Document:

Unassociated Document

    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) CRT CAPITAL GROUP LLC (“CRT”) OR AN UNDERWRITER OR A SELECTED DEALER IN
      CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR PARTNER OF CRT
      OR
      OF ANY SUCH UNDERWRITER OR SELECTED DEALER.

     

    THIS
      PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO THE LATER OF (A) _____________,
      2007, AND (B) THE CONSUMMATION BY ADVANCED TECHNOLOGY ACQUISITION CORP. (THE
      “COMPANY”) OF A MERGER, CAPITAL STOCK EXCHANGE, ASSET ACQUISITION, STOCK
      PURCHASE OR OTHER SIMILAR BUSINESS COMBINATION (“BUSINESS COMBINATION”) (AS
      DESCRIBED MORE FULLY IN THE COMPANY’S REGISTRATION STATEMENT (DEFINED HEREIN)).
      THIS PURCHASE OPTION SHALL BE VOID AFTER 5:00 P.M EASTERN TIME, _____________,
      2011.

     

    UNIT
      PURCHASE OPTION

     

    FOR
      THE
      PURCHASE OF

     

    1,500,000
      UNITS

     

    OF

     

    ADVANCED
      TECHNOLOGY ACQUISITION CORP.

     

    1. Purchase
      Option.

     

    THIS
      CERTIFIES THAT, in consideration of $100.00 duly paid by or on behalf of CRT
      CAPITAL GROUP LLC (“CRT”), as registered owner of this Purchase Option (this
“Purchase Option”), to ADVANCED TECHNOLOGY ACQUISITION CORP. (“Company”), CRT is
      entitled, at any time or from time to time upon the later of (a) ___________,
      2007, and (b) the consummation of a Business Combination (“Commencement Date”),
      and at or before 5:00 p.m., Eastern Time, _____________, 2011 (“Expiration
      Date”), but not thereafter, to subscribe for, purchase and receive, in whole or
      in part, up to 1,500,000 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 one warrant (“Warrant(s)”) expiring five 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 underlying the Units will expire five years from the
      Effective Date. If the Expiration Date is not a Business Day (as defined below),
      then this Purchase Option may be exercised on the next succeeding Business
      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
      Purchase Option. This Purchase Option is initially exercisable at $8.80 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
“Business Day” shall mean any day, except a Saturday, Sunday or legal holiday on
      which the banking institutions in the City of New York, New York are authorized
      or obligated by law or executive order to close.

     

    The
      term
“Exercise Price” shall mean the initial exercise price or the adjusted exercise
      price, depending on the context. 

     

    The
      term
“Holder” shall mean, as of any date, CRT and/or any transferee who acquires this
      Purchase Option (in whole or in part) in accordance with Section 3.1
      hereof.

     

    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
      null and 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
      Units 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
      equal to the quotient obtained by dividing (x) the “Value” (as defined below) of
      the portion of this Purchase Option being converted by (y) the “Current Market
      Price” (as defined below) of a Unit. The “Value” of the portion of this Purchase
      Option being converted shall equal the remainder derived from subtracting (a)
      the product of (i) the Exercise Price multiplied by (ii) the number of Units
      underlying the portion of this Purchase Option being converted from (b) the
      product of (i) Current Market Price of a Unit multiplied by (ii) the number
      of
      Units underlying the portion of this Purchase Option being converted. The
“Current Market Price” of a Unit at any day shall mean (i) if the Units are
      listed on a national securities exchange (including, without limitation, the
      American Stock Exchange and the Nasdaq Stock Market) or quoted on the OTC
      Bulletin Board (or any successor electronic inter-dealer quotation system),
      the
      average closing price of a Unit for the thirty (30) trading days immediately
      preceding the date of determination of the Current Market Price in the principal
      trading market for the Units as reported by the exchange or the quotation
      system, as the case may be; (ii) if Units are not listed on a national
      securities exchange or quoted on OTC Bulletin Board (or any successor electronic
      inter-dealer quotation system), but is traded in the residual over-the-counter
      market, the closing bid price for a Unit 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 Units 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.

     

    
      
        
        

      

      
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    2.3.2 Mechanics
      of Cashless Exercise.
      The
      cashless exercise right described in this Section 2.3 (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 this
      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.

     

    2.4 Warrant
      Exercise.
      Any
      Warrants underlying the Units shall be issued pursuant and subject to the terms
      and conditions set forth in the Warrant Agreement, entered into by and between
      the Company and Continental Stock Transfer & Trust Company, dated as of
      _________, 2006.

     

    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
      (in whole or in part) or any interest herein for a period of one year following
      the Effective Date to anyone other than (i) CRT or an underwriter or a selected
      dealer in connection with the Offering, or (ii) a bona fide officer, partner,
      subsidiary or other affiliate of CRT or of any such underwriter or selected
      dealer (collectively, a “Permitted Transferee”). On and after the first
      anniversary of the Effective Date, this Purchase Option may be sold,
      transferred, assigned, pledged, hypothecated or otherwise disposed of, in whole
      or in part, 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 following receipt thereof 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 (a) the Company has received a written opinion of counsel for the Holder
      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 Mintz Levin Cohn Ferris
      Glovsky and Popeo PC shall be deemed satisfactory evidence of the availability
      of an exemption), or (b) 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 (the
      “Commission”) and a current prospectus is available, and compliance with
      applicable state securities laws 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. In addition, the Company
      shall cause to be delivered to any permitted transferee without charge a new
      Purchase Option of like tenor to this Purchase Option in the name of such
      transferee evidencing the right of such transferee to purchase the number of
      Units purchasable hereunder as to which this Purchase Option has been
      transferred to such transferee.

