Document:

EXHIBIT 10.3

                      INVESTMENT MANAGEMENT TRUST AGREEMENT

      This Investment Management Trust Agreement (this "AGREEMENT") is made as
of February 28, 2007, by and between Churchill Ventures Ltd., a Delaware
corporation (the "COMPANY"), and JPMorgan Chase Bank, NA (the "TRUSTEE").

      WHEREAS, the Company's Registration Statement on Form S-1, File No.
333-135741 (as amended, the "REGISTRATION STATEMENT"), for its initial public
offering of securities (the "IPO") has been declared effective as of the date
hereof by the Securities and Exchange Commission ("EFFECTIVE DATE");

      WHEREAS, Banc of America Securities LLC is acting as the underwriter (the
"UNDERWRITER") in the IPO;

      WHEREAS, the Company has completed a private placement of warrants to
purchase 5,000,000 shares of the common stock of the Company for an aggregate
purchase price of $5 million (the "PRIVATE PLACEMENT");

      WHEREAS, pursuant to the Underwriting Agreement, a portion of the Property
equal to up to $3.5 million ($3.85 million if the underwriter's over-allotment
option is exercised in full)(or the amount specified in a notice pursuant to
Paragraph 2(f) hereof) is attributable to deferred underwriting commissions that
will become payable by the Company to the Underwriter upon the consummation of a
Business Combination (as defined in the Registration Statement) (the "DEFERRED
DISCOUNT");

      WHEREAS, as described in the Company's Registration Statement, and in
accordance with the Company's Amended and Restated Certificate of Incorporation,
$100 million of the net proceeds (inclusive of the Deferred Discount) of the IPO
and Private Placement ($109.65 million if the underwriters over-allotment option
is exercised in full) will be delivered to the Trustee to be deposited and held
in a trust account for the benefit of the Company and the public holders of the
Company's common stock, par value $0.001 per share issued in the IPO, as
hereinafter provided (the amount to be delivered to the Trustee will be referred
to herein as the "PROPERTY;" the stockholders for whose benefit the Trustee
shall hold the Property will be referred to as the "PUBLIC STOCKHOLDERS," and
the Public Stockholders and the Company will be referred to together as the
"BENEFICIARIES"); and

      WHEREAS, the Company and the Trustee desire to enter into this Agreement
to set forth the terms and conditions pursuant to which the Trustee shall hold
the Property.

      IT IS AGREED:

      1. AGREEMENTS AND COVENANTS OF TRUSTEE. The Trustee hereby agrees and
covenants to:

      (a) Hold the Property in trust for the Beneficiaries in accordance with
the terms of this Agreement, in a segregated trust account (the "TRUST ACCOUNT")
established and maintained by the Trustee at a branch of JPMorgan Chase NY Bank
selected by the Trustee;

<PAGE>

      (b) Manage, supervise and administer the Trust Account subject to the
terms and conditions set forth herein;

      (c) In a timely manner, upon the instruction of the Company, to invest and
reinvest the Property in the JPMorgan Chase Trust Account, any other money
market funds or accounts meeting the conditions of the Investment Company Act of
1940 or in any "Government Security". As used herein, Government Security means
any security issued or guaranteed by the United States. See EXHIBIT D;

      (d) Collect and receive, when due, all principal and income arising from
the Property, which shall become part of the "Property," as such term is used
herein;

      (e) Notify the Company and the Underwriter of all communications received
by it with respect to the Property requiring action by the Company;

      (f) Supply any necessary information or documents as may be requested by
the Company in connection with the Company's preparation of the tax returns, for
itself or the Trust Account;

      (g) Participate in any plan or proceeding for protecting or enforcing any
right or interest arising from the Property if, as and when instructed by the
Company to do so;

      (h) Render to the Company, to the Underwriter and to such other person as
the Company may instruct in writing, monthly statements of the activities of and
amounts in the Trust Account reflecting all receipts and disbursements of the
Trust Account;

      (i) If there is any income tax obligation relating to the income of the
Property in the Trust Account as determined by the Company, then, from time to
time, at the written instruction of the Company, the Trustee shall promptly to
the extent there is not sufficient cash in the Trust Account to pay such tax
obligation, liquidate such assets held in the Trust Account as shall be
designated by the Company in writing, and disburse to the Company by wire
transfer, out of the Property in the Trust Account, the amount indicated by the
Company as owing in respect of such income tax obligation;

      (j) Upon written request from the Company, the Trustee shall distribute
from the Trust Account to the Company such amount as may be requested by the
Company; provided, however, that the amount distributed by the Trustee to the
Company pursuant to this Section 1(j) at any one time shall not exceed
$1,350,000 (the "NET Income");

      (k)Commence liquidation of the Trust Account promptly after receipt of and
only in accordance with the terms of a letter ("TERMINATION LETTER"), in a form
substantially similar to that attached hereto as either EXHIBIT A or EXHIBIT B,
signed on behalf of the Company by its Chief Executive Officer and Secretary and
affirmed by its entire Board of Directors, and complete the liquidation of the
Trust Account and disburse the Property in the Trust Account (which disbursement
shall include, in the event of a Business Combination, payment of the Deferred
Discount to the Underwriter less $0.28 per share held by Public Stockholders who
exercised their conversion option in connection with the Business Combination)
only as directed in the Termination Letter and the other documents referred to
therein; and

<PAGE>

      (l) Permit or effect no distribution from the Trust Account except in
accordance with Paragraphs 1(i), 1(j); 1(k) and 4(a).

