Document:

April 25, 2005

Ithaka Acquisition Corp.
100 South Pointe Drive
23rd Floor
Miami, Florida 33139

EarlyBirdCapital, Inc.
275 Madison Avenue
Suite 1203
New York, New York 10016

                  Re:      INITIAL PUBLIC OFFERING

Gentlemen:

                  The  undersigned  stockholder,  officer and director of Ithaka
Acquisition  Corp.  ("Company"),  in  consideration  of  EarlyBirdCapital,  Inc.
("EBC")  entering into a letter of intent  ("Letter of Intent") to underwrite an
initial public  offering of the securities of the Company  ("IPO") and embarking
on the IPO process,  hereby agrees as follows  (certain  capitalized  terms used
herein are defined in paragraph 12 hereof):

                  1. If the Company  solicits  approval of its stockholders of a
Business Combination,  the undersigned will vote all Insider Shares owned by him
in  accordance  with the  majority  of the votes cast by the  holders of the IPO
Shares.

                  2. In the  event  that  the  Company  fails  to  consummate  a
Business Combination within 18 months from the effective date ("Effective Date")
of the  registration  statement  relating  to the IPO (or 24  months  under  the
circumstances  described in the prospectus relating to the IPO), the undersigned
will (i)  cause the Trust  Fund (as  defined  in the  Letter  of  Intent)  to be
liquidated  and  distributed  to the  holders  of IPO  Shares  and (ii) take all
reasonable actions within his power to cause the Company to liquidate as soon as
reasonably practicable.  The undersigned hereby waives any and all right, title,
interest  or claim of any kind in or to any  distribution  of the Trust Fund and
any  remaining  net assets of the Company as a result of such  liquidation  with
respect  to his  Insider  Shares  ("Claim")  and  hereby  waives  any  Claim the
undersigned  may have in the  future as a result  of,  or  arising  out of,  any
contracts or agreements with the Company and

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Ithaka Acquisition Corp.
EarlyBirdCapital, Inc.
April 25, 2005
Page 2

will not seek recourse against the Trust Fund for any reason whatsoever.

                  3. In order to minimize potential  conflicts of interest which
may arise from multiple  affiliations,  the undersigned agrees to present to the
Company for its  consideration,  prior to  presentation  to any other  person or
entity,  any suitable  opportunity to acquire an operating  business,  until the
earlier  of the  consummation  by the  Company of a  Business  Combination,  the
liquidation of the Company or until such time as the undersigned ceases to be an
officer or director of the Company,  subject to any  pre-existing  fiduciary and
contractual obligations the undersigned might have.

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

                  5.  Neither the  undersigned,  any member of the family of the
undersigned, nor any affiliate ("Affiliate") of the undersigned will be entitled
to receive and will not accept any  compensation  for  services  rendered to the
Company prior to the consummation of the Business Combination; provided that the
undersigned  shall  be  entitled  to  reimbursement  from  the  Company  for his
out-of-pocket  expenses  incurred in connection with seeking and  consummating a
Business Combination.

                  6.  Neither the  undersigned,  any member of the family of the
undersigned, nor any Affiliate of the undersigned will be entitled to receive or
accept a finder's fee or any other  compensation  in the event the  undersigned,
any member of the family of the  undersigned or any Affiliate of the undersigned
originates a Business Combination.

                  7. The  undersigned  will  escrow his  Insider  Shares for the
three year period  commencing  on the  Effective  Date subject to the terms of a
Stock Escrow  Agreement  which the Company will enter into with the  undersigned
and an escrow agent acceptable to the Company.

