Document:

Unassociated Document

    February
      16, 2007

    

    

    Advanced
      Technology Acquisition Corp.

    14
      A
      Achimeir Street 

    Ramat
      Gan
      52587 Israel

    

    CRT
      Capital Group LLC

    262
      Harbor Drive

    Stamford,
      Connecticut 06902

    

    Re:
      Initial Public Offering

    

    Gentlemen:

    

    The
      undersigned officer of Advanced Technology Acquisition Corp. (“Company”), in
      consideration of CRT Capital Group LLC (“CRT”) 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 9
      hereof): 

    

    1.
      If the
      Company solicits approval of its stockholders of a Business Combination, the
      undersigned will vote all Pre-IPO Shares and IPO Shares beneficially owned
      by it
      in accordance with the majority of the votes cast by the non-affiliated 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 shall take all reasonable
      actions within such person’s power to cause (i) the Company to dissolve and
      liquidate the Trust Account to holders of IPO Shares as soon as reasonably
      practicable, and after approval of the Company's stockholders of a plan of
      dissolution and distribution and subject to the requirements of the Delaware
      General Corporation Law (the “DGCL”), including voting for the adoption of a
      resolution by the Board, prior to such Termination Date, pursuant to Section
      275(a) of the DGCL, which shall deem the dissolution of the Corporation
      advisable and (b) cause to be prepared such notices as are required by said
      Section 275(a) of the DGCL as promptly thereafter as possible, and (ii) vote
      his
      shares in favor of any plan of dissolution and distribution recommended by
      the
      Company's board of directors. The undersigned hereby waives any and all right,
      title, interest or claim of any kind in or to any distribution of the Trust
      Account and any remaining net assets of the Company as a result of such
      liquidation with respect to his Pre-IPO Shares (“Claim”) and hereby waives any
      Claim the undersigned may have in the future as a result of, or arising out
      of,
      any contracts or agreements with the Company and will not seek recourse against
      the Trust Account for any reason whatsoever. The undersigned hereby agrees
      that
      the Company shall be entitled to a reimbursement from the undersigned for any
      distribution of the Trust Account received by the undersigned in respect of
      such
      person’s Pre-IPO Shares. 

    

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

    

    4.
      Neither
      the undersigned, any member of the Immediate 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 or
      in
      connection with the consummation of the Business Combination, provided that
      commencing on the Effective Date, LMS
      Nihul
      (“Related Party”), shall be allowed to charge the Company $10,000 per month,
      representing an allocable share of Related Party’s overhead, to compensate it
      for the Company’s use of Related Party’s offices, utilities and personnel. The
      undersigned shall also be entitled to reimbursement from the Company for its
      reasonable out-of-pocket expenses incurred in connection with the organization
      of the Company, the IPO, and certain activities on behalf of the Company, such
      as identifying and investigating possible targets for our initial Business
      Combination.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    5.
      Neither the undersigned, any member of the Immediate
      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 Immediate
      Family of
      the
      undersigned or any Affiliate of the undersigned originates a Business
      Combination.

    

    6.
      The
      undersigned agrees to serve as Chief Financial Officer, Treasurer and Secretary
      of the Company until the earlier of the consummation by the Company of a
      Business Combination or the dissolution and liquidation of the Company. The
      undersigned’s biographical information furnished to the Company and CRT and
      attached hereto as Exhibit A is true and accurate in all respects, does not
      omit
      any material information with respect to the undersigned’s background and
      contains all of the information required to be disclosed pursuant to Item 401
      of
      Regulation S-K, promulgated under the Securities Act of 1933. The undersigned’s
      Questionnaire furnished to the Company and CRT 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.

    

    7.
      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 Financial
      Officer, Treasurer and Secretary of the Company.

    

    8.
      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 or 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 Corporation Service Company 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 CRT and appoint a substitute agent acceptable to each of the Company and
      CRT
      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.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    9.
      As
      used herein, (i) a “Business Combination” shall mean an acquisition by
merger,
      capital stock exchange, asset acquisition, stock purchase or other similar
      business combination with a technology or technology-related business that
      has
      operations or facilities located in Israel, or that intends to establish
      operations or facilities in Israel, such as research and development,
      manufacturing or executive offices, following the Company's initial business
      combination with a target business; (ii) “Immediate Family” shall mean, with
      respect to any person, such person’s spouse, lineal descendents, father, mother,
      brothers or sisters (including any such relatives by adoption or marriage);
      (iii)“Insiders” shall mean all officers, directors and stockholders of the
      Company immediately prior to the IPO; (iv) “Pre-IPO Shares” shall mean all of
      the shares of Common Stock of the Company owned by an Insider prior to the
      IPO;
      and (v) “IPO Shares” shall mean the shares of Common Stock issued in the
      Company’s IPO; and (vi) “Trust Account” shall mean that certain trust account
      established with Continental Stock Transfer & Trust Company, as trustee,
      into which the Company will deposit the “funds to be held in trust,” as
      described in the Prospectus.

