Document:

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                                                     April 14, 2004

Arpeggio Acquisition Corporation
10 East 53rd Street, 36th Floor
New York, New York 10019

EarlyBirdCapital, Inc.
600 Third Avenue
33rd Floor
New York, New York 10016

                  Re: Initial Public Offering

Gentlemen:

                  The undersigned stockholder, officer and director of Arpeggio
Acquisition Corporation ("Company"), in consideration of EarlyBirdCapital, Inc.
("EBC") entering into a letter of intent ("Letter of Intent") to underwrite an
initial public offering of the securities of the Company ("IPO") and embarking
on the IPO process, hereby agrees as follows (certain capitalized terms used
herein are defined in paragraph 12 hereof):

                  1. If the Company solicits approval of its stockholders of a
Business Combination, the undersigned will vote all Insider Shares owned by him
in accordance with the majority of the votes cast by the holders of the IPO
Shares.

                  2. In the event that the Company fails to consummate a
Business Combination within 18 months from the effective date ("Effective Date")
of the registration statement relating to the IPO (or 24 months under the
circumstances described in the prospectus relating to the IPO), the undersigned
will take all reasonable actions within his power to cause the Company to
liquidate as soon as reasonably practicable. The undersigned hereby waives any
and all right, title, interest or claim of any kind in or to any distribution of
the Trust Fund (as defined in the Letter of Intent) as a result of such
liquidation with respect to his Insider Shares ("Claim") and hereby 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 will not seek recourse against
the Trust Fund for any reason whatsoever. The undersigned agrees to indemnify
and hold harmless

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Arpeggio Acquisition Corporation
EarlyBirdCapital, Inc.
April 14, 2004
Page 2

the Company against any and all loss, liability, claims, damage and expense
whatsoever (including, but not limited to, any and all legal or other expenses
reasonably incurred in investigating, preparing or defending against any
litigation, whether pending or threatened, or any claim whatsoever) which the
Company may become subject as a result of any claim by any vendor or other
person who is owed money by the Company for services rendered or products sold,
or by any target business, but only to the extent necessary to ensure that such
loss, liability, claim, damage or expense does not reduce the amount in the
Trust Fund (as defined in the Letter of Intent).

                  3. In order to minimize potential conflicts of interest which
may arise from multiple affiliations, the undersigned agrees to present to the
Company for its consideration, prior to presentation to any other person or
entity, any suitable opportunity to acquire an operating business, until the
earlier of the consummation by the Company of a Business Combination, the
liquidation of the Company or until such time as the undersigned ceases to be an
officer or director of the Company, subject to any pre-existing fiduciary
obligations the undersigned might have.

                  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 reasonably acceptable to EBC that the
business combination is fair to the Company's stockholders from a financial
perspective.

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

                  6. Neither the undersigned, any member of the family of the
undersigned, or any Affiliate of the undersigned will be entitled to receive or
accept a finder's fee or any other compensation in the event the undersigned,
any member of the family of the undersigned or any Affiliate of the undersigned
originates a Business Combination.

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Arpeggio Acquisition Corporation
EarlyBirdCapital, Inc.
April 14, 2004
Page 3

                  7. The undersigned will escrow his Insider Shares for the
three year period commencing on the Effective Date subject to the terms of a
Stock Escrow Agreement which the Company will enter into with the undersigned
and an escrow agent acceptable to the Company.

                  8. The undersigned agrees that, during the three year period
terminating on March 18, 2007, he will not become involved (whether as owner,
manager, operator, creditor, partner, shareholder, joint venturer, member,
employee, officer, director, consultant or otherwise) with any Acquisition Fund
(as defined in Section 12(v) below) within the United States, unless such
Acquisition Fund engages EBC to be the managing underwriter of the initial
public offering of the Acquisition Fund's securities.

                     The undersigned hereby agrees and acknowledges that (i) EBC
would be irreparably injured in the event of a breach by the undersigned of any
of his obligations under this paragraph 8, (ii) monetary damages would not be an
adequate remedy for any such breach, and (iii) EBC shall be entitled to
injunctive relief, in addition to any other remedy it may have, in the event of
such breach.

