Document:

Exhibit
      10.1.5

     

    October
      17, 2006 

    

    Pinpoint
      Advance Corp.

    4
      Maskit
      Street

    Herzeliya,
      Israel 46700 

    

    Maxim
      Group LLC 

    405
      Lexington Avenue 

    New
      York,
      New York 10174 

    

    
      	
            	Re:	
              Pinpoint
                Advance Corp. (the “Company”)

            

    

    

    Gentlemen:
      

    

    The
      undersigned, in consideration of Maxim Group LLC (“Maxim”)
      entering into a letter of intent (the “Letter
      of Intent”)
      to
      underwrite an initial public offering (the “IPO”)
      of the
      securities of the Company and embarking on the IPO process, hereby agrees as
      follows (certain capitalized terms used herein are defined in paragraph XII
      hereof): 

    

    I.    (1)    In
      the
      event the Company fails to consummate a Business Combination within 18 months
      from the effective date (the “Effective Date”) of the registration statement
      relating to the IPO (or 24 months under the circumstances described in the
      prospectus relating to the IPO) (such later date being the “Termination Date”)),
      the undersigned shall, in accordance with all applicable requirements of the
      Delaware General Corporation Law (the “DGCL”), take all action reasonably within
      his power to dissolve the Company and distribute all funds held in the Trust
      Account to holders of IPO Shares as soon as reasonably practicable following
      the
      approval by the Company’s stockholders of the Company’s dissolution, including,
      without limitation: (i) causing the Company’s board of directors to convene and
      adopt a plan of dissolution and liquidation; (ii) voting, as a director (if
      applicable), in favor of adopting such plan of dissolution and liquidation;
      (iii) following any such adoption by the Company’s board of directors, causing
      the Company to prepare and file a proxy statement with the Securities and
      Exchange Commission (the “SEC”) setting out, and calling for, a vote by the
      Company’s stockholders in favor of the plan of dissolution and liquidation; and
      (iv) voting, as a stockholder, all of the undersigned’s voting securities of the
      Company in favor of any such plan of dissolution and liquidation. 

    

    (2)    If
      the
      Company seeks approval from its stockholders to consummate a Business
      Combination within 90 days of the expiration of 24 months from the Effective
      Date, the undersigned agrees to take all such action reasonably within its
      power
      as is necessary to ensure that the proxy statement related to such Business
      Combination will seek stockholder approval for the plan of dissolution and
      distribution in the event the stockholders do not approve the Business
      Combination. 

    

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    (3)    If
      no
      proxy statement seeking the approval of the stockholders for a Business
      Combination has been filed within 30 days prior to the date which is 24 months
      from the date of the IPO, the undersigned agrees to take, prior to such date,
      all such action reasonably within its power as is necessary to convene and
      adopt
      a plan of dissolution and distribution and file a proxy statement with the
      SEC
      seeking stockholder approval for such plan. 

    

    (4)    Except
      with respect to any of the IPO Shares acquired by the undersigned in connection
      with or following the IPO, the undersigned hereby (a) waives any and all right,
      title, interest or claim of any kind (the “Claim”) in or to all funds in the
      Trust Account and any remaining net assets of the Company upon liquidation
      of
      the Trust Account and dissolution of the Company, (b) waives any Claim the
      undersigned may have in the future as a result of, or arising out of, any
      contracts or agreements with the Company and (c) agrees the undersigned will
      not
      seek recourse against the Trust Account for any reason whatsoever.

    

    II.    In
      order
      to minimize potential conflicts of interest which may arise from multiple
      affiliations, the undersigned agrees to present to the Company for its
      consideration, prior to presentation to any other person or entity, any suitable
      opportunity to acquire an operating business, until the earlier of (i) the
      consummation by the Company of a Business Combination, (ii) the dissolution
      of
      the Company or (iii) such time as the undersigned ceases to be a director of
      the
      Company, subject to any pre-existing fiduciary and contractual obligations
      the
      undersigned might have. 

    

    III.    The
      undersigned acknowledges and agrees the Company will not consummate any Business
      Combination which involves a company which is affiliated with any of the
      Insiders unless the Company obtains an opinion from an independent investment
      banking firm which is a member of the National Association of Securities
      Dealers, Inc. and is reasonably acceptable to Maxim that the Business
      Combination is fair to the Company’s stockholders from a financial perspective.

    

    IV.    (1)    Neither
      the undersigned, any member of the family of the undersigned, nor any affiliate
      of the undersigned (“Affiliate”)
      will
      be entitled to receive, and no such person will accept, any compensation for
      services rendered to the Company prior to the consummation of a Business
      Combination. 

    

    (2)    The
      undersigned shall be entitled to reimbursement from the Company for his
      out-of-pocket expenses incurred in connection with seeking and consummating
      a
      Business Combination. 

    

    V.    Neither
      the undersigned, any member of the family of the undersigned, nor any Affiliate
      will be entitled to receive or accept a finder’s fee or any other compensation
      in the event the undersigned, any member of the family of the undersigned or
      any
      Affiliate originates a Business Combination. 

    

    VI.    (1)    The
      undersigned agrees to be a director of the Company until the earlier of the
      consummation of a Business Combination or the dissolution of the Company. The
      undersigned agrees to not resign (or advise the Board that the undersigned
      declines to seek re-election to the Board of Directors) from his position as
      director of the Company as set forth in the Registration Statement without
      the
      prior consent of Maxim until the earlier of the consummation by the Company
      of a
      Business Combination, liquidation of the Trust Account, or the dissolution
      of
      the Company. The undersigned acknowledges the foregoing does not interfere
      with
      or limit in any way the right of the Company to terminate the undersigned’s
      employment at any time (subject to other contractual rights the undersigned
      may
      have) nor confer upon the undersigned any right to continue in the employ of
      Company. 