     

    
      
        
        

      

      
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    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 General.
      As used
      in this Section 5, the term “Registrable Securities” means Purchase Options,
      including the Units, Common Stock, Warrants and shares of Common Stock
      underlying the Warrants; provided, that, any such securities shall cease to
      be
      Registrable Securities when:  (a) a registration statement with
      respect to the sale of such securities shall have become effective under the
      Act
      and such securities shall have been sold, transferred, disposed of or exchanged
      in accordance with such registration statement; (b) such securities shall
      have been transferred pursuant to Rule 144 of the Act (but not Rule 144A),
      new
      certificates for them not bearing a legend restricting further transfer shall
      have been delivered by the Company and subsequent public distribution of them
      shall not require registration under the Act; (c) such securities may be
      sold under Rule 144 by the Holder without volume limitation restrictions, or
      (d)
      such securities shall have ceased to be outstanding.

     

    5.2 Demand
      Registration.

     

    5.2.1 Grant
      of Right.
      At any
      one time (and not more than one time) during the five year period following
      the
      Effective Date, the Holders of at least 51% of the Registrable Securities
      (“Majority Holders”) may make a written demand for registration under the Act of
      all or part of their Registrable Securities (a “Demand Registration”).  Any
      request for a Demand Registration (a “Demand Request”) shall specify the number
      and type of Registrable Securities proposed to be sold and the intended
      method(s) of distribution thereof.  The Company will notify all Holders of
      Registrable Securities of the demand, and any Holder of Registrable Securities
      who wishes to include all or a portion of such Holder’s Registrable Securities
      in the Demand Registration shall so notify the Company within fifteen (15)
      days
      following delivery of the notice from the Company (such Holders who timely
      deliver notice together with the Majority Holders, the “Demanding
      Holders”). The Company will then use its best efforts to (a) prepare and
      file within 60 days a registration statement or a post-effective amendment
      to
      the Registration Statement covering the resale of the Registrable Securities
      which the Demanding Holders have requested to be registered, and (b) to have
      such registration statement declared effective as soon as possible thereafter,
      subject to Section 5.2.4. 

     

    5.2.2 Terms.
      The
      Company shall bear all fees and expenses attendant to registering the
      Registrable Securities, including the reasonable fees and expenses of one legal
      counsel selected by the Majority Holders to represent them in connection with
      the sale of the Registrable Securities, except that the Company shall not be
      required to pay any underwriting commissions (which commissions, if any, shall
      be borne by the Demanding Holders participating in the registration). The
      Company agrees to use its best efforts to qualify or 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
      (a)
      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 (b) 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 5.2.1 to remain effective until all Registrable
      Securities covered thereby have been sold or, if longer, for a period of one
      year from the date that the Holders of the Registrable Securities are first
      given the opportunity to sell their Registrable Securities thereunder plus
      any
      period during which disposition of securities thereunder is interfered with
      by
      any stop order or injunction of the Commission or any governmental agency or
      court. 

     

    
      
        
        

      

      
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    5.2.3 Underwritten
      Offerings.
      If a
      majority-in-interest (based on the number of Registrable Securities being
      registered) of the Demanding Holders so elect and such holders so advise the
      Company in writing, the offering of such Registrable Securities pursuant to
      such
      Demand Registration shall be in the form of an underwritten offering. In such
      event, the right of any Holder of Registrable Securities to include its
      Registrable Securities in such registration shall be conditioned upon such
      Holder’s participation in such underwriting and the inclusion of such Holder’s
      Registrable Securities in the underwriting to the extent provided herein. 
All Demanding Holders proposing to distribute their securities through such
      underwriting shall enter into an underwriting agreement in customary form with
      the underwriter or underwriters selected for such underwriting by the
      majority-in-interest of the Demanding Holders. If the managing underwriter
      or
      underwriters for a Demand Registration that is to be an underwritten offering
      advises the Company and the Demanding Holders in writing that the dollar amount
      or number of Registrable Securities which the Demanding Holders desire to sell,
      taken together with all other shares of Common Stock or other securities which
      the Company desires to sell and the shares of Common Stock or other securities,
      if any, as to which registration has been requested pursuant to written
      contractual piggy-back registration rights held by other securityholders of
      the
      Company who desire to sell, exceeds the maximum dollar amount or maximum number
      of securities that can be sold in such offering without adversely affecting
      the
      proposed offering price, the timing, the distribution method, or the probability
      of success of such offering (such maximum dollar amount or maximum number of
      securities, as applicable, the “Maximum Registration Amount”), then the Company
      shall include in such registration:  (a) first, the Registrable Securities
      as to which Demand Registration has been requested by the Demanding Holders
      (pro
      rata
      in
      accordance with the number of shares of Registrable Securities which such
      Demanding Holders have requested be included in such registration, regardless
      of
      the number of Registrable Securities held by each Demanding Holder) that can
      be
      sold without exceeding the Maximum Registration Amount; (b) second, the shares
      of Common Stock or other securities that the Company desires to sell that can
      be
      sold without exceeding the Maximum Registration Amount; (c) third, to the extent
      that the Maximum Registration Amount has not been reached under the foregoing
      clauses (a) and (b), the shares of Common Stock or other securities for the
      account of other persons that the Company is obligated to register pursuant
      to
      written contractual arrangements with such persons and that can be sold without
      exceeding the Maximum Registration Amount; and (d) fourth, to the extent that
      the Maximum Registration Amount has not been reached under the foregoing clauses
      (a), (b), and (c), the shares of Common Stock or other securities that other
      securityholders desire to sell that can be sold without exceeding the Maximum
      Registration Amount.
      For the
      avoidance of doubt, in the event a Demand Registration is requested pursuant
      to
      this agreement and a demand registration is requested pursuant to that certain
      Registration Rights Agreement, dated _____________,2006, by and among the
      Company and the “Investors” thereunder, substantially in the form filed as
      Exhibit 10.18 to the Registration Statement (the “Registration Rights
      Agreement”), whichever demand registration is received by the Company first
      shall have priority for inclusion in the registration statement filed to
      register such Registrable Securities; provided,
      however,
      that if
      a Demand Registration is requested pursuant to this agreement and a demand
      registration is requested pursuant to the Registration Rights Agreement and
      such
      demand registrations are received by the Company on the same date, then those
      two demand registrations will be handled pro
      rata
      in
      accordance with the number of shares of Registrable Securities which such
      demanding holders have requested be included in such registration.

