---

---

Exhibit 4.14

# STOCK PURCHASE
AGREEMENT

# Between

# Asiasoft Global Pte.
Ltd.,

# Toh Kian Hong,

# PC Holdings Pte Ltd

# And

Top
Image Systems Ltd. (TIS)or any of its subsidiaries at TISs sole
discretion

---

# Dated as of June 12,
2007



---

---

# TABLE OF CONTENTS

|                                                                                    | Page
|----------------------------------------------------------------------------------- | ----
|
|
|
|
|ARTICLE I       DEFINITIONS                                                         | 1   
|                                                                                   
|Section 1.1 Certain Definitions                                                     | 1   
|                                                                                   
|ARTICLE II       PURCHASE AND SALE                                                  | 4   
|                                                                                   
|Section 2.1 Purchase and Sale of Shares and Receipt of the Option                   | 4   
|Section 2.2 Purchase Price                                                          | 5   
|                                                                                   
|ARTICLE III       SIGNING                                                          
|                                                                                   
|Section 3.1 Date and Place of Signing                                               | 6   
|Section 3.2 Actions Upon Signing                                                    | 6   
|                                                                                   
|ARTICLE IV       REPRESENTATIONS AND WARRANTIES OF THE COMPANY AND THE SHAREHOLDERS | 9   
|                                                                                   
|Section 4.1 Power and Authority of the Company and the Shareholders                 | 9   
|Section 4.2 Approvals                                                               | 9   
|Section 4.3 Non-Contravention                                                       | 9   
|Section 4.4 Binding Effect                                                          | 9   
|Section 4.5 Organization and Capitalization of the Company                          | 10  
|Section 4.6 Title Matters                                                           | 10  
|Section 4.7 Financial Statements                                                    | 11  
|Section 4.8 Compliance With Laws                                                    | 12  
|Section 4.9 Litigation and Claims                                                   | 12  
|Section 4.10 Tangible Assets                                                        | 12  
|Section 4.11 Premises                                                               | 12  
|Section 4.12 Intellectual Property and Other Intangible Assets                      | 12  
|Section 4.13 Major Vendors and Customers                                            | 14  
|Section 4.14 The Company Contracts                                                  | 15  
|Section 4.15 Warranties                                                             | 16  
|Section 4.16 Accounts Receivable                                                    | 16  
|Section 4.17 Tax Matters                                                            | 16  
|Section 4.18. Employment Matters                                                    | 17  
|Section 4.19 Benefits Arrangements                                                  | 18  
|Section 4.20 Environmental Matters                                                  | 18  
|Section 4.21 Insurance                                                              | 18  
|Section 4.22 Related-party Transactions                                             | 19  
|Section 4.23 Access                                                                 | 19  
|Section 4.24 Finders' Fees                                                          | 19  
|Section 4.25 Subsequent Changes                                                     | 19  
|Section 4.26 Research and Development Grant                                         | 20  
|Section 4.27 Disclosure                                                             | 20  

i

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|ARTICLE V       REPRESENTATIONS AND WARRANTIES OF BUYER | 21
|------------------------------------------------------- | --
|                                                       
|Section 5.1 Power and Authority of Buyer                | 21
|Section 5.2 Approvals                                   | 21
|Section 5.3 Non-Contravention                           | 21
|Section 5.4 Binding Effect                              | 21
|Section 55 Finders' Fees                                | 22
|                                                       
|ARTICLE VI       COVENANTS                              | 22
|                                                       
|Section 6.1 Access                                      | 22
|Section 6.2 Conduct of Business                         | 22
|Section 6.3 Reasonable Efforts; Further Assurances      | 24
|Section 6.4 Confidentiality                             | 24
|Section 6.5 Public Disclosure                           | 25
|Section 6.6 Notice of Certain Matters                   | 25
|Section 6.7 Exclusivity                                 | 25
|Section 6.8 Certain Actions by Buyer Prior to Closing   | 26
|Section 6.9 Non-Competition and Non-Solicitation        | 26
|                                                       
|ARTICLE VII       OTHER ACTIONS                         | 27
|                                                       
|Section 7.1 Board Approvals                             | 27
|                                                       
|ARTICLE VIII       CLOSING                              | 27
|                                                       
|Section 8.1 Date and Place of Closing                   | 27
|Section 8.2 Conditions to the Obligations of Buyer      | 27
|Section 8.3 Conditions to the Obligation of Seller      | 29
|Section 8.4 Frustration of Closing Conditions           | 29
|Section 8.5 Actions at Closing                          | 29
|                                                       
|ARTICLE IX       TERMINATION                            | 30
|                                                       
|Section 9.1 Termination                                 | 30
|Section 9.2 Effect of Termination                       | 30
|                                                       
|ARTICLE X       INDEMNIFICATION                         | 30
|                                                       
|Section 10.1 Right to Indemnification                   | 30
|Section 10.2 Sellers' Right to Indemnification          | 31
|Section 10.3 Indemnification Procedures                 | 31
|Section 10.4 Survival/Limitations                       | 33
|Section 10.5 General                                    | 34

ii

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|ARTICLE XI       IN GENERAL                                                  | 34
|---------------------------------------------------------------------------- | --
|                                                                            
|Section 11.1 Notices                                                         | 34
|Section 11.2 Amendment; Waiver                                               | 35
|Section 11.3 No Assignment or Benefit to Third Parties                       | 35
|Section 11.4 Expenses                                                        | 35
|Section 11.5 Schedules, Appendices, Etc                                      | 36
|Section 11.6 Effect of representations, warranties, covenants and agreements | 36
|Section 11.7 Governing Law                                                   | 36
|Section 11.8 Alternate Dispute Resolution                                    | 36
|Section 11.9 Submission to Jurisdiction                                      | 36
|Section 11.10 Buyer Right to Choose Jurisdiction                             | 37
|Section 11.11 Remedies Cumulative                                            | 37
|Section 11.12 Inferences                                                     | 37
|Section 11.13 Severability                                                   | 37
|Section 11.14 Entire Agreement                                               | 38
|Section 11.15 Headings                                                       | 38
|Section 11.16 Counterparts                                                   | 38

iii

---

---

# STOCK PURCHASE
AGREEMENT

THIS
AGREEMENT is made as of June 12, 2007 by and among Mr. Alex Toh Kian Hong
(Passport Number 7607980C of 30B Lorong H Telok Kurau Singapore 426019, Singapore
(Alex) and PC Holdings Pte Ltd (Company Registration Number:
199903326Z) of 7 Temasek Boulevard # 27-01 Suntec City Tower 1, Singapore 038987
(PC Holdings or the Seller)(each of Alex and Seller
shall be referred to herein as a Shareholder and jointly as
Shareholders), Asiasoft Global Pte. Ltd. (Company Registration Number:
200424416M) (the Company) of 7 Temasek Boulevard # 27-01 Suntec City
Tower 1, Singapore 038987, on the one part and Top Image Systems Ltd., a corporation
organized under the laws of Israel with principal offices at 2 HaBarzel Street, Ramat
HaChayal, Tel Aviv, Israel (TIS) or any subsidiary of TIS, at
TISs sole discretion (Buyer) on the other part.

WHEREAS,
the Company is a limited liability company organized under the laws of Singapore,
operating as a holding company, conducting business through a group of subsidiaries and
affiliated companies (jointly the Subsidiaries and each entity shall be
referred to herein as a Subsidiary).