                  8. The undersigned  agrees to be the Chief  Operating  Officer
and Director of the Company until the earlier of the consummation by the Company
of a Business  Combination or the liquidation of the Company.  The undersigned's
biographical information furnished to the Company and EBC and attached hereto as
Exhibit  A is true and  accurate  in all  respects,  does not omit any  material
information with respect to the undersigned's background and contains all of the
information  required to be

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Ithaka Acquisition Corp.
EarlyBirdCapital, Inc.
April 25, 2005
Page 3

disclosed  pursuant  to  Item  401 of  Regulation  S-K,  promulgated  under  the
Securities Act of 1933. The undersigned's Questionnaire furnished to the Company
and EBC and annexed as Exhibit B hereto is true and  accurate  in all  respects.
The undersigned represents and warrants that:

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

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

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

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

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

                  11. This letter  agreement  shall be governed by and construed
and  enforced  in  accordance  with the laws of the State of New  York,  without
giving  effect  to  conflicts  of  law  principles  that  would  result  in  the
application of the  substantive  laws of another  jurisdiction.  The undersigned
hereby (i) agrees that any action,  proceeding  or claim against him arising out
of or relating in any way to this letter  agreement  (a  "Proceeding")  shall be
brought and enforced in the courts of the State of New York of the United States
of America for the Southern  District of New York,  and  irrevocably  submits to
such  jurisdiction,  which  jurisdiction  shall be  exclusive,  (ii)  waives any
objection  to such  exclusive  jurisdiction  and that such courts  represent  an
inconvenient  forum and (iii)  irrevocably  agrees to appoint Graubard Miller as
agent for the  service of process in the

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Ithaka Acquisition Corp.
EarlyBirdCapital, Inc.
April 25, 2005
Page 4

State of New York to receive, for the undersigned and on his behalf,  service of
process  in any  Proceeding.  If for any  reason  such agent is unable to act as
such,  the  undersigned  will promptly  notify the Company and EBC and appoint a
substitute  agent  acceptable  to each of the Company and EBC within 30 days and
nothing in this letter will affect the right of either party to serve process in
any other manner permitted by law.

                  12. As used herein, (i) a "Business Combination" shall mean an
acquisition  by merger,  capital  stock  exchange,  asset or stock  acquisition,
reorganization  or otherwise,  of an operating  business;  (ii) "Insiders" shall
mean all officers,  directors and stockholders of the Company  immediately prior
to the IPO; (iii) "Insider  Shares" shall mean all of the shares of Common Stock
of the Company owned by an Insider prior to the IPO; and (iv) "IPO Shares" shall
mean the shares of Common Stock issued in the Company's IPO.

                                                     JOHN M. GLAZER
                                                     --------------
                                                     Print Name of Insider

                                                     /S/ JOHN M. GLAZER
                                                     ------------------
                                                     Signature

<PAGE>

EXHIBIT A

         John M. Glazer has served as our chief  operating  officer and a member
of our board of directors since our inception.  Since April 2003, Mr. Glazer has
served as  managing  director  of ATP  Management  Group LLC, a private  venture
capital firm. He also served as a principal of CSFB Private Equity,  the private
equity  division of Credit Suisse First  Boston,  from  September  1997 to March
2002, and has served as a consultant  since April 2002.  From May 1995 to August
1997,  Mr.  Glazer served as an  investment  banking  associate of Credit Suisse
First Boston where he focused on mergers and  acquisitions.  Mr. Glazer received
an A.B. from Harvard University and a J.D. from Stanford Law School.April 25, 2005

Ithaka Acquisition Corp.
100 South Pointe Drive
23rd Floor
Miami, Florida 33139

EarlyBirdCapital, Inc.
275 Madison Avenue
Suite 1203
New York, New York 10016

                  Re:      INITIAL PUBLIC OFFERING

Gentlemen:

                  PMSV   Holdings  LLC  ("PMSV"),   a   stockholder   of  Ithaka
Acquisition  Corp.  ("Company"),  in  consideration  of  EarlyBirdCapital,  Inc.
("EBC")  entering into a letter of intent  ("Letter of Intent") to underwrite an
initial public  offering of the securities of the Company  ("IPO") and embarking
on the IPO process,  hereby agrees as follows  (certain  capitalized  terms used
herein are defined in paragraph 10 hereof):

                  1. If the Company  solicits  approval of its stockholders of a
Business  Combination,  PMSV  will  vote  all  Insider  Shares  owned  by  it in
accordance with the majority of the votes cast by the holders of the IPO Shares.

