Document:

EXHIBIT 10.11

August 29, 2005

Viceroy Acquisition Corporation
8235 Forsyth Boulevard, Suite 400
Clayton, Missouri  63105

The Shemano Group, Inc.
As representative of the several Underwriters
601 California Street, Suite 1150
San Francisco, California  94108

Re:   Initial Public Offering

Ladies and Gentlemen:

      The   undersigned   stockholder   of   Viceroy   Acquisition   Corporation
("Company"),  in consideration of The Shemano Group,  Inc. (the "Shemano Group")
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
$.0001 per share ("Common Stock"),  and one warrant exercisable for one share of
Common Stock  ("Warrant")  and  embarking on the IPO process,  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 (i) vote 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) vote any shares of Common Stock  acquired  following the IPO
in favor of the Business Combination.

      2.    In the  event  that the  Company  fails  to  consummate  a  Business
Combination  within  18  months  from  the  Effective  Date of the  registration
statement relating to the IPO (or 24 months under the circumstances described in
the  Prospectus),  the undersigned  will vote all Insider Shares owned by him 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  liquidating
distributions by the Company including,  without limitation, any distribution of
the Trust Fund as a result of such  liquidation  with  respect to such  person's
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 hereby agrees that the Company shall be entitled to
a  reimbursement  from the  undersigned  for any  distribution of the Trust Fund
received by the undersigned in respect of such person's Insider Shares.

      3.    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. The undersigned shall be entitled to reimbursement from the Company
for such person's reasonable  out-of-pocket expenses incurred in connection with
seeking and consummating a Business Combination.

      4.    Neither the  undersigned,  any member of the Immediate 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 Immediate  Family of the  undersigned  or any Affiliate of the
undersigned originates a Business Combination.

      5.    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.

                                       1
<PAGE>

      6.    The undersigned's questionnaires furnished by the undersigned to the
Company  and the  Shemano  Group  are true and  accurate  in all  respects.  The
undersigned further represents and warrants 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  or  (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.

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

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

      9.    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.

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

      12.   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]

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                                               RAS, LLC
                                               ---------------------------------
                                               Print Name of Stockholder

                                               /s/ Lee E. Mikles
                                               ---------------------------------
                                               Signature

Accepted and agreed:

THE SHEMANO GROUP, INC.

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

Accepted and agreed:

VICEROY ACQUISITION CORPORATION

By: /s/ Lee E. Mikles
  ------------------------------
  Name:  Lee E. Mikles
  Title: Chief Executive Officer

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                                   SCHEDULE 1

                         SUPPLEMENTAL COMMON DEFINITIONS

      Unless the contact shall otherwise require,  the following terms shall the
following  respective meanings for all purposes,  and the following  definitions
are  equally  applicable  to both the  singular  and the  plural  forms  and the
feminine, masculine and neuter forms of the terms defined.

      "BUSINESS COMBINATION" shall mean the acquisition by the Company,  whether
by merger,  capital stock exchange,  asset acquisition or other similar business
combination,  of one or  more  operating  businesses  in the  business  services
sector, having,  collectively,  a fair market value equal to at least 80% of the
Company's net assets at the time of such merger,  capital stock exchange,  asset
acquisition 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 Company's IPO. For the avoidance of
doubt,  Insider Shares shall not include 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.

      "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 Stated Securities and Exchange Commission.

      "TERMINATION  DATE" shall mean the date that is sixty (60)  calendar  days
immediately following the Transaction Failure Date.

      "TRANSACTION  FAILURE"  shall mean the earlier of (i) the failure to enter
into a letter of intent,  definitive  agreement or  agreement in principal  with
respect to a Business  Combination on any day during the  eighteen-month  period
immediately  following the Effective  Date, and (ii) the failure to consummate a
Business Combination on any day during the twenty-four-month  period immediately
following the Effective Date.

      "TRANSACTION  FAILURE  DATE"  shall mean if a  Transaction  Failure  first
occurs as a result of the failure  described in clause (i) of the  definition of
"Transaction Failure", the eighteen-month anniversary of the Effective Date, and
if a Transaction  Failure  first occurs as a result of the failure  described in
clause (ii) of the definition of "Transaction  Failure",  the second anniversary
of the Effective Date.

      "TRUST  FUND"  shall mean that  certain  trust  account  established  with
Continental Stock Transfer & Trust Company, as trustee, and in which the Company
deposited the "funds to be held in trust," as described in the Prospectus.

