Document:

NUMBER  

            	 	
              (SEE
                REVERSE SIDE FOR LEGEND)

            	 	
              WARRANTS

            
	
               

            	
               

            	
               

            	
               

            	
               

            
	
              [SYMBOL]

            	 	
              THIS
                WARRANT WILL BE VOID IF NOT EXERCISED PRIOR TO

              5:00
                P.M. NEW YORK CITY TIME,
                           , 2010
                

              OR
                UPON EARLIER REDEMPTION

            	 	 

    

    

     

    DOUBLOON
      CORP.

    CUSIP
      ___________

    

    WARRANT

     

    THIS
      CERTIFIES THAT, for value received

     

    is
      the
      registered holder of a Warrant or Warrants expiring at [_______] p.m., [_______]
      Time, [_______], or upon earlier redemption (the “Warrant”), to purchase one
      fully paid and non-assessable share of Common Stock, par value $0.00001 per
      share (“Shares”), of Doubloon Corp., a Delaware corporation (the “Company”), for
      each Warrant evidenced by this Warrant Certificate.  The Warrant entitles
      the holder thereof to purchase from the Company, commencing on the later of
      (i)
      [_______] or (ii) the consummation by the Company of an acquisition through
      merger, capital stock exchange, asset acquisition, stock purchase or other
      similar transaction, or a combination of any of the foregoing, of one or more
      operating businesses in the financial services industry or any other industry
      that is its initial business combination and which meets the size, timing and
      other criteria outlined in the Company's registration statement on Form S-1
      initially filed with the Securities and Exchange Commission on [_______] (File
      No. 333-________), as amended (“Business Combination”), such number of Shares of
      the Company at the price of $8.00 per share, upon surrender of this Warrant
      Certificate accompanied by the annexed duly executed subscription form and
      payment of the Warrant Price (as hereinafter defined) at the office or agency
      of
      the Warrant Agent, [_______] (such payment to be made by check made payable
      to
      the Warrant Agent), but only subject to the conditions set forth herein and
      in
      the Warrant Agreement between the Company and [_______] (the “Warrant
      Agreement”).  The Warrant Agreement provides that upon the occurrence of
      certain events the Warrant Price and the number of Warrant Shares purchasable
      hereunder, may, subject to certain conditions, be adjusted.  The term
      Warrant Price as used in this Warrant Certificate refers to the price per Share
      at which Shares may be purchased at the time the Warrant is
      exercised.

     

    No
      fraction of a Share will be issued upon any exercise of a Warrant.  If the
      holder of a Warrant would be entitled to receive a fraction of a Share upon
      any
      exercise of a Warrant, the Company shall, upon such exercise, round up or down
      to the nearest whole number the number of Shares to be issued to such
      holder.

     

    Upon
      any
      exercise of the Warrant for less than the total number of full Shares provided
      for herein, there shall be issued to the registered holder hereof or his
      assignee a new Warrant Certificate covering the number of Shares for which
      the
      Warrant has not been exercised.

     

    Warrant
      Certificates, when surrendered at the office or agency of the Warrant Agent
      by
      the registered holder hereof in person or by attorney duly authorized in
      writing, may be exchanged in the manner and subject to the limitations provided
      in the Warrant Agreement, but without payment of any service charge, for another
      Warrant Certificate or Warrant Certificates of like tenor and evidencing in
      the
      aggregate a like number of Warrants.

     

    Upon
      due
      presentment for registration of transfer of the Warrant Certificate at the
      office or agency of the Warrant Agent, a new Warrant Certificate or Warrant
      Certificates of like tenor and evidencing in the aggregate a like number of
      Warrants shall be issued to the transferee in exchange for this Warrant
      Certificate, subject to the limitations provided in the Warrant Agreement,
      without charge except for any applicable tax or other governmental
      charge.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    The
      Company and the Warrant Agent may deem and treat the registered holder as the
      absolute owner of this Warrant Certificate (notwithstanding any notation of
      ownership or other writing hereon made by anyone), for the purpose of any
      exercise hereof, of any distribution to the registered holder, and for all
      other
      purposes, and neither the Company nor the Warrant Agent shall be affected by
      any
      notice to the contrary.

     

    This
      Warrant does not entitle the registered holder to any of the rights of a
      stockholder of the Company.

