Document:

Exhibit 10.5

CONFIDENTIAL

 

SUBSCRIPTION AGREEMENT

 

March 18, 2021

 

Industrial Tech Acquisitions, Inc.

5090 Richmond Avenue, Suite 319

Houston, Texas 77056

Attn: Scott Crist, Chief Executive Officer and Chairman

 

ARBE Robotics Ltd.

HaHashmonaim 107

Tel Aviv, Israel

Attn: Kobi Marenko, Co-Founder & Chief Executive Officer

 

Ladies and Gentlemen:

 

In connection with the
proposed business combination transaction (the “Transaction”) between Industrial Tech Acquisitions, Inc.,
a Delaware corporation (“ITAC” or the “Company”), and ARBE Robotics Ltd., an
Israeli corporation (“ARBE”), pursuant to that certain Business Combination Agreement, dated as of March
18, 2021 (as it may be amended, the “Transaction Agreement”), by and among, ITAC, ARBE and certain other
parties named therein, ITAC is seeking commitments to purchase shares of ITAC’s Class A common stock, par value $0.0001 per
share (the “Common Shares”) (or at ARBE’s sole election, ARBE Shares, as hereinafter described),
for a purchase price of $10.00 per share (the “Purchase Price”), in a private placement to be conducted
by ITAC (the “Offering”). Substantially concurrently with the execution of this subscription agreement
(this “Subscription Agreement”), ITAC is entering into separate subscription agreements on substantially
the same terms (the “Other Subscription Agreements”) with certain investors (collectively, “Other
Subscribers”) with an aggregate Purchase Price for all Common Shares and/or ARBE Shares issued pursuant to this Subscription
Agreement and the Other Subscription Agreements of $100,000,000. In connection therewith, the undersigned subscriber (“Subscriber”),
ITAC and ARBE agree as follows:

 

1. Subscription.
As of the date written above (the “Subscription Date”), the Subscriber hereby irrevocably subscribes
for and agrees to purchase from ITAC, and ITAC agrees to issue and sell to the Subscriber, such number of Common Shares as is set
forth on the signature page of this Subscription Agreement (together with any equity securities of ARBE that may be issued in exchange
therefor pursuant to this Subscription Agreement or the Transaction Agreement in connection with the Transaction, the “Shares”)
at the Purchase Price per Share and on the terms provided for herein. Notwithstanding anything contained herein to the contrary,
the parties hereto hereby acknowledge and agree that ARBE shall have the right, at its sole discretion, to instead (and without
duplication) issue and sell to the Subscriber, and cause the Subscriber to instead directly purchase from ARBE such number of ARBE’s
ordinary shares with a nominal value of NIS 0.01 per share (“ARBE Shares”) as is set forth on the signature
page of this Subscription Agreement at the Closing (which, for the avoidance of doubt, shall occur after giving effect to the Recapitalization
(as defined in the Transaction Agreement) (the “Recapitalization”)) at the Purchase Price in lieu of
the Common Shares from ITAC in accordance with this Subscription Agreement, and in such event ARBE will deliver the ARBE Shares
directly to the Subscriber (the “Direct Purchase Election”). In the event of a Direct Purchase Election,
any reference in this Subscription Agreement to the Shares or Common Shares will mean, to the extent reasonably applicable, the
ARBE Shares that are directly being issued by ARBE in lieu of the Common Shares that were to have been issued by ITAC pursuant
to this Subscription Agreement and then exchanged for ARBE Shares pursuant to the Transaction Agreement, and any and all undertakings,
representations, warranties or covenants with respect to the Offering, as set forth hereunder by the Subscriber towards ITAC, shall
be also be for the benefit of ARBE, and ARBE shall also have all of the rights, privileges and authorities of ITAC with respect
thereto.

 

     

     

    

 

2. Closing;
Issuance of Shares.

 

(a) The
closing of the sale of Shares contemplated hereby (the “Closing”, and the date that the Closing actually
occurs, the “Closing Date”) is contingent upon the conditions set forth herein. The Closing shall occur
on the date of, and immediately prior to, the closing of the Transaction (the “Transaction Closing”),
or if the Direct Purchase Election is exercised, simultaneously with the Transaction Closing (but for the avoidance of doubt, shall
occur after giving effect to the Recapitalization).

 

(b) ITAC
and ARBE shall provide written notice (which may be via email) to the Subscriber (the “Closing Notice”)
that ITAC and ARBE reasonably expect the Transaction Closing to occur on a date specified in the notice (the “Scheduled
Closing Date”) that is not less than five (5) business days from the date of the Closing Notice, which Closing Notice
shall contain wire instructions for an escrow account (the “Escrow Account”) established by ITAC and
ARBE with a third party escrow agent, and in the event of a Direct Purchase Election, which will define ARBE as its beneficiary
(the “Escrow Agent”) to be identified in the Closing Notice. At least two (2) business days prior to
the Scheduled Closing Date (unless otherwise agreed to by ITAC), the Subscriber shall deliver to the Escrow Account the aggregate
Purchase Price for the Shares subscribed (the “Aggregate Purchase Price”) by wire transfer of United
States dollars in immediately available funds. The wire transfer shall identify the Subscriber, and unless otherwise agreed by
ITAC the funds shall be wired from an account in the Subscriber’s name. Upon the Closing, ITAC shall provide instructions
to the Escrow Agent to release the funds in the Escrow Account to ITAC (or in the event of a Direct Purchase Election, ARBE) against
the issuance to the Subscriber of the Shares, free and clear of any liens or other restrictions whatsoever (other than those arising
under state or federal securities laws), in book-entry form as set forth in Section 2(c) below. If this Subscription Agreement
is terminated prior to the Closing and any funds have already been sent by the Subscriber to the Escrow Account, then promptly
after such termination, ITAC will instruct the Escrow Agent to promptly return such funds to the Subscriber. In the event that
the consummation of the Transaction does not occur on the Scheduled Closing Date specified in the Closing Notice or within three
(3) business days thereafter, unless otherwise agreed to in writing by the Company and the Subscriber, the Company shall promptly
cause the Escrow Agent (but in no event later than four (4) business days after the Scheduled Closing Date specified in the Closing
Notice) return the Purchase Price so delivered by Subscriber to the Escrow Agent by wire transfer in immediately available funds
to the account specified by Subscriber, and any book entries shall be deemed cancelled.

 

(c) On
the Closing Date, or promptly after the Closing, ITAC or ARBE, as applicable, shall deliver (or cause the delivery of) the Shares
(which, in the event of a Direct Purchase Election, shall for the avoidance of doubt, be the ARBE Shares) to Subscriber in book-entry
form with restrictive legends for the number of Shares as set forth on the signature page to the Subscriber as indicated on the
signature page or to a custodian designated by the Subscriber, as applicable, as indicated below; provided, that, if the Direct
Purchase Election is not made, at the Transaction Closing, as contemplated by and in accordance with the terms set forth in the
Transaction Agreement, each Share shall automatically be cancelled and convert into the right to receive one (1) ARBE Share for
each Share owned by Subscriber immediately prior to the Transaction Closing. From and after the Transaction Closing, any ARBE Shares
issued in accordance with the preceding sentence shall be held in book-entry form with restrictive legends.

 

(d) Simultaneously
with the execution and delivery of this Subscription Agreement, Subscriber is delivering to ITAC and ARBE a duly completed and
executed U.S. Internal Revenue Service Form W-9 or appropriate Form W-8.

 

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3. Closing
Conditions.

 

(a) The
obligations of each of ITAC, ARBE and Subscriber to consummate the Closing are subject to the satisfaction or valid waiver by each
of ITAC, ARBE and Subscriber of the following conditions that, on the Closing Date:

 

(i) the
Transaction Closing shall occur on the Closing Date immediately after the Closing (or, if the Direct Purchase Election is made,
substantially simultaneously with the Closing but following the Recapitalization);

 

(ii) no
suspension of the qualification of the Shares for offering or sale or trading in any jurisdiction, or initiation or threatening
of any proceedings for any of such purposes, shall have occurred (other than any such suspension with respect to the Common Shares
in connection with the Transaction Closing if, as part of the Transaction, ARBE Shares are expected to be admitted to trading);

 

(iii) no
applicable governmental authority shall have enacted, rendered, issued, promulgated, enforced or entered any judgment, order, law,
rule or regulation (whether temporary, preliminary or permanent) which is then in effect and has the effect of making consummation
of the transactions contemplated hereby illegal or otherwise restraining or prohibiting consummation of the transactions contemplated
hereby; and

 

(iv) all
material conditions precedent to the Transaction Closing set forth in the Transaction Agreement, including all necessary approvals
of the Company’s stockholders and regulatory approvals, if any, shall have been satisfied or waived (other than those conditions
which, by their nature, are to be satisfied at the Transaction Closing).

 

(b) The
obligations of ITAC and ARBE to consummate the Closing are also subject to the satisfaction or valid waiver by ITAC and ARBE of
the additional conditions that, on the Closing Date:

(i) all
representations and warranties of the Subscriber contained in this Subscription Agreement shall be true and correct in all material
respects at and as of the Closing Date (except for representations and warranties made as of a specific date, which shall be true
and correct in all material respects as of such date), and consummation of the Closing, shall constitute a reaffirmation by the
Subscriber of each of the representations, warranties and agreements of the Subscriber contained in this Subscription Agreement
as of the Closing Date (provided that any representations and warranties made as of a specific date shall be reaffirmed to be true
and correct in all material respects as of such specific date);

 

(ii) the
Subscriber shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions
required by this Subscription Agreement to be performed, satisfied or complied with by it at or prior to Closing; and

 

(iii) the
Subscriber shall have delivered an executed copy of the investor representation letter to Wells Fargo Securities, LLC (“Wells
Fargo”) in the form set forth in Exhibit B attached hereto (the “Investor Representation Letter”)
(or, where Epsilon or Poalim (each as defined below) is acting as placement agent with respect to such Offer, in the form set forth
in Exhibit C).

 

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(c) The
obligations of the Subscriber to consummate the Closing are also subject to the satisfaction or valid waiver by the Subscriber
of the additional conditions that, on the Closing Date:

 

(i) all
representations and warranties of ITAC and ARBE contained in this Subscription Agreement shall be true and correct in all material
respects at and as of the Closing Date (except for representations and warranties made as of a specific date, which shall be true
and correct in all material respects as of such date), and consummation of the Closing, shall constitute a reaffirmation by ITAC
and ARBE of each of the representations, warranties and agreements of ITAC and ARBE contained in this Subscription Agreement as
of the Closing Date;

 

(ii) ITAC
and ARBE each shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions
required by this Subscription Agreement to be performed, satisfied or complied with by it at or prior to Closing;

 

(iii) the
ARBE Shares shall have been approved for listing on Nasdaq Capital Market (“Nasdaq”), in accordance with
the terms set forth in the Transaction Agreement and subject to notice of issuance thereof;

 

(iv) no
amendment or modification of the Transaction Agreement (as the same exists on the date hereof as provided to the Subscriber) shall
have occurred that would reasonably be expected to materially and adversely affect the economic benefits that the Subscriber would
reasonably expect to receive under this Subscription Agreement, including, without limitation, any material amendment or waiver
of any representation or covenant of ITAC or ARBE relating to the financial position or outstanding indebtedness of ITAC or ARBE,
any amendment in any respect of the exchange ratio of Common Shares for ARBE Shares; and

 

(v) there
shall have been no amendment, waiver or modification to any of the Other Subscription Agreements entered into in connection with
the Offering that materially benefits the Other Subscribers thereunder unless the Subscriber has been offered substantially the
same benefits.

 

4. ITAC
Representations and Warranties. ITAC represents and warrants to the Subscriber that:

 

(a) As
of the date hereof, ITAC is, and as of the Closing, ITAC will be, a corporation duly organized, validly existing and in good standing
under the laws of the State of Delaware. ITAC has the corporate power and authority to own, lease and operate its properties and
conduct its business as presently conducted and to enter into, deliver and perform its obligations under this Subscription Agreement.
This Subscription Agreement has been duly authorized, validly executed and delivered by ITAC, constitutes the valid and binding
agreement of ITAC and is enforceable against ITAC in accordance with its terms, except as may be limited or otherwise affected
by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights
of creditors generally, and (ii) principles of equity, whether considered at law or equity.

 

(b) The
Shares have been duly authorized and, assuming that the Direct Purchase Election is not made, when issued and delivered to the
Subscriber against full payment therefor in accordance with the terms of this Subscription Agreement, the Shares will be validly
issued, fully paid and non-assessable, free and clear of all liens or other restrictions (other than those arising under this Subscription
Agreement or applicable securities laws or that incurred by the Subscriber) and will not have been issued in violation of or subject
to any preemptive or similar rights created under ITAC’s Second Amended and Restated Certificate of Incorporation (and any
amendment thereof) or under the Delaware General Corporation Law, as amended, or any similar rights pursuant to any agreement or
other instrument to which ITAC is a party or by which it is otherwise bound.

 

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(c) Subject
in all instances to receipt of the Required Purchaser Shareholder Approval (as defined in the Transaction Agreement), the execution,
delivery and performance of this Subscription Agreement including, if the Direct Purchase Election is not made, the issuance and
sale of the Shares and the compliance by ITAC with all of the provisions of this Subscription Agreement and the consummation of
the transactions herein will be done in accordance with the Nasdaq marketplace rules and will not conflict with or result in a
material breach or material violation of any of the terms or provisions of, or constitute a material default under, or result in
the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of ITAC or any of its subsidiaries
pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, license, lease or any other agreement or instrument
to which ITAC or any of its subsidiaries is a party or by which ITAC or any of its subsidiaries is bound or to which any of the
property or assets of ITAC is subject, which would have a Material Adverse Effect on ITAC or materially affect the validity of
the Shares or the legal authority of ITAC to comply in all material respects with the terms of this Subscription Agreement; (ii)
result in any material violation of the provisions of the organizational documents of ITAC; or (iii) result in any violation of
any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having
jurisdiction over ITAC or any of its properties that would have a Material Adverse Effect on ITAC or materially affect the validity
of the Shares or the legal authority of ITAC to comply with this Subscription Agreement; subject, in the case of the foregoing
clauses (i) and (iii) with respect to the consummation of the transactions therein contemplated. For purposes of this Subscription
Agreement, “Material Adverse Effect” with respect to (i) ITAC or ARBE, as defined in the Transaction
Agreement, and (ii) with respect to any other party hereto, shall mean any events, circumstances, facts or events which, individually
or in the aggregate have a material adverse effect on the business, properties, financial condition, stockholders’ equity
or results of operations of such party and its subsidiaries taken as a whole

 

(d) Assuming
the accuracy of the representations and warranties of the Subscriber, ITAC is not required to obtain any consent, waiver, authorization
or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental
authority, self-regulatory organization or other person on the part of ITAC in connection with the execution, delivery and performance
by ITAC of this Subscription Agreement (including, without limitation, the issuance of the Shares) which has not heretofore been
obtained or will be obtained prior to the Closing, other than (i) any required filing of a Notice of Exempt Offering of Securities
on Form D with U.S. Securities and Exchange Commission (the “SEC”) under Regulation D of the Securities
Act of 1933, as amended (the “Securities Act”), if applicable, (ii) if applicable, the filing with the
SEC of a registration statement pursuant to Section 7, (iii) any other filings with the SEC or other filings required by
applicable state or federal securities laws, (iv) any filings or notices required by Nasdaq, (v) those required to consummate the
Transaction as provided under the Transaction Agreement, (vi) the filing of notification under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, if applicable, and (vii) any consent, waiver, authorization or order of, notice to, or filing or registration,
the failure of which to obtain would not be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect
on ITAC.