      2. AGREEMENTS AND COVENANTS OF THE COMPANY. The Company hereby agrees and
covenants to:

      (a) Give all instructions to the Trustee hereunder in writing, signed by
the Company's Chief Executive Officer or Chief Financial Officer. In addition,
except with respect to its duties under Paragraphs 1(j) and 1(k) above, the
Trustee shall be entitled to rely on, and shall be protected in relying on, any
verbal or telephonic advice or instruction which it in good faith believes to be
given by any one of the persons authorized above to give written instructions,
provided that the Company shall promptly confirm such instructions in writing;

      (b) Hold the Trustee harmless and indemnify the Trustee from and against,
any and all expenses, including reasonable counsel fees and disbursements, or
loss suffered by the Trustee in connection with any action, suit or other
proceeding brought against the Trustee involving any claim, or in connection
with any claim or demand which in any way arises out of or relates to this
Agreement, the services of the Trustee hereunder, or the Property or any income
earned from investment of the Property, except for expenses and losses resulting
from the Trustee's gross negligence or willful misconduct. Promptly after the
receipt by the Trustee of notice of demand or claim or the commencement of any
action, suit or proceeding, pursuant to which the Trustee intends to seek
indemnification under this paragraph, it shall notify the Company in writing of
such claim (hereinafter referred to as the "INDEMNIFIED CLAIM"). The Trustee
shall have the right to conduct and manage the defense against such Indemnified
Claim, provided, that the Trustee shall obtain the consent of the Company with
respect to the selection of counsel, which consent shall not be unreasonably
withheld. The Company may participate in such action with its own counsel. The
Company hereto acknowledges that the foregoing indemnities shall survive the
resignation or removal of the Trustee or the termination of this Agreement;

      (c) There shall be no annual fee. The Company shall not be responsible for
any other fees or charges of the Trustee except as may be provided in Section
2(b) hereof (it being expressly understood that the Property shall not be used
to make any payments to the Trustee under such Sections);

      (d) Provide to the Trustee any letter of intent, agreement in principle or
definitive agreement that is executed prior to November 1, 2008 in connection
with a Business Combination, together with a certified copy of a unanimous
resolution of the Board of Directors of the Company affirming that such letter
of intent, agreement in principle or definitive agreement is in effect;

      (e) In connection with any vote of the Company's stockholders regarding a
Business Combination, provide to the Trustee an affidavit or certificate of a
firm regularly engaged in the business of soliciting proxies and tabulating
stockholder votes (which firm may be the Trustee) verifying the vote of the
Company's stockholders regarding such Business Combination; and

      (f) Within five business days after the Underwriter's over-allotment
option (or any unexercised portion thereof) expires or is exercised in full,
provide the Trustee written notice

<PAGE>

(with a copy to the Underwriter) of the total amount of the Deferred Discount,
which shall in no event be less than $3,500,000.

      3. LIMITATIONS OF LIABILITY. The Trustee shall have no responsibility or
liability to:

      (a) Take any action with respect to the Property, other than as directed
in Paragraph 1 hereof and the Trustee shall have no liability to any party
except for liability arising out of its own gross negligence or willful
misconduct;

      (b) Institute any proceeding for the collection of any principal and
income arising from, or institute, appear in or defend any proceeding of any
kind with respect to, any of the Property unless and until it shall have
received instructions from the Company given as provided herein to do so and the
Company shall have advanced or guaranteed to it funds sufficient to pay any
expenses incident thereto;

      (c) Change the investment of any Property, other than in compliance with
Paragraph 1(c);

      (d) Refund any depreciation in principal of any Property;

      (e) Assume that the authority of any person designated by the Company to
give instructions hereunder shall not be continuing unless provided otherwise in
such designation, or unless the Company shall have delivered a written
revocation of such authority to the Trustee;

      (f) The other parties hereto or to anyone else for any action taken or
omitted by it, or any action suffered by it to be taken or omitted, in good
faith and in the exercise of its own best judgment, except for its gross
negligence or willful misconduct. The Trustee may rely conclusively and shall be
protected in acting upon any order, judgment, instruction, notice, demand,
certificate, opinion or advice of counsel (including counsel chosen by the
Trustee), statement, instrument, report or other paper or document (not only as
to its due execution and the validity and effectiveness of its provisions, but
also as to the truth and acceptability of any information therein contained)
which is believed by the Trustee, in good faith, to be genuine and to be signed
or presented by the proper person or persons. The Trustee shall not be bound by
any notice or demand, or any waiver, modification, termination or rescission of
this agreement or any of the terms hereof, unless evidenced by a written
instrument delivered to the Trustee signed by the proper party or parties and,
if the duties or rights of the Trustee are affected, unless it shall give its
prior written consent thereto;

      (g) Verify the correctness of the information set forth in the
Registration Statement or to confirm or assure that any acquisition made by the
Company or any other action taken by it is as contemplated by the Registration
Statement;

      (h) File information returns with the United States Internal Revenue
Service and payee statements with the Company, documenting the taxes payable by
the Company, if any, relating to interest earned on the Property;

      (i) Pay any taxes on behalf of the Trust Account except as set forth in
Paragraph 1(i); or

<PAGE>

      (j) Verify calculations, qualify or otherwise approve Company requests for
distributions pursuant to Paragraphs 1(i) or 1(j) above.