     

    The
      Company reserves the right to redeem all (but not part) of the then outstanding
      Warrants, with a notice of redemption in writing to the holders of record of
      the
      Warrants then outstanding, giving 30 days' notice of such redemption at any
      time
      after such Warrants become exercisable if the last sale price of the Shares
      has
      been at least $14.25 per share on each of 20 trading days within a 30 trading
      day period ending on the third business day prior to the date on which notice
      of
      such redemption is given. The redemption price of the Warrants is to be $.01
      per
      Warrant. Any Warrant either not exercised or tendered back to the Company by
      the
      end of the date specified in the notice of redemption shall be cancelled on
      the
      books of the Company and have no further value except for the $.01 redemption
      price. 

    

    
      	
              By

            	
              Doubloon
                Corp.

            	 
	 	
              CORPORATE

            	 
	 	 	
              THE
                STATE OF DELAWARE

            	 	 
	
              Chief
                Executive Officer

            	
              SEAL

            	
              Secretary

            
	 	
              2006

            	 

    

    

    

    COUNTERSIGNED:

    

    [_______________________________],

    

    as
      Warrant Agent

       

       

       

    _________________________________

    Authorized
      Officer

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
 

    SUBSCRIPTION
      FORM

    

    To
      Be
      Executed by the Registered Holder in Order to Exercise Warrants

     

    The
      undersigned Registered Holder irrevocably elects to exercise
                        Warrants
      represented by this Warrant Certificate, and to purchase the shares of Common
      Stock issuable upon the exercise of such Warrants, and requests that
      Certificates for such shares shall be issued in the name of

     

     

    
      	
               

            
	
              (PLEASE
                TYPE OR PRINT NAME AND ADDRESS)

            
	
               

            
	
               

            
	
              (SOCIAL
                SECURITY OR TAX IDENTIFICATION NUMBER)

            
	
               

            
	
              and
                be delivered to

            
	
              (PLEASE
                PRINT OR TYPE NAME AND ADDRESS)

            

    

    

     

     

    and,
      if
      such number of Warrants shall not be all the Warrants evidenced by this Warrant
      Certificate, that a new Warrant Certificate for the balance of such Warrants
      be
      registered in the name of, and delivered to, the Registered Holder at the
      address stated below:

     

    
      	
              Dated:

            	 	 	 
	 	
              (SIGNATURE)

            
	
               

            	
               

            
	 	
              (ADDRESS)

            
	
               

            	
               

            
	
               

            	
               

            
	 	
              (TAX
                IDENTIFICATION NUMBER)

            

    

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    ASSIGNMENT

    To
      Be
      Executed by the Registered Holder in Order to Assign Warrants

     

    For
      Value
      Received,
                                     
hereby sells, assigns, and transfers unto

     

    
      	
               

            
	
              (PLEASE
                TYPE OR PRINT NAME AND ADDRESS)

            
	
               

            
	
               

            
	
              (SOCIAL
                SECURITY OR TAX IDENTIFICATION
                NUMBER)

            

    

     

     

    

     

                                                
      of the Warrants represented by this Warrant Certificate, and hereby irrevocably
      constitutes and appoints
                                                        
Attorney to transfer this Warrant Certificate on the books of the Company,
      with
      full power of substitution in the premises.

     

    
      	
              Dated:

            	 	 	 	 
	 	
              (SIGNATURE)

            

    

    

     

    THE
      SIGNATURE TO THE ASSIGNMENT OF THE SUBSCRIPTION FORM MUST CORRESPOND TO THE
      NAME
      WRITTEN UPON THE FACE OF THIS WARRANT CERTIFICATE IN EVERY PARTICULAR, WITHOUT
      ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE GUARANTEED
      BY A
      COMMERCIAL BANK OR TRUST COMPANY OR A MEMBER FIRM OF THE AMERICAN STOCK EXCHANGE
      OR THE NEW YORK STOCK EXCHANGE.THIS
      WARRANT AND THE SHARES OF CAPITAL STOCK ISSUED UPON ANY EXERCISE HEREOF HAVE
      NOT
      BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
      ACT”),
      OR
      ANY APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD OR OTHERWISE
      TRANSFERRED BY ANY PERSON, INCLUDING A PLEDGEE, UNLESS (1) EITHER (A) A
      REGISTRATION STATEMENT WITH RESPECT THERETO SHALL BE EFFECTIVE UNDER THE
      SECURITIES ACT, OR (B) THE COMPANY SHALL HAVE RECEIVED AN OPINION OF COUNSEL
      SATISFACTORY TO THE COMPANY THAT AN EXEMPTION FROM REGISTRATION UNDER THE
      SECURITIES ACT IS AVAILABLE, AND (2) THERE SHALL HAVE BEEN COMPLIANCE WITH
      ALL
      APPLICABLE STATE SECURITIES OR “BLUE SKY” LAWS.