 

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(e) As
of the date of this Subscription Agreement and as of immediately prior to Closing, the authorized capital stock of ITAC consists
of (i) 100,000,000 Common Shares, (ii) 20,000,000 shares of Class B common stock, par value of $0.0001 per share (the “Class
B Common Stock”) and (iii) 1,000,000 shares of preferred stock, par value of $0.0001 per share (the “Preferred
Stock”). As of the date of this Subscription Agreement, (A) 7,774,836 Common Shares are issued and outstanding, (B)
1,905,900 shares of Class B Common Stock are issued and outstanding, (C) 7,774,836 redeemable public warrants to purchase Common
Shares are issued and outstanding, (D) 3,112,080 private placement warrants to purchase Common Shares are issued and outstanding,
and (E) no Preferred Stock is issued and outstanding. All (1) issued and outstanding Common Shares and Class B Common Stock have
been duly authorized and validly issued, are fully paid and are non-assessable and are not subject to preemptive rights and (2)
outstanding warrants have been duly authorized and validly issued and are not subject to preemptive rights. Except as set forth
above and pursuant to the Other Subscription Agreements, the Transaction Agreement and the other agreements and arrangements referred
to therein or in the SEC Reports (as defined below) (including, without limitation, (x) the right of the Sponsor (as defined below)
to convert up to $1.5 million in working capital loans into private placement warrants, as described in the Prospectus, and (y)
ITAC’s sale to Maxim Group LLC, the representative of the underwriters in the IPO, of an option to purchase up to a total
of 230,000 units (consisting of one Common Share and one redeemable public warrant to purchase a Common Share) exercisable, in
whole or in part, at $11.50 per unit, commencing on the later of (A) the consummation of a business combination by ITAC and (B)
six months from September 11, 2020, as described in the Prospectus), as of the date hereof, there are no outstanding options, warrants
or other rights to subscribe for, purchase or acquire from ITAC Common Shares or other equity interests in ITAC, or securities
convertible into or exchangeable or exercisable for such equity interests. As of the date hereof, ITAC has no subsidiaries, and
does not own, directly or indirectly, interests or investments (whether equity or debt) in any person, whether incorporated or
unincorporated. There are no shareholder agreements, voting trusts or other agreements or understandings to which ITAC is a party
or by which it is bound relating to the voting of any securities of ITAC, other than (1) as set forth in the SEC Reports and (2)
as contemplated by the Transaction Agreement. There are no securities or instruments issued by or to which ITAC is a party containing
anti-dilution or similar provisions that will be triggered by the issuance of (i) the Shares or (ii) the shares to be issued pursuant
to any Other Subscription Agreement, that have not been or will not be validly waived on or prior to the Closing Date. Except as
disclosed in the SEC Reports (as defined below), as of the date of this Subscription Agreement, ITAC has no outstanding indebtedness
for borrowed money.

 

(f) As
of the date of this Agreement, the issued and outstanding Common Shares are registered pursuant to Section 12(b) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), and are listed for trading on Nasdaq under the
symbol “ITAC”. As of the date of this Subscription Agreement, there is no suit, action, proceeding or investigation
pending or, to the knowledge of ITAC, threatened against ITAC by Nasdaq or the SEC with respect to any intention by such entity
to deregister the Common Shares or prohibit or terminate the listing of the Common Shares on the Nasdaq, excluding, for the purposes
of clarity, the customary ongoing review by Nasdaq of ITAC’s listing application with respect to the Transaction.

 

(g) ITAC
is in compliance with all applicable laws, except where such non-compliance would not reasonably be expected to have a Material
Adverse Effect on ITAC. As of the date of this Subscription Agreement, ITAC has not received any written communication from a governmental
authority that alleges that ITAC is not in compliance with or is in default or violation of any applicable law, except where such
non-compliance, default or violation would not, individually or in the aggregate, be reasonably expected to have a Material Adverse
Effect on ITAC.

 

(h) ITAC
has not entered into any agreement or arrangement entitling any agent, broker, investment banker, financial advisor or other person
to any broker’s or finder’s fee or any other commission or similar fee in connection with the transactions contemplated
by this Subscription Agreement for which the Subscriber could become liable. Other than (i) Wells Fargo, who is acting as placement
agent to ITAC solely with respect to the offering of Common Shares in the United States and jurisdictions other than Israel, and
(ii) Epsilon Underwriting & Issuing Ltd. (“Epsilon”) and Poalim I.B.I. Underwriting & Issuing
Ltd. (“Poalim” and, together with Wells Fargo, the “Placement Agents” and each,
a “Placement Agent”), who are acting as placement agents to ITAC solely with respect to the offering
of Common Shares in Israel, ITAC is not aware of any person that has been or will be paid (directly or indirectly) remuneration
for solicitation of purchasers in connection with the sale of any Common Shares in the Offering.

 

(i) ITAC
is not, and immediately after receipt of payment for the Shares, will not be, an “investment company” within the meaning
of the Investment Company Act of 1940, as amended.

 

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(j) Assuming
the accuracy of the Subscriber’s representations and warranties set forth in Section 6, in connection with the offer,
sale and issuance of the Shares in the manner contemplated by this Subscription Agreement, it is not necessary to register the
Shares under the Securities Act. The Shares (i) were not offered by any form of general solicitation or general advertising and
(ii) are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities
Act or any applicable state securities laws.

 

(k) ITAC
has filed all reports required to be filed by it under the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof,
since its initial public offering (the “IPO”) (such reports, together with any materials filed or furnished
thereafter by ITAC under the Exchange Act, whether or not any such reports were required, the “SEC Reports”).
As of their respective dates (or, if amended or superseded by a filing prior to the Closing Date, then on the date of such filing),
the SEC Reports filed by ITAC complied in all material respects with the requirements of the Securities Act and the Exchange Act
and the rules and regulations of the SEC promulgated thereunder, and none of the SEC Reports, when filed (or, if amended or superseded
by a filing prior to the Closing Date, then on the date of such filing) by ITAC, contained any untrue statement of a material fact
or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading. The financial statements of ITAC included in the SEC Reports
comply in all material respects with applicable accounting requirements and the rules and regulations of the SEC with respect thereto
as in effect at the time of filing (or, if amended or superseded by a filing prior to the Closing Date, then on the date of such
filing). Such financial statements (excluding for the avoidance of doubt, any pro forma financial statements which include the
financial information of ARBE) have been prepared in accordance with United States generally accepted accounting principles applied
on a consistent basis during the periods involved (“GAAP”), except as may be otherwise specified in such
financial statements, the notes thereto and except that unaudited financial statements may not contain all footnotes required by
GAAP or may be condensed or summary statements, and fairly present in all material respects the consolidated financial position
of ITAC and its consolidated subsidiaries as of and for the dates thereof and the results of operations and cash flows for the
periods then ended, subject, in the case of unaudited statements, to normal, year-end audit adjustments. All material agreements
to which ITAC is a party or to which the property or assets of ITAC are subject are included as part of or identified in the SEC
Reports, to the extent such agreements are required to be included or identified pursuant to the rules and regulations of the SEC

 

(l) Other
than the Other Subscription Agreements and the Transaction Agreement, ITAC has not entered into any side letter or similar agreement
with any Other Subscriber in connection with such Other Subscriber’s investment in ITAC through the Offering. No Other Subscription
Agreement includes terms and conditions that are materially more advantageous to any such Other Subscriber than the Subscriber
hereunder. Such Other Subscription Agreements have not been amended in any material respect following the date of this Subscription
Agreement.

 

(m) Neither
ITAC nor any of its subsidiaries has taken any steps to seek protection pursuant to any law or statute relating to bankruptcy,
insolvency, reorganization, receivership, liquidation, administration or winding up or failed to pay its debts when due, nor does
ITAC or any subsidiary thereof have any knowledge or reason to believe that any of their respective creditors intend to initiate
involuntary bankruptcy proceedings or seek to commence an administration (unless ITAC does not consummate its Business Combination
and is required to liquidate in accordance with its organizational documents and the Prospectus).

 

(n) As
of the date hereof and as of the Closing Date, neither ITAC, nor, to ITAC’s knowledge, any Covered Person of ITAC, are subject
to any of the “Bad Actor” disqualifications described in Rule 506(d) under the Securities Act (a “Disqualification
Event”), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3). “Covered Person”
means, for the purposes of this Subscription Agreement, in respect of any person as an “issuer” for purposes of Rule
506 under the Securities Act, any person listed in the first paragraph of Rule 506(d)(1) under the Securities Act.

 

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(o) Except
for such matters as have not had and would not be reasonably expected to have, individually or in the aggregate, a Material Adverse
Effect on ITAC, as of the date of this Subscription Agreement, there is no (A) suit, action, proceeding or arbitration before a
governmental authority or arbitrator pending against ITAC or (B) judgment, decree, injunction, ruling or order of any governmental
entity or arbitrator outstanding against ITAC. ITAC and its directors and officers are not (i) a person named on the List of Specially
Designated Nationals and Blocked Persons administered by the U.S. Treasury Department’s Office of Foreign Assets Control
(“OFAC”) or in any Executive Order issued by the President of the United States and administered by OFAC
(“OFAC List”), or a person prohibited by any OFAC sanctions program, (ii) a Designated National as defined
in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (iii) a non-U.S. shell bank or providing banking services indirectly
to a non-U.S. shell bank (collectively, a “Prohibited Person”). Each of ITAC and, to ITAC’s knowledge,
its directors, officers employees, representatives, agents and any person acting on its or their behalf has not engaged in any
activity or conduct which would violate any applicable anti-bribery, anticorruption or anti-money laundering laws, regulations
or rules in any applicable jurisdiction.

 

(p) ITAC
understands that the foregoing representations and warranties shall be deemed material to and have been relied upon by the Subscriber.

 

5. ARBE
Representations and Warranties. ARBE represents and warrants to the Subscriber that:

 

(a) As
of the date hereof, ARBE is, and as of the ARBE Closing, ARBE will be, a corporation duly organized and validly existing under
the laws of Israel. ARBE has the corporate power and authority to own, lease and operate its properties and conduct its business
as presently conducted and to enter into, deliver and perform its obligations under this Subscription Agreement. This Subscription
Agreement has been duly authorized, validly executed and delivered by ARBE, constitutes the valid and binding agreement of ARBE
and is enforceable against ARBE in accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally,
and (ii) principles of equity, whether considered at law or equity.

 

(b) Other
than the applicable Placement Agents, ARBE has not entered into any agreement or arrangement entitling any agent, broker, investment
banker, financial advisor or other person to any broker’s or finder’s fee or any other commission or similar fee in
connection with the transactions contemplated by this Subscription Agreement. Other than the Placement Agents, ARBE is not aware
of any person that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection
with the sale of any Common Shares in the Offering (including, if the Direct Purchase Election is made, the issuance of the ARBE
Shares hereunder).

 

(c) Subject
in all instances to receipt of the Required Company Shareholder Approval (as defined in the Transaction Agreement), the execution,
delivery and performance of this Subscription Agreement by ARBE, and the compliance by ARBE with all of the provisions of this
Subscription Agreement and the consummation of the transactions herein (including if the Direct Purchase Election is made, the
issuance of the ARBE Shares hereunder), will, if the Direct Purchase Election is made, be done in accordance with the Nasdaq marketplace
rules and, in any event, will not conflict with or result in a material breach or material violation of any of the terms or provisions
of, or constitute a material default under, or result in the creation or imposition of any lien, charge or encumbrance upon any
of the property or assets of ARBE or any of its subsidiaries pursuant to the terms of (i) any indenture, mortgage, deed of trust,
loan agreement, license, lease or any other agreement or instrument to which ARBE or any of its subsidiaries is a party or by which
ARBE or any of its subsidiaries is bound or to which any of the property or assets of ARBE or any of its subsidiaries is subject,
which would have a Material Adverse Effect on ARBE or materially affect the validity of the ARBE Shares or legal authority of ARBE
to comply in all material respects with the terms of this Subscription Agreement; (ii) result in any material violation of the
provisions of the organizational documents of ARBE; or (iii) result in any violation of any statute or any judgment, order, rule
or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over ARBE or any of its properties
that would have a Material Adverse Effect on ARBE or materially affect the validity of the ARBE Shares or the legal authority of
ARBE to comply with this Subscription Agreement; subject, in the case of the foregoing clauses (i) and (iii) with respect to the
consummation of the transactions therein contemplated.

 

    8

     

    

 

(d) Assuming
the accuracy of the representations and warranties of the Subscriber, ARBE is not required to obtain any consent, waiver, authorization
or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental
authority, self-regulatory organization or other person on the part of ARBE in connection with the execution, delivery and performance
by ARBE of this Subscription Agreement which has not heretofore been obtained or will be obtained prior to the Closing, other than
(i) filings with the SEC, (ii) filings required by applicable state or local securities laws, (iii) the filing with the SEC of
a registration statement pursuant to Section 7, (iv) those required by the Nasdaq, and (v) any consent, waiver, authorization
or order of, notice to, or filing or registration, the failure of which to obtain would not be reasonably expected to have, individually
or in the aggregate, a Material Adverse Effect on ARBE.

 

(e) If
the Direct Purchase Election is made, the ARBE Shares issuable to the Subscriber hereunder will, when so issued, have been duly
authorized, validly issued, fully paid and non-assessable, free and clear of all liens or other restrictions (other than those
arising under this Subscription Agreement or applicable securities laws or that incurred by the Subscriber) and will not have been
issued in violation of or subject to any preemptive or similar rights created under ARBE’s Amended and Restated Company Articles
of Association as then in effect or under the Israeli Companies Law, 5759-1999, as amended, or any similar rights pursuant to any
agreement or other instrument to which ARBE is a party or by which it is otherwise bound.