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

       

    

    (2)    The
      undersigned’s biographical information furnished to the Company and Maxim and
      attached hereto as Exhibit A is true and accurate in all respects, does not
      omit
      any material information with respect to the undersigned’s background and
      contains all of the information required to be disclosed pursuant to Item 401
      of
      Regulation S-K, promulgated under the Securities Act of 1933, as amended. The
      undersigned’s Questionnaire previously furnished to the Company and Maxim is
      true and accurate in all respects as of the date first written above.

    

    (3)    The
      undersigned represents and warrants: 

    

    (a)    he
      is not
      subject to or a respondent in any legal action for, any injunction relating
      to,
      or any cease-and-desist order or order or stipulation to desist or refrain
      from
      any act or practice relating to the offering of securities in any jurisdiction;
      

    

    (b)    he
      has
      never been convicted of or pleaded guilty to any crime (i) involving any fraud
      or (ii) relating to any financial transaction or handling of funds of another
      person, or (iii) pertaining to any dealings in any securities, and he is not
      currently a defendant in any such criminal proceeding; and

    

    (c)    he
      has
      never been suspended or expelled from membership in any securities or
      commodities exchange or association or had a securities or commodities license
      or registration denied, suspended or revoked. 

    

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

    

    VIII.    The
      undersigned authorizes any employer, financial institution, or consumer credit
      reporting agency to release to Maxim and its legal representatives or agents
      (including any investigative search firm retained by Maxim) any information
      they
      may have about the undersigned’s background and finances (“Information”).
      Neither Maxim nor its agents shall be violating the undersigned’s right of
      privacy in any manner in requesting and obtaining the Information and the
      undersigned hereby releases them from liability for any damage whatsoever in
      that connection. 

    

    IX.    In
      connection with the vote required to consummate a Business Combination, the
      undersigned agrees that he will vote all shares of common stock owned by him
      (either directly or indirectly) prior to the IPO and the Private Placement
      (the
“Insider
      Shares”),
      if
      any, in accordance with the majority of the votes cast by the holders of the
      IPO
      Shares and all shares of common stock acquired in or following the IPO “for” a
      Business Combination. 

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

       

    

    X.    The
      undersigned will escrow his Insider Shares, if any, for the period commencing
      on
      the Effective Date and ending on the earlier of: (i) the third anniversary
      of
      the Effective Date, and (ii) the first anniversary of the completion of a
      Business Combination, subject to the terms of a Stock Escrow Agreement which
      the
      Company will enter into with the undersigned and an escrow agent acceptable
      to
      the Company.

    

    XI.    This
      letter agreement shall be governed by and construed and enforced in accordance
      with the laws of the State of Delaware, without giving effect to conflicts
      of
      law principles that would result in the application of the substantive laws
      of
      another jurisdiction. The undersigned hereby: (i) agrees that any action,
      proceeding or claim against him arising out of or relating in any way to this
      letter agreement (a “Proceeding”)
      shall
      be brought and enforced in the federal courts of the United States of America
      for the District of Delaware, and irrevocably submits to the jurisdiction of
      such courts, which jurisdiction shall be exclusive, (ii) waives any objection
      to
      the exclusive jurisdiction of such courts and any objection that such courts
      represent an inconvenient forum and (iii) irrevocably agrees to appoint National
      Registered Agents, Inc. as agent for the service of process in the State of
      Delaware to receive, for the undersigned and on his behalf, service of process
      in any Proceeding. If for any reason such agent is unable to act as such, the
      undersigned will promptly notify the Company and Maxim and appoint a substitute
      agent acceptable to each of the Company and Maxim within 30 days and nothing
      in
      this letter will affect the right of either party to serve process in any other
      manner permitted by law.

    

    XII.    As
      used
      herein, (i) a “Business
      Combination”
shall
      mean an acquisition by the Company, by merger, capital stock exchange, asset
      or
      stock acquisition, reorganization or otherwise, of an operating business or
      businesses in the business services industry; (ii) “Insiders”
shall
      mean all officers, directors and stockholders of the Company immediately prior
      to the IPO; (iii) “IPO
      Shares”
shall
      mean the shares of Common Stock issued in the Company’s IPO; and (iv)
“Trust
      Account”
shall
      mean the trust account in which most of the proceeds to the Company of the
      IPO
      will be deposited and held for the benefit of the holders of the IPO shares,
      as
      described in greater detail in the prospectus relating to the IPO.

    

    XIII.    This
      letter agreement shall supersede any other letter agreement signed by the
      undersigned with respect to the subject matter hereof. 

    

    [Signature
      Page to Follow]

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    
      	 	 	Very truly yours, 	 
	 	 	 	 
	 	 	/s/
              Jacob Perry 	 
	 	 	Jacob Perry 	 

    

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    EXHIBIT
      A

    [biography]Exhibit
      10.2

     

    FORM
      OF INVESTMENT MANAGEMENT TRUST AGREEMENT

     

    This
      Agreement is made as of October __, 2006 by and between Pinpoint Advance Corp.
      (the “Company”) and American Stock
      Transfer & Trust Company (“Trustee”).