    

    

    [REMAINDER
      OF PAGE INTENTIONALLY BLANK. SIGNATURE PAGE FOLLOWS]

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	 	 	 
	/s/ 
              Ido Bahbut	 	 	 
	
              
Ido
              Bahbut	 	 	
            
	 	 	 	 

    

     

    

     

    [Signature
      Page to Director and Officer
      Letter]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

    

    INSIDER
      BIOGRAPHY (AS INCLUDED IN S-1)

    

    

      Ido
        Bahbut
        has
        served as our Chief Financial Officer since February 2007. Since March 2005,
        Mr.
        Bahbut has been a self-employed Israeli Certified Public Accountant in a
        partnership he established with one other partner. In his firm he provides
        consulting and accounting services, and in addition he performs as a CFO
        of
        several of the portfolio companies of Ascend Technology Ventures, an
        Israeli-based venture capital fund of which Mr. Bar-Niv and Ms. Lev are general
        partners. From January 2004 to March 2005, Mr. Bahbut worked as senior audit
        manager at Ernst & Young in Israel, were he was involved in audit work for
        both public and private companies. From October 1999 to January 2004, Mr.
        Bahbut
        worked as an audit manager at Luboshitz Kasierer, which was the Arthur Anderson
        affiliate in Israel, were he also was involved in audit work for both public
        and
        private companies. Mr. Bahbut received his B.A., Business Administration
        and
        Accounting from the College of Management Academic Studies Division and his
        M.A.
        in Law from the Bar Ilan University.

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

    

    INSIDER
      D&O QUESTIONNAIREUnassociated Document

    February
      16, 2007

    

    

    Advanced
      Technology Acquisition Corp.

    14
      A
      Achimeir Street 

    Ramat
      Gan
      52587 Israel

    

    CRT
      Capital Group LLC

    262
      Harbor Drive

    Stamford,
      Connecticut 06902

    

    Re:
      Initial Public Offering

    

    Gentlemen:

    

    The
      undersigned officer and director of Advanced Technology Acquisition Corp.
      (“Company”), in consideration of CRT Capital Group LLC (“CRT”) 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, the
      undersigned will vote all Pre-IPO Shares and IPO Shares beneficially owned
      by it
      in accordance with the majority of the votes cast by the non-affiliated 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 shall take all reasonable
      actions within such person’s power to cause (i) the Company to dissolve and
      liquidate the Trust Account to holders of IPO Shares as soon as reasonably
      practicable, and after approval of the Company’s stockholders of a plan of
      dissolution and distribution and subject to the requirements of the Delaware
      General Corporation Law (the “DGCL”), including voting for the adoption of a
      resolution by the Board, prior to such Termination Date, pursuant to Section
      275(a) of the DGCL, which shall deem the dissolution of the Corporation
      advisable and (b) cause to be prepared such notices as are required by said
      Section 275(a) of the DGCL as promptly thereafter as possible, and (ii) vote
      his
      shares in favor of any plan of dissolution and distribution recommended by
      the
      Company’s board of directors. The undersigned hereby waives any and all right,
      title, interest or claim of any kind in or to any distribution of the Trust
      Account and any remaining net assets of the Company as a result of such
      liquidation with respect to his Pre-IPO Shares (“Claim”) and hereby waives any
      Claim the undersigned may have in the future as a result of, or arising out
      of,
      any contracts or agreements with the Company and will not seek recourse against
      the Trust Account for any reason whatsoever. The undersigned hereby agrees
      that
      the Company shall be entitled to a reimbursement from the undersigned for any
      distribution of the Trust Account received by the undersigned in respect of
      such
      person’s Pre-IPO Shares. 

    

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

    

    4.
      Neither
      the undersigned, any member of the Immediate 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 or
      in
      connection with the consummation of the Business Combination, provided that
      commencing on the Effective Date, LMS Nihul (“Related Party”), shall be allowed
      to charge the Company $10,000 per month, representing an allocable share of
      Related Party’s overhead, to compensate it for the Company’s use of Related
      Party’s offices, utilities and personnel. The undersigned shall also be entitled
      to reimbursement from the Company for its reasonable out-of-pocket expenses
      incurred in connection with the organization of the Company, the IPO, and
      certain activities on behalf of the Company, such as identifying and
      investigating possible targets for our initial Business
      Combination.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    5.
      Neither the undersigned, any member of the Immediate
      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 Immediate
      Family of
      the
      undersigned or any Affiliate of the undersigned originates a Business
      Combination.

    

    6.
      The
      undersigned agrees to serve as a director and Chairman of the Company’s board of
      directors until the earlier of the consummation by the Company of a Business
      Combination or the dissolution and liquidation of the Company. The undersigned’s
      biographical information furnished to the Company and CRT and attached hereto
      as
      Exhibit A is true and accurate in all respects, does not omit any material
      information with respect to the undersigned’s background and contains all of the
      information required to be disclosed pursuant to Item 401 of Regulation S-K,
      promulgated under the Securities Act of 1933. The undersigned’s Questionnaire
      furnished to the Company and CRT 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.

