Document:

Unassociated Document

    Exhibit
      10.2

    

      INVESTMENT
        MANAGEMENT TRUST AGREEMENT

       

      This
        Agreement is made as of ___________, 2006 by and between Crossfire Capital
        Corporation (the "Company") and American Stock Transfer & Trust Company (the
        "Trustee").

       

      WHEREAS,
        the
        Company's Registration Statement on Form S-1, No. 333-133447
        (the
        "Registration Statement"), for its initial public offering of securities
        (the
        "IPO") has been declared effective as of the date hereof by the Securities
        and
        Exchange Commission (the "Effective Date"); 

       

      WHEREAS,
        Ferris,
        Baker Watts, Incorporated ("FBW")
        is
        acting as the representative of the underwriters in the IPO; 

       

      WHEREAS,
        as
        described in the Company's Registration Statement, $57,750,000 of the gross
        proceeds of the IPO and
        the
        Placement as
        herein
        provided ($66,300,000
        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,
        FBW and
        the holders of the Company's common stock, par value $.0001 per share, issued
        in
        the IPO (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, FBW and the Company will be referred to together as the
        "Beneficiaries");

       

      WHEREAS,
        a
        portion of the Property consists of $1,350,000 attributable
        to the underwriter's non-accountable
        expense
        allowance,
        which
        FBW has agreed to deposit in the Trust Account (defined below); 

       

      WHEREAS,
        a portion of the Property consists of $1,300,000 attributable to the placement
        of warrants (the "Placement") to the founder of the Company; and
        

       

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

       

      NOW,
        THEREFORE,
        in
        consideration of the mutual covenants hereinafter set forth, the parties
        agree
        as follows:

       

      1.  AGREEMENTS
        AND COVENANTS OF TRUSTEE. The Trustee hereby agrees and covenants
        to:

       

      (a)  hold
        the
        Property in trust for the Beneficiaries in accordance with the terms of this
        Agreement in
        a
        segregated trust account (the "Trust Account") established by the Trustee
        at
Lehman
        Brothers Inc.;

       

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

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      (c)  in
        a
        timely manner, upon the instruction of the Company, to invest and reinvest
        the
        Property in any "Government Security"
        or
        in
        money market funds meeting certain conditions under Rule 2a-7 under the
        Investment Company Act of 1940, as amended. 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 and FBW of all communications received by it with respect to
        any
        Property requiring action by the Company;

       

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

       

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

       

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

       

      (i)       
        as
        of the
        date of the consummation of a business combination (the "Business
        Combination"),
        commence liquidation of the Trust Account upon receipt of the
        Officers'
        Certificate signed by the Chief Executive Officer and Chief Financial Officer
        and in accordance with the terms of a termination letter
        ("Termination
        Letter"), in a form substantially similar to that attached hereto as
Exhibit
        A,
        signed
        on behalf of the Company by its President, Chief Financial Officer or Chairman
        of the Board and Secretary or Assistant Secretary. The Trustee shall complete
        the liquidation of the Trust Account and distribute the Property in the Trust
        Account to the Beneficiaries as directed in the Termination Letter and the
        other
        documents referred to therein. The Trustee understands and agrees that
        disbursements from the Trust Account shall be made only pursuant to a duly
        executed Termination Letter, together with the other documents referenced
        herein, including, without limitation, an independently certified oath and
        report of inspector of election in respect of the shareholder vote in favor
        of
        the Business Combination. In all cases, the Trustee shall provide FBW with
        a
        copy of any Termination Letters, Officers'
        Certificates and/or any other correspondence that it receives with respect
        to
        any proposed withdrawal from the Trust Account promptly after it receives
        same;

       

      (j)       
        as
        of the
        date, 18 months from the date of this Agreement (the "LOI
        Termination Date")
        (or 24
        months from the date hereof in the event the Company has executed the Letter
        of
        Intent (defined below) prior to the LOI Termination Date, but failed to
        consummate a Business Combination (the "Second
        Termination Date")), and upon receipt of a Termination Letter by the Trustee
        from the Company in a form substantially similar to that attached as Exhibit
        B,
        signed on behalf of the Company by its President, Chief Executive Officer
        or
        Chairman of the Board and Secretary or Assistant Secretary,
        commence liquidation of the Trust Account. The Trustee, upon consultation
        with
        the Company and FBW, shall deliver a notice to Public Stockholders of record
        as
        of the LOI Termination Date or Second Termination Date, whichever the case
        may
        be, by U.S. mail or via the Depository Trust Company ("DTC"),
        within
        five days of the LOI Termination Date or Second Termination Date, to notify
        the
        Public Stockholders of such event and take such other actions as it may deem
        necessary to inform the Beneficiaries. The Trustee shall deliver to each
        Public
        Stockholder its ratable share of the Property against satisfactory evidence
        of
        delivery of the stock certificates through DTC, its Deposit Withdraw Agent
        Commission (DWAC) system or as otherwise presented to the Trustee.
        Notwithstanding the foregoing, if the Trustee receives a bona fide, executed
        letter of intent or engagement letter (the "Letter
        of
        Intent")
        for a
        Business Combination prior to the LOI Termination Date accompanied by an
        Officers'
        Certificate as described in Section 2(e) hereof, then the Trustee shall forego
        or suspend any liquidation of the Trust Account until the earlier of a Business
        Combination or the Second Termination Date. 