     

    
      	
              No.
                IW-001

            	
              For
                the Purchase

            
	 	
              of
                616,000 shares

            
	 	
              of
                Common Stock

            

    

    

     

    WARRANT
      TO PURCHASE 

    COMMON
      STOCK

    OF

    DOUBLOON
      CORP.

    (A
      Delaware Corporation)

     

    Doubloon
      Corp., a Delaware corporation (the “Company”),
      for
      value received, hereby certifies that PIRAC I, LLC (the “Holder”),
      is
      entitled, subject to the terms set forth below, to purchase from the Company,
      at
      any time or from time to time at or before the earlier of (i) 5:00 p.m. Eastern
      Standard Time on [______] (the “Expiration
      Date”),
      (ii)
      the termination of this Warrant as provided in Section 8 hereof, or (iii) the
      redemption of this Warrant as provided in Section 9 hereof, 616,000 shares
      of
      Common Stock, par value $0.00001 per share, of the Company (the “Common
      Stock”),
      at a
      purchase price per share equal to Eight Dollars ($8.00) per share, as adjusted
      upon the occurrence of certain events as set forth in Section 3 of this Warrant.
      The shares of stock issuable upon exercise of this Warrant, and the purchase
      price per share, are hereinafter referred to as the “Warrant
      Stock”
and
      the
“Purchase
      Price,”
      respectively. 

     

    1.           Exercise.

     

    1.1           Manner
      of Exercise; Payment in Cash.
      This
      Warrant may be exercised by the Holder, in whole or in part:

    

    (a)           commencing
      90 days following the closing of the Company’s first Business
      Combination
      (as
      defined in the Company’s Certificate of Incorporation) (the “Initial
      Business Combination”)
      (i) as
      to one-half of the shares covered by this Warrant, if,
      and only if, the last sales price of the Common Stock exceeds $11.00 per share
      for any 20 trading days within a 30 trading day period beginning after such
      Initial Business Combination, and (ii) as to the remaining shares covered by
      this Warrant, if and only if, the last sales price of the Common Stock exceeds
      $12.00 per share for any 20 trading days within a 30 trading day period
      beginning after such Initial Business Combination; provided, however, that,
      appropriate adjustments shall be made in the application of the provisions
      of
      this Section 1.1(a) in the event of any adjustments to the Purchase Price
      pursuant to Section 3 hereof; and

     

    (b)           by
      surrendering this Warrant, with the purchase form appended hereto as
Exhibit
      A
      duly
      executed by the Holder, at the principal office of the Company, or at such
      other
      place as the Company may designate, accompanied by payment in full of the
      Purchase Price payable in respect of the number of shares of Warrant Stock
      purchased upon such exercise. Subject to Section 1.4 hereof, payment of the
      Purchase Price shall be in cash or by certified or official bank check payable
      to the order of the Company. 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    1.2           Effectiveness.
      Each
      exercise of this Warrant shall be deemed to have been effected immediately
      prior
      to the close of business on the day on which this Warrant shall have been
      surrendered to the Company as provided in Section 1.1 above. At such time,
      the
      person or persons in whose name or names any certificates for Warrant Stock
      shall be issuable upon such exercise as provided in Section 1.3 below shall
      be
      deemed to have become the holder or holders of record of the Warrant Stock
      represented by such certificates.

     

    1.3.           Delivery
      of Certificates.
      As soon
      as practicable after the exercise of this Warrant in whole or in part, and
      in
      any event within ten (10) business days thereafter, the Company, at its sole
      expense, will cause to be issued in the name of, and delivered to, the Holder,
      or, subject to the terms and conditions hereof, as such Holder (upon payment
      by
      such Holder of any applicable transfer taxes) may direct:

     

    (a)           A
      certificate or certificates for the number of full shares of Warrant Stock
      to
      which such Holder shall be entitled upon such exercise plus, in lieu of any
      fractional share to which such Holder would otherwise be entitled, cash in
      an
      amount determined pursuant to Section 1.4(c) hereof; and

     

    (b)           In
      case such exercise is in part only, a new warrant or warrants (dated the date
      hereof) of like tenor, calling in the aggregate on the face or faces thereof
      for
      the number of shares of Warrant Stock (without giving effect to any adjustment
      therein) equal to the number of such shares called for on the face of this
      Warrant minus the number of such shares purchased by the Holder upon such
      exercise as provided in Section 1.1 above.