                                        4EXHIBIT 10.12

                      INVESTMENT MANAGEMENT TRUST AGREEMENT

      This  Agreement  is made as of  __________,  2005 by and  between  Viceroy
Acquisition  Corporation (the "Company") and Continental  Stock Transfer & Trust
Company ("Trustee").

      WHEREAS, the Company's  Registration  Statement on Form S-1, No. _________
("Registration  Statement"),  for its  initial  public  offering  of  securities
("IPO") has been declared  effective as of the date hereof by the Securities and
Exchange Commission ("Effective Date"); and

      WHEREAS,  The Shemano Group,  Inc. (the "Shemano  Group") is acting as the
representative of the underwriters in the IPO; and

      WHEREAS,  as described in the  Company's  Registration  Statement,  and in
accordance with the Company's Amended and Restated Certificate of Incorporation,
$146,800,000 of the gross proceeds of the IPO  ($168,820,000 if the underwriters
over-allotment  option is exercised in full) will be delivered to the Trustee to
be deposited  and held in a trust account for the benefit of the Company and the
holders of the Company's common stock, par value $.0001 per share, issued in the
IPO as  hereinafter  provided  and in the  event the  Units  are  registered  in
Colorado,  pursuant to Section  11-51-302(6) of the Colorado Revised Statutes. A
copy of the  Colorado  Statute is  attached  hereto and made a part  hereof (the
amount  to be  delivered  to the  Trustee  will be  referred  to  herein  as the
"Property";  the  stockholders  for whose  benefit  the  Trustee  shall hold the
Property  will be  referred  to as the  "Public  Stockholders,"  and the  Public
Stockholders   and  the   Company   will  be   referred   to   together  as  the
"Beneficiaries"); and

      WHEREAS,  the Company and the Trustee  desire to enter into this Agreement
to set forth the terms and  conditions  pursuant to which the Trustee shall hold
the Property;

      IT IS AGREED:

      1.    Agreements  and Covenants of Trustee.  The Trustee hereby agrees and
covenants to:

            (a)   Hold the Property in trust for the Beneficiaries in accordance
with the terms of this Agreement, including the terms of Section 11-51-302(6) of
the  Colorado   Statute,   in  a  segregated  trust  account  ("Trust  Account")
established by the Trustee at a branch of JPMorgan Chase NY Bank selected by the
Trustee;

            (b)   Manage,  supervise and administer the Trust Account subject to
the terms and conditions set forth herein;

            (c)   In a  timely  manner,  upon  the  written  instruction  of the
Company,  invest and reinvest the Property in any Government  Security or in any
open ended investment  company  registered  under the Investment  Company Act of
1940 that holds  itself out as a money  market fund  meeting the  conditions  of
paragraphs  (c)(2),  (c)(3)  and  (c)(4)  of Rule  2a-7  promulgated  under  the
Investment Company Act of 1940. As used herein,  "Government Security" means any
Treasury Bill issued by the United States,  having a maturity of one hundred and
eighty days or less;

            (d)   Collect  and  receive,  when due,  all  principal  and  income
arising from the Property,  which shall become part of the  "Property,"  as such
term is used herein;

            (e)   Notify the Company 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;

<PAGE>

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

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

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

            (j)   Commence  liquidation  of the  Trust  Account  promptly  after
receipt  of and  only in  accordance  with the  terms of a letter  ("Termination
Letter"),  in a form  substantially  similar to that  attached  hereto as either
EXHIBIT A or EXHIBIT B, signed on behalf of the  Company by its Chief  Executive
Officer,  Executive  Vice  President or Chairman of the Board and  Secretary and
affirmed by the entire Board of Directors,  and complete the  liquidation of the
Trust Account and  distribute the Property in the Trust Account only as directed
in the Termination Letter and the other documents referred to therein; provided,
however,  that in the event that a  Termination  Letter has not been received by
____________,  2007 (or the date that is the six month anniversary of such date,
in the event that a letter of  intent,  agreement  in  principle  or  definitive
agreement  has been executed  prior to such date in  connection  with a Business
Combination (as defined in the Termination  Letter attached hereto as EXHIBIT A)
that has not been consummated by ____________, 2007), the Trust Account shall be
liquidated in accordance with the procedures set forth in the Termination Letter
attached  as  EXHIBIT  B to the  stockholders  of  record  on the  record  date;
provided,  further,  that the  record  date  shall be  within  ten (10)  days of
____________,  2007 (or the date that is the six month anniversary of such date,
in the event that a letter of  intent,  agreement  in  principle  or  definitive
agreement  has been executed  prior to such date in  connection  with a Business
Combination  that has not been  consummated by  ____________,  2007), or as soon
thereafter as is practicable.