WHEREAS,
the Company, directly or through the Subsidiaries, is engaged in the development,
marketing and distribution of software solutions in the field of data management
throughout the region of South East Asia (collectively, the Business);

WHEREAS,
PC Holdings is the sole owner, legally and beneficially, of 51% of the issued and
outstanding share capital of the Company, all as more specifically detailed herein (the
PC Holdings Shares);

WHEREAS,
Alex is the sole owner, legally and beneficially, of the remaining 49% of the issued and
outstanding share capital of the Company, all as more specifically detailed herein (the
Alex Shares);

WHEREAS,
PC Holdings Shares, together with Alex Shares constitute 100% of the issued and
outstanding share capital of the Company; and

WHEREAS,
the parties desire that Buyer purchase the PC Holdings Shares, purchase the Assigned Debts
(as defined below) and receive an option to purchase Alex Shares all as more fully
provided herein;

NOW,
THEREFORE, in consideration of the premises and the mutual representations,
warranties, covenants and undertakings contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
agree as follows:



---

---

# ARTICLE I

# DEFINITIONS

Section
1.1Certain Definitions. In addition to the other capitalized terms defined
elsewhere in this Agreement, the following terms will, when used in this Agreement, have
the following respective meanings:

Accountants
means E & Y.

Affiliate
means, with respect to any person, (a) the spouse or minor children of such person or
(b) any person directly or indirectly controlling, controlled by, or under common
control with, such person at any time during the period for which the determination of
affiliation is being made. For purposes of this definition, the term control
means, with respect to any person, the possession, directly or indirectly, of the power to
direct or cause the direction of management policies of such person, whether through the
ownership of voting securities or by contract or otherwise. Without limiting the
generality of the foregoing, when used with reference to the Company,
Affiliate includes all Subsidiaries.

Agreement
means this Stock Purchase Agreement, as the same may be amended or supplemented from time
to time in accordance with the terms hereof, including all attachments and schedules
hereto.

Alex
Shares means 49 ordinary shares of the Company, constituting 49% of the
issued and outstanding share capital of the Company on a fully diluted basis, legally and
beneficially owned by Alex.

Antitrust
Laws means and includes any and all laws that are designed or intended to
prohibit, restrict or regulate actions having the purpose or effect of monopolization or
restraint of trade.

Assigned
Debts means all the debts owed to each of the Creditors by the
Debtors, all as set forth in Schedule 3.2(c) hereto.

Books and Records means books, ledgers, files (including personnel
files), reports, operating records, accounting records (including underlying documents),
price lists, correspondence and other forms of information relating in any manner to the
business, operations or financial or statistical history of a person, whether in written,
electronic or magnetic form.

Claim means any pending (or to the Shareholders knowledge,
threatened) contest, claim, demand, assessment, action, cause of action, complaint,
litigation, proceeding, hearing or notice with respect to any of the foregoing involving
any person (including any claims of any Governmental Entity).

Closing
means the consummation of all of the Transactions in accordance with Article VIII.

Closing
Date means the date on which the Closing occurs.

- 1 -

---

---

Closing Documentsmeans: (a) with respect to Seller, all agreements, documents and
instruments, required to be delivered by Seller at Closing, as set forth in
Section 8.2; and (b) with respect to Buyer, all agreements, documents and
instruments, required to be delivered by Buyer at Closing, as set forth in
Section 8.2.

Company
Intellectual PropertymeansIntellectual Property listed in
Schedule 4.12.

Creditorsmeans PC Holdings, PC Asia Nominees Limited, Adept Holdings

Dollar
and dollars and $ means U.S. dollars;

Singapore
Dollars, S$ means Singapore Dollars.

Hong
Kong Dollars, HK$ means Hong Kong Dollars.

Debtorsmeans ACME Solutions Ltd, Asiasoft (S) Pte. Ltd. and Asiasoft System (China)
Limited.

Employee
means each Person who, immediately prior to Closing, is employed in the Business, whether
by the Company or a Subsidiaryand is an active employee (with Employees on
temporary leave for purposes of jury, national service/military duty or any other
temporary leave required or permitted by Law being deemed to be active employees).

Encumbrances means liens, charges, encumbrances, security
interests, options or any other restrictions or third party rights.

Equity
Securities shall mean shares, options, preferred shares, warrants, and any
other securities convertible into shares.

Final
Financial Statements means the Financial Statements as defined in Section
4.7(c).

Financial
Statements means the (a) balance sheet, (b) income statement,
(c) cash flow statement, (d) statement of changes in shareholders equity,
and (e) and the notes and schedules thereto, as applicable, as of the date and for
the applicable period set forth therein, and consolidated with regard to the Company and
the Subsidiaries.

Governmental Authorizations means all licenses, permits,
certificates and other authorizations and approvals of any Governmental Entity required
under any applicable Law to carry on the Business as currently conducted in the ordinary
course or required in order to consummate the transaction contemplated hereunder.

Governmental
Entity means any Israeli, Singapore, Hong Kong, Chinese or other local,
state, national, federal or other government, including each of their respective branches,
departments, agencies, courts, instrumentalities or other subdivisions.

- 2 -

---

---

Indemnified
Losses means Buyer Losses or Seller Losses, as the context requires.

Indemnified Party
means any of the Indemnified Parties under Article X.

Intellectual
Propertymeans the following items of intangible and tangible property: (i)
Patents, whether in the form of utility patents or design patents and all pending
applications for such patents (including provisional applications)
(Patents); (ii) Trademarks, trade names, service marks, designs, logos,
trade dress, and trade styles, whether or not registered, and all pending applications for
registration of the same (Trademarks); (iii) Copyrights, whether or not
registered, and all pending applications for registration of the same
(Copyrights); (iv) Know-how, inventions, research records, trade
secrets, confidential information, product designs, engineering specifications and
drawings, technical information, formulas, customer lists, supplier lists and market
analyses (Technical Information); (v) Computer programs, including,
without limitation, computer programs embodied in semiconductor chips
(Firmware) or otherwise embodied, and related flow-charts, programmer notes,
updates and data, whether in object or source code form (Software); and
(vi) Semiconductor chip designs, whether or not registered as mask works or topographies
(Chip Designs).

Law
means any applicable law, statute, ordinance, rule, regulation, code, order, judgment,
injunction, decree or judicial or administrative doctrine that is promulgated or issued by
any Governmental Entity in any of the jurisdictions in which the Company or any of its
Subsidiaries is conducting business on the date of the signing hereof.

Liability
means any direct or indirect indebtedness, liability, contest, claim, demand, assessment,
action, cause of action, complaint, litigation, damage, deficiency, obligation or
responsibility, fixed or unfixed, choate or inchoate, liquidated or unliquidated, secured
or unsecured, accrued, absolute, contingent or otherwise.

Losses
means Liabilities, losses, charges, suits, proceedings, interest, penalties and reasonable
costs and expenses associated therewith (including reasonable attorneys fees,
litigation costs, fines, penalties and expenses of investigation), whether asserted by a
party to this Agreement or by a third party, in each case net of any tax benefit or any
insurance proceeds paid to or received by the Indemnified Party associated with such Loss;
provided, that in no event shall the term Losses include any special,
exemplary, incidental or consequential damages (including lost or anticipated revenues or
profits relating to the same).

