any
      actions or omissions to act by any party after such deposit;

     

    (b)           at
      such
      time that the Trustee has completed the liquidation of the Trust Account in
      accordance with the provisions of Section 1(i) hereof, and distributed the
      Property in accordance with the provisions of the Termination Letter, this
      Agreement shall terminate except with respect to Section 3(b) hereof;
      or

     

    (c)           on
      such
      date after [__________], 2008 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 Section 1(i) or (j) hereof.

     

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

    
      
         

      

      
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    (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 conflict of laws. It
      may
      be executed in several counterparts, each one of which shall constitute an
      original, and together shall constitute one instrument. Facsimile signatures
      shall constitute original signatures for all purposes of this
      Agreement.

     

    (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 (other than to correct a typographical error or similar technical
      error) may be made to Sections 1(i), 1(j), 2(a), 2(b), 2(c), or 2(d) hereof
      without the consent of 95% of the Public Stockholders, it being the specific
      intention of the parties hereto that each Public Stockholder is and shall be
      a
      third-party beneficiary of this Section 7(c) with the same right and power
      to
      enforce this Section 7(c), the “consent of 95% of the Public Stockholders” shall
      mean receipt by the Trustee of a certificate from an entity certifying that
      (i)
      such entity regularly engages in the business of serving as inspector of
      elections for companies whose securities are publicly traded, and (ii) either
      (a) 95% of the Public Stockholders of record as of a record date established
      in
      accordance with Section 213(a) of the Delaware General Corporation Law, as
      amended (the “DGCL”), have voted in favor of such amendment or modification, or
      (b) 95% of the Public Stockholders of record as of a record date established
      in
      accordance with Section 213(b) of the DGCL has delivered to such entity a signed
      writing approving such amendment or modification. Maxim, who, along with the
      other Underwriters, the parties specifically agree, are and shall be third
      party
      beneficiaries for purposes of this Agreement; and provided further, any
      amendment to Section 1(j) shall require the consent of all of the Public
      Stockholders. 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 State and County of New York for purposes of resolving
      any
      disputes hereunder. The parties hereto irrevocably submit to such jurisdiction,
      which jurisdiction shall be exclusive, and hereby waive any objection to such
      exclusive jurisdiction and that such courts represent an inconvenient
      forum.

     

    (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

    
      
         

      

      
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    if
      to the
      Company, to:

     

    Doubloon
      Corp.

    c/o
      Pirate Capital LLC

    200
      Connecticut Avenue, 4th
      Floor

    Norwalk,
      Connecticut 06854

    Attn:
      Chief Executive Officer

    Fax
      No.:
      (203) 854-5481

     

    in
      either
      case with a copy to:

     

    Maxim
      Group LLC

    405
      Lexington Avenue

    New
      York,
      New York 10174

    Attn:
      Clifford A. Teller, Managing Director

    Fax
      No.:
      (212) 895-3783

     

    and

     

    Mintz
      Levin Cohn Ferris Glovsky and Popeo, P.C. 

    666
      Third
      Avenue, 25th Floor 

    New
      York,
      New York 10017 

    Attn:
      Stephen J. Gulotta, Jr., Esq.

    Fax
      No.:
      (212) 983-3115

     

    and

     

    Loeb
      & Loeb LLP

    345
      Park
      Avenue

    New
      York,
      New York 10154

    Attn:
      Mitchell S. Nussbaum, Esq. 

    Fax
      No.:
      (212) 407-4990

     

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

     

    (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.

     

    (Remainder
      of document intentionally left blank. Signature page to follow.)

      
        
           

        

        
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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:  

     

    DOUBLOON
      CORP.

     

    By: 
      ____________________________________

    Name:
      Thomas R. Hudson Jr. 

    Title:
      Chief Executive Officer 

    

    

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    EXHIBIT
      A

    

    [Letterhead
      of Company]

     

    [Insert
      date]

     

    Continental
      Stock Transfer & Trust Company 

    17
      Battery Place

    New
      York,
      New York 10004

     

    Attn:      [______________]

     

    

     

    
      	 	
              Re:

            	
              Trust
                Account No. [ ] Termination
                Letter

            

    

     

    Gentlemen:

     

    Pursuant
      to Section 1(i) of the Investment Management Trust Agreement between Doubloon
      Corp. (the “Company”)
      and
      [American][Continental] Stock Transfer & Trust Company (the “Trustee”),
      dated
      as of [__________], 2006 (the “Trust
      Agreement”),
      this
      is to advise you that the Company has entered into an agreement (the
“Business
      Agreement”)
      with
      [___________] (“Target
      Business”)
      to
      consummate a business combination with Target Business (the “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 (the
“Consummation
      Date”)
      and
      shall provide you with an Officers’ Certificate in accordance with Sections 1(i)
      and 2(e) of the Trust Agreement. Capitalized terms used herein and not otherwise
      define shall have the meaning ascribed to them in the Trust
      Agreement.

