EXHIBIT 10.10
March 9, 2005
EarlyBirdCapital, Inc.
000 Xxxxxxx Xxxxxx
Xxxxx 0000
Xxx Xxxx, Xxx Xxxx 00000
Re: ISRAEL TECHNOLOGY ACQUISITION CORP.
Gentlemen:
This letter will confirm the agreement of the undersigned to
purchase warrants ("Warrants") of Israel Technology Acquisition Corp.
("Company") included in the units ("Units") being sold in the Company's initial
public offering ("IPO") upon the terms and conditions set forth herein. Each
Unit is comprised of one share of Common Stock and two Warrants. The shares of
Common Stock and Warrants will not be separately tradeable until 90 days after
the effective date of the Company's IPO unless EarlyBirdCapital, Inc. ("EBC")
informs the Company of its decision to allow earlier separate trading.
The undersigned agrees that this letter agreement constitutes
an irrevocable order for EBC to purchase for the undersigned's account within
the six-month period commencing on the date separate trading of the Warrants
commences ("Separation Date") up to ________ Warrants at market prices not to
exceed $0.75 per Warrant ("Maximum Warrant Purchase"). EBC (or such other broker
dealer(s) as EBC may assign the order to) agrees to fill such order in such
amounts and at such times as it may determine, in its sole discretion, during
the six-month period commencing on the Separation Date. EBC further agrees that
it will not charge the undersigned any fees and/or commissions with respect to
such purchase obligation.
The undersigned may notify EBC that all or part of the Maximum
Warrant Purchase will be made by an affiliate of the undersigned (or another
person or entity introduced to EBC by the undersigned (a "Designee")) who (or
which) has an account at EBC and, in such event, EBC will make such purchase on
behalf of said affiliate or Designee; provided, however, that the undersigned
hereby agrees to make payment of the purchase price of such purchase in the
event that the affiliate or Designee fails to make such payment.
The undersigned agrees that neither he nor any affiliate or
Designee shall sell or transfer the Warrants until after the consummation of a
merger, capital stock exchange, asset acquisition or other similar business
combination with an operating business and acknowledges that, at the option of
EBC, the certificates for such Warrants shall contain a legend indicating such
restriction on transferability.
Very truly yours,
___________________________
