Document:

EXHIBIT 4.4

THE REGISTERED HOLDER OF THIS PURCHASE OPTION BY ITS ACCEPTANCE  HEREOF,  AGREES
THAT IT WILL NOT SELL,  TRANSFER OR ASSIGN THIS PURCHASE OPTION EXCEPT AS HEREIN
PROVIDED AND THE REGISTERED  HOLDER OF THIS PURCHASE  OPTION AGREES THAT IT WILL
NOT SELL,  TRANSFER,  ASSIGN,  PLEDGE OR HYPOTHECATE  THIS PURCHASE OPTION FOR A
PERIOD OF ONE YEAR FOLLOWING THE EFFECTIVE DATE (DEFINED  BELOW) TO ANYONE OTHER
THAN (I)  EARLYBIRDCAPITAL,  INC. ("EBC") OR AN UNDERWRITER OR A SELECTED DEALER
IN CONNECTION  WITH THE OFFERING,  OR (II) A BONA FIDE OFFICER OR PARTNER OF EBC
OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER.

THIS  PURCHASE  OPTION  IS NOT  EXERCISABLE  PRIOR  TO  THE  LATER  OF  (I)  THE
CONSUMMATION BY ISRAEL  TECHNOLOGY  ACQUISITION  CORP.  ("COMPANY") OF A MERGER,
CAPITAL STOCK EXCHANGE,  ASSET ACQUISITION OR OTHER SIMILAR BUSINESS COMBINATION
("BUSINESS  COMBINATION") (AS DESCRIBED MORE FULLY IN THE COMPANY'S REGISTRATION
STATEMENT (DEFINED HEREIN)) AND (II) ______________,  2006. VOID AFTER 5:00 P.M.
EASTERN TIME, _____________, 2010.

                              UNIT PURCHASE OPTION

                               FOR THE PURCHASE OF

                                __________ UNITS

                                       OF

                       ISRAEL TECHNOLOGY ACQUISITION CORP.

1. PURCHASE OPTION.

                  THIS CERTIFIES THAT, in  consideration  of $_____ duly paid by
or on behalf of  ____________________  ("Holder"),  as registered  owner of this
Purchase Option, to Israel Technology Acquisition Corp.  ("Company"),  Holder is
entitled,  at any  time  or  from  time  to  time  upon  the  later  of (i)  the
consummation of a Business Combination and (ii) ___________, 2006 ("Commencement
Date"),  and  at  or  before  5:00  p.m.,  Eastern  Time,  _____________,   2010
("Expiration Date"), but not thereafter, to subscribe for, purchase and receive,
in whole or in part, up to ____________ (______) units ("Units") of the Company,
each Unit  consisting  of one share of common  stock of the  Company,  par value
$.0001 per share ("Common Stock"), and two warrants ("Warrant(s)") expiring four
years from the effective date ("Effective  Date") of the registration  statement
("Registration  Statement")  pursuant to which Units are offered for sale to the
public  ("Offering").  Each Warrant is the same as the warrants  included in the
Units  being  registered  for  sale  to the  public  by way of the  Registration
Statement ("Public Warrants") except that the Warrants have an exercise price of
$6.65 per share. If the Expiration  Date is a day on which banking  institutions
are  authorized by law to close,  then this Purchase  Option may be exercised on
the next  succeeding  day which is not such a day in  accordance  with the terms
herein.  During the period ending on the Expiration Date, the Company agrees not
to take any action that would  terminate  the

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Purchase Option. This Purchase Option is initially exercisable at $7.50 per Unit
so purchased;  provided,  however, that upon the occurrence of any of the events
specified  in Section 6 hereof,  the rights  granted  by this  Purchase  Option,
including  the  exercise  price per Unit and the number of Units (and  shares of
Common Stock and Warrants) to be received upon such exercise,  shall be adjusted
as therein specified.  The term "Exercise Price" shall mean the initial exercise
price or the adjusted exercise price, depending on the context.

2. EXERCISE.

         2.1 EXERCISE  FORM.  In order to exercise  this  Purchase  Option,  the
exercise form attached  hereto must be duly executed and completed and delivered
to the Company,  together with this Purchase  Option and payment of the Exercise
Price for the Units being  purchased  payable in cash or by  certified  check or
official bank check. If the subscription  rights represented hereby shall not be
exercised at or before 5:00 p.m.,  Eastern  time,  on the  Expiration  Date this
Purchase  Option shall become and be void without  further force or effect,  and
all rights represented hereby shall cease and expire.

         2.2 LEGEND.  Each  certificate for the securities  purchased under this
Purchase  Option shall bear a legend as follows unless such securities have been
registered under the Securities Act of 1933, as amended ("Act"):

                  "The securities  represented by this certificate have not been
                  registered  under  the  Securities  Act of  1933,  as  amended
                  ("Act") or  applicable  state law. The  securities  may not be
                  offered  for  sale,  sold  or  otherwise   transferred  except
                  pursuant to an effective registration statement under the Act,
                  or pursuant to an exemption  from  registration  under the Act
                  and applicable state law."

         2.3      CASHLESS EXERCISE.

                  2.3.1  DETERMINATION OF AMOUNT.  In lieu of the payment of the
Exercise Price  multiplied by the number of Units for which this Purchase Option
is  exercisable  (and in lieu of being  entitled  to  receive  Common  Stock and
Warrants) in the manner required by Section 2.1, the Holder shall have the right
(but not the obligation) to convert any  exercisable but unexercised  portion of
this Purchase Option into Units ("Conversion  Right") as follows:  upon exercise
of the  Conversion  Right,  the  Company  shall  deliver to the Holder  (without
payment by the Holder of any of the Exercise Price in cash) that number of Units
(or that number of shares of Common Stock and Warrants (or that number of shares
of comprising  that number of Units) equal to the quotient  obtained by dividing
(x) the "Value" (as defined  below) of the portion of the Purchase  Option being
converted by (y) the Current Market Value (as defined below). The "Value" of the
portion of the Purchase Option being converted shall equal the remainder derived
from  subtracting  (a) (i) the Exercise  Price  multiplied by (ii) the number of
Units  underlying the portion of this Purchase  Option being  converted from (b)
the Current Market Value of a Unit multiplied by the number of Units  underlying
the portion of the Purchase  Option being  converted.  As used herein,  the term
"Current Market Value" per Unit at any date means: (A) in the event that neither
the Units nor Warrants are still trading, the remainder derived from subtracting
(x) the  exercise  price of the Warrants  multiplied  by the number of shares of
Common Stock issuable upon exercise of the Warrants underlying one Unit from (y)
(i) the Current  Market Price of the Common Stock  multiplied by (ii) the number
of shares of Common Stock underlying one Unit, which shall include the shares of
Common Stock  underlying  the Warrants  included in such Unit;  (B) in the event
that the Units,  Common Stock and Warrants are still  trading,  (i) if the Units
are listed on a national  securities  exchange or quoted

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on the Nasdaq National Market, Nasdaq SmallCap Market or NASD OTC Bulletin Board
(or  successor  exchange),  the last sale  price of the  Units in the  principal
trading market for the Units as reported by the exchange, Nasdaq or the NASD, as
the case may be, on the last trading day preceding the date in question; or (ii)
if the Units are not listed on a national  securities  exchange or quoted on the
Nasdaq  National  Market,  Nasdaq SmallCap Market or the NASD OTC Bulletin Board
(or successor exchange), but is traded in the residual  over-the-counter market,
the closing bid price for Units on the last  trading day  preceding  the date in
question  for which such  quotations  are  reported by the Pink  Sheets,  LLC or
similar  publisher of such  quotations;  and (C) in the event that the Units are
not still  trading but the Common  Stock and Warrants  underlying  the Units are
still trading,  the Current Market Price of the Common Stock plus the product of
(x) the Current  Market  Price of the  Warrants  and (y) the number of shares of
Common Stock  underlying the Warrants  included in one Unit. The "Current Market
Price" shall mean (i) if the Common Stock (or  Warrants,  as the case may be) is
listed on a  national  securities  exchange  or quoted  on the  Nasdaq  National
Market,  Nasdaq  SmallCap  Market  or NASD  OTC  Bulletin  Board  (or  successor
exchange),  the last  sale  price  of the  Common  Stock  (or  Warrants)  in the
principal  trading  market for the Common  Stock as  reported  by the  exchange,
Nasdaq or the NASD,  as the case may be, on the last trading day  preceding  the
date in question;  (ii) if the Common Stock (or Warrants, as the case may be) is
not listed on a national  securities  exchange or quoted on the Nasdaq  National
Market,  Nasdaq  SmallCap  Market or the NASD OTC Bulletin  Board (or  successor
exchange),  but is traded in the residual  over-the-counter  market, the closing
bid price for the Common Stock (or  Warrants) on the last trading day  preceding
the date in question for which such  quotations are reported by the Pink Sheets,
LLC or similar publisher of such quotations;  and (iii) if the fair market value
of the Common Stock cannot be  determined  pursuant to clause (i) or (ii) above,
such price as the Board of Directors  of the Company  shall  determine,  in good
faith.

                  2.3.2 MECHANICS OF CASHLESS  EXERCISE.  The Cashless  Exercise
Right  may be  exercised  by the  Holder  on any  business  day on or after  the
Commencement  Date and not later  than the  Expiration  Date by  delivering  the
Purchase  Option with the duly executed  exercise form attached  hereto with the
cashless  exercise  section  completed to the Company,  exercising  the Cashless
Exercise Right and specifying the total number of Units the Holder will purchase
pursuant to such Cashless Exercise Right.

