Document:

Exhibit 10.15

	
 

	
 

	
July 6, 2006

	
 

Churchill
Ventures Ltd.

50 Revolutionary Road

Scarborough, New York 10510

Deutsche Bank
Securities Inc.

60 Wall Street, NYC60-1015

New York, NY 10005

          Re:          INITIAL
PUBLIC OFFERING

Gentlemen:

          The
undersigned officer and director of Churchill Ventures Ltd., a Delaware
corporation (the “Company”), in consideration of Deutsche Bank Securities Inc. (“Deutsche Bank”)
entering into a letter of
intent (the “Letter of Intent”) to underwrite an initial public offering (the “IPO”) of the
Company’s units
(the “Units”),
each composed of one share of the Company’s common stock, par value $.001 per
share (the “Common
Stock”), and one warrant which is exercisable for one share of
Common Stock (a “Warrant”) and embarking on the IPO process, hereby agrees as follows (certain capitalized terms
used herein are defined in
paragraph 12 hereof):

          1.          If
the Company solicits approval of its stockholders of a Business Combination,
the undersigned will vote all his Insider Shares in accordance with the
majority of the votes cast by the holders of the IPO Shares. The undersigned
hereby waives any and all rights to convert his Insider Shares in connection
with a Business Combination. If the Company solicits approval of its
stockholders for dissolution and a plan of distribution of assets, the
undersigned will vote all shares of common stock owned by him in favor of such
plan. 

          2.          In
the event that the Company fails to consummate a Business Combination within
(i) 18 months from the effective date (“Effective Date”) of the
registration statement relating to the IPO (the “Registration Statement”) or
(ii) 24 months after the Effective Date, if a letter of intent,
agreement in principle or definitive agreement has been executed with respect
to a Business Combination within 18 months after the Effective Date, but
the Business Combination has not been consummated within such 18 month
period (the date of the first such failure to occur, the “Transaction Failure Date”),
the undersigned will take all reasonable actions within his or its power to
(i) cause the Trust Account to be liquidated and distributed to the
holders of the IPO Shares as soon as practicable and (ii) cause the
Company to dissolve and liquidate as soon as practicable (the earliest date on
which the conditions in clauses (i) and (ii) are both satisfied being the
“Liquidation
Date”). The undersigned agrees, (i) if the Company seeks
approval of the Company’s stockholders to consummate a Business Combination
more than 18 months after the date of the IPO, the undersigned will vote to
adopt and recommend to the Company’s stockholders a plan of distribution to be
included in the proxy statement related to the Business Combination and such
proxy statement will seek stockholder approval for

1

dissolution
and a plan of distribution in the event the Company’s stockholders do not
approve the Business Combination, and (ii) if no proxy statement seeking
the approval of the Company’s stockholders for a Business Combination has been
filed more 18 months after the date of the IPO (unless the date has been
extended), the undersigned shall vote to adopt and recommend to the Company’s
stockholders the Company’s dissolution. The undersigned hereby waives any and all
right, title, interest or claim of any kind in or to any distributions of the
trust account with JPMorgan Chase Bank, NA (the “Trust Account”), or to any
other amounts distributed in connection with a liquidating distribution of the
Company including with respect to his Insider Shares (“Claim”) 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. 

          3.          The
undersigned agrees to indemnify and hold harmless the Company, jointly and
severally with the other officers of the Company, against any and all loss,
liability, claims, damage and expense whatsoever (including, but not limited
to, any and all legal or other expenses reasonably incurred in investigating,
preparing or defending against any litigation, whether pending or threatened,
or any claim whatsoever) to which the Company may become subject as a result of
(i) any claim by any vendor or other person who is owed money by the
Company for services rendered or products sold, or (ii) any claim by any
prospective target that the Company did not pay or reimburse such target for
the fees and expenses of third party providers of services (such as
accountants, consultants and attorneys) to the target that the Company agreed
in writing with the target to be liable for, in accordance with the terms of
such agreement, if such person or entity does not provide a valid and enforceable
waiver to rights or claims to the Trust Account so as to ensure that the
proceeds in the Trust Account are not reduced by the claims of such persons
that are owed money by the Company for services rendered or products sold to
the Company, but in each case only to the extent necessary to ensure that such
loss, liability, claim, damage or expense does not reduce the amount in the
Trust Account (or, in the event that such claim arises after the distribution
of the Trust Account, to the extent necessary to ensure that the Company’s
former stockholders, other than the officers of the Company, are not liable for
any amount of such loss, liability, claim, damage or expense).