     

    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 and Maxim
      shall direct in writing on the Consummation Date.

     

    On
      the
      Consummation Date, (i) counsel for the Company shall deliver to you written
      notification that (a) all of the conditions to closing of the Business
      Combination have been satisfied and the closing date for such Business
      Combination has been scheduled pursuant to the terms of the Business Agreement,
      and (b) the provisions of Section 11-51-302(6) and Rule 51-3.4 of the CRS have
      been met, to the extent applicable; (ii) the Company shall deliver along with
      the oath and report of inspector of election certified by an independent
      inspector which may be the Trustee or as otherwise appointed by Maxim
      (collectively, the “Report”);
      and
      (iii) the Company and Maxim shall deliver to you joint written instructions
      with
      respect to the transfer of the funds, including the Contingent Discount, held
      in
      the Trust Account (“Instructions”).
      You
      are hereby directed and authorized to transfer the funds held in the Trust
      Account immediately upon your receipt of the counsel’s letter, the Report,
      evidence of delivery of the Stock Certificates, the Officers’ Certificate and
      the Instructions in accordance with the terms of the Instructions.
      Notwithstanding the foregoing, upon verification of receipt by you of the
      Instructions, we hereby agree and acknowledge that the Property in the Trust
      Account shall be distributed as follows: (1) first, to Maxim by wire transfer
      (or as otherwise directed by the Underwriter) in immediately available funds,
      the aggregate amount of $750,000 (or $1,162,500, if the Underwriters’
over-allotment option has been exercised in full), plus any interest accrued
      thereon; and (2) thereafter, to any other Beneficiary in accordance with the
      terms of the Instructions. 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 and Maxim of the same and, if the amount set forth in
      sub-clause (1) shall not have been paid in full, Maxim and the Company shall
      issue joint written instructions directing you as to whether such funds should
      remain in the Trust Account and be distributed after the Consummation Date
      to
      the Company and/or Maxim. Upon the distribution of all the funds in the Trust
      Account pursuant to the terms hereof, the Trust Agreement shall be
      terminated.

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    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.

     

    Very
      truly yours,

     

    DOUBLOON
      CORP.

     

    By: 
      ___________________________________

    Thomas
      R.
      Hudson Jr., Chief Executive Officer

     

    By: 
      ___________________________________

    Carlton
      Klein, Chief Operating Officer

     

     

     

     

     

    
 

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    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. [ ] Termination
                Letter

            

    

     

    Gentlemen:

     

    Pursuant
      to Section 1(i) of the Investment Management Trust Agreement between Doubloon
      Corp. (the “Company’)
      and
      [American] [Continental] Stock Transfer & Trust Company (the ‘Trustee”),
      dated
      as of [__________], 2006 (the ‘Trust
      Agreement”),
      this
      is to advise you that the Board of Directors of the Company has voted to
      dissolve the Company and liquidate the Trust Account (as defined in the Trust
      Agreement). Attached hereto is a copy of the minutes of the meeting of the
      Board
      of Directors of the Company relating thereto, certified by the Secretary of
      the
      Company as true and correct and in full force and effect.

     

    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
      Revised Statutes have been met, and (b) authorize you to commence liquidation
      of
      the Trust Account as a part of the Company’s plan of dissolution and
      distribution. In connection with this liquidation, you are hereby authorized
      to
      establish a record date for the purposes of determining the stockholders of
      record entitled to receive their per share portion of the Trust Account. The
      record date shall be within ten (10) days of the liquidation date, or as soon
      as
      thereafter as is practicable. You will notify the Company and _______________
      (“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 terms of the
      Trust Agreement and the Company’s Certificate of Incorporation, as amended. Upon
      the payment of all the funds in the Trust Account, the Trust Agreement shall
      be
      terminated and the Trust Account closed.