     

    
      
        
        

      

      
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    5.2.4 Permitted
      Delays.
      The
      Company shall be entitled to postpone, for up to 90 days from the date of
      receipt of a Demand Request, the filing of any registration statement under
      this
      Section 5.2, if (a) at any time prior to the filing of such registration
      statement the Company’s Board of Directors determines, in its good faith
      business judgment, that such registration and offering would materially and
      adversely affect any financing, acquisition, corporate reorganization, or other
      material transaction involving the Company, and (b) the Company delivers to
      the
      Demanding Holders written notice thereof within five (5) business days from
      the
      date of receipt of a Demand Request; provided, that the Company may not exercise
      this postponement right more than once during any twelve-month
      period.

     

    5.3 “Piggy-Back”
      Registration.

     

    5.3.1 Grant
      of Right.
      If at
      any time during the first seven years following the Effective Date the Company
      proposes to file a Registration Statement under the Act with respect to an
      offering of equity securities, or securities or other obligations exercisable
      or
      exchangeable for, or convertible into, equity securities, by the Company for
      its
      own account or for securityholders of the Company for their accounts (or by
      the
      Company and by securityholders of the Company including, without limitation,
      pursuant to Section 5.2.1), other than a registration statement (a) filed
      in connection with any employee stock option or other benefit plan, (b) for
      an
      exchange offer or offering of securities solely to the Company’s existing
      securityholders, (c) for an offering of debt that is convertible into equity
      securities of the Company, or (d) for a dividend reinvestment plan, then
      the Company shall (i) give written notice of such proposed filing to the holders
      of Registrable Securities as soon as practicable but in no event less than
      ten
      (10) days before the anticipated filing date, which notice shall describe the
      amount and type of securities to be included in such offering, the intended
      method(s) of distribution, and the name of the proposed managing underwriter
      or
      underwriters, if any, of the offering, and (ii) offer to the holders of
      Registrable Securities in such notice the opportunity to register the sale
      of
      such number of shares of Registrable Securities as such holders may request
      in
      writing within five (5) days following receipt of such notice (a “Piggy-Back
      Registration”).  The Company shall cause such Registrable Securities to be
      included in such registration and shall use its best efforts to cause the
      managing underwriter or underwriters of a proposed underwritten offering to
      permit the Registrable Securities requested to be included in a Piggy-Back
      Registration to be included on the same terms and conditions as any similar
      securities of the Company and to permit the sale or other disposition of such
      Registrable Securities in accordance with the intended method(s) of distribution
      thereof.  All holders of Registrable Securities proposing to distribute
      their securities through a Piggy-Back Registration that involves an underwriter
      or underwriters shall enter into an underwriting agreement in customary form
      with the underwriter or underwriters selected for such Piggy-Back
      Registration.

     

    5.3.2 Terms.
      The
      Company shall bear all fees and expenses attendant to registering the
      Registrable Securities, including the reasonable fees and expenses of one legal
      counsel selected by majority-in-interest of the Holders of Registrable
      Securities (based on the number of Registrable Securities being registered)
      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. The Company shall use its best efforts to cause any
      registration statement filed pursuant to the above “piggyback” rights to remain
      effective until all Registrable Securities covered thereby have been sold or,
      if
      longer, for a period of nine months from the date that the Holders of the
      Registrable Securities are first given the opportunity to sell their Registrable
      Securities thereunder plus any period during which disposition of Registrable
      Securities thereunder is interfered with by any stop order or injunction of
      the
      Commission or any governmental agency or court.

     

    
      
        
        

      

      
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    5.3.3 Underwritten
      Offerings.
      If the
      managing underwriter or underwriters for a Piggy-Back Registration that is
      to be
      an underwritten offering advises the Company and the Holders of Registrable
      Securities in writing that the dollar amount or number of shares of Common
      Stock
      or other securities which the Company desires to sell, taken together with
      shares of Common Stock or other securities, if any, as to which registration
      has
      been demanded pursuant to written contractual arrangements with persons other
      than the Holders of Registrable Securities hereunder, the Registrable Securities
      as to which registration has been requested under this Section 5.3, and the
      shares of Common Stock or other securities, if any, as to which registration
      has
      been requested pursuant to the written contractual piggy-back registration
      rights of other securityholders of the Company, exceeds the Maximum Registration
      Amount, then the Company shall include in any such registration:

     

    (a) If
      the
      registration is undertaken for the Company’s account: (i) first, the shares of
      Common Stock or other securities that the Company desires to sell that can
      be
      sold without exceeding the Maximum Registration Amount; (ii) second, to the
      extent that the Maximum Registration Amount has not been reached under the
      foregoing clause (i), the Registrable Securities as to which registration has
      been requested under Section 5.2 above and, to the extent that any other
      security holders have written contractual piggy-back registration rights which
      are on parity with the rights of Holders of Registrable Securities hereunder,
      shares of Common Stock and other securities, if any, as to which registration
      has been requested pursuant to such other piggy-back registration rights by
      such
      other security holders (pro rata in accordance with the number of shares of
      Common Stock and other securities which each such person has actually requested
      to be included in such registration, regardless of the number of shares of
      Common Stock and other securities with respect to which such persons have the
      right to request such inclusion) that can be sold without exceeding the Maximum
      Registration Amount; and (iii) third, to the extent that the Maximum
      Registration Amount has not been reached under the foregoing clauses (i) and
      (ii), shares of Common Stock and other securities, if any, as to which
      registration has been requested pursuant to written contractual piggy-back
      registration rights which are subordinate to the rights of Holders of
      Registrable Securities hereunder (pro rata in accordance with the number of
      shares of Common Stock and other securities which each such person has actually
      requested to be included in such registration, regardless of the number of
      shares of Common Stock and other securities with respect to which such persons
      have the right to request such inclusion) that can be sold without exceeding
      the
      Maximum Registration Amount.