     

    1.4           Right
      to Convert Warrant into Stock: Net Issuance.

    

    (a)           Right
      to Convert.
      Subject
      to Section 7, in addition to and without limiting the rights of the Holder
      under
      the terms of this Warrant, provided that this Warrant may then be exercised
      pursuant to Section 1.1(a) hereof, the Holder shall have the right to convert
      this Warrant or any portion thereof, to the extent it is then exercisable as
      provided in Section 1.1(a) hereof (the “Conversion
      Right”)
      into
      shares of Common Stock as provided in this Section 1.4 at any time or from
      time
      to time during the term of this Warrant. Upon exercise of the Conversion Right
      with respect to a particular number of shares subject to this Warrant (the
      “Converted Warrant Shares”), the Company shall deliver to the Holder (without
      payment by the holder of any Purchase Price or any cash or other consideration)
      that number of shares of fully paid and nonassessable Common Stock equal to
      the
      quotient obtained by dividing (X) the value of this Warrant (or the specified
      portion hereof) on the Conversion Date (as defined in subsection (b) hereof),
      which value shall be determined by subtracting (A) the aggregate Purchase Price
      of the Converted Warrant Shares immediately prior to the exercise of the
      Conversion Right from (B) the aggregate fair market value of the Converted
      Warrant Shares issuable upon exercise of this Warrant (or the specified portion
      hereof) on the Conversion Date (as herein defined) by (Y) the fair market value
      of one share of Common Stock on the Conversion Date (as herein
      defined).

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

    

    Expressed
      as a formula, such conversion shall be computed as follows:

    

    
      	
              X         =

            	
               B-A

            
	 	
                 Y

            
	 	 
	
              where:
                

            	
              X
                =
                the number of shares of Common Stock that may be issued to the
                Holder

            
	 	 
	 	
              Y
                =
                the fair market value (FMV) of one share of Common
                Stock

            
	 	 
	 	
              A
                =
                the aggregate Warrant Price (Converted Warrant Shares x Purchase
                Price)

            
	 	 
	 	
              B
                =
                the aggregate FMV (i.e., FMV x Converted Warrant
                Shares)

            

    

    

    No
      fractional shares shall be issuable upon exercise of the Conversion Right,
      and,
      if the number of shares to be issued determined in accordance with the foregoing
      formula is other than a whole number, the Company shall pay to the Holder an
      amount in cash equal to the fair market value of the resulting fractional share
      on the Conversion Date.

    

    (b)           Method
      of Exercise.
      The
      Conversion Right may be exercised by the Holder by the surrender of this Warrant
      at the principal office of the Company together with the Purchase Form in the
      form attached hereto duly completed and executed and indicating the number
      of
      shares subject to this Warrant which are being surrendered (referred to in
      Section 1.4(a) hereof as the Converted Warrant Shares) in exercise of the
      Conversion Right. Such conversion shall be effective upon receipt by the Company
      of this Warrant together with the aforesaid written statement, or on such later
      date as is specified therein (the “Conversion
      Date”),
      and,
      at the election of the Holder, may be made contingent upon the occurrence of
      any
      of the events specified in Section 8. Certificates for the shares issuable
      upon
      exercise of the Conversion Right and, if applicable, a new Warrant evidencing
      the balance of the shares remaining subject to this Warrant, shall be issued
      as
      of the Conversion Date and shall be delivered to the Holder within thirty (30)
      days following the Conversion Date.

    

    (c)           Determination
      of Fair Market Value.
      For
      purposes of this Agreement, “fair market value” of a share of Common Stock as of
      a particular date (the “Determination
      Date”)
      shall
      mean:

    

    
      	 	
              (i)

            	
              If
                traded on a securities exchange, the fair market value of the Common
                Stock
                shall be deemed to be the average of the closing prices of the Common
                Stock on such exchange over the five-day period ending one business
                day
                prior to the Determination Date or, if less, such number of days
                as the
                Common Stock has been traded on such
                exchange;

            

    

    

    
      	 	
              (ii)

            	
              If
                traded over-the-counter, the fair market value of the Common Stock
                shall
                be deemed to be the average of the closing bid prices of the Common
                Stock
                over the five-day period ending one business day prior to the
                Determination Date or, if less, such number of days as the Common
                Stock
                has been traded over-the-counter;
                and

            

    

    

    
      	 	
              (iii)

            	
              If
                there is no public market for the Common Stock, then fair market
                value
                shall be determined in good faith by the Board of Directors of the
                Company.

