Document:

Exhibit
      10.10

     

    THIS
      NOTE
      HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT
      BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE
      THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY
      SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION
      IS NOT REQUIRED.  

    

    SENIOR
      SUBORDINATED PROMISSORY NOTE

    

    
      	
              $234,000

            	
              ____________,
                2006

            
	
               

            	
              HERZELIYA,
                ISRAEL

            

    

    

    PINPOINT
      ADVANCE CORP.
      (the
“Maker”)
      promises to pay to the order of [RONEN ZADOK] or his registered assigns or
      successors in interest (the
      “Payee”),
      or
      order, the Principal Balance together with any accrued and unpaid interest
      hereon in lawful money of the United States of America, on the terms and
      conditions described below. All payments on this Note shall be made by check
      or
      wire transfer of immediately available funds, or as otherwise determined by
      the
      Maker, to such account as the Payee may from time to time designate by written
      notice in accordance with the provisions of this Note. 

    

    For
      purposes of this Note, “Trust
      Account”
shall
      mean the trust account at Merrill Lynch in which American Stock Transfer &
Trust Company, as trustee, shall hold the majority of the proceeds of the
      initial public offering of securities (the “IPO”)
      of the
      Maker, as described more fully in the registration statement relating to such
      initial public offering filed with the Securities and Exchange Commission under
      File No. 333-[________], as amended from time to time (the “Registration
      Statement”).
      For
      purposes of this Note, the shares of common stock issued in such initial public
      offering shall be referred to as “IPO
      Shares,”
and
      holders of such shares shall be referred to as “Public
      Stockholders.”
A
      “Business
      Combination”
shall
      mean the acquisition by the Maker, whether by merger capital stock exchange,
      asset or stock acquisition or other similar type of transaction of an operating
      business with operations in Israel or which is a company operating outside
      Israel, which Maker believes would benefit from establishing operations or
      facilities in Israel.

    

    1.    Principal.
      The
      principal balance of this Note shall be Two Hundred Thirty Four Thousand Dollars
      ($234,000) or, if the underwriters exercise in full an over-allotment option
      granted to them in connection with the IPO, Three Hundred Eighty Four Thousand
      Dollars ($384,000) (in either event, the “Principal Balance”). 

    

    2.    Interest.
      This
      Note shall bear simple interest (the “Interest”) at the rate of four percent
      (4%) per annum. Interest payable on this Note shall be calculated on the basis
      of one year of three hundred sixty-five (365) days for the number of days
      elapsed. 

    

    3.    Payment.
      Subject
      to Section 5 hereof, the outstanding Principal Balance and the accrued and
      unpaid Interest on this Note shall be repayable in six (6) equal quarterly
      installments, commencing on the first day of the third month immediately
      following completion of the IPO and continuing on the first day of each of
      the
      third, sixth, ninth, twelfth, and fifteenth month thereafter until paid in
      full.
      Payments of the Principal Balance and the Interest under this Note shall be
      made
      from the interest earned on the amounts deposited in a Trust Account established
      by Maker in connection with its IPO, as described in Maker’s Certificate of
      Incorporation, as amended, and in the Registration Statement.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    4.    Priority.
      The
      obligations of the Maker under this Note shall rank in right of payment junior
      to the right of the Public Stockholders of the Maker, in case a plan of
      dissolution and liquidation is approved by the Public Stockholders of the Maker
      before the Principal Balance of this Note becomes payable, to receive a
      distribution from the Trust Account equaling $8.00 per IPO Share held by such
      Public Stockholder and to the repayment of the expenses associated with the
      dissolution and liquidation of the Maker and senior to all other obligations
      of
      the Maker for indebtedness for borrowed money or the purchase price of
      property.

    

    5.    Mandatory
      Prepayment.
      The
      outstanding Principal Balance of this Note and all accrued and unpaid Interest
      thereon shall be immediately payable upon Maker’s consummation of a Business
      Combination.

    

    6.    Application
      of Payments.
      All
      payments shall be applied first to payment in full of any costs incurred in
      the
      collection of any sum due under this Note, including, without limitation,
      reasonable attorneys’ fees, then to the payment of Interest and, finally, to the
      reduction of the unpaid Principal Balance of this Note.

    

    7.    Events
      of Default.
      The
      following shall constitute Events of Default:

    

    (a)    Failure
      to Make Required Payments.
      Failure
      by Maker to pay the Principal Balance or accrued and unpaid Interest on this
      Note within five (5) business days following the date when due.

    

    (b)    Voluntary
      Bankruptcy, Etc.
      The
      commencement by Maker of a voluntary case under applicable bankruptcy law,
      or
      any other applicable insolvency, reorganization, rehabilitation or other similar
      law, or the consent by it to the appointment of, or taking possession by, a
      receiver, liquidator, assignee, trustee, custodian, sequestrator or other
      similar official of Maker or for any substantial part of its property, or the
      making by it of any assignment for the benefit of creditors, or the failure
      of
      Maker generally to pay its debts as such debts become due, or the taking of
      corporate action by Maker in furtherance of any of the foregoing.