      (k) Anything in this Agreement to the contrary notwithstanding, in no
event shall the Trustee be liable for special, indirect or consequential damage
of any kind whatsoever (including but not limited to lost profits), even if the
Trustee has been advised of the likelihood for such loss or damage and
regardless of the form of action.

      (l) In the event that the Trustee shall be uncertain as to its duties or
rights hereunder or shall receive instructions, claims or demands from any party
hereto which, in its opinion, conflict with any of the provisions of this
Agreement, it shall be entitled to refrain from taking any action and its sole
obligation shall be to keep safely all property held under the terms of this
Agreement until it shall be directed otherwise in writing by all of the other
parties hereto or by a final order or judgment of a court of competent
jurisdiction.

      4. TERMINATION. This Agreement shall terminate as follows:

      (a) If the Trustee gives written notice to the Company that it desires to
resign under this Agreement, the Company shall use its reasonable efforts to
locate a successor trustee. At such time that the Company notifies the Trustee
that a successor trustee has been appointed by the Company and has agreed to
become subject to the terms of this Agreement, the Trustee shall transfer the
management of the Trust Account to the successor trustee, including but not
limited to the transfer of copies of the reports and statements relating to the
Trust Account, whereupon this Agreement shall terminate; provided, however,
that, in the event that the Company does not locate a successor trustee within
ninety days of receipt of the resignation notice from the Trustee, the Trustee
may submit an application to have the Property deposited with the United States
District Court for the Southern District of New York and upon such deposit, the
Trustee shall be immune from any liability whatsoever;

      (b) At such time that the Trustee has completed the liquidation of the
Trust Account in accordance with the provisions of Paragraph 1(k) hereof, and
disbursed the Property in accordance with the provisions of the Termination
Letter, this Agreement shall terminate except with respect to Paragraph 2(b).

      5. MISCELLANEOUS.

      (a) The Company and the Trustee each acknowledge that the Trustee will
follow the security procedures set forth below with respect to funds transferred
from the Trust Account. Upon receipt of written instructions, the Trustee will
confirm such instructions with an Authorized Individual at an Authorized
Telephone Number listed on the attached EXHIBIT C. Each instruction shall be
executed by an authorized signatory, a list of such authorized signatories is
set forth on EXHIBIT C. The undersigned is authorized to certify that the
signatories on EXHIBIT C are authorized signatories. The Company and the Trustee
will each restrict access to confidential information relating to such security
procedures to authorized persons. Each party must notify the other party
immediately if it has reason to believe unauthorized persons may have obtained
access to such information, or of any change in its authorized personnel. In
executing funds transfers, the Trustee will rely upon account numbers or other
identifying numbers of a beneficiary, beneficiary's bank or intermediary bank,
rather than names. The

<PAGE>

Trustee shall not be liable for any loss, liability or expense resulting from
any error in an account number or other identifying number, provided it has
accurately transmitted the numbers provided.

      (b) This Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of New York, without giving effect to
conflict of laws. It may be executed in several counterparts, each one of which
shall constitute an original, and together shall constitute one instrument.

      (c) This Agreement contains the entire agreement and understanding of the
parties hereto with respect to the subject matter hereof.

      (d) This Agreement or any provision hereof may only be amended or modified
by a writing signed by each of the parties hereto, PROVIDED, HOWEVER, that no
such amendment or modification (other than to correct a typographical or similar
technical error) may be made to Paragraphs 1(i), 1(j), 1(k), 1(l) 2(d) and 2(e)
and Exhibits A and B hereof without the consent of the Public Stockholders, it
being the specific intention of the parties hereto that each Public Stockholder
is and shall be a third-party beneficiary of this Paragraph 6(d) with the same
right and power to enforce this Paragraph 6(d) as either of the parties hereto.
For purposes of this Paragraph 6(d), the "consent of the Public Stockholders"
shall mean receipt by the Trustee of a certificate from an entity certifying
that (i) such entity regularly engages in the business of serving as inspector
of elections for companies whose securities are publicly traded, and (ii) either
(a) 70% of the Public Stockholders of record as of a record date established in
accordance with Section 213(a) of the Delaware General Corporation Law, as
amended (the "DGCL"), have voted in favor of such amendment or modification or
(b) 70% of the Public Stockholders of record as of a record date established in
accordance with Section 213(b) of the DGCL has delivered to such entity a signed
writing approving such amendment or modification.