     

    WHEREAS,
      the Company’s Registration Statement on Form S-1, File No. 333-______
      (“Registration Statement”), for its initial public offering of securities
      (“IPO”) has been declared effective on [_____], 2006 by the Securities and
      Exchange Commission (“Effective Date”); and

     

    WHEREAS,
      the Company has issued securities in a private placement (the “Placement”);
      and

     

    WHEREAS,
      Maxim Group LLC (“Maxim”) is acting as the representative of the underwriters
      (the “Underwriters”); and

     

    WHEREAS,
      as described in the Company’s Registration Statement, (i) in accordance with the
      Company’s Certificate of Incorporation, $22,516,000 of the net proceeds of the
      IPO ($26,003,500 if the Underwriters’ over-allotment option is exercised in
      full), (ii) in accordance with the Placement Unit Agreement, dated as of
      [______], 2006, among the Company, Maxim and certain purchasers, $1,500,000
      of
      the gross proceeds of the Placement (together with the IPO proceeds, the “Base
      Deposit”), (iii) in accordance with the Underwriting Agreement, dated [____],
      2006, between the Company and Maxim, as representative of the Underwriters,
      an
      additional $750,000 ($862,500 if the Underwriters’ over-allotment option is
      exercised in full), representing a portion of the Underwriters’ discount (the
“Deferred Discount”), and (iv) in accordance with the terms of a promissory note
      in the principal amount of $234,000 ($384,000 if the over-allotment is exercised
      in full) dated [___], 2006 between Ronen Zadok and the Company (the “Term
      Note”), $25,000,000 will be delivered to the Trustee as of [_____], 2006 to be
      deposited and held in a trust account for the benefit of the Company, the public
      holders of the Common Stock, par value $.0001 per share, of the Company (“Common
      Stock”) included in the units of the Company’s securities issued in the IPO (the
“Units”) and Maxim and the Underwriters. The amount to be delivered to the
      Trustee will be referred to herein as the “Property,” the stockholders for whose
      benefit the Trustee shall hold the Property will be referred to as the “Public
      Stockholders,” and the Public Stockholders, the Company and Maxim and the
      Underwriters will be referred to together as the “Beneficiaries”;
      and

     

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

     

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

     

    1.
 
      Agreements
      and Covenants of Trustee
      . The
      Trustee hereby agrees and covenants to:

     

    (a)
         Hold the Property in trust for the Beneficiaries in accordance with
      the terms of this Agreement, in segregated trust accounts (“Trust Account”)
      established by the Trustee with Merrill Lynch;

      

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

     

    (c)
         In
      a
      timely manner, upon the written instruction of the Company, to invest and
      reinvest the Property in any “Government Security” or in money market funds
      selected by the Company meeting the conditions specified in Rule 2a-7
      promulgated under the Investment Company Act of 1940, as amended, as determined
      by the Company. As used herein, “Government Security” means any Treasury Bill
      issued by the United States, having a maturity of one hundred and eighty days
      or
      less;

     

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

     

    (e)   
      Promptly notify the Company and Maxim of all communications received by it
      with
      respect to any Property requiring action by the Company;

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

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

     

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

     

    (i)
         Commence liquidation of the Trust Account upon receipt of the
      Officers Certificate signed by the Chief Executive Officer and Chief Financial
      Officer in accordance with the terms of a letter (“Termination Letter”), in a
      form substantially similar to that attached hereto as Exhibit
      A
      or
Exhibit
      B
      , signed
      on behalf of the Company by its Chief Executive Officer and Chief Financial
      Officer, and complete the liquidation of the Trust Account and distribute the
      Property in the Trust Account only as directed in the Termination Letter and
      the
      other documents referred to therein , as part of the Company’s plan of
      dissolution and liquidation approved by the Company’s stockholders. The Trustee
      understands and agrees that, except as provided in Section 3(j) and Section
      2
      hereof, disbursements from the Trust Account shall be made only pursuant to
      a
      duly executed Termination Letter, together with the other documents referenced
      herein, including, without limitation, an independently certified oath and
      report of inspector of election in respect of the stockholder vote in favor
      of
      the Business Combination (as hereinafter defined). In all cases, the Trustee
      shall provide Maxim with a copy of any Termination Letters, Officers
      Certificates and/or any other correspondence that it receives with respect
      to
      any proposed withdrawal from the Trust Account promptly after it receives same.
      As used in this Agreement, the term “Business Combination” means the acquisition
      by the Company, through merger, capital stock exchange, asset or stock
      acquisition of, or similar business combination with, one or more entities
      located in Israel or Europe as more fully described in the prospectus forming
      a
      part of the Registration Statement; and

    

    (j)
      Commence liquidation of the Trust Account only upon receipt of and only in
      accordance with the terms of a letter (the “Termination Letter”), in a form
      substantially similar to that attached hereto as either Exhibit A or Exhibit
      B,
      signed on behalf of the Company by its President or Chairman of the Board and
      Secretary, and complete the liquidation of the Trust Account and distribute
      the
      Property in the Trust Account only as directed in the Termination Letter and
      the
      other documents referred to therein.

    

    2.
 
      Limited
      Distributions of Income on Property.

     

    (a)
         If there is any income tax obligation relating to the income from
      the Property in the Trust Account, then, at the written instruction of the
      Company, the Trustee shall disburse to the Company or the Internal Revenue
      Service by wire transfer or check (as directed by the Company in its instruction
      letter), out of the Property in the Trust Account, the amount indicated by
      the
      Company as required to pay income taxes.