                  9. I agree to be the Chairman of the Board, Chief Executive
Officer, President and a director of the Company until the earlier of the
consummation by the Company of a Business Combination or the liquidation of the
Company. The undersigned's biographical information furnished to the Company and
EBC 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 EBC and annexed as
Exhibit B hereto is true and accurate in all respects. The undersigned
represents and warrants that:

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

         (c) he has never been suspended or expelled from membership in any

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Arpeggio Acquisition Corporation
EarlyBirdCapital, Inc.
April 14, 2004
Page 4

securities or commodities exchange or association or had a securities or
commodities license or registration denied, suspended or revoked.

                  10. I have full right and power, without violating any
agreement by which I am bound, to enter into this letter agreement and to serve
as Chairman of the Board, Chief Executive Officer and President of the Company.

                  11. I authorize any employer, financial institution, or
consumer credit reporting agency to release to EBC and its legal representatives
or agents (including any investigative search firm retained by EBC) any
information they may have about my background and finances ("Information").
Neither EBC nor its agents shall be violating my right of privacy in any manner
in requesting and obtaining the Information and I hereby release them from
liability for any damage whatsoever in that connection.

                  12. As used herein, (i) a "Business Combination" shall mean an
acquisition by merger, capital stock exchange, asset or stock acquisition,
reorganization or otherwise, of an operating business selected by the Company;
(ii) "Insiders" shall mean all officers, directors and stockholders of the
Company immediately prior to the IPO; (iii) "Insider Shares" shall mean all of
the shares of Common Stock of the Company owned by an Insider prior to the IPO;
(iv) "IPO Shares" shall mean the shares of Common Stock issued in the Company's
IPO; and (v) "Acquisition Fund" shall mean any company formed with the intent to
offer securities to the public and use the proceeds to consummate one or more
Business Combinations which are unspecified at the time of the securities
offering.

                                                     Eric S. Rosenfeld
                                                     --------------------------
                                                     Print Name of Insider

                                                     /s/ Eric S. Rosenfeld
                                                     --------------------------
                                                     Signature

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                                    EXHIBIT A

         ERIC S. ROSENFELD has been our chairman of the board, chief executive
officer and president since our inception. Mr. Rosenfeld has been the president
and chief executive officer of Crescendo Partners, L.P., a New York-based
investment firm, since its formation in November 1998. Prior to forming
Crescendo Partners, Mr. Rosenfeld had been managing director at CIBC Oppenheimer
and its predecessor company Oppenheimer & Co., Inc. for fourteen years. He was
also chairman of the board of Spar Aerospace Limited from 1999 through 2001,
until its sale to L-3 Communications. Mr. Rosenfeld is a director and chairman
of the strategic planning committee of CPI Aerostructures, Inc., an American
Stock Exchange-listed company engaged in the contract production of structural
aircraft parts principally for the United States Air Force and other branches of
the U.S. armed forces. He is also a director of Sierra Systems Group, Inc., a
Toronto Stock Exchange-listed information technology, management consulting and
systems integration firm based in Canada, and a director of AD OPT Technologies,
Inc., a Toronto Stock Exchange-listed company that provides advanced workforce
planning, scheduling and management solutions. Mr. Rosenfeld recently served as
a director and head of the special committee of Pivotal Corporation, a Canadian
based customer relations management software company that was sold to
chinadotcom. Mr. Rosenfeld is a regular guest lecturer at Columbia Business
School and has served on numerous panels at Queen's University Business Law
School Symposia, McGill Law School and the World Presidents' Organization. He
has also been a regular guest host on CNBC. Mr. Rosenfeld received an M.B.A.
from Harvard University and an A.B. degree in economics from Brown University.<PAGE>

                                                     April 14, 2004

Arpeggio Acquisition Corporation
10 East 53rd Street, 36th Floor
New York, New York 10019

EarlyBirdCapital, Inc.
600 Third Avenue
33rd Floor
New York, New York 10016

                  Re: Initial Public Offering

Gentlemen:

                  The undersigned stockholder of Arpeggio Acquisition
Corporation ("Company"), in consideration of EarlyBirdCapital, Inc. ("EBC")
entering into a letter of intent ("Letter of Intent") to underwrite an initial
public offering of the securities of the Company ("IPO") and embarking on the
IPO process, hereby agrees as follows (certain capitalized terms used herein are
defined in paragraph 11 hereof):

                  1. If the Company solicits approval of its stockholders of a
Business Combination, the undersigned will vote all Insider Shares owned by it
in accordance with the majority of the votes cast by the holders of the IPO
Shares.

