Exhibit 10.4


 


FORM OF LOCK-UP AGREEMENT


 


THIS LOCK-UP AGREEMENT
(this “Agreement”) is made and entered into as of March 18, 2021 by and between Arbe Robotics Ltd., an
Israeli company (the “Company”), and the undersigned (“Holder”). Any capitalized
term used but not defined in this Agreement will have the meaning ascribed to such term in the Business Combination Agreement,
as hereinafter defined.


 


WHEREAS, on
or about the date hereof, the Company, Autobot MergerSub, Inc., a Delaware corporation and wholly-owned subsidiary of the Company
(“Merger Sub”), and Industrial Tech Acquisitions, Inc., a Delaware corporation (“ITAC”),
entered into that certain Business Combination Agreement (as amended from time to time in accordance with the terms thereof, the
“Business Combination Agreement”), pursuant to which, among other things, following the consummation
of the Recapitalization, Merger Sub shall, at the Effective Time, be merged with and into ITAC, which shall continue as a wholly
owned subsidiary of the Company, and, in connection therewith, each share of ITAC Common Stock (including shares of ITAC Class
B Stock held by Sponsor) issued and outstanding immediately prior to the Effective Time shall no longer be outstanding and shall
automatically be cancelled in exchange for the right of the holder thereof to receive an equal number of Company Ordinary Shares,
all upon the terms and subject to the conditions set forth in the Business Combination Agreement and in accordance with the provisions
of applicable law. Capitalized terms used but not defined herein shall have the meanings ascribed thereto in the Business Combination
Agreement;


 


WHEREAS, as
of the date hereof, Holder is a holder of the Company Ordinary Shares in such amounts and classes or series as set forth underneath
Holder’s name on the signature page hereto; and


 


WHEREAS, pursuant
to the Business Combination Agreement, and in view of the valuable consideration or benefits to be received by Holder by virtue
thereof or thereunder, the parties desire to enter into this Agreement, pursuant to which the Company Ordinary Shares received
by Holder in the Merger (or converted into as a result of the Merger), including its right to any Company Ordinary Shares underlying
the Company Warrants (all such securities, together with any securities paid as dividends or distributions with respect to such
securities or into which such securities are exchanged or converted, the “Restricted Securities”), shall
become subject to limitations on disposition as set forth herein (which shall not include, for the sake of clarification, the Company
Ordinary Shares to be issued under the PIPE Investment).


 






     


     


    

 





 NOW, THEREFORE,
in consideration of the premises set forth above, which are incorporated in this Agreement as if fully set forth below, and intending
to be legally bound hereby, the parties hereby agree as follows:



 


1. Lock-Up Provisions.


 