            

    

    

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

    2.           Fractional
      Shares.
      The
      Company shall not be required upon the exercise of this Warrant to issue any
      fractional shares, but instead shall, upon such exercise, round up or down
      to
      the nearest whole number of shares of Common Stock to be issued to the
      Holder.

     

    3.           Certain
      Adjustments.

     

    3.1           Changes
      in Common Stock.
      In
      case
      the Company shall at any time after the date hereof (i) declare a dividend
      on
      the outstanding shares of Common Stock payable solely in shares of its capital
      stock, (ii) subdivide the outstanding shares of Common Stock, (iii) combine
      the
      outstanding shares of Common Stock into a lesser number of shares, or (iv)
      issue
      any shares of its capital stock by reclassification of the shares of Common
      Stock (including any such reclassification in connection with a consolidation
      or
      merger in which the Company is the continuing corporation), then, in each case,
      the Purchase Price, and the number and kind of securities issuable upon exercise
      or conversion of this Warrant, in effect at the time of the record date for
      such
      dividend or of the effective date of such subdivision, combination, or
      reclassification, shall be proportionately adjusted so that, subject to Section
      1.1(a) hereof, the Holder after such time shall be entitled to receive upon
      exercise of this Warrant the aggregate number and kind of shares which, if
      such
      Warrant had been exercised or converted immediately prior to such time (assuming
      all of the requirements of Section 1.1(a) had been satisfied), such Holder
      would
      have owned upon such exercise or conversion and been entitled to receive by
      virtue of such dividend, subdivision, combination, or reclassification. Such
      adjustment shall be made successively whenever any event listed above shall
      occur.

     

    3.2           Reorganizations
      and Reclassifications.
      If
      there shall occur any capital reorganization or reclassification of the Common
      Stock (other than a change in par value or a subdivision or combination as
      provided for in Section 3.1), then, as part of any such reorganization or
      reclassification, lawful provision shall be made so that the Holder shall have
      the right thereafter to receive upon the exercise of this Warrant the kind
      and
      amount of shares of stock or other securities or property which such Holder
      would have been entitled to receive if, immediately prior to any such
      reorganization or reclassification (assuming all of the requirements of Section
      1.1(a) had been satisfied), such Holder had held the number of shares of Common
      Stock which were then subject to this Warrant. In any such case, appropriate
      adjustment (as reasonably determined by the Board of Directors of the Company)
      shall be made in the application of the provisions set forth herein with respect
      to the rights and interests thereafter of the Holder, such that the provisions
      set forth in this Section 3 (including provisions with respect to adjustment
      of
      the Purchase Price) shall thereafter be applicable, as nearly as is reasonably
      practicable, in relation to any shares of stock or other securities or property
      thereafter deliverable upon the exercise of this Warrant.

     

    3.3           Merger,
      Consolidation or Sale of Assets.
      Subject
      to the provisions of Section 7, if there shall be a merger or consolidation
      of
      the Company with or into another corporation (other than a merger or
      reorganization involving only a change in the state of incorporation of the
      Company or the acquisition by the Company of other businesses where the Company
      survives as a going concern), or the sale of all or substantially all of the
      Company’s capital stock or assets to any other person, then as a part of such
      transaction, provision shall be made so that, subject to Section 1.1(a) hereof,
      the Holder shall thereafter be entitled to receive upon exercise of this Warrant
      the number of shares of stock or other securities or property of the Company,
      or
      of the successor corporation resulting from the merger, consolidation or sale,
      to which the Holder would have been entitled if the Holder had exercised its
      rights pursuant to the Warrant immediately prior thereto (assuming all of the
      requirements of Section 1.1(a) hereof had been satisfied). In any such case,
      appropriate adjustment shall be made in the application of the provisions of
      this Section 3 to the end that the provisions of this Section 3 shall be
      applicable after that event in as nearly equivalent a manner as may be
      practicable.

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

     

    3.4           Certificate
      of Adjustment.
      When
      any adjustment is required to be made in the number of shares of Common Stock
      or
      other securities or property issuable upon exercise of this Warrant or in the
      Purchase Price, the Company shall promptly mail to the Holder a certificate
      setting forth such number of shares or other securities or property or the
      Purchase Price after such adjustment and setting forth a brief statement of
      the
      facts requiring such adjustment. Delivery of such certificate shall be deemed
      to
      be a final and binding determination with respect to such adjustment absent
      manifest error unless challenged by the Holder within ten (10) days of receipt
      thereof. 