          4.          The
undersigned acknowledges and agrees that the Company will not consummate any
Business Combination which involves a company which is affiliated with any of
the Insiders unless the Company obtains an opinion from an independent
investment banking firm reasonably acceptable to Deutsche Bank that the
business combination is fair to the Company’s stockholders from a financial
perspective.

          5.          Neither
the undersigned, any member of the family of the undersigned, nor any Affiliate
of the undersigned will be entitled to receive and will not accept any compensation
for services rendered to the Company prior to the consummation of the Business
Combination; provided, that until the earlier of (i) the completion of
the Business Combination and (ii) dissolution of the Company, Churchill Capital
Partners LLC, a Delaware limited liability company (the “Related Party”), shall be
entitled to a fee of $7,500 per month, to compensate it for the Company’s use
of the Related Party’s offices, utilities and personnel. The Related Party and
the undersigned shall also be entitled to reimbursement from the Company for
their out-of-pocket expenses incurred in connection with seeking and
consummating a Business

2

Combination.
In addition, the Related Party has advanced to the Company a loan of $240,000,
which shall be used to pay a portion of the expenses related to the IPO. The
loan is due and payable on the consummation of the IPO and will be repaid out
of the net proceeds of the IPO not placed in the trust account.

          6.          Neither
the undersigned, any member of the family of the undersigned, nor any Affiliate
of any of the foregoing will be entitled to receive and will not accept a
finder’s fee or any other compensation from the Company or any other person or
entity in the event the undersigned, any member of the family of the
undersigned or any Affiliate of any of the foregoing originates a Business
Combination.

          7.          The
undersigned agrees that his Insider Shares will be subject to restrictions on
sale or other transfer until the earlier of one year following the date of the
Business Combination; dissolution of the Company; or the consummation of a
liquidation, merger, stock exchange or other similar transaction which results
in all stockholders having the right to exchange their shares of common stock
for cash, securities or other property subsequent to consummating a Business
Combination with a target business.

          8.          The
undersigned shall not, with respect to those Insider Shares and Sponsor
Warrants owned directly or indirectly by him, (i) sell, offer to sell, contract
or agree to sell, hypothecate, pledge, grant any option to purchase or
otherwise dispose of or agree to dispose of, directly or indirectly, or file
(or participate in the filing of) a registration statement with the Securities
and Exchange Commission in respect of, or establish or increase a put
equivalent position or liquidate or decrease a call equivalent position within
the meaning of Section 16 of the Securities Exchange Act of 1934, as amended,
and the rules and regulations of the Securities and Exchange Commission
promulgated thereunder with respect to, any shares of Common Stock, the Sponsor
Warrants, the shares of Common Stock issuable upon exercise of the Sponsor
Warrants or any securities convertible into or exercisable or exchangeable for
shares of Common Stock or such Sponsor Warrants or other rights to purchase
shares of Common Stock or any such 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 shares of Common Stock or Sponsor
Warrants, the shares of Common Stock issuable upon exercise of the Sponsor
Warrants or any securities convertible into or exercisable or exchangeable for
shares of Common Stock or such Sponsor Warrants or other rights to purchase
shares of Common Stock or any such securities, whether any such transaction is
to be settled by delivery of shares of Common Stock or such other securities,
in cash or otherwise, or (iii) publicly announce an intention to effect any
transaction specified in clause (i) or (ii) until with respect to his Insider
Shares and Sponsor Warrants, one year following the consummation of the
Business Combination (the “Lock-Up Period”). Notwithstanding the
foregoing, the undersigned may transfer his Insider Shares and Sponsor Warrants
during the Lock-Up Period (i) by gift to a member of the undersigned’s
immediate family or to a trust, the beneficiary of which is a member of an
undersigned’s immediate family, an affiliate of the undersigned or to a
charitable organization, (ii) by virtue of the laws of descent and distribution
upon death of the undersigned, (iii) pursuant to a qualified domestic relations
order, or (iv) in the event of a liquidation of the Company prior to a Business
Combination or the consummation of a liquidation, merger, capital stock
exchange, stock purchase, asset acquisition or other similar transaction which
results in all the Company’s 

3

stockholders
having the right to exchange their shares of Common Stock for cash, securities
or other property subsequent to the Company’s consummating a Business
Combination with a target business; provided, however, that the permissive
transfers pursuant to clauses (i) - (iii) may be implemented only upon the respective
transferee’s written agreement to be bound by the terms and conditions of this
letter agreement, including with respect to the voting requirements pertaining
to the Insider Shares and Sponsor Warrants. During the Lock-Up Period, the
undersigned shall not grant a security interest in his Insider Shares and
Sponsor Warrants.