                  2. In the  event  that  the  Company  fails  to  consummate  a
Business Combination within 18 months from the effective date ("Effective Date")
of the  registration  statement  relating  to the IPO (or 24  months  under  the
circumstances  described in the prospectus  relating to the IPO), PMSV will vote
all Insider Shares owned by it in favor of the Company's  decision to liquidate.
Each of PMSV and each member or  controlling  person  (each a "Control  Person")
hereby waives any and all right,  title,  interest or claim of any kind in or to
any  distribution of the Trust Fund (as defined in the Letter of Intent) and any
remaining net assets of the Company as a result of such liquidation with respect
to his Insider  Shares  ("Claim") and hereby waives any Claim either may have in
the future as a result of, or arising out of, any contracts or  agreements  with
the  Company  and will not seek  recourse  against the Trust Fund for any reason
whatsoever.

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Ithaka Acquisition Corp.
EarlyBirdCapital, Inc.
April 25, 2005
Page 2

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

                  4. Neither PMSV, any Control Person, nor any affiliate of PMSV
or any  Control  Person  ("Affiliate")  will be entitled to receive and will not
accept any  compensation  for  services  rendered  to the  Company  prior to the
consummation of the Business  Combination;  provided that each shall be entitled
to reimbursement  from the Company for its  out-of-pocket  expenses  incurred in
connection with seeking and consummating a Business Combination.

                  5. Neither PMSV, any Control Person, nor any Affiliate will be
entitled to receive or accept a finder's  fee or any other  compensation  in the
event the  undersigned,  any  member of the  family  of the  undersigned  or any
Affiliate of the undersigned originates a Business Combination.

                  6. PMSV will  escrow  its  Insider  Shares  for the three year
period  commencing on the Effective  Date subject to the terms of a Stock Escrow
Agreement  which the  Company  will  enter  into  with PMSV and an escrow  agent
acceptable to the Company.

                  7. PMSV's  Questionnaire  furnished to the Company and EBC and
annexed  as  Exhibit  A  hereto  is true  and  accurate  in all  respects.  PMSV
represents and warrants that no Control Person:

         (a)  is  subject  to or a  respondent  in any  legal  action  for,  any
injunction,  cease-and-desist order or order or stipulation to desist or refrain
from  any  act  or  practice  relating  to the  offering  of  securities  in any
jurisdiction;

         (b) has ever  been  convicted  of or  pleaded  guilty  to any crime (i)
involving any fraud or (ii) relating to any financial transaction or handling of
funds of another person,  or (iii)  pertaining to any dealings in any securities
and is not currently a defendant in any such criminal proceeding; and

         (c)  has  ever  been  suspended  or  expelled  from  membership  in any
securities  or  commodities  exchange  or  association  or had a  securities  or
commodities license or registration denied, suspended or revoked.

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

<PAGE>

Ithaka Acquisition Corp.
EarlyBirdCapital, Inc.
April 25, 2005
Page 3

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

                  10. As used herein, (i) a "Business Combination" shall mean an
acquisition  by merger,  capital  stock  exchange,  asset or stock  acquisition,
reorganization  or otherwise,  of an operating  business;  (ii) "Insiders" shall
mean all officers,  directors and stockholders of the Company  immediately prior
to the IPO; (iii) "Insider  Shares" shall mean all of the shares of Common Stock
of the Company owned by an Insider prior to the IPO; and (iv) "IPO Shares" shall
mean the shares of Common Stock issued in the Company's IPO.

                                                     PMSV HOLDINGS LLC
                                                     -----------------
                                                     Print Name of Insider

                                            By:      /S/ PAUL A. BROOKE
                                                     ------------------
                                                     Name: Paul A. Brooke
                                                     Title: Member

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