     

    Very
      truly yours,

     

    DOUBLOON
      CORP.

     

     

    By: 
      ___________________________________

    Thomas
      R.
      Hudson Jr., Chief Executive Officer

     

    By: 
      _________________________________

    Carlton
      Klein, Chief Operating Officer

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

    EXHIBIT
      C

     

    

    
      	
              AUTHORIZED
                INDIVIDUAL(S)

              FOR
                TELEPHONE CALL BACK

            	
              AUTHORIZED

              TELEPHONE
                NUMBER(S)

            
	 	 
	 	 
	
              Company:

            	 
	 	 
	
              Doubloon
                Corp.

              c/o
                Pirate Capital LLC

              200
                Connecticut Avenue, 4th
                Floor

              Norwalk,
                Connecticut 06854

              Attn:
                Thomas R. Hudson Jr., Chief Executive Officer

            	
               

               

              (203)
                854-1100

            
	 	 
	
              Trustee:

            	 
	 	 
	
              Continental
                Stock Transfer & Trust Company 

              17
                Battery Place

              New
                York, New York 10004

              Attn:
                ___________________]

            	
              [_______________]

            

    

     

    
 

     

    
      
         

      

      
        13STOCK
      ESCROW AGREEMENT

     

    THIS
      STOCK ESCROW AGREEMENT, dated as of                  ,
      2006 (the “Agreement”),
      by
      and among DOUBLOON CORP., a Delaware corporation (the “Company”),
      the
      undersigned parties listed under Initial Stockholders on the signature page
      hereto (collectively, the “Initial
      Stockholders”)
      and
      CONTINENTAL STOCK TRANSFER & TRUST COMPANY, a New York corporation (the
“Escrow
      Agent”).

     

    WHEREAS,
      the Company has entered into an Underwriting Agreement, dated _____
      [     ],
      2006
      (“Underwriting
      Agreement”),
      with
      Maxim Group LLC (“Maxim”),
      acting as representative of the several underwriters (collectively, the
“Underwriters”),
      pursuant to which, among other matters, the Underwriters have agreed to purchase
      10,000,000 units (the “Units”)
      of the
      Company’s securities.  Each Unit consists of one share of the Company’s
      Common Stock, par value 0.00001 per share, and one Warrant, each Warrant to
      purchase one share of Common Stock, all as more fully described in the Company’s
      final Prospectus, dated [               ],
      2006
      (the “Prospectus”),
      comprising part of the Company’s Registration Statement on Form S-1
      (File No. 333-[______]) under the Securities Act of 1933, as amended
      (the “Registration
      Statement”),
      declared effective on [                    ],
      2006
      (the “Effective
      Date”); 

     

    WHEREAS,
      the Initial Stockholders have agreed as a condition of the sale of the Units
      to
      deposit those shares of Common Stock of the Company owned by them which are
      set
      forth opposite their respective names in Exhibit
      A
      attached
      hereto (collectively, the “Escrow
      Shares”),
      in
      escrow as hereinafter provided; and

    

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

    

    NOW,
      THEREFORE, in consideration of the premises and the mutual covenants,
      representations and warranties contained herein and intending to be legally
      bound hereby, the parties hereto agree as follows:

     

    1.           Appointment
      of Escrow Agent. 
      The Company and the Initial Stockholders 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, each of the Initial Stockholders shall deliver
      to the Escrow Agent certificates representing his or her respective Escrow
      Shares, to be held and disbursed subject to the terms and conditions of this
      Agreement.  Each Initial Stockholder acknowledges that the certificate
      representing his or her 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 first anniversary of
      the
      consummation of a Business Combination (as such term is defined in the
      Certificate of Incorporation of the Company) by the Company (the “Escrow
      Period”),
      on
      which date it shall, upon written instructions from each Initial Stockholder,
      disburse each of the Initial Stockholder’s Escrow Shares to such Initial
      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 the Escrow Agent shall promptly
      destroy the certificates representing the Escrow Shares. 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 Initial Stockholders 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 Initial Stockholders shall retain all of
      their rights as stockholders of the Company during the Escrow Period, including,
      without limitation, the right to vote their Escrow 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 Initial Stockholders, but all dividends
      payable in stock or other non-cash property (the “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, with respect to (a) an entity that
      is an
      Initial Stockholder, to any entity controlling, controlled by, or under common
      control with, such Initial Stockholder, and (b) with respect to an Initial
      Stockholder who is an individual, (i) to a member of Initial Stockholder’s
      immediate family or to a trust, the beneficiary of which is an Initial
      Stockholder or a person related to an Initial Stockholder’s by blood, marriage
      or adoption, or (ii) by virtue of the laws of descent and distribution upon
      death of any Initial Stockholder; 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 Initial Stockholder
      transferring the Escrow Shares.  During the Escrow Period, no Initial
      Stockholder shall pledge or grant a security interest in his, her or its Escrow
      Shares or grant a security interest in his, her or its rights under this
      Agreement.