 

(f) ARBE
is not, and, if the Direct Purchase Election is exercised, immediately after receipt of payment for the ARBE Shares, will not be,
an “investment company” within the meaning of the Investment Company Act of 1940, as amended.

 

(g) Assuming
the accuracy of the Subscriber’s representations and warranties set forth in Section 6, and compliance by the Placement
Agents with applicable securities laws, in connection with the offer, sale and issuance of the Shares in the manner contemplated
by this Subscription Agreement, it is not necessary to register the Shares under the Securities Act and the Shares (i) were not
offered by any form of general solicitation or general advertising and (ii) and are not being offered in a manner involving a public
offering under, or in a distribution in violation of, the Securities Act or any applicable state securities laws.

 

(h) As
of the date hereof and as of the Closing Date, neither ARBE, nor, to the ARBE’s knowledge, any Covered Person of ARBE are
subject to any Disqualification Event, except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3) under the Securities
Act.

 

    9

     

    

 

(i) Neither
ARBE nor any of its subsidiaries has taken any steps to seek protection pursuant to any law or statute relating to bankruptcy,
insolvency, reorganization, receivership, liquidation, administration or winding up or failed to pay its debts when due, nor does
ARBE have any knowledge or reason to believe that any of their respective creditors intend to initiate involuntary bankruptcy proceedings
or seek to commence an administration.

 

(j) Except
for such matters as have not had and would not be reasonably expected to have, individually or in the aggregate, a Material Adverse
Effect on ARBE, there is no (i) suit, action, proceeding or arbitration before a governmental authority or arbitrator pending against
ARBE or (ii) judgment, decree, injunction, ruling or order of any governmental entity or arbitrator outstanding against ARBE. ARBE
is not and none of its directors and officers are a Prohibited Person. Each of ARBE and, to ARBE’s knowledge, its directors,
officers employees, representatives, agents and any person acting on its or their behalf has not engaged in any activity or conduct
which would materially violate any applicable anti-bribery, anticorruption or anti-money laundering laws, regulations or rules
in any applicable jurisdiction

 

(k) Other
than the Other Subscription Agreements and the Transaction Agreement, ITAC has not entered into any side letter or similar agreement
with any Other Subscriber in connection with such Other Subscriber’s investment in ITAC through the Offering. No Other Subscription
Agreement includes terms and conditions that are materially more advantageous to any such Other Subscriber than the Subscriber
hereunder. Such Other Subscription Agreements have not been amended in any material respect following the date of this Subscription
Agreement.

 

(l) ARBE
understands that the foregoing representations and warranties shall be deemed material to and have been relied upon by the Subscriber.

 

6. Subscriber
Representations and Warranties. The Subscriber represents and warrants to ITAC and ARBE that:

 

(a) The
Subscriber is either a U.S. investor, an Israeli investor or other non-U.S. investor as set forth under its name on the signature
page hereto, and accordingly represents the applicable additional matters under clause (i), (ii) or (iii) below:

 

(i) Applicable
to U.S. investors: At the time the Subscriber was offered the Shares, it was, and as of the date hereof, the Subscriber is (A)
a “qualified institutional buyer” (within the meaning of Rule 144A under the Securities Act) or an “accredited
investor” (within the meaning of Rule 501(a) of Regulation D under the Securities Act) as indicated in the questionnaire
attached as Exhibit A hereto, and (B) is acquiring the Shares only for its own account and (C) not for the account of others,
and not on behalf of any other account or person or with a view to, or for offer or sale in connection with, any distribution thereof
in violation of the Securities Act. The Subscriber is not an entity formed for the specific purpose of acquiring the Shares.

 

(ii) Applicable
to Israeli investors: At the time the Subscriber was offered the Shares, it was, and as of the date hereof, the Subscriber is (A)
a “qualified investor” (within the meaning of the First Addendum of the Israeli Securities Law, 1968 (“ISL”)
as indicated in the questionnaire attached as Exhibit C hereto, and (B) is acquiring the Shares only for its own account
and (C) not for the account of others, and not on behalf of any other account or person or with a view to, or for offer or sale
in connection with, any distribution thereof in violation of the ISL. The Subscriber is not an entity formed for the specific purpose
of acquiring the Shares.

 

(iii) Applicable
to non-U.S. investors: The Subscriber understands that the sale of the Shares is made pursuant to and in reliance upon Regulation
S promulgated under the Securities Act (“Regulation S”). The Subscriber is not a U.S. Person (as defined
in Regulation S), it is acquiring the Shares in an offshore transaction in reliance on Regulation S, and it has received all the
information that it considers necessary and appropriate to decide whether to acquire the Shares hereunder outside of the United
States. The Subscriber is not relying on any statements or representations made in connection with the transactions contemplated
hereby other than representations contained in this Subscription Agreement. The Subscriber understands and agrees that Securities
sold pursuant to Regulation S may be subject to restrictions thereunder, including compliance with the distribution compliance
period provisions therein.

 

    10

     

    

 

(b) The
Subscriber understands that the Shares are being offered in a transaction not involving any public offering within the meaning
of the Securities Act and that the Shares issued at the Closing have not been registered under the Securities Act. The Subscriber
understands that the Shares may not be resold, transferred, pledged or otherwise disposed of by the Subscriber absent an effective
registration statement under the Securities Act except (i) to ITAC (or, after the Transaction Closing, ARBE) or a subsidiary thereof,
(ii) to non-U.S. persons pursuant to offers and sales that occur outside the United States within the meaning of Regulation S under
the Securities Act or (iii) pursuant to another applicable exemption from the registration requirements of the Securities Act,
and in each of cases (i) and (iii) in accordance with any applicable securities laws of the states and other jurisdictions of the
United States, and that any certificates (if any) or any book-entry shares representing the Shares issued at the Closing shall
contain a legend or restrictive notation to such effect. The Subscriber acknowledges that the Shares will not immediately be eligible
for resale pursuant to Rule 144A promulgated under the Securities Act. The Subscriber understands and agrees that the Shares, until
registered under an effective registration statement, will be subject to transfer restrictions and, as a result of these transfer
restrictions, the Subscriber may not be able to readily resell the Shares and may be required to bear the financial risk of an
investment in the Shares for an indefinite period of time. The Subscriber understands that it has been advised to consult legal
counsel prior to making any offer, resale, pledge or transfer of any of the Shares.

 

(c) The
Subscriber understands and agrees that the Subscriber is purchasing Shares directly from ITAC or, if the Direct Purchase Election
is made, ARBE. The Subscriber further acknowledges that there have been no representations, warranties, covenants and agreements
made to the Subscriber by ITAC, ARBE, or any of their respective officers or directors, or any other person, expressly (other than
those representations, warranties, covenants and agreements included in this Subscription Agreement by ITAC and ARBE) or by implication.

 

(d) The
Subscriber acknowledges and agrees that the Subscriber has received such information as the Subscriber deems necessary in order
to make an investment decision with respect to the Shares. Without limiting the generality of the foregoing, the Subscriber acknowledges
that it has received and carefully reviewed the following items (collectively, the “Disclosure Documents”):
(i) the final prospectus of ITAC, dated as of September 8, 2020 and filed with the SEC (File No. 333-242339) on September 10, 2020
(the “Prospectus”), (ii) each filing made by ITAC with the SEC following the filing of the Prospectus
through the date of this Subscription Agreement, (iii) the Transaction Agreement, a copy of which will be filed by ITAC with the
SEC, and (iv) the investor presentation by ITAC and ARBE dated March 2021 (the “Investor Presentation”),
a copy of which will be furnished by ITAC to the SEC. The Subscriber represents and agrees that the Subscriber and the Subscriber’s
professional advisor(s), if any, have had the full opportunity to ask ITAC’s and ARBE’s management questions, receive
such answers and obtain such information as the Subscriber and the Subscriber’s professional advisor(s), if any, have deemed
necessary to make an investment decision with respect to the Shares. The Subscriber has conducted its own investigation of ITAC,
ARBE and the Shares and the Subscriber has made its own assessment and have satisfied itself concerning the relevant tax and other
economic considerations relevant to its investment in the Shares. The Subscriber further acknowledges that the information contained
in the Disclosure Documents is subject to change, and that any changes to the information contained in the Disclosure Documents,
including any changes based on updated information or changes in terms of the Transaction, shall in no way affect the Subscriber’s
obligation to purchase the Shares hereunder, except as otherwise provided herein, and that, in purchasing the Shares, the Subscriber
is not relying upon any projections contained in the investor presentation.

 

    11

     

    

 

(e) The
Subscriber became aware of this Offering of the Shares solely by means of direct contact between the Subscriber and ITAC, ARBE,
the applicable Placement Agent or a representative of ITAC, ARBE or the applicable Placement Agent, and the Shares were offered
to the Subscriber solely by direct contact between the Subscriber and ITAC, ARBE, the applicable Placement Agent or a representative
of ITAC, ARBE or the applicable Placement Agent. The Subscriber acknowledges that ITAC represents and warrants that the Shares
(i) were not offered by any form of general solicitation or general advertising and (ii) are not being offered in a manner involving
a public offering under, or in a distribution in violation of, the Securities Act, or any state securities laws. The Subscriber
has a substantive pre-existing relationship with ITAC, ARBE or their respective affiliates or the applicable Placement Agent for
this Offering of the Shares. If the Subscriber is located in the United States or a jurisdiction other than Israel, then the only
Placement Agent it has had contact with in connection with the offer and sale of the Shares is Wells Fargo. If the Subscriber is
located in Israel, then the only Placement Agents it has had contact with, in connection with the offer and sale of the Shares,
are Epsilon and/or Poalim.

 

(f) The
Subscriber acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Shares,
including those set forth in the Disclosure Documents and in ITAC’s filings with the SEC. The Subscriber is able to fend
for itself in the transactions contemplated herein and has such knowledge and experience in financial and business matters as to
be capable of evaluating the merits and risks of an investment in the Shares, and the Subscriber has sought such accounting, legal
and tax advice as the Subscriber has considered necessary to make an informed investment decision.

 

(g) Alone,
or together with any professional advisor(s), the Subscriber has considered the risks of an investment in the Shares and determined
that the Shares are a suitable investment for the Subscriber and that the Subscriber is able at this time and in the foreseeable
future to bear the economic risk of a total loss of the Subscriber’s investment in ITAC (and after the Transaction Closing,
ARBE). The Subscriber acknowledges specifically that a possibility of total loss exists.

 

(h) In
making its decision to purchase the Shares, the Subscriber has relied solely upon independent investigation made by the Subscriber,
the Investor Presentation and the representations and warranties of ITAC and ARBE set forth herein. Without limiting the generality
of the foregoing, the Subscriber has not relied on any statements or other information provided by any of the Placement Agents
concerning ITAC, ARBE or the Shares or the offer and sale of the Shares. Subscriber acknowledges and agrees that Subscriber had
access to, and an adequate opportunity to review, financial and other information as Subscriber deems necessary in order to make
an investment decision with respect to the Shares.

 

(i) The
Subscriber understands and agrees that no federal or state agency has passed upon or endorsed the merits of this Offering of the
Shares or made any findings or determination as to the fairness of this investment or the accuracy or adequacy of the Disclosure
Documents.

 

(j) If
an entity, the Subscriber has been duly formed or incorporated and is validly existing in good standing under the laws of its jurisdiction
of incorporation or formation. The execution, delivery and performance by the Subscriber of this Subscription Agreement are within
the powers of the Subscriber, have been duly authorized and will not constitute or result in a material breach or default under
or conflict with any law, statute, rule or regulation applicable to the Subscriber, any order, ruling or regulation of any court
or other tribunal or of any governmental commission or agency, or any agreement or other undertaking, to which the Subscriber is
a party or by which the Subscriber is bound, and, if the Subscriber is not an individual, will not violate any provisions of the
Subscriber’s organizational documents. The signature on this Subscription Agreement is genuine, and the signatory, if the
Subscriber is an individual, has legal competence and capacity to execute the same or, if the Subscriber is not an individual the
signatory has been duly authorized to execute the same, and this Subscription Agreement constitutes a legal, valid and binding
obligation of the Subscriber, enforceable against the Subscriber in accordance with its terms, except as may be limited or otherwise
affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting
the rights of creditors generally, and (ii) principles of equity, whether considered at law or equity.

 

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(k) Neither
the due diligence investigation conducted by the Subscriber in connection with making its decision to acquire the Shares nor any
representations and warranties made by the Subscriber herein shall modify, amend or affect the Subscriber’s right to rely
on the truth, accuracy and completeness of ITAC’s or ARBE’s representations and warranties contained herein.

 

(l) The
Subscriber is not a Prohibited Person. The Subscriber agrees to provide law enforcement agencies, if requested thereby, such records
as required by applicable law, provided that the Subscriber is permitted to do so under applicable law. If the Subscriber is a
financial institution subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.), as amended by the USA PATRIOT Act of 2001,
and its implementing regulations (collectively, the “BSA/PATRIOT Act”), the Subscriber maintains policies
and procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT Act. To the extent required, it
maintains policies and procedures reasonably designed for the screening of its investors against the OFAC sanctions programs, including
the OFAC List. To the extent required, it maintains policies and procedures reasonably designed to ensure that the funds held by
the Subscriber and used to purchase the Shares were legally derived.

 

(m) As
of the date hereof and as of the Closing Date, neither the Subscriber, nor, to the extent it has them, any of its equity holders,
managers, general or limited partners, directors, affiliates or executive officers (collectively with the Subscriber, the “Covered
Persons”), are subject to any Disqualification Event, except for a Disqualification Event covered by Rule 506(d)(2)
or (d)(3). The Subscriber has exercised reasonable care to determine whether any Covered Person is subject to a Disqualification
Event. The acquisition of Shares by the Subscriber will not subject ITAC or ARBE to any Disqualification Event.

 

(n) No
disclosure or offering document has been prepared by any of the Placement Agent in connection with the offer and sale of the Shares.
The Subscriber acknowledges that each Placement Agent and each of its members, directors, officers, employees, representatives
and controlling persons have made no independent investigation with respect to ITAC, ARBE or the Shares or the accuracy, completeness
or adequacy of any information supplied to the Subscriber by ITAC or ARBE. In connection with the issue and purchase of the Shares,
no Placement Agent has acted as the Subscriber’s financial advisor or fiduciary. The Subscriber acknowledges that such information
and projections were prepared without the participation of any of the Placement Agents and no Placement Agent assumes any responsibility
for independent verification of, or the accuracy or completeness of, such information or projections.

 

(o) The
Subscriber acknowledges its obligations under applicable securities laws with respect to the treatment of non-public information
relating to ITAC.

 

(p) The
Subscriber acknowledges that, in the Transaction, the Common Shares, including any Shares acquired by the Subscriber if the Direct
Purchase Election is not made, will be exchanged for ARBE Shares.