     

    (b) 
      If the
      registration is a “demand” registration undertaken at the demand of persons
      other than the Holders of Registrable Securities pursuant to written contractual
      arrangements with such persons, (i) first, the shares of Common Stock and other
      securities for the account of the demanding persons that can be sold without
      exceeding the Maximum Registration Amount; (ii) second, to the extent that
      the
      Maximum Registration Amount has not been reached under the foregoing clause
      (i),
      the Registrable Securities as to which registration has been requested under
      Section 5.2 above and, to the extent that any other security holders have
      written contractual piggy-back registration rights which are on parity with
      the
      rights of Holders of Registrable Securities hereunder, shares of Common Stock
      and other securities, if any, as to which registration has been requested
      pursuant to such other piggy-back registration rights by such other security
      holders (pro rata in accordance with the number of shares of Common Stock and
      other securities which each such person has actually requested to be included
      in
      such registration, regardless of the number of shares of Common Stock and other
      securities with respect to which such persons have the right to request such
      inclusion) that can be sold without exceeding the Maximum Registration Amount;
      (iii) third, to the extent that the Maximum Registration Amount has not been
      reached under the foregoing clauses (i) and (ii), the shares of Common Stock
      or
      other securities that the Company desires to sell that can be sold without
      exceeding the Maximum Registration Amount; and (iii) fourth, to the extent
      that
      the Maximum Registration Amount has not been reached under the foregoing clauses
      (i), (ii) and (iii), shares of Common Stock and other securities, if any, as
      to
      which registration has been requested pursuant to written contractual piggy-back
      registration rights which are subordinate to the rights of Holders of
      Registrable Securities hereunder (pro
      rata
      in
      accordance with the number of shares of Common Stock and other securities which
      each such person has actually requested to be included in such registration,
      regardless of the number of shares of Common Stock and other securities with
      respect to which such persons have the right to request such inclusion) that
      can
      be sold without exceeding the Maximum Registration Amount.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    5.3.4 Maintenance
      of Priority.
      So long
      as there are Registrable Securities hereunder, the Company shall not grant
      to
      any person piggy-back rights superior to or on parity with the rights of the
      Holders of Registrable Securities hereunder; provided, however, that the
      piggy-back rights granted pursuant to the Registration Rights Agreement may
      be
      on parity with (but not superior to) the piggy-back rights granted to the
      Holders of Registrable Securities hereunder.

     

    5.3.5 Withdrawal.
      Any
      Holder of Registrable Securities may elect to withdraw such Holder’s request for
      inclusion of Registrable Securities in any Piggy-Back Registration by giving
      written notice to the Company of such request to withdraw at least five Business
      Days prior to the effectiveness of the Registration Statement.  The Company
      may also elect to withdraw a registration statement at any time prior to the
      effectiveness of the Registration Statement. Notwithstanding any such
      withdrawal, the Company shall pay all expenses incurred in connection with
      the
      withdrawn registration statement in accordance with Section 5.3.2
      above.

     

    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 any such holder 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 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 CRT
      contained in Section 5 of the Underwriting Agreement among the Company and
      CRT
      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 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 this Purchase Option or Warrants underlying this Purchase Option
      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 to CRT, as representative of the Holders participating
      in
      any of the foregoing offerings, a signed copy, 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 CRT, as representative of the Holders participating
      in
      the offering, the correspondence and memoranda described below and copies of
      all
      correspondence between the Commission, on the one hand, and the Company, its
      counsel and/or auditors, on the other hand, and all memoranda relating to
      discussions with the Commission or its staff with respect to the registration
      statement and permit CRT, 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 CRT, as
      representative of the Holders, shall reasonably request. The Company shall
      not
      be required to disclose any confidential information or other records to CRT,
      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.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    5.4.4 Underwriting
      Agreement.
      The
      Company shall enter into an underwriting agreement with the managing
      underwriter(s), if any, selected by any Holders pursuant to Section 5.2.3 or
      Section 5.3.3, 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 shall
      agree
      to such covenants and indemnification and contribution obligations of 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
      Registrable 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 Supplemental
      Prospectus.
      The
      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 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.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    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 $8.80 per whole Unit
      (each Warrant underlying the Units is exercisable for $6.00 per share), upon
      effectiveness of the dividend, this Purchase Option will be adjusted to allow
      for the purchase of one Unit at $8.80 per Unit, each Unit entitling the Holder
      to receive two shares of Common Stock and two Warrants (each Warrant exercisable
      for $3.00 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 Extraordinary
      Dividends.
      If the
      Company, at any time while this Purchase Option is outstanding and unexpired,
      shall pay a dividend in cash, securities or other assets to the holders of
      Common Stock (or other shares of the Company’s capital stock into which the
      Warrants are convertible), other than (w) as described in Sections 6.1.1, (x)
      regular quarterly or other periodic dividends, (y) in connection with the
      conversion rights of the holders of Common Stock upon consummation of the
      Company’s initial Business Combination (as such term is used in the Registration
      Statement) or (z) in connection with the Company’s liquidation and the
      distribution of its assets upon its failure to consummate a Business Combination
      (any such non-excluded event being referred to herein as an "Extraordinary
      Dividend"), then (i) the Exercise Price shall be decreased, effective
      immediately after the effective date of such Extraordinary Dividend, by the
      amount of cash or the fair market value (as determined by the Company’s Board of
      Directors, in good faith) of any securities or other assets paid on each share
      of Common Stock in respect of such Extraordinary Dividend and (ii) the Warrants
      issuable upon exercise of this Purchase Option shall be adjusted in the same
      manner as the Public Warrants pursuant to the Warrant Agreement, dated _______,
      between the Company and the “Warrant Agent” thereunder.