      2.    Agreements  and Covenants of the Company.  The Company hereby agrees
and covenants to:

            (a)   Give all  instructions  to the Trustee  hereunder  in writing,
signed by the Company's  Chief  Executive  Officer,  Executive Vice President or
Chairman of the Board.  In  addition,  except with  respect to its duties  under
paragraph 1 (i) above,  the  Trustee  shall be entitled to rely on, and shall be
protected in relying on, any verbal or telephonic advice or instruction which it
in good faith believes to be given by any one of the persons authorized above to
give written instructions, provided that the Company shall promptly confirm such
instructions in writing;

            (b)   Hold the Trustee  harmless and  indemnify the Trustee from and
against,   any  and  all  expenses,   including   reasonable  counsel  fees  and
disbursements,  or loss suffered by the Trustee in  connection  with any action,
suit or other proceeding  brought against the Trustee involving any claim, or in
connection with any claim or demand which in any way arises out of or relates to
this Agreement,  the services of the Trustee  hereunder,  or the Property or any
income earned from  investment  of the Property,  except for expenses and losses
resulting from the Trustee's gross  negligence or willful  misconduct.  Promptly
after  the  receipt  by  the  Trustee  of  notice  of  demand  or  claim  or the
commencement  of any action,  suit or proceeding,  pursuant to which the Trustee
intends  to seek  indemnification  under  this  paragraph,  it shall  notify the
Company in writing of such claim  (hereinafter  referred to as the  "Indemnified
Claim").  The  Trustee  shall have the right to conduct  and manage the  defense
against such  Indemnified  Claim,  provided,  that the Trustee  shall obtain the
consent of the Company with respect to the  selection of counsel,  which consent
shall not be unreasonably  withheld.  The Company may participate in such action
with its own counsel; and

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

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<PAGE>

            (d)   Provide to the  Trustee  any letter of  intent,  agreement  in
principle or definitive  agreement that is executed prior to ____________,  2007
in connection with a Business Combination; and

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

      3.    Limitations of Liability.  The Trustee shall have no  responsibility
or liability to:

            (a)   Take any action with  respect to the  Property,  other than as
directed in  paragraph 1 hereof and the Trustee  shall have no  liability to any
party except for  liability  arising out of its own gross  negligence or willful
misconduct;

            (b)   Institute any  proceeding  for the collection of any principal
and income arising from, or institute, appear in or defend any proceeding of any
kind with  respect  to,  any of the  Property  unless  and  until it shall  have
received instructions from the Company given as provided herein to do so and the
Company  shall have  advanced or  guaranteed  to it funds  sufficient to pay any
expenses incident thereto;

            (c)   Change  the   investment  of  any  Property,   other  than  in
compliance with paragraph 1(c);

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

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

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

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

            (h)   Pay any  taxes  on  behalf  of the  Trust  Account  (it  being
expressly  understood that as set forth in Section 1 (i), if there is any income
tax  obligation  relating to the income of the  Property  in the Trust  Account,
then, at the written instruction of the Company, the Trustee shall issue a check
directly  to  the  taxing  authorities  designated  by the  Company,  out of the
Property in the Trust Account,  in the amount  indicated by the Company as owing
to each such taxing authority).

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<PAGE>

      4.    Termination. This Agreement shall terminate as follows:

            (a)   If the Trustee  gives  written  notice to the Company  that it
desires to resign under this  Agreement,  the Company  shall use its  reasonable
efforts to locate a successor  trustee.  At such time that the Company  notifies
the Trustee that a successor  trustee has been  appointed by the Company and has
agreed to become  subject  to the terms of this  Agreement,  the  Trustee  shall
transfer the management of the Trust Account to the successor trustee, including
but not limited to the transfer of copies of the reports and statements relating
to the Trust  Account,  whereupon  this  Agreement  shall  terminate;  provided,
however, that, in the event that the Company does not locate a successor trustee
within ninety days of receipt of the  resignation  notice from the Trustee,  the
Trustee may submit an application to have the Property deposited with the United
States  District  Court  for the  Southern  District  of New York and upon  such
deposit, the Trustee shall be immune from any liability whatsoever;