      (e) The parties hereto consent to the jurisdiction and venue of any state
or federal court located in the City of New York for purposes of resolving any
disputes hereunder. As to any claim, cross-claim or counterclaim in any way
relating to this Agreement, each party waives the right to trial by jury.

      (f) Any notice, consent or request to be given in connection with any of
the terms or provisions of this Agreement shall be in writing and shall be sent
by express mail or similar private courier service, by certified mail (return
receipt requested), by hand delivery or by facsimile transmission:

      if to the Trustee, to:              JPMorgan Chase Bank, NA
                                          4 New York Plaza - 21st Floor
                                          New York, New York 10004
                                          Fax No.: (212) 623-6168
                                          Attn: Rola Tseng

      if to the Company, to:              Churchill Ventures Ltd.
                                          50 Revolutionary Road
                                          Scarborough, New York 10510
                                          Fax No. (914) 762-1128
                                          Attn: Chief Executive Officer

<PAGE>

      in either case with a copy to:      Banc of America Securities LLC

                                          40 West 57th Street
                                          New York, 10019
                                          Fax No: (212) 933-2217
                                          Attn: General Counsel

      and:                                Bingham McCutchen LLP
                                          399 Park Avenue
                                          New York, New York 10022
                                          Attn: Ann Chamberlain, Esq.
                                          Fax No.: (212) 752-5378

      and:                                Reitler Brown & Rosenblatt LLC
                                          800 Third Avenue, 21st Floor
                                          New York, New York 10022
                                          Attn: Robert S. Brown, Esq.
                                          Fax No.: (212) 371-5500

      (g) This Agreement may not be assigned by the Trustee without the prior
consent of the Company.

      (h) Each of the Trustee and the Company hereby represents that it has the
full right and power and has been duly authorized to enter into this Agreement
and to perform its respective obligations as contemplated hereunder. The Trustee
acknowledges and agrees that it shall not make any claims or proceed against the
Trust Account, including by way of set-off, and shall not be entitled to any
funds in the Trust Account under any circumstance.

      (i) The Trustee hereby waives any and all right, title, interest or claim
of any kind ("CLAIM") in or to any distribution of the Trust Account, and hereby
agrees not to seek recourse, reimbursement, payment or satisfaction for any
Claim against the Trust Account for any reason whatsoever.

      (j) In the event that the Trust Account shall be attached, garnished or
levied upon by any court order, or the delivery thereof shall be stayed or
enjoined by an order of a court, or any order, judgment or decree shall be made
or entered by any court order affecting the property deposited under this
Agreement, the Trustee is hereby expressly authorized, in its sole discretion,
to obey and comply with all writs, orders or decrees so entered or issued, which
it is advised by legal counsel of its own choosing is binding upon it, whether
with or without jurisdiction, and in the event that the Trustee obeys or
complies with any such writ, order or decree it shall not be liable to any of
the parties hereto or to any other person, firm or corporation, by reason of
such compliance notwithstanding such writ, order or decree be subsequently
reversed, modified, annulled, set aside or vacated.

      (k) In the event that any party or the Trustee is unable to perform its
obligations under the terms of this Agreement because of acts of God, strikes,
equipment or transmission

<PAGE>

failure or damage reasonably beyond its control, or other cause reasonably
beyond its control, the Trustee shall not be liable for damages to the other
parties for any damages resulting from such failure to perform otherwise from
such causes. Performance under this Agreement shall resume when the Trustee is
able to perform substantially.

      (l) Any corporation into which the Trustee in its individual capacity may
be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which the Trustee in
its individual capacity shall be a party, or any corporation to which
substantially all the escrow business of the Trustee in its individual capacity
may be transferred, shall be the Trustee under this Agreement without further
act.

      (m) Upon execution of this agreement, the Company shall provide the
Trustee with a fully executed W-8 or W-9 Internal Revenue Service form, which
shall include their Tax Identification Number (TIN) as assigned by the Internal
Revenue Service. All interest or other income earned under the Escrow Agreement
shall be allocated and paid as provided herein and reported by the recipient to
the Internal Revenue Service as having been so allocated and paid.

      (n) The duties and responsibilities of the Trustee hereunder shall be
determined solely by the express provisions of this Agreement and no other or
further duties or responsibilities shall be implied. The Trustee shall not have
any liability under, nor duty to inquire into the terms and provisions of any
agreement or instructions, other than outlined in the Agreement

      (o) The Trustee hereby consents to the inclusion of JPMorgan Chase Bank,
NA in the Registration Statement and other materials relating to the IPO.

      (p) To help the government fight the funding of terrorism and money
laundering activities, Federal law requires all financial institutions to
obtain, verify, and record information that identifies each person who opens an
account. When an account it opened, the Trustee will ask for information that
will allow it to identify relevant parties.

                            [Signature page follows]

<PAGE>

      IN WITNESS WHEREOF, the parties have duly executed this Investment
Management Trust Agreement as of the date first written above.

                                           JPMORGAN CHASE BANK, NA, as Trustee

                                           By: /s/ Rola Tseng
                                              -------------------------------
                                               Name:  Rola Tseng
                                               Title: Vice President

                                           CHURCHILL VENTURES LTD.