 

(q) Subscriber
has, and on each date any portion of the Aggregate Purchase Price would be required to be funded to ITAC (or if the Direct Purchase
Election is made, to ARBE) pursuant to this Subscription Agreement will have, sufficient immediately available funds to pay the
Aggregate Purchase Price.

 

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7. Registration
Rights.

 

(a) From
and after the Transaction Closing, ARBE agrees that, within thirty (30) calendar days after the Transaction Closing, ARBE will
file with the SEC (at ARBE’s sole cost and expense) a registration statement registering the resale of the ARBE Shares either,
if the Direct Purchase Election is made, issued at Closing or, if the Direct Purchase Election is not made, exchanged at the Transaction
Closing for the Common Shares purchased by the Subscriber hereunder (the “Registration Statement”), and
ARBE shall use its commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable
after the filing thereof (for the avoidance of doubt, not as a condition to Closing), but no later than the earlier of (i) the
sixtieth (60th) calendar day (or ninetieth (90th) calendar day if the SEC notifies ABRE that it will “review”
the Registration Statement) following the filing of the Registration Statement with the SEC and (ii) the tenth (10th)
business day after the date ABRE is notified in writing by the SEC that the Registration Statement will not be “reviewed”
or will not be subject to further review. ABRE will use its commercially reasonable efforts to provide a draft of the Registration
Statement to the undersigned for review (but not comment) at least two (2) business days in advance of filing the Registration
Statement; provided that, for the avoidance of doubt, in no event shall ABRE be required to delay or postpone the filing of such
Registration Statement as a result of or in connection with the undersigned’s review. In no event shall the Subscriber be
identified as a statutory underwriter in the Registration Statement unless required by the SEC or otherwise agreed to by the Subscriber
in writing; provided, that if the SEC requests that the Subscriber be identified as a statutory underwriter in the Registration
Statement, the Subscriber will have an opportunity to withdraw from the Registration Statement. Any failure by ARBE to file or
to effect the Registration Statement by the deadlines set out herein shall not otherwise relieve ARBE of its obligations to file
or effect the Registration Statement as set forth above in this Section 7. ARBE shall, upon reasonable request, inform the
Subscriber as to the status of the registration effected by ARBE pursuant to this Subscription Agreement.

 

(b) ARBE
agrees that ARBE will cause such Registration Statement or another registration statement (which may be a “shelf” registration
statement, if applicable) which includes the Shares to remain effective until the earlier of (i) three years from the issuance
of the Shares, (ii) the date on which the Subscriber ceases to hold the Shares covered by such Registration Statement, or (iii)
on the first date on which the Subscriber can sell all of its Shares (or shares received in exchange therefor) under Rule 144 of
the Securities Act without limitation, including as to the manner of sale or the amount of such securities that may be sold and
without the requirement for the ARBE to be in compliance with the current public information required under Rule 144(c)(1) (or
Rule 144(i)(2), if applicable). The Subscriber agrees to disclose its beneficial ownership, as determined in accordance with Rule
13d-3 of the Exchange Act, of the Shares to ARBE (or its successor) upon request to assist ARBE in making the determination described
above. For as long as the Subscriber holds Shares, ARBE will use commercially reasonable efforts to file all reports for so long
as the condition in Rule 144(c)(1) (or Rule 144(i)(2), if applicable) is required to be satisfied, and provide all customary and
reasonable cooperation, necessary to enable the undersigned to resell the Shares pursuant to Rule 144 of the Securities Act including
furnishing to Subscriber so long as it owns Shares, promptly upon request, (x) a written statement by ARBE, if true, that it has
complied in all material respects with the reporting requirements of Rule 144, the Securities Act and the Exchange Act, (y) a copy
of the most recent annual or quarterly report of ARBE and such other reports and documents so filed by ARBE (public availability
on the SEC’s EDGAR system (or successor system) being sufficient) and (z) such other information as may be reasonably requested
to permit Subscriber to sell such securities pursuant to Rule 144 without registration (in each case, when Rule 144 of the Securities
Act becomes available to the Subscriber).

 

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(c) ARBE’s
obligations to include the Shares in the Registration Statement are contingent upon the Subscriber furnishing in writing to ARBE
such information regarding the Subscriber, the securities of ARBE held by the Subscriber and the intended method of disposition
of the Shares as shall be reasonably requested by ARBE to effect the registration of the Shares, and shall execute such documents
in connection with such registration as ARBE may reasonably request that are customary of a selling stockholder in similar situations;
provided that the Subscriber shall not in connection with the foregoing be required to execute any lock-up or similar agreement
or otherwise be subject to any contractual restriction on the ability to transfer the Shares. With respect to any information to
be provided by the Subscriber pursuant to this Section 7, ARBE shall request such information from the Subscriber at least
five (5) business days prior to the anticipated filing date of the Registration Statement. Notwithstanding the foregoing, if the
SEC prevents ARBE from including any or all of the shares proposed to be registered for resale under the Registration Statement
due to limitations on the use of Rule 415 of the Securities Act for the resale of ARBE’s securities by the applicable shareholders
or otherwise, (i) such Registration Statement shall register for resale such number of ARBE securities which is equal to the maximum
number of ARBE securities as is permitted by the SEC and (ii) the number of ARBE securities to be registered for each selling shareholder
named in the Registration Statement shall be reduced pro rata among all such selling shareholders, and as promptly as practicable
after being permitted to register additional shares under Rule 415 under the Securities Act, ARBE shall amend the Registration
Statement or file a new Registration Statement to register such Shares not included in the initial Registration Statement and cause
such amendment or Registration Statement to become effective as promptly as practicable.

 

(d) ARBE
may delay filing or suspend the use of any such registration statement if it determines, upon advice of external legal counsel,
that (x) in order for the registration statement to not contain a material misstatement or omission, an amendment thereto would
be needed, or (y) such filing or use would materially affect a bona fide business or financing transaction of ARBE or would require
premature disclosure of information that would materially adversely affect ARBE (each such circumstance, a “Suspension
Event”); provided, that ARBE shall use commercially reasonable efforts to make such registration statement
available for the sale by the Subscriber of such securities as soon as practicable thereafter and ARBE may not delay or suspend
any such registration statement on more than two occasions or for more than 60 consecutive calendar days, or more than 100 total
calendar days in any twelve-month period. Upon receipt of any written notice from ARBE of the happening of any Suspension Event
during the period that the Registration Statement is effective or if as a result of a Suspension Event the Registration Statement
or related prospectus contains any untrue statement of a material fact or omits to state any material fact required to be stated
therein or necessary to make the statements therein, in light of the circumstances under which they were made (in the case of the
prospectus) not misleading, the Subscriber agrees that it will (i) immediately discontinue offers and sales of the Shares under
the Registration Statement (excluding, for the avoidance of doubt, sales conducted pursuant to Rule 144) until the Subscriber receives
(A) (x) copies of a supplemental or amended prospectus that corrects the misstatement(s) or omission(s) referred to above, which
ARBE agrees to promptly prepare and file and (y) notice that any post-effective amendment has become effective or (B) notice from
ARBE that it may resume such offers and sales, and (ii) maintain the confidentiality of any information included in such written
notice delivered by ARBE unless otherwise required by applicable law. If so directed by ARBE, the Subscriber will deliver to ARBE
or destroy all copies of the prospectus covering the Shares in the Subscriber’s possession; provided, however, that
this obligation to deliver or destroy all copies of the prospectus covering the Shares shall not apply to (i) the extent the Subscriber
is required to retain a copy of such prospectus (A) in order to comply with applicable legal, regulatory, self-regulatory or professional
requirements or (B) in accordance with a bona fide pre-existing document retention policy or (ii) copies stored electronically
on archival servers as a result of automatic data back-up. The Subscriber may deliver written notice (an “Opt-Out Notice”)
to ARBE requesting that Subscriber not receive notices from ARBE otherwise required by this Section 7; provided,
however, that Subscriber may later revoke any such Opt-Out Notice in writing. Following receipt of an Opt-Out Notice from Subscriber
(unless subsequently revoked), (i) ARBE shall not deliver any such notices to Subscriber and Subscriber shall no longer be entitled
to the rights associated with any such notice and (ii) each time prior to Subscriber’s intended use of an effective Registration
Statement, Subscriber will notify ARBE in writing at least three (3) business days in advance of such intended use, and if a notice
of a Suspension Event was previously delivered (or would have been delivered but for the provisions of this Section 7(d))
and the related suspension period remains in effect, ARBE will so notify Subscriber, within two (2) business days of Subscriber’s
notification to ARBE, by delivering to Subscriber a copy of such previous notice of Suspension Event, and thereafter will provide
Subscriber with the related notice of the conclusion of such Suspension Event promptly following its availability.

 

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(e) In
the case of the registration, qualification, exemption or compliance effected by ABRE pursuant to this Subscription Agreement,
ABRE shall, upon reasonable request, inform the Subscriber as to the status of such registration, qualification, exemption and
compliance. At its expense, ABRE shall: (i) except for such times as ABRE is permitted hereunder to suspend the use of the prospectus
forming part of a Registration Statement, use its commercially reasonable efforts to keep such registration, and any qualification,
exemption or compliance under state securities laws which ABRE determines to obtain, continuously effective with respect to the
Subscriber, and to keep the applicable Registration Statement or any subsequent shelf registration statement free of any material
misstatements or omissions; (ii) advise Subscriber within five (5) business days (A) of the issuance by the SEC of any stop order
suspending the effectiveness of any Registration Statement or the initiation of any proceedings for such purpose, (B) of the receipt
by ABRE of any notification with respect to the suspension of the qualification of the Shares included therein for sale in any
jurisdiction or the initiation or threatening of any proceeding for such purpose; and (C) subject to the provisions in this Subscription
Agreement, of the occurrence of any event that requires the making of any changes in any Registration Statement or prospectus included
therein so that, as of such date, the statements therein are not misleading and do not omit to state a material fact required to
be stated therein or necessary to make the statements therein (in the case of a prospectus, in light of the circumstances under
which they were made) not misleading (notwithstanding anything to the contrary set forth herein, ABRE shall not, when so advising
the Subscriber of such events listed above, provide the Subscriber with any material, nonpublic information regarding ABRE other
than to the extent that providing notice to Subscriber of the occurrence of the events listed in (A) through (C) above constitutes
material, nonpublic information regarding ABRE); (iii) use its commercially reasonable efforts to obtain the withdrawal of any
order suspending the effectiveness of any Registration Statement as soon as reasonably practicable; and (iv) upon the occurrence
of any event contemplated above, except for such times as ABRE is permitted hereunder to suspend, and has suspended, the use of
a prospectus forming part of a Registration Statement, ABRE shall use its commercially reasonable efforts to as soon as reasonably
practicable prepare a post-effective amendment to such Registration Statement or a supplement to the related prospectus, or file
any other required document so that, as thereafter delivered to purchasers of the Shares included therein, such prospectus will
not include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading.

 

(f) During
any periods that a Registration Statement registering the resale of the Shares is effective or when the Shares may be sold pursuant
to Rule 144 under the Securities Act or may be sold without restriction under Rule 144, ABRE shall, at its expense, cause ABRE’s
transfer agent to remove any restrictive legends on any Shares sold by the Subscriber within three (3) business days following
the date that such Shares are sold and the Subscriber notifies ABRE of such sale (and prior to removal the Subscriber provides
ABRE with any customary representations in connection therewith).

 

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(g) ARBE
shall indemnify, defend and hold harmless the Subscriber (to the extent a seller under such registration statement), the officers,
directors and agents of the Subscriber, and each person who controls (within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act) the Subscriber to the fullest extent permitted by applicable law, from and against any and all
losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys’ fees) and expenses (collectively,
“Losses”), as incurred, that arise out of or are based upon (i) any untrue or alleged untrue statement
of a material fact contained in the Registration Statement or any registration statement including any of the Shares, any prospectus
included in such registration statement or any form of prospectus or in any amendment or supplement thereto or in any preliminary
prospectus, or arising out of or relating to any omission or alleged omission to state a material fact required to be stated therein
or necessary to make the statements therein (in the case of any prospectus or form of prospectus or supplement thereto, in light
of the circumstances under which they were made) not misleading, or (ii) any violation or alleged violation by ARBE of the Securities
Act, Exchange Act or any state securities law or any rule or regulation thereunder, in connection with the performance of its obligations
under this Section 7, except to the extent, but only to the extent, that such untrue statements, alleged untrue statements,
omissions or alleged omissions are based upon information regarding the Subscriber furnished in writing to ARBE by the Subscriber
expressly for use therein or the Subscriber has omitted a material fact from such information or otherwise violated the Securities
Act, Exchange Act or any state securities law or any rule or regulation thereunder; provided, however, that the indemnification
contained in this Section 7 shall not apply to amounts paid in settlement of any Losses if such settlement is effected without
the consent of ARBE (which consent shall not be unreasonably withheld, conditioned or delayed), nor shall ARBE be liable for any
Losses to the extent they arise out of or are based upon a violation which occurs (A) in reliance upon and in conformity with written
information furnished by Subscriber, (B) in connection with any failure of such person to deliver or cause to be delivered a prospectus
made available by ARBE in a timely manner, (C) as a result of offers or sales effected by or on behalf of any person by means of
a freewriting prospectus (as defined in Rule 405) that was not authorized in writing by ARBE, or (D) in connection with any offers
or sales effected by or on behalf of Subscriber in violation of Section 7(d) hereof. The Company shall notify the Subscriber
promptly of the institution, threat or assertion of any proceeding arising from or in connection with the transactions contemplated
by this Section 7 of which ARBE is aware. Such indemnity shall remain in full force and effect regardless of any investigation
made by or on behalf of an indemnified party and shall survive the transfer of the Shares by the Subscriber.

 

(h) The
Subscriber shall, severally and not jointly with any other selling shareholder named in the Registration Statement, indemnify and
hold harmless ARBE, its directors, officers, agents and employees, and each person who controls ARBE (within the meaning of Section
15 of the Securities Act and Section 20 of the Exchange Act), to the fullest extent permitted by applicable law, from and against
all Losses, as incurred, arising out of or are based upon any untrue or alleged untrue statement of a material fact contained in
any Registration Statement, any prospectus included in the Registration Statement, or any form of prospectus, or in any amendment
or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a
material fact required to be stated therein or necessary to make the statements therein (in the case of any prospectus, or any
form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading to the extent,
but only to the extent, that such untrue statements or omissions are based upon information regarding the Subscriber furnished
in writing to ARBE by the Subscriber expressly for use therein; provided, however, that the indemnification contained
in this Section 7 shall not apply to amounts paid in settlement of any Losses if such settlement is effected without the
consent of the Subscriber (which consent shall not be unreasonably withheld, conditioned or delayed). In no event shall the liability
of any Subscriber be greater in amount than the dollar amount of the net proceeds received by the Subscriber upon the sale of the
Shares giving rise to such indemnification obligation. The Subscriber shall notify ARBE promptly of the institution, threat or
assertion of any proceeding arising from or in connection with the transactions contemplated by this Section 7 of which
the Subscriber is aware. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf
of an indemnified party and shall survive the transfer of the Shares by the Subscriber.