Material
Adverse Effect means an effect that is materially adverse to the business,
assets, liabilities, properties, condition or results of operations of the Company and the
Subsidiaries taken as a whole, other than changes, events or developments arising
primarily out of or resulting primarily from: (i) announcement or pendency of the
Transaction; (ii) any action taken by any party hereto required or permitted by the
terms of the Transaction; or (iii) any changes in accounting requirements or
principles or any changes in applicable laws, rules or regulations.

Option means the right granted to the Buyer under the Option
Agreement to purchase the Alex Shares.

- 3 -

---

---

PC
Holdings Shares means 51 ordinary shares of the Company, constituting 51% of
the issued and outstanding share capital of the Company on a fully diluted basis, legally
and beneficially owned by P.C. Holdings.

Person means an individual, a corporation, a partnership, a limited
liability company, an association, a trust or any other entity or organization.

Securities
means the PC Holdings Shares and the Option to purchase the Alex Shares.

Signing
Documentsmeans: (a) with respect to Seller, all agreements,
documents and instruments, required to be delivered by Seller at Signing, as set forth in
Section 3.2; and (b) with respect to Buyer, all agreements, documents and
instruments, required to be delivered by Buyer at Signing, as set forth in
Section 3.2.

Taxes means all taxes levied or imposed by any Governmental Entity,
includingbut not limited to income, payments to national or governmental
insurance, healthcare, gross receipts, windfall profits, value added, severance,
production, sales, use, license, excise, franchise, employment, environmental, real
property, personal property, transfer, alternative minimum, estimated, withholding or
other taxes, together with any interest, additions or penalties with respect thereto and
any interest in respect of such additions or penalties, whether or not disputed or
contested.

Tax
Returns means all reports and returns required to be filed with respect to
Taxes, including all attachments thereto.

To the knowledge of a person means to that persons knowledge
after reasonable investigation.

Transaction
means, collectively, the purchase and sale of the Securities contemplated herein and the
other transactions contemplated hereby.

U.S. means the United States of America.

US
GAAP means generally accepted accounting principles, methods and practices
set forth in the statements, opinions, pronouncements and interpretations of the
Accounting Principles Board, the American Institute of Certified Public Accountants, the
Financial Accounting Standards Board and the US Securities and Exchange Commission or of
such other person as may be approved by a significant segment of the U.S. accounting
profession, in each case as of the date or period at issue.

# ARTICLE II

# PURCHASE AND SALE

Section
2.1Purchase and Sale of Shares and receipt of the Option. On the terms and
subject to the conditions set forth herein, at Closing, Seller will sell, convey,
transfer, assign and deliver to Buyer all right, title and interest in and to the PC
Holdings Shares and in the Assigned Debts and Buyer will purchase PC Holdings Shares and
the Assigned Debts and pay the Purchase Price, thereby purchasing 51% of the issued and
outstanding share capital of the Company and the Assigned Debts. In addition, at the
Closing, the Buyer shall receive an Option to purchase Alex Shares under the terms and
conditions set forth in the Option Agreement attached hereto as Schedule 2.1, and
Alex and the Buyer shall execute such Option Agreement.

- 4 -

---

---

Section
2.2Purchase Price. In consideration for the purchase of the PC Holdings
Shares and the Assigned Debts, Buyer will pay the Seller a purchase price equal to
US$980,000 (nine hundred and eighty thousand US Dollars) (the Purchase Price).
The Purchase Price will be paid as follows:

| | (a)        the
amount of US$735,000 will be paid to the Seller at the Closing by wire
               transfer of immediately available funds to the accounts designated in
writing by                Seller to Buyer prior to Closing.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b)        the
amount of US$245,000 (Deferred Payment) will be paid by
               the Buyer to the Seller upon the conclusion of a 12 month period
commencing at                Closing (Verification Period and Deferred
Payment                Date accordingly), subject to the satisfaction on or
prior to the                Deferred Payment Date, of the cumulative conditions as
detailed hereunder:
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (i)        At
the Closing and during the Verification Period all the representations,
               warranties and statements included in this Agreement and the Schedules and
               exhibits thereto are will remain true, accurate and complete in all
material                respect, without omission of any material fact necessary for such
statements to                be accurate and not misleading and no discrepancy from any
such representations,                statements and warranties will have been discovered.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (ii)        During
the Verification Period, no Material Fact or information regarding the
               Company, any of the Subsidiaries, or their business which would reasonably
be                expected to have been disclosed to the Buyer in the course of the
negotiations                towards the signing of this Agreement would be discovered; A
Material Fact shall                mean a fact that might have a Material Adverse Effect
or adversely to affect the                Companys ability to perform its
obligations under this Agreement and to                consummate the Transactions
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (iii)        During
the Verification Period there will not be discovered any Material Change
               between any undertaking or liability contained in the latter of the Most
Recent                Financial Statements or the Management Interim Report, as the case
may be, and                such undertaking or liability as will appear in the Companys
Final                Financial Statements. The term Material Change shall
mean a                difference of 10% or more in scope of the relevant liability
provided however                that such difference is not resulting solely from the
adoption of the US GAAP                set of accounting principles for such Financial
Statements.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (iv)        During
the Verification Period no Indemnified Claims as defined in article 10.3
               herein pursuant to Article X shall be discovered or filed.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------

- 5 -

---

---

| | (c)        In
the event any of the foregoing conditions is not satisfied by the Deferred
               Payment Date (Condition Failure), the Buyer shall have
the                right to suspend the payment of the Deferred Payment until such
Condition                Failure is cured by the Seller. If the Condition Failure is not
cured by the                Seller within 30 days (Cure Period) or is
incapable of being                cured, the parties shall assess the liability imposed
on the Company or any                Subsidiary arising out of such Condition Failure (Agreed
               Liability) and such Agreed Liability shall be offset against the
               Deferred Payment and the Purchase Price shall be adjusted accordingly. If
the                parties shall fail to reach an agreement regarding the Agreed
Liability within                45 days following the Cure Period, the assessment of the
liability imposed on                the Company or any Subsidiary arising out of such
Condition Failure shall be                made by a final non-appealable resolution of
the competent authority under                section 11.8, 11.9 and 11.10 as applicable.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (d)        In
the event that as a result of any or all of the Condition Failures the Buyer
               incurs any Liability or suffers any Losses that in the aggregate exceed
the                Deferred Payment amount, then any amounts which have been offset by
Buyer shall                be deemed to be paid on account of such Liability or Losses
and the Buyer shall                be entitled to any right and remedy available to it
under any law to recover                such Liability or Losses in excess of the
Deferred Payment.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (e)        The
right to receive Liability or Losses from the Deferred Payment shall be an
               additional remedy available to the Buyer with respect to any breach of any
               representation, warranty, covenant or other agreement in this Agreement in
               addition to any right or remedy available under any applicable Law.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# ARTICLE III

# SIGNING

Section
3.1Date and Place of Signing.Signing will take place at Singapore at a date
and time to be agreed by the Seller and Buyer, but in no event later than June 13, 2007;
(The date on which Signing occurs shall be referred to herein as theSigning Date).A condition precedent to the Signing is the completion, prior to the Signing Date, of
the complete due diligence examination (legal, financial, business) of the Company and
the Subsidiaries, to the satisfaction of Buyer in its sole discretion (Due
Diligence).The Buyer may agree, at its sole discretion, to postpone the
completion of the Due Diligence to the Closing Date, in which event, the completion of
the Due Diligence to the Buyers full satisfaction shall be a condition precedent to
the Closing.