3. TRANSFER.

         3.1  GENERAL  RESTRICTIONS.  The  registered  Holder  of this  Purchase
Option,  by its  acceptance  hereof,  agrees  that it will not  sell,  transfer,
assign,  pledge or  hypothecate  this  Purchase  Option for a period of one year
following the Effective Date to anyone other than (i) EBC or an underwriter or a
selected dealer in connection with the Offering,  or (ii) a bona fide officer or
partner of EBC or of any such underwriter or selected  dealer.  On and after the
first anniversary of the Effective Date, transfers to others may be made subject
to compliance with or exemptions from  applicable  securities  laws. In order to
make any  permitted  assignment,  the Holder  must  deliver to the  Company  the
assignment form attached  hereto duly executed and completed,  together with the
Purchase Option and payment of all transfer taxes, if any, payable in connection
therewith.  The Company  shall within five  business days transfer this Purchase
Option on the books of the Company and shall  execute and deliver a new Purchase
Option  or  Purchase  Options  of  like  tenor  to the  appropriate  assignee(s)
expressly  evidencing  the  right to  purchase  the  aggregate  number  of Units
purchasable hereunder or such portion of such number as shall be contemplated by
any such assignment.

         3.2 RESTRICTIONS  IMPOSED BY THE ACT. The securities  evidenced by this
Purchase  Option shall not be  transferred  unless and until (i) the Company has
received the opinion of counsel for the Holder

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that  the  securities   may  be  transferred   pursuant  to  an  exemption  from
registration   under  the  Act  and  applicable   state   securities  laws,  the
availability  of which is  established  to the  reasonable  satisfaction  of the
Company (the Company hereby  agreeing that the opinion of Graubard  Miller shall
be deemed satisfactory evidence of the availability of an exemption),  or (ii) a
registration  statement  or  a  post-effective  amendment  to  the  Registration
Statement relating to such securities has been filed by the Company and declared
effective  by  the  Securities  and  Exchange  Commission  and  compliance  with
applicable state securities law has been established.

4. NEW PURCHASE OPTIONS TO BE ISSUED.

         4.1  PARTIAL  EXERCISE  OR  TRANSFER.  Subject to the  restrictions  in
Section 3 hereof,  this Purchase Option may be exercised or assigned in whole or
in part.  In the event of the exercise or assignment  hereof in part only,  upon
surrender  of this  Purchase  Option for  cancellation,  together  with the duly
executed  exercise or assignment  form and funds  sufficient to pay any Exercise
Price and/or transfer tax, the Company shall cause to be delivered to the Holder
without  charge a new Purchase  Option of like tenor to this Purchase  Option in
the name of the Holder evidencing the right of the Holder to purchase the number
of Units  purchasable  hereunder as to which this  Purchase  Option has not been
exercised or assigned.

         4.2  LOST  CERTIFICATE.   Upon  receipt  by  the  Company  of  evidence
satisfactory  to it of the  loss,  theft,  destruction  or  mutilation  of  this
Purchase Option and of reasonably satisfactory indemnification or the posting of
a bond,  the Company  shall  execute and deliver a new  Purchase  Option of like
tenor and date. Any such new Purchase  Option executed and delivered as a result
of such loss,  theft,  mutilation or destruction  shall  constitute a substitute
contractual obligation on the part of the Company.

5.       REGISTRATION RIGHTS.

         5.1      DEMAND REGISTRATION.

                  5.1.1  GRANT  OF  RIGHT.  The  Company,  upon  written  demand
("Initial  Demand  Notice")  of the  Holder(s)  of at least 51% of the  Purchase
Options and/or the underlying Units and/or the underlying  securities ("Majority
Holders"),  agrees  to  register  on one  occasion,  all or any  portion  of the
Purchase Options  requested by the Majority Holders in the Initial Demand Notice
and all of the securities underlying such Purchase Options, including the Units,
Common  Stock,  the  Warrants  and the  Common  Stock  underlying  the  Warrants
(collectively, the "Registrable Securities"). On such occasion, the Company will
file a registration statement or a post-effective  amendment to the Registration
Statement covering the Registrable Securities within sixty days after receipt of
the Initial  Demand  Notice and use its best  efforts to have such  registration
statement or  post-effective  amendment  declared  effective as soon as possible
thereafter.  The demand for registration may be made at any time during a period
of five years beginning on the Effective Date. The Company  covenants and agrees
to give  written  notice of its  receipt  of any  Initial  Demand  Notice by any
Holder(s) to all other  registered  Holders of the Purchase  Options  and/or the
Registrable  Securities within ten days from the date of the receipt of any such
Initial Demand Notice.

                  5.1.2  TERMS.  The  Company  shall bear all fees and  expenses
attendant to registering the Registrable  Securities,  including the expenses of
any legal counsel  selected by the Holders to represent them in connection  with
the sale of the  Registrable  Securities,  but the Holders shall pay any and all
underwriting commissions.  The Company agrees to use its reasonable best efforts
to qualify or

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register the Registrable  Securities in such States as are reasonably  requested
by the Majority Holder(s); provided, however, that in no event shall the Company
be required  to register  the  Registrable  Securities  in a State in which such
registration  would  cause (i) the  Company  to be  obligated  to  qualify to do
business  in such State,  or would  subject the Company to taxation as a foreign
corporation   doing  business  in  such   jurisdiction  or  (ii)  the  principal
stockholders  of the Company to be  obligated  to escrow their shares of capital
stock of the  Company.  The Company  shall cause any  registration  statement or
post-effective  amendment  filed  pursuant to the demand  rights  granted  under
Section 5.1.1 to remain effective for a period of nine  consecutive  months from
the effective date of such registration statement or post-effective amendment.

         5.2      "PIGGY-BACK" REGISTRATION.

                  5.2.1  GRANT OF RIGHT.  In  addition  to the  demand  right of
registration,  the Holders of the  Purchase  Options  shall have the right for a
period  of  seven  years  commencing  on the  Effective  Date,  to  include  the
Registrable  Securities as part of any other registration of securities filed by
the Company (other than in connection  with a transaction  contemplated  by Rule
145(a)  promulgated under the Act or pursuant to Form S-8);  provided,  however,
that if,  in the  written  opinion  of the  Company's  managing  underwriter  or
underwriters,  if any,  for such  offering,  the  inclusion  of the  Registrable
Securities,  when added to the securities being registered by the Company or the
selling  stockholder(s),  will  exceed  the  maximum  amount  of  the  Company's
securities which can be marketed (i) at a price reasonably related to their then
current market value,  and (ii) without  materially and adversely  affecting the
entire  offering,  then the  Company  will  still be  required  to  include  the
Registrable  Securities,  but may require the Holders to agree,  in writing,  to
delay the sale of all or any portion of the Registrable  Securities for a period
of 90 days from the effective date of the offering,  provided,  further, that if
the  sale of any  Registrable  Securities  is so  delayed,  then the  number  of
securities to be sold by all stockholders in such public offering during such 90
day period shall be  apportioned  PRO RATA among all such selling  stockholders,
including  all holders of the  Registrable  Securities,  according  to the total
amount  of  securities  of the  Company  owned  by  said  selling  stockholders,
including all holders of the Registrable Securities.

                  5.2.2  TERMS.  The  Company  shall bear all fees and  expenses
attendant to registering the Registrable  Securities,  including the expenses of
any legal counsel  selected by the Holders to represent them in connection  with
the sale of the  Registrable  Securities  but the Holders  shall pay any and all
underwriting commissions related to the Registrable Securities.  In the event of
such a proposed  registration,  the Company  shall  furnish the then  Holders of
outstanding  Registrable  Securities  with not less than  fifteen  days  written
notice prior to the proposed date of filing of such registration statement. Such
notice  to  the  Holders  shall  continue  to  be  given  for  each   applicable
registration  statement filed (during the period in which the Purchase Option is
exercisable) by the Company until such time as all of the Registrable Securities
have been registered and sold. The holders of the Registrable  Securities  shall
exercise the  "piggy-back"  rights provided for herein by giving written notice,
within ten days of the receipt of the Company's  notice of its intention to file
a registration  statement.  The Company shall cause any  registration  statement
filed pursuant to the above "piggyback"  rights to remain effective for at least
nine  months from the date that the Holders of the  Registrable  Securities  are
first given the opportunity to sell all of such securities.

         5.3  DAMAGES.  Should the  registration  or the  effectiveness  thereof
required by Sections 5.1 and 5.2 hereof be delayed by the Company or the Company
otherwise fails to comply with such  provisions,  the Company shall, in addition
to any other equitable or other relief available to the Holder(s), be liable for
any and all  incidental,  special and  consequential  damages  sustained  by the

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Holder(s),  including,  but not limited  to, the loss of any profits  that might
have been  received  by the  holder  upon the sale of shares of Common  Stock or
Warrants (and shares of Common Stock  underlying the Warrants)  underlying  this
Purchase Option.

         5.4      GENERAL TERMS.

                  5.4.1   INDEMNIFICATION.   The  Company  shall  indemnify  the
Holder(s) of the Registrable  Securities to be sold pursuant to any registration
statement  hereunder and each person,  if any, who controls such Holders  within
the meaning of Section 15 of the Act or Section 20(a) of the Securities Exchange
Act of 1934,  as amended  ("Exchange  Act"),  against all loss,  claim,  damage,
expense  or  liability  (including  all  reasonable  attorneys'  fees and  other
expenses  reasonably  incurred in investigating,  preparing or defending against
litigation, commenced or threatened, or any claim whatsoever whether arising out
of any action between the underwriter and the Company or between the underwriter
and any third party or otherwise) to which any of them may become  subject under
the Act, the Exchange Act or otherwise, arising from such registration statement
but only to the same extent and with the same effect as the provisions  pursuant
to which the Company  has agreed to  indemnify  the  underwriters  contained  in
Section 5 of the Underwriting  Agreement between the Company,  EBC and the other
underwriters  named  therein  dated the  Effective  Date.  The  Holder(s) of the
Registrable Securities to be sold pursuant to such registration  statement,  and
their successors and assigns,  shall severally,  and not jointly,  indemnify the
Company,  its officers and directors  and each person,  if any, who controls the
Company  within the  meaning  of  Section 15 of the Act or Section  20(a) of the
Exchange Act, against all loss, claim,  damage,  expense or liability (including
all  reasonable  attorneys'  fees and  other  expenses  reasonably  incurred  in
investigating,  preparing or defending  against any claim  whatsoever)  to which
they may become  subject under the Act, the Exchange Act or  otherwise,  arising
from information  furnished by or on behalf of such Holders, or their successors
or assigns, in writing, for specific inclusion in such registration statement to
the same extent and with the same effect as the provisions  contained in Section
5 of the Underwriting  Agreement  pursuant to which the underwriters have agreed
to indemnify the Company.