       

      
        
          
          

        

        
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      2.  LIMITED
        DISTRIBUTIONS OF INCOME ON PROPERTY

       

      (a)  Upon
        receipt by the Trustee of an Officer's Certificate signed by the President
        of
        the Company certifying as true, accurate and complete a copy of any tax return
        required to be filed on behalf of the Trust Account in respect of income
        earned
        on the Property held therein, the Trustee shall deliver to the Company for
        submission to the appropriate taxing authority a check made payable to the
        order
        of such taxing authority in the amount required to pay such taxes, provided,
        however,
        that in
        no event shall the aggregate amount of all checks issued to taxing authorities
        pursuant to this Section 2(a) exceed the income in respect of which such
        taxes
        are due and owing. 

       

      (b)  Upon
        written request from the Company, which may be given not more than once in
        any
        calendar month, the Trustee shall distribute to the Company an amount equal
        to
        the income earned on the Property, net of taxes payable through the last
        day of
        the month immediately preceding the date of receipt of the Company's request;
        provided,
        however,
        that
        the maximum amount of distributions, net of taxes, that the Company may request
        and the Trustee shall distribute pursuant to this Section 2(b) shall be
        $1,500,000, or $1,725,000 if the over-allotment option is exercised in full
        by
        the underwriters.

       

      (c)  Except
        as
        provided in Section 2(a) and 2(b) above, no other distributions from the
        Trust
        Account shall be permitted except in accordance with Sections 1(i) and 1(j)
        hereof.

       

      3.       
        AGREEMENTS
        AND COVENANTS OF THE COMPANY.

       

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

       

      (b)  The
        Company shall
        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;

       

      
        
          
          

        

        
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      (c)  The
        Company shall pay
        the
        Trustee an initial acceptance fee of [$_______]
        and an
        annual fee of [$______]
        (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 closing
        of the
        IPO and thereafter on the anniversary of the Effective Date. The Trustee
        shall
        refund to the Company the fee (on a pro
        rata
        basis)
        with respect to any period after the liquidation of the Trust Fund. The Company
        shall not be responsible for any other fees or charges of the Trustee except
        as
        may be provided in Section 2(b) hereof (it being expressly understood that
        the
        Property shall not be used to make any payments to the Trustee under such
        section);

       

      (d)  In
        the
        event that the Company consummates the Business Combination and the Trust
        Account is liquidated in accordance with Section 1(i) hereof, the Trustee
        or
        another independent party designated by FBW shall act as the inspector of
        election to certify the results of the shareholder vote; and

       

      (e) The
        Officers'
        Certificate referenced in Section 1(i) and (j) hereof shall require the Chief
        Executive Officer and Chief Financial Officer of the Company to each certify
        either
        of the
        following:(1)
        prior
        to the LOI Termination Date, the Company has entered into a Business Combination
        with a target business, the terms of which are consistent with the requirements
        set forth in the Registration Statement; or
        2(A)
        prior to the LOI Termination Date, the Company has entered into a bona
        fide
        Letter
        of Intent with a target business and (B)
        prior
        to the Second Termination Date, the Company has entered into a Business
        Combination with a target business, the terms of which are consistent with
        the
        requirements set forth in the Registration Statement. 