Section
3.2Actions upon SigningAt Signing, all the agreements and instruments listed
below shall be duly signed and executed and delivered to the Buyer. The Buyer may agree,
at its sole discretion, to postpone the execution of any of the following agreements
and/or instruments to the Closing Date, in which event, the execution of the said
agreements or instruments to the Buyers full satisfaction shall be a condition
precedent to the Closing to which Section 8 below shall apply:

| | (a)        The
Option Agreement between the Buyer and Alex, attached hereto as Schedule           2.1.
| | ------------------------------------------------------------------------------------------------------

- 6 -

---

---

| | (b)        An
Agreement in a form acceptable to the Buyer between Mr. Cecil Tai Kin Chung
          Passport Number S7607980C (Cecil), The Company and Blitz
          Technologies Limited, to the effect that Cecil will, as soon as practicable but
          in any event no later than the Closing Date , assign all of the debts of Blitz
          Technologies Limited owed to him as set forth in Schedule 3.2(b), to the
          Company with the result of the Company becoming the sole creditor of such
debts.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c)        An
Agreement in a form acceptable to the Buyer between the Creditors the Buyer           and
the Debtors, to the effect that the Creditors will, as soon as practicable           but
in any event no later than the Closing Date, assign the Assigned Debts to           the
Buyer with the result of the Buyer becoming the sole creditor of the           Assigned
Debts.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (d)        An
Agreement in a form acceptable to the Buyer between Cecil, The Company and
          Asiasoft Solutions (HK) Limited, to the effect that Cecil will, as soon as
          practicable but in any event no later than the Closing Date, transfer (i) all
of           the issued and outstanding share capital of Asiasoft Solutions (HK) Limited,
          held by him, to the Company with the result of the Company becoming the sole
          registered shareholder of Asiasoft Solutions (HK) Limited, and (ii)all of the
          issued and outstanding share capital of ACME Solutions Limited. held by him in
          trust for Asiasoft Solutions (HK) Limited, with the result of Asiasoft
Solutions           (HK) Limited., becoming the sole registered shareholder of ACME
Solutions           Limited.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (e)        Resolution
of the Board of Directors and the Shareholder Meeting of Asiasoft           Solutions
(HK) Limited approving the transfer of all of Asiasoft Solutions (HK)           Limiteds
holding in ACME Solutions Ltd. to the Company and the winding up           of Asiasoft
Solutions (HK) Limited;
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (f)        An
Agreement in a form acceptable to the Buyer between Mrs. Chin Kuei Hsieh           (Mrs.
Kuei Hsieh ), Hong Kong Passport Number R084453(4), the           Company and Blitz
Technologies Limited., to the effect that Mrs Kuei Hsieh will,           as soon as
practicable but in any event no later than the Closing Date, transfer           all of
the issued and outstanding share capital of Blitz Technologies Limited.,           held
by her, to the Company with the result of the Company becoming the sole
          registered shareholder of Blitz Technologies Limited.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (g)        Resolution
of the Board of Directors and the Shareholder Meeting of Blitz           Technologies
Limited approving such Subsidiarys winding up;
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------

| | (h)        An
Agreement, in a form acceptable to the Buyer, between PC Asia Nominees           Limited,
The Company and Asiasoft System (China) Limited to the effect that PC           Asia
Nominees Limited will, as soon as practicable but in any event no later           than
the Closing Date, transfer all of the issued and outstanding share capital           of
Asiasoft System (China) Limited held by it in trust for the Company with the
          result of the Company becoming the sole registered shareholder of Asiasoft
          System (China) Limited.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (i)        Resolution
of the Board of Directors and the Shareholder Meeting of Asiasoft           Systems
(China) Limited approving the transfer of all of Asiasoft Systems           (China)
Limiteds holding in Shanghai Asiasoft Ltd. to the Company and the           winding
up of Asiasoft Systems (China) Limited;
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

- 7 -

---

---

| | (j)        An
Agreement in a form acceptable to the Buyer between Cecil, the Company and
          Asiasoft Solutions (GZ) Ltd. to the effect that Cecil will, as soon as
          practicable but in any event no later than the Closing Date, transfer all of
the           issued and outstanding share capital of Asiasoft Solutions (GZ) Ltd. held
by him           in trust and/or by ownership, to the Company with the result of the
Company           being the registered shareholder of Asiasoft Solutions (GZ) Ltd.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (k)        An
agreement in a form acceptable to the Buyer, between Asiasoft Systems (China)
          Ltd., Shanghai Asiasoft Ltd., and MingZhong (including all its successors in
          title), for the purchase by Asiasoft Systems (China) Ltd. of
          MingZhongss holdings (including holdings of all of its successors in
          title) in Shanghai Asiasoft Ltd., the termination of the Cooperative Contract
          between MingZhong ( including all its successors in title) and Shanghai
Asiasoft           Ltd. and the amendment of the Articles of Incorporation of Shanghai
Asiasoft           Ltd., accordingly.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (l)        An
agreement in a form acceptable to the Buyer, between Bizoft Technologies Co.
          Ltd. and Asiasoft Solutions (GZ) Limited in which Bizsoft Technologies Co. Ltd.
          shall transfer all of its Employees to Asiasoft Solutions(GZ) Limited.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (m)        Employment
agreement between the Company and Alex as attached hereto as           Schedule 3.2(m).
| | -------------------------------------------------------------------------------------------------------------

| | (n)        Employment
agreement in a form acceptable to the Buyer, between the Asiasoft           Solutions
(GZ) Ltd. and Cecil.
| | --------------------------------------------------------------------------------------------------------------------------------

| | (o)        Duly
executed Waiver and Release letters, substantially in the form annexed to           this
Agreement as Exhibit 3.2(o) signed by the Company and all           Related
Parties to the effect that, no Related Party are owed any amounts           whatsoever by
the Company or any Subsidiary, including but not limited to by way           of
dividends, salary, shareholders loan, consultancy fee, or           directors
fees, and waiving and rescinding any and all amounts owed to           them by the
Company or any Subsidiary.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (p)        No
later than 7 days following the Signing, the Buyer will have received, to its
          full satisfaction, (i) the Management Interim Report together with a statement
          signed by Alex in his capacity as Chief Executive Officer of the Company that,
          to his best knowledge, the Management Interim Report fairly presents the
          financial condition of the Company and the Subsidiaries as of May 31, 2007, and
          the results of operation for the five (5) month period then ended; and (ii) a
          detailed account receivable report regarding the Company and the Subsidiaries
          updated and to and including all accounts receivable up and until May 31,
2007;.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# ARTICLE IV

# REPRESENTATIONS AND
WARRANTIES OF COMPANY AND THE SHAREHOLDERS

As
of the date hereof, the Company and the Shareholders make the following representations
and warranties to Buyer; provided, however, that the representations and warranties
made in Sections 4.1, 4.3, 4.4, 4.6(a), the information in Section 4.9, with respect
to the Shareholders and any portion of Section 4.27 that relates to any of the foregoing
are made by each of the Seller, Alex and the Company severally, as to himself or itself,
and not jointly as to any other party.

