Document:

[______],
      2006

    

    

    Doubloon
      Corp.

    c/o
      Pirate Capital LLC

    200
      Connecticut Avenue, 4th
      Floor

    Norwalk,
      CT 06854

     

    Maxim
      Group LLC

    As
      representative of the underwriters

    405
      Lexington Avenue

    New
      York,
      NY 10174

     

    Re: Initial
      Public Offering

     

    Ladies
      and Gentlemen:

     

    The
      undersigned stockholder, officer and/or director of Doubloon Corp., a Delaware
      corporation (the “Company”),
      in
      consideration of Maxim Group LLC (the “Underwriter”)
      agreeing to underwrite an initial public offering (“IPO”)
      of the
      Company’s units (“Units”),
      each
      comprised of one share of the Company’s common stock, par value $0.00001
      per
      share (“Common
      Stock”),
      and
      one warrant exercisable for one share of Common Stock (“Warrant”),
      hereby agrees as follows (certain capitalized terms used herein are defined
      in
Schedule
      1
      hereto):

     

    1.  If
      the
      Company solicits approval of its stockholders of a Business Combination, the
      undersigned shall vote (i) all Insider Shares owned by such person in accordance
      with the majority of the votes cast by the holders of the IPO Shares, and (ii)
      any Private Placement Shares acquired by the undersigned in the Private
      Placement, and any shares of Common Stock acquired in or following the IPO,
      in
      favor of the Business Combination.

     

    2.  If
      a
      Transaction Failure occurs, the undersigned shall take all reasonable actions
      within such person’s power to cause (i) the Trust Account to be liquidated and
      distributed to the holders of the IPO shares as soon as reasonably practicable
      and, in any event, no later than the Termination Date, and (ii) the Company
      to
      dissolve and liquidate as soon as practicable (the earliest date on which the
      conditions in clauses (i) and (ii) are both satisfied being the “Liquidation
      Date”).
      The
      undersigned hereby waives any and all right, title, interest or claim of any
      kind in or to any liquidating distributions by the Company and hereby further
      waives any claim the undersigned may have in the future as a result of, or
      arising out of, any contracts or agreements with the Company and agrees to
      not
      seek recourse against the Trust Account for any reason whatsoever. The
      undersigned hereby agrees that the Company shall be entitled to a reimbursement
      from the undersigned for any distribution of the Trust Account received by
      the
      undersigned in respect of such person’s Insider Shares or Private Placement
      Shares. 

     

    3.  The
      undersigned acknowledges the existence of the Business Opportunity Right of
      First Refusal Agreement by and among the Company, Pirate Capital LLC and PIRAC
      I, LLC, dated the date hereof, and agrees to abide by its terms.

     

    4.  The
      undersigned acknowledges and agrees that the Company will not consummate any
      Business Combination which involves a company which is affiliated with any
      of
      the Insiders unless the Company obtains an opinion from an independent
      investment banking firm that is a member of the National Association of
      Securities Dealers, Inc. that the business combination is fair to the Company’s
      stockholders from a financial perspective.

     

    
      
        
        

      

      
         

        
          

        

      

      
        
        

      

    

     

    5.  Neither
      the undersigned, any member of the Immediate Family of the undersigned, nor
      any
      affiliate of the undersigned (“Affiliate”)
      will
      be entitled to receive, and will not accept, any compensation for services
      rendered to the Company prior to, or in connection with, the consummation of
      the
      Business Combination; provided
      that, commencing on the Effective Date, Pirate Capital LLC (the “Related
      Party”)
      shall
      be allowed to charge the Company $7,500 per month, representing an allocable
      share of Related Party’s overhead, to compensate it for the Company's use of the
      Related Party’s offices, utilities and personnel. The Related Party and the
      undersigned shall also be entitled to reimbursement from the Company for their
      reasonable out-of-pocket expenses incurred in connection with seeking and
      consummating a Business Combination.

     

    6.  The
      undersigned agrees that none of the undersigned, any member of the Immediate
      Family of the undersigned or any Affiliate of the undersigned will be entitled
      to receive or accept, and the undersigned, on behalf of the undersigned and
      the
      aforementioned parties, hereby waives any rights to, a finder’s fee or any other
      compensation in the event the undersigned, any member of the Immediate Family
      of
      the undersigned or any Affiliate of the undersigned originates a Business
      Combination.