     

    

      7.
        If we
        are unable to complete a business combination, and are forced to liquidate
        and
        distribute the proceeds held in trust to our stockholders, certain of our
        executive officers - specifically, the undersigned, Shuki Gleitman and Liora
        Lev
        - have agreed, subject to the qualifications and exceptions stated below,
        that
        they will be personally liable, on a joint and several basis, to ensure that
        the
        proceeds in the trust fund are not reduced by claims made by (and only by)
        a
        vendor or service provider for services rendered, or products sold, to us,
        or by
        a prospective acquisition target (each, a “Guaranteed Creditor”). However,
        neither the undersigned, Shuki Gleitman nor Liora Lev will have any personal
        liability as to (i) any claimed amounts owed to a Guaranteed Creditor who
        executed a agreement waiving any right, title, claim or interest of any kind
        in
        and to all monies held in the trust, or (ii) as to any claims under our
        indemnity of the underwriters of the Company’s IPO against certain liabilities,
        including liabilities under the Securities Act of 1933, as amended. They
        will
        not be personally liable to pay any of our debts and obligations except as
        described above. 

    

    8.
      The
      undersigned has full right and power, without violating any agreement by which
      he is bound, to enter into this letter agreement and to serve as a director
      and
      Chairman of the Company.

    

    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 or 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 Corporation Service Company 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 CRT and appoint a substitute agent acceptable to each of the Company and
      CRT
      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 acquisition, stock purchase or other similar
      business combination with a technology or technology-related business that
      has
      operations or facilities located in Israel, or that intends to establish
      operations or facilities in Israel, such as research and development,
      manufacturing or executive offices, following the Company’s initial business
      combination with a target business;
      (ii)
“Immediate
      Family” shall mean, with respect to any person, such person’s spouse, lineal
      descendents, father, mother, brothers or sisters (including any such relatives
      by adoption or marriage); (iii) “
      Insiders” shall mean all officers, directors and stockholders of the Company
      immediately prior to the IPO; (iv) “Pre-IPO Shares” shall mean all of the shares
      of Common Stock of the Company owned by an Insider prior to the IPO; and (v)
      “IPO Shares” shall mean the shares of Common Stock issued in the Company’s IPO;
and
      (vi)
“Trust Account” shall mean that certain trust account established with
      Continental Stock Transfer & Trust Company, as trustee, into which the
      Company will deposit the “funds to be held in trust,” as described in the
      Prospectus.

    

    

    

    [REMAINDER
      OF PAGE INTENTIONALLY BLANK. SIGNATURE PAGE FOLLOWS]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	 	 	 	 
	/s/ Moshe
              Bar-Niv	 	 	 
	
              
Moshe
              Bar-Niv	 	 	
            
	 	 	 	 

     

     

     

    [Signature
      Page to Director and Officer
      Letter]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

    

    INSIDER
      BIOGRAPHY (AS INCLUDED IN S-1)

    

    Moshe
      Bar-Niv
      has
      served as our Chairman and director since our inception. Since 1998, Mr. Bar-Niv
      has served as a General Partner of Ascend Technology Ventures, an Israel-based
      venture capital fund which he co-founded, whose investors are primarily U.S.
      investors, including both large institutions as well as individuals in the
      technology industry. As a General Partner of Ascend Technology Ventures, Mr.
      Bar-Niv led fundraising efforts, and was involved in investment decisions and
      the management of various Ascend portfolio companies, including the following:
      Bitband Technologies Ltd., which provides video content distribution and
      delivery solutions over IP broadband networks for telecommunications companies;
      Decru Inc., which helps many of the world’s largest enterprise and government
      organizations secure their vital data assets via its storage security
      appliances, and which was later sold to Network Appliance, Inc. (Nasdaq: “NTAP”),
      which provides
      enterprise storage and data management software and hardware products and
      services; NextNine, Ltd. which provides automated remote customer support and
      adaptive service solutions for large-scale, mission-critical systems deployed
      in
      enterprises; P-Cube, Inc. which provides IP service control solutions powered
      by
      a programmable network element that creates an intelligent overlay for any
      IP
      network, and which was later sold to Cisco Systems Inc. (Nasdaq: “CSCO”), which
      is
      engaged in the manufacture and sale of networking and communications products
      worldwide; Provigent Inc., which develops integrated silicon solutions for
      the
      broadband wireless transmission industry; and Widemed Ltd., which leverages
      its
      innovative signal processing algorithms, offering comprehensive signal analysis
      and workflow management solutions to the fast growing cardio-sleep market.
      From
      1993 to 1997, Mr. Bar-Niv served as a Managing Director of Trinet Venture
      Capital, an Israel-based venture capital fund which he co-founded. From 1976
      through 1992, Mr. Bar-Niv held various executive positions at Fibronics
      International, Inc., Motorola Communications Israel Ltd., Intel Electronics
      Ltd.
      and Israel Aircraft Industries Ltd. Mr. Bar-Niv currently serves on the Board
      of
      Directors of Bitband Technologies Ltd.; Intellinx Ltd.; NextNine, Ltd.;
      Provigent Inc.; and Widemed Ltd., each of which is a privately-held company.
      Mr.
      Bar-Niv has B.Sc. and M.Sc. degrees in Industrial Engineering and Management
      from Ben-Gurion University, Israel.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

    

    INSIDER
      D&O QUESTIONNAIRE

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