     

    (b)
         Upon written request from the Company containing certification that
      such distribution pursuant to this Section 2(b) shall only be used to fund
      the
      working capital requirements of the Company and the costs related to
      identifying, researching and acquiring a prospective target businesses, in
      each
      case as described in the prospectus that forms a part of the Registration
      Statement, the Trustee shall distribute to the Company an amount equal to up
      to
      $1,250,000 ($1,380,000 if the Underwriters’ over-allotment option is exercised
      in full) of the income earned on the Base Deposit, net of taxes payable, through
      the last day of the month immediately preceding the date of receipt of the
      Company’s written request.

     

    (c)
      Upon
      the written instruction of the Company on every March 31, June 30, September
      30,
      and December 31 prior to the LOI Termination Date (each such date a “Note
      Interest Payment Date”), the Trustee shall make a payment to the Note Payee of:
      (a) one-sixth of the Principal Amount, and (b) interest on the then remaining
      Principal Amount, of the Term Note accrued during the quarterly period ended
      on
      such date at a per annum rate of 4% during such quarterly period (all as
      calculated and specified in the instruction letter from the Company to the
      Trustee); provided, however, that the Company will not provide such instructions
      to the Trustee (i) if the first scheduled principal and interest payment
      represents a period less than one full quarterly period, (and such payment
      shall
      be deferred until the date of the next occurring Note Interest Payment Date),
      and (ii) until the expiration of the first full quarter after the date on which
      the Company has drawn interest from the Trust Account aggregating to $[______]
      (all of such accrued interest being payable in the first quarter after such
      threshold has been reached). 

    

    (d)
      (
i
      )     Subject to the limitations and conditions set forth in
      paragraphs ( ii
      ) and
 ( iii
      ) of this Section 2(d), upon the written instruction of the Company upon
      either the consummation of a Business Combination or the LOI Termination Date
      (or, in the event the Company has executed a letter of intent prior to the
      LOI
      Termination Date but failed to consummate a Business Combination, the Second
      Termination Date), the Trustee shall deliver payment to the Note Payee in the
      amount of the then remaining Principal Amount of the Term Note, plus interest
      accrued thereon, since the date of the most recent prior Note Interest Payment
      Date, at a per annum rate of 4% since such Note Interest Payment Date (all
      as
      calculated and specified in the instruction letter from the Company to the
      Trustee).

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (
      ii
      )    The Company shall not give the Trustee the instruction
      letter described in paragraph ( i
      ) of
      this Section 2(d) unless it has first delivered to the Trustee a Termination
      Letter in substantially the form attached hereto as Exhibit A or Exhibit B,
      notifying the Trustee that the Company has either consummated a Business
      Combination or adopted a stockholder-approved plan of dissolution and
      liquidation.

     

    (
      iii
      )    The Company’s instruction letter to the Trustee shall
      provide that the Trustee may not make any payment of interest described in
      paragraph ( i
      ) of
      this Section 2(d) until after the Trustee has done the following (all in
      accordance with the written instructions provided to the Trustee by the
      Company): (A) in case a Business Combination has been consummated, distributed
      to each Public Stockholder that has exercised its right to redeem its IPO Shares
      as described in greater detail in the Registration Statement $8.00 for
      each IPO share redeemed by such stockholder; and (B) in case of a
      dissolution and liquidation of the Company, distributed to each Public
      Stockholder at least $8.00 for each IPO Share held by such Public
      Stockholder.

     

    (e)    
      Upon receipt by the Trustee of a written instruction from the Company for
      distributions from the Trust Account in connection with a plan of dissolution
      and distribution, accompanied by an Officers Certificate signed by the Chief
      Executive Officer and Chief Financial Officer of the Company certifying as
      true,
      accurate and complete (i) a statement of the amount of actual expenses incurred
      or, where known with reasonable certainty, imminently to be incurred by the
      Company in connection with its dissolution and distribution, including any
      fees
      and expenses incurred or imminently to be incurred by the Company in connection
      with seeking stockholder approval of the Company’s plan of dissolution and
      distribution, (ii) any amounts due to pay creditors or required to reserve
      for
      payment to creditors, and (iii) the sum of (i) and (ii), the Trustee shall
      distribute to the Company an amount, as directed by the Company in the
      instruction letter, up to the sum of (i) and (ii) as indicated in the
      instruction letter.

    

    (f)   
      Intentionally left blank.

    

    (g)    Except
      as provided in this Section 2, no other distributions from the Trust Account
      shall be permitted except in accordance with Sections 1(i) and 3(j)
      hereof.

     

    3.
 
      Agreements
      and Covenants of the Company.
      The
      Company hereby agrees and covenants:

     

    (a)
         To provide all instructions to the Trustee hereunder in writing,
      signed by the Company’s Chief Executive Officer and Chief Financial Officer. In
      addition, except with respect to its duties under paragraph 1(i) and 3(j),
      the
      Trustee shall be entitled to rely on, and shall be protected in relying on,
      any
      verbal or telephonic advice or instruction which it in good faith believes
      to be
      given by any one of the persons authorized above to give written instructions,
      provided that the Company and/or Maxim shall promptly confirm such instructions
      in writing;

     