 

    17

     

    

 

(i) If
the indemnification provided under this Section 7 from the indemnifying party is unavailable or insufficient to hold harmless
an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying
party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as
a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative
fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative
fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action
in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material
fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the indemnifying party’s
and indemnified party’s relative intent, knowledge, access to information and opportunity to correct or prevent such action.
The amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be subject to the
limitations set forth in this Section 7 and deemed to include any legal or other fees, charges or expenses reasonably incurred
by such party in connection with any investigation or proceeding. No person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this Section 7(i) from any
person who was not guilty of such fraudulent misrepresentation. Each indemnifying party’s obligation to make a contribution
pursuant to this Section 7(i) shall be individual, not joint, and in no event shall the liability of the Subscriber under
this Section 7(i) be greater in amount than the dollar amount of the net proceeds received by the Subscriber upon the sale
of the Shares giving rise to such indemnification obligation.

 

8. Termination.
This Subscription Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of the
parties hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the earlier to
occur of: (a) the mutual written agreement of ITAC, the Subscriber and ARBE to terminate this Subscription Agreement; (b) such
date and time as the Transaction Agreement is terminated in accordance with its terms; or (c) written notice by either (x) ITAC
and ARBE to the Subscriber or (y) the Subscriber to ITAC and ARBE to terminate this Subscription Agreement if the transactions
contemplated by this Subscription Agreement are not consummated on or prior to the Outside Date (as defined in the Transaction
Agreement); provided that (i) nothing herein will relieve any party from liability for any willful breach hereof prior to
the time of termination, and each party will be entitled to any remedies at law or in equity to recover losses, liabilities or
damages arising from such breach, and (ii) the provisions of Sections 8 through 12 of this Subscription Agreement
will survive any termination of this Subscription Agreement and continue indefinitely. ITAC shall notify the Subscriber of the
termination of the Transaction Agreement promptly after the termination thereof. Upon occurrence of any termination prior to the
Closing in accordance with this Section 8, any monies paid by the Subscriber to ITAC or ARBE in connection herewith shall
promptly be returned to the Subscriber.

 

    18

     

    

 

9. Trust
Account Waiver. The Subscriber hereby represents and warrants that it has read the Prospectus and understands that ITAC
has established a trust account (the “Trust Account”) containing the proceeds of the IPO and the overallotment
securities acquired by its underwriters and from certain private placements occurring simultaneously with the IPO (including interest
accrued from time to time thereon) for the benefit of ITAC’s public stockholders (including overallotment shares acquired
by ITAC’s underwriters, the “Public Stockholders”), and that, except as otherwise described in
the Prospectus, ITAC may disburse monies from the Trust Account only: (a) to the Public Stockholders in the event they elect to
redeem their ITAC shares in connection with the consummation of ITAC’s initial business combination (as such term is used
in the Prospectus) (the “Business Combination”) or in connection with an extension of its deadline to
consummate a Business Combination, (b) to the Public Stockholders if ITAC fails to consummate a Business Combination within fifteen
(15) months after the closing of the IPO (or up to twenty-one (21) months from the closing of the IPO if ITAC in accordance with
the requirements of the Prospectus extends its deadline to consummate a Business Combination), subject to extension by amendment
to ITAC’s organizational documents, (c) with respect to any interest earned on the amounts held in the Trust Account, as
necessary to pay for any franchise or income taxes (and up to $50,000 in dissolution expenses), or (d) to ITAC after or concurrently
with the consummation of a Business Combination. For and in consideration of ITAC entering into this Subscription Agreement, and
for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Subscriber hereby agrees
on behalf of itself and its affiliates that, notwithstanding anything to the contrary in this Subscription Agreement, neither the
Subscriber nor any of its affiliates do now or shall at any time hereafter have any right, title, interest or claim of any kind
in or to any monies in the Trust Account or distributions therefrom directly or indirectly to Public Stockholders (“Public
Distributions”), or make any claim against the Trust Account or Public Distributions, regardless of whether such
claim arises as a result of, in connection with or relating in any way to, this Subscription Agreement or any other matter, and
regardless of whether such claim arises based on contract, tort, equity or any other theory of legal liability (collectively, the
“Released Claims”). The Subscriber on behalf of itself and its affiliates hereby irrevocably waives any
Released Claims that the Subscriber or any of its affiliates may have against the Trust Account or Public Distributions now or
in the future and will not seek recourse against the Trust Account or Public Distributions for any reason whatsoever (including
for an alleged breach of this Subscription Agreement). The Subscriber agrees and acknowledges that such irrevocable waiver is material
to this Subscription Agreement and specifically relied upon by ITAC and its affiliates to induce ITAC to enter in this Subscription
Agreement, and the Subscriber further intends and understands such waiver to be valid, binding and enforceable against the Subscriber
and each of its affiliates under applicable law. To the extent the Subscriber or any of its affiliates commences any action or
proceeding based upon, in connection with, relating to or arising out of any Released Claims, which proceeding seeks, in whole
or in part, monetary relief against ITAC or its Representatives, the Subscriber hereby acknowledges and agrees that the Subscriber’s
and its affiliates’ sole remedy shall be against funds held outside of the Trust Account and that such claim shall not permit
the Subscriber or its affiliates (or any person claiming on any of their behalf or in lieu of them) to have any claim against the
Trust Account or Public Distributions or any amounts contained therein. Notwithstanding the foregoing, this Section 9, shall
not (x) serve to limit or prohibit the Subscriber’s right to pursue a claim against ITAC or ARBE for legal relief against
assets held outside the Trust Account (other than Public Distributions), for specific performance or other equitable relief, (y)
serve to limit or prohibit any claims that the Subscriber may have in the future against ITAC’s or ARBE’s assets or
funds that are not held in the Trust Account (including any funds that have been released from the Trust Account and any assets
that have been purchased or acquired with any such funds), excluding Public Distributions, or (z) affect any rights of Subscriber
or its affiliates as a Public Stockholder to receive distributions from the Trust Account in its capacity as a Public Stockholder.
For purposes of this Subscription Agreement, “Representatives” with respect to any person shall mean
such person’s affiliates and its and its affiliate’s respective directors, officers, employees, consultants, advisors,
agents and other representatives.

 

10. Miscellaneous.

 

(a) Neither
this Subscription Agreement nor any rights that may accrue to the Subscriber hereunder (other than the Shares acquired hereunder,
if any, and the Subscriber’s rights under Section 7) may without the prior written consent of ITAC and ARBE be transferred
or assigned by the Subscriber other than an assignment to any fund or account managed by the same investment manager as the Subscriber
or an affiliate thereof, subject to, if such transfer or assignment is prior to the Closing, such transferee or assignee, as applicable,
executing a joinder to this Subscription Agreement, and any purported transfer or assignment without such consent shall be null
and void ab initio. Neither this Subscription Agreement nor any rights or obligations of ITAC or ARBE hereunder may be transferred
or assigned by such party without the prior written consent of the Subscriber and any purported transfer or assignment without
such consent shall be null and void ab initio.

 

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(b) Each
of ITAC and ARBE may request from the Subscriber such additional information as ITAC or ARBE may reasonably deem necessary to evaluate
the eligibility of the Subscriber to acquire the Shares, and the Subscriber shall provide such information to ITAC or ARBE as may
be reasonably requested to the extent readily available and to the extent consistent with its internal policies and procedures.
Each of ITAC and ARBE agrees to keep any such information provided by Subscriber confidential, except as may be required by applicable
law, rule, regulation or in connection with any legal proceeding or regulatory request.

 

(c) The
Subscriber acknowledges that ITAC, ARBE and each of the Placement Agents will rely on the acknowledgments, understandings, agreements,
representations and warranties of the Subscriber contained in this Subscription Agreement as if they were made directly to them.
Prior to the Closing, the Subscriber agrees to promptly notify ITAC and ARBE if any of the representations and warranties set forth
herein are no longer accurate in any material respect. The Subscriber agrees that the purchase by the Subscriber of Shares from
ITAC or from ARBE, as may be applicable, will constitute a reaffirmation of the acknowledgments, understandings, agreements, representations
and warranties herein (as modified by any such notice) by the Subscriber as of the time of such purchase. ITAC acknowledges that
Subscriber and each of the Placement Agents will rely on the acknowledgments, understandings, agreements, representations and warranties
of ITAC contained in this Subscription Agreement. Prior to the Closing, ITAC agrees to promptly notify Subscriber if any of the
acknowledgments, understandings, agreements, representations and warranties set forth herein are no longer accurate in any material
respect. ARBE acknowledges that Subscriber and each of the Placement Agents will rely on the acknowledgments, understandings, agreements,
representations and warranties of ARBE contained in this Subscription Agreement. Prior to the Closing, ARBE agrees to promptly
notify Subscriber if any of the acknowledgments, understandings, agreements, representations and warranties set forth herein are
no longer accurate in any material respect. The Subscriber acknowledges and agrees that each of the Placement Agents is a third-party
beneficiary of the representations, warranties and covenants of the Subscriber contained in Section 6 of this Subscription
Agreement. Each of ITAC and ARBE acknowledges and agrees that each of the Placement Agents is a third-party beneficiary of the
representations, warranties and covenants of ITAC and ARBE contained in Sections 4 and 5, respectively, of this Subscription
Agreement in performing their respective services to ITAC in connection with the sale of the Shares. Except as expressly set forth
herein, this Subscription Agreement shall not confer any rights or remedies upon any person other than the parties hereto, and
their respective successor and permitted assigns.

 

(d) Each
of ITAC, ARBE and the Placement Agents is entitled to rely upon this Subscription Agreement and is irrevocably authorized to produce
this Subscription Agreement or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry
with respect to the matters covered hereby to the extent required by applicable law, regulatory body or stock exchange requirement.
The Subscriber shall not issue any press release or make any other similar public statement with respect to the transactions contemplated
hereby without the prior written consent of ITAC and ARBE (such consent not to be unreasonably withheld or delayed).

 

(e) All
the agreements, representations and warranties made by each party hereto in this Subscription Agreement shall survive the Closing.

 

(f) This
Subscription Agreement may not be amended, modified or terminated (other than pursuant to the terms of Section 8) except
by an instrument in writing, signed by ITAC, ARBE and the Subscriber. This Subscription Agreement may not be waived except by an
instrument in writing signed by the party against whom enforcement of such waiver is sought. No failure or delay in exercising
any right, power or privilege hereunder will operate as a waiver thereof, nor will any single or partial exercise thereof preclude
any other or further exercise thereof or the exercise of any right, power or privilege hereunder.

 

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(g) This
Subscription Agreement, together with the Transaction Agreement and the documents referred to therein (in each case, solely to
the extent expressly referred to or incorporated herein) constitutes the entire agreement, and supersedes all other prior agreements,
understandings, representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof
(other than any confidentiality agreement entered into by ITAC or ARBE and the Subscriber in connection with the Offering).

 

(h) This
Subscription Agreement shall be binding upon, and inure to the benefit of the parties hereto and their heirs, executors, administrators,
successors, legal representatives, and permitted assigns, and the agreements, representations, warranties, covenants and acknowledgments
contained herein shall be deemed to be made by, and be binding upon, such heirs, executors, administrators, successors, legal representatives
and permitted assigns.

 

(i) If
any provision of this Subscription Agreement shall be invalid, illegal or unenforceable, the validity, legality or enforceability
of the remaining provisions of this Subscription Agreement shall not in any way be affected or impaired thereby and shall continue
in full force and effect. Upon such determination that any provision is invalid, illegal or unenforceable, 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) This
Subscription Agreement may be executed in one or more counterparts (including by facsimile or electronic mail or in .pdf) and by
different parties in separate counterparts, with the same effect as if all parties hereto had signed the same document. All counterparts
so executed and delivered shall be construed together and shall constitute one and the same agreement.

 

(k) The
parties hereto agree that irreparable damage may occur in the event that any of the provisions of this Subscription Agreement were
not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall
be entitled to seek an injunction or injunctions to prevent breaches of this Subscription Agreement and seek to enforce specifically
the terms and provisions of this Subscription Agreement, without the necessity of proving actual damages or that money damages
would be insufficient and without the necessity of posting bond or other security, this being in addition to any other remedy to
which such party is entitled at law, in equity, in contract, in tort or otherwise.

 

(l) Subscriber
shall pay all of its own expenses in connection with this Subscription Agreement and the transactions contemplated herein. The
Subscriber shall not be responsible for any expenses of ITAC or ARBE in connection with this Subscription Agreement and the transactions
contemplated herein.

 

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(m) ITAC
shall, by 9:00 a.m., New York City time, on the first (1st) business day immediately following the date of this Subscription
Agreement, issue one (1) or more press releases, and within four (4) business days following the date of this Subscription Agreement
file with the SEC a Current Report on Form 8-K disclosing all material terms of the transactions contemplated hereby and by the
Other Subscription Agreements, and the Transaction, and if not disclosed prior to then, a copy of the Investor Presentation. From
and after the publication of the 8-K, the Subscriber shall not be in possession of any material, non-public information received
from ITAC, ARBE or any of their respective officers, directors, employees or agents in connection with the transactions contemplated
by this Subscription Agreement and the Transactions, and Subscriber shall no longer be subject to any confidentiality or similar
obligations under any current agreement, whether written or oral with ITAC, ARBE, the Placement Agents, or any of their affiliates
in connection with the Transactions. Subscriber hereby consents to the publication and disclosure in any press release issued by
ARBE or ITAC or Form 8-K filed by ARBE or ITAC with the SEC in connection with the execution and delivery of the Transaction Agreement
or this Subscription Agreement and the filing of any related documentation with the SEC (and, as and to the extent otherwise required
by the federal securities laws or the SEC or any other securities authorities, any other documents or communications provided by
ARBE or ITAC to any governmental authority or to securityholders of ARBE or ITAC) of Subscriber’s identity and beneficial
ownership of Shares and the nature of Subscriber’s commitments, arrangements and understandings under and relating to this
Subscription Agreement and, if deemed appropriate by ARBE or ITAC, a copy of this Subscription Agreement or the form hereof. Subscriber
will promptly provide any information reasonably requested by ARBE or ITAC for any regulatory application or filing made or approval
sought in connection with the Transaction (including filings with the SEC). Notwithstanding anything in this Subscription Agreement
to the contrary, ARBE and ITAC shall not, without the prior written consent of the Subscriber, publicly disclose the name of Subscriber
or any of its affiliates, or include the name of the Subscriber or any of its affiliates (i) in any other press release or marketing
materials or (ii) in any filings with the SEC or any regulatory agency or trading market except (A) required by the federal securities
law in connection with the Registration Statement, and (B), to the extent such disclosure is required by law, at the request of
the staff of the SEC or regulatory agency or under the regulations of Nasdaq or by any other governmental authority (the foregoing,
“Legal Requirement”), in which case ARBE or ITAC, as applicable, shall, to the extent permitted by Legal
Requirement provide Subscriber with prior written notice of such disclosure permitted under this subclause (B).