     

    6.1.4 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, 6.1.2 or 6.1.3 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 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 6.1.4. The provisions of this Section 6.1.4 shall
      similarly apply to successive reclassifications, reorganizations, mergers or
      consolidations, sales or other transfers.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    6.1.5 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 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.

     

    6.3 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 this 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.

     

    6.4 Limitations
      on Monetary Damages.
      In
      no
      event shall the registered holder of this Purchase Option be entitled to receive
      any monetary damages if the securities underlying this Purchase Option have
      not
      been registered by the Company pursuant to an effective registration statement
      or a current prospectus is not available, provided the Company has fulfilled
      its
      obligation to use its best efforts to effect such registration and to make
      such
      prospectus available.

     

    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
      this
      Purchase Option or the Warrants underlying this 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 this Purchase Option 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. The Company further
      covenants and agrees that upon exercise of the Warrants underlying this Purchase
      Option and payment of the 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. As long as this Purchase Option shall
      be
      outstanding, the Company shall use its best efforts to cause all (a) Units
      and
      shares of Common Stock issuable upon exercise of this Purchase Option, (b)
      Warrants issuable upon exercise of this Purchase Option, and (c) shares of
      Common Stock issuable upon exercise of the Warrants included in the Units
      issuable upon exercise of this 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, NASD 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.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    8. Certain
      Notice Requirements.

     

    8.1 Holder’s
      Right to Receive Notice.
      Nothing
      herein shall be construed as conferring upon the Holder 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 this Purchase Option and its 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 ten 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 Section 8.1 above
      if:
      (a) 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 (b), 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.
      Upon
      written request therefore from the Holder hereof, the Company shall pursuant
      to
      Section 6 hereof, advise the Holder, in writing, of the then applicable Exercise
      Price and, in the event there have occurred any adjustments, a brief description
      of each event causing the adjustment(s) and method of calculating the
      same.

     

    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: (a) if to
      the
      registered Holder of the Purchase Option, to the address of such Holder as
      shown
      on the books of the Company, or (b) if to the Company, to the following address
      or to such other address as the Company may designate by notice to the
      Holders:

     

    Advanced
      Technology Acquisition Corp.

    14
      A
      Achimeir Street

    Ramat
      Gan
      52587

    Israel

    Attention:
      Chief Executive Officer

    

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    9. Miscellaneous.

     

    9.1 Amendments.
      The
      Company and CRT 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 CRT
      may
      deem necessary or desirable and that the Company and CRT deem shall not
      adversely affect the interest of the Holders. All other modifications or
      amendments to this Purchase Option shall require the written consent of and
      be
      signed by the Holder hereof.

     

    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.

     

    9.3 Entire
      Agreement.
      This
      Purchase Option (together with the other agreements and documents being
      delivered pursuant to or in connection with this Purchase Option) constitute
      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.

     

    9.4 Binding
      Effect.
      This
      Purchase Option shall inure solely to the benefit of and shall be binding upon,
      the Holder and the Company and their respective successors, legal
      representatives and permitted assigns, and (except for CRT pursuant to Section
      5.5.3, 9.1 and 9.5) 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.

     

    9.5 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 Delaware, without giving effect to conflict of
      laws. The Company, CRT and the Holder each hereby agree 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 New York, New
      York, and irrevocably submit to such jurisdiction, which jurisdiction shall
      be
      exclusive. Any 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
      8.4 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.

     

    9.6 Waiver,
      Etc.
      The
      failure of the Company, CRT 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, CRT 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.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    9.7 Exchange
      Agreement.
      As a
      condition of the Holder’s receipt and acceptance of this Purchase Option, the
      Holder agrees that, at any time prior to the complete exercise of this Purchase
      Option by the Holder, if the Company and CRT enter into an agreement (“Exchange
      Agreement”) pursuant to which they agree (subject to Section 6.4 above) that all
      outstanding Purchase Options will be exchanged for securities or cash or a
      combination of both, then the Holder shall agree to such exchange and become
      a
      party to the Exchange Agreement.

     

    {Remainder
      of this page left intentionally blank. Signature page to
      follow.}

    

    

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Company has caused this Purchase Option to be signed by
      its
      duly authorized officer as of the ____ day of                ,
      2006.

     

    ADVANCED
      TECHNOLOGY ACQUISITON CORP.

     

    By: 
      ___________________________________

    Name:

    Title:

     

     

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Form
      to
      be used to exercise Purchase Option:

     

    Advanced
      Technology Acquisition Corp. 

    14
      A
      Achimeir Street

    Ramat
      Gan
      52587

    Israel

    

    Date:_________________,
      200__

     

    The
      undersigned hereby irrevocably elects to exercise all or a portion of the within
      Purchase Option and to purchase ____ Units of ADVANCED 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.

    

     

    ________________________________________
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.

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Form
      to
      be used to assign Purchase Option:

     

    Advanced
      Technology Acquisition Corp. 

    14
      A
      Achimeir Street

    Ramat
      Gan
      52587

    Israel

    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 ADVANCED 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.Unassociated Document

    WARRANT
      AGREEMENT

    

    Agreement
      made as of _____________, 2006 between Advanced Technology Acquisition Corp.,
      a
      Delaware corporation, with offices at 14 A Achimeir Street, Ramat Gan 52587,
      Israel (“Company”), and Continental
      Stock Transfer & Trust Company, a New York corporation, with offices at 17
      Battery Place, New York, NY 10004 (“Warrant Agent”).