    

    (c)    Involuntary
      Bankruptcy, Etc.
      The
      entry of a decree or order for relief by a court having jurisdiction in the
      premises in respect of Maker in an involuntary case under applicable bankruptcy
      law, or any other applicable insolvency or other similar law, or appointing
      a
      receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
      official of Maker or for any substantial part of its property, or ordering
      the
      winding-up or liquidation of the affairs of Maker, and the continuance of any
      such decree or order unstayed and in effect for a period of 60 consecutive
      days.

     

    8.    Remedies.

    

    (a)    Upon
      the
      occurrence of an Event of Default specified in Section 7(a), Payee may, by
      written notice to Maker, declare this Note to be due and payable, whereupon
      the
      unpaid Principal Balance and accrued and unpaid Interest on this Note, and
      all
      other amounts payable hereunder, shall become immediately due and payable
      without presentment, demand, protest or other notice of any kind, all of which
      are hereby expressly waived, anything contained herein or in the documents
      evidencing the same to the contrary notwithstanding.

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

    

    (b)    Upon
      the
      occurrence of an Event of Default specified in Sections 7(b) and 7(c), the
      unpaid Principal Balance and accrued and unpaid Interest on this Note, and
      all
      other sums payable hereunder, shall automatically and immediately become due
      and
      payable, in all cases without any action on the part of Payee.

    

    9.    Waivers.
      Maker
      and all endorsers and guarantors of, and sureties for, this Note waive
      presentment for payment, demand, notice of dishonor, protest, and notice of
      protest with regard to this Note, all errors, defects and imperfections in
      any
      proceedings instituted by Payee under the terms of this Note, and all benefits
      that might accrue to Maker by virtue of any present or future laws exempting
      any
      property, real or personal, or any part of the proceeds arising from any sale
      of
      any such property, from attachment, levy or sale under execution, or providing
      for any stay of execution, exemption from civil process or extension of time
      for
      payment; and Maker agrees that any real estate that may be levied upon pursuant
      to a judgment obtained by virtue hereof, on any writ of execution issued hereon,
      may be sold upon any such writ in whole or in part in any order desired by
      Payee.

    

    10.    Unconditional
      Liability.
      Maker
      hereby waives all notices in connection with the delivery, acceptance,
      performance, default or enforcement of the payment of this Note, and agrees
      that
      its liability shall be unconditional, without regard to the liability of any
      other party, and shall not be affected in any manner by any indulgence,
      extension of time, renewal, waiver or modification granted or consented to
      by
      Payee, and consents to any and all extensions of time, renewals, waivers or
      modifications that may be granted by Payee with respect to the payment or other
      provisions of this Note, and agrees that additional makers, endorsers,
      guarantors or sureties may become parties hereto without notice to them or
      affecting their liability hereunder.

    

    11.    Notices.
      Any
      notice called for hereunder shall be deemed properly given if (i) sent by
      certified mail, return receipt requested, (ii) personally delivered, (iii)
      dispatched by any form of private or governmental express mail or delivery
      service providing receipted delivery, (iv) sent by telefacsimile, or (v) sent
      by
      e-mail, to the following addresses or to such other address as either party
      may
      designate by notice in accordance with this Section:

    

    If
      to
      Maker:

     

    Pinpoint
      Advance Corp.

    4
      Maskit
      Street

    Herzeliya,
      Israel 46700

    Attention:
      Adiv Baruch 

    (email:
      adivb1@pinpointac.com)

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

       

    

    If
      to
      Payee:

     

    [Ronen
      Zadok

    c/o
      Pinpoint Advance Corp.

    4
      Maskit
      Street

    Herzeliya,
      Israel 46700

    (email:
      ronen@new-pole.com)]

    

    Notice
      shall be deemed given on the earlier of actual receipt by the receiving party,
      if sent by certified mail, and (i) three business days after certification
      thereof, (ii) if personally delivered, the date reflected on a signed delivery
      receipt, (iii) if sent by private or governmental express mail or delivery
      service, one (1) business day following tender of delivery or dispatch by
      express mail or delivery service, (iv) if by facsimile, the date shown on a
      telefacsimile transmission confirmation, or (v) if sent by email, the date
      on
      which an e-mail transmission was received by the receiving party’s on-line
      access provider.

    

    12.    Construction.
      This
      Note shall be construed and enforced in accordance with the domestic, internal
      law, but not the law of conflict of laws, of the State of Delaware.

    

    13.    Severability.
      Any
      provision contained in this Note which is prohibited or unenforceable in any
      jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
      such prohibition or unenforceability without invalidating the remaining
      provisions hereof, and any such prohibition or unenforceability in any
      jurisdiction shall not invalidate or render unenforceable such provision in
      any
      other jurisdiction.