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Section
4.1Power and Authority of the Company and the Shareholders. Each party that
is a corporation, and each of the Subsidiaries is duly organized, validly existing and,
to the extent applicable, in good standing under the Laws of the jurisdiction of its
incorporation. Each of Alex, Seller and the Company has full power and authority to
execute and deliver this Agreement, each Signing Document and each Closing Document to
which it is a party, and to perform its obligations hereunder and thereunder. The
execution, delivery and performance by each of Alex, Seller and the Company of this
Agreement will have been duly and validly authorized by all necessary corporate action on
the part of that party, and no additional corporate authorization or consent is or will
be required in connection therewith.

Section
4.2Approvals. No consent, approval, waiver, authorization or novation is
required to be obtained by the Company any Subsidiary or any Shareholder and no notice or
filing is required to be given by the Company, any Subsidiary or any Shareholder, to any
Governmental Entity or other entity or person in connection with the execution, delivery
and performance by such Shareholder or the Company of this Agreement and each Closing
Document to which such Shareholder or the Company is a party.

Section
4.2A Waiver and Consents.Alex and the Shareholders hereby consent to the
transactions contemplated hereunder and under the Option Agreement, and hereby waive and
rescind any and all rights and privileges (such as right of first refusal, preemptive
right etc) they have or may have under any agreement and/or the Companys
articles of association and/or otherwise in connection with the execution of the
transactions hereunder.

Section
4.3Non-Contravention. The execution, delivery and performance by each
Shareholder or the Company of this Agreement and each Signing Document and Closing
Document to which it is a party, the performance of the Company or any Subsidiary
hereunder, and the consummation of the Transaction, do not and will not: (a) violate
any provision of the memorandum or articles of association, bylaws or other
organizational documents of that Shareholder , the Company or any Subsidiary; (b) conflict
with, or result in the breach of, or constitute a default under, or result in the
termination, cancellation or acceleration (whether after the filing of notice or the
lapse of time or both) of any right or obligation of the any of the Shareholder, the
Company or any Subsidiary under any agreement, contract, lease, sublease, arrangement,
commitment or license to which any of the Shareholders, the Company or any Subsidiary is
a party; or (c) violate or result in a breach of or constitute a default under any
Law or other restriction of any Governmental Entity to which the Sellers, the Company or
any Subsidiary is subject.

Section
4.4Binding Effect. This Agreement and each Signing Document and Closing
Document, when executed and delivered by a Shareholder and the Company, will constitute
valid and legally binding obligations of that Shareholder and the Company, enforceable
against that Shareholder and the Company in accordance with their respective terms,
subject to bankruptcy, insolvency, reorganization, moratorium and other Laws of general
applicability relating to or affecting creditors rights and general equity
principles.

- 9 -

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Section
4.5 Organization and Capitalization of the Company.

| | (a)        The
Company is a limited company duly organized and validly existing under the           Laws
of Singapore. The Company has all requisite corporate power and authority           to
own, lease, operate and transfer its assets, and to carry on the Business as
          now being conducted. The Company is duly qualified to do business and is in
good           standing as a foreign corporation in each jurisdiction where its ownership
or           operation of assets or its conduct of the Business requires such
qualification,           which jurisdictions are listed on Schedule 4.5(a) 1.
Schedule           4.5(a)2 contains a full list of all equity interest including
shares and           options held by the Company (Equity Interest)
together with a           detailed capital structure of each and every entity in which
the Company holds           such Equity Interest shares or other equity interest in any
corporation           (companies listed in Schedule 4.5(a)2 shall be referred
herein as           Subsidiaries).
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b)        Each
Subsidiary is duly organized and validly existing under the Laws of the
          jurisdiction of its organization. Each Subsidiary has all requisite corporate
          power and authority to own, lease, operate and transfer its assets, and to
carry           on the Business it conducts as now being conducted. Each Subsidiary is
duly           qualified to do business and is in good standing as a foreign corporation
in           each jurisdiction where its ownership or operation of assets or the conduct
of           its business requires such qualification, which jurisdictions are listed on
Schedule 4.5(b)
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c)        The
total issued capital stock of the Company consists of 100 ordinary shares.
          Except as expressly set forth herein there are no preemptive or other
          outstanding rights, options, warrants, conversion rights or agreements or
          commitments under which the Company is obligated to issue or sell any Equity
          Securities or any securities or obligations convertible into or exchangeable
          for, or giving any person a right to subscribe for or acquire from the Company,
          any Equity Securities.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (d)        There
are no preemptive or other outstanding rights, options, warrants,           conversion
rights or agreements or commitments under which, to           Shareholders knowledge,
any other person is obligated to sell Equity           Securities or any securities or
obligations convertible into or exchangeable           for, or giving any person a right
to subscribe for or acquire any Equity           Securities and to Shareholders knowledge,
no securities or obligations           evidencing such rights are outstanding.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (e)        The
Company and the Shareholders have heretofore provided or otherwise made
          available to Buyer true, correct and complete copies of the Memorandum of
          Association, articles of association (including all amendments to date),
          register of shareholders, and copies of all minutes and resolutions of all
          meetings of the Board of Directors, of any committee thereof and of the general
          meeting of the Company and the Subsidiaries.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (f)        Schedule 4.5(f) states
the names and titles of each officer and the           name of each director of (i) the
Company and of (ii) each Subsidiary           (as to each, an Officer or
Director,           respectively).
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Section
4.6 Title Matters.

| | (a)        Each
Shareholder has good and marketable title, free of all Encumbrances, except           for
restrictions under applicable securities Laws and the Buyer acquires           hereunder
good and marketable title, free of all Encumbrances in such           Securities.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

- 10 -

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| | (b)        The
Company and/or the Subsidiaries have, free and clear of all Encumbrances           good
and marketable title to, or the right to use, all tangible property           (including
real property) used, or owned or leased and useful in, the Business           or its
products or services.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Section
4.7 Financial Statements.

| | (a)        A
copy of the Companys signed unaudited consolidated Financial Statements
               as at December 31, 2006 and for the fiscal year then ended as
presented                during the financial due diligence to the Buyer is attached as
Schedule 4.7(a) hereto (the Most Recent Financial
               Statements). The Most Recent Financial Statements have been
prepared                in accordance with Singapore Accounting Standards, and present
fairly the                financial condition of the Company and its Subsidiaries as of
such date and the                results of operations for the fiscal year then ended.
The Most Recent Financial                Statements were not affected by any
extraordinary or non recurring item except                as specified therein.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b)        A
copy of the Companys signed unaudited consolidated Financial Statements
               as at May 31, 2007 and for the four months then ended is attached as
Schedule 4.7(b) hereto (the Management Interim                Report).
The Management Interim Report have been prepared in                accordance with
Singapore Accounting Standards, and present fairly the financial                condition
of the Company and its Subsidiaries as of such date and the results of
               operations for the four months then ended. The Management Interim Report
was not                affected by any extraordinary or non recurring item except as
specified therein.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c)        After
Closing the Buyer shall prepare the following Financial Statements
               (jointly the Final Financial Statements):
| | ----------------------------------------------------------------------------------------------------------------------------------------------