(a) Holder hereby agrees
not to, during the period (the “Lock-Up Period”) commencing from the Closing and ending on the earlier
of (x) the one (1) year anniversary of the date of the Closing, (y) the date on which the closing price of the Company Ordinary
Shares equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and
the like) for any twenty (20) trading days within any thirty (30) trading day period commencing at least one-hundred fifty (150)
days after the Closing, and (z) the date after the Closing on which the Company consummates a liquidation, merger, capital stock
exchange, reorganization or other similar transaction that results in all of the Company’s stockholders having the right
to exchange their Company Ordinary Shares for cash, securities or other property: (i) lend, offer, pledge, hypothecate, encumber,
donate, assign, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant
any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any Restricted Securities,
(ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences
of ownership of the Restricted Securities, or (iii) publicly disclose the intention to do any of the foregoing, whether any
such transaction described in clauses (i), (ii) or (iii) above is to be settled by delivery of Restricted Securities or other securities,
in cash or otherwise (any of the foregoing described in clauses (i), (ii) or (iii), a “Prohibited Transfer”).
The foregoing sentence shall not apply to the transfer of any or all of the Restricted Securities owned by Holder (I) by gift,
will or intestate succession upon the death of Holder, (II) to any Permitted Transferee (as defined below) or (III) pursuant to
a court order or settlement agreement related to the distribution of assets in connection with the dissolution of marriage or civil
union; provided, however, that in any of cases (I), (II) or (III) it shall be a condition to such transfer that the transferee
executes and delivers to the Company an agreement stating that the transferee is receiving and holding the Restricted Securities
subject to the provisions of this Agreement applicable to Holder, and there shall be no further transfer of such Restricted Securities
except in accordance with this Agreement. As used in this Agreement, the term “Permitted Transferee”
shall mean: (A) the members of Holder’s immediate family (for purposes of this Agreement, “immediate family”
shall mean with respect to any natural person, any of the following: such person’s spouse, the siblings of such person and
his or her spouse, and the direct descendants and ascendants (including adopted and step children and parents) of such person and
his or her spouses and siblings), (B) any trust for the direct or indirect benefit of Holder or the immediate family of Holder,
(C) if Holder is a trust, the trustor or beneficiary of such trust or to the estate of a beneficiary of such trust, (D) if Holder
is an entity, as a distribution to limited partners, shareholders, members of, or owners of similar equity interests in Holder
upon the liquidation and dissolution of Holder, (E) any affiliate of Holder, (F) pursuant to an order or decree of a governmental
entity, (G) from an executive officer to the Company or its subsidiary or parent entities upon death, disability or termination
of employment, in each case, of such executive officer, and (H) to the Company (1) pursuant to the exercise, in each case on a
“cashless” or “net exercise” basis, of any option to purchase shares granted by the Company pursuant to
any employee benefit plans or arrangements which are set to expire during the Lock-Up Period, where any shares received by the
undersigned upon any such exercise will be subject to the terms of this Agreement, or (2) for the purpose of satisfying any withholding
taxes (including estimated taxes) due as a result of the exercise of any option to purchase shares or the vesting of any award
granted by the Company pursuant to employee benefit plans or arrangements which are set to expire or automatically vest during
the Lock-Up Period, in each case on a “cashless” or “net exercise” basis. Holder further agrees to execute
such agreements as may be reasonably requested by the Company that are consistent with the foregoing or that are necessary to give
further effect thereto.


 


(b) If any Prohibited
Transfer is made or attempted contrary to the provisions of this Agreement, such purported Prohibited Transfer shall be null and
void ab initio, and the Company shall refuse to recognize any such purported transferee of the Restricted Securities as one of
its equity holders for any purpose. In order to enforce this Section 1, the Company may impose stop-transfer instructions
with respect to the Restricted Securities of Holder (and Permitted Transferees and assigns thereof) until the end of the Lock-Up
Period.


 


(c) During the Lock-Up
Period each certificate evidencing any Restricted Securities shall be stamped or otherwise imprinted with a legend in substantially
the following form, in addition to any other applicable legends:


 


“THE SECURITIES REPRESENTED BY
THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN A LOCK-UP AGREEMENT, DATED AS OF MARCH 18, 2021, BY AND AMONG
ARBE ROBOTICS LTD. (THE “ISSUER”) AND THE ISSUER’S SECURITY HOLDER NAMED THEREIN INCLUDING THE REGISTERED OWNER
OF THE SHARES REPRESENTED BY THE CERTIFICATE,, AS AMENDED. A COPY OF SUCH LOCK-UP AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY
THE ISSUER TO THE HOLDER HEREOF UPON WRITTEN REQUEST.”


 






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(d) For the avoidance
of any doubt, Holder shall retain all of its rights as a stockholder of the Company during the Lock-Up Period, including the right
to vote any Restricted Securities.


 


2. Miscellaneous.


 


(a) Termination of
Business Combination Agreement. This Agreement shall be binding upon Holder upon Holder’s execution and delivery of this
Agreement, but this Agreement shall only become effective upon the Closing. Notwithstanding anything to the contrary contained
herein, in the event that the Business Combination Agreement is terminated in accordance with its terms prior to the Closing, this
Agreement and all rights and obligations of the parties hereunder shall automatically terminate and be of no further force or effect.


 


(b) Binding Effect;
Assignment. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the parties hereto
and their respective permitted successors and assigns. This Agreement and all obligations of Holder are personal to Holder and
may not be transferred or delegated by Holder at any time, except as expressly permitted under Section 1 above. The Company may
freely assign any or all of its rights under this Agreement, in whole or in part, to any successor entity (whether by merger, consolidation,
equity sale, asset sale or otherwise) without obtaining the consent or approval of Holder.