          9.          The
undersigned agrees to be the Executive Vice President, Business Development and
director of the Company. The undersigned’s biographical information furnished
to the Company and Deutsche Bank and attached hereto as Exhibit A is
true and accurate in all respects, does not omit any material information with
respect to the undersigned’s background and contains all of the information
required to be disclosed pursuant to Section 401 of Regulation S-K, promulgated
under the Securities Act of 1933. The undersigned’s Questionnaire furnished to
the Company and Deutsche Bank and annexed as Exhibit B hereto is true
and accurate in all respects. The undersigned represents and warrants that:

                       (a)          he
is not subject to or a respondent in any legal action for, any injunction,
cease-and-desist order or order or stipulation to desist or refrain from any
act or practice relating to the offering of securities in any jurisdiction;

                       (b)          he
has never been convicted of or pleaded guilty to any crime: (i) involving any
fraud or (ii) relating to any financial transaction or handling of funds of
another person, or (iii) pertaining to any dealings in any securities and he is
not currently a defendant in any such criminal proceeding; and

                       (c)          he
has never been suspended or expelled from membership in any securities or
commodities exchange or association or had a securities or commodities license
or registration denied, suspended or revoked.

          10.        The
undersigned has full right and power, without violating any agreement by which
he is bound, to enter into this letter agreement and to serve as Executive Vice
President, Business Development and director of the Company.

          11.        The
undersigned authorizes any employer, financial institution, or consumer credit
reporting agency to release to Deutsche Bank and its legal representatives or
agents (including any investigative search firm retained by Deutsche Bank) any
information they may have about the undersigned’s background and finances (the
“Information”).
Neither Deutsche Bank nor its agents shall be violating the undersigned’s right
of privacy in any manner in requesting and obtaining the Information and the
undersigned hereby releases them from liability for any damage whatsoever in
that connection.

          12.        As
used herein, (i) a “Business Combination” shall mean the
initial acquisition or concurrent acquisitions, as the case may be, by the
Company, whether by merger, capital stock exchange, stock purchase, asset
acquisition or other similar business combination, of an operating business or
businesses, as the case may be, in the communications, media or

4

technology
industries; (ii) “Insiders” shall mean all officers, directors and
stockholders of the Company immediately prior to the IPO; (iii) “Insider
Shares” shall mean all of the shares of Common Stock of the Company
owned by an Insider prior to the IPO; (iv) “IPO Shares” shall mean the shares of
Common Stock issued in the Company’s IPO; and (v) “Sponsor Warrants” shall mean warrants to purchase 4,000,000
shares of Common Stock that shall be purchased by the Related Party from the
Company at a price of $1.00 per warrant, for a total of $4 million, in a
private placement prior to completion of the IPO. 

          13.          The
undersigned acknowledges and understands that the Company will rely upon the
agreements, representations and warranties set forth herein in proceeding with
the IPO. Nothing contained herein shall be deemed to render the Underwriters a
representative of, or a fiduciary with respect to, the Company, its
stockholders, or any creditor or vendor of the Company with respect to the
subject matter hereof.

          14.          This
letter agreement shall be binding on the undersigned and such person’s
respective successors, heirs, personal representatives and assigns. This letter
agreement shall terminate on the earlier of (i) the consummation of the
Business Combination and (ii) the Liquidation Date; provided that such
termination shall not relieve the undersigned from liability for any breach of
this agreement prior to its termination and provided, further that Section 3
of this letter agreement shall survive a termination pursuant to
clause (ii).

          15.          This
letter agreement shall be governed by and interpreted and construed in
accordance with the laws of the State of New York applicable to contracts
formed and to be performed entirely within the State of New York, without
regard to the conflicts of law provisions thereof to the extent such principles
or rules would require or permit the application of the laws of another
jurisdiction.

[Signature page follows]

5

          The undersigned hereby executes this letter
agreement as of July 6, 2006.