    (b)
         To hold the Trustee harmless and indemnify the Trustee from and
      against any and all expenses, including reasonable counsel fees and
      disbursements, or loss suffered by the Trustee in connection with any action,
      suit or other proceeding brought against the Trustee involving any claim, or
      in
      connection with any claim or demand which in any way arises out of or relates
      to
      this Agreement, the services of the Trustee hereunder, or the Property or any
      income earned from investment of the Property, except for expenses and losses
      resulting from the Trustee’s gross negligence or willful misconduct. Promptly
      after the receipt by the Trustee of notice of demand or claim or the
      commencement of any action, suit or proceeding, pursuant to which the Trustee
      intends to seek indemnification under this paragraph, it shall notify the
      Company in writing of such claim (hereinafter referred to as the “Indemnified
      Claim”). The Company shall have the right to conduct and manage the defense
      against such Indemnified Claim, provided that the Company shall obtain the
      consent of the Trustee with respect to the selection of counsel, which
      consent shall not be unreasonably withheld. The Company may not agree to
      settle any Indemnified Claim without the prior written consent of the Trustee.
      The Trustee may participate in such action with its own counsel at its own
      expense;

     

    (c)
         Pay the Trustee an initial acceptance fee, an annual fee and a
      transaction processing fee for each disbursement made pursuant to Sections
      2(a)
      and 2(b) as set forth on Schedule A hereto, which fees shall be subject to
      modification by the parties from time to time. It is expressly understood that
      the Property shall not be used to pay such fees and further agreed that said
      transaction processing fees shall be deducted by the Trustee from the
      disbursements made to the Company pursuant to Section 2(b). The Company shall
      pay the Trustee the initial acceptance fee and first year’s fee at the
      consummation of the IPO and thereafter on the anniversary of the Effective
      Date.
      The Trustee shall refund to the Company the annual fee (on a pro rata basis)
      with respect to any period after the liquidation of the Trust Fund. The Company
      shall not be responsible for any other fees or charges of the Trustee except
      as
      set forth in this Section 3(c) and as may be provided in Section 3(b) hereof
      (it
      being expressly understood that the Property shall not be used to make any
      payments to the Trustee under such Sections);

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (d)
         That, in the event that the Company consummates a Business
      Combination and the Trust Account is liquidated in accordance with Section
      1(i)
      hereof, the Trustee or another independent party designated by Maxim shall
      act
      as the inspector of election to certify the results of the stockholder
      vote;

     

    (e)
         That the Officers Certificate referenced in Sections 1(i) and 3(j)
      hereof shall require the Company’s Chief Executive Officer and Chief Financial
      Officer to each certify the following (wherever applicable): (1) prior to the
      LOI Termination Date, the Company has entered into a bona fide Letter of Intent
      with a target business; and/or (2) prior to the LOI Termination Date, the
      Company has entered into a Business Combination with a target business, the
      terms of which are consistent with the requirements set forth in the
      Registration Statement; and/or (3) prior to the Second Termination Date, the
      Company has entered into a Business Combination with a target business, the
      terms of which are consistent with the requirements set forth in the
      Registration Statement; and (4) the Board of Directors (the “Board”) pursuant to
      the unanimous written consent of the Board has approved (where applicable):
      (i)
      the Letter of Intent; and/or (ii) the Business Combination. A copy of such
      consent and the Letter of Intent and/or the definitive agreement relating to
      the
      Business Combination so approved shall be attached as an exhibit to the Officers
      Certificate;

     

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

     

    (g)
      In
      connection with any vote of the Company’s stockholders regarding a dissolution
      and liquidation, to provide to the Trustee an affidavit or certificate of a
      firm
      regularly engaged in the business of tabulating stockholder votes (which firm
      may be the Trustee) verifying the vote of the Company’s stockholders regarding
      such dissolution and liquidation;

     

    (h)
      Within five business days after the Underwriters’ over-allotment option (or any
      unexercised portion thereof) expires or is exercised in full, to provide the
      Trustee notice in writing (with a copy to the Underwriters) of the total amount
      of the Deferred Fee and Deferred Discount, which shall in no event be less
      than
      $750,000; and

     

    (i)
      Intentionally left blank.

    

     (j)
      ( i
      )    Subject to the limitations and conditions set forth in
      paragraph ( ii
      ) of
      this section 3(j), as soon as practicable after the date 18 months from the
      date
      of this Agreement (the “LOI Termination Date”) (or 24 months from the date
      hereof in the event the Company has executed a Letter of Intent (defined below)
      prior to the LOI Termination Date but failed to consummate a Business
      Combination (“Second Termination Date”)), instruct the Trustee to commence
      liquidation of the Trust Account as part of the Company ’ s plan of dissolution
      and liquidation approved by the Company’s stockholders. The Trustee, upon
      receiving written instruction from the Company and Maxim, shall deliver a notice
      to Public Stockholders of record as of the LOI Termination Date or Second
      Termination Date, whichever the case may be, by U.S. mail or via the Depository
      Trust Company (“DTC”), within five days of receiving instructions from the
      Company to do so, notifying the Public Stockholders of such event. The Trustee
      shall deliver to each Public Stockholder its ratable share of the Property
      against satisfactory evidence of delivery of the stock certificates by the
      Public Stockholders to the Company through DTC, its Deposit Withdraw Agent
      Commission (DWAC) system or as otherwise presented to the Trustee.

     

    (
      ii
      )   Paragraph ( i
      ) of
      this Section 3(j) shall be subject to the following conditions and
      limitations:

     

    (x)    
      If the Company has entered into a bona fide, executed letter of intent,
      agreement in principle or engagement letter (a “Letter of Intent”) for a
      Business Combination prior to the LOI Termination Date, then the Company shall
      not be required to send an instruction to the Trustee relating to the
      liquidation of the Trust Account until the earlier of a Business Combination
      or
      the Second Termination Date.