 

(n) This
Subscription Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without regard
to principles relating to conflict of laws. Each party hereby irrevocably and unconditionally submits, for itself and its property,
to the exclusive jurisdiction of the state and federal courts seated in New York County, New York (and any appellate courts thereof)
in any action or proceeding arising out of or relating to this Subscription Agreement, and each of the parties hereby irrevocably
and unconditionally (a) agrees not to commence any such action or proceeding except in such courts, (b) agrees that any claim in
respect of any such action or proceeding may be heard and determined in such court, (c) waives, to the fullest extent it may legally
and effectively do so, any objection which it may now or hereafter have to the laying of venue of any such action or proceeding
in any such court, and (d) waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance
of such action or proceeding in any such court. Each party agrees that a final judgment in any such action or proceeding 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 Proceeding relating to the
transactions contemplated by this Subscription 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 10(o). Nothing in this Section 10(n)
shall affect the right of any party to serve legal process in any other manner permitted by law. Each
party hereby knowingly, voluntarily and intentionally irrevocably waives the right to a trial by jury in respect to any litigation,
dispute, claim, legal action or other legal proceeding based hereon, or arising out of, under, or in connection with, this Subscription
Agreement.

 

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(o) All
notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given (i)
when delivered in person, (ii) when delivered by facsimile or email, with affirmative confirmation of receipt, (iii) one business
day after being sent, if sent by reputable, internationally recognized overnight courier service or (iv) three (3) business days
after being mailed, if sent by registered or certified mail, prepaid 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 ITAC at or prior to the Transaction Closing, to:

         

        Industrial Tech Acquisitions, Inc.

        5090 Richmond Avenue, Suite 319

        Houston, Texas 77056

        Attn: Scott Crist, CEO and Chairman

        Tel. No.: (713) 599-1300

        Email: scott@texasventures.com

         
	
        with a copy (which shall not constitute
        notice) to:

         

        Ellenoff Grossman & Schole LLP

        1345 Avenue of the Americas

        New York, NY 10105

        Attn: Richard I. Anslow, Esq.

                  Matthew A. Gray, Esq.

        Email: ranslow@egsllp.com

                   mgray@egsllp.com

        Tel. No.: (212) 370-1300

        Fax No.: (212) 370-7889

         

	
        If to ITAC after to the Transaction Closing or to ARBE, to:

         

        ARBE Robotics Ltd.

        HaHashmonaim Street

        107 Tel Aviv-Yafo, Israel

        Attn: Kobi Marenko, CEO

        Tel. No.: 972+52+62-44444

        Email: kobi.m@arberobotics.com

         
	
        with copies (which shall not constitute
        notice) to:

         

        DLA Piper LLP (US)

        1251 Avenue of the Americas

        New York, NY 10020

        Attn: Jon Venick

        Tel. No.: (212) 335-4651

        Email: Jon.Venick@dlapiper.com

         

        and

         

        Erdinast, Ben Nathan, Toledano & Co.

        4 Berkowitz St.

        Tel Aviv, 6423806, Israel

        Attn: Shay Dayan and Lior Etgar

        Facsimile No.: 972-3-7770101

        Telephone No.: 972-3-7770111

        Email: shayd@ebnlaw.co.il, liore@ebnlaw.co.il

         

	Notice to the Subscriber shall be given to the address underneath the Subscriber’s name on the signature page hereto.

 

(p) The
headings set forth in this Subscription Agreement are for convenience of reference only and shall not be used in interpreting this
Subscription Agreement. In this Subscription Agreement, unless the context otherwise requires: (i) whenever required by the context,
any pronoun used in this Subscription 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”; and (iii) the words “herein”,
“hereto” and “hereby” and other words of similar import in this Subscription Agreement shall be deemed
in each case to refer to this Subscription Agreement as a whole and not to any particular portion of this Subscription Agreement.
As used in this Subscription Agreement, the term: (x) “business day” shall mean any day other than a Saturday, Sunday
or a legal holiday on which commercial banking institutions in New York, New York are authorized to close for business (excluding
as a result of “stay at home”, “shelter-in-place”, “non-essential employee” or any other similar
orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as
the electronic funds transfer systems, including for wire transfers, of commercially banking institutions in New York, New York
are generally open for use by customers on such day); (y) “person” shall refer to any individual, corporation, partnership,
trust, limited liability company or other entity or association, including any governmental or regulatory body, whether acting
in an individual, fiduciary or any other capacity; and (z) “affiliate” shall mean, with respect to any specified person,
any other person or group of persons acting together that, directly or indirectly, through one or more intermediaries controls,
is controlled by or is under common control with such specified person (where the term “control” (and any correlative
terms) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of
such person, whether through the ownership of voting securities, by contract or otherwise). For the avoidance of doubt, any reference
in this Subscription Agreement to an affiliate of ITAC will include ITAC’s sponsor, Industrial Tech Partners, LLC (the “Sponsor”).

 

    23

     

    

 

(q) At
Closing, the parties hereto shall execute and deliver such additional documents and take such additional actions as the parties
may reasonably deem practical and necessary in order to consummate the Offering as contemplated by this Subscription Agreement,
including an executed copy of the Investor Representation Letter to Wells Fargo in the form set forth in Exhibit B attached
hereto (or, where Epsilon or Poalim are acting as placement agent with respect to such Offer, in the form set forth in Exhibit
C).

 

11. Non-Reliance
and Exculpation. The Subscriber acknowledges that it is not relying upon, and has not relied upon, any statement, representation
or warranty made by any person other than the statements, representations and warranties contained in this Subscription Agreement
in making its investment or decision to invest in ITAC. The Subscriber agrees that neither (i) any Other Subscriber pursuant to
other Subscription Agreements (including the controlling persons, members, officers, directors, partners, agents, or employees
of any such Other Subscriber) nor (ii) any of the Placement Agents, their respective affiliates or any of their or their affiliates’
respective control persons, officers, directors or employees, shall be liable to the Subscriber (including in contract, tort, under
federal or state securities laws or otherwise) for any action heretofore or hereafter taken or omitted to be taken by any of them
in connection with this Subscription Agreement or the Offering. The Subscriber acknowledges that none of the Placement Agents,
nor any of their respective Representatives (a) shall be liable to the Subscriber for any improper payment made in accordance with
the information provided by ITAC; (b) make any representation or warranty, or has any responsibilities as to the validity, accuracy,
value or genuineness of any information, certificates or documentation delivered by or on behalf of ITAC or ARBE pursuant to this
Subscription Agreement or the Transaction Agreement (the “Transaction Documents”); or (c) shall be liable
to the Subscriber (x) for any action taken, suffered or omitted by any of them in good faith and reasonably believed to be authorized
or within the discretion or rights or powers conferred upon it by this Subscription Agreement or any Transaction Document or (y)
for anything which any of them may do or refrain from doing in connection with this Subscription Agreement or any Transaction Document,
except in each case for their gross negligence, willful misconduct or bad faith.

 

12. Independent
Obligations. The obligations of the Subscriber under this Subscription Agreement are several and not joint with the obligations
of any Other Subscriber under the Other Subscription Agreements, and Subscriber shall not be responsible in any way for the performance
of the obligations of any Other Subscriber under the Other Subscription Agreements. The decision of Subscriber to purchase Shares
pursuant to this Subscription Agreement has been made by the Subscriber independently of any Other Subscriber and independently
of any information, materials, statements or opinions as to the business, affairs, operations, assets, properties, liabilities,
results of operations, condition (financial or otherwise) or prospects of ITAC or any of its subsidiaries which may have been made
or given by any Other Subscriber or by any agent or employee of any Other Subscriber, and neither the Subscriber nor any of its
agents or employees shall have any liability to any Other Subscriber (or any other person) relating to or arising from any such
information, materials, statements or opinions. Nothing contained herein or in any Other Subscription Agreement, and no action
taken by the Subscriber or any Other Subscribers pursuant hereto or thereto, shall be deemed to constitute the Subscriber and Other
Subscribers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Subscriber
and Other Subscribers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated
by this Subscription Agreement and the Other Subscription Agreements. The Subscriber acknowledges that no Other Subscriber has
acted as agent for the Subscriber in connection with making its investment hereunder and no Other Subscriber will be acting as
agent of the Subscriber. The obligations of ARBE and ITAC under this Subscription Agreement are several and not joint with the
obligations of any other party, and neither party shall be responsible in any way for the performance of the obligations of any
other party under this Subscription Agreement.

 

{SIGNATURE PAGES FOLLOW}

 

    24

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Subscription Agreement to be duly executed by their respective authorized signatories as of
the date first indicated above.

 

	 	Industrial Tech Acquisitions, Inc.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	ARBE Robotics Ltd.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

{Signature Page to Subscription Agreement}

 

     

     

    

 

{SUBSCRIBER SIGNATURE PAGE TO THE SUBSCRIPTION
AGREEMENT}

 

IN WITNESS WHEREOF,
the undersigned has caused this Subscription Agreement to be duly executed by its authorized signatory as of the date first indicated
above.

 

	Name(s) of Subscriber:	 

 

	Signature of Authorized Signatory of Subscriber:	 

 

	Name of Authorized Signatory:	 

 

	Title of Authorized Signatory:	 

 

Address for Notice to Subscriber:

 

	 	 
	 	 
	 	 
	Attention:	 
	Email:	 
	Facsimile No.:	 
	Telephone No.:	 

 

Address for Delivery of Shares to Subscriber (if not same as
address for notice):

 

	 
	 	 
	 

 

	Subscription Amount:	$ 	 
	 	 	 
	Number of Shares:	 	 

 

Subscriber
status (mark one): ☐ U.S. investor ☐ Israeli investor ☐ Other non-U.S. investor

 

	EIN Number:	 

 

     

     

    

 

Exhibit A

Accredited Investor Questionnaire

 

Capitalized terms used and not defined
in this Exhibit A shall have the meanings given in the Subscription Agreement to which this Exhibit A is attached.
The undersigned represents and warrants that the undersigned is an “accredited investor” (an “Accredited
Investor”) as such term is defined in Rule 501(a) of Regulation D under the U.S. Securities Act of 1933, as amended
(the “Securities Act”), for one or more of the reasons specified below (please check all
boxes that apply):

 

	_______	(i)	A natural person whose net worth, either individually
or jointly with such person’s spouse or spousal equivalent, at the time of the Subscriber’s purchase, exceeds $1,000,000;

 

The term “net worth”
means the excess of total assets over total liabilities (including personal and real property, but excluding the estimated
fair market value of the Subscriber’s primary home). For the purposes of calculating joint net worth with the person’s
spouse or spousal equivalent, joint net worth can be the aggregate net worth of the Subscriber and spouse or spousal equivalent;
assets need not be held jointly to be included in the calculation. There is no requirement that securities be purchased jointly.
A spousal equivalent means a cohabitant occupying a relationship generally equivalent to a spouse.

 

	_______	(ii)	A natural person who had an individual income in
excess of $200,000, or joint income with the Subscriber’s spouse or spousal equivalent in excess of $300,000, in each of
the two most recent years and reasonably expects to reach the same income level in the current year;

 

In determining individual “income,”
the Subscriber should add to the Subscriber’s individual taxable adjusted gross income (exclusive of any spousal or spousal
equivalent income) any amounts attributable to tax exempt income received, losses claimed as a limited partner in any limited partnership,
deductions claimed for depletion, contributions to an IRA or Keogh retirement plan, alimony payments, and any amount by which income
from long-term capital gains has been reduced in arriving at adjusted gross income.

 

	_______	(iii)	A director or executive officer of ITAC;
	 	 	 
	_______	(iv)	A natural person holding in good standing with one or more professional certifications or designations or other credentials from an accredited educational institution that the U.S. Securities Exchange Commission (“SEC”) has designated as qualifying an individual for accredited investor status; 
	 	 	 
	 	 	The SEC has designated the General Securities Representative license (Series 7), the Private Securities Offering Representative license (Series 82) and the Licensed Investment Adviser Representative (Series 65) as the initial certifications that qualify for accredited investor status.
	 	 	 
	_______	(v)	A natural person who is a “knowledgeable employee” as defined in Rule 3c-5(a)(4) under the Investment Company Act of 1940 (the “Investment Company Act”), of the issuer of the securities being offered or sold where the issuer would be an investment company, as defined in section 3 of the Investment Company Act, but for the exclusion provided by either section 3(c)(1) or section 3(c)(7) of the Investment Company Act;
	 	 	 
	_______	(vi)	A bank as defined in Section 3(a)(2) of the Securities Act, or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Securities Act, whether acting in its individual or fiduciary capacity;

 

    A-1

     

    

 

	_______	(vii)	A broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”);
	 	 	 
	_______	(viii)	An investment adviser registered pursuant to section 203 of the Investment Advisers Act of 1940 (the “Investment Advisers Act”) or registered pursuant to the laws of a state, or an investment adviser relying on the exemption from registering with the SEC under the section 203(l) or (m) of the Investment Advisers Act;
	 	 	 
	_______	(ix)	An insurance company as defined in section 2(13) of the Exchange Act; 
	 	 	 
	_______	(x)	An investment company registered under the Investment Company Act or a business development company as defined in Section 2(a)(48) of that Act;
	 	 	 
	_______	(xi)	A Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958;
	 	 	 
	_______	(xii)	A Rural Business Investment Company as defined in section 384A of the Consolidated Farm and Rural Development Act;
	 	 	 
	_______	(xiii)	A plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state, or its political subdivisions for the benefit of its employees, if such plan has total assets in excess of $5,000,000; 
	 	 	 
	_______	(xiv)	An employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974, if the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such act, which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000 or, if a self-directed plan, with investment decisions made solely by persons that are accredited investors;
	 	 	 
	_______	(xv)	A private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940;
	 	 	 
	_______	(xvi)	An organization described in Section 501(c)(3) of the Internal Revenue Code, or a corporation, business trust, partnership, or limited liability company, or any other entity not formed for the specific purpose of acquiring the Shares, with total assets in excess of $5,000,000;
	 	 	 
	_______	(xvii)	A trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the Shares, whose purchase is directed by a sophisticated person who has such knowledge and experience in financial and business matters that such person is capable of evaluating the merits and risks of investing in ITAC;
	 	 	 
	_______	(xviii)	 A “family office” as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers Act with assets under management in excess of $5,000,000 that is not formed for the specific purpose of acquiring the securities offered and whose prospective investment is directed by a person who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the prospective investment;
	 	 	 
	_______	(xix)	A “family client” as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers Act, of a family office meeting the requirements set forth in (xviii) and whose prospective investment in the issuer is directed by a person from a family office that is capable of evaluating the merits and risks of the prospective investment;

 

    A-2

     

    

 

	_______	(xx)	A “qualified institutional buyer” as defined in Rule 144A under the Securities Act;
	 	 	 
	_______	(xxi)	An entity, of a type not listed above, not formed for the specific purpose of acquiring the securities offered, owning investments in excess of $5,000,000; and/or
	 	 	 
	_______	(xxii)	An entity in which all of the equity owners qualify as an accredited investor under any of the above subparagraphs.  
	 	 	 