	
 

	
 

	
 

	
 

	

	
 

	
 

	
Nir
  Tarlovsky

	
 

6

EXHIBIT A

Nir Tarlovsky has served as our Executive Vice President,
Business Development and a director since our inception. Mr. Tarlovsky, who
resides in Tel Aviv, Israel, has invested in partnership with Mr. Fisher since
2000, serving as the managing partner overseeing all of their portfolio
companies, including overseeing the acquisition, turnaround and sale of PSINet Europe,
a major European data solutions provider. From 2000 until November 2003, Mr.
Tarlovsky’s primary investment vehicle was Infinity Holdings (Cayman) Ltd.
(and, prior to July 2001, its predecessor, Infinity Holdings Group Inc.), which
he owned in conjunction with Mr. Fisher. In November 2003, Mr. Tarlovsky began
investing in conjunction with Mr. Fisher through his own new private investment
vehicle, Aces Holdings Ltd. From 1995 to 2000, Mr. Tarlovsky served as Vice
President, Business Development for RSL Communications, Ltd. (NASDAQ: RSLC)
where he oversaw investments in, and served as a director of, deltathree, inc.
(NASDAQ:DDDC) and telegate AG (Frankfurt: 511880). From 1992 to 1995 Mr.
Tarlovsky was the Senior Economist at Clalcom.

7Exhibit 10.16 

July 6, 2006

Churchill
Ventures Ltd.

50 Revolutionary Road

Scarborough, New York 10510

Deutsche Bank
Securities Inc.

60 Wall Street, NYC60-1015

New York, NY 10005

          Re:          INITIAL
PUBLIC OFFERING

Gentlemen:

          The
undersigned stockholder and director of Churchill Ventures Ltd., a Delaware
corporation (the “Company”), in consideration of Deutsche Bank Securities Inc. (“Deutsche Bank”)
entering into a letter of
intent (the “Letter of Intent”) to underwrite an initial public offering (the “IPO”) of the
Company’s units
(the “Units”),
each composed of one share of the Company’s common stock, par value $.001 per
share (the “Common
Stock”), and one warrant which is exercisable for one share of
Common Stock (a “Warrant”) and embarking on the IPO process, hereby agrees as follows (certain capitalized terms
used herein are defined in
paragraph 11 hereof):

          1.          If
the Company solicits approval of its stockholders of a Business Combination,
the undersigned will vote all his Insider Shares in accordance with the
majority of the votes cast by the holders of the IPO Shares. The undersigned
hereby waives any and all rights to convert his Insider Shares in connection
with a Business Combination. If the Company solicits approval of its
stockholders for dissolution and a plan of distribution of assets, the
undersigned will vote all shares of common stock owned by him in favor of such
plan.

          2.          In
the event that the Company fails to consummate a Business Combination within
(i) 18 months from the effective date (“Effective Date”) of the
registration statement relating to the IPO (the “Registration Statement”) or
(ii) 24 months after the Effective Date, if a letter of intent,
agreement in principle or definitive agreement has been executed with respect
to a Business Combination within 18 months after the Effective Date, but
the Business Combination has not been consummated within such 18 month
period (the date of the first such failure to occur, the “Transaction Failure Date”),
the undersigned will take all reasonable actions within his or its power to
(i) cause the Trust Account to be liquidated and distributed to the
holders of the IPO Shares as soon as practicable and (ii) cause the
Company to dissolve and liquidate as soon as practicable (the earliest date on
which the conditions in clauses (i) and (ii) are both satisfied being the
“Liquidation
Date”). The undersigned agrees, (i) if the Company seeks
approval of the Company’s stockholders to consummate a Business Combination
more than 18 months after the date of the IPO, the undersigned will vote to
adopt and recommend to the Company’s stockholders a plan of distribution to be
included in the proxy statement related to the Business Combination and such
proxy statement will seek stockholder approval for dissolution and a plan of
distribution in the event the Company’s stockholders do not approve the 

1

Business
Combination, and (ii) if no proxy statement seeking the approval of the
Company’s stockholders for a Business Combination has been filed more than 18
months after the date of the IPO (unless the date has been extended), the
undersigned shall vote to adopt and recommend to the Company’s stockholders the
Company’s dissolution. The undersigned hereby waives any and all right, title,
interest or claim of any kind in or to any distributions of the trust account
with JPMorgan Chase Bank, NA (the “Trust Account”), or to any other amounts
distributed in connection with a liquidating distribution of the Company
including with respect to his Insider Shares (“Claim”) 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. 