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

      5.    Miscellaneous.

            (a)   The Company and the Trustee each  acknowledge that the Trustee
will  follow the  security  procedures  set forth  below  with  respect to funds
transferred from the Trust Account.  Upon receipt of written  instructions,  the
Trustee will confirm  such  instructions  with an  Authorized  Individual  at an
Authorized  Telephone  Number listed on the attached  EXHIBIT C. The Company and
the Trustee will each restrict  access to confidential  information  relating to
such security procedures to authorized persons. Each party must notify the other
party  immediately  if it has reason to believe  unauthorized  persons  may have
obtained  access  to  such  information,  or of any  change  in  its  authorized
personnel.  In  executing  funds  transfers,  the Trustee will rely upon account
numbers or other  identifying  numbers of a beneficiary,  beneficiary's  bank or
intermediary  bank,  rather than names.  The Trustee shall not be liable for any
loss,  liability  or expense  resulting  from any error in an account  number or
other  identifying  number,  provided it has accurately  transmitted the numbers
provided.

            (b)   This Agreement shall be governed by and construed and enforced
in accordance  with the laws of the State of Delaware,  without giving effect to
conflict of laws. It may be executed in several counterparts,  each one of which
shall constitute an original, and together shall constitute but one instrument.

            (c)   This Agreement contains the entire agreement and understanding
of the parties hereto with respect to the subject matter hereof.  This Agreement
or any  provision  hereof may only be changed,  amended or modified by a writing
signed by each of the parties hereto;  provided,  however,  that (i) such action
shall  not  have a  material  adverse  effect  on the  interests  of the  Public
Stockholders;  and (ii) no such change,  amendment or  modification  may be made
without  the prior  written  consent  of The  Shemano  Group.  As to any  claim,
cross-claim or counterclaim  in any way relating to this  Agreement,  each party
waives the right to trial by jury.

            (d)   The parties  hereto consent to the  jurisdiction  and venue of
any state or federal  court  located in the City of Los Angeles for  purposes of
resolving any disputes hereunder.

            (e)   Any notice,  consent or request to be given in connection with
any of the terms or provisions of this  Agreement  shall be in writing and shall
be sent by express mail or similar  private courier  service,  by certified mail
(return receipt requested), by hand delivery or by facsimile transmission:

                  If to the Trustee, to:
                           Continental Stock Transfer & Trust Company
                           17 Battery Place
                           New York, New York 10004
                           Attn:  Steven G. Nelson
                           Fax No.:  (212) 509-5150

                  If to the Company, to:

                           Viceroy Acquisition Corporation
                           235 Forsyth Boulevard, Suite 400
                           Clayton, Missouri 63105
                           Attn:  Chief Executive Officer
                           Fax No.: (    ) ______ - ________

                  in either case with a copy to:

                           The Shemano Group, Inc.
                           601 California Street, Suite 1150
                           San Francisco, California 94108
                           Attn:  Gary Shemano
                           Fax No.:  (415) 274-3238

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

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

            (h)   The Trustee hereby waives any and all right,  title,  interest
or claim of any kind ("Claim") in or to any  distribution  of the Trust Account,
and hereby agrees not to seek recourse,  reimbursement,  payment or satisfaction
for any Claim against the Trust Account for any reason whatsoever.

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

                [Remainder of this page intentionally left blank]

                                       4
<PAGE>

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

                                               CONTINENTAL STOCK TRANSFER
                                               & TRUST COMPANY, as Trustee

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

                                               VICEROY ACQUISITION CORPORATION

                                               By:
                                                 -------------------------------
                                                 Name:  Lee E. Mikles
                                                 Title: Chief Executive Officer

                                       5
<PAGE>

                                                                       EXHIBIT A

                             [LETTERHEAD OF COMPANY]

                                  [INSERT DATE]

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

Re: Trust Account No.      Termination Letter

Gentlemen:

      Pursuant to paragraph 1(i) of the Investment  Management  Trust  Agreement
between  Viceroy  Acquisition  Corporation  ("Company")  and  Continental  Stock
Transfer & Trust Company  ("Trustee"),  dated as of  ____________ , 2005 ("Trust
Agreement"),  this is to  advise  you  that  the  Company  has  entered  into an
agreement  ("Business  Agreement")  with  _____________  ("Target  Business") to
consummate a business combination with Target Business ("Business  Combination")
on or about  [INSERT  DATE].  The Company  shall notify you at least 48 hours in
advance of the  actual  date of the  consummation  of the  Business  Combination
("Consummation Date").