    

    14.    Amendment.
      Neither
      this Note nor any terms hereof may be changed, waived, discharged or amended,
      unless such change, waiver, discharge or amendment is in a writing executed
      by
      the Maker and the Payee of this Note.

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this
      Note to be duly executed the day and year first above written.

    
      	 	 	 
	 	PINPOINT
              ADVANCE
              CORP.
	 
 	 
 	 
 
	 	By:  	 
	 	Adiv Baruch
	 	Chief
              Executive Officer

    

     

    
      
        
        

      

      
        5FIRST
      AMENDMENT TO

    VOTING
      PROXY AGREEMENT

    

    This
      AMENDMENT TO VOTING PROXY AGREEMENT (this “Amendment”) is entered into as of
      this 18th
      day of
      October, 2006 (“Effective Date”) and amends the Voting Proxy Agreement executed
      on November 8, 2002 by and between WMS Industries Inc., a Delaware corporation
      (hereinafter, the “Company”), Phyllis G. Redstone (hereinafter, “Mrs. Redstone”)
      and Louis J. Nicastro and Neil D. Nicastro, individuals (the
“Agreement”).

    

    RECITALS

    

    A.
       Louis
      J.
      Nicastro has previously resigned as Proxy Holder and Neil D. Nicastro wishes
      to
      resign as Proxy Holder.

    

    B. The
      parties wish to amend the Agreement to replace Neil D. Nicastro with Brian
      R.
      Gamache as the sole Proxy Holder.

    

    AGREEMENT

    

    NOW,
      THEREFORE, in consideration of the mutual covenants contained herein and other
      good and valuable consideration, the parties agree as follows:

    

    	1.  	
            DEFINITION
              OF PROXY HOLDER.
              The definition of “Proxy Holder” in Article 1 of the Agreement is hereby
              deleted in its entirety and replaced with the
              following:

          

    

    ““Proxy
      Holder” means Brian R. Gamache, President, Chief Executive Officer, and Director
      of the Company.”

    

    	2.  	
            NOTICES.
              Section 6.12 of the Agreement is hereby deleted in its entirety and
              replaced with the following:

          

    

    “All
      notices or communications hereunder shall be in writing and sent to the
      following addresses or at such other addresses as the parties may designate
      from
      time to time:

     

    
      	
              As
                to the Company: 

            	WMS Industries Inc.         
              800
                South Northpoint Boulevard

              Waukegan,
                IL 60085

              Attn:
                General Counsel

              Telecopy
                No.: (847) 785-3786
 	 
	
              As
                to the Proxy Holder:

            	
              Mr. Brian R. Gamache      

              President
                and Chief Executive Officer

              WMS
                Industries Inc.

              800
                South Northpoint Boulevard

              Waukegan,
                IL 60085

              Telecopy
                No.: (847) 785-3787
 	 
	
              As
                to Mrs. Redstone:  

            	
              Mrs. Phyllis G. Redstone

              c/o
                Leonard L. Lewin, Esq.

              Gadsby
                Hannah LLP

              225
                Franklin Street

              Boston,
                MA 02110

              Telecopy
                No.: (617) 345-7050”

            	 

    

                           

    
      
         

      

      
        Page
          1 of 2

        
          

        

      

      
         

      

    

    

    	3.  	
            CONSTRUCTION.
              Capitalized terms used in this Amendment without definition shall have
              the
              meanings set forth in the Agreement. If any conflict arises between
              the
              terms of this Amendment and the terms of the Agreement, this Amendment
              shall control. Except as otherwise provided in this Amendment, the
              terms
              of the Agreement shall remain in full force and effect. This Amendment
              may
              be executed in any number of counterparts, each of which shall constitute
              an original.

          

     

    IN
      WITNESS WHEREOF,
      the
      Parties hereto have signed this Amendment effective as of the latest date of
      execution below.

    

    
      	
              /s/
                Phyllis G. Redstone
                
                

              

              Phyllis
                G. Redstone

            	
              /s/
                Neil D. Nicastro
                
                

              

              Neil
                D. Nicastro

            
	
              Date:
                October 17, 2006

            	
              Date:
                October 18, 2006

            
	 	 
	
              WMS
                Industries Inc.,

              a
                Delaware corporation

            	 
	
              By: 
                /s/ Kathleen J. McJohn

            	
              /s/
                Brian R. Gamache

            
	
              
                

              

              Print
                name:     Kathleen J. McJohn

              Title:      
                Vice President, Secretary and 

                     
General
                Counsel

               

            	
              
                

                Brian
                  R. Gamache

              

            
	
              Date:
                October 18, 2006

            	
              Date:
                October 17, 2006

            

    

     

    
      
         

      

      
        Page
          2 of 2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}]]