	_______	(xxiii)	The Subscriber does not qualify under any of the investor categories set forth in (i) through (xxii) above.

  

		2.1	Type of the Subscriber. Indicate the form of entity of the Subscriber:

 

	☐	Individual	☐	Limited Partnership
	 	 	 	 
	☐	Corporation	☐	General Partnership
	 	 	 	 
	☐	Revocable Trust	☐	Limited Liability Company
	 	 	 	 
	☐	Other Type of Trust (indicate type):	________________________________
	 	 	 
	☐	Other (indicate form of organization):	________________________________

 

		2.2.1	If the Subscriber is not an individual, indicate the approximate date the Subscriber entity was
formed: _____________________.

  

		2.2.2	If the Subscriber is not an individual, initial the line below which correctly describes
the application of the following statement to the Subscriber’s situation: the Subscriber (x) was not organized or reorganized
for the specific purpose of acquiring the Shares and (y) has made investments prior to the date hereof, and each beneficial owner
thereof has and will share in the investment in proportion to his or her ownership interest in the Subscriber.

 

__________          True          __________          False

 

If the “False” line
is initialed, each person participating in the entity will be required to fill out a Subscription Agreement.

 

	 	Subscriber:
	 	 
	 	Subscriber Name:
	 	 
	 	By:
	 	Signatory Name:  
	 	Signatory Title:
	 	Date:  

 

    A-3

     

    

 

Exhibit B

Investor Representation Letter

 

Wells Fargo Securities, LLC

500 West 33rd Street

New York, New York 10001

 

		Re:	Purchase of common stock, warrants or other equity or equity-linked interests of Industrial Tech
Acquisitions, Inc. or any subsidiary thereof or of ARBE Robotics Ltd. (the “Securities”)

 

Ladies and Gentlemen:

 

In connection with the offer and sale of
the Securities to be issued by Industrial Tech Acquisitions, Inc. or any subsidiary thereof or of ARBE Robotics Ltd (as applicable,
the “Company”), we represent, warrant, agree and acknowledge as follows:

 

		1.	No disclosure or offering document has been prepared in connection with the offer and sale of the
Securities by Wells Fargo Securities, LLC or any of its affiliates (“Wells Fargo Securities”).

 

		2.	(a) We have conducted our own investigation of the Company and the Securities and we have not relied
on any statements or other information provided by Wells Fargo Securities concerning the Company or the Securities or the offer
and sale of the Securities, (b) we have had access to, and an adequate opportunity to review, financial and other information as
we deem necessary to make our decision to purchase the Securities, (c) we have been offered the opportunity to ask questions of
the Company and received answers thereto, as we deemed necessary in connection with our decision to purchase the Securities; and
(d) we have made our own assessment and have satisfied ourselves concerning the relevant tax and other economic considerations
relevant to our investment in the Securities.

 

		3.	Wells Fargo Securities and its directors, officers, employees, representatives and controlling
persons have made no independent investigation with respect to the Company or the Securities or the accuracy, completeness or adequacy
of any information supplied to us by the Company.

 

		4.	In connection with the issue and purchase of the Securities, Wells Fargo Securities has not acted
as our financial advisor or fiduciary.

 

		5.	We are an accredited investor (as defined in Rule 501 of the Securities Act of 1933, as amended
(the “Securities Act”). Accordingly, we understand that the offering meets the exemptions from filing under
Financial Industry Regulatory Authority (“FINRA”) Rule 5123(b)(1)(J).

 

		6.	We (i) are an institutional account as defined in FINRA Rule 4512(c), (ii) are a sophisticated
investor, experienced in investing in equity transactions that are not registered under the Securities Act, and capable of evaluating
investment risks independently, both in general and with regard to all transactions and investment strategies involving a security
or securities and (iii) have exercised independent judgment in evaluating our participation in the purchase of the Securities.
Accordingly, we understand that the offering meets (i) the exemptions from filing under FINRA Rule 5123(b)(1)(A) and (ii) the institutional
customer exemption under FINRA Rule 2111(b).

 

		7.	We are aware that the sale to us is being made in reliance on a private placement exemption from
registration under the Securities Act and are acquiring the Securities for our own account or for an account over which we exercise
sole discretion for another qualified institutional buyer or accredited investor.

 

		8.	We are able to fend for ourselves in the transactions contemplated herein; have such knowledge
and experience in financial and business matters as to be capable of evaluating the merits and risks of our prospective investment
in the Securities; and have the ability to bear the economic risks of our prospective investment and can afford the complete loss
of such investment.

 

		9.	The Securities have not been registered under the Securities Act or any other applicable securities
laws, are being offered for resale in transactions not requiring registration under the Securities Act, and unless so registered,
may not be offered, sold or otherwise transferred except in compliance with the registration requirements of the Securities Act
or any other applicable securities laws, pursuant to any exemption therefrom or in a transaction not subject thereto.

 

Very truly yours,

 

	Name of Investor:	 	 

 

	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	Date:	 	 

  

    B-1

     

    

 

Exhibit C

Investor Representation Letter

 

Epsilon Underwriting & Issuing Ltd.

40 Einstein

Ramat Aviv, Tel Aviv - Jaffa, 6910203, Israel

 

Poalim I.B.I. Underwriting & Issuing Ltd.

28 HaArba’a St., North Tower 20th floor

Tel Aviv 6473925, Israel

 

		Re:	Purchase of common stock, warrants or other equity or equity-linked interests of Industrial Tech Acquisitions, Inc. or any
subsidiary thereof or of ARBE Robotics Ltd. (the “Securities”)

 

Ladies and Gentlemen:

 

In connection with the offer and sale of
the Securities to be issued by Industrial Tech Acquisitions, Inc. or any subsidiary thereof or of ARBE Robotics Ltd (as applicable,
the “Company”), we represent, warrant, agree and acknowledge as follows:

 

		1.	No disclosure or offering document has been prepared in connection with the offer and sale of the
Securities by Epsilon Underwriting & Issuing Ltd. or any of its affiliates (“Epsilon”) or Poalim I.B.I.
Underwriting & Issuing Ltd. or any of its affiliates (“Poalim”).

 

		2.	(a) We have conducted our own investigation of the Company and the Securities and we have not relied
on any statements or other information provided by Epsilon or Poalim concerning the Company or the Securities or the offer and
sale of the Securities, (b) we have had access to, and an adequate opportunity to review, financial and other information as we
deem necessary to make our decision to purchase the Securities, (c) we have been offered the opportunity to ask questions of the
Company and received answers thereto, as we deemed necessary in connection with our decision to purchase the Securities; and (d)
we have made our own assessment and have satisfied ourselves concerning the relevant tax and other economic considerations relevant
to our investment in the Securities.

 

		3.	Epsilon and Paolim and their respective directors, officers, employees, representatives and controlling
persons have made no independent investigation with respect to the Company or the Securities or the accuracy, completeness or adequacy
of any information supplied to us by the Company.

 

		4.	In connection with the issue and purchase of the Securities, neither Epsilon nor Poalim have acted
as our financial advisor or fiduciary.

 

		5.	We are a sophisticated investor, experienced in investing in equity transactions that are not registered
under the Securities Act of 1933, as amended (the “Securities Act”) and capable of evaluating investment risks
independently, both in general and with regard to all transactions and investment strategies involving a security or securities
and have exercised independent judgment in evaluating our participation in the purchase of the Securities.

 

		6.	We are aware that the sale to us is being made in a transaction not subject to the registration
requirements under the Securities Act and are acquiring the Securities for our own account or for an account over which we exercise
sole discretion for another qualified institutional buyer or accredited investor.

 

		7.	We are able to fend for ourselves in the transactions contemplated herein; have such knowledge
and experience in financial and business matters as to be capable of evaluating the merits and risks of our prospective investment
in the Securities; and have the ability to bear the economic risks of our prospective investment and can afford the complete loss
of such investment.

 

		8.	The Securities have not been registered under the Securities Act or any other applicable securities
laws, are being offered for resale in transactions not requiring registration under the Securities Act, and unless so registered,
may not be offered, sold or otherwise transferred except in compliance with the registration requirements of the Securities Act
or any other applicable securities laws, pursuant to any exemption therefrom or in a transaction not subject thereto.

 

Very truly yours,

 

	Name of Investor:	 	 

 

	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	Date:	 	 

 

    C-1

     

    

Attachment to Exhibit C:

Israeli Addendum/Israeli Qualified
Investor Questionnaire

 

Questionnaire

(Qualified Israeli Investors)

 

Please respond to every item, even if
your response is “none.” If you need more space for any response, please attach additional sheets of paper. Please
be sure to indicate your name and the number of the item being responded to on each such additional sheet of paper, and to sign
each such additional sheet of paper before attaching it to this Questionnaire. Please note that you may be asked to answer additional
questions depending on your responses to the following questions.

 

IF YOU HAVE ANY QUESTIONS
ABOUT THE CONTENTS OF THIS QUESTIONNAIRE OR AS TO WHO SHOULD COMPLETE THIS QUESTIONNAIRE, PLEASE CONTACT EPSILON UNDERWRITING -
Yoav Fogel - 03-7450515

 

COMPLETED QUESTIONNAIRES SHOULD BE RETURNED

TO EPSILON UNDERWRITING BY EMAIL TO: yoavf@epsilon.co.il

 

 

In connection with and as part of the consideration
for our purchase of shares (“Securities”), of Industrial Tech Acquisitions, Inc., a Delaware corporation
(“ITAC”), and/or ARBE Robotics Ltd., an Israeli corporation (“ARBE”), as applicable,
the undersigned hereby represents, warrants and acknowledges to Epsilon Underwriting & Issuing Ltd. (“Epsilon”),
Poalim I.B.I Underwriting & Issuing Ltd. (“Poalim”), ITAC and ARBE, in accordance with the Israeli
Securities Law of 1968, as amended, that that the following is accurate and complete:

 

		1.	Your Identity.

 

		(a)	Your full legal name:
	 	 	 

 

		(b)	Your business address (including street address) (or residence if no business address), telephone number, facsimile number
and email address:

 

	Address:	 
	Telephone No.:	 
	Fax No.:	 
	Email:	 

 

		(c)	Are you an investor in one of the categories listed in the First Addendum to the Israeli Securities Law, 5728-1968, such an
investor being referred to in this Questionnaire as a “Qualified Israeli Investor”?

 

		☐	Yes

		☐	No 

 

    C-2

     

    

 

		(d)	If your response to Item 1(c) above is yes, please check the applicable box(es) below to confirm and identify the category/ies
within which you are a Qualified Israeli Investor.

 

		☐	A joint investment fund or the manager of such a fund within the meaning
of the Joint Investments in Trust Law, 5754-1994; 

 

		☐	A provident fund or the manager of such a fund within the meaning
of the Control of Financial Services Law (Provident Funds), 5765-2005; 

 

		☐	An insurance company as defined in the Supervision of Insurance Business
Law, 5741-1981; 

 

		☐	A banking corporation or a supporting corporation within the meaning
of the Banking (Licensing) Law, 5741-1981, with the exception of a joint services company, purchasing for its own account or for
the accounts of clients who are Qualified Israeli Investors; 

 

		☐	A licensed portfolio manager within the meaning of the Regulation
of Investment Advice, Investment Marketing and Investment Portfolio Management Law, 5755-1995, purchasing for its own account or
for the accounts of clients who are Qualified Israeli Investors; 

 

		☐	A licensed investment advisor or a licensed investment marketer within
the meaning of the Regulation of Investment Advice, Investment Marketing and Investment Portfolio Management Law, 5755-1995, purchasing
for its own account; 

 

		☐	A
member of the Tel Aviv Stock Exchange, purchasing for its own account or for the accounts of clients who are Qualified Israeli
Investors;

 

		☐	An
underwriter that satisfies the criteria prescribed in Section 56(c) of the Israeli Securities Law, 5728-1968, purchasing for its
own account;

 

		☐	A
venture capital fund (defined for this purpose as an entity whose principal activity is investing in entities that are engaged
primarily in research and development, or in the manufacture of innovative products and processes, with an unusually high investment
risk);

 

		☐	An
entity that is wholly owned by Qualified Israeli Investors; or

 

		☐	An
entity, except for an entity that was incorporated for the purpose of investing in securities in a specific offering, whose shareholders
equity exceeds NIS 50 million1.

 

		2.	We irrevocably authorize any of ITAC, ARBE, Epsilon and
Poalim to produce this letter, pursuant to, in connection with, or as may be required by any applicable law or regulation, administrative
or legal proceeding, dispute or official inquiry with respect to the matters set forth herein.

 

		3.	We undertake to provide you with the necessary documentation
evidencing our status as a Qualified Investor (including without limitations such documents as are detailed in the Israel Securities
Authority’s position 103-30 dated September 21, 2014), as shall be required by you, and represent that such documentation
is accurate, true, complete, in force and up to date.

 

		4.	We have been informed by
you and we acknowledge that the Securities are not being offered pursuant to a prospectus filed in Israel. In particular, we understand
that any such materials have not been reviewed or approved by the Israel Securities Authority.

 

		5.	Your Status as a Qualified Israeli Investor –
Updating Information.

 

By signing below, the undersigned confirms that it
is fully familiar, following advice of its own legal counsel, with the meaning and implications of being a Qualified Israeli Investor
investing in the common shares of ITAC or ARBE, as applicable, and agrees thereto.

 

 

		1	If you marked this item, please provide a written confirmation
of your compliance with the above from your accountant.

 

    C-3

     

    

 

By signing below, the undersigned agrees to promptly
notify you of any inaccuracies or changes in the information provided herein that may occur subsequent to the date hereof at any
time while the offer to purchase securities remains valid and, in any event, before making any purchase of the securities offered
thereby. Once this Questionnaire is executed by the undersigned and received by you, the terms of this Questionnaire and the representations
and warranties contained herein shall inure to the benefit of and be binding on and shall be enforceable by you.

