Document:

Exhibit 10.12

                      INVESTMENT MANAGEMENT TRUST AGREEMENT

      This INVESTMENT  MANAGEMENT TRUST AGREEMENT (this  "Agreement") is made as
of October _____,  2005 by and between Key Hospitality  Acquisition  Corporation
(the "Company") and Continental Stock Transfer & Trust Company ("Trustee").

      WHEREAS,  the  Company's  Registration  Statement  on Form  S-1,  File No.
333-125009,  as amended (the  "Registration  Statement" and the final prospectus
contained  therein,  the  "Prospectus"),  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,  Maxim Group LLC ("Maxim") is acting as the representative of the
underwriters in the IPO; and

      WHEREAS,  as described in the  Registration  Statement,  and in accordance
with the  Company's  Certificate  of  Incorporation,  $43,495,000  of the  gross
proceeds of the IPO  ($50,260,000 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 public  holders  (the
"Public  Stockholders") of the Company's common stock, par value $.001 per share
(the "Common  Stock"),  issued in the IPO and, in the event the Company's  units
(which are comprised of one share of Common Stock and one Common Stock  purchase
warrant) 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 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.

      NOW,   THEREFORE,   in  consideration  of  the  mutual  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 the terms of Section 11-51-302(6) of
the  Colorado  Statute  with respect to Public  Stockholders  in Colorado,  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 United States "government securities" within
the meaning of Section  2(a)(16) of the Investment  Company Act of 1940 having a
maturity of 180 days or less, or in any open ended investment company registered
under the Investment Company Act of 1940 that holds itself out as a money market
fund meeting the conditions of paragraphs (c)(2), (c)(3) and (c)(4) of Rule 2a-7
promulgated under the Investment Company Act of 1940;

            (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;

<PAGE>

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

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

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

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

            (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  directly to the taxing  authorities
designated by the Company,  out of the Property in the Trust Account, the amount
indicated by the Company as owing to each such taxing authority; and

            (j)  Commence  and  effect  liquidation  of  the  Trust  Account  in
accordance with the following procedures:

                  (i) The Trustee shall liquidate and distribute the proceeds of
the Trust to the Public  Stockholders  immediately after receipt of, and only in
accordance  with the terms of a letter  (the  "Termination  Letter"),  in a form
substantially  similar to that attached hereto as either Exhibit A or Exhibit B,
as the case may be;

                  (ii)  Any  Termination   Letter  delivered  pursuant  to  this
Agreement  shall be  executed  on behalf of the  Company by its Chief  Executive
Officer or President and shall be affirmed by the signature the Company's entire
Board of Directors;

                  (iii) The Trustee shall 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;

                  (iv)  Notwithstanding  the provisions of Sections  1(j)(i) and
(iii) hereof, the Trust Account shall be immediately  liquidated and distributed
to the Public  Stockholders  of record on the Record Date or the Extended Record
Date (each as defined  below),  as the case may be, in accordance with the terms
and provisions set forth in the Termination  Letter attached as Exhibit B in the
event that a Termination  Letter has not been received by the Trustee by either:
(A) June ___, 2007 (the "Record Date"), or a more practicable  date,  determined
by the Trustee in its sole and  absolute  discretion,  which is no more than ten
(10) days  before or after the Record Date or (B) the date that is the six month
anniversary  of the  Record  Date or  such  other,  more  practicable  date,  as
determined by the Trustee in accordance  with  subsection  (A) above (such date,
the "Extended Record Date"), in the event that a letter of intent,  agreement in
principle or definitive  agreement has been executed  prior to the Deadline Date
in connection with a Business  Combination  (as defined in the Prospectus)  that
has not been consummated by the Record Date.

                  (v)  All   distributions   of  Property  made  to  the  Public
Stockholders  upon the  liquidation of the Trust as provided for herein shall be
made from the Trust Account through the Trustee (and not through the Company) as
follows:  (A) through the Trustee,  as transfer  agent for the  Company,  to the
Public Stockholders who hold shares of Common Stock "of record" as of the Record
Date or the  Extended  Record  Date,  as the case  may be,  or (B)  through  the
Depository Trust Company,  to the Public  Stockholders who hold shares of Common
Stock in "street name" as of the Record Date or the Extended Record Date, as the
case may be.