     

    4.4           Insider
      Letters. 
      Each of the Initial Stockholders has executed a letter agreement with Maxim
      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 Initial 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 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.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    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 legal counsel 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 Initial
      Stockholders 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 sixty
      (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 Company and a majority
      of the Initial Stockholders, 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.

     

    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 New York.

     

    6.2           Third
      Party Beneficiaries. 
      Each of the Initial Stockholders 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 Maxim.

     

    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
      be charged and by Maxim.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    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:

     

    Doubloon
      Corp.

    c/o
      Pirate Capital LLC

    200
      Connecticut Avenue

    Suite
      400

    Norwalk,
      Connecticut 06854

    Attn:  
      Chief Executive Officer

     

    If
      to a
      Stockholder, to his or her 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

    

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

     

    Mintz,
      Levin, Cohn, Ferris, Glovsky & Popeo P.C.

    666
      Third
      Avenue, 25th Floor

    New
      York,
      New York 10017

    Attn:  Stephen
      J. Gulotta, Jr.

    and:

    Maxim
      Group, LLC

    405
      Lexington Avenue

    New
      York,
      New York 10174

    Attn:   Clifford
      A. Teller, Managing Director

     

    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 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.

     

    6.8           Counterparts.
      This
      Agreement may be executed in several counterparts, each one of which may be
      delivered by facsimile transmission and each of which shall constitute an
      original, and together shall constitute but one instrument.

     

    (Remainder
      of page intentionally left blank. Signature pages to follow.)

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

    IN
      WITNESS WHEREOF, the undersigned have executed this Agreement as of the date
      first written above. 

    

    
      	
               

            	
              DOUBLOON
                CORP.

            
	
               

            	
               

            
	
               

            	
               

            
	
               

            	
               By:
                _______________________________

              Thomas
                R. Hudson Jr.

              Chief
                Executive Officer

            
	
               

            	
              INITIAL
                STOCKHOLDERS:

            
	
               

            	
               

            
	
               

            	
              PIRAC
                I, LLC

              By:   
                Pirate Capital LLC, its sole member

            
	 	
               

               

              By: 
                _______________________________

              Thomas
                R. Hudson Jr.

              Managing
                Member

            

    

     

     

     

    
      	 	
              __________________________________

            
	
               

            	
              Carlton
                Klein

            
	 	 
	 	 
	 	
              __________________________________

            
	
               

            	
              David
                C. Muccia

            
	 	 
	 	 
	 	
              ___________________________________

            
	 	
              Todd
                Goodwin

            
	 	 
	 	 
	 	
              ___________________________________

            
	 	
              William
                Redmond

            

    

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    EXHIBIT
      A

     

    
      	
              Name
                and Address of

              Initial
                Stockholder

            	
               

            	
              Number

              of
                Shares

            	
               

            	
              Stock

              Certificate
                

              Number

            	
               

            	
              Date
                of

              Insider
                Letter

            	
               

            
	
              PIRAC
                I LLC

            	
               

            	
              2,510,000

            	 	
               

            	
              1

            	
               

            	
              July
                [_], 2006

            	
               

            
	
              Carlton
                Klein

            	 	
              10,000

            	 	
               

            	
              2

            	 	
              July
                [_], 2006

            	 
	
              David
                C. Muccia

            	
               

            	
              10,000

            	 	
               

            	
              3

            	 	
              July
                [_], 2006

            
	
              Todd
                Goodwin

            	 	
              10,000

            	 	 	
              4

            	 	
              July
                [_], 2006

            
	
              William
                Redmond

            	 	
              10,000

            	 	 	
              5

            	 	
              July
                [_], 2006

            	 

    

    

    

    

    *All
      addresses c/o Pirate Capital LLC, 200 Connecticut Avenue, Suite 400, Norwalk,
      Connecticut, 06854

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