     

    4.           Compliance
      with Securities Act.

     

    4.1           Unregistered
      Securities.
      The
      Holder acknowledges that this Warrant and the Warrant Stock have not been
      registered under the Securities Act of 1933, as amended, and the rules and
      regulations thereunder, or any successor legislation (the “Securities
      Act”),
      and
      agrees not to sell, pledge, distribute, offer for sale, transfer or otherwise
      dispose of this Warrant or any Warrant Stock in the absence of (a) an effective
      registration statement under the Securities Act covering this Warrant or such
      Warrant Stock and registration or qualification of this Warrant or such Warrant
      Stock under any applicable “blue sky” or state securities law then in effect, or
      (b) an opinion of counsel, satisfactory to the Company, that such registration
      and qualification are not required. The Company may delay issuance of the
      Warrant Stock until completion of any action or obtaining of any consent, which
      the Company deems necessary under any applicable law (including, without
      limitation, state securities or “blue sky” laws).

     

    4.2           Investment
      Letter.
      Without
      limiting the generality of Section 4.1, unless the offer and sale of any shares
      of Warrant Stock shall have been effectively registered under the Securities
      Act, the Company shall be under no obligation to issue the Warrant Stock unless
      and until the Holder shall have executed an investment letter in form and
      substance satisfactory to the Company, including a warranty at the time of
      such
      exercise that the Holder is acquiring such shares for his, her or its own
      account, for investment and not with a view to, or for sale in connection with,
      the distribution of any such shares.

     

    4.3           Legend.
      Certificates delivered to the Holder pursuant to Section 1.3 shall bear the
      following legend or a legend in substantially similar form:

     

    
      	 	 	
              “THE
                SHARES REPRESENTED BY THIS CERTIFICAE HAVE NOT BEEN REGISTERED UNDER
                THE
                SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
                ACT”),
                OR ANY APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD OR OTHERWISE
                TRANSFERRED BY ANY PERSON, INCLUDING A PLEDGEE, UNLESS (1) EITHER
                (A) A
                REGISTRATION STATEMENT WITH RESPECT THERETO SHALL BE EFFECTIVE UNDER
                THE
                SECURITIES ACT, OR (B) THE COMPANY SHALL HAVE RECEIVED AN OPINION
                OF
                COUNSEL SATISFACTORY TO THE COMPANY THAT AN EXEMPTION FROM REGISTRATION
                UNDER THE SECURITIES ACT IS
                AVAILABLE.”

            

    

     

    5.           Reservation
      of Stock.
      The
      Company will at all times reserve and keep available, solely for issuance and
      delivery upon the exercise of this Warrant, such shares of Warrant Stock and
      other stock, securities and property, as from time to time shall be issuable
      upon the exercise of this Warrant. The Company covenants that all shares of
      Warrant Stock so issuable will, when issued against payment therefor, be duly
      and validly issued and fully paid and nonassessable.

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

     

    6.           Replacement
      of Warrants.
      Upon
      receipt of evidence reasonably satisfactory to the Company of the loss, theft,
      destruction or mutilation of this Warrant and, in the case of loss, theft or
      destruction, upon delivery of an indemnity agreement (with surety if reasonably
      required) in an amount reasonably satisfactory to the Company, or in the case
      of
      mutilation upon surrender and cancellation of this Warrant, the Company will
      issue, in lieu thereof, a new Warrant of like tenor.

     

    7.           Termination
      Upon Certain Events.
      If,
      subsequent to the Initial Business Combination, there shall be a merger or
      consolidation of the Company with or into another corporation (other than a
      merger or reorganization involving only a change in the state of incorporation
      of the Company or the acquisition by the Company of other businesses where
      the
      Company survives as a going concern), or the sale of all or substantially all
      of
      the Company’s capital stock or assets to any other person, or the liquidation or
      dissolution of the Company, then as a part of such transaction, at the Company’s
      option, either:

     

    (a)           provision
      shall be made so that, subject to Section 1.1(a) hereof, the Holder shall
      thereafter be entitled to receive upon exercise of this Warrant the number
      of
      shares of stock or other securities or property of the Company, or of the
      successor corporation resulting from the merger, consolidation or sale, to
      which
      the Holder would have been entitled if the Holder had exercised its rights
      pursuant to the Warrant immediately prior thereto (assuming all of the
      requirements of Section 1.1(a) had been satisfied), and, in such case,
      appropriate adjustment shall be made in the application of the provisions of
      this Section 7(a) to the end that the provisions of this Section 7(a) shall
      be
      applicable after that event in as nearly equivalent a manner as may be
      practicable; or