       

      4.  LIMITATIONS
        OF LIABILITY. The Trustee shall have no responsibility or liability
        to:

       

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

       

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

       

      
        
          
          

        

        
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      (c)  change
        the investment of any Property, other than in compliance with Section 1(c)
        hereof;

       

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

       

      (e)  assume
        that the authority of any person designated by the Company or
        FBW to
        give
        written
        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
        Company
        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 need not investigate
        any fact or matter stated in the document. 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 Company
        or any other proper
        person
        and, if
        the duties or rights of the Trustee are affected, unless it shall give its
        prior
        written consent thereto;

       

      (g)  verify
        the correctness of the information set forth in the Registration Statement
        or to
        confirm or assure that any acquisition made by the Company or any other action
        taken by it is as contemplated by the Registration Statement, unless an officer
        of the Trustee has actual knowledge thereof, written notice of such event
        is
        sent to the Trustee or as otherwise required under Section 1(i) hereof;
        and

       

      (h)  pay
        any
        taxes on behalf of the Trust Account (it being expressly understood that
        the
        Property shall not be used to pay any such taxes and that such taxes, if
        any,
        shall be paid by the Company from the
        income earned on the Property as provided in Section 2(a)).

       

      5.  CERTAIN
        RIGHTS OF TRUSTEE.

       

      (a)  Before
        the Trustee acts or refrains from acting, it may require an Officers'
        Certificate or opinion of counsel or both. The Trustee shall not be liable
        for
        any action it takes or omits to take in good faith in reliance on such
        Officers'
        Certificate or opinion of counsel. The Trustee may consult with counsel and
        the
        advice of such counsel or any opinion of counsel shall be full and complete
        authorization and protection from liability in respect of any action taken,
        suffered or omitted by it hereunder in good faith and in reliance
        thereon.

       

      (b)  The
        Trustee may act through its attorneys and agents and shall not be responsible
        for the misconduct or negligence of any agent appointed with due
        care.

       

      
        
          
          

        

        
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      (c)  The
        Trustee shall not be liable for any action it takes or omits to take in good
        faith that it believes to be authorized or within the rights or powers conferred
        upon it by this Agreement.

       

      (d)  The
        Trustee shall not be responsible for and makes no representation as to the
        validity or adequacy of this Agreement; it shall not be accountable for the
        Company's
        use of
        the proceeds from the Trust Account. Notwithstanding the effective date of
        this
        Agreement or anything to the contrary contained in this Agreement, the Trustee
        shall have no liability or responsibility for any act or event relating to
        this
        Agreement or the transactions related thereto which occurs prior to the date
        of
        this Agreement, and shall have no contractual or
        fiduciary
        obligations to the Beneficiaries until the date of this Agreement.

       

      6.  TERMINATION.
        This Agreement shall terminate,
        except
        with respect to Section 3(b),
        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 whatsoeverand
        this
        Agreement shall terminate; or

       

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

       

      7.  MISCELLANEOUS.

       

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

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

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

       

      (c)  This
        Agreement contains the entire agreement and understanding of the parties
        hereto
        with respect to the subject matter hereof. This Agreement or any provision
        hereof may only be changed, amended or modified by a writing signed by each
        of
        the parties hereto; provided, however, that no such change, amendment or
        modification may be made without the prior written consent of FBW. As to
        any
        claim, cross-claim or counterclaim in any way relating to this Agreement,
        each
        party waives the right to trial by jury.

       

      (d)  The
        parties hereto consent to the jurisdiction and venue of any state or federal
        court located in the State of New York 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:

       

      American
        Stock Transfer&
        Trust Company

      59
        Maiden
        Lane, Plaza Level

      New
        York,
        NY 10038

      Attn:
        Susan Silber 

      Fax
        No:
        (718) 236-4588

      

      if
        to the Company, to:

       

      Crossfire
        Capital Corporation 

      950
        Third
        Avenue, Suite 2500

      New
        York,
        NY 10022

      Attn:
        Martin Oliner

      Fax
        No.:
[__________]

      

       

      in
        either
        case with a copy to:

       

      Ferris,
        Baker Watts, Incorporated

      7601
        Lewinsville Road, Suite 450 

      McLean,
        VA 22102

      Attn:
        Peter McGowan

      Fax
        No.:
        (410) 659-4632

       

      

      
        
          
          

        

        
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      (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.

       

      [REMAINDER
        OF PAGE INTENTIONALLY LEFT BLANK]

       

       

      
        
          
          

        

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

       

      AMERICAN
        STOCK TRANSFER & TRUST

      COMPANY,
        as Trustee

       

      
        	 	
                By:

              	
                _________________________

                Name:

                Title:

              

      

       

       

       

       

      CROSSFIRE
        CAPITAL CORPORATION

       

      
        	 	
                By:

              	
                ________________________

                Name:
Martin
                  Oliner

                Title:
                  President

              

      

       

       

       

      

 

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A

       

      [LETTERHEAD
        OF COMPANY]

       

      [INSERT
        DATE]

       

      American
        Stock Transfer

      &
        Trust Company

      59
        Maiden
        Lane, Plaza Level

      New
        York,
        NY 10038

      Attn:
        

       