    

    WHEREAS,
      the Company has received a binding commitment from [______________]
      (the
“Insider”), to purchase an aggregate of 2,000,000 warrants (“Founder Warrants”);
      and

    

    WHEREAS,
      the Company is engaged in a public offering (“Public Offering”) of Units and, in
      connection therewith, has determined to issue and deliver up to (i) 25,000,000
      warrants to the public investors ("Public Warrants"), and (ii) 1,500,000 Units,
      which include 1,500,000 warrants to CRT Capital Group LLC (“CRT”) or its
      designees (“Underwriter Warrants” and, together with the Public Warrants and
      Founder Warrants, the “Warrants”), evidencing the right of the holders of the
      Warrants to purchase one share of the Company’s common stock, par value $.0001
      per share (“Common Stock”), for $6.00 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:

    

    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, Chief Executive Officer, 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.

     

    2.4.  Detachability
      of Warrants.
      The
      securities comprising the Units will begin to trade separately on the 65th
      day
      after the date hereof unless CRT informs the Company of its decision to allow
      earlier separate trading, but in no event will CRT 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 over-allotment
      option, if the over-allotment option is exercised prior to the filing of the
      Form 8-K. 

     

    2.5.  Warrant
      Attributes.
      Except
      as otherwise provided in this Agreement, the Founder Warrants and the
      Underwriter Warrants shall have the same terms and be in the same form as the
      Public Warrants except that (a) the Founder Warrants shall always be exercisable
      on a cashless basis at the discretion of the holder, (b) the Exercise Period
      (as
      defined below) for the Founder Warrants shall commence upon the consummation
      by
      the Company of a Business Combination (as defined below), and (c) the Exercise
      Period of the Underwriter Warrants shall terminate the earlier to occur of
      (i) ___________, 2011 or (ii) the Expiration Date (as defined
      below).

     

    3.   Terms
      and Exercise of Warrants.

     

    3.1.  Warrant
      Price.
      Each
      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 $6.00 per whole share, subject to the
      adjustments provided in Section 4 hereof and in the last sentence of this
      Section 3.1. 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”), which (a)
      for the Public Warrants, shall commence on the later of (i) the consummation
      by
      the Company of a merger, capital stock exchange, asset acquisition, stock
      purchase or other similar business combination with a technology or
      technology-related business that has operations or facilities located in Israel,
      or that intends to establish operations or facilities in Israel, such as
      research and development, manufacturing or executive offices, following the
      Company's initial business combination with a target business (“Business
      Combination”) (as described more fully in the Company’s Registration Statement)
      and (ii) __________, 2007, and shall terminate at 5:00 p.m., New York City
      time
      on the earlier to occur of (i) ___________, 2010 and (ii) the date
      fixed for redemption of the Warrants as provided in Section 6 of this Agreement
      (“Expiration Date”); (b) for the Underwriter Warrants, shall commence on the
      later of (i) the consummation of a Business Combination and (ii) __________,
      2007, and shall terminate at 5:00 p.m., New York City time on the earlier to
      occur of (i) ___________, 2011 and (ii) the Expiration Date; and (c)
      for the Founder Warrants, shall commence upon the consummation of a Business
      Combination and shall terminate at 5:00 p.m., New York City time on the earlier
      to occur of (i) ___________, 2010 and (ii) the 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 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 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; 

     

       (a)
      provided, however, that with respect to any Founder Warrants purchased by the
      Insider, so long as such Founder Warrants are held by the Insider or its
      affiliates, such holders may, at their discretion, pay the Warrant Price by
      surrendering the Founder Warrants 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 Warrants, 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
      sales price of the Common Stock in the principal trading market for the Common
      Stock as reported by any national securities exchange or quoted on the NASD
      OTC
      Bulletin Board (or successor exchange), as the case may be, for
      the
      five trading days ending on the trading day preceding the date the Founder
      Warrants are exercised; and 

    

    (b)
      provided further, however, that with respect to any outstanding Warrants,
      in the event the Company calls such Warrants for redemption, the Company shall
      have the ability to determine whether holders of those Warrants shall be
      required to pay the Warrant Price in cash or whether they shall be required
      to
      exercise the warrants on a cashless basis, in which case the holder of such
      Warrants (including the Founder Warrants) shall pay the Warrant Price by
      surrendering such Warrants 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 Warrants, multiplied by the difference between
      the
      Warrant Price and the “redemption fair market value” (defined below) by
      (y) the redemption fair market value. The “redemption fair market value”
shall mean the average reported last sale price of the Common Stock for the
      ten
      trading days ending on the third trading day prior to the date on which the
      notice of redemption is sent to holders of such Warrants.

    

    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 or upon surrender of the Warrant (or portion
      thereof) as set forth in Section 3.3.1(a), 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 or surrendered in full, a new countersigned Warrant for
      the
      number of shares as to which such Warrant shall not have been exercised or
      surrendered. Notwithstanding the foregoing, the Company shall not be obligated
      to deliver any securities pursuant to the exercise of a Public Warrant or a
      Underwriter Warrants and shall have no obligation to settle the Warrant exercise
      unless a registration statement under the Act with respect to the Common Stock
      is effective and a current prospectus with respect to the Common Stock issuable
      upon exercise of the Warrants is available for delivery to the Warrant holders,
      subject to the Company’s satisfying its obligations under Section 7.4 to use its
      best efforts. In the event that a registration statement with respect to the
      Common Stock underlying a Public Warrant or a Underwriter Warrants is not
      effective under the Act, the holder of such Public Warrant or Underwriter
      Warrants shall not be entitled to exercise such Warrant and such Warrant may
      have no value and expire worthless. In no event will the Company be required
      to
      net cash settle the warrant exercise. Public Warrants and Underwriter Warrants
      may not be exercised by, or securities issued to, any registered holder in
      any
      state in which such exercise would be unlawful. The shares of common stock
      issuable upon exercise of the Founder Warrants shall be unregistered shares.
      No
      Warrant other than the Founder Warrants will be exercisable, and the Company
      will not be obligated to issue shares of common stock unless, at the time a
      holder of the Underwriter Warrants or a holder of the Public Warrants seeks
      to
      exercise such warrant, a prospectus relating to the common stock issuable upon
      exercise of the non-Founder Warrant is current and the common stock has been
      registered or qualified or deemed to be exempt under the securities laws of
      the
      state of residence of the holder of such warrants.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    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.