                  5.4.2 EXERCISE OF PURCHASE OPTIONS.  Nothing contained in this
Purchase  Option shall be construed as requiring the Holder(s) to exercise their
Purchase Options or Warrants  underlying such Purchase Options prior to or after
the initial filing of any registration statement or the effectiveness thereof.

                  5.4.3  DOCUMENTS  DELIVERED  TO  HOLDERS.  The  Company  shall
furnish  EBC,  as  representative  of the  Holders  participating  in any of the
foregoing  offerings,  a  signed  counterpart,  addressed  to the  participating
Holders,  of (i) an opinion of counsel to the Company,  dated the effective date
of  such  registration   statement  (and,  if  such  registration   includes  an
underwritten public offering, an opinion dated the date of the closing under any
underwriting  agreement related thereto), and (ii) a "cold comfort" letter dated
the effective date of such  registration  statement  (and, if such  registration
includes an underwritten public offering, a letter dated the date of the closing
under the underwriting  agreement) signed by the independent  public accountants
who have issued a report on the Company's financial  statements included in such
registration  statement,  in each case covering  substantially  the same matters
with  respect  to such  registration  statement  (and  the  prospectus  included
therein) and, in the case of such  accountants'  letter,  with respect to events
subsequent to the date of such financial statements,  as are customarily covered
in  opinions  of  issuer's  counsel and in  accountants'  letters  delivered  to
underwriters in underwritten  public offerings of securities.  The Company shall
also deliver promptly to EBC, as representative of the Holders  participating in
the offering, the correspondence and memoranda described below and copies of all
correspondence  between the Commission and the Company,  its counsel or

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auditors and all memoranda  relating to  discussions  with the Commission or its
staff  with  respect  to  the   registration   statement   and  permit  EBC,  as
representative of the Holders, to do such investigation, upon reasonable advance
notice,   with  respect  to  information   contained  in  or  omitted  from  the
registration   statement  as  it  deems  reasonably  necessary  to  comply  with
applicable  securities  laws or rules of the National  Association of Securities
Dealers,  Inc.  ("NASD").  Such  investigation  shall  include  access to books,
records and properties and  opportunities to discuss the business of the Company
with its officers and independent auditors, all to such reasonable extent and at
such  reasonable  times and as often as EBC, as  representative  of the Holders,
shall  reasonably  request.  The Company  shall not be required to disclose  any
confidential  information  or other  records to EBC,  as  representative  of the
Holders,  or to any other  person,  until and  unless  such  persons  shall have
entered  into  reasonable  confidentiality  agreements  (in form  and  substance
reasonably satisfactory to the Company), with the Company with respect thereto.

                  5.4.4 UNDERWRITING AGREEMENT.  The Company shall enter into an
underwriting agreement with the managing underwriter(s), if any, selected by any
Holders  whose  Registrable  Securities  are being  registered  pursuant to this
Section 5, which  managing  underwriter  shall be  reasonably  acceptable to the
Company.  Such agreement shall be reasonably  satisfactory in form and substance
to the Company,  each Holder and such managing  underwriters,  and shall contain
such  representations,  warranties  and  covenants by the Company and such other
terms as are  customarily  contained  in  agreements  of that  type  used by the
managing underwriter. The Holders shall be parties to any underwriting agreement
relating to an  underwritten  sale of their  Registrable  Securities and may, at
their  option,  require  that  any or all the  representations,  warranties  and
covenants of the Company to or for the benefit of such  underwriters  shall also
be made to and for the  benefit  of such  Holders.  Such  Holders  shall  not be
required to make any  representations  or warranties  to or agreements  with the
Company or the underwriters  except as they may relate to such Holders and their
intended methods of  distribution.  Such Holders,  however,  shall agree to such
covenants  and   indemnification   and  contribution   obligations  for  selling
stockholders as are customarily contained in agreements of that type used by the
managing  underwriter.  Further,  such Holders shall execute appropriate custody
agreements and otherwise  cooperate fully in the preparation of the registration
statement  and other  documents  relating to any  offering in which they include
securities  pursuant to this  Section 5. Each Holder  shall also  furnish to the
Company such information  regarding itself,  the Registrable  Securities held by
it,  and the  intended  method of  disposition  of such  securities  as shall be
reasonably required to effect the registration of the Registrable Securities.

                  5.4.5 RULE 144 SALE.  Notwithstanding  anything  contained  in
this Section 5 to the contrary, the Company shall have no obligation pursuant to
Sections 5.1 or 5.2 for the  registration of Registrable  Securities held by any
Holder  (i) where such  Holder  would  then be  entitled  to sell under Rule 144
within any three-month period (or such other period prescribed under Rule 144 as
may be provided by amendment  thereof) all of the  Registrable  Securities  then
held by such Holder, and (ii) where the number of Registrable Securities held by
such Holder is within the volume  limitations  under  paragraph  (e) of Rule 144
(calculated as if such Holder were an affiliate within the meaning of Rule 144).

                  5.4.6 SUPPLEMENTAL  PROSPECTUS.  Each Holder agrees, that upon
receipt of any notice from the Company of the happening of any event as a result
of which the  prospectus  included  in the  Registration  Statement,  as then in
effect,  includes  an untrue  statement  of a material  fact or omits to state a
material fact required to be stated  therein or necessary to make the statements
therein not misleading in light of the circumstances then existing,  such Holder
will immediately  discontinue  disposition of Registrable Securities pursuant to
the  Registration  Statement  covering such  Registrable  Securities  until

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such Holder's  receipt of the copies of a  supplemental  or amended  prospectus,
and, if so desired by the Company,  such Holder shall deliver to the Company (at
the expense of the Company) or destroy (and deliver to the Company a certificate
of such  destruction) all copies,  other than permanent file copies then in such
Holder's  possession,  of the prospectus  covering such  Registrable  Securities
current at the time of receipt of such notice.

6. ADJUSTMENTS.

         6.1  ADJUSTMENTS  TO  EXERCISE  PRICE  AND  NUMBER OF  SECURITIES.  The
Exercise Price and the number of Units  underlying the Purchase  Option shall be
subject to adjustment from time to time as hereinafter set forth:

                  6.1.1 STOCK  DIVIDENDS - SPLIT-UPS.  If after the date hereof,
and subject to the  provisions of Section 6.4 below,  the number of  outstanding
shares of Common  Stock is increased  by a stock  dividend  payable in shares of
Common Stock or by a split-up of shares of Common Stock or other similar  event,
then,  on the  effective  date  thereof,  the  number of shares of Common  Stock
underlying  each of the  Units  purchasable  hereunder  shall  be  increased  in
proportion to such increase in outstanding  shares.  In such case, the number of
shares of Common Stock,  and the exercise price applicable  thereto,  underlying
the  Warrants  underlying  each of the  Units  purchasable  hereunder  shall  be
adjusted in  accordance  with the terms of the  Warrants.  For  example,  if the
Company  declares a two-for-one  stock dividend and at the time of such dividend
this  Purchase  Option is for the  purchase  of one Unit at $6.60 per whole Unit
(each Warrant  underlying  the Units is exercisable  for $5.00 per share),  upon
effectiveness  of the dividend,  this Purchase  Option will be adjusted to allow
for the purchase of one Unit at $6.60 per Unit,  each Unit  entitling the holder
to  receive  two  shares  of  Common  Stock  and  four  Warrants  (each  Warrant
exercisable for $2.50 per share).

                  6.1.2  AGGREGATION  OF SHARES.  If after the date hereof,  and
subject to the  provisions of Section 6.4, the number of  outstanding  shares of
Common Stock is decreased by a consolidation, combination or reclassification of
shares of Common Stock or other  similar  event,  then,  on the  effective  date
thereof,  the  number of shares of  Common  Stock  underlying  each of the Units
purchasable  hereunder  shall be decreased  in  proportion  to such  decrease in
outstanding  shares. In such case, the number of shares of Common Stock, and the
exercise price applicable  thereto,  underlying the Warrants  underlying each of
the Units  purchasable  hereunder shall be adjusted in accordance with the terms
of the Warrants.

                  6.1.3 REPLACEMENT OF SECURITIES UPON  REORGANIZATION,  ETC. In
case of any  reclassification  or  reorganization  of the outstanding  shares of
Common  Stock other than a change  covered by Section  6.1.1 or 6.1.2  hereof or
that solely affects the par value of such shares of Common Stock, or in the case
of any merger or consolidation  of the Company with or into another  corporation
(other than a  consolidation  or merger in which the  Company is the  continuing
corporation and that does not result in any  reclassification  or reorganization
of the  outstanding  shares  of  Common  Stock),  or in the  case of any sale or
conveyance to another corporation or entity of the property of the Company as an
entirety or substantially as an entirety in connection with which the Company is
dissolved,  the Holder of this Purchase  Option shall have the right  thereafter
(until the  expiration  of the right of  exercise  of this  Purchase  Option) to
receive upon the exercise hereof,  for the same aggregate Exercise Price payable
hereunder  immediately  prior to such  event,  the kind and  amount of shares of
stock or other  securities or property  (including  cash)  receivable  upon such
reclassification, reorganization, merger or consolidation, or upon a dissolution
following  any such sale or  transfer,  by a Holder  of the  number of shares of
Common Stock of the Company obtainable upon exercise of this Purchase Option and
the underlying

                                       8
<PAGE>

Warrants  immediately  prior to such  event;  and if any  reclassification  also
results in a change in shares of Common Stock covered by Section 6.1.1 or 6.1.2,
then such adjustment  shall be made pursuant to Sections  6.1.1,  6.1.2 and this
Section  6.1.3.  The provisions of this Section 6.1.3 shall  similarly  apply to
successive reclassifications,  reorganizations, mergers or consolidations, sales
or other transfers.