      RE:
        TRUST ACCOUNT NO. _____________ TERMINATION LETTER

       

      Gentlemen:

       

      Pursuant
        to Section 1(i) of the Investment Management Trust Agreement between Crossfire
        Capital Corporation (the "Company") and American Stock Transfer & Trust
        Company (the "Trustee"), dated as of ___________, 2006 (the "Trust Agreement"),
        this is to advise you that the Company has entered into an agreement ("Business
        Agreement") with __________________ ("Target Business") to consummate a business
        combination with Target Business (the "Business Combination") on or about
        ________ __, 200_. The Company shall notify you at least 48 hours in advance
        of
        the actual date of the consummation of the Business Combination (the
        "Consummation Date") and shall provide you with an Officers'
        Certificate in accordance with Sections 1(i) and 3(e)
        of
        the Trust Agreement.

       

      In
        accordance with the terms of the Trust Agreement, we hereby authorize you
        to
        commence liquidation of the Trust Account to the effect that, on the
        Consummation Date, all of funds held in the Trust Account will be immediately
        available for transfer to the account or accounts that the Company
        shall in
        writing direct on the Consummation Date.

       

      On
        the
        Consummation Date (i) counsel for the Company shall deliver to you written
        notification that the Business Combination has been consummated;
        (ii)
        the Company shall deliver the oath and report of inspector of election certified
        by an independent inspector which may be the Trustee or as otherwise appointed
        by FBW (collectively, the "Report");
        and
        (iii) the Company shall deliver to you written instructions with respect
        to the
        transfer of the funds held in the Trust Account ("Instruction Letter") along
        with satisfactory evidence of delivery of the stock certificates from Public
        Stockholders who elect to exercise their conversion rights through the
        Depository Trust Company, its Deposit Withdraw Agent Commission (DWAC) system
        or
        as otherwise presented to you (the "Stock
        Certificates").
        You
        are hereby directed and authorized to transfer the funds held in the Trust
        Account immediately upon your receipt of the counsel's letter, the Report,
        evidence of delivery of the Stock Certificates, the Officers'
        Certificate and the Instruction Letter (the "Deliverables"),
        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 and FBW of the same and
        the
        Company and,
        FBW
        shall issue joint written instructions directing you as to whether such funds
        should remain in the Trust Account and distributed after the Consummation
        Date
        to the Company and/or FBW. Upon the distribution of all the funds in the
        Trust
        Account pursuant to the terms hereof, the Trust Agreement shall be
        terminated.

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

      In
        the
        event that the Business Combination is not consummated on the Consummation
        Date
        described in the notice thereof and we have not notified you on or before
        the
        original Consummation Date of a new Consummation Date, then the funds held
        in
        the Trust Account shall be reinvested as provided in the Trust Agreement
        on the
        business day immediately following the Consummation Date as set forth in
        the
        notice.

       

      Very
        truly yours,

       

      CROSSFIRE
        CAPITAL CORPORATION

       

      By:
         ____________________________________

       

      Name:
        Martin Oliner

      Title:
         
        President 

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B

      

      [LETTERHEAD
        OF COMPANY]

       

      [INSERT
        DATE]

       

      

      

      American
        Stock Transfer & Trust Company

      59
        Maiden
        Lane, Plaza Level,

      New
        York,
        NY 10038

      

      Attention:
        [   
        ]

      

      Re: Trust
        Account [   
        ] –
        Termination
        Letter

      

      Gentlemen:

      

      Pursuant
        to paragraph 1(j) of the Investment Management Trust Agreement between Crossfire
        Capital Corporation (the "Company") and American Stock Transfer & Trust
        Company ("Trustee"), dated as of    
        ,
        2006
        ("Trust Agreement"), this is to advise you that the Board of Directors of
        the
        Company ("Board") and the stockholders owning a majority of the outstanding
        common stock have duly voted to dissolve and liquidate the Company. Attached
        hereto is a copy of the minutes of the meeting of the Board and stockholders
        relating thereto, certified by the Secretary of the Company as true and correct
        and in full force and effect. All terms not defined herein shall have the
        meanings ascribed to them in the Trust Agreement.

      

      In
        accordance with the terms of the Trust Agreement, we hereby acknowledge and
        agree that you have full authority to commence liquidation of the Trust Account
        immediately on the LOI Termination Date (unless certain conditions have been
        satisfied in accordance with the terms of the Trust Agreement) or Second
        Termination Date, whichever is applicable. You will notify the Company, FBW
        and
        Lehman Brothers Inc. ("Designated Paying Agent") in writing as to when all
        of
        the funds in the Trust Account will be available for immediate transfer
        ("Transfer Date").