                                       2
<PAGE>

      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 and  affirmed in
writing by the Company's Board of Directors. In addition, except with respect to
its duties under  Section 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
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 Section, 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 Company may participate in such action with its own
counsel;

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

            (d) Provide to the Trustee (and, at such time, certify in writing to
the  Trustee  as to the  veracity  and  completeness  of) any  letter of intent,
agreement in principle or  definitive  agreement  that is executed  prior to the
Record Date in connection with a Business Combination; 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 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;

                                       3
<PAGE>

            (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 Section 1(c);

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

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

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

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

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

      4. Termination. This Agreement shall terminate as follows:

            (a) If the  Trustee  gives  written  notice to the  Company  that it
desires to resign under this  Agreement,  the Company  shall use its  reasonable
efforts to locate a  successor  trustee,  during  which time the  Trustee  shall
continue to act in accordance with 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  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, but shall not be obligated to, 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;

                                       4
<PAGE>

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

            (c) On such date after the Record  Date (or, as the case may be, the
Extended  Record Date) 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(j) hereof.

      5. Miscellaneous.

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

                                       5
<PAGE>

                           If to the Company, to:

                           Key Hospitality Acquisition Corporation
                           4 Becker Farm Road
                           Roseland, New Jersey 07068
                           Attn: Jeffrey S. Davidson
                           Fax No.: (973) 992-6336

                           in either case with a copy to:

                           Maxim Group LLC
                           405 Lexington Avenue
                           New York, NY 10174
                           Attn:  Clifford A. Teller
                           Fax No.:  (212) 895-3783

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

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

      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:

                                  KEY HOSPITALITY ACQUISITION CORPORATION

                                  By:
                                     -------------------------------------------
                                       Name:
                                       Title:

                                       6
<PAGE>

                                                                       EXHIBIT A

                     Key Hospitality Acquisition Corporation
                               4 Becker Farm Road
                           Roseland, New Jersey 07068

[Insert date]

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

Re:    Trust Account No.                     Termination Letter

Gentlemen:

      Pursuant to Section  1(j) of the  Investment  Management  Trust  Agreement
between Key Hospitality  Acquisition Corporation (the "Company") and Continental
Stock Transfer & Trust Company ("Trustee"),  dated as of October ____, 2005 (the
"Trust  Agreement"),  this is to advise you that the Company has entered into an
agreement (the "Business Agreement") with  ________________________ (the "Target
Business")  to  consummate a business  combination  with the Target  Business (a
"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 (the "Consummation Date").

      Pursuant to paragraph  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 funds held in the Trust Account will be  immediately
available  for transfer to the account or accounts that the Company 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) the Business Combination has been consummated and
(b) the  provisions  of Section  11-51-302(6)  and Rule  51-3.4 of the  Colorado
Statute  have  been met,  and (ii) the  Company  shall  deliver  to you  written
instructions with respect to the transfer of the funds held in the Trust Account
("Instruction  Letter").  You are hereby directed and authorized to transfer the
funds held in the Trust Account  immediately  upon your receipt of the counsel's
letter  and  the  Instruction  Letter,  in  accordance  with  the  terms  of the
Instruction Letter. In the event that certain deposits held in the Trust Account
may not be liquidated by the Consummation Date without penalty,  you will notify
the  Company of the same and the  Company  shall  direct you as to whether  such
funds  should  remain  in  the  Trust  Account  and  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  shall be  reinvested  as provided in the Trust
Agreement on the business day immediately following the Consummation Date as set
forth in the notice.

                                      A-1
<PAGE>

                                       Very truly yours,

                                       KEY HOSPITALITY ACQUISITION CORPORATION

                                       By:
                                          --------------------------------------

                                       By:
                                          --------------------------------------

                                      A-2
<PAGE>

                                                                       EXHIBIT B

                     Key Hospitality Acquisition Corporation
                               4 Becker Farm Road
                           Roseland, New Jersey 07068

[Insert date]

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

Re:    Trust Account No.                     Termination Letter

Gentlemen:

      Pursuant  to  the  Investment   Management  Trust  Agreement  between  Key
Hospitality  Acquisition  Corporation  (the  "Company")  and  Continental  Stock
Transfer & Trust  Company (the  "Trustee"),  dated as of October ___,  2005 (the
"Trust  Agreement"),  this is to advise you that the Board of  Directors  of the
Company has voted to dissolve 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  Statute  have  been  met  and  (b)  authorize  you,  to  commence
liquidation of the Trust Account.  In connection with this liquidation,  you are
hereby  authorized,  in your  discretion,  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 date of this  letter.  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,