                  6.1.4  CHANGES  IN  FORM  OF  PURCHASE  OPTION.  This  form of
Purchase  Option  need not be changed  because of any  change  pursuant  to this
Section,  and  Purchase  Options  issued  after  such  change may state the same
Exercise  Price  and the same  number  of Units as are  stated  in the  Purchase
Options  initially  issued  pursuant to this  Agreement.  The  acceptance by any
Holder  of the  issuance  of new  Purchase  Options  reflecting  a  required  or
permissive  change  shall not be deemed  to waive  any  rights to an  adjustment
occurring after the Commencement Date or the computation thereof.

         6.2      [Intentionally Omitted]

         6.3 SUBSTITUTE  PURCHASE  OPTION.  In case of any  consolidation of the
Company  with,  or merger of the Company  with,  or merger of the Company  into,
another  corporation (other than a consolidation or merger which does not result
in  any  reclassification  or  change  of the  outstanding  Common  Stock),  the
corporation  formed by such consolidation or merger shall execute and deliver to
the Holder a  supplemental  Purchase  Option  providing  that the holder of each
Purchase  Option  then  outstanding  or to be  outstanding  shall have the right
thereafter  (until the stated  expiration of such  Purchase  Option) to receive,
upon  exercise of such Purchase  Option,  the kind and amount of shares of stock
and other securities and property  receivable upon such consolidation or merger,
by a holder of the  number of shares of Common  Stock of the  Company  for which
such  Purchase  Option  might  have  been  exercised  immediately  prior to such
consolidation, merger, sale or transfer. Such supplemental Purchase Option shall
provide for adjustments which shall be identical to the adjustments  provided in
Section  6.  The  above  provision  of this  Section  shall  similarly  apply to
successive consolidations or mergers.

         6.4  ELIMINATION  OF  FRACTIONAL  INTERESTS.  The Company  shall not be
required to issue certificates  representing fractions of shares of Common Stock
or Warrants upon the exercise of the Purchase  Option,  nor shall it be required
to issue  scrip or pay cash in lieu of any  fractional  interests,  it being the
intent of the parties  that all  fractional  interests  shall be  eliminated  by
rounding  any fraction up to the nearest  whole  number of  Warrants,  shares of
Common Stock or other securities, properties or rights.

7.  RESERVATION  AND LISTING.  The Company  shall at all times  reserve and keep
available out of its authorized  shares of Common Stock,  solely for the purpose
of issuance upon exercise of the Purchase Options or the Warrants underlying the
Purchase  Option,  such  number of shares of Common  Stock or other  securities,
properties or rights as shall be issuable upon the exercise thereof. The Company
covenants and agrees that, upon exercise of the Purchase  Options and payment of
the Exercise  Price  therefor,  all shares of Common Stock and other  securities
issuable upon such  exercise  shall be duly and validly  issued,  fully paid and
non-assessable  and not subject to  preemptive  rights of any  stockholder.  The
Company  further  covenants  and  agrees  that  upon  exercise  of the  Warrants
underlying the Purchase  Options and payment of the respective  Warrant exercise
price therefor,  all shares of Common Stock and other  securities  issuable upon
such exercise shall be duly and validly  issued,  fully paid and  non-assessable
and not subject to preemptive rights of any stockholder. As long as the Purchase
Options  shall be  outstanding,  the Company shall use its best efforts to cause
all (i) Units and shares of Common Stock  issuable upon exercise of the Purchase
Options,  (ii) Warrants issuable upon exercise of the Purchase Options and (iii)
shares of Common Stock  issuable upon  exercise of the Warrants  included in the
Units

                                       9
<PAGE>

issuable upon exercise of the Purchase  Option to be listed (subject to official
notice of issuance) on all securities exchanges (or, if applicable on the Nasdaq
National Market,  SmallCap Market,  OTC Bulletin Board or any successor  trading
market) on which the Units,  the Common Stock or the Public  Warrants  issued to
the public in connection herewith may then be listed and/or quoted.

8. CERTAIN NOTICE REQUIREMENTS.

         8.1 HOLDER'S RIGHT TO RECEIVE NOTICE. Nothing herein shall be construed
as conferring upon the Holders the right to vote or consent as a stockholder for
the  election  of  directors  or any  other  matter,  or as  having  any  rights
whatsoever as a stockholder of the Company.  If,  however,  at any time prior to
the  expiration of the Purchase  Options and their  exercise,  any of the events
described in Section 8.2 shall occur,  then, in one or more of said events,  the
Company  shall give written  notice of such event at least fifteen days prior to
the date fixed as a record  date or the date of closing the  transfer  books for
the determination of the stockholders  entitled to such dividend,  distribution,
conversion or exchange of securities or subscription rights, or entitled to vote
on such proposed dissolution, liquidation, winding up or sale. Such notice shall
specify  such record date or the date of the closing of the transfer  books,  as
the case may be.  Notwithstanding  the  foregoing,  the Company shall deliver to
each Holder a copy of each notice given to the other stockholders of the Company
at the  same  time and in the  same  manner  that  such  notice  is given to the
stockholders.

         8.2 EVENTS REQUIRING NOTICE.  The Company shall be required to give the
notice described in this Section 8 upon one or more of the following events: (i)
if the Company  shall take a record of the holders of its shares of Common Stock
for the purpose of entitling them to receive a dividend or distribution  payable
otherwise  than in cash, or a cash dividend or  distribution  payable  otherwise
than out of retained earnings,  as indicated by the accounting treatment of such
dividend or distribution on the books of the Company,  or (ii) the Company shall
offer to all the holders of its Common  Stock any  additional  shares of capital
stock of the Company or securities  convertible  into or exchangeable for shares
of capital  stock of the Company,  or any option,  right or warrant to subscribe
therefor,  or (iii) a  dissolution,  liquidation  or winding  up of the  Company
(other than in connection  with a  consolidation  or merger) or a sale of all or
substantially all of its property, assets and business shall be proposed.

         8.3 NOTICE OF CHANGE IN EXERCISE  PRICE.  The Company  shall,  promptly
after an event  requiring a change in the Exercise  Price  pursuant to Section 6
hereof,  send notice to the Holders of such event and change  ("Price  Notice").
The Price Notice shall  describe the event  causing the change and the method of
calculating  same and  shall be  certified  as being  true and  accurate  by the
Company's President and Chief Financial Officer.

                                       10
<PAGE>

         8.4 TRANSMITTAL OF NOTICES. All notices,  requests,  consents and other
communications  under this  Purchase  Option  shall be in  writing  and shall be
deemed to have been duly made when hand delivered,  or mailed by express mail or
private courier service: (i) If to the registered Holder of the Purchase Option,
to the address of such Holder as shown on the books of the  Company,  or (ii) if
to the Company, to the following address or to such other address as the Company
may designate by notice to the Holders:

                                    Israel Technology Acquisition Corp.
                                    23 Karlibach St.
                                    Tel Aviv 67132
                                    Israel
                                    Attn:   Israel Frieder, Chairman

9. MISCELLANEOUS.

         9.1 AMENDMENTS. The Company and EBC may from time to time supplement or
amend this Purchase  Option  without the approval of any of the Holders in order
to cure any ambiguity,  to correct or supplement any provision  contained herein
that may be defective or inconsistent  with any other provisions  herein,  or to
make any other  provisions in regard to matters or questions  arising  hereunder
that the Company and EBC may deem  necessary or  desirable  and that the Company
and EBC deem shall not adversely  affect the interest of the Holders.  All other
modifications  or amendments  shall require the written consent of and be signed
by the party  against  whom  enforcement  of the  modification  or  amendment is
sought.

         9.2 HEADINGS. The headings contained herein are for the sole purpose of
convenience  of reference,  and shall not in any way limit or affect the meaning
or interpretation of any of the terms or provisions of this Purchase Option.

10. ENTIRE  AGREEMENT.  This Purchase Option (together with the other agreements
and documents  being  delivered  pursuant to or in connection with this Purchase
Option)  constitutes the entire  agreement of the parties hereto with respect to
the  subject   matter  hereof,   and   supersedes   all  prior   agreements  and
understandings  of the parties,  oral and  written,  with respect to the subject
matter hereof.

         10.1 BINDING  EFFECT.  This  Purchase  Option shall inure solely to the
benefit of and shall be binding  upon,  the  Holder  and the  Company  and their
permitted assignees,  respective successors,  legal representatives and assigns,
and no other  person  shall have or be  construed to have any legal or equitable
right,  remedy or claim  under or in  respect  of or by virtue of this  Purchase
Option or any provisions herein contained.

         10.2 GOVERNING LAW;  SUBMISSION TO  JURISDICTION.  This Purchase Option
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  Company  hereby  agrees  that any action,  proceeding  or claim  against it
arising out of, or relating in any way to this Purchase  Option 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.  The Company hereby waives
any objection to such exclusive  jurisdiction  and that such courts represent an
inconvenient  forum. Any process or summons to be served upon the Company may be
served by  transmitting a copy thereof by

                                       11
<PAGE>

registered  or  certified  mail,  return  receipt  requested,  postage  prepaid,
addressed to it at the address set forth in Section 8 hereof. Such mailing shall
be deemed  personal  service and shall be legal and binding  upon the Company in
any action,  proceeding  or claim.  The  Company  and the Holder  agree that the
prevailing  party(ies)  in any such action shall be entitled to recover from the
other party(ies) all of its reasonable  attorneys' fees and expenses relating to
such action or proceeding  and/or  incurred in connection  with the  preparation
therefor.

         10.3  WAIVER,  ETC.  The failure of the Company or the Holder to at any
time enforce any of the  provisions of this Purchase  Option shall not be deemed
or construed to be a waiver of any such provision,  nor to in any way affect the
validity of this  Purchase  Option or any  provision  hereof or the right of the
Company or any Holder to  thereafter  enforce  each and every  provision of this
Purchase Option. No waiver of any breach,  non-compliance or  non-fulfillment of
any of the  provisions  of this  Purchase  Option shall be effective  unless set
forth in a written  instrument  executed by the party or parties against whom or
which  enforcement  of such waiver is sought;  and no waiver of any such breach,
non-compliance or non-fulfillment shall be construed or deemed to be a waiver of
any other or subsequent breach, non-compliance or non-fulfillment.