     

    (y)    On
      the date on which the Trustee is to begin delivery to each Public Stockholder
      of
      its ratable share of the Property, the Company shall provide written
      instructions to the Trustee to deliver the Property according to the following
      schedule: First,
      to each
      Public Stockholder an amount equal to $8.00 for each share represented by
      certificates delivered by such Public Stockholder to the Company or the Trustee
      as prescribed in Paragraph ( i
      ) of
      Section 3(j) of this Agreement. Second,
      to
      deliver payment to the Note Payee the remaining outstanding Principal
      Amount, plus accrued interest thereon. Third,
      to
      deliver to each Public Stockholder the remainder, if any, of its ratable share
      of the Property.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    4.
 
      Limitations
      of Liability.
      The
      Trustee shall have no responsibility or liability to:

     

    (a)
         Take any action with respect to the Property, other than as
      directed in Sections 1 and 2 hereof and the Trustee shall have no liability
      to
      any party except for liability arising out of its own gross negligence or
      willful misconduct;

     

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

     

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

     

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

     

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

     

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

      

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

     

    (h)
         Pay any taxes on behalf of the Trust Account (it being expressly
      understood that the Trustee’s sole obligation with respect to taxes shall be to
      issue the checks with respect thereto provided for by Section 2(a)
      hereof).

    

    (i) Verify
      calculations, qualify or otherwise approve Company requests for distributions
      pursuant to Section 1(i), 2(a) or 2(b) above.

     

    5.
 
      Certain
      Rights Of Trustee.

     

    (a)
         Before the Trustee acts or refrains from acting, it may require an
      Officers Certificate or opinion of counsel or both. The Trustee shall not be
      liable for any action it takes or omits to take in good faith in reliance on
      such Officers Certificate or opinion of counsel. The Trustee may consult with
      counsel and the advice of such counsel or any opinion of counsel shall be full
      and complete authorization and protection from liability in respect of any
      action taken, suffered or omitted by it hereunder in good faith and in reliance
      thereon.

     

    (b)
         The Trustee may act through its attorneys and agents and shall not
      be responsible for the misconduct or negligence of any agent appointed with
      due
      care.

     

    (c)
         The Trustee shall not be liable for any action it takes or omits to
      take in good faith that it believes to be authorized or within the rights or
      powers conferred upon it by this Agreement.   

     

    (d)
         The Trustee shall not be responsible for and makes no
      representation as to the validity or adequacy of this Agreement; it shall not
      be
      accountable for the Company’s use of the proceeds from the Trust Account.
      Notwithstanding the effective date of this Agreement or anything to the contrary
      contained in this Agreement, the Trustee shall have no liability or
      responsibility for any act or event relating to this Agreement or the
      transactions related thereto which occurs prior to the date of this Agreement,
      and shall have no contractual obligations to the Beneficiaries until the date
      of
      this Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    6.
 
      Termination.
      This
      Agreement shall terminate as follows:

     

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

      

    (b)
         At such time that the Trustee has completed the liquidation of the
      Trust Account in accordance with the provisions of Section 1(i) hereof, and
      distributed the Property in accordance with the provisions of the Termination
      Letter, this Agreement shall terminate except with respect to Section 3(b);
      or

     

    (c)
         At such time that the Trustee has completed the liquidation of the
      Trust Account and distributed the Property in accordance with Sections 1(i)
      and
      3(j) hereof, this Agreement shall terminate except with respect to Section
      3(b).

     

    7.
 
      Miscellaneous.

     

    (a)
         The Company and the Trustee each acknowledge that the Trustee will
      follow the security procedures set forth below with respect to funds transferred
      from the Trust Account. Upon receipt of written instructions, the Trustee will
      confirm such instructions with an Authorized Individual at an Authorized
      Telephone Number listed on the attached Exhibit
      C.
      The
      Company and the Trustee will each restrict access to confidential information
      relating to such security procedures to authorized persons. Each party must
      notify the other party immediately if it has reason to believe unauthorized
      persons may have obtained access to such information, or of any change in its
      authorized personnel. In executing funds transfers, the Trustee will rely upon
      account numbers or other identifying numbers of a beneficiary, beneficiary’s
      bank or intermediary bank, rather than names. The Trustee shall not be liable
      for any loss, liability or expense resulting from any error in an account number
      or other identifying number, provided it has accurately transmitted the numbers
      provided.

     

    (b)
         This Agreement shall be governed by and construed and enforced in
      accordance with the laws of the State of Delaware, without giving effect to
      conflict of laws. It may be executed in several counterparts, each one of which
      shall constitute an original, and together shall constitute but one instrument.
      Facsimile signatures shall constitute original signatures for all purposes
      of
      this Agreement.

     

    (c)
         This Agreement contains the entire agreement and understanding of
      the parties hereto with respect to the subject matter hereof. This Agreement
      or
      any provision hereof may only be changed, amended or modified by a writing
      signed by each of the parties hereto; provided, however, that no such change,
      amendment or modification may be made without the prior written consent of
      Maxim, who, along with each other Underwriter, the parties specifically
      agree, is and shall be a third party beneficiary for purposes of this
      Agreement; and provided further, any amendment to Section 3(j) shall require
      the
      consent of all of the Public Stockholders. As to any claim, cross-claim or
      counterclaim in any way relating to this Agreement, each party waives the right
      to trial by jury.   