                                      KEY HOSPITALITY ACQUISITION CORPORATION

                                      By:
                                         ---------------------------------------

                                      By:
                                         ---------------------------------------

                                      B-1
<PAGE>

                                    EXHIBIT C

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

Company:

Key Hospitality Acquisition Corporation
4 Becker Farm Road
Roseland, New Jersey 07068
Attn: Jeffrey S. Davidson                    (973) 992-3707

Trustee:

Continental Stock Transfer
  & Trust Company
17 Battery Place
New York, New York 10004
Attn:  Steven G. Nelson, Chairman            [Telephone]

                                       C-1___________, 2005

Maxim Group LLC
405 Lexington Ave.
New York, New York 10174

      Re:   Key Hospitality Acquisition Corporation.

Gentlemen:

This letter will confirm the agreement of the undersigned to purchase warrants
("Warrants") of Key Hospitality Acquisition Corporation ("Company") included in
the units ("Units") being sold in the Company's initial public offering ("IPO")
upon the terms and conditions set forth herein. Each Unit is comprised of one
share of common stock, par value $.001 per share, of the Company (the "Common
Stock") and one Warrant to purchase a share of Common Stock. The shares of
Common Stock and Warrants will not be separately tradable until 90 days after
the effective date of the Company's IPO unless Maxim Group LLC ("Maxim") informs
the Company of its decision to allow earlier separate trading.

The undersigned agrees that on the date hereof it will enter into an agreement
or plan in accordance with the guidelines specified by Rule 10b5-1 under the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), with an
independent broker-dealer (the "Broker") registered under Section 15 of the
Exchange Act which is neither affiliated with the Company, Maxim nor part of the
underwriting or selling group, pursuant to which the Broker will purchase up to
$______ of Warrants in the public marketplace for the undersigned's account
during the forty-trading day period commencing on the later of (i) the date
separate trading of the Warrants has commenced or (ii) 60 calendar days after
the end of the restricted period under Regulation M, at market prices not to
exceed $1.20 per Warrant ("Maximum Warrant Purchase"). The undersigned shall
instruct the Broker to fill such order in such amounts and at such times as the
Broker may determine, in its sole discretion, during the forty-trading day
period described above.

As the date hereof, the undersigned represents and warrants that it is not aware
of any material nonpublic information concerning the Company or any securities
of the Company and is entering into this agreement in good faith and not as part
of a plan or scheme to evade the prohibitions of Rule 10b5-1. The undersigned
agrees that while this agreement is in effect, the undersigned shall comply with
the prohibition set forth in Rule 10b5-1(c)(1)(i)(C) against entering into or
altering a corresponding or hedging transaction or position with respect to the
Company's securities. The undersigned further agrees that it shall not, directly
or indirectly, communicate any material nonpublic information relating to the
Company or the Company's securities to any employee of Maxim or the Broker. The
undersigned does not have, and shall not attempt to exercise, any influence over
how, when or whether to effect purchases of Warrants pursuant to this agreement
or the plan or agreement with the Broker.

The undersigned shall instruct the Broker to make, keep, and produce promptly
upon request a daily time-sequenced schedule of all Warrant purchases made
pursuant to this agreement, on a transaction-by-transaction basis, including (i)
size, time of execution, price of purchase; and (ii) the exchange, quotation
system, or other facility through which the Warrant purchase occurred.

<PAGE>

The undersigned agrees that the undersigned shall not sell or transfer the
Warrants until the earlier of the consummation of a merger, capital stock
exchange, asset acquisition or other similar business combination involving the
Company and acknowledges that, at the option of Maxim, the certificates for such
Warrants shall contain a legend indicating such restriction on transferability,
it being understood that the Warrants purchased will be non-callable by the
Company as long as they are held by the undersigned.

This letter agreement shall for all purposes be deemed to be made under and
shall be construed in accordance with the laws of the State of New York, with
regard to the conflicts of laws principals thereof. This Agreement shall be
binding upon the undersigned and the heirs, successors and assigns of the
undersigned.

                                           Very truly yours,

                                           --------------------------------

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