          3.          The
undersigned acknowledges and agrees that the Company will not consummate any
Business Combination which involves a company which is affiliated with any of
the Insiders unless the Company obtains an opinion from an independent
investment banking firm reasonably acceptable to Deutsche Bank that the
business combination is fair to the Company’s stockholders from a financial
perspective.

          4.          Neither
the undersigned, any member of the family of the undersigned, nor any Affiliate
of the undersigned will be entitled to receive and will not accept any
compensation for services rendered to the Company prior to the consummation of
the Business Combination; provided, that until the earlier of (i)
the completion of the Business Combination and (ii) dissolution of the Company,
Churchill Capital Partners LLC, a Delaware limited liability company (the “Related
Party”), shall be entitled to a fee of $7,500 per month, to
compensate it for the Company’s use of the Related Party’s offices, utilities
and personnel. The Related Party and the undersigned shall also be entitled to
reimbursement from the Company for their out-of-pocket expenses incurred in
connection with seeking and consummating a Business Combination. In addition,
the Related Party has advanced to the Company a loan of $240,000, which shall
be used to pay a portion of the expenses related to the IPO. The loan is due
and payable on the consummation of the IPO and will be repaid out of the net
proceeds of the IPO not placed in the trust account.

          5.          Neither
the undersigned, any member of the family of the undersigned, nor any Affiliate
of any of the foregoing will be entitled to receive and will not accept a
finder’s fee or any other compensation from the Company or any other person or
entity in the event the undersigned, any member of the family of the
undersigned or any Affiliate of any of the foregoing originates a Business
Combination.

          6.          The
undersigned agrees that his Insider Shares will be subject to restrictions on
sale or other transfer until the earlier of one year following the date of the
Business Combination; dissolution of the Company; or the consummation of a
liquidation, merger, stock exchange or other similar transaction which results
in all stockholders having the right to exchange their shares of common stock
for cash, securities or other property subsequent to consummating a Business
Combination with a target business.

          7.          The
undersigned shall not, with respect to those Insider Shares owned directly or
indirectly by him, (i) sell, offer to sell, contract or agree to sell,
hypothecate, pledge, grant any 

2

option to
purchase or otherwise dispose of or agree to dispose of, directly or
indirectly, or file (or participate in the filing of) a registration statement
with the Securities and Exchange Commission in respect of, or establish or
increase a put equivalent position or liquidate or decrease a call equivalent
position within the meaning of Section 16 of the Securities Exchange Act of
1934, as amended, and the rules and regulations of the Securities and Exchange
Commission promulgated thereunder with respect to, any shares of Common Stock
or any securities convertible into or exercisable or exchangeable for shares of
Common Stock or other rights to purchase shares of Common Stock or any such
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
shares of Common Stock or any securities convertible into or exercisable or
exchangeable for shares of Common Stock or other rights to purchase shares of
Common Stock or any such securities, whether any such transaction is to be
settled by delivery of shares of Common Stock or such other securities, in cash
or otherwise, or (iii) publicly announce an intention to effect any transaction
specified in clause (i) or (ii) until with respect to his Insider Shares, one
year following the consummation of the Business Combination (the “Lock-Up
Period”). Notwithstanding the foregoing, the undersigned may
transfer his Insider Shares during the Lock-Up Period (i) by gift to a member
of the undersigned’s immediate family or to a trust, the beneficiary of which is
a member of an undersigned’s immediate family, an affiliate of the undersigned
or to a charitable organization, (ii) by virtue of the laws of descent and
distribution upon death of the undersigned, (iii) pursuant to a qualified
domestic relations order, or (iv) in the event of a liquidation of the Company
prior to a Business Combination or the consummation of a liquidation, merger,
capital stock exchange, stock purchase, asset acquisition or other similar
transaction which results in all the Company’s stockholders having the right to
exchange their shares of Common Stock for cash, securities or other property
subsequent to the Company’s consummating a Business Combination with a target
business; provided,
however,
that the permissive transfers pursuant to clauses (i) - (iii) may be
implemented only upon the respective transferee’s written agreement to be bound
by the terms and conditions of this letter agreement, including with respect to
the voting requirements pertaining to the Insider Shares. During the Lock-Up
Period, the undersigned shall not grant a security interest in his Insider
Shares. 