     

    7.  The
      undersigned will, as specified in the Stock Escrow Agreement which the Company
      will enter into with the undersigned and an escrow agent acceptable to the
      Company, escrow its, his or her Insider Shares for the period commencing on
      the
      Effective Date and ending on the earlier of (i) the third anniversary of the
      Business Combination, or (ii) the date on which the Company gives the escrow
      agent notice that the Company is being liquidated, at which time the escrow
      agent will destroy the shares.

     

    8.  The
      undersigned’s biographical information furnished to the Company and Maxim and
      attached hereto as Exhibit
      A
      is true
      and accurate in all respects, does not omit any material information with
      respect to the undersigned’s background and contains all of the information
      required to be disclosed pursuant to Section 401 of Regulation S-K,
      promulgated under the Securities Act of 1933.  The undersigned’s
      questionnaire furnished to the Company and Maxim is true and accurate in all
      respects.  The undersigned further represents and warrants to the Company
      and Maxim that:

     

    (a) The
      undersigned is not subject to or a respondent in any legal action for, any
      injunction, cease-and-desist order or order or stipulation to desist or refrain
      from any act or practice relating to the offering of securities in any
      jurisdiction;

     

    (b) The
      undersigned has never been convicted of or pleaded guilty to any crime (i)
      involving any fraud, (ii) relating to any financial transaction or handling
      of
      funds of another person, or (iii) pertaining to any dealings in any securities,
      and such person is not currently a defendant in any such criminal proceeding;
      and

     

    (c) The
      undersigned has never been suspended or expelled from membership in any
      securities or commodities exchange or association or had a securities or
      commodities license or registration denied, suspended or revoked.

     

    9.  The
      undersigned has full right and power, without violating any agreement by which
      the undersigned is bound, to enter into this letter agreement and to serve
      as
      [Name of Executive Officer Position] and a member of the Board of Directors
      of
      the Company.

     

    10.  The
      undersigned acknowledges and understands that Maxim and the Company will rely
      upon the agreements, representations and warranties set forth herein in
      proceeding with the IPO.

     

    11.  This
      letter agreement shall be binding on the undersigned and such person’s
      respective successors, heirs, personal representatives and assigns. This letter
      agreement shall terminate on the earlier of (i) the Business Combination Date,
      or (ii) the Termination Date; provided,
      however,
      that
      any such termination shall not relieve the undersigned from any liability
      resulting from or arising out of any breach of any agreement or covenant
      hereunder occurring prior to the termination of this letter
      agreement.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    12.  The
      undersigned authorizes any employer, financial institution or consumer credit
      reporting agency to release to Maxim and its legal representatives or agents
      (including any investigative search firm retained by Maxim) any information
      they
      may have about the undersigned’s background and finances (“Information”). 
      Neither Maxim nor its agents shall be violating the undersigned’s right of
      privacy in any manner in requesting and obtaining the Information, and the
      undersigned hereby releases them from liability for any damage whatsoever in
      that connection.

     

    13.  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 and rules
      would require or permit the application of the laws of another jurisdiction.
      The
      undersigned hereby agrees that any action, proceeding or claim against the
      undersigned arising out of or relating in any way to this Agreement shall be
      brought and enforced in the courts of the State of New York or the United States
      District Court for the Southern District of New York, and irrevocably submits
      to
      such jurisdiction, which jurisdiction shall be exclusive. The undersigned hereby
      waives any objection to such exclusive jurisdiction and that such courts
      represent an inconvenience forum.

     

    14.  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.

     

    (The
      remainder of this page intentionally left blank. Signature pages to
      follow.)

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    
      	 	 	 	 
	 	 	 	
              
William
              Redmond  
	 	 	 	 
	 	 	 	 
	ACCEPTED
              AND
              AGREED: 	 	 
	 	 	 
	MAXIM
              GROUP
              LLC	 	 
	 	 	 	 
	 	 	 	 
	By:	 	 	
            
	
            	
              

              Name:
                

              Title:  

            	 	
            
	
            	 	 	
            
	 	 	 	 
	ACCEPTED
              AND
              AGREED:	 	 
	 	 	 
	DOUBLOON
              CORP. 	 	 
	 	 	 	 