     

    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 Sections 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. The Warrants will not be adjusted for issuances of common stock
      at a
      price below their respective exercise prices.

     

    4.4.  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 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.

     

    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 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 while they are
      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 $11.50 per share, for any twenty (20) trading days
      within any thirty (30) consecutive trading day period ending on the third
      business day prior to the date on which notice of redemption is given. In the
      event the Company calls the Warrants for redemption pursuant to this Section
      6.1, the Company shall have the ability to determine whether holders of those
      Warrants shall be required to pay the Warrant Price in cash or whether they
      shall be required to exercise the Warrants on a cashless basis. If the Company
      requires holders of the Warrants to exercise the Warrants on a cashless basis,
      the holder of such Warrants (including the Founder Warrants) shall pay the
      Warrant Price by surrendering such Warrants 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 Warrants, multiplied by the difference
      between the Warrant Price of the Warrants and the “redemption fair market value”
(defined below) by (y) the redemption fair market value. The “redemption
      fair market value” shall mean the average reported last sale price of the Common
      Stock for the ten trading days ending on the third trading day prior to the
      date
      on which the notice of redemption is sent to holders of the Warrants.
      Notwithstanding anything to the contrary contained herein, the Company shall
      not
      call the Warrants for redemption unless there is an effective registration
      statement under the Act relating to the shares of Common Stock issuable upon
      exercise of the Warrants and a prospectus is available. 

     

    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 3.3.1 of this Agreement) 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 CRT.

     

    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 the Common Stock issuable upon exercise of the
      Warrants and it shall use its best efforts to 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 CRT.

     

    7.5.    
      Limitation
      on Monetary Damages.
      In no
      event shall the registered holder of a Warrant be entitled to receive monetary
      damages for failure to settle any Warrant exercise if the Common Stock issuable
      upon exercise of the Warrants has not been registered with the Securities and
      Exchange Commission pursuant to an effective registration statement or if a
      current prospectus is not available for delivery by the Warrant Agent, provided
      the Company has fulfilled its obligations under Section 7.4 to use its best
      efforts to effect such registration and ensure a current prospectus is
      available.

     

    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
      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.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    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 Chief Executive Officer 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.

     

    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.         
      Warrant
      Solicitation and Warrant Solicitation Fees.
      

     

    9.1.  The
      Company has engaged CRT, on a non-exclusive basis, as its agent for the
      solicitation of the exercise of the Warrants. The Company, at its cost, will
      (i)
      assist CRT with respect to such solicitation, if requested by CRT, and (ii)
      provide CRT, and direct the Company’s transfer agent and the Warrant Agent to
      deliver to CRT, lists of the record and, to the extent known, beneficial owners
      of the Company’s Warrants. The Company hereby instructs the Warrant Agent to
      cooperate with CRT in every respect in connection with CRT’s solicitation
      activities, including, but not limited to, providing to CRT, at the Company’s
      cost, a list of record and beneficial holders of the Warrants and circulating
      a
      prospectus or offering circular disclosing the compensation arrangements
      referenced in Section 9.2 below to holders of the Warrants at the time of
      exercise of the Warrants. In addition to the conditions set forth in Section
      9.2, the Company shall be obligated to pay the warrant solicitation fee only
      if
      CRT has provided bona fide services to the Company, at the Company’s request, in
      connection with the exercise of the Warrants and only to the extent that an
      investor who exercises his Warrants specifically designates, in writing, that
      CRT solicited his exercise. In addition to soliciting, either orally or in
      writing, the exercise of Warrants by a Warrant holder, such services may also
      include disseminating information, either orally or in writing, to Warrant
      holders about the Company or the market for the Company’s securities, or
      assisting in the processing of the exercise of Warrants.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    9.2.  In
      each
      instance in which a Warrant is exercised, the Warrant Agent shall promptly
      give
      written notice of such exercise to the Company and CRT (“Warrant Agent’s
      Exercise Notice”). If, upon the exercise of any Warrant more than one year from
      the effective date of the Registration Statement, (i) the market price of the
      Company’s Common Stock is greater than the Warrant Price, (ii) disclosure of
      compensation arrangements between the Company and CRT with respect to the
      solicitation of the exercise of the Warrants was made both at the time of the
      Public Offering and at the time of exercise (by delivery of the Prospectus
      or as
      otherwise required by applicable law, rule or regulation), (iii) the holder
      of
      the Warrant confirms in writing that the exercise of the Warrant was solicited
      by CRT, (iv) the Warrant was not held in a discretionary account, (v) the
      solicitation of the exercise of the Warrant was not in violation of Regulation
      M
      (as such rule or any successor rule may be in effect as of such time of
      exercise) promulgated under the Securities Exchange Act of 1934, as amended,
      and
      (vi) CRT has received a request from the Company to solicit the exercise of
      the
      Warrants, then the Warrant Agent, simultaneously with the distribution of the
      Common Stock underlying the Warrants so exercised in accordance with the
      instructions from the Company following receipt of the proceeds to the Company
      received upon exercise of such Warrant(s), shall, on behalf of the Company,
      pay
      a fee of 2% of the Warrant Price to Underwriter, provided that CRT delivers
      to
      the Warrant Agent within ten (10) business days from the date on which CRT
      has
      received the Warrant Agent’s Exercise Notice, a certificate that the conditions
      set forth in the preceding clauses (iii), (iv) and (v) have been satisfied.
      Notwithstanding the foregoing, no fee will be paid to CRT with respect to the
      exercise by it or its affiliates or the Company’s officers or directors of
      Warrants purchased by it or them and still held by them for its or their own
      account. CRT and the Company may at any time during business hours, examine
      the
      records of the Warrant Agent, including its ledger of original Warrant
      certificates returned to the Warrant Agent upon exercise of
      Warrants.