 


(c) Third Parties.
Nothing contained in this Agreement or in any instrument or document executed by any party in connection with the transactions
contemplated hereby shall create any rights in, or be deemed to have been executed for the benefit of, any person or entity that
is not a party hereto or thereto or a successor or permitted assign of such a party.


 


(d) Governing Law;
Jurisdiction. This Agreement and any dispute or controversy arising out of or relating to this Agreement shall be governed
by and construed in accordance with the laws of the State of New York, without regard to the conflict of law principles thereof.
All Actions arising out of or relating to this Agreement shall be heard and determined exclusively in any state or federal court
located in New York, New York (or in any appellate courts thereof) (the “Specified Courts”). Each party
hereto hereby (i) submits to the exclusive jurisdiction of any Specified Court for the purpose of any Action arising out of
or relating to this Agreement brought by any party hereto and (ii) irrevocably waives, and agrees not to assert by way of
motion, defense or otherwise, in any such Action, any claim that it is not subject personally to the jurisdiction of the above-named
courts, that its property is exempt or immune from attachment or execution, that the Action is brought in an inconvenient forum,
that the venue of the Action is improper, or that this Agreement or the transactions contemplated hereby may not be enforced in
or by any Specified Court. Each party agrees that a final judgment in any Action shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by Law. Each party irrevocably consents to the service of
the summons and complaint and any other process in any other action or proceeding relating to the transactions contemplated by
this Agreement, on behalf of itself, or its property, by personal delivery of copies of such process to such party at the applicable
address set forth in Section 2(g). Nothing in this Section 2(d) shall affect the right of any party
to serve legal process in any other manner permitted by applicable law.


 


(e) WAIVER OF JURY
TRIAL. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO
A TRIAL BY JURY WITH RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR
THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HERETO (i) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SEEK TO ENFORCE THAT FOREGOING WAIVER AND
(ii) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 2(e).


 






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(f) Interpretation.
The titles and subtitles used in this Agreement are for convenience only and are not to be considered in construing or interpreting
this Agreement. In this Agreement, unless the context otherwise requires: (i) any pronoun used in this Agreement shall include
the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural
and vice versa; (ii) “including” (and with correlative meaning “include”) means including without limiting
the generality of any description preceding or succeeding such term and shall be deemed in each case to be followed by the words
“without limitation”; (iii) the words “herein,” “hereto,” and “hereby” and other
words of similar import shall be deemed in each case to refer to this Agreement as a whole and not to any particular section or
other subdivision of this Agreement; and (iv) the term “or” means “and/or”. The parties have participated
jointly in the negotiation and drafting of this Agreement. Consequently, in the event an ambiguity or question of intent or interpretation
arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall
arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement.


 


(g) Notices. All
notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given when
delivered (i) in person, (ii) by facsimile (if a facsimile number is given) email or other electronic means, with affirmative confirmation
of receipt, (iii) two (2) Business Days after being sent, if sent by reputable, internationally recognized overnight courier service
that provides evidence of delivery or attempted delivery or (iv) four (4) Business Days after being mailed, if sent by registered
or certified mail, pre-paid and return receipt requested, in each case to the applicable party at the following addresses (or at
such other address for a party as shall be specified by like notice):


 


	
        If to the Company:

        Arbe Robotics Ltd.

        HaHashmonaim Street

        107 Tel Aviv-Yafo, Israel

        Attn: Kobi Marenko, CEO

        Email: kobi.m@arberobotics.com
	
        with a copy (which will not constitute notice) to:

        DLA Piper LLP (US)

        1251 Avenue of the Americas

        New York, NY 10020

        Attn: Jon Venick

        Telephone No.: 212-335-4651

        Email: jon.venick@dlapiper.com






	If to Holder, to: the address set forth below Holder’s name on the signature page to this Agreement.