| | (i)        The
Companys audited consolidated Financial Statements as at                December 31,
and 2006 and for the fiscal year then ended. The said                Financial Statements
shall be prepared in accordance with US GAAP, and present                fairly the
financial condition of the Company and its Subsidiaries as of such                date
and the results of operations for the fiscal years then ended.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (ii)        the
Companys reviewed Financial Statements as at June 30 2007, and for the
               six months then ended. The said Financial Statements shall be prepared in
               accordance with US GAAP, and present fairly the financial condition of the
               Company and its Subsidiaries as of such date and the results of operations
for                the six months then ended.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (d)        All
proper and necessary books of account and accounting records have been
               maintained by the Company, are in its possession and contain accurate
               information, and have been kept in a manner that enables the Company to
prepare                its Financial Statements in accordance with Singapore accounting
Standards.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (e)        Except
as set forth in the Most Recent Financial Statements and the Management
               Interim Report, the Company has no liabilities or obligations of any type
or                nature whatsoever, whether due or to become due or whether actual,
contingent or                otherwise, other than liabilities and obligations reflected
on the Most Recent                Financial Statements and the Management Interim Report
or with respect to                liabilities or obligations incurred or assumed by the
Company subsequent to                January 1, 2007.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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Section
4.8Compliance With Laws. The Business has been and is being conducted in
compliance in all material respects with all Laws, and the Business has all material
Governmental Authorizations necessary for the conduct of the Business as currently
conducted.

Section
4.9Litigation and Claims. There is no civil, criminal or administrative Claim
pending, or to Companys and Shareholder knowledge, investigation pending or
threatened by, on behalf of or against any Shareholder, the Company or any of its
Subsidiaries with respect to or relating to the Company or any Subsidiary or any of their
respective assets; and neither the Company nor any Subsidiary is subject to any order,
writ, judgment, award, injunction or decree of any Governmental Entity of competent
jurisdiction or any arbitrator.

Section
4.10 Tangible Assets.

| | (a)       The
Most Recent Financial Statements contain a true, correct and complete
          description of: (i) all material equipment, computer equipment and
          hardware, furniture, fixtures, vehicles, machinery, apparatus, media, tools,
          appliances, implements, supplies and other tangible personal property which are
          in a good state of repair and condition, ordinary wear and tear excepted, which
          is needed for the conduct of the Business.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b)       The
Most Recent Financial Statements contain a true, correct and complete
          description, by category and volume level as of December 31, 2006, of all
          of the Business inventories of (i) Products, (ii)  computer
          program code (in all media) and materials, and (iii) program
          documentation, including user materials. All of such inventories have been
          costed and valued and presented in the Most Recent Financial Statements. All of
          such inventories of Products, materials, stores and supplies are usable for
          their intended purpose.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Section
4.11  Premises Each of the premises of the Company and the Subsidiaries conforms
to and complies in all material respects with all covenants, conditions, restrictions,
reservations, land use, zoning, health, fire, water and building codes and other similar
Laws, and no such Laws prohibit or limit or condition the use or operation of such
premises as currently used and operated. To Shareholders knowledge, there is no
pending, contemplated, threatened or anticipated change in the zoning classification of
any of such premises.

Section
4.12 Intellectual Property and Other Intangible Assets

| | (a)        The
Intellectual Property (as defined below) of the Company or any Subsidiary is
          listed in Schedule 4.12 attached hereto. The Company and any Subsidiary
          own and have developed, or have obtained the right to use, free and clear of
all           liens, claims and restrictions, all patents, trademarks, service marks,
trade           names and copyrights, and applications, licenses and rights with respect
to the           foregoing, and all trade secrets, including know-how, inventions,
designs,           processes, works of authorship, computer programs and technical data
and           information (collectively herein Intellectual Property)
used           and sufficient for use in the conduct of its business as now conducted and
as           currently proposed to be conducted, without infringing upon or violating any
          right, lien, or claim of others, including without limitation the Shareholders
          or past and present Employees and employers of the Company or any Subsidiary.
          Neither the Company nor any Subsidiary is obligated or under any liability
          whatsoever to make any payments by way of royalties, fees or otherwise to any
          owner or licensee of, or other claimant to, any patent, trademark, service
mark,           trade name, copyright or other intangible asset, with respect to the use
thereof           or in connection with the conduct of its business as now conducted or
as           proposed to be conducted or otherwise.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

- 12 -

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| | (b)        To
the best knowledge of the Company and the Shareholders, after diligent           inquiry,
the Intellectual Property detailed in Schedule 4.12 does not           infringe
upon or violate any right, lien, or claim of others, including without
          limitation the Shareholders or past and present Employees and members of the
          Shareholders or the Company.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c)        Except
in connection with off-the-shelf-products, neither the           Company nor
any Subsidiary is obligated or under any liability whatsoever to           make any
material payments by way of royalties, fees or otherwise to any owner           or
licensee of, or other claimant to, any patent, trademark, service mark, trade
          name, copyright or other intangible asset, with respect to the use thereof or
in           connection with the conduct of the Business.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (d)        Any
and all Intellectual Property of any kind which has been developed, or is
          currently being developed by any Employee or consultant of the Company or any
          Subsidiary shall be the property solely of the Company or such Subsidiary, as
          the case may be.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (e)        The
Company and the Subsidiaries have taken security measures to protect the
          secrecy and confidentiality of all the Intellectual Property detailed on Schedule
4.12, which measures are reasonable and customary in the           industry in which
the Company or the Subsidiaries operate.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (f)        The
Shareholders and each of the Companys or any Subsidiarys          Employees
and consultants have entered (or will before the Closing enter) into           written
agreements with the Company or the relevant Subsidiary, as applicable,
          assigning to the Company or the relevant Subsidiary all rights in Intellectual
          Property set forth in Schedule 4.12 developed in the course of their
          employment by, or provision of services to, the Company or the relevant
          Subsidiary and each of the Companys and the relevant Subsidiarys
          Employees and other persons who, either alone or in concert with others,
          developed, invented, discovered, derived, programmed or designed the
          Intellectual Property set forth in Schedule 4.12, or who has knowledge
of           or access to information about the Intellectual Property set forth in Schedule
4.12, including (without limitation) the Shareholders have           entered into a
written non-disclosure or intellectual property assignment           agreement with the
Company or with any Subsidiary, as the case may be. True and           correct copies of
all such assignments have been provided to the Buyer.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (g)        The
Company has not received any communications alleging that the Company or any
          Subsidiary has violated or by conducting the Business, would violate, any of
the           patents, trademarks, service marks, trade names, copyrights or trade
secrets or           other proprietary rights of any other person or entity.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (h)        Neither
the Shareholders nor, to the best knowledge of the Company and the
          Shareholders, any of the Companys or of any of the Subsidiarys
          Employees is obligated under any contract (including licenses, covenants or
          commitments of any nature) or other agreement, or subject to any judgment,
          decree or order of any court or administrative agency, that would interfere
with           the use of the Shareholders or such Employees best efforts to
          promote the interests of the Company or any Subsidiary pursuant to such
          Shareholder or such Employees employment agreement, as the case may be,
or           that would conflict with the Companys or any Subsidiarys
Business.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | (i)        Neither
the execution nor delivery of this Agreement, nor the carrying on of the           Companys
or any of the Subsidiarys Business by the Employees of the           Company or of
any of the Subsidiaries, as the case may be, nor the conduct of           the Companys
or any Subsidiarys Business, will, to the knowledge of           the Company and
the Shareholders (which knowledge qualification shall not apply           to the extent
that this representation relates to such Shareholder) conflict           with or result
in a breach of the terms, conditions or provisions of, or           constitute a default
under, any contract, covenant or instrument under which           either such Shareholder
or any of such Employees is now obligated.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (j)        It
is not currently and the Company does not at this time have any knowledge           that
would indicate that it will become, necessary to utilize any inventions of           any
of the Shareholders or the Companys or any Subsidiarys Employees
          (or people the Company or any Subsidiary currently intend to hire) made prior
to           their employment by the Company or the relevant Subsidiary and which were
not           made on behalf of the Company or the relevant Subsidiary. For the removal
of           doubt, by executing this Agreement, each Shareholder, and each person
signing on           behalf of the Shareholder, confirms and approves that any and all
developments           or other activities made in connection with the Intellectual
Property by each of           such persons prior to the incorporation of the Company or
the relevant           Subsidiary or such individual employment with the Company, was
made for the           benefit of the Company.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Section
4.13Major Vendors and Customers. Schedule 4.13 lists each
licensor, developer, remarketer, distributor and supplier of property or services to, and
each licensee, end-user or customer of, the Company or any Subsidiary to whom the Company
or any Subsidiary paid or billed in the aggregate $50,000 or more during either 2006 or
from January 1st2007 till the date hereof, together with, in each case, the
amount paid or billed during such period. Neither the Company, any Subsidiary nor, to
Sellers knowledge, any Employee of the Company or any Subsidiary, has been informed
by a third party that the consummation of the Transaction would result in the loss of any
significant customer, potential customer or vendor of the Business.