     

    

    (d)
         The parties hereto consent to the jurisdiction and venue of any
      state or federal court located in the State and County of New York for purposes
      of resolving any disputes hereunder. The parties hereto irrevocably submit
      to
      such jurisdiction, which jurisdiction shall be exclusive, and hereby waive
      any
      objection to such exclusive jurisdiction and accept such venue, and waive any
      objection that such courts represent an inconvenient forum.

     

    (e)
         Any notice, consent or request to be given in connection with any
      of the terms or provisions of this Agreement shall be in writing and shall
      be
      sent by express mail or similar private courier service, by certified mail
      (return receipt requested), by hand delivery or by facsimile transmission:
      +972-957-0894.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    if
      to the
      Trustee, to:

    

    American
      Stock Transfer & Trust Company

    59
      Maiden
      Lane, Plaza Level

    New
      York,
      New York 10038

    Attn:
      Herb Lemmer, Vice President

    Fax
      No.:
      (718) 331-1852

     

    if
      to the
      Company, to:

     

    Pinpoint
      Advance Corp.

    4
      Maskit
      Street

    Herzeliya,
      Israel 46700

    

    Attn:
      Adiv Baruch

    Fax
      No.:

     

    in
      either
      case with a copy to:

     

    Maxim
      Group LLC

    405
      Lexington Avenue

    New
      York,
      New York 10174

    Attn:
      Clifford A. Teller

    Fax
      No.:
      (212) 895-3783

     

    and

     

    Ellenoff,
      Grossman & Schote LLP

    370
      Lexington Avenue

    New
      York,
      New York 10017

    Attn:
      Douglas S. Ellenoff

    Fax
      No.:
      (212) 370-7889

    

    and

     

    Richardson
      & Patel LLP

    405
      Lexington Avenue

    New
      York,
      New York 10174

    Attn:
      Jody R. Samuels

    Fax
      No.:
      (212) 907-6687

     

    (f)
         This Agreement may not be assigned by the Trustee without the prior
      written consent of the Company and Maxim.

     

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

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

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

     

     

    AMERICAN
      STOCK TRANSFER & TRUST COMPANY, as Trustee

     

    By:
      ______________________________________

    Name:
       

    Title:
         

     

    PINPOINT
      ADVANCE CORP.

     

    By:
      ______________________________________
      

    Name:
      Adiv Baruch

    Title:
      Chief Executive Officer

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

    [Letterhead
      of Company]

     

    [Insert
      date]

     

    American
      Stock Transfer

    &
      Trust Company

    59
      Maiden
      Lane

    Plaza
      Level

    New
      York,
      New York 10038

    

    Attn:
      Herb Lemmer, Vice President

     

    
      	
            	Re:	
              Trust
                Account No. [ ] Termination
                Letter

            

    

     

    Gentlemen:

     

    Pursuant
      to Section 1(i) of the Investment Management Trust Agreement between Pinpoint
      Advance Corp. (“Company”) and Continental Stock Transfer & Trust Company
      (“Trustee”), dated as of __________, 2006 (“Trust Agreement”), this is to advise
      you that the Company has entered into an agreement (“Business Agreement”) with
      __________________ (“Target Business”) to consummate a business combination with
      Target Business (“Business Combination”) on or about [_______]. The Company
      shall notify you at least 48 hours in advance of the actual date of the
      consummation of the Business Combination (“Consummation Date”). Capitalized
      words used herein and not otherwise defined shall have the meanings ascribed
      to
      them in the Trust Agreement.

     

    In
      accordance with paragraph 2 of Article 6 of the Certificate of Incorporation
      of
      the Company, the Business Combination has been approved by the stockholders
      of
      the Company and by the Public Stockholders holding a majority of the IPO Shares,
      and Public Stockholders holding less than 20% of the IPO Shares and shares
      issued in the Placement have voted against the Business Combination and given
      notice of exercise of their redemption rights described in paragraph 3 of
      Article 6 of the Certificate of Incorporation of the Company. Pursuant to
      Section 2(e) of the Trust Agreement, we are providing you with [an affidavit]
      [a
      certificate ] of __________, which verifies the vote of the Company’s
      stockholders in connection with the Business Combination. In accordance with
      the
      terms of the Trust Agreement, we hereby authorize you to commence liquidation
      of
      the Trust Account to the effect that, on the Consummation Date, all of funds
      held in the Trust Account will be immediately available for transfer to the
      account or accounts that the Company shall direct in writing on the Consummation
      Date.

     

    On
      the
      Consummation Date (i) counsel for the Company shall deliver to you written
      notification that the Business Combination has been consummated or will,
      concurrently with your transfer of funds to the accounts as directed by the
      Company, be consummated, and (ii) the Company shall deliver to you written
      instructions with respect to the transfer of the funds held in the Trust Account
      (“Instruction Letter”). You are hereby directed and authorized to transfer the
      funds held in the Trust Account immediately upon your receipt of the counsel’s
      letter and the Instruction Letter in accordance with the terms of the
      Instruction Letter. In the event that certain deposits held in the Trust Account
      may not be liquidated by the Consummation Date without penalty, you will notify
      the Company of the same and the Company shall direct you as to whether such
      funds should remain in the Trust Account and be distributed after the
      Consummation Date to the Company or be distributed immediately and the penalty
      incurred. Upon the distribution of all the funds in the Trust Account pursuant
      to the terms hereof, the Trust Agreement shall be terminated.