      

      The
        Designated Paying Agent shall thereafter notify you as to the account or
        accounts of the Designated Paying Agent that the funds in the Trust Account
        should be transferred to on the Transfer Date so that the Designated Paying
        Agent may commence distribution of such funds in accordance with the Company's
        instructions; provided, however, that satisfactory evidence of delivery of
        the
        stock certificates from the Public Stockholders through the Depository Trust
        Company, its Deposit Withdraw Agent Commission (DWAC) system or otherwise
        shall
        have been received. You shall have no obligation to oversee the Designated
        Paying Agent's distribution of the funds. Upon the payment to the Designated
        Paying Agent of all the funds in the Trust Account, the Trust Agreement shall
        be
        terminated.

      

      Very
        truly yours,

      

      CROSSFIRE
        CAPITAL CORPORATION

      

      

      

      By:
        ______________________________ 

      Martin
        Oliner

      President
        and Secretary

      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      EXHIBIT
        C

      

      
        	
                AUTHORIZED
                  INDIVIDUAL(S)

                FOR
                  TELEPHONE CALL BACK

                 

                COMPANY:

                 

                Crossfire
                  Capital Corporation

                950
                  Third Avenue, Suite 2500

                New
                  York, NY 10022

                Attn:
                  Martin Oliner

                 

                 

                FBW:

                 

                Ferris
                  Baker Watts, Incorporated

                100
                  Light Street

                Baltimore,
                  Maryland 

                Attn.:
                  Peter McGowan

                 

                TRUSTEE:

                 

                 

                American
                  Stock Transfer

                &
                  Trust Company:

                59
                  Maiden Lane, Plaza Level

                New
                  York, NY 10038

                Attn:
                  Susan Silber

              	
                AUTHORIZED

                TELEPHONE
                  NUMBER(S)

                 

                 

                 

                 

                 

                (212)
                  758-4313

                 

                 

                 

                 

                 

                 

                (410)
                  659-4630

                 

                 

                 

                 

                 

                 

                 

                 

                (718)
                  921-8217Unassociated Document

    Exhibit
      10.3

    
 

    STOCK
      ESCROW AGREEMENT

     

    STOCK
      ESCROW AGREEMENT, dated as of ____________, 2006 (the "Agreement"), by and
      among
      CROSSFIRE CAPITAL CORPORATION, a Delaware corporation (the "Company"),
The
      Martin
      Oliner 2000
      Family Trust, Peter W. Mattingly,
      Ian
      R.D. Chapman, James L. Patton and Stephen L. Hubbard (collectively, the "Initial
      Stockholders") and AMERICAN STOCK TRANSFER & TRUST COMPANY, a New York
      corporation (the "Escrow Agent").

     

    WHEREAS,
      the
      Company has entered into an Underwriting Agreement, dated ____, 2006 (the
      "Underwriting Agreement"), with Ferris, Baker Watts, Incorporated ("FBW") acting
      as the representative
      of the underwriters
      (the
      "Underwriters"),
      pursuant to which, among other matters, the Underwriters
      have
      agreed
      to purchase 10,000,000 units (the "Units") of the Company. Each Unit consists
      of
      one share of the Company's Common Stock, par value $.0001 per share, and two
      Warrants, each Warrant to purchase one share of Common Stock, all as more fully
      described in the Company's final Prospectus, dated ________, 2006 (the
      "Prospectus") comprising part of the Company's Registration Statement on Form
      S-1 (File No. 333-133447)
      under
      the Securities Act of 1933, as amended (the "Registration Statement"), declared
      effective on __________, 2006 (the "Effective Date");

     

    WHEREAS,
      the
      Initial Stockholders have agreed as a condition of the sale of the Units to
      deposit their shares of Common Stock of the Company, as set forth opposite
      their
      respective names in Exhibit A attached hereto (collectively, the "Escrow
      Shares"), in escrow as hereinafter provided; and

     

    WHEREAS,
      the
      Company and the Initial Stockholders desire that the Escrow Agent accept the
      Escrow Shares, in escrow, to be held and disbursed as hereinafter
      provided.

     

    NOW,
      THEREFORE, in
      consideration of the mutual covenants hereinafter set forth, the parties agree
      as follows:

     

    1.    
      APPOINTMENT OF THE ESCROW AGENT. The Company and the Initial Stockholders hereby
      appoint the Escrow Agent to act in accordance with and subject to the terms
      of
      this Agreement and the Escrow Agent hereby accepts such appointment and agrees
      to act in accordance with and subject to such terms. Capitalized terms used
      in
      this Agreement but not defined herein will have the meanings set forth in the
      Registration Statement. 