                                           By: /s/ Christopher Bogart
                                              -------------------------------
                                               Name:  Christopher Bogart
                                               Title: Chief Executive Officer

<PAGE>

                                                                       EXHIBIT A

                     [LETTERHEAD OF CHURCHILL VENTURES LTD.]

                                  [INSERT DATE]

JPMorgan Chase Bank, NA
4 New York Plaza - 21st Floor
New York, New York 10004
Attn: Rola Tseng

         Re: TRUST ACCOUNT NO. ---- TERMINATION LETTER

Gentlemen:

      Pursuant to paragraph 1(k) of the Investment Management Trust Agreement
between Churchill Ventures Ltd. (the "Company") and JPMorgan Chase Bank, NA (the
"Trustee"), dated as of __________________ (the "Trust Agreement"), this is to
advise you that the Company has entered into an agreement with
__________________ (the "Target Business") to consummate a business combination
with the Target Business (the "Business Combination") on or about [insert date].
The Company shall notify you at least two business days in advance of the actual
date of the consummation of the Business Combination (the "Consummation Date").

      Pursuant to paragraph 2(e) of the Trust Agreement, we are providing you
with [an affidavit][a certificate] of ___________, which verifies the vote of
the Company's stockholders in connection with the Business Combination. In
accordance with the terms of the Trust Agreement, we hereby authorize you to
commence liquidation of the Trust Account to the effect that, on the
Consummation Date, all of the funds held in the Trust Account will be
immediately available for transfer to the account or accounts that the Company
shall direct on the Consummation Date.

      On the Consummation Date (i) counsel for the Company shall deliver to you
written notification that the Business Combination has been consummated, and
(ii) the Company shall deliver to you written instructions with respect to the
transfer of the funds held in the Trust Account (the "Instruction Letter"). You
are hereby directed and authorized to transfer the funds held in the Trust
Account immediately upon your receipt of counsel's letter and the Instruction
Letter, (a) as directed in writing by the Underwriter, in an amount equal to the
Deferred Discount less $0.28 per share held by Public Stockholders who exercised
their conversion option in connection with the Business Combination; (b) to
Public Stockholders who exercised their conversion option in connection with the
Business Combination, in an amount equal to their pro rata share of the amounts
in the Trust Account as of two business days prior to the Consummation Date
(including the Deferred Discount and any income actually received on amounts in
the Trust Account but less an amount equal to estimated taxes that are or will
be due on such income at the relevant rate to be provided by the Company at the
relevant time and less the amount of Net Income that has been released to the
Company pursuant to paragraph 1(j) of the Trust Agreement); and (c) the
remainder in accordance with the terms of the Instruction Letter. In the event
that certain deposits held in the Trust Account may not be liquidated by the

<PAGE>

Consummation Date without penalty, you will notify the Company of the same and
the Company shall direct you as to whether such funds should remain in the Trust
Account and be disbursed after the Consummation Date to the Company or be
liquidated and distributed promptly. Upon the disbursement of all the funds in
the Trust Account pursuant to the terms hereof, the Trust Agreement shall be
terminated and the Trust Account closed.

      In the event that the Business Combination is not consummated on the
Consummation Date described in the notice thereof and we have not notified you
on or before the original Consummation Date of a new Consummation Date, then the
funds held in the Trust Account shall be reinvested as provided in the Trust
Agreement on the business day immediately following the Consummation Date as set
forth in the notice, subject to subsequent instructions from the Company with
respect to the disposition of the Trust Account, and the funds contained
therein, in accordance with the Trust Agreement.

<PAGE>

      Capitalized terms used but not defined herein shall have the meanings
ascribed to them in the Trust Agreement.

                                        Very truly yours,

                                        Churchill Ventures Ltd.

                                        By: ____________________________________
                                            Christopher Bogart
                                            Chief Executive Officer and Director

                                        Affirmed:

                                              __________________________________
                                              Elizabeth O'Connell
                                              Chief Financial Officer, Secretary
                                              and Director

                                              __________________________________
                                              Itzhak Fisher
                                              Chairman and Director

                                              __________________________________
                                              Nir Tarlovsky
                                              Executive Vice President, Business
                                              Development and Director

                                              __________________________________
                                              Shraga Brosh
                                              Director

                                              __________________________________
                                              Gerhard Weisschadel
                                              Director

<PAGE>

                                                                       EXHIBIT B

                     [LETTERHEAD OF CHURCHILL VENTURES LTD.]

                                  [INSERT DATE]

JPMorgan Chase Bank, NA
4 New York Plaza - 21st Floor
New York, New York 10004
Attn: Rola Tseng

        Re: TRUST ACCOUNT NO. ---- TERMINATION LETTER

Gentlemen:

      Pursuant to paragraph 1(k) of the Investment Management Trust Agreement
between Churchill Ventures Ltd. (the "Company") and JPMorgan Chase Bank, NA (the
"Trustee"), dated as of ____________________ (the "Trust Agreement"), this is to
advise you that the Board of Directors of the Company has voted to dissolve the
Company and the Company's stockholders have approved such dissolution. Attached
hereto is a copy of the Company's Certificate of Dissolution, as field with the
Secretary of State of the State of Delaware, certified by the Secretary of the
Company as true and correct. Capitalized terms used but not otherwise defined
herein shall have the meanings ascribed to such terms in the Trust Agreement.