Section
4.14 The Company Contracts.

| | (a)        (a)
The term  Company Contracts means the following:
| | -----------------------------------------------------------------

| | (i)        all
Licenses as listed on Schedule 4.14(a)(i) (the                Licenses);
| | -----------------------------------------------------------------------------------------

| | (ii)        all
Major Software Contracts as listed on Schedule 4.14(a)(ii) (the
               Software Contracts). The term Major Software Contract shall
mean a                contract according to which any of the Company or any Subsidiary
(each, an                Entity) paid, may pay or collected or may
collect in the                aggregate 5% or more of such Entitys turnover during
either 2006 or from                January 1st 2007 till the date hereof;
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | (iii)        all
Major Maintenance Contracts as listed on Schedule 4.14(a)(iii)               (the
Maintenance Contracts ). The term Major Maintenance
               Contract shall mean a maintenance contract according to which any Entity
paid,                may pay or collected or may collect in the aggregate 5% or more of
such                Entitys turnover during either 2006 or from January 1st 2007
till the date                hereof;
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (iv)        all
leases and subleases of real property premises, as listed on Schedule 4.14(a)(iv) (the
Leases);
| | -----------------------------------------------------------------------------------------------------------------

| | (v)        all
unfilled sales orders (including all backlog) of the Business, as of the
               date hereof, as listed on Schedule 4.14(a)(v);
| | -----------------------------------------------------------------------------------------------------------------------------------------------------

| | (vi)        all
distribution agreements and re-sale agreements to which the Company or a
               Subsidiary is a party and which are in effect as of the date hereof;
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (vii)        all
joint ventures or other contracts or commitments providing for payments
               based in any manner on the revenues or profits of the Company, a
Subsidiary or                the Business, which are in effect as of the date hereof.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b)        The
Company and the Shareholders have made available to Buyer true and complete
               copies of each Company Contract that is in written form, and true and
complete                written summaries of each Company Contract that is oral.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c)        There
are no other agreements, contracts, subcontracts, leases and subleases of
               personal property, arrangements, commitments, licenses and sublicenses to
which                the Company or a Subsidiary is a party as of the date hereof, and
which is in                effect as of the date hereof, pursuant to which the Company or
a Subsidiary is                obligated to make payments or entitled to receive
payments, in excess of                $50,000, whether written or oral.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (d)        Each
of the Company Contracts constitutes the valid and legally binding
               obligation of the Company or a Subsidiary and, to Shareholders knowledge,
               of the other parties thereto, and is enforceable in accordance with its
terms,                except as may be limited by applicable bankruptcy, insolvency,
reorganization,                moratorium or other Laws of general application relating
to or affecting the                enforcement of creditors rights generally and
equitable principles                limiting the availability of equitable remedies.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (e)        Each
of the Company Contracts (as the same may be amended, restated,
               supplemented or otherwise modified by any other Company Contract, and when
taken                together with any other Company Contract covering the subject
thereof)                constitutes the entire agreement of the respective parties
thereto relating to                the subject matter thereof.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (f)        No
act or omission has occurred or failed to occur that has not been either
               cured or waived which, with the giving of notice, the lapse of time or
both                would (i) constitute a default under any of the Company Contracts by
the Company                or any Subsidiary or, to Sellers knowledge, the other
party thereto, or                (ii) permit termination, modification or acceleration
thereunder by the Company                or any Subsidiary or, to Sellers knowledge,
the other party thereto, and                each of the Company Contracts is in full
force and effect.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | (g)        None
of the Company Contracts requires consent or waiver in connection with
               consummation of the Transaction.
| | --------------------------------------------------------------------------------------------------------------------------------------

With respect to each Lease:
(i) to Sellers knowledge, there are no material disputes or oral agreements
between the parties thereto; and (ii) the Company will have the right to continue to
occupy the leased premises following the Closing without incurring a payment of any
additional amount to the landlord thereof solely as a result of the Closing of the
Transactions.

Section
4.15Warranties. All Products sold by the Business on or before the date
hereof with respect to which written warranties are still in effect have been in
conformity with such written warranties and commitments and express and implied
warranties as of the date hereof of the Company or any Subsidiary, as the case may be. As
of the date hereof, there is no Claim for replacement of such Products or other damages
pursuant to such warranty. No Product sold by the Company or any Subsidiary, as the case
may be, is subject to any contractual guaranty, warranty or other indemnity beyond those
provided to the Buyer in the course of the Due Diligence.

Section
4.16Accounts Receivable. All of the consolidated accounts receivable
(including the accounts, obligations, contracts and instruments underlying the same) of
the Company as of April 30, 2007 are set forth in Schedule 4.16. All such account
receivable, net of the reserve for doubtful accounts reflected on the Most Recent
Financial Statements, are good and collectible at their respective full amounts; provided,
however, that the foregoing is not a representation, warranty or guarantee that such
accounts receivable will, in fact, be collected.