     

    2.    
      DEPOSIT OF ESCROW SHARES. On or before the Effective Date, each of the Initial
      Stockholders shall deliver to the Escrow Agent certificates representing his
      respective Escrow Shares, to be held and disbursed subject to the terms and
      conditions of this Agreement. Each Initial Stockholder acknowledges that the
      certificate representing his Escrow Shares is legended to reflect the deposit
      of
      such Escrow Shares under this Agreement.

     

    3.     DISBURSEMENT
      OF THE ESCROW SHARES. 

     

    3.1 
         The Escrow Agent shall hold the Escrow Shares until the one hundred
      eightieth day following the consummation by the Company of a Business
      Combination (the "Escrow Period"), on which date it shall, upon written
      instructions from each Initial Stockholder, disburse each of the Initial
      Stockholder's Escrow Shares to such Initial Stockholder; provided, however,
      that
      if the Escrow Agent is notified by the Company pursuant to Section 3.3 hereof
      that the Company is being liquidated at any time during the Escrow Period,
      then
      the Escrow Agent shall promptly destroy the certificates representing the Escrow
      Shares; provided further, however, that if, after the Company consummates a
      Business Combination (as such term is defined in the Prospectus),
      it (or
      the surviving entity) subsequently consummates a liquidation, merger, stock
      exchange or other similar transaction which results in all of the stockholders
      of such entity having the right to exchange their shares of Common Stock for
      cash, securities or other property, then the Escrow Agent will, upon receipt
      of
      a certificate, executed by the Chief Executive Officer or Chief Financial
      Officer of the Company, in form reasonably acceptable to the Escrow Agent,
      that
      such transaction is then being consummated, release the Escrow Shares to the
      Initial Stockholders upon consummation of the transaction so that they can
      similarly participate. The Escrow Agent shall have no further duties hereunder
      after the disbursement or destruction of the Escrow Shares in accordance with
      this Section 3.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    3.2    
      CONSUMMATION OF A BUSINESS COMBINATION. Within thirty (30) days after the
      consummation by the Company of a Business Combination, the Company shall deliver
      to the Escrow Agent a certificate executed by the Chief Executive Officer or
      the
      Chief Financial Officer, in form reasonably acceptable to the Escrow Agent,
      stating that a Business Combination has been consummated, the date of the
      Business Combination shall have been consummated and the date that is one
      hundred eighty days after the date of consummation of a Business
      Combination.

     

    3.3    
      LIQUIDATION OF THE COMPANY. The Company shall give the Escrow Agent written
      notification of the liquidation and dissolution of the Company in the event
      that
      the Company fails to consummate a Business Combination within the time period(s)
      specified in the Prospectus.

     

    4.    
      RIGHTS OF INITIAL STOCKHOLDERS IN ESCROW SHARES.

     

    4.1    
      VOTING RIGHTS AS A STOCKHOLDER. Subject to the terms of the Insider Letter
      described in Section 4.4 hereof and except as herein provided, the Initial
      Stockholders shall retain all of their rights as stockholders of the Company
      during the Escrow Period, including, without limitation, the right to vote
      such
      shares.

     

    4.2    
      DIVIDENDS AND OTHER DISTRIBUTIONS IN RESPECT OF THE ESCROW SHARES. During the
      Escrow Period, all dividends payable in cash with respect to the Escrow Shares
      shall be paid to the Initial Stockholders, but all dividends payable in stock
      or
      other non-cash property ("Non-Cash Dividends") shall be delivered to the Escrow
      Agent to hold in accordance with the terms hereof. As used herein, the term
      "Escrow Shares" shall be deemed to include the Non-Cash Dividends distributed
      thereon, if any.

     

    4.3    
      RESTRICTIONS ON TRANSFER. During the Escrow Period, no sale, transfer or other
      disposition may be made of any or all of the Escrow Shares except (i) by gift
      to
      a member of Initial Stockholder's immediate family or to a trust, the
      beneficiary of which is an Initial Stockholder or a member of an Initial
      Stockholder's immediate family, (ii) by virtue of the laws of descent and
      distribution upon death of any Initial Stockholder, or (iii) pursuant to a
      qualified domestic relations order; provided, however, that such permissive
      transfers may be implemented only upon the respective transferee's written
      agreement to be bound by the terms and conditions of this Agreement and of
      the
      Insider Letter signed by the Initial Stockholder transferring the Escrow Shares.
      During the Escrow Period, the Initial Stockholders shall not pledge or grant
      a
      security interest in the Escrow Shares or grant a security interest in their
      rights under this Agreement.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    4.4    
      INSIDER LETTERS. Each of the Initial Stockholders has executed a letter
      agreement with FBW and the Company, dated as indicated on Exhibit A
      hereto, a
      form
      of
      which
has
      been
      filed as
      an exhibit to the Registration Statement (the "Insider Letter"), respecting
      the
      rights and obligations of such Initial Stockholder in certain events, including
      but not limited to the liquidation of the Company.