 

		6.	Investment Representation.

 

By signing below, the undersigned confirms that it
is acquiring the common shares of ITAC or ARBE, as applicable, offered to it for investment for its own account or, if applicable,
for investment by clients who are institutional investors that are themselves Qualified Israeli Investors, and in any event not
as a nominee, market maker or agent and not with a view to, or for the resale in connection with, any distribution thereof.

 

IN WITNESS WHEREOF the undersigned, by authority
duly given, has caused this Questionnaire to be executed and delivered either in person or by its duly authorized agent.

 

	 	Name of Investor:
	 	 	 
	 	 
	 	(Please Print)
	 	 	 
	 	Signature: 	 
	 	 	 
	 	Date:	 

 

 

C-4EXHIBIT 4.3
​
DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE 
SECURITIES EXCHANGE ACT OF 1934
DESCRIPTION OF CAPITAL STOCK 
​
When used herein, the terms “Company,” “we,” “our,” and “us” refer to Mustang Bio, Inc. 
​
Capital Stock
The Company is authorized to issue 125,000,000 shares of common stock with a par value of $0.0001 per share, of which 1,000,000 shares are designated as Class A common stock and 2,000,000 of preferred stock at $0.0001 par value of which 250,000 are designated as Class A preferred stock. 
The holders of common stock are entitled to one vote per share of common stock held.
The undesignated preferred stock may be issued from time to time in one or more series. The Board of Directors is authorized to determine or alter the dividend rights, dividend rate, conversion rights, voting rights, rights and terms of redemption (including sinking fund provisions, if any), the redemption price or prices, the liquidation preferences and other designations, powers, preferences and relative, participating, optional or other special rights, if any, and the qualifications, limitations and restrictions granted to or imposed upon any wholly unissued series of preferred stock, and to fix the number of shares of any series of preferred stock (but not below the number of shares of any such series then outstanding).
Class A Common Stock
The holders of Class A common stock are entitled to the number of votes equal to the number of whole shares of common stock into which the shares of Class A common shares held by such holder are convertible. For a period of ten years from issuance, the holders of the Class A common stock have the right to appoint one member of the board of directors of Mustang. To date, the holders of Class A common stock have not yet appointed such director.
Class A Preferred Stock
The Class A Preferred Stock is identical to undesignated common stock other than as to voting rights, conversion rights, and the PIK dividend right.
The holders of the outstanding shares of Class A Preferred Stock receive on each January 1 (each a “PIK Dividend Payment Date”) after the original issuance date of the Class A Preferred Stock until the date all outstanding Class A Preferred Stock is converted into common stock or redeemed (and the purchase price is paid in full), pro rata per share dividends paid in additional fully paid and non-assessable shares of common stock such that the aggregate number of shares of common stock issued pursuant to such PIK dividend is equal to 2.5% of the Corporation’s fully-diluted outstanding capitalization on the date that is one business day prior to any PIK Dividend Payment Date (“PIK Record Date”). In the event the Class A Preferred Stock converts into common stock, the holders shall receive all PIK dividends accrued through the date of such conversion. No dividend or other distribution shall be paid, or declared and set apart for payment (other than dividends payable solely in capital stock on the capital stock) on the shares of common stock until all PIK dividends on the Class A Preferred Stock shall have been paid or declared and set apart for payment. All dividends are non-cumulative. 
On any matter presented to the stockholders for their action or consideration at any meeting of stockholders (or by written consent of stockholders in lieu of meeting), each holder of outstanding shares of Class A Preferred Stock shall be entitled to cast for each share of Class A Preferred Stock held by such holder as of the record date for determining stockholders entitled to vote on such matter, the number of votes that is equal to one and one-tenth (1.1) times a fraction, the numerator of which is the sum of (A) the number of shares of outstanding common stock and (B) the whole shares of common stock in to which the shares of outstanding Class A Common Stock and the Class A Preferred Stock are convertible, 

1

and the denominator of which is number of shares of outstanding Class A Preferred Stock. Thus, the Class A Preferred Stock will at all times constitute a voting majority.
Each share of Class A Preferred Stock is convertible, at the option of the holder, into one fully paid and nonassessable share of common stock, subject to certain adjustments. If the Company, at any time effects a subdivision or combination of the outstanding common stock (by any stock split, stock dividend, recapitalization, reverse stock split or otherwise), the applicable conversion ratio in effect immediately before that subdivision is proportionately decreased or increased, as applicable, so that the number of shares of common stock issuable on conversion of each share of Class A Preferred Stock shall be increased or decreased, as applicable, in proportion to such increase or decrease in the aggregate number of shares of common stock outstanding. Additionally, if any reorganization, recapitalization, reclassification, consolidation or merger involving the Company occurs in which the common stock (but not the Class A Preferred Stock) is converted into or exchanged for securities, cash or other property, then each share of Class A Preferred Stock becomes convertible into the kind and amount of securities, cash or other property which a holder of the number of shares of common stock of the Company issuable upon conversion of one share of the Class A Preferred Stock immediately prior to such reorganization, recapitalization, reclassification, consolidation or merger would have been entitled to receive pursuant to such transaction.
Additional Features
Other features of our capital stock include:
		●	Dividend Rights. The holders of outstanding shares of our common stock, including Class A common stock, are entitled to receive dividends out of funds legally available at the times and in the amounts that our board of directors may determine. All dividends are non-cumulative.

		●	Voting Rights. The holders of our common stock are entitled to one vote for each share of common stock held on all matters submitted to a vote of the stockholders, including the election of directors. Our certificate of incorporation and bylaws do not provide for cumulative voting rights.

		●	No Preemptive or Similar Rights. The holders of our common stock have no preemptive, conversion, or subscription rights, and there are no redemption or sinking fund provisions applicable to our common stock.

		●	Right to Receive Liquidation Distributions. Upon our liquidation, dissolution, or winding-up, the assets legally available for distribution to our stockholders would be distributable ratably among the holders of our common stock, including Class A common stock, outstanding at that time after payment of other claims of creditors, if any.

		●	Fully Paid and Non-Assessable. All of the outstanding shares of our common stock, including Class A common stock, and the Class A Preferred Stock are duly issued, fully paid and non-assessable.

DESCRIPTION OF WARRANTS
The terms relating to any warrants to purchase shares of our common stock or preferred stock, in one or more series together with other securities or separately, will include some or all of the following:
		●	the title of the warrants;

		●	the aggregate number of warrants offered;

		●	the designation, number and terms of the shares of common stock purchasable upon exercise of the warrants and procedures by which those numbers may be adjusted;

		●	the exercise price of the warrants;

2

		●	the dates or periods during which the warrants are exercisable;

		●	the designation and terms of any securities with which the warrants are issued;

		●	if the warrants are issued as a unit with another security, the date on and after which the warrants and the other security will be separately transferable;

		●	if the exercise price is not payable in U.S. dollars, the foreign currency, currency unit or composite currency in which the exercise price is denominated;

		●	any minimum or maximum amount of warrants that may be exercised at any one time;

		●	any terms relating to the modification of the warrants;

		●	any terms, procedures and limitations relating to the transferability, exchange or exercise of the warrants; and

		●	any other specific terms of the warrants.

​

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DESCRIPTION OF DEBT SECURITIES
We may offer debt securities which may be senior, subordinated or junior subordinated and may be convertible. Unless otherwise specified, our debt securities will be issued in one or more series under an indenture to be entered into between us and a trustee. The debt securities will be issued under an indenture to be entered into between us and a trustee. The terms of the debt securities will include those stated in the indenture and those made part of the indenture by reference to the Trust Indenture Act of 1939, as in effect on the date of the indenture. The indenture will be subject to and governed by the terms of the Trust Indenture Act of 1939.
The following description briefly sets forth certain general terms and provisions of the debt securities that we may offer. 
Debt Securities
The aggregate principal amount of debt securities that may be issued under the indenture is unlimited. The debt securities may be issued in one or more series as may be authorized from time to time pursuant to a supplemental indenture entered into between us and the trustee or an order delivered by us to the trustee. Debt securities we offer will be subject to the following terms and conditions of the series of debt securities being offered, to the extent applicable:
		●	title and aggregate principal amount;

		●	whether the debt securities will be senior, subordinated or junior subordinated;

		●	applicable subordination provisions, if any;

		●	provisions regarding whether the debt securities will be convertible or exchangeable into other securities or property of the Company or any other person;

		●	percentage or percentages of principal amount at which the debt securities will be issued;

		●	maturity date(s);

		●	interest rate(s) or the method for determining the interest rate(s);

		●	whether interest on the debt securities will be payable in cash or additional debt securities of the same series;

		●	dates on which interest will accrue or the method for determining dates on which interest will accrue and dates on which interest will be payable;

		●	whether the amount of payment of principal of, premium, if any, or interest on the debt securities may be determined with reference to an index, formula or other method;

		●	redemption, repurchase or early repayment provisions, including our obligation or right to redeem, purchase or repay debt securities under a sinking fund, amortization or analogous provision;

		●	if other than the debt securities’ principal amount, the portion of the principal amount of the debt securities that will be payable upon declaration of acceleration of the maturity;

		●	authorized denominations;

		●	form;

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		●	amount of discount or premium, if any, with which the debt securities will be issued, including whether the debt securities will be issued as “original issue discount” securities;

		●	the place or places where the principal of, premium, if any, and interest on the debt securities will be payable;

		●	where the debt securities may be presented for registration of transfer, exchange or conversion;

		●	the place or places where notices and demands to or upon the Company in respect of the debt securities may be made;

		●	whether the debt securities will be issued in whole or in part in the form of one or more global securities;

		●	if the debt securities will be issued in whole or in part in the form of a book-entry security, the depository or its nominee with respect to the debt securities and the circumstances under which the book-entry security may be registered for transfer or exchange or authenticated and delivered in the name of a person other than the depository or its nominee;

		●	whether a temporary security is to be issued with respect to such series and whether any interest payable prior to the issuance of definitive securities of the series will be credited to the account of the persons entitled thereto;

		●	the terms upon which beneficial interests in a temporary global security may be exchanged in whole or in part for beneficial interests in a definitive global security or for individual definitive securities;

		●	the guarantors, if any, of the debt securities, and the extent of the guarantees and any additions or changes to permit or facilitate guarantees of such debt securities;

		●	any covenants applicable to the particular debt securities being issued;

		●	any defaults and events of default applicable to the debt securities, including the remedies available in connection therewith;

		●	currency, currencies or currency units in which the purchase price for, the principal of and any premium and any interest on, such debt securities will be payable;

		●	time period within which, the manner in which and the terms and conditions upon which the Company or the purchaser of the debt securities can select the payment currency;

		●	securities exchange(s) on which the debt securities will be listed, if any;

		●	whether any underwriter(s) will act as market maker(s) for the debt securities;

		●	extent to which a secondary market for the debt securities is expected to develop;

		●	provisions relating to defeasance;

		●	provisions relating to satisfaction and discharge of the indenture;

		●	any restrictions or conditions on the transferability of the debt securities;

		●	provisions relating to the modification of the indenture both with and without the consent of holders of debt securities issued under the indenture;

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		●	any addition or change in the provisions related to compensation and reimbursement of the trustee;

		●	provisions, if any, granting special rights to holders upon the occurrence of specified events;

		●	whether the debt securities will be secured or unsecured, and, if secured, the terms upon which the debt securities will be secured and any other additions or changes relating to such security; and

		●	any other terms of the debt securities that are not inconsistent with the provisions of the Trust Indenture Act (but may modify, amend, supplement or delete any of the terms of the indenture with respect to such series of debt securities).

General
One or more series of debt securities may be sold as “original issue discount” securities. These debt securities would be sold at a substantial discount below their stated principal amount, bearing no interest or interest at a rate which at the time of issuance is below market rates. One or more series of debt securities may be variable rate debt securities that may be exchanged for fixed rate debt securities.
Debt securities may be issued where the amount of principal and/or interest payable is determined by reference to one or more currency exchange rates, commodity prices, equity indices or other factors. Holders of such debt securities may receive a principal amount or a payment of interest that is greater than or less than the amount of principal or interest otherwise payable on such dates, depending upon the value of the applicable currencies, commodities, equity indices or other factors. 
The term “debt securities” includes debt securities denominated in U.S. dollars or, if applicable, in any other freely transferable currency or units based on or relating to foreign currencies. 
We expect most debt securities to be issued in fully registered form without coupons and in denominations of $1,000 and any integral multiples thereof. Subject to applicable limitations, debt securities that are issued in registered form may be transferred or exchanged at the principal corporate trust office of the trustee, without the payment of any service charge, other than any tax or other governmental charge payable in connection therewith.
Global Securities
The debt securities of a series may be issued in whole or in part in the form of one or more global securities that will be deposited with, or on behalf of, a depositary. Global securities will be issued in registered form and in either temporary or definitive form. Unless and until it is exchanged in whole or in part for the individual debt securities, a global security may not be transferred except as a whole by the depositary for such global security to a nominee of such depositary or by a nominee of such depositary to such depositary or another nominee of such depositary or by such depositary or any such nominee to a successor of such depositary or a nominee of such successor.
Governing Law
The indenture and the debt securities shall be construed in accordance with and governed by the laws of the State of New York.  
DESCRIPTION OF UNITS
We may issue, in one more series, units comprised of shares of our common stock, preferred stock, warrants to purchase common stock or preferred stock, debt securities or any combination of those securities. Each unit will be issued so that the holder of the unit is also the holder of each security included in the unit. Thus, the holder of a unit will have the rights and obligations of a holder of each included security. The unit agreement under which a unit is issued may provide that the securities included in the unit may not be held or transferred separately, at any time or at any time before a specified date.

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We may evidence units by unit certificates that we issue under a separate agreement. We may issue the units under a unit agreement between us and one or more unit agents. If we elect to enter into a unit agreement with a unit agent, the unit agent will act solely as our agent in connection with the units and will not assume any obligation or relationship of agency or trust for or with any registered holders of units or beneficial owners of units. 
The terms of the series of units that may be offered will include:
		●	the designation and terms of the units and of the securities comprising the units, including whether and under what circumstances those securities may be held or transferred separately;

		●	any provisions of the governing unit agreement that differ from those described herein; and

		●	any provisions for the issuance, payment, settlement, transfer or exchange of the units or of the securities comprising the units.

The other provisions regarding our common stock, preferred stock, warrants and debt securities as described in this exhibit will apply to each unit to the extent such unit consists of shares of our common stock, warrants and/or debt securities.

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