Form of Investment Management Trust Agreement

Exhibit 10.17

INVESTMENT MANAGEMENT TRUST AGREEMENT

This Agreement is made as of _____, 2008 by and between International Brands Management Group Ltd. (the " Company" ) whose principal office is located at _____ and Continental Stock Transfer & Trust Company (the " Trustee" ) located at 17 Battery Place, New York, New York, 10004.

WHEREAS, the Company' s Registration Statement on Form S-1, as amended, No. 333-147586 (together with any registration statement filed pursuant to Rule 462(b), 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" ); and

WHEREAS, Pali Capital, Inc. is acting as the representative (the " Representative" ) to the underwriters in the IPO (collectively, with the Representative, the " Underwriters" ); and

WHEREAS, the Company has completed a private placement of 4,200,000 warrants for an aggregate purchase price of $4,200,000 (the " Private Placement" ); and

WHEREAS, as described in the Registration Statement, and in accordance with the Company' s Certificate of Incorporation, $101,500,000 (inclusive of all discounts and commissions including the Deferred Discount as defined below) of the proceeds of the IPO and the sale of warrants in a private placement simultaneously with the IPO ($116,200,000 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 $0.0001 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 and the Company will be referred to together as the " Beneficiaries" ); and

WHEREAS, a portion of the Property consists of $5,000,000 (or $5,750,000 if the Underwriter' s over-allotment option is exercised in full) attributable to the Underwriters' discount (" Deferred Discount" ) which the Underwriters have agreed to deposit in the Trust Account (defined below); 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, in segregated trust account(s) (" Trust Account" ) established by the Trustee at a branch of J.P. Morgan Chase Bank N.A. and at a brokerage institution satisfactory to the Company and 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, to invest and reinvest the Property in any " Government Security" within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 180 days or less, or in money market funds selected by the Company meeting the conditions specified in paragraphs c(2), c(3) and c(4) under Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended, as determined by the Company;

(d) Collect and receive, when due, all principal and income arising from the Property, which income, net of taxes, 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 which communications require that notice be given by the Company or action be taken 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 relating to income from the Property in the Trust Account or otherwise;

(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 in writing to do so;

(h) Render to the Company 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) Commence liquidation of the Trust Account promptly only upon receipt of and only in accordance with the terms of a letter (the " Termination Letter" ), in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B as the case by be, signed on behalf of the Company by (i) either the Chief Executive Officer or the President and (ii) the Chief Financial Officer, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account only as directed in the Termination Letter and the other documents referred to therein, provided, however, that in the event a Termination Letter has not been received by the 24-month anniversary of the effective date of the Registration Statement (the " Last Date" ), the Trust Account shall be liquidated in


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accordance with the procedures set forth in the Termination Letter attached hereto as Exhibit B to the stockholders of record on the Last Date.

(j) The provisions of this Section 1(i) may not be modified, amended or deleted under any circumstances. The Trustee understands and agrees that, except as provided in Sections 1(i) , and 7(a) hereof, disbursements from the Trust Account shall be made only pursuant to a duly executed Termination Letter, together with the other documents referenced herein.

2. Limited Distributions Of Income From Trust Account .

(a) If there is any income, franchise or other federal, state or local tax obligation relating to the Property in the Trust Account as determined by the Company, then, from time to time, at the written instruction of the Company, the Trustee shall promptly, to the extent there is not sufficient cash in the Trust Account to pay such tax obligation, liquidate such assets held in the Trust Account as shall be designated by the Company in writing, and disburse to the Company by wire transfer, out of the Property in the Trust Account, the amount indicated by the Company as owing in respect of such income tax obligation; and

(b) Until such time as the Trustee shall have disbursed an aggregate amount equal to $2,000,000 to the Company (net of any expenses of the Trustee payable pursuant to Section 3(c) and any income or other tax obligations relating to the income from the Property in the Trust, the amount of such tax obligations as determined by the Company), the Trustee shall, upon the written request of the Company, disburse to the Company, in cash, the amount of any income earned and collected on the Trust Account. Following such time as the Trustee shall have disbursed an amount equal to $2,000,000 to the Company (net of any expenses of the Trustee payable pursuant Section 3(c) and any income or other tax obligations relating to the income from the Property in the Trust.

Each of the parties hereto hereby acknowledge and agree that no distributions from the Trust Account shall be permitted except in accordance with Sections 2(a) and 2(b) hereof.

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

Give all instructions to the Trustee hereunder in writing, signed by either the Chief Executive Officer, President or Chief Financial Officer of the Company. In addition, except with respect to its duties under Sections 1(i), 2(a) and 2(b) 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;

Subject to the provisions of Section 6 hereof, hold the Trustee harmless and indemnify the Trustee from and against, any and all expenses, including reasonable counsel fees


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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 and the nature, basis and amount of such claim to the extent then known (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 shall be entitled to participate in such action with its own counsel;

Pay the Trustee an initial acceptance fee, an annual fee and a transaction processing fee for each disbursement made pursuant to Section 1(i) as set forth on Schedule A hereto, which fees shall be subject to modification by the parties from time to time. It is expressly understood that the Property shall not be used to pay such fees and further agreed that said transaction processing fees shall be deducted by the Trustee from the disbursements made to the Company pursuant to Section 1(i) . The Company shall pay the Trustee the initial acceptance fee and first year' s annual fee at the consummation of the IPO and shall thereafter pay the annual fee on the anniversary of the Effective Date. The Trustee shall refund to the Company the annual 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 set forth in this Section 3(c) and as may be provided in Section 3(b) hereof (it being expressly understood that the Property shall not be used to make any payments to the Trustee under such Sections);

Provide the Representative with a copy of any Termination Letter and/or any other correspondence that it issues to the Trustee with respect to any proposed withdrawal from the Trust Account promptly after it receives same;

Provide to the Trustee any letter of intent, agreement in principle or definitive agreement that is executed pr ...