     

    5.    
      CONCERNING THE ESCROW AGENT.

     

    5.1    
      GOOD FAITH RELIANCE. The Escrow Agent shall not be liable for any action taken
      or omitted by it in good faith and in the exercise of its own best judgment,
      and
      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 Escrow Agent), 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 Escrow Agent to be genuine and
      to be
      signed or presented by the proper person or persons. The Escrow Agent shall
      not
      be bound by any notice or demand, or any waiver, modification, termination
      or
      rescission of this Agreement unless evidenced by a writing delivered to the
      Escrow Agent signed by the proper party or parties and, if the duties or rights
      of the Escrow Agent are affected, unless it shall have given its prior written
      consent thereto.

     

    5.2    
      INDEMNIFICATION. The Escrow Agent shall be indemnified and held harmless by
      the
      Company from and against any expenses, including counsel fees and disbursements,
      or loss suffered by the Escrow Agent in connection with any action, suit or
      other proceeding involving any claim which in any way, directly or indirectly,
      arises out of or relates to this Agreement, the services of the Escrow Agent
      hereunder, or the Escrow Shares held by it hereunder, other than expenses or
      losses arising from the gross negligence or willful misconduct of the Escrow
      Agent. Promptly after the receipt by the Escrow Agent of notice of any demand
      or
      claim or the commencement of any action, suit or proceeding, the Escrow Agent
      shall notify the other parties hereto in writing. In the event of the receipt
      of
      such notice, the Escrow Agent, in its sole discretion, may commence an action
      in
      the nature of interpleader in an appropriate court to determine ownership or
      disposition of the Escrow Shares or it may deposit the Escrow Shares with the
      clerk of any appropriate court or it may retain the Escrow Shares pending
      receipt of a final, non-appealable order of a court having jurisdiction over
      all
      of the parties hereto directing to whom and under what circumstances the Escrow
      Shares are to be disbursed and delivered. The provisions of this Section 5.2
      shall survive in the event the Escrow Agent resigns or is discharged pursuant
      to
Section
      5.5 or
      5.6 below.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    5.3    
      COMPENSATION. The Escrow Agent shall be entitled to reasonable compensation
      from
      the Company for all services rendered by it hereunder. The Escrow Agent shall
      also be entitled to reimbursement from the Company for all expenses paid or
      incurred by it in the administration of its duties hereunder including, but
      not
      limited to, all counsel, advisors' and agents' fees and disbursements and all
      taxes or other governmental charges.

     

    5.4    
      FURTHER ASSURANCES. From time to time on and after the date hereof, the Company
      and the Initial Stockholders shall deliver or cause to be delivered to the
      Escrow Agent such further documents and instruments and shall do or cause to
      be
      done such further acts as the Escrow Agent shall reasonably request to carry
      out
      more effectively the provisions and purposes of this Agreement, to evidence
      compliance herewith or to assure itself that it is protected in acting
      hereunder.

     

    5.5    
      RESIGNATION. The Escrow Agent may resign at any time and be discharged from
      its
      duties as escrow agent hereunder by its giving the other parties hereto written
      notice and such resignation shall become effective as hereinafter provided.
      Such
      resignation shall become effective at such time that the Escrow Agent shall
      turn
      over to a successor escrow agent appointed by the Company, the Escrow Shares
      held hereunder. If no new escrow agent is so appointed within the 60
-day
      period following the giving of such notice of resignation, the Escrow Agent
      may
      deposit the Escrow Shares with any court it reasonably deems
      appropriate.

     

    5.6    
      DISCHARGE OF ESCROW AGENT. The Escrow Agent shall resign and be discharged
      from
      its duties as escrow agent hereunder if so requested in writing at any time
      by
      the other parties hereto, jointly, provided, however, that such resignation
      shall become effective only upon acceptance of appointment by a successor escrow
      agent as provided in Section 5.5.

     

    5.7    
      LIABILITY. Notwithstanding anything herein to the contrary, the Escrow Agent
      shall not be relieved from liability hereunder for its own gross negligence
      or
      willful
      misconduct.