      In accordance with the terms of the Trust Agreement, we hereby authorize
you to commence liquidation of the Trust Account (including the Deferred
Discount and any income actually received on amounts in the Trust Account). In
connection with this liquidation, you are hereby authorized to establish a
record date for the purposes of determining the stockholders of record entitled
to receive their per share portion of the Trust Account. The record date shall
be within ten (10) days of the liquidation date, or as soon thereafter as is
practicable. You will notify the Company in writing as to when all of the funds
in the Trust Account will be available for immediate transfer (the "Transfer
Date") in accordance with the terms of the Trust Agreement and the Amended and
Restated Certificate of Incorporation of the Company. You shall commence and
oversee the disbursement of such funds in accordance with the terms of the Trust
Agreement and the Amended and Restated Certificate of Incorporation of the
Company; provided that an amount equal to 40% of any income earned on the
Property shall remain in the Trust Account for the purpose of paying any income
tax obligation related thereto. When all income tax obligations related to the
income of the Property have been satisfied, you shall disburse the remaining
funds, if any, in accordance with the terms of the Trust Agreement and the
Amended and Restated Certificate of Incorporation. Upon payment of all the funds
in the Trust Account, the Trust Agreement shall be terminated.

<PAGE>

                                       Very truly yours,

                                       Churchill Ventures Ltd.

                                       By: _____________________________________
                                           Christopher Bogart
                                           Chief Executive Officer and Director

                                       Affirmed:

                                             ___________________________________
                                             Elizabeth O'Connell
                                             Chief Financial Officer, Secretary
                                             and Director

                                             ___________________________________
                                             Itzhak Fisher
                                             Chairman and Director

                                             ___________________________________
                                             Nir Tarlovsky
                                             Executive Vice President, Business
                                             Development and Director

                                             ___________________________________
                                             Shraga Brosh
                                             Director

                                             ___________________________________
                                             Gerhard Weisschadel
                                             Director

<PAGE>

                                    EXHIBIT C

<TABLE>
<CAPTION>
AUTHORIZED INDIVIDUAL(S)                         AUTHORIZED TELEPHONE NUMBER(S)   Signature Specimens
FOR TELEPHONE CALL BACK
------------------------------------------       ----------------------------------------------------
<S>                                              <C>

COMPANY:

1.
2.
</TABLE>

<PAGE>

                                    EXHIBIT D

Funds will be deposited in a JPMorgan Chase Trust Account at libor minus 30
basis points. Should investments change from a JPMorgan deposit instrument fees'
for the escrow will be assessed at seven basis points of principal amount of
securities held.

<PAGE>

                                    EXHIBIT E

Company's Wire instructions:<PAGE>

                                                                   Exhibit 10.49

                            NONTRANSFERABLE INCENTIVE
                             STOCK OPTION AGREEMENT

     THIS AGREEMENT (the "Agreement"), is dated as of <<ContractDate>>,
<<ContractYear>> by and between OSTEOTECH, INC., a Delaware corporation (the
"Company"), and <<Name>> (the "Optionee"), pursuant to the Company's 2000 Stock
Plan (the "Plan").

     For good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, the Company and Optionee hereby agree as follows:

     1.   Grant of Option.

     The Company hereby grants to Optionee, effective as of the date set forth
above (the "Grant Date"), the right and option (hereinafter called the "Option")
to purchase up to an aggregate of <<Shares>> shares of common stock, par value
$0.01 per share (the "Common Stock"), of the Company at a price of $<<Price>>
per share on the terms and conditions set forth in this Agreement and in the
Plan. This Option is intended to be an incentive stock option within the meaning
of Section 422 of the Internal Revenue Code of 1986, as amended (the "Code").
The Option shall terminate at the close of business ten (10) years from the
Grant Date, or such shorter period as is prescribed herein. Optionee shall not
have any of the rights of a stockholder with respect to the shares subject to
the Option until such shares shall be issued to Optionee upon the proper
exercise of the Option.

     2.   Duration and Exercisability.

          (a) Subject to the terms and conditions set forth herein, this Option
shall become exercisable by the Optionee for the following installments of
shares of Common Stock in accordance with the following schedule. The Optionee
must be employed by the Company on the relevant anniversary date set forth below
in order for the corresponding installment to become exercisable. As the Option
becomes exercisable for such installment, those installments shall accumulate
and the Option shall remain exercisable for the accumulated installments until
the Option expires pursuant to Section 1 or terminates pursuant to Section 3 or
Section 4.