     

    In
      the
      event that the Business Combination is not consummated on the Consummation Date
      described in the notice thereof and we have not notified you on or before the
      original Consummation Date of a new Consummation Date, then the funds held
      in
      the Trust Account shall be reinvested as provided in the Trust Agreement on
      the
      business day immediately following the Consummation Date as set forth in the
      notice.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 
	 	
              Very
                truly yours,

            
	 	 
	 	
              PINPOINT
                ADVANCE CORP. 

            
	 
 	 
 	 
 
	 	By:  	 
	 	 	 
	 	Adiv Baruch
	 	 
	 	
              Chief
                Executive Officer

            

    

     

     

    Cc:
      Maxim
      Group LLC

     
               

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

     

    [Letterhead
      of Company]

     

    [Insert
      date]

     

    American
      Stock Transfer

    &
      Trust Company

    59
      Maiden
      Lane

    Plaza
      Level

    New
      York,
      New York 10038

    

    Attn:
      Herb Lemmer, Vice President

     

    
      	
            	Re:	
              Trust
                Account No. [ ] Termination
                Letter

            

    

     

    Gentlemen:

     

    Pursuant
      to paragraphs 1(i) and 2(e) of the Investment Management Trust Agreement between
      Pinpoint Advance Corp. (“Company”) and Continental Stock Transfer & Trust
      Company (“Trustee”), dated as of _____________, 2006 (“Trust Agreement”), this
      is to advise you that the Board of Directors of the Company and the
      stockholders of the Company have voted to dissolve the Company and
      liquidate the Trust Account (as defined in the Trust Agreement). Attached hereto
      is a copy of the minutes of the meeting of the Board of Directors of the Company
      relating thereto, certified by the Secretary of the Company as true and correct
      and in full force and effect.

     

    In
      accordance with the terms of the Trust Agreement, we hereby authorize you to
      commence liquidation of the Trust Account as part of the Company’s plan of
      dissolution and liquidation. In connection with this liquidation, you are hereby
      authorized to establish a record date for the purposes of determining the
      stockholders of record entitled to receive their per share portion of the Trust
      Account. The record date shall be within ten (10) days of the liquidation date,
      or as soon thereafter as is practicable. You will notify the Company in
      writing as to when all of the funds in the Trust Account will be available
      for
      immediate transfer (“Transfer Date”) in accordance with the terms of the Trust
      Agreement and Certificate of Incorporation of the Company. You shall commence
      distribution of such funds in accordance with the terms of the Trust Agreement
      and the Certificate of Incorporation of the Company and you shall oversee the
      distribution of such funds. Upon the payment of all the funds in the Trust
      Account, the Trust Agreement shall be terminated.

     

    
      	
            	 	 
	 	
              Very
                truly yours,

            
	 	 
	 	
              PINPOINT
                ADVANCE CORP. 

            
	 
 	 
 	 
 
	 	By:  	 
	 	 	 
	 	Adiv Baruch
	 	 
	 	
              Chief
                Executive Officer

            

    

     

    Cc:
      Maxim
      Group LLC

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

    

    
      	
              AUTHORIZED
                INDIVIDUAL(S)

              FOR
                TELEPHONE CALL BACK

            	
               

            	
              AUTHORIZED

              TELEPHONE
                NUMBER(S)

            
	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            
	
              Company:

            	
               

            	
               

            
	
               

            	
               

            	
               

            
	
              Pinpoint
                Advance Corp.

              4
                Maskit Street

              Herzeliya,
                Israel 46700

              Attn:
                Adiv Baruch, Chief Executive Officer

            	
               

            	
               

               

              972
                9-9500245

            
	
               

            	
               

            	
               

            
	
              Maxim

              405
                Lexington Avenue

              New
                York, New York 10022

              Attn:
                Clifford A. Teller 

            	
               

            	
               (212)
                895-3500

            
	
               

            	
               

            	
               

            
	
              Trustee:

            	
               

            	
               

            
	
               

            	
               

            	
               

            
	
              American
                Stock Transfer

              &
                Trust Company

              59
                Maiden Lane

              Plaza
                Level

              New
                York, New York 10038

              Attn:
                Herb Lemmer, Vice President

            	
               

            	
               (718)
                921-8209

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      A

    

    Schedule
      of fees pursuant to Section 3(c) of Investment Management Trust
      Agreement

    between
      Pinpoint Advance Corp. and 

    American
      Stock Transfer & Trust Company

    

    
      	
              Fee
                Item

            	
              Time
                and method of payment 

            	
              Amount

            
	
              Initial
                acceptance fee

            	
              Initial
                closing of IPO by wire transfer 

            	
              $1,000

            
	
              Annual
                fee

            	
              First
                year, initial closing of IPO by wire transfer; thereafter on the
                anniversary of the effective date of the IPO by wire transfer or
                check

            	
              $3,000

            
	
              Transaction
                processing fee for disbursements to Company under Sections 2(a) and
                2(b)

            	
              Deduction
                by Trustee from disbursement made to Company under Section
                2(b)

            	
              $250

            

    

     

    
      	
            	 	 
	 	
              Agreed:

            
	 	 
	Dated: [___], 2006 	
              PINPOINT
                ADVANCE CORP. 

            
	 
 	 
 	 
 
	 	By:  	 
	 	Adiv Baruch
	 	
              Chief
                Executive Officer

            

    

     

    
      	
            	 	 
	 	American Stock Transfer & Trust
              Co.
	 	 
	 
 	 
 	 
 
	 	By:  	 
	 	 	Authorized Officer

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