         10.4 EXECUTION IN COUNTERPARTS. This Purchase Option may be executed in
one or more  counterparts,  and by the  different  parties  hereto  in  separate
counterparts,  each of which shall be deemed to be an original, but all of which
taken together shall  constitute  one and the same  agreement,  and shall become
effective when one or more  counterparts  has been signed by each of the parties
hereto and delivered to each of the other parties hereto.

         10.5  EXCHANGE  AGREEMENT.  As a condition of the Holder's  receipt and
acceptance of this Purchase Option, Holder agrees that, at any time prior to the
complete  exercise  of this  Purchase  Option by Holder,  if the Company and EBC
enter into an agreement ("Exchange Agreement") pursuant to which they agree that
all outstanding  Purchase  Options will be exchanged for securities or cash or a
combination of both, then Holder shall agree to such exchange and become a party
to the Exchange Agreement.

         10.6 UNDERLYING  WARRANTS.  At any time after exercise by the Holder of
this  Purchase  Option,  the  Holder may  exchange  his  Warrants  (with a $6.25
exercise  price) for Public  Warrants (with a $5.00 exercise price) upon payment
to the Company of the  difference  between the exercise price of his Warrant and
the exercise price of the Public Warrants.

                                       12
<PAGE>

         IN WITNESS  WHEREOF,  the Company has caused this Purchase Option to be
signed by its duly authorized officer as of the ____ day of __________, 2005.

                                           ISRAEL TECHNOLOGY ACQUISITION CORP.

                                           By:_________________________________
                                              Name:     Israel Frieder
                                              Title:    Chief Executive Officer

                                       13
<PAGE>

Form to be used to exercise Purchase Option:

Israel Technology Acquisition Corp.
23 Karlibach St.
Tel Aviv 67132
Israel

Date:_________________, 200__

                  The undersigned hereby elects irrevocably to exercise all or a
portion  of the within  Purchase  Option  and to  purchase  ____ Units of Israel
Technology  Acquisition  Corp. and hereby makes payment of $____________ (at the
rate of $_________ per Unit) in payment of the Exercise Price pursuant  thereto.
Please issue the Common Stock and Warrants as to which this  Purchase  Option is
exercised in accordance with the instructions given below.

                                       OR

                  The undersigned hereby elects irrevocably to convert its right
to purchase  _________  Units  purchasable  under the within  Purchase Option by
surrender of the  unexercised  portion of the attached  Purchase  Option (with a
"Value" based of $_______ based on a "Market  Price" of $_______).  Please issue
the  securities  comprising  the  Units  as to which  this  Purchase  Option  is
exercised in accordance with the instructions given below.

                                                    ____________________________
                                                    Signature

                                                    ____________________________
                                                    Signature Guaranteed

                  INSTRUCTIONS FOR REGISTRATION OF SECURITIES

Name_____________________________________________________________
                       (Print in Block Letters)

Address__________________________________________________________

                  NOTICE:  THE SIGNATURE TO THIS FORM MUST  CORRESPOND  WITH THE
NAME AS WRITTEN UPON THE FACE OF THE WITHIN PURCHASE OPTION IN EVERY  PARTICULAR
WITHOUT  ALTERATION  OR  ENLARGEMENT  OR ANY  CHANGE  WHATSOEVER,  AND  MUST  BE
GUARANTEED  BY A BANK,  OTHER THAN A SAVINGS BANK, OR BY A TRUST COMPANY OR BY A
FIRM HAVING MEMBERSHIP ON A REGISTERED NATIONAL SECURITIES EXCHANGE.

                                       14
<PAGE>

Form to be used to assign Purchase Option:

                                   ASSIGNMENT

                  (To be executed by the registered  Holder to effect a transfer
of the within Purchase Option):

                  FOR VALUE RECEIVED,___________________________________________
does hereby sell, assign and transfer unto______________________________________
the right to purchase  __________ Units of Israel  Technology  Acquisition Corp.
("Company")  evidenced by the within Purchase  Option and does hereby  authorize
the Company to transfer such right on the books of the Company.

Dated:___________________, 200_

                                                    ____________________________
                                                    Signature

                                                    ____________________________
                                                    Signature Guaranteed

                  NOTICE:  THE SIGNATURE TO THIS FORM MUST  CORRESPOND  WITH THE
NAME AS WRITTEN UPON THE FACE OF THE WITHIN PURCHASE OPTION IN EVERY  PARTICULAR
WITHOUT  ALTERATION  OR  ENLARGEMENT  OR ANY  CHANGE  WHATSOEVER,  AND  MUST  BE
GUARANTEED  BY A BANK,  OTHER THAN A SAVINGS BANK, OR BY A TRUST COMPANY OR BY A
FIRM HAVING MEMBERSHIP ON A REGISTERED NATIONAL SECURITIES EXCHANGE.

                                       15EXHIBIT 4.5

                                WARRANT AGREEMENT

         Agreement  made as of  _____________,  2005 between  Israel  Technology
Acquisition Corp., a Delaware corporation, with offices at 23 Karlibach St., Tel
Aviv 67132, Israel ("Company"),  and Continental Stock Transfer & Trust Company,
a New York  corporation,  with offices at 17 Battery  Place,  New York, New York
10004 ("Warrant Agent").

         WHEREAS,   the  Company  is  engaged  in  a  public  offering  ("Public
Offering") of Units  ("Units") and, in connection  therewith,  has determined to
issue and deliver up to (i) 6,900,000 Warrants ("Public Warrants") to the public
investors,  and (ii) 300,000 Warrants to  EarlyBirdCapital,  Inc. ("EBC") or its
designees  ("Representative's  Warrants" and, together with the Public Warrants,
the "Warrants"), each of such Public Warrants evidencing the right of the holder
thereof to purchase one share of the Company's  common  stock,  par value $.0001
per share  ("Common  Stock"),  for $5.00,  subject to  adjustment  as  described
herein; and

         WHEREAS,  the  Company  has  filed  with the  Securities  and  Exchange
Commission  a   Registration   Statement   on  Form  S-1,   No.   333-__________
("Registration  Statement"),  for the registration,  under the Securities Act of
1933, as amended ("Act") of, among other securities, the Warrants and the Common
Stock issuable upon exercise of the Warrants; and

         WHEREAS,  the Company desires the Warrant Agent to act on behalf of the
Company,  and the  Warrant  Agent is willing to so act, in  connection  with the
issuance,  registration,  transfer,  exchange,  redemption  and  exercise of the
Warrants; and

         WHEREAS,  the Company desires to provide for the form and provisions of
the Warrants,  the terms upon which they shall be issued and exercised,  and the
respective  rights,  limitation of rights,  and  immunities of the Company,  the
Warrant Agent, and the holders of the Warrants; and

         WHEREAS,  all acts and things  have been done and  performed  which are
necessary  to make the  Warrants,  when  executed  on behalf of the  Company and
countersigned  by or on behalf of the Warrant  Agent,  as provided  herein,  the
valid,  binding and legal  obligations  of the  Company,  and to  authorize  the
execution and delivery of this Agreement.

         NOW,  THEREFORE,  in  consideration  of the  mutual  agreements  herein
contained, the parties hereto agree as follows:

<PAGE>

1.  APPOINTMENT OF WARRANT AGENT.  The Company hereby appoints the Warrant Agent
to act as agent for the Company for the  Warrants,  and the Warrant Agent hereby
accepts such  appointment  and agrees to perform the same in accordance with the
terms and conditions set forth in this Agreement.

2. WARRANTS.

         2.1. FORM OF WARRANT.  Each Warrant shall be issued in registered  form
only, shall be in substantially the form of Exhibit A hereto,  the provisions of
which are  incorporated  herein  and shall be signed  by, or bear the  facsimile
signature of, the Chairman of the Board or President and Treasurer, Secretary or
Assistant  Secretary of the Company and shall bear a facsimile of the  Company's
seal. In the event the person whose facsimile signature has been placed upon any
Warrant  shall have ceased to serve in the capacity in which such person  signed
the Warrant before such Warrant is issued, it may be issued with the same effect
as if he or she had not ceased to be such at the date of issuance.

         2.2. EFFECT OF COUNTERSIGNATURE.  Unless and until countersigned by the
Warrant Agent pursuant to this  Agreement,  a Warrant shall be invalid and of no
effect and may not be exercised by the holder thereof.

         2.3. REGISTRATION.

                  2.3.1.  WARRANT  REGISTER.  The Warrant  Agent shall  maintain
books ("Warrant  Register"),  for the registration of original  issuance and the
registration  of transfer  of the  Warrants.  Upon the  initial  issuance of the
Warrants,  the Warrant  Agent shall issue and register the Warrants in the names
of the  respective  holders  thereof  in such  denominations  and  otherwise  in
accordance with instructions delivered to the Warrant Agent by the Company.

                  2.3.2.   REGISTERED  HOLDER.  Prior  to  due  presentment  for
registration  of transfer of any Warrant,  the Company and the Warrant Agent may
deem and treat the person in whose name such Warrant  shall be  registered  upon
the  Warrant  Register  ("registered  holder"),  as the  absolute  owner of such
Warrant and of each Warrant represented thereby (notwithstanding any notation of
ownership or other writing on the Warrant  Certificate made by anyone other than
the Company or the Warrant Agent), for the purpose of any exercise thereof,  and
for all other  purposes,  and neither the Company nor the Warrant Agent shall be
affected by any notice to the contrary.