<TABLE>
<CAPTION>
                SHARES FOR WHICH OPTION IS EXERCISABLE
                --------------------------------------
    DATE                 PERCENTAGE     NUMBER
-------------           ------------   -------
<S>             <C>                    <C>
<<Vestdate1>>           <<Percent1>>   <<No1>>
<<Vestdate2>>           <<Percent2>>   <<No2>>
<<Vestdate3>>           <<Percent3>>   <<No3>>
<<Vestdate4>>           <<Percent4>>   <<No4>>
</TABLE>

          (b) During the lifetime of Optionee, the Option shall be exercisable
only by Optionee and shall not be assignable or transferable by Optionee, other
than as provided for in accordance with the provisions of Section 4(c) of this
Agreement.

          (c) Optionee understands that to the extent that the aggregate fair
market value (determined at the time the Option was granted) of the shares of
Common Stock with

<PAGE>

respect to which all incentive stock options within the meaning of Section 422
of the Code are exercisable for the first time by Optionee during any calendar
year exceed $100,000, in accordance with Section 422(d) of the Code such options
shall be treated as options that do not qualify as incentive stock options.

     3.   Adjustment of Shares.

          (a) The exercise price and the number of shares purchasable upon
exercise of the Option shall be adjusted proportionately in order to prevent
dilution or enlargement of the benefits or potential benefits intended to be
provided under the Option upon the occurrence of a stock split or reverse stock
split of the Common Stock or a dividend payable to all holders of the Common
Stock in shares of Common Stock. The provisions of this Section 3(a) reflect the
determination of the Board of Directors of the Company (the "Board") as
authorized in Section 4(c) of the Plan.

          (b) In the event of a dissolution or liquidation of the Company the
Option shall terminate, provided, if a period of one (1) year from the date of
the grant of the Option shall have elapsed, that the Optionee shall have the
right immediately prior to such dissolution or liquidation to exercise such
portion of the Option in whole or in part, as determined in the sole discretion
of the Board, whether or not the Optionee's right to exercise the Option has
otherwise vested pursuant to the terms of Section 2 of this Agreement. The Board
shall also have the right to waive such one (1) year period.

          (c) In the event that the Company is a party to a merger or
consolidation, the Option shall be subject to the agreement of merger or
consolidation. Such agreement, without the Optionee's consent, may provide for:

               (i) The continuation of the Option by the Company (if the Company
is the surviving corporation);

               (ii) The assumption of the Plan and the Option by the surviving
corporation or its parent;

               (iii) The substitution by the surviving corporation or its parent
of options with substantially the same terms for the Option; or

               (iv) The cancellation of the Option provided that the Optionee
shall have the right immediately prior to such merger or consolidation to
exercise the Option in whole or in part, whether or not the Optionee's right to
exercise the Option has otherwise accrued pursuant to Section 2 of this
Agreement.

     4.   Effect of Termination of Employment.

          (a) In the event that Optionee shall cease to be employed by the
Company or its subsidiaries, if any, for any reason other than termination for
cause (as defined in Section 4(b) hereof) or Optionee's death or disability (as
such term is defined in Section 4(c) hereof), Optionee shall have the right to
exercise the Option at any time within three (3) months after such termination
of employment to the extent of the full number of shares Optionee was entitled

                                       2

<PAGE>

to purchase under the Option on the date of termination; provided, however, that
this Option shall not be exercisable after the expiration of the term of the
Option if earlier.

          (b) In the event that Optionee shall cease to be employed by the
Company or its subsidiaries, if any, upon termination for cause, the Option
shall be terminated as of the date of the act giving rise to such termination.
Termination for cause shall mean termination of the Optionee's employment with
the Company for the following acts: dishonesty, fraud, conviction or confession
of a felony or of a crime involving moral turpitude, destruction or theft of the
Company's property, physical attack on a fellow employee, willful malfeasance or
gross negligence, refusal or failure to perform job duties (other than failure
resulting from disability), misconduct materially injurious to the Company,
participation in fraud against the Company, entering into competition against
the Company, and/or a material breach or threatened material breach of any
agreements with the Company.

          (c) If Optionee shall die while this Option is still exercisable
according to its terms, or if Optionee's employment with the Company is
terminated because Optionee has become disabled (within the meaning of Code
Section 22(e)(3)) while in the employ of the Company or a subsidiary, if any,
and Optionee shall not have fully exercised the Option, such Option may be
exercised at any time within twelve (12) months after Optionee's death or date
of termination of employment for disability by Optionee, personal
representatives or administrators, or guardians of Optionee, as applicable, or
by any person or persons to whom the Option is transferred by will or the
applicable laws of descent and distribution, to the extent of the full number of
shares Optionee was entitled to purchase under the Option on the date of
Optionee's death, the date of termination of Optionee's employment with the
Company, if earlier, or the date of termination of Optionee's employment with
the Company for such disability, and subject in all cases to the condition that
no Option shall be exercisable after the expiration of the term of the Option.

     5.   Manner of Exercise.

          (a) The Option may be exercised only by Optionee or other proper
party, as provided herein, by delivering within the period during which the
Option is exercisable hereunder written notice to the Company at its principal
office. The notice shall state the number of shares as to which the Option is
being exercised and be accompanied by payment in full of the Option price for
all shares designated in the notice.

