Document:

Exhibit 10.11

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Agreement is made as of                      ,
2005 by and between Federal Services Acquisition Corporation (the “Company”)
and Continental Stock Transfer & Trust Company (“Trustee”).

 

WHEREAS, the Company’s Registration Statement on Form S-1,
No. 333-124638 (“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, CRT Capital Group LLC (“CRT”) is acting as
the underwriter in the IPO; and

 

WHEREAS, as described in the Company’s Registration
Statement, and in accordance with the Company’s Certificate of Incorporation, $117,180,000
of the gross proceeds of the IPO ($135,135,000 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 JPMorgan Chase NY Bank 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;

 

(e)           Notify
the Company and CRT 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 CRT, and to such other person as the Company may
instruct, in writing, monthly statements of the activities of and amounts in
the Trust Account reflecting all receipts and disbursements of the Trust
Account; and

 

(i)             If there is any income tax
obligation relating to the income of the Property in the Trust Account, then,
at the written instruction of the Company, the Trustee shall issue a check to
the taxing authorities designated by the Company, out of the Property in the
Trust Account, in the amount indicated by the Company as owing to each such
taxing authority, send the check to the Company which shall send it to the
relevant taxing authorities; and

 

(j)            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
and affirmed by its entire Board of Directors, 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;
provided, however, that in the event that a Termination Letter
has not been received by ____________, 2007 (or the date that is the six month
anniversary of such date, in the event that (i) a letter of intent, agreement
in principle or definitive agreement has been executed prior to such date in
connection with a Business Combination (as defined in the Termination Letter
attached hereto as Exhibit A) that has not been consummated by ____________,
2007 and (ii) the Company has complied with Section 2(d) hereof prior to such
date), the Trust Account shall be liquidated in accordance with the procedures
set forth in the Termination Letter attached as Exhibit B to the stockholders
of record on the record date; provided, further, that the record
date shall be within ten (10) days of ____________, 2007 (or the date that is
the six month anniversary of such date, in the event that (i) a letter of
intent, agreement in principle or definitive agreement has been executed prior
to such date in connection with a Business Combination that has not been
consummated by ____________, 2007 and (ii) the Company has complied with
Section 2(d) hereof prior to such date), or as soon thereafter as is
practicable.  In all cases, the Trustee
shall provide CRT with a copy of any Termination Letter and/or any other
correspondence that it receives with respect to any proposed withdrawal from
the Trust Account promptly after it receives the same.

 

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

 

2

 

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 Company may participate in such action
with its own counsel; 

 

(c)           Pay
the Trustee an initial acceptance fee of $1,000 and a monthly fee of $300 (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 the fee for the first twelve months 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);

 

(d)           Provide to the Trustee any letter of
intent, agreement in principle or definitive agreement that is executed in
connection with a Business Combination, together with a certified copy of a
unanimous resolution of the Board of Directors of the Company affirming that
such letter of intent, agreement in principle or definitive agreement is in
effect; and

 

(e)           In connection with any vote of the
Company’s stockholders regarding a Business Combination, provide to the Trustee
an affidavit or certificate of a firm regularly engaged in the business of
soliciting proxies and tabulating stockholder votes (which firm may be the
Trustee) verifying the vote of the Company’s stockholders regarding such
Business Combination.

 

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,

 

3

 

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; and

 

(h)           File information returns with the United States Internal
Revenue Service and payee statements with the Company, documenting the taxes
payable by the Company, if any, relating to interest earned on the Property.

 

4.             Trust
Account Waiver.  The Trustee has no
right, title, interest, or claim of any kind (“Claim”) in or to any monies in
the Trust Account, and hereby waives any Claim in or to any monies in the Trust
Account it may have in the future, and hereby agrees not to seek recourse,
reimbursement, payment or satisfaction for any Claim against the Trust Account
for any reason whatsoever.

 

5.             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; or

 

(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).

 

6.             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

 

4

 

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.

 

(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
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 CRT.  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 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:

 

Federal Services
Acquisition Corporation

900 Third Avenue, 33rd Floor

New York, New York 10022

Attn:  Joel R. Jacks, Chairman

Fax No.:  (212) 371-7254

 

5

 

in either case with a copy to:

 

CRT Capital Group
LLC

262 Harbor Drive

Stamford, CT  06902

Attn:  Christopher Chase, Managing
Director

Fax No.: (203) 569-6890

 

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

 

(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)           The Trustee hereby consents to the
inclusion of Continental Stock Transfer & Trust Company in the Registration
Statement and other materials relating to the IPO.

 

6

 

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:

  
	
   

  	
   

  	
   

  
	
   

  	
  FEDERAL SERVICES ACQUISITION

  CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:  Joel R.
  Jacks

  
	
   

  	
   

  	
  Title:  Chairman
  and Chief Executive Officer

  

 

7

 

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.  Termination Letter

 

Gentlemen:

 

Pursuant to the Investment Management Trust Agreement
between Federal Services Acquisition Corporation (“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 two business days in advance of
the actual date of the consummation of the Business Combination (“Consummation
Date”).