     

    6.    
      MISCELLANEOUS.

     

    6.1    
      GOVERNING LAW. This Agreement shall for all purposes be deemed to be made under
      and shall be construed in accordance with the laws of the State of New
      York.

     

    6.2    
      THIRD PARTY BENEFICIARIES. Each of the Initial Stockholders hereby acknowledges
      that the Underwriters are third party beneficiaries of this Agreement and this
      Agreement may not be modified or changed without the prior written consent
      of
      FBW.

     

    6.3    
      ENTIRE AGREEMENT. This Agreement contains the entire agreement of the parties
      hereto with respect to the subject matter hereof and, except as expressly
      provided herein, may not be changed or modified except by an instrument in
      writing signed by the party to the charged.

     

    6.4    
      HEADINGS. The headings contained in this Agreement are for reference purposes
      only and shall not affect in any way the meaning or interpretation
      thereof.

     

    6.5    
      BINDING EFFECT. This Agreement shall be binding upon and inure to the benefit
      of
      the respective parties hereto and their legal representatives, successors and
      assigns.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    6.6    
      NOTICES. Any notice or other communication required or which may be given
      hereunder shall be in writing and either be delivered personally or be mailed,
      certified or registered mail, or by private national courier service, return
      receipt requested, postage prepaid, and shall be deemed given when so delivered
      personally or, if mailed, two days after the date of mailing, as
      follows:

     

    If
      to the Company, to:

     

    Crossfire
      Capital Corporation

    950
      Third
      Avenue, Suite 2500

    New
      York,
      NY 10022

    Attn:
      Martin Oliner

     

    If
      to a
      Stockholder, to his address set forth in Exhibit A.

     

    and
      if to the Escrow Agent, to:

     

    American
      Stock Transfer & Trust Company 

    59
      Maiden
      Lane, Plaza Level

    New
      York,
      NY 10038

    Attn:
      Susan Silber

     

    A
      copy of
      any notice sent hereunder shall be sent to:

     

    Davies
      Ward Phillips & Vineberg LLP

    625
      Madison Avenue, 12 Floor 

    New
      York,
      NY 10022

    Attn:
      Scott Tayne, Esq.

    

    Ferris,
      Baker Watts, Inc.

    7601
      Lewinsville Road, Suite 450

    McLean,
      VA 22102

    Attn:
      Peter
      McGowan

     

    and:

    

    Gersten
      Savage LLP

    101
      East
      52nd
      Street

    New
      York,
      NY 10022

    Attn:
      Jay
      M.
      Kaplowitz,
      Esq.

    

     

    The
      parties may change the persons and addresses to which the notices or other
      communications are to be sent by giving written notice to any such change in
      the
      manner provided herein for giving notice.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    6.7  COUNTERPARTS.
      This Agreement may be executed in one or more counterparts, each of which will
      be deemed to be an original copy of this Agreement and all of which, taken
      together, will be deemed to constitute one and the same agreement.

     

    IN
      WITNESS WHEREOF, the parties hereto have executed this Agreement to be effective
      as of the date first aforesaid.

     

    CROSSFIRE
      CAPITAL CORPORATION

     

    By:
      __________________________________

    Name:
      Martin Oliner

    Title:
      President

     

    INITIAL
      STOCKHOLDERS:

     

     

    The
      Martin
      Oliner 2000
      Family Trust

     

    By: __________________________________ 

    Reva
      Oliner, Trustee

     

    ________________________________

    Peter
      W.
      Mattingly

     

    ________________________________

    Ian
      R.D.
      Chapman

     

    ________________________________

    James
      L.
      Patton

     

    ________________________________

    Stephen
      L. Hubbard

     

    AMERICAN
      STOCK TRANSFER & TRUST COMPANY

     

    By:
      __________________________________

    Name:
      

    Title:
      

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

     

    

    
      	
              Name
                and Address of 

              Initial
                Stockholder

            	
              Number

              of
                Shares

            	
              Stock

              Certificate
                Number

            	
              Date
                of

              Insider
                Letter

            
	 	 	 	 
	
              The
                Martin
                Oliner 2000 Family
                Trust

            	
              2,250,000

            	 	
              __,
                2006

            
	
              Peter
                W. Mattingly

            	
              62,500

            	 	
              __,
                2006

            
	
              Ian
                R. D. Chapman

            	
              62,500

            	 	
              __,
                2006

            
	
              James
                L. Patton

            	
              62,500

            	 	
              __,
                2006

            
	
              Stephen
                L. Hubbard

            	
              62,500

            	 	
              __,
                2006

            
	 	 	 	 
	 	 	 	 

    

    

    
      
        
        

      

      
        7

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