                                       2
<PAGE>

         2.4.  DETACHABILITY  OF WARRANTS.  The securities  comprising the Units
will not be separately  transferable  until 90 days after the date hereof unless
EBC informs the Company of its decision to allow earlier separate  trading,  but
in no event will EBC allow  separate  trading of the  securities  comprising the
Units until the  Company  files a Current  Report on Form 8-K which  includes an
audited  balance  sheet  reflecting  the  receipt  by the  Company  of the gross
proceeds of the Public Offering  including the proceeds  received by the Company
from  the  exercise  of  the   Underwriter's   over-allotment   option,  if  the
over-allotment option is exercised prior to the filing of the Form 8-K.

         2.5  WARRANTS  AND  REPRESENTATIVE'S   WARRANTS.  The  Representative's
Warrants  shall  have  the same  terms  and be in the  same  form as the  Public
Warrants  except with respect to the Warrant Price as set forth below in Section
3.1.

3.       TERMS AND EXERCISE OF WARRANTS

         3.1. WARRANT PRICE.  Each Public Warrant shall,  when  countersigned by
the  Warrant  Agent,  entitle  the  registered  holder  thereof,  subject to the
provisions  of such Public  Warrant and of this Warrant  Agreement,  to purchase
from the Company the number of shares of Common  Stock  stated  therein,  at the
price of $5.00 per whole share, subject to the adjustments provided in Section 4
hereof and in the last  sentence  of this  Section  3.1.  Each  Representative's
Warrant shall, when  countersigned by the Warrant Agent,  entitle the registered
holder thereof,  subject to the provisions of such Representative's  Warrant and
of this Warrant Agreement,  to purchase from the Company the number of shares of
Common Stock stated therein,  at the price of $6.65 per whole share,  subject to
the adjustments  provided in Section 4 hereof.  The term "Warrant Price" as used
in this  Warrant  Agreement  refers to the price per share at which Common Stock
may be  purchased  at the time a Warrant is  exercised.  The Company in its sole
discretion may lower the Warrant Price at any time prior to the Expiration Date.

         3.2.  DURATION OF WARRANTS.  A Warrant may be exercised only during the
period  ("Exercise  Period")  commencing on the later of (i) the consummation by
the Company of a merger,  capital stock  exchange,  asset  acquisition  or other
similar business combination  ("Business  Combination") (as described more fully
in  the  Company's  Registration  Statement)  and  (ii)  __________,  2006,  and
terminating  at 5:00  p.m.,  New York City time on the  earlier  to occur of (i)
___________,  2009 or (ii) the date  fixed for  redemption  of the  Warrants  as
provided in Section 6 of this Agreement ("Expiration Date"). Except with respect
to the  right to  receive  the  Redemption  Price  (as set  forth in  Section  6
hereunder),  each Warrant not exercised on or before the  Expiration  Date shall
become void, and all rights  thereunder and all rights in respect  thereof under
this Agreement shall cease at the close of business on the Expiration  Date. The

                                       3
<PAGE>

Company in its sole  discretion  may  extend the  duration  of the  Warrants  by
delaying the Expiration Date.

         3.3. EXERCISE OF WARRANTS.

                  3.3.1.  PAYMENT.  Subject to the provisions of the Warrant and
this Warrant Agreement,  a Warrant, when countersigned by the Warrant Agent, may
be exercised by the registered  holder thereof by surrendering it, at the office
of the Warrant Agent, or at the office of its successor as Warrant Agent, in the
Borough of Manhattan, City and State of New York, with the subscription form, as
set forth in the Warrant, duly executed,  and by paying in full, in lawful money
of the United States,  in cash,  good certified check or good bank draft payable
to the order of the  Company (or as  otherwise  agreed to by the  Company),  the
Warrant  Price for each full  share of Common  Stock as to which the  Warrant is
exercised and any and all applicable  taxes due in connection  with the exercise
of the  Warrant,  the  exchange  of the Warrant  for the Common  Stock,  and the
issuance  of the  Common  Stock;  provided,  however,  that with  respect to any
Warrants  purchased by the Company's initial  stockholders  during the six-month
period  following  separate  trading of the Warrants  included in the  Company's
Units,  such  stockholders  may pay the Warrant Price by surrendering his or her
Warrant for that number of shares of Common Stock equal to the quotient obtained
by dividing (x) the product of the number of shares of Common  Stock  underlying
the Warrant,  multiplied  by the  difference  between the Warrant  Price and the
"Fair Market  Value"  (defined  below) by (y) the Fair Market  Value.  The "Fair
Market  Value"  shall mean the  average  reported  last sale price of the Common
Stock for the 10 trading days ending on the 3rd trading day prior to the date on
which the notice of redemption is sent to holders of Warrant pursuant to Section
6 hereof.

                  3.3.2. ISSUANCE OF CERTIFICATES.  As soon as practicable after
the  exercise of any Warrant  and the  clearance  of the funds in payment of the
Warrant Price, the Company shall issue to the registered  holder of such Warrant
a certificate or  certificates  for the number of full shares of Common Stock to
which he is  entitled,  registered  in such name or names as may be  directed by
him, her or it, and if such Warrant shall not have been exercised in full, a new
countersigned  Warrant for the number of shares as to which such  Warrant  shall
not have been exercised. Notwithstanding the foregoing, the Company shall not be
obligated to deliver any securities pursuant to the exercise of a Warrant unless
a  registration  statement  under the Act with  respect to the  Common  Stock is
effective.  Warrants  may not be  exercised  by, or  securities  issued  to, any
registered holder in any state in which such exercise would be unlawful.

                  3.3.3. VALID ISSUANCE.  All shares of Common Stock issued upon
the proper  exercise of a Warrant in  conformity  with this  Agreement  shall be
validly issued, fully paid and nonassessable.

                                       4
<PAGE>

                  3.3.4.  DATE OF  ISSUANCE.  Each person in whose name any such
certificate  for  shares of Common  Stock is issued  shall for all  purposes  be
deemed to have  become the holder of record of such  shares on the date on which
the  Warrant  was  surrendered  and  payment  of the  Warrant  Price  was  made,
irrespective  of the date of delivery of such  certificate,  except that, if the
date of such  surrender and payment is a date when the stock  transfer  books of
the Company are closed, such person shall be deemed to have become the holder of
such shares at the close of business  on the next  succeeding  date on which the
stock transfer books are open.

                  3.3.5. INTENTIONALLY OMITTED.

4. ADJUSTMENTS.

         4.1. STOCK DIVIDENDS - SPLIT-UPS. If after the date hereof, and subject
to the  provisions  of Section 4.6 below,  the number of  outstanding  shares of
Common Stock is increased by a stock dividend payable in shares of Common Stock,
or by a split-up of shares of Common Stock, or other similar event, then, on the
effective date of such stock dividend,  split-up or similar event, the number of
shares of Common Stock  issuable on exercise of each Warrant  shall be increased
in proportion to such increase in outstanding shares of Common Stock.

         4.2.  AGGREGATION OF SHARES.  If after the date hereof,  and subject to
the provisions of Section 4.6, the number of outstanding  shares of Common Stock
is  decreased  by  a   consolidation,   combination,   reverse  stock  split  or
reclassification  of shares of Common Stock or other similar event, then, on the
effective  date  of  such  consolidation,   combination,  reverse  stock  split,
reclassification or similar event, the number of shares of Common Stock issuable
on exercise of each Warrant shall be decreased in proportion to such decrease in
outstanding shares of Common Stock.

         4.3  ADJUSTMENTS  IN EXERCISE  PRICE.  Whenever the number of shares of
Common Stock  purchasable  upon the  exercise of the  Warrants is  adjusted,  as
provided in Section 4.1 and 4.2 above,  the Warrant  Price shall be adjusted (to
the nearest cent) by multiplying  such Warrant Price  immediately  prior to such
adjustment  by a  fraction  (x) the  numerator  of which  shall be the number of
shares of Common Stock purchasable upon the exercise of the Warrants immediately
prior to such  adjustment,  and (y) the denominator of which shall be the number
of shares of Common Stock so purchasable immediately thereafter.

         4.4. REPLACEMENT OF SECURITIES UPON REORGANIZATION, ETC. In case of any
reclassification or

                                       5
<PAGE>

reorganization  of the  outstanding  shares of Common Stock (other than a change
covered by Section  4.1 or 4.2 hereof or that  solely  affects  the par value of
such shares of Common Stock),  or in the case of any merger or  consolidation of
the Company  with or into another  corporation  (other than a  consolidation  or
merger in which the  Company  is the  continuing  corporation  and that does not
result in any  reclassification  or reorganization of the outstanding  shares of
Common Stock),  or in the case of any sale or conveyance to another  corporation
or entity of the  assets or other  property  of the  Company as an  entirety  or
substantially  as an entirety in connection with which the Company is dissolved,
the Warrant  holders  shall  thereafter  have the right to purchase and receive,
upon the basis and upon the terms and  conditions  specified in the Warrants and
in lieu of the shares of Common  Stock of the  Company  immediately  theretofore
purchasable and receivable upon the exercise of the rights represented  thereby,
the  kind and  amount  of  shares  of stock  or  other  securities  or  property
(including cash) receivable upon such reclassification,  reorganization,  merger
or  consolidation,  or upon a  dissolution  following any such sale or transfer,
that the Warrant holder would have received if such Warrant holder had exercised
his,  her  or  its  Warrant(s)  immediately  prior  to  such  event;  and if any
reclassification  also results in a change in shares of Common Stock  covered by
Section 4.1 or 4.2, then such adjustment shall be made pursuant to Sections 4.1,
4.2,  4.3 and this  Section  4.4.  The  provisions  of this  Section  4.4  shall
similarly  apply to successive  reclassifications,  reorganizations,  mergers or
consolidations, sales or other transfers.