 






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(h) Amendments and
Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally
or in a particular instance, and either retroactively or prospectively) only with the written consent of (i) the Company’s
board of directors, (ii) a majority of the Disinterested Independent Directors (as defined below) and (iii) Holder. For purposes
of this Agreement, a “Disinterested Independent Director” means an independent director serving on the
Company’s board of directors at the applicable time of determination that is disinterested in this Agreement (i.e., such
independent director is not a Company shareholder, an Affiliate of a Company shareholder, or an officer, director, manager, employee,
trustee or beneficiary of a Company shareholder or its Affiliate, nor an immediate family member of any of the foregoing). Without
limiting the foregoing, in the event that a Company shareholder or its Affiliate serves as a director, officer, employee or other
authorized agent of the Company, the Company shareholder or its Affiliate shall have no authority, express or implied, to act or
make any determination on behalf of the Company in connection with this Agreement or any dispute, action or legal proceeding respect
hereto. No failure or delay by a party in exercising any right hereunder shall operate as a waiver thereof. No waivers of or exceptions
to any term, condition, or provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a further
or continuing waiver of any such term, condition, or provision.


 


(i) Severability.
In case any provision in this Agreement shall be held invalid, illegal or unenforceable in a jurisdiction, such provision shall
be modified or deleted, as to the jurisdiction involved, only to the extent necessary to render the same valid, legal and enforceable,
and the validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby
nor shall the validity, legality or enforceability of such provision be affected thereby in any other jurisdiction. Upon such determination
that any term or other provision is invalid, illegal or incapable of being enforced, the parties will substitute for any invalid,
illegal or unenforceable provision a suitable and equitable provision that carries out, so far as may be valid, legal and enforceable,
the intent and purpose of such invalid, illegal or unenforceable provision.


 


(j) Specific Performance.
Holder acknowledges that its obligations under this Agreement are unique, recognizes and affirms that in the event of a breach
of this Agreement by Holder, money damages will be inadequate and the Company will have no adequate remedy at law, and agrees that
irreparable damage would occur in the event that any of the provisions of this Agreement were not performed by Holder in accordance
with their specific terms or were otherwise breached. Accordingly, the Company shall be entitled to an injunction or restraining
order to prevent breaches of this Agreement by Holder and to enforce specifically the terms and provisions hereof, without the
requirement to post any bond or other security or to prove that money damages would be inadequate, this being in addition to any
other right or remedy to which such party may be entitled under this Agreement, at law or in equity.


 


(k) Entire Agreement.
This Agreement constitutes the full and entire understanding and agreement among the parties with respect to the subject matter
hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties is expressly
canceled; provided, that, for the avoidance of doubt, the foregoing shall not affect the rights and obligations of
the parties under the Business Combination Agreement or any Ancillary Document. Notwithstanding the foregoing, nothing in this
Agreement shall limit any of the rights or remedies of the Company or any of the obligations of Holder under any other agreement
between Holder and the Company or any certificate or instrument executed by Holder in favor of the Company, and nothing in any
other agreement, certificate or instrument shall limit any of the rights or remedies of the Company or any of the obligations of
Holder under this Agreement.


 


(l) Further Assurances.
From time to time, at another party’s request and without further consideration (but at the requesting party’s reasonable
cost and expense), each party shall execute and deliver such additional documents and take all such further action as may be reasonably
necessary to consummate the transactions contemplated by this Agreement.


 


(m) Counterparts;
Facsimile. This Agreement may also be executed and delivered by electronic means, including docusign, email or scanned pages
or in portable document format, in one or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument.


 


{Remainder of Page Intentionally Left
Blank; Signature Pages Follow}


 






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IN WITNESS WHEREOF,
the parties have executed this Lock-Up Agreement as of the date first written above.


 


	 	Company:
	 	 
	 	ARBE ROBOTICS LTD.
	 	 	 
	 	By:	                         
	 	Name: 	 
	 	Title:	 


 


{Additional Signature on the Following
Page}


 


{Signature Page to Lock-Up Agreement}


 






     


     


    

 


IN WITNESS WHEREOF, the parties have
executed this Lock-Up Agreement as of the date first written above. 


 


Holder:


 


Name of Holder: [__________________________]


 


	By:	 	 
	Name: 	 	 
	Title:	 	 


 


	Number and Type of Shares of Company Ordinary Shares:
	 
	Company Ordinary Shares: ____________________________________
	 
	Company Ordinary Shares (as a result of conversion of Preferred Shares at Closing): ______
	 
	Address for Notice:
	 
	Address: _________________________________________
	 
	_______________________________________________
	 
	_______________________________________________
	 
	Facsimile No.: ___________________________________
	 
	Telephone No.: ___________________________________
	 
	Email: __________________________________________ :


 


{Signature Page to Lock-Up Agreement}