 

Pursuant to Section 2(e) of the Trust Agreement, we
are providing you with [an affidavit][a certificate of              ],
which verifies the vote of the Company’s stockholders in connection with the
Business Combination. 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 the 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) if applicable, 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 be 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 and the Trust Account closed.

 

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

 

A-1

 

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,

  
	
   

  	
   

  
	
   

  	
  FEDERAL SERVICES ACQUISITION

  CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  

 

A-2

 

EXHIBIT B

 

(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.  Termination Letter

 

Gentlemen:

 

Pursuant to the Investment Management Trust Agreement
between Federal Services Acquisition Corporation (“Company”) and Continental
Stock Transfer & Trust Company (“Trustee”), dated as of
           , 2005 (“Trust
Agreement”), this is to advise you that the Board of Directors of the Company
has voted to dissolve and liquidate the Trust Account.  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, if applicable, 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. 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 thereafter as is practicable. You
will notify the Company in writing as to when all of the funds in the Trust
Account will be available for immediate transfer (“Transfer Date”) in
accordance with the terms of the Trust Agreement and the Amended and Restated
Certificate of Incorporation of the Company. You shall commence distribution of
such funds in accordance with the terms of the Trust Agreement and the Amended
and Restated Certificate of Incorporation of the Company and you shall oversee
the distribution of the funds.  Upon the
payment of all the funds in the Trust Account, the Trust Agreement shall be
terminated.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  FEDERAL SERVICES ACQUISITION

  CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  

 

B-1

 

EXHIBIT C

 

	
  AUTHORIZED INDIVIDUAL(S)
  FOR

  TELEPHONE CALL BACK

  	
   

  	
  AUTHORIZED TELEPHONE
  NUMBER(S)

  
	
   

  	
   

  	
   

  
	
  Company:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Federal Services Acquisition Corporation

  900 Third Avenue

  33rd Floor

  New York, New York 10022

  Attn:  Joel R. Jacks or Peter M.
  Schulte

  	
   

  	
  (646) 403-9765

  
	
   

  	
   

  	
   

  
	
  Trustee:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Continental Stock Transfer & Trust Company

  17 Battery Place

  New York, New York 10004

  Attn:  Steven G. Nelson, Chairman

  	
   

  	
  (212) 845-3201

  

 

C-1Exhibit 10.15

 

                                  ,
2005

 

CRT Capital Group LLC

262 Harbor Drive

Stamford, CT 06902

 

Re:                               Federal
Services Acquisition Corporation

 

Ladies and Gentlemen:

 

This letter agreement (this “Warrant Purchase Letter”)
is being delivered to you in connection with the Registration Statement on Form S-1
(File No. 333-124638) (as may be amended and supplemented from time to
time, the “Registration Statement”) that was initially filed by Federal
Services Acquisition Corporation, a Delaware corporation (the “Company”), with
the Securities and Exchange Commission (the “SEC”) on May 4, 2005, which
relates to an underwritten initial public offering (the “IPO”) of the Company’s
units (the “Units”), each comprised of one share of the Company’s common stock,
par value $0.0001 per share (the “Common Stock”), and two warrants, each of
which are exercisable for one share of Common Stock (each, a “Warrant”).  Capitalized terms used but not otherwise
defined herein shall have their respective meanings set forth on Schedule 1
hereto.

 

In order to induce the Company to engage in the 120
and to take all steps necessary to effect the IPO, including the filing of
amendments to the Registration Statement with the SEC, and in recognition of
the benefit that such IPO will confer upon the undersigned as a stockholder of
the Company, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the undersigned hereby agrees
with the Company as follows:

 

(1) At least six (6) business days prior to
the effectiveness of the Registration Statement, the undersigned shall duly
execute and deliver an irrevocable order to purchase Warrants (the “Order”) to
CRT Capital Group LLC (the “Underwriter”), in the form attached hereto as Schedule 2,
with such terms and conditions as are consistent with the terms and conditions
set forth in the Registration Statement as of the Effective Date and the terms
and conditions set forth herein.

 

(2) The undersigned shall, within the forty (40)
trading day period, commencing on the date separate trading of the Warrants
commences (the “Separation Date”) pursuant to provisions set forth in the
warrant agreement governing the terms and conditions of such Warrants (the “Warrant
Agreement”), purchase for the undersigned’s own account up to $2,000,000 of
Warrants at market prices not to exceed $0.65 per Warrant.

 

(3) The undersigned shall not offer, pledge,
sell, transfer or otherwise dispose of, either directly or indirectly, any
Warrants purchased  pursuant to this
Warrant Purchase Letter or the Order until after the Business Combination Date.

 

 

This Warrant Purchase Letter shall be binding on the
undersigned and his respective successors and assigns.

 

This Warrant Purchase Letter shall be governed by and
interpreted and construed in accordance with the laws of the State of New York
applicable to contracts formed and to be performed entirely within the State of
New York, without regard to the conflicts of law provisions thereof to the
extent such principles or rules would require or permit the application of
the laws of another jurisdiction.