     

    (b)           this
      Warrant shall terminate on the effective date of such merger, consolidation
      or
      sale (the “Termination
      Date”)
      and
      become null and void, provided,
      that if
      this Warrant shall not have otherwise terminated or expired, (i) the Company
      shall have given the Holder written notice of such Termination Date at least
      twenty (20) business days prior to the occurrence thereof, and (ii) the Holder
      shall have the right, until 5:00 p.m., Eastern Standard Time, on the day
      immediately prior to the Termination Date to exercise its rights hereunder
      to
      the extent not previously exercised and without regard to whether the
      requirements set forth in Section 1.1(a) hereof have been
      satisfied.

     

    8.           Transferability.
      This
      Warrant shall not be assigned, pledged or hypothecated in any way and shall
      not
      be subject to execution, attachment or similar process until such time as the
      Company completes the Initial Business Combination. The
      foregoing transfer restriction shall not apply to (a) transfers resulting from
      the death of any of the Holders, (b) transfers by operation of law, (c) any
      transfer for estate planning purposes to persons immediately related to the
      transferor by blood, marriage or adoption, or (d) any trust solely for the
      benefit of such transferor and/or the persons described in the preceding clause;
      provided,
      however,
      that with respect to each of the transfers described in clauses (a), (b), (c)
      and (d) of this sentence, prior to such transfer, each permitted transferee
      or
      the trustee or legal guardian for each permitted transferee agrees in writing
      to
      be bound by the terms of this Warrant. Any
      attempted transfer, assignment, pledge, hypothecation or other disposition
      of
      this Warrant or of any rights granted hereunder contrary to the provisions
      of
      this Section 8, or the levy of any attachment or similar process upon this
      Warrant or such rights, shall be null and void.

     

    9.           Redemption.
      The
      Warrant shall be
      non-redeemable so long as the Holder holds such Warrant following its issuance
      by the Company to such Holder. In the event the Warrant is transferred by the
      Holder other than to a transferee permitted pursuant to Section 8 hereof, then
      the Warrant may be redeemed in whole, and not in part, at
      a
      price of $0.01 per Warrant, upon a minimum of 30 days’ prior written notice of
      redemption, if, and only if, the last sales price of the Company’s Common Stock
      equals or exceeds $14.25 per
      share
      for any twenty (20) trading days within any thirty (30) trading day period
      ending three (3) business days before the Company sends the notice of
      redemption.

    
      
         

      

      
        -6-

        
          

        

      

      
         

      

    

     

    10.           Registration
      Rights.
      This Warrant, together with the shares of Warrant Stock underlying this Warrant,
      are and will be entitled to registration rights under a registration rights
      agreement between the Holder
      and the Company. 

     

    11.           No
      Rights as Shareholder.
      Until
      the exercise of this Warrant, the Holder shall not have or exercise any rights
      as a stockholder of the Company.

     

    12.           Notices.
      All
      notices, requests and other communications hereunder shall be in writing, shall
      be (a) delivered by hand, (b) sent by overnight courier, or (c) sent by
      registered or certified mail, postage prepaid, return receipt requested. In
      the
      case of notices from the Company to the Holder, they shall be sent to the
      address furnished to the Company in writing by the last Holder who shall have
      furnished an address to the Company in writing. All notices from the Holder
      to
      the Company shall be delivered to the Company at its offices at c/o Pirate
      Capital LLC, 200 Connecticut Avenue, 4th
      Floor,
      Norwalk, CT 06854, or such other address as the Company shall so notify the
      Holder. All notices, requests and other communications hereunder shall be deemed
      to have been given (i) if made by hand, at the time of the delivery thereof
      to
      the receiving party at the address of such party described above, (ii) if sent
      by overnight courier, on the next business day following the day such notices
      is
      delivered to the courier service, or (iii) if sent by registered or certified
      mail, on the third business day following the day of registration or
      certification thereof.

    

    13.           Waivers
      and Modifications.
      Any
      term or provision of this Warrant may be waived only by written document
      executed by the party entitled to the benefits of such terms or provisions.
      The
      terms and provisions of this Warrant may be modified or amended only by written
      agreement executed by the parties hereto.