         4.5.  NOTICES OF  CHANGES IN  WARRANT.  Upon  every  adjustment  of the
Warrant Price or the number of shares  issuable upon exercise of a Warrant,  the
Company shall give written  notice  thereof to the Warrant  Agent,  which notice
shall state the Warrant Price resulting from such adjustment and the increase or
decrease,  if any,  in the number of shares  purchasable  at such price upon the
exercise  of a  Warrant,  setting  forth in  reasonable  detail  the  method  of
calculation  and the facts  upon  which  such  calculation  is  based.  Upon the
occurrence of any event specified in Sections 4.1, 4.2, 4.3 or 4.4, then, in any
such event, the Company shall give written notice to each Warrant holder, at the
last  address set forth for such holder in the warrant  register,  of the record
date or the  effective  date of the event.  Failure to give such notice,  or any
defect therein, shall not affect the legality or validity of such event.

         4.6. NO FRACTIONAL SHARES.  Notwithstanding  any provision contained in
this Warrant  Agreement to the contrary,  the Company shall not issue fractional
shares upon exercise of Warrants.  If, by reason of any adjustment made pursuant
to this  Section  4, the  holder  of any  Warrant  would be  entitled,  upon the
exercise of such  Warrant,  to receive a  fractional  interest  in a share,  the
Company  shall,  upon such  exercise,  round up to the nearest  whole number the
number of the shares of Common Stock to be issued to the Warrant holder.

                                       6
<PAGE>

         4.7. FORM OF WARRANT.  The form of Warrant need not be changed  because
of any  adjustment  pursuant to this Section 4, and  Warrants  issued after such
adjustment  may state the same Warrant Price and the same number of shares as is
stated in the Warrants initially issued pursuant to this Agreement. However, the
Company  may at any time in its sole  discretion  make any change in the form of
Warrant  that the  Company  may deem  appropriate  and that does not  affect the
substance thereof,  and any Warrant thereafter issued or countersigned,  whether
in exchange or substitution for an outstanding  Warrant or otherwise,  may be in
the form as so changed.

5.       TRANSFER AND EXCHANGE OF WARRANTS.

         5.1.  REGISTRATION  OF TRANSFER.  The Warrant Agent shall  register the
transfer,  from  time to time,  of any  outstanding  Warrant  upon  the  Warrant
Register,  upon surrender of such Warrant for transfer,  properly  endorsed with
signatures properly  guaranteed and accompanied by appropriate  instructions for
transfer.  Upon any such transfer, a new Warrant representing an equal aggregate
number of Warrants shall be issued and the old Warrant shall be cancelled by the
Warrant Agent. The Warrants so cancelled shall be delivered by the Warrant Agent
to the Company from time to time upon request.

         5.2.  PROCEDURE FOR SURRENDER OF WARRANTS.  Warrants may be surrendered
to the Warrant Agent,  together with a written request for exchange or transfer,
and thereupon the Warrant Agent shall issue in exchange therefor one or more new
Warrants as requested by the registered  holder of the Warrants so  surrendered,
representing an equal aggregate number of Warrants;  provided,  however, that in
the event that a Warrant  surrendered  for transfer bears a restrictive  legend,
the  Warrant  Agent  shall not cancel  such  Warrant  and issue new  Warrants in
exchange therefor until the Warrant Agent has received an opinion of counsel for
the Company  stating that such transfer may be made and  indicating  whether the
new Warrants must also bear a restrictive legend.

         5.3.  FRACTIONAL  WARRANTS.  The Warrant Agent shall not be required to
effect any  registration  of  transfer  or  exchange  which  will  result in the
issuance of a warrant certificate for a fraction of a warrant.

         5.4. SERVICE CHARGES.  No service charge shall be made for any exchange
or registration of transfer of Warrants.

         5.5.  WARRANT  EXECUTION  AND  COUNTERSIGNATURE.  The Warrant  Agent is
hereby authorized to countersign and to deliver, in accordance with the terms of
this Agreement, the Warrants required to be issued pursuant to the provisions of
this Section 5, and the Company,  whenever  required by the Warrant

                                       7
<PAGE>

Agent,  will supply the Warrant  Agent with  Warrants duly executed on behalf of
the Company for such purpose.

6. REDEMPTION.

         6.1.  REDEMPTION.  Subject to Section 6.4 hereof,  not less than all of
the outstanding  Warrants may be redeemed,  at the option of the Company, at any
time after they become exercisable and prior to their expiration,  at the office
of the Warrant Agent,  upon the notice referred to in Section 6.2., at the price
of $.01 per Warrant ("Redemption Price"),  provided that the last sales price of
the  Common  Stock has been at least  $8.50 per  share,  on each of twenty  (20)
trading  days  within any thirty  (30)  trading  day period  ending on the third
business  day prior to the date on which  notice  of  redemption  is given.  The
provisions of this Section 6.1 may not be modified,  amended or deleted  without
the prior written consent of EBC.

         6.2.  DATE FIXED  FOR,  AND  NOTICE  OF,  REDEMPTION.  In the event the
Company shall elect to redeem all of the Warrants,  the Company shall fix a date
for the  redemption.  Notice of redemption  shall be mailed by first class mail,
postage  prepaid,  by the  Company not less than 30 days prior to the date fixed
for redemption to the registered holders of the Warrants to be redeemed at their
last addresses as they shall appear on the registration books. Any notice mailed
in the manner herein provided shall be  conclusively  presumed to have been duly
given whether or not the registered holder received such notice.

         6.3.  EXERCISE  AFTER  NOTICE  OF  REDEMPTION.   The  Warrants  may  be
exercised,  for cash (or on a "cashless  basis" in accordance  with Section 3 of
this Agreement with respect to any of the Company's initial stockholders) at any
time after notice of redemption shall have been given by the Company pursuant to
Section 6.2. hereof and prior to the time and date fixed for redemption.  On and
after the  redemption  date,  the record  holder of the  Warrants  shall have no
further rights except to receive, upon surrender of the Warrants, the Redemption
Price.

         6.4  OUTSTANDING  WARRANTS  ONLY.  The  Company  understands  that  the
redemption  rights  provided  for by this  Section 6 apply  only to  outstanding
Warrants.  To the  extent a person  holds  rights  to  purchase  Warrants,  such
purchase  rights shall not be  extinguished  by redemption.  However,  once such
purchase  rights are exercised,  the Company may redeem the Warrants issued upon
such exercise  provided that the criteria for  redemption is met. The provisions
of this  Section 6.4 may not be modified,  amended or deleted  without the prior
written consent of EBC.

                                       8
<PAGE>

7. OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF WARRANTS.

         7.1.  NO  RIGHTS  AS  STOCKHOLDER.  A  Warrant  does  not  entitle  the
registered  holder thereof to any of the rights of a stockholder of the Company,
including,  without  limitation,  the  right  to  receive  dividends,  or  other
distributions,  exercise  any  preemptive  rights  to vote or to  consent  or to
receive notice as stockholders in respect of the meetings of stockholders or the
election of directors of the Company or any other matter.

         7.2. LOST, STOLEN,  MUTILATED, OR DESTROYED WARRANTS. If any Warrant is
lost, stolen,  mutilated, or destroyed, the Company and the Warrant Agent may on
such terms as to indemnity or otherwise as they may in their  discretion  impose
(which  shall,  in the  case  of a  mutilated  Warrant,  include  the  surrender
thereof),  issue a new  Warrant  of like  denomination,  tenor,  and date as the
Warrant so lost,  stolen,  mutilated,  or destroyed.  Any such new Warrant shall
constitute a substitute  contractual  obligation of the Company,  whether or not
the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time
enforceable by anyone.

         7.3.  RESERVATION  OF  COMMON  STOCK.  The  Company  shall at all times
reserve and keep  available a number of its  authorized  but unissued  shares of
Common  Stock  that will be  sufficient  to permit the  exercise  in full of all
outstanding Warrants issued pursuant to this Agreement.

         7.4. REGISTRATION OF COMMON STOCK. The Company agrees that prior to the
commencement  of the  Exercise  Period,  it shall file with the  Securities  and
Exchange Commission a post-effective amendment to the Registration Statement, or
a new registration  statement,  for the registration,  under the Act, of, and it
shall take such action as is necessary  to qualify for sale,  in those states in
which the  Warrants  were  initially  offered by the  Company,  the Common Stock
issuable upon exercise of the Warrants. In either case, the Company will use its
best  efforts  to  cause  the  same to  become  effective  and to  maintain  the
effectiveness  of  such  registration  statement  until  the  expiration  of the
Warrants in accordance with the provisions of this Agreement.  The provisions of
this  Section  7.4 may not be  modified,  amended or deleted  without  the prior
written consent of EBC.

                                       9
<PAGE>

8. CONCERNING THE WARRANT AGENT AND OTHER MATTERS.

         8.1.  PAYMENT OF TAXES. The Company will from time to time promptly pay
all taxes and charges that may be imposed upon the Company or the Warrant  Agent
in  respect  of the  issuance  or  delivery  of shares of Common  Stock upon the
exercise of Warrants, but the Company shall not be obligated to pay any transfer
taxes in respect of the Warrants or such shares.

         8.2. RESIGNATION, CONSOLIDATION, OR MERGER OF WARRANT AGENT.

                  8.2.1.  APPOINTMENT OF SUCCESSOR  WARRANT  AGENT.  The Warrant
Agent, or any successor to it hereafter appointed,  may resign its duties and be
discharged from all further duties and liabilities  hereunder after giving sixty
(60) days' notice in writing to the Company.  If the office of the Warrant Agent
becomes  vacant by  resignation  or incapacity to act or otherwise,  the Company
shall  appoint  in writing a  successor  Warrant  Agent in place of the  Warrant
Agent. If the Company shall fail to make such appointment  within a period of 30
days after it has been notified in writing of such  resignation or incapacity by
the Warrant Agent or by the holder of the Warrant (who shall,  with such notice,
submit  his  Warrant  for  inspection  by the  Company),  then the holder of any
Warrant may apply to the  Supreme  Court of the State of New York for the County
of New York for the  appointment  of a successor  Warrant Agent at the Company's
cost. Any successor  Warrant Agent,  whether appointed by the Company or by such
court, shall be a corporation organized and existing under the laws of the State
of New York, in good standing and having its principal  office in the Borough of
Manhattan,  City and  State of New  York,  and  authorized  under  such  laws to
exercise  corporate  trust powers and subject to  supervision  or examination by
federal or state authority. After appointment, any successor Warrant Agent shall
be vested  with all the  authority,  powers,  rights,  immunities,  duties,  and
obligations of its  predecessor  Warrant Agent with like effect as if originally
named as Warrant Agent  hereunder,  without any further act or deed;  but if for
any reason it becomes  necessary or appropriate,  the predecessor  Warrant Agent
shall  execute  and  deliver,  at the  expense  of the  Company,  an  instrument
transferring  to such  successor  Warrant Agent all the authority,  powers,  and
rights of such  predecessor  Warrant  Agent  hereunder;  and upon request of any
successor  Warrant  Agent the Company  shall  make,  execute,  acknowledge,  and
deliver  any and all  instruments  in  writing  for more  fully and  effectually
vesting in and  confirming to such successor  Warrant Agent all such  authority,
powers, rights, immunities, duties, and obligations.

