Document:

Global
      Technology Industries, Inc.

    375
      Park
      Avenue, Suite 1505

    New
      York,
      New York 10152

     

      January
        12, 2006

     

    Mr.
      Jonathan N. Schulhof

    375
      Park
      Avenue, Suite 1505

    New
      York,
      New York 10152

     

    Dear
      Mr.
      Schulhof:

     

    The
      purpose of this letter is to set forth certain understandings regarding GTI
      Holdings, LLC's ("GTI") advance of $75,000 (the “Advance”) to Global Technology
      Industries, Inc., a Delaware corporation (the “Company”), to pay for certain
      fees, costs and expenses in connection with the Company’s initial public
      offering (the “Offering”). Such Advance shall be subject to the following
      conditions: 

    
      

        
          	 	
                  1.

                   

                	
                  Amounts
                    constituting the Advance shall be used by the Company to pay
                    for a portion
                    of the fees, costs and expenses relating to the SEC registration
                    fee, the
                    NASD registration fee, and the American Stock Exchange listing
                    fee in
                    connection with the Offering. 

                   

                
	 	
                  2.

                   

                	
                  The
                    Advance will be payable by the Company on the consummation of
                    the
                    Offering. 

                   

                
	 	
                  3.

                   

                	
                  The
                    Advance will be repaid out of the proceeds of the Offering. 

                   

                
	 	
                  4.

                   

                	
                  The
                    Company hereby represents and warrants that: (i) it is a corporation,
                    duly
                    formed, validly existing and in good standing under the laws
                    of the State
                    of Delaware; (ii) it has the requisite power and authority to
                    enter into,
                    execute, deliver and perform the terms hereof; (iii) its execution,
                    delivery and performance hereof (A) has been duly authorized
                    by all proper
                    and necessary corporate action, (B) will not violate or conflict
                    with any
                    of its organizational documents, any material agreement binding
                    upon it or
                    any law, regulation or order applicable to it, or (C) require
                    consent or
                    approval of any Person which has not been obtained or which could
                    not
                    reasonably be expected to prevent or delay it from performing
                    its
                    obligations hereunder; and (iv) this letter is the legal, valid
                    and
                    binding obligation of the Company, enforceable against the Company
                    in
                    accordance with its terms, subject to the effect of any applicable
                    bankruptcy, insolvency, reorganization, moratorium or similar
                    law
                    affecting creditors rights generally and by equitable principles.
                    

                   

                
	 	
                  5.

                   

                	
                  This
                    letter shall be binding upon the Company, its successors and
                    assigns and
                    shall inure to the benefit of GTI and its successors and assigns;
                    provided, however, that the Company shall not assign its obligations
                    hereunder without the prior written consent of GTI. 

                   

                
	 	
                  6.

                   

                	
                  This
                    letter may be executed in any number of counterparts, each of
                    which
                    together shall constitute one and the same instrument. 

                   

                
	 	
                  7.

                   

                	
                  THIS
                    LETTER SHALL BE GOVERNED IN ALL RESPECTS BY THE INTERNAL LAWS
                    OF THE STATE
                    OF NEW YORK WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES.
                    

                   

                

        

         

        [Remainder
          of Page Intentionally Left Blank] 

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

    

     

        Please
      indicate your agreement with the foregoing by executing a copy of this letter
      in
      the space provided and returning it to us as soon as possible. 

     

     

      
        	 	 	 	Very
                truly yours, 
	 	 	 	 
	 	 	 	GLOBAL
                TECHNOLOGY INDUSTRIES, INC.
	 	 	 	 
	 	 	
                 By:

              	/s/
                Robert B. Kay
	
              	 	 	
                
                  

                

                Name: Robert B. Kay

                
                  Title: Chief Executive Officer

                

              
	 	 	 	
                 

                 

              

      

     

      
        	
                ACCEPTED
                  AND AGREED

              	 	 	 
	this   12th
                day of January 2006: 	 	 	 
	 	 	 	 
	/s/ Jonathan
                N. Schulhof	 	 	 
	
                
Jonathan
                N. SchulhofMarch
        17,
        2006 

     

    Global
      Technology Industries, Inc.

    375
      Park
      Avenue, Suite 1505

    New
      York,
      NY 10152

    Morgan
      Joseph & Co. Inc.