                  2. In the event that the Company fails to consummate a
Business Combination within 18 months from the effective date ("Effective Date")
of the registration statement relating to the IPO (or 24 months under the
circumstances described in the prospectus relating to the IPO), the undersigned
will vote all Insider Shares owned by it in favor of the Company's decision to
liquidate. The undersigned hereby waives any and all right, title, interest or
claim of any kind in or to any distribution of cash, property or other assets
("Fund") as a result of such liquidation with respect to its Insider Shares
("Claim") and hereby 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
will not seek recourse against the Fund for any reason whatsoever.

                  3. The undersigned will not submit to the Company for
consideration, or vote for the approval of, 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
reasonably acceptable to EBC that the business combination is fair to the
Company's stockholders from a financial perspective.
<PAGE>

                  4. Neither the undersigned, any member of the family of the
undersigned's trustees, nor any Affiliate of the undersigned will be entitled to
receive and will not accept any compensation for services rendered to the
Company prior to the consummation of the Business Combination; provided that the
undersigned shall be entitled to reimbursement from the Company for its
out-of-pocket expenses incurred in connection with seeking and consummating a
Business Combination.

                  5. Neither the undersigned, any member of the family of the
undersigned's trustees, or any Affiliate of the undersigned will be entitled to
receive or accept a finder's fee or any other compensation in the event the
undersigned, any member of the family of the undersigned's trustees or any
Affiliate of the undersigned originates a Business Combination.

                  6. The undersigned will escrow its Insider Shares for the
three year period commencing on the Effective Date subject to the terms of a
Stock Escrow Agreement which the Company will enter into with the undersigned
and an escrow agent acceptable to the Company.

                  7. The undersigned agrees that, during the three year period
terminating on March 18, 2007, it will not become involved (whether as owner,
manager, operator, creditor, partner, shareholder, joint venturer, member,
employee, officer, director, consultant or otherwise) with any Acquisition Fund
(as defined in Section 11(v) below) within the United States, unless such
Acquisition Fund engages EBC to be the managing underwriter of the initial
public offering of the Acquisition Fund's securities.

                     The undersigned hereby agrees and acknowledges that (i) EBC
would be irreparably injured in the event of a breach by the undersigned of any
of his obligations under this paragraph 7, (ii) monetary damages would not be an
adequate remedy for any such breach, and (iii) EBC shall be entitled to
injunctive relief, in addition to any other remedy it may have, in the event of
such breach.

                  8. The undersigned Questionnaire furnished to the Company and
annexed as Exhibit A hereto is true and accurate in all respects. The
undersigned represents and warrants that its trustees and beneficiaries:

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

         (c) has never been suspended or expelled from membership in any
securities or commodities exchange or association or had a securities or
commodities license or

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registration denied, suspended or revoked.

                  9. The undersigned has full right and power, without violating
any agreement by which it is bound, to enter into this letter agreement.

                  10. The undersigned authorizes any employer, financial
institution, or consumer credit reporting agency to release to EBC and its legal
representatives or agents (including any investigative search firm retained by
EBC) any information they may have about its background and finances
("Information"). Neither EBC 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.

                  11. As used herein, (i) a "Business Combination" shall mean an
acquisition by merger, capital stock exchange, asset or stock acquisition,
reorganization or otherwise, of an operating business selected by the Company;
(ii) "Insiders" shall mean all officers, directors and stockholders of the
Company immediately prior to the IPO; (iii) "Insider Shares" shall mean all of
the shares of Common Stock of the Company owned by an Insider prior to the IPO;
(iv) "IPO Shares" shall mean the shares of Common Stock issued in the Company's
IPO; and (v) "Acquisition Fund" shall mean any company formed with the intent to
offer securities to the public and use the proceeds to consummate one or more
Business Combinations which are unspecified at the time of the securities
offering.

                                          Rosenfeld 1991 Children's Trust
                                          -----------------------------------
                                          Print Name of Insider

                                          By: /s/ Lisa Rosenfeld
                                          -----------------------------------
                                          Name: Lisa Rosenfeld
                                          Title: Trustee

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