          (b) Optionee may pay the Option price in cash, by check (bank check,
certified check or personal check), by money order, or with the approval of the
Compensation Committee of the Board (the "Compensation Committee") (i) by
delivering to the Company for cancellation shares of Common Stock of the Company
with a fair market value as of the date of exercise equal to the exercise price
of the Option or the portion thereof being paid by tendering such shares or (ii)
by delivering to the Company a combination of cash and Common Stock of the
Company with an aggregate fair market value equal to the exercise price of the
Option. For these purposes, the fair market value of the Company's shares of
Common Stock of the Company as of any date shall be as reasonably determined by
the Compensation Committee pursuant to the Plan.

                                       3

<PAGE>

     6.   Notices.

     All notices or other communications which are required or permitted
hereunder shall be deemed to be sufficient if contained in a written instrument
given by personal delivery, air courier or registered or certified mail, postage
prepaid, return receipt requested, addressed to such party at the address set
forth below or such other address as may thereafter be designated in a written
notice from such party to the other party:

     if to the Company, to:

          Attention: Chief Financial Officer
          Osteotech, Inc.
          51 James Way
          Eatontown, New Jersey 07724

     if to the Optionee, to:

          <<Name>>
          <<Address1>>
          <<Address2>>

     All such notices, advances and communications shall be deemed to have been
delivered and received (a) in the case of personal delivery, on the date of such
delivery, (b) in the case of air courier, on the business day after the date
when sent and (c) in the case of mailing, on the third business day following
such mailing.

     7.   Miscellaneous.

          (a) This Option is issued pursuant to the Company's 2000 Stock Plan
and is subject to its terms. The terms of the Plan are available for inspection
during business hours at the principal offices of the Company.

          (b) This Agreement shall not confer on Optionee any right with respect
to continuance of employment by the Company or any of its subsidiaries, nor will
it interfere in any way with the right of the Company to terminate such
employment at any time. Optionee shall have none of the rights of a stockholder
with respect to shares subject to this Option until such shares shall have been
issued to Optionee upon exercise of this Option.

          (c) The exercise of all or any parts of this Option shall only be
effective at such time as the sale of Common Stock pursuant to such exercise
will not violate any state or federal securities or other laws.

          (d) The Company shall at all times during the term of the Option
reserve and keep available such number of shares as will be sufficient to
satisfy the requirements of this Agreement.

          (e) No waiver of any breach or condition of this Agreement shall be
deemed to be a waiver of any other or subsequent breach or condition, whether of
like or different nature.

                                       4

<PAGE>

          (f) The Optionee shall take whatever additional actions and execute
whatever additional documents the Company may in its judgment deem necessary or
advisable in order to carry out or effect one or more of the obligations or
restrictions imposed on the Optionee pursuant to the express provisions of this
Agreement.

          (g) This Agreement shall be governed by and construed in accordance
with, the laws of the State of Delaware.

          (h) This Agreement may be executed in counterparts, each of which
shall be deemed to be an original, but all of which together shall constitute
one and the same instrument.

          (i) This Agreement constitutes the entire agreement between the
parties with respect to the subject matter hereof and thereof, merging any and
all prior agreements.

          (j) If Optionee shall dispose of any of the shares of Common Stock of
the Company acquired by Optionee pursuant to the exercise of the Option within
two (2) years from the date the Option was granted or within one (1) year after
the transfer of any such shares to Optionee upon exercise of the Option, in
order to provide the Company with the opportunity to claim the benefit of any
income tax deduction which may be available to it under the circumstances,
Optionee shall promptly notify the Company of the dates of acquisition and
disposition of such shares, the number of shares so disposed of and the
consideration, if any, received for such shares. In order to comply with all
applicable federal or state income tax laws or regulations, the Company may take
such action as it deems appropriate to insure (i) notice to the Company of any
disposition of the Common Stock of the Company within the time periods described
above and (ii) that, if necessary, all applicable federal or state payroll,
withholding, income or other taxes are withheld or collected from Optionee.

          (k) In order to provide the Company with the opportunity to claim the
benefit of any income tax deduction which may be available to it upon the
exercise of the Option when the Option does not qualify as an incentive stock
option within the meaning of Section 422 of the Code and in order to comply with
all applicable federal or state income tax laws or regulations, the Company may
take such action as it deems appropriate to insure that, if necessary, all
applicable federal or state payroll, withholding, income or other taxes are
withheld or collected from Optionee. With the Company's concurrence, Optionee
may elect to satisfy his or her federal and state income tax withholding
obligations upon exercise of this Option by (i) having the Company withhold a
portion of the shares of Common Stock otherwise to be delivered upon exercise of
such Option having a fair market value equal to the amount of federal and state
income tax required to be withheld upon such exercise, in accordance with such
rules as the Company may from time to time establish, or (ii) delivering to the
Company shares of its Common Stock other than the shares issuable upon exercise
of such Option with a fair market value equal to such taxes, in accordance with
such rules.

                                       5

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed as of the date set forth above.

OSTEOTECH, INC.

By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------

By:
    ---------------------------------
<<Name>>
         ----------------------------

                                       6

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