     

    10.       
      Miscellaneous
      Provisions.

     

    10.1.    
      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.

     

    10.2.    
      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:

     

    Advanced
      Technology Acquisition Corp.

    14
      A
      Achimeir Street 

    Ramat
      Gan
      52587 Israel

    Attn:
      Moshe Bar-Niv

    

    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
      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,
      NY 10004

    Attn:
      Steve Nelson, Chairman and President

    

    with
      a
      copy in each case to:

     

    Mintz
      Levin Cohn Ferris Glovsky and Popeo PC

    666
      Third
      Avenue

    New
      York,
      NY 10017

    Attn:
      Kenneth Koch, Esq.

    

    and

    

    Proskauer
      Rose LLP

    1585
      Broadway

    New
      York,
      New York 10036-8299

    Attn:
      Brian B. Margolis, Esq.

    

    and

    

    CRT
      Capital Group LLC

    262
      Harbor Drive

    Stamford,
      CT 06902

    Attn:
      Jeff Marshall

    

    10.3.    
      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
      10.2 hereof. Such mailing shall be deemed personal service and shall be legal
      and binding upon the Company in any action, proceeding or claim.

     

    10.4.    
      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
      10.2 hereof, CRT, any right, remedy, or claim under or by reason of this Warrant
      Agreement or of any covenant, condition, stipulation, promise, or agreement
      hereof. CRT shall be deemed to be a third-party beneficiary of this Agreement
      with respect to Sections 6.1, 6.4, 7.4 and 10.2 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
      CRT with respect to the Sections 6.1, 6.4,
      7.4
      and 10.2 hereof) and their successors and assigns and of the registered holders
      of the Warrants.

     

    10.5.    
      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.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    10.6.    
      Counterparts.
      This
      Agreement may be executed in any number of original or facsimile 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.

     

    10.7.    
      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.

     

    10.8.    
      Amendments.

     

    10.8.1    
      This
      Agreement and any Warrant certificate may be amended by the parties hereto
      by
      executing a supplemental warrant agreement (a “Supplemental Agreement”), without
      the consent of any of the Warrant holders, for the purpose of (i) curing
      any ambiguity, or curing, correcting or supplementing any defective provision
      contained herein, or making any other provisions with respect to matters or
      questions arising under this agreement that is not inconsistent with the
      provisions of this agreement or the Warrant certificates, (ii) evidencing
      the succession of another corporation to the Company and the assumption by
      any
      such successor of the covenants of the Company contained in this agreement
      and
      the Warrants, (iii) evidencing and providing for the acceptance of
      appointment by a successor Warrant Agent with respect to the Warrants,
      (iv) adding to the covenants of the Company for the benefit of the Holders
      or surrendering any right or power conferred upon the Company under this
      Agreement, or (viii) amending this agreement and the Warrants in any manner
      that the Company may deem to be necessary or desirable and that will not
      adversely affect the interests of the Warrant holders in any material
      respect.

     

    10.8.2    
      The
      Company and the Warrant Agent may amend this agreement and the Warrants by
      executing a Supplemental Agreement with the consent of the Holders of not fewer
      than a majority of the unexercised Warrants affected by such amendment, for
      the
      purpose of adding any provisions to or changing in any manner or eliminating
      any
      of the provisions of this Agreement or of modifying in any manner the rights
      of
      the Holders under this agreement; provided,
      however,
      that,
      without the consent of each of the Warrant holders affected thereby, no such
      amendment may be made that (i) changes the Warrants so as to reduce the
      number of Shares purchasable upon exercise of the Warrants or so as to increase
      the Exercise Price (other than as provided by Section 4),
      (ii) shortens the period of time during which the Warrants may be
      exercised, (iii) otherwise adversely affects the exercise rights of the
      Holders in any material respect, or (iv) reduces the number of unexercised
      Warrants the holders of which must consent for amendment of this agreement
      or
      the Warrants.

     

    10.8.3     
      Notwithstanding
      anything contained herein to the contrary, Section 9 may be amended only by
      the
      parties hereto with the consent of CRT. The parties hereto acknowledge that
      CRT
      shall be an intended third-party beneficiary of this Section 10.8.3 and Section
      9.

     

    11.       Severability.
      This
      Warrant Agreement shall be deemed severable, and the invalidity or
      unenforceability of any term or provision hereof shall not affect the validity
      or enforceability of this Warrant Agreement or of any other term or provision
      hereof. Furthermore, in lieu of any such invalid or unenforceable term or
      provision, the parties hereto intend that there shall be added as a part of
      this
      Warrant Agreement a provision as similar in terms to such invalid or
      unenforceable provision as may be possible and be valid and
      enforceable.

     

     

    (Remainder
      of page intentionally left blank. Signature page immediately
      follows.)

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    
      	ADVANCED TECHNOLOGY ACQUISITION
              CORP. 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	By:	 	 	 
	
              
                

              

              Name:
 
                Moshe Bar-Niv

            	 	 	
            
	
              Title:    
                Chairman

            	 	 	 

    

     

    
      
        	
                CONTINENTAL
                  STOCK TRANSFER 

                &
                  TRUST COMPANY

              	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	By:	 	 	 
	
                
                  

                

                Name:  

              	 	 	
              
	
                Title:
                  

              	 	 	 

      

       

    

     

    

    
      [Warrant
        Agreement]

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