    600
      Fifth
      Avenue, 19th Floor

    New
      York,
      New York 10020 

     

    

    Re:     Initial
      Public Offering

     

    Ladies
      and Gentlemen: 

     

    The
      undersigned stockholder of Global Technology Industries, Inc. (the “Company”),
      in
      consideration of Morgan Joseph & Co. Inc. (“Morgan
      Joseph”)
      entering into a letter of intent to act as lead underwriter in connection with
      the initial public offering of the securities of the Company (“IPO”),
      hereby agrees as follows:

     

    1.     The
      undersigned agrees that in connection with the vote required to consummate
      a
      Business Combination (as defined in the Amended and Restated Certificate of
      Incorporation of the Company (the “Certificate”)),
      it
      shall (a) vote the shares of common stock owned by it immediately prior to
      the
      IPO (“Insider
      Shares”)
      in
      accordance with the majority of the shares of common stock voted by the holders
      of shares purchased in the IPO and (b) vote any shares of common stock acquired
      by it in the IPO or afterward in favor of a Business Combination. 

     

    2.     The
      undersigned hereby waives any and all right, title, interest or claim of any
      kind (“Claim”)
      in or
      to any distribution of the Trust Account (as defined in the Certificate) in
      respect of its Insider Shares as a result of the liquidation of the Trust
      Account or otherwise and hereby waives any Claim the undersigned may have in
      the
      future as a result of, or arising out of, any contracts or agreements with
      the
      Company and will not seek recourse against the Trust Account for any reason
      whatsoever; provided,
      however,
      that
      this paragraph shall not limit the undersigned’s right to receive distributions
      from the Trust Account in respect of any securities acquired by it in the IPO
      or
      afterward. 

     

    3.     The
      undersigned acknowledges and agrees that the Company has agreed not to
      consummate any Business Combination that involves a company that is affiliated
      with any director, officer or stockholder or the Company immediately prior
      to
      the consummation of the IPO unless the Company obtains an opinion from an
      independent investment banking firm to the effect that the Business Combination
      is fair to the Company’s stockholders from a financial perspective.

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

        Global
          Technology Industries, Inc.

        Morgan
          Joseph & Co. Inc.

          March
            17,
            2006

        Page
          2

      

    

    

     

    4.     Neither
      the undersigned, its security holders, any member of the family of the
      undersigned’s security holders, nor any affiliate of the undersigned will be
      entitled to receive or will accept a finder’s fee or any other compensation in
      the event the undersigned, any member of the family of the undersigned’s
      security holders or any affiliate of the undersigned originates a Business
      Combination. 

     

    5.     Neither
      the undersigned, its security holders, any member of the family of the
      undersigned’s security holders, nor any affiliate of the undersigned will be
      entitled to receive from the Company, and will not accept from the Company,
      any
      compensation for services rendered to the Company prior to the consummation
      of
      the Business Combination except as described in the registration statement
      filed
      with and declared effective by the Securities and Exchange Commission in
      connection with the IPO. 

     

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

     

    7.     This
      letter agreement shall be governed by and construed and enforced in accordance
      with the laws of the State of New York, without giving effect to conflicts
      of
      law principles that would result in the application of the substantive laws
      of
      another jurisdiction. The undersigned hereby (i) agrees that any action,
      proceeding or claim against him arising out of or relating in any way to this
      letter agreement (a “Proceeding”)
      shall
      be brought and enforced in the courts of the State of New York of the United
      States of America for the Southern District of New York, and irrevocably submits
      to such jurisdiction, which jurisdiction shall be exclusive, (ii) waives any
      objection to such exclusive jurisdiction and that such courts represent an
      inconvenient forum; and (iii) irrevocably agrees to appoint, at the expense
      of
      the Company, prior to the effectiveness of the Registration Statement, a person
      or entity acceptable to Morgan Joseph, as agent for the service of process
      in
      the State of New York to receive, for the undersigned and on his behalf, service
      of process in any Proceeding (and Morgan Joseph agrees that CT Corporation
      System is an acceptable agent). If for any reason such agent is unable to act
      as
      such, the undersigned will promptly notify the Company and Morgan Joseph and
      appoint a substitute agent acceptable to Morgan Joseph within 30 days and
      nothing in this letter will affect the right of either party to serve process
      in
      any other manner permitted by law. 

     

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK]

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

        Global
          Technology Industries, Inc.

        Morgan
          Joseph & Co. Inc.

          March 17,
            2006

        Page
          3

      

    

    IN
      WITNESS WHEREOF, the undersigned has executed this agreement as of the date
      first written above.

     

    

    
      	 	 GTI CAPITAL PARTNERS
              LLC
	 	 
	 	
               By:

            	 /s/ Michael
              P. Schulhof 
	 	
               Name:

            	
              Michael
                P. Schulhof 

            
	 	
               Title:

            	
              Managing
                Member

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