      Pursuant to paragraph  2(e) of the Trust  Agreement,  we are providing you
with [an affidavit][a certificate] of , which verifies the vote of the Company's
stockholders in connection with the Business Combination. In accordance with the
terms of the Trust Agreement, we hereby authorize you to commence liquidation of
the Trust Account to the effect that,  on the  Consummation  Date,  all of funds
held in the Trust  Account  will be  immediately  available  for transfer to the
account or accounts that the Company shall direct on the Consummation Date.

      On the Consummation  Date (i) counsel for the Company shall deliver to you
written  notification  that (a) the Business  Combination  shall be  consummated
immediately  after  receipt of the funds held in the Trust  Account  and (b) the
provisions of Section  11-51-302(6) and Rule 51-3.4 of the Colorado Statute,  if
applicable,  have been met,  and (ii) the Company  shall  deliver to you written
instructions with respect to the transfer of the funds held in the Trust Account
("Instruction  Letter").  You are hereby directed and authorized to transfer the
funds held in the Trust Account  immediately  upon your receipt of the counsel's
letter  and  the  Instruction  Letter,  in  accordance  with  the  terms  of the
Instruction Letter. In the event that certain deposits held in the Trust Account
may not be liquidated by the Consummation Date without penalty,  you will notify
the  Company of the same and the  Company  shall  direct you as to whether  such
funds  should  remain  in  the  Trust  Account  and  be  distributed  after  the
Consummation Date to the Company.  Upon the distribution of all the funds in the
Trust  Account  pursuant  to the  terms  hereof,  the Trust  Agreement  shall be
terminated.

      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,

                                               VICEROY ACQUISITION CORPORATION

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

                                      A-1

<PAGE>

                                                                       EXHIBIT B

                             [LETTERHEAD OF COMPANY]

                                  [INSERT DATE]

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

Re: Trust Account No.      Termination Letter

Gentlemen:

      Pursuant to paragraph 1(i) of the Investment  Management  Trust  Agreement
between  Viceroy  Acquisition  Corporation  ("Company")  and  Continental  Stock
Transfer & Trust Company  ("Trustee"),  dated as of , 2005 ("Trust  Agreement"),
this is to advise you that as a result of the  Company's  inability  to effect a
Business  Combination  with a Target Company within the time frame  specified in
the  Company's  prospectus  relating to its IPO,  the Board of  Directors of the
Company has voted to dissolve and  liquidate the Company.  Attached  hereto is a
copy of the  minutes of the  meeting of the Board of  Directors  of the  Company
relating thereto,  certified by the Secretary of the Company as true and correct
and in full force and effect.

      In accordance with the terms of the Trust Agreement, we hereby (a) certify
to you that the  provisions  of  Section  11-51-302(6)  and Rule  51-3.4  of the
Colorado Statute have been met and (b) authorize you, to commence liquidation of
the  Trust  Account.  In  connection  with  this  liquidation,  you  are  hereby
authorized  to  establish a record  date for the  purposes  of  determining  the
stockholders  of record entitled to receive their per share portion of the Trust
Account.  The record date shall be within ten (10) days of the liquidation date,
or as soon thereafter as is practicable.  You will notify the Company in writing
as to when all of the funds in the Trust Account will be available for immediate
transfer  ("Transfer  Date") in accordance with the terms of the Trust Agreement
and the Amended and Restated  Certificate of Incorporation  of the Company.  You
shall commence  distribution  of such funds in accordance  with the terms of the
Trust Agreement and the Amended and Restated Certificate of Incorporation of the
Company and you shall oversee the distribution of the funds. Upon the payment of
all the funds in the Trust Account, the Trust Agreement shall be terminated.

                                               Very truly yours,

                                               VICEROY ACQUISITION CORPORATION

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

                                      B-1

<PAGE>

                                                                       EXHIBIT C

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

COMPANY:

Viceroy Acquisition Corporation
8235 Forsyth Boulevard, Suite 400
Clayton, MO 63105

Attn:  Chief Executive Officer            (314) 889-9621

TRUSTEE:

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

                                       C-1

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