	 	 	 	 
	By: 	
              
Name:
              Thomas R. Hudson Jr.   	 	 
	 	Title:  Chief
              Executive Officer	 	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      1

    

    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 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 type of transaction, or
      any
      combination of the foregoing, of one or more operating businesses in the
      financial services industry or any other industry, having, collectively, a
      fair
      market value equal to at least 80% of the Company’s net assets (excluding
      deferred underwriting discounts and commissions) 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.

     

    “Immediate
      Family”
      shall
      mean, with respect to any person, such person’s spouse, lineal descendents,
      father, mother, brothers or sisters (including any such relatives by adoption
      or
      marriage).

     

    “Insiders”
      shall
      mean all of the officers, directors and stockholders of the Company immediately
      prior to the Company’s IPO.

     

    “Insider
      Shares”
      shall
      mean all shares of Common Stock of the Company owned by an Insider immediately
      prior to the Private Placement and the Company’s IPO. For the avoidance of
      doubt, Insider Shares shall not include any Private Placement Shares and any
      IPO
      Shares purchased by Insiders in connection with or subsequent to the Company’s
      IPO.

     

    “IPO
      Shares”
      shall
      mean all shares of Common Stock issued by the Company in its IPO, regardless
      of
      whether such shares were issued to an Insider or otherwise.

    

    “Private
      Placement”
      shall
      mean the private placement by the Company of 200,000 units of securities prior
      to the IPO.

    

    “Private
      Placement Shares”
      shall
      mean the shares of Common Stock included in the units issued in the Private
      Placement.

     

    “Prospectus”
      shall
      mean the final prospectus filed pursuant to Rule 424(b) under the Securities
      Act
      of 1933, as amended, and included in the Registration Statement.

     

    “Registration
      Statement”
      shall
      mean the registration statement filed by the Company on Form S-1 with the SEC,
      and any amendment or supplement thereto, in connection with the Company’s
      IPO.

     

    “SEC”
      shall
      mean the United States Securities and Exchange Commission.

     

    “Termination
      Date” shall
      mean the date that is 90 calendar days immediately following the Transaction
      Failure Date.

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

     

    “Transaction
      Failure”
      shall
      mean the failure to consummate a Business Combination within 18 months of the
      Effective Date (or 24 months after the Effective Date, if a letter of intent,
      agreement in principle or definitive agreement has been executed within 18
      months after the Effective Date and the Business Combination relating thereto
      has not yet been consummated within such 18-month period). 

     

    “Transaction
      Failure Date”
      shall
      mean the 18-month anniversary of the Effective Date (or the 24 month anniversary
      of the Effective Date, if a letter of intent, agreement in principle or
      definitive agreement has been executed within 18 months after the Effective
      Date
      and the Business Combination relating thereto has not yet been consummated
      within such 18-month period). 

     

    “Trust
      Account”
      shall
      mean that certain trust account established by American Stock Transfer &
Trust Company, as trustee, and in which the Company deposited the “funds to be
      held in trust,” as described in the Prospectus.

    
      
        
        

      

      
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    EXHIBIT
      A

     

    BIOGRAPHYINVESTMENT
      MANAGEMENT TRUST AGREEMENT

     

    This
      Agreement is made as of [__________], 2006, by and between Doubloon Corp. (the
      “Company”)
      and
      American 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

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    (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;

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    (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.

     

    (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.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    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.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    (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:

     

    American
      Stock Transfer & Trust Company 

    [Insert
      address]

    Fax
      No.:

     

    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

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    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.)

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

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

    
      	 	 	 
	 	
              AMERICAN 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]

     

    American
      Stock Transfer & Trust Company 

    [Insert
      Address]

     

    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 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]

     

    American
      Stock Transfer & Trust Company 

    [Insert
      Address]

     

    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 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:

            	 	 
	 	 	 
	
              American
                Stock Transfer & Trust Company 

              [Insert
                Address]

              Attn:
                ___________________]

            	 	
              [_______________]

            

    

     

    
      
         

      

      
        13

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