          8.          The
undersigned agrees to be a director of the Company. The undersigned’s
biographical information furnished to the Company and Deutsche Bank and
attached hereto as Exhibit A is true and accurate in all respects, does
not omit any material information with respect to the undersigned’s background
and contains all of the information required to be disclosed pursuant to
Section 401 of Regulation S-K, promulgated under the Securities Act of 1933.
The undersigned’s Questionnaire furnished to the Company and Deutsche Bank and
annexed as Exhibit B hereto is true and accurate in all respects. The
undersigned represents and warrants that:

                       (a)          he
is not subject to or a respondent in any legal action for, any injunction,
cease-and-desist order or order or stipulation to desist or refrain from any
act or practice relating to the offering of securities in any jurisdiction;

                       (b)          he
has never been convicted of or pleaded guilty to any crime: (i) involving any
fraud or (ii) relating to any financial transaction or handling of funds of
another 

3

person, or
(iii) pertaining to any dealings in any securities and he is not currently a
defendant in any such criminal proceeding; and

                       (c)          he
has never been suspended or expelled from membership in any securities or
commodities exchange or association or had a securities or commodities license
or registration denied, suspended or revoked.

          9.          The
undersigned has full right and power, without violating any agreement by which
he is bound, to enter into this letter agreement and to serve as a director of
the Company. 

          10.          The
undersigned authorizes any employer, financial institution, or consumer credit
reporting agency to release to Deutsche Bank and its legal representatives or
agents (including any investigative search firm retained by Deutsche Bank) any
information they may have about the undersigned’s background and finances (the
“Information”).
Neither Deutsche Bank nor its agents shall be violating the undersigned’s right
of privacy in any manner in requesting and obtaining the Information and the
undersigned hereby releases them from liability for any damage whatsoever in
that connection.

          11.          As
used herein, (i) a “Business Combination” shall mean the
initial acquisition or concurrent acquisitions, as the case may be, by the
Company, whether by merger, capital stock exchange, stock purchase, asset
acquisition or other similar business combination, of an operating business or
businesses, as the case may be, in the communications, media or technology
industries; (ii) “Insiders” shall mean all officers, directors and
stockholders of the Company immediately prior to the IPO; (iii) “Insider
Shares” shall mean all of the shares of Common Stock of the Company
owned by an Insider prior to the IPO; (iv) “IPO Shares” shall mean the shares of
Common Stock issued in the Company’s IPO; and (v) “Sponsor Warrants” shall mean warrants to purchase 4,000,000
shares of Common Stock that shall be purchased by the Related Party from the
Company at a price of $1.00 per warrant, for a total of $4 million, in a
private placement prior to completion of the IPO.

          12.          The
undersigned acknowledges and understands that the Company will rely upon the
agreements, representations and warranties set forth herein in proceeding with
the IPO. Nothing contained herein shall be deemed to render the Underwriters a
representative of, or a fiduciary with respect to, the Company, its
stockholders, or any creditor or vendor of the Company with respect to the
subject matter hereof.

          13.          This
letter agreement shall be binding on the undersigned and such person’s
respective successors, heirs, personal representatives and assigns. This letter
agreement shall terminate on the earlier of (i) the consummation of the
Business Combination and (ii) the Liquidation Date; provided that such
termination shall not relieve the undersigned from liability for any breach of
this agreement prior to its termination.

          14.          This
letter agreement shall be governed by and interpreted and construed in
accordance with the laws of the State of New York applicable to contracts
formed and to be performed entirely within the State of New York, without regard to the conflicts of law provisions
thereof to the extent such principles or rules would require or permit the
application of the laws of another jurisdiction.

4

[Signature page follows]

5

          The undersigned hereby executes this letter
agreement as of July 6, 2006.

	
   

  	
   

  
	
   

  	
  

  
	
   

  	
  Shraga Brosh

  

6

EXHIBIT A

Shraga Brosh has
served as a director since our inception. Mr. Brosh, who resides in Tel Aviv,
Israel, is the President of the Manufacturers’ Association of Israel, the
Chairman of the Federation of Israeli Economic Organizations/Chambers of
Commerce, and the former Chairman of the Israel Export and International
Cooperation Institute. Additionally, since 1977, Mr. Brosh has been the Chief
Executive Officer of J. Brosh Marketing & Services Ltd., a diversified
manufacturing concern headquartered in Israel.

7

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