                  8.2.2.  NOTICE  OF  SUCCESSOR  WARRANT  AGENT.  In the event a
successor  Warrant  Agent  shall be  appointed,  the  Company  shall give notice
thereof to the  predecessor  Warrant Agent and the transfer agent for the Common
Stock not later than the effective date of any such appointment.

                                       10
<PAGE>

                  8.2.3.   MERGER  OR   CONSOLIDATION   OF  WARRANT  AGENT.  Any
corporation  into which the Warrant  Agent may be merged or with which it may be
consolidated or any corporation  resulting from any merger or  consolidation  to
which the Warrant  Agent shall be a party shall be the  successor  Warrant Agent
under this Agreement without any further act.

         8.3. FEES AND EXPENSES OF WARRANT AGENT.

                  8.3.1.  REMUNERATION.  The  Company  agrees to pay the Warrant
Agent  reasonable  remuneration for its services as such Warrant Agent hereunder
and will reimburse the Warrant Agent upon demand for all  expenditures  that the
Warrant Agent may reasonably incur in the execution of its duties hereunder.

                  8.3.2.  FURTHER  ASSURANCES.  The  Company  agrees to perform,
execute,   acknowledge,  and  deliver  or  cause  to  be  performed,   executed,
acknowledged,  and delivered all such further and other acts,  instruments,  and
assurances  as may  reasonably be required by the Warrant Agent for the carrying
out or performing of the provisions of this Agreement.

         8.4. LIABILITY OF WARRANT AGENT.

                  8.4.1.   RELIANCE  ON  COMPANY  STATEMENT.   Whenever  in  the
performance of its duties under this Warrant Agreement,  the Warrant Agent shall
deem it necessary or desirable  that any fact or matter be proved or established
by the Company prior to taking or suffering any action  hereunder,  such fact or
matter  (unless  other  evidence  in  respect  thereof  be  herein  specifically
prescribed)  may be  deemed  to be  conclusively  proved  and  established  by a
statement  signed by the  President  or Chairman of the Board of the Company and
delivered to the Warrant  Agent.  The Warrant Agent may rely upon such statement
for any action taken or suffered in good faith by it pursuant to the  provisions
of this Agreement.

                  8.4.2. INDEMNITY.  The Warrant Agent shall be liable hereunder
only for its own negligence, willful misconduct or bad faith. The Company agrees
to  indemnify  the  Warrant  Agent  and  save it  harmless  against  any and all
liabilities,  including  judgments,  costs  and  reasonable  counsel  fees,  for
anything done or omitted by the Warrant Agent in the execution of this Agreement
except as a result of the Warrant Agent's negligence, willful misconduct, or bad
faith.

                                       11
<PAGE>

                  8.4.3.   EXCLUSIONS.   The   Warrant   Agent   shall  have  no
responsibility with respect to the validity of this Agreement or with respect to
the validity or execution of any Warrant (except its countersignature  thereof);
nor shall it be  responsible  for any breach by the  Company of any  covenant or
condition  contained  in this  Agreement  or in any  Warrant;  nor  shall  it be
responsible to make any  adjustments  required under the provisions of Section 4
hereof or responsible for the manner,  method,  or amount of any such adjustment
or the  ascertaining  of the  existence  of facts  that would  require  any such
adjustment;   nor  shall  it  by  any  act  hereunder  be  deemed  to  make  any
representation  or warranty as to the authorization or reservation of any shares
of Common Stock to be issued  pursuant to this Agreement or any Warrant or as to
whether any shares of Common  Stock will when issued be valid and fully paid and
nonassessable.

         8.5.  ACCEPTANCE OF AGENCY. The Warrant Agent hereby accepts the agency
established  by this Agreement and agrees to perform the same upon the terms and
conditions  herein set forth and among other things,  shall account  promptly to
the Company with respect to Warrants exercised and concurrently account for, and
pay to the Company, all moneys received by the Warrant Agent for the purchase of
shares of Common Stock through the exercise of Warrants.

9.       MISCELLANEOUS PROVISIONS.

         9.1. SUCCESSORS.  All the covenants and provisions of this Agreement by
or for the benefit of the  Company or the Warrant  Agent shall bind and inure to
the benefit of their respective successors and assigns.

         9.2.  NOTICES.  Any  notice,  statement  or demand  authorized  by this
Warrant  Agreement to be given or made by the Warrant  Agent or by the holder of
any Warrant to or on the Company shall be  sufficiently  given when so delivered
if by hand or overnight delivery or if sent by certified mail or private courier
service  within  five  days  after  deposit  of such  notice,  postage  prepaid,
addressed  (until  another  address is filed in writing by the Company  with the
Warrant Agent), as follows:

                           Israel Technology Acquisition Corp.
                           23 Karlibach St.
                           Tel Aviv 67132
                           Israel
                           Attn: Chairman

Any notice, statement or demand authorized by this Agreement to be given or made
by the holder of any Warrant or by the Company to or on the Warrant  Agent shall
be sufficiently  given when so delivered if by hand or overnight  delivery or if
sent by certified mail or private courier service within five days after deposit

                                       12
<PAGE>

of such notice,  postage  prepaid,  addressed (until another address is filed in
writing by the Warrant Agent with the Company), as follows:

                           Continental Stock Transfer & Trust Company
                           17 Battery Place
                           New York, New York 10004
                           Attn: Compliance Department

with a copy in each case to:

                           Kramer Levin Naftalis & Frankel LLP
                           919 Third Avenue
                           New York, New York 10022
                           Attn: Richard Gilden, Esq.

and

                           Graubard Miller
                           The Chrysler Building
                           405 Lexington Avenue
                           New York, New York 10174
                           Attn: David Alan Miller, Esq.

and

                           EarlyBirdCapital, Inc.
                           275 Madison Avenue, Suite 1203
                           New York, New York 10016
                           Attn: Steven Levine

         9.3. APPLICABLE LAW. The validity,  interpretation,  and performance of
this Agreement and of the Warrants shall be governed in all respects by 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 Company  hereby  agrees that any action,  proceeding or claim
against it arising  out of or  relating  in any way to this  Agreement  shall be
brought and enforced in the courts of the State of New York or the United States
District Court for the Southern District of New York, and irrevocably submits to
such jurisdiction,  which  jurisdiction  shall be exclusive.  The Company hereby
waives  any  objection  to such  exclusive  jurisdiction  and that  such  courts
represent an inconvenience  forum. Any such process or summons to be served upon
the  Company  may be served by  transmitting  a copy  thereof by  registered  or
certified mail, return receipt  requested,  postage prepaid,  addressed to it at
the  address  set forth in Section  9.2  hereof.  Such  mailing  shall be deemed
personal  service and shall be legal and binding upon the

                                       13
<PAGE>

Company in any action, proceeding or claim.

         9.4.  PERSONS  HAVING  RIGHTS  UNDER  THIS  AGREEMENT.  Nothing in this
Agreement  expressed and nothing that may be implied from any of the  provisions
hereof is  intended,  or shall be  construed,  to confer  upon,  or give to, any
person or corporation  other than the parties hereto and the registered  holders
of the Warrants  and, for the purposes of Sections 6.1, 6.4, 7.4 and 9.2 hereof,
EBC, any right, remedy, or claim under or by reason of this Warrant Agreement or
of any covenant, condition, stipulation, promise, or agreement hereof. EBC shall
be deemed to be a  third-party  beneficiary  of this  Agreement  with respect to
Sections 6.1, 6.4, 7.4 and 9.2 hereof. All covenants, conditions,  stipulations,
promises,  and agreements  contained in this Warrant  Agreement shall be for the
sole and  exclusive  benefit of the parties  hereto (and EBC with respect to the
Sections 6.1, 6.4, 7.4 and 9.2 hereof) and their  successors  and assigns and of
the registered holders of the Warrants.

         9.5.  EXAMINATION  OF THE WARRANT  AGREEMENT.  A copy of this Agreement
shall be available at all reasonable times at the office of the Warrant Agent in
the Borough of  Manhattan,  City and State of New York,  for  inspection  by the
registered holder of any Warrant.  The Warrant Agent may require any such holder
to submit his Warrant for inspection by it.

         9.6.  COUNTERPARTS.  This  Agreement  may be  executed in any number of
counterparts and each of such  counterparts  shall for all purposes be deemed to
be an original,  and all such counterparts shall together constitute but one and
the same instrument.

         9.7.  EFFECT  OF  HEADINGS.   The  Section   headings  herein  are  for
convenience only and are not part of this Warrant Agreement and shall not affect
the interpretation thereof.

                                       14
<PAGE>

         IN  WITNESS  WHEREOF,  this  Agreement  has been duly  executed  by the
parties hereto as of the day and year first above written.

Attest:                                      ISRAEL TECHNOLOGY ACQUISITION CORP.

__________________                           By:  ______________________________
                                                  Name:  Israel Frieder
                                                  Title: Chief Executive Officer

Attest:                                      CONTINENTAL STOCK TRANSFER
                                              & TRUST COMPANY

__________________                           By:  ______________________________
                                                  Name:  Steven Nelson
                                                  Title: Chairman

                                       15

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