    14.           Headings.
      The
      headings in this Warrant are for convenience of reference only and shall in
      no
      way modify or affect the meaning or construction of any of the terms or
      provisions of this Warrant.

     

    15.           Governing
      Law.
      This
      Warrant will be governed by and construed in accordance with and governed by
      the
      laws of Delaware, without giving effect to the conflict of law principles
      thereof.

     

    

     

    DOUBLOON
      CORP.

     

    By:
      ________________________________

    
      	 	 	 	 	 	 	
              Name:
                Thomas R. Hudson Jr.

            

    

    
      	 	 	 	 	 	 	
              Title:
                Chief Executive Officer 

            

    

    

    

    
      
         

      

      
        -7-

        
          

        

      

      
         

      

    

    EXHIBIT
      A

    

    PURCHASE
      FORM

    

    To:   DOUBLOON
      CORP.

    

    The
      undersigned pursuant to the provisions set forth in the attached Warrant (No.
      WCS-____), hereby irrevocably elects to (check one):

    

    
      	
              _____

            	 	
              
                (A)    purchase
                  __________ shares of the Common Stock, par value $0.00001 per share,
                  of
                  Doubloon Corp. (the “Common
                  Stock”),
                  covered by such Warrant and herewith makes payment of $____________,
                  representing the full purchase price for such shares at the price
                  per
                  share provided for in such Warrant; or

              

            
	 	 	 
	
              _____

            	 	
              
                (B)    convert
                  _________ Converted Warrant Shares into that number of shares of
                  fully
                  paid and nonassessable shares of Common Stock, determined pursuant
                  to the
                  provisions of Section 1.4 of the
                  Warrant.

              

            

    

    

    

    The
      Common Stock for which the Warrant may be exercised or converted shall be known
      herein as the “Warrant
      Stock.”

    

    The
      undersigned is aware that the Warrant Stock has not been and will not be
      registered under the Securities Act of 1933, as amended (the “Securities
      Act”),
      or
      any state securities laws. The undersigned understands that reliance by the
      Company on exemptions under the Securities Act is predicated in part upon the
      truth and accuracy of the statements of the undersigned in this Purchase
      Form.

    

    The
      undersigned represents and warrants that (a) he, she or it has been furnished
      with all information which he, she or it deems necessary to evaluate the merits
      and risks of the purchase of the Warrant Stock, (b) he, she or it has had the
      opportunity to ask questions concerning the Warrant Stock and the Company and
      all questions posed have been answered to his, her or its satisfaction, (c)
      he,
      she or it has been given the opportunity to obtain any additional information
      it
      deems necessary to verify the accuracy of any information obtained concerning
      the Warrant Stock and the Company, and (d) it has such knowledge and experience
      in financial and business matters that it is able to evaluate the merits and
      risks of purchasing the Warrant Stock and to make an informed investment
      decision relating thereto.

    

    The
      undersigned hereby represents and warrant that it is purchasing the Warrant
      Stock for his, her or its own account for investment and not with a view to
      the
      sale or distribution of all or any part of the Warrant Stock.

    

    The
      undersigned understands that because the Warrant Stock has not been registered
      under the Securities Act he, she or it must continue to bear the economic risk
      of the investment for an indefinite period of time and the Warrant Stock cannot
      be sold unless it is subsequently registered under applicable federal and state
      securities laws or an exemption from such registration is
      available.

    

    The
      undersigned agrees that he, she or it will in no event sell or distribute or
      otherwise dispose of all or any part of the Warrant Stock unless (1) there
      is an
      effective registration statement under the Securities Act and applicable state
      securities laws covering any such transaction involving the Warrant Stock,
      or
      (2) the Company receives an opinion satisfactory to the Company of the
      undersigned’s legal counsel stating that such transaction is exempt from
      registration. The undersigned consents to the placing of a legend on his, her
      or
      its certificate for the Warrant Stock stating that the Warrant Stock has not
      been registered and setting forth the restriction on transfer contemplated
      hereby and to the placing of a stop transfer order on the books of the Company
      and with any transfer agents against the Warrant Stock until the Warrant Stock
      may be legally resold or distributed without restriction.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    The
      undersigned has considered the federal and state income tax implications of
      the
      exercise of the Warrant and the purchase and subsequent sale of the Warrant
      Stock.

    

    

    

     

    

    _______________________________________

     

    Dated: ________________________________

    
 

     

     

    
      
         

      

      
        -2-

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