 

No term or provision of this Warrant Purchase Letter
may be amended, changed, waived, altered or modified except by written
instrument executed and delivered by the party against whom such amendment,
change, waiver, alteration or modification is to be enforced.

 

	
   

  	
  Very
  truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  [Name
  of Initial Stockholder]

  

 

Accepted and agreed as of
the date hereof:

 

CRT CAPITAL GROUP LLC

 

	
   

  	
   

  
	
  By:

  
	
  Title:

  

 

 

SCHEDULE I

 

Supplemental Common Definitions

 

UNLESS THE CONTEXT SHALL OTHERWISE REQUIRE, THE
FOLLOWING TERMS SHALL HAVE THE FOLLOWING RESPECTIVE MEANINGS FOR ALL PURPOSES,
AND THE FOLLOWING DEFINITIONS ARE EQUALLY APPLICABLE TO BOTH THE SINGULAR AND
THE PLURAL FORMS AND THE FEMININE, MASCULINE AND NEUTER FORMS OF THE TERMS
DEFINED.

 

“Business Combination” shall mean the acquisition by the
Company, whether by merger, capital stock exchange, asset acquisition, stock
purchase or other similar business combination, of one operating business in
the federal services and defense industries, which has a fair market value (as
calculated in accordance with the Company's Amended and Restated Certificate of
Incorporation) equal to at least 80% of the Company's net assets at the time of
such merger, capital stock exchange, asset acquisition, stock purchase or other
similar business combination.

 

“Business Combination Date” shall mean the date upon
which a Business Combination is consummated.

 

“Effective Date” shall mean the date upon which the
Registration Statement is declared effective under the Securities Act of 1933,
as amended, by the SEC.

 

 

SCHEDULE 2

 

                  ,
2005

[                 ]

 

CRT Capital Group LLC

262 Harbor Drive

Stamford, CT 06902

 

 

RE:                              Federal
Services Acquisition Corporation

 

Gentlemen:

 

This letter, delivered in accordance with the Warrant
Purchase Letter, dated               ,
between CRT Capital Group LLC (the “Underwriter”) and the undersigned (the “Warrant
Purchase Letter”), confirms the agreement thereon of the undersigned to
purchase (the “Purchase Commitment”) warrants (the “Warrants”) of Federal
Services Acquisition Corporation (the “Company”) that are included in the units
being sold in the Company’s initial public offering pursuant to the Company’s
registration statement on Form S-1 (File No. 333-124638), as amended
and supplemented from time to time.  The
Purchase Commitment is subject to the terms and conditions set forth herein.

 

The undersigned agrees that this letter agreement
constitutes an irrevocable order (the “Order”) for the Underwriter to purchase
for the undersigned’s account, within the forty (40) trading days commencing on
the date separate trading of the Warrants commences (the “Separation Date”),
pursuant to provisions set forth in the warrant agreement governing the terms
and conditions of such Warrants (the “Warrant Agreement”), up to $2,000,000 of
Warrants at market prices not to exceed $0.65 per Warrant.  The Underwriter (or such other
broker-dealer(s) as the Underwriter may assign the order to) agrees to fill
such order in such amounts and at such times as it may determine, in its sole
discretion, during the forty (40) trading days commencing on the Separation
Date.  The Underwriter further agree that
it will not charge the undersigned or any Designee (as defined below) any fees
and/or commissions with respect to any purchase pursuant to the Warrant
Purchase Letter or the Order.

 

The undersigned may notify the Underwriter that all or
part of the Order will be fulfilled by an affiliate of the undersigned (or
another person or entity identified to the Underwriter by the undersigned (each
a “Designee”)) who (or which) has an account at the Underwriter and, in such
event, the Underwriter will make such purchase on behalf of said affiliate or
Designee; provided, however, that the undersigned hereby agrees
to make payment of the purchase price of such purchase in the event that the
affiliate or Designee fails to make such payment; provided  further,
that any such Designee has executed an agreement, satisfactory to the
Underwriter, pursuant to which such Designee agrees not to offer, pledge, sell,
transfer or otherwise dispose of, either

 

 

directly or indirectly, any Warrants purchased
pursuant to the Warrant Purchase Letter or the Order until after the Business
Combination Date (as defined in the Warrant Purchase Letter).

 

This letter agreement shall be binding on the
undersigned and his respective heirs, successors and assigns.

 

This letter agreement shall be governed by and interpreted
and construed in accordance with the laws of the State of New York applicable
to contracts formed and to be performed entirely within the State of New York,
without regard to the conflicts of law provisions thereof to the extent such
principles or rules would require or permit the application of the laws of
another jurisdiction.

 

No term or provision of this letter agreement may be
amended, changed, waived, altered or modified except by written instrument
executed and delivered by the party against whom such amendment, change,
waiver, alteration or modification is to be enforced.

 

	
   

  	
  Very
  truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  [Name
  of Initial Stockholder]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}]]