Section
4.17 Tax Matters.

| | (a)        Except
as set forth on Schedule 4.17(a), all Tax Returns, if any,           required to
be filed by the Company or any Subsidiary on or before the date of           the
signature of this Agreement, have been filed with the appropriate           governmental
agencies and taxing authorities with which such reports are           required to be
filed and such Tax Returns are true and accurate and all Tax           liabilities based
on such Tax Returns have been paid by the Company or the           applicable Subsidiary
in a full and timely fashion (after giving effect to any           extensions to which
the Company has been granted or to which it is entitled by           law) or the Company
has properly accrued, on the Most Recent Financial           Statements, a provision for
the payment of all Taxes due or claimed to be due           for which the Company or such
Subsidiary otherwise is or may be liable. Neither           the Company nor any
Subsidiary has exercised a waiver which is still in effect           extending the
statute of limitations for any year for any Taxes.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b)        The
Company, and each Subsidiary, has complied with all Laws relating to the
          payment and withholding of Taxes and has withheld and paid all Taxes required
to           have been withheld and paid in connection with amounts paid or owing to any
          Employee, independent contractor or other person;
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

- 16 -

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| | (c)        Neither
the Company nor any Subsidiary is bound by any agreement (either with           any
person or any taxing authority) with respect to Taxes.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (d)        No
audit or other administrative or court proceedings are pending with respect           to
Taxes of the Company or any of its Subsidiaries and no written notice thereof
          has been received; and no issue has been raised by any taxing authority in any
          presently pending or prior audit that would reasonably be expected to generate
a           material liability for the Company.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (e)        No
Claim has been made by a taxing authority that is still pending in a
          jurisdiction where the Company does not file Tax Returns that the Company is or
          may be subject to taxation in that jurisdiction.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (f)        No
Claim has been made by a Taxing authority in a jurisdiction where any
          Subsidiary does not file Tax returns that such Subsidiary is or may be subject
          to taxation in that jurisdiction.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (g)        The
Seller, to the exclusion of Buyer, is responsible for any Taxes incurred by           the
Company arising from the Transaction itself.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------

Section
4.18 Employment Matters.

| | (a)        Neither
          the Company nor any Subsidiary is a party to or bound by any (i) collective
          bargaining agreements or other contracts or commitments to or with any labor
          unions or other Employee representatives, groups of Employees, works councils
or           the like, or (ii) any employment contracts or other contracts,
agreements           or commitments to or with individual current or former Employees,
consultants or           agents that are still in effect, whether written or oral.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b)        (i)
During the three-year period preceding the date hereof, neither the Company           nor
any Subsidiary has experienced any strikes, slowdowns or similar action by           its
Employees; (ii) neither the Company nor any Subsidiary has any knowledge of           any
organizational effort presently being made or threatened by or on behalf of           any
labor union with respect to the Employees of the Company or any Subsidiary;
          (iii) there are no Claims currently pending or, to Shareholders knowledge,
          threatened, against the Company or any Subsidiary alleging the violation of any
          Laws relating to employment, equal employment opportunity, nondiscrimination,
          wages, hours, benefits, collective bargaining, payments to the National
          Insurance Institute, or any other Claim whatsoever, whether based in tort,
          contract or Law, arising out of or relating in any way to a persons
          employment (actual or alleged), application for employment or termination of
          employment with the Company or any Subsidiary; and (iv) each Employee is signed
          on a standard employment contract in the form that has been provided to Buyer.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Section
4.19 Benefits Arrangements.

| | (a)        There
are no (i) Employee benefit plans that are in effect as of the date hereof           and
which the Company or any of its Subsidiaries sponsors, maintains, or to           which
contributions are made, or for which obligations are incurred, for the           benefit
of Employees of the Company or any of its Subsidiaries; and (ii) any           Employee
benefit plans or indebtednesses that are not in effect as of the date           hereof
and which in the past the Company or any of its Subsidiaries has           sponsored,
maintained, or to which contributions were made, or for which           obligations were
incurred, for the benefit of Employees of the Company or any of           its
Subsidiaries, and with respect for which there is as of the date hereof any
          unpaid material liability; including any profit-sharing, deferred compensation,
          bonus, share option, share purchase, pension, retainer, consulting, retirement,
          social security, severance, welfare or incentive plan, agreement or
arrangement,           or any other social benefit indebtednesses including payment for
extra hours.           The plans, agreements and arrangements described in this Section 4.19
are           collectively referred to as Benefit Arrangements. Other than
          immaterial amounts, all contributions (including all employer contributions and
          Employee salary reduction contributions) that are due have been paid or accrued
          to each Benefit Arrangement.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | (b)        The
provision made for severance pay that may be owing the Companys or any           of
its Subsidiaries Employees in the Most Recent Financial Statements is
          adequate to cover the amount that would have been owing them had they all
become           entitled to severance pay on the date of the Most Recent Financial
Statements.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c)        No
person who provides services to the Company or any of its Subsidiaries as a
          consultant or independent contractor would reasonably be expected to be
          classified as an Employee by the applicable Governmental Entity for purposes of
          applicable labor laws.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (d)        The
consummation of the Transaction will not in and of itself entitle any person           to
severance pay, and will not accelerate the time of payment or vesting, or
          increase the amount of compensation due to any person, including under any
          Benefits Arrangement.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Section
4.20Environmental Matters. The Company and each Subsidiary has complied in
all material respects with all Environmental Laws, and no Claim or, to Shareholders knowledge,
investigation has been filed or commenced against the Company or any of its Subsidiaries
alleging such failure, nor to Sellers knowledge, is there any valid basis for such
a Claim.

Section
4.21Insurance. The Company and Subsidiaries hold all insurance policies
covering the ownership and operations of the Company or any Subsidiary, or any of the
Companys or any Subsidiarys assets, reflecting the identity of insurers and
amounts and types of coverage. Such insurance provides coverage for such risks and in
such amounts as are reasonable and customary for businesses and assets of the same nature
and size as the Companys or the Subsidiary, as the case may be. All of such
policies, or similar replacement policies, will be until Closing in full force and effect
with no premium arrearages, and no notice of termination or non-payment has been received
with respect to such policies.

Section
4.22Related-party Transactions. Except as detailed in Sections 3.2(b) and
3.2(c) Neither the Company nor any Subsidiary is a party to any contract, agreement,
license, lease or arrangement with, or any other commitment to, directly or indirectly:
(a) any shareholder, director or other officer or salaried Employee of the Company
or any Subsidiary, or any Affiliate thereof (Related Party, Related
Parties); or (b) to Shareholders knowledge, any person in
which any such shareholder, director, officer, salaried Employee or Affiliate has a
material equity or participating interest.

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Section
4.23Access. The Company and the Shareholders (i) have permitted Buyer
and its representatives to have access to the Books and Records of the Company and each
Subsidiary, to the Companys and each Subsidiarys Employees and to the
locations at which the Business is conducted or at which such Books and Records are
located, and (ii) the Company has furnished or otherwise made available to Buyer all
financial and operating data and other information that is available with respect to the
Company or any Subsidiary as Buyer reasonably requested, and (iii) has caused its
Employees, counsel, independent accountants and financial advisors to cooperate with
Buyer in its investigation of the Business. The Company has given Buyer full, complete
and unrestricted access to the premises, technical information, software, books, records,
Employees, counsel, accountants and advisors of the Business.

Section
4.24FindersFees. There is no investment banker, broker, finder or other
intermediary who (i) has been retained by or is authorized to act on behalf of Sellers,
the Company or any Subsidiary and (ii) who is entitled to any fee or commission from the
Company or any Subsidiary in connection with the Transaction except pursuant to an
agreement between such person and the Buyer or the Buyers Affiliate.

Section
4.25Subsequent Changes. Except as set forth in the Most Recent Financial
Statements, since December 31, 2006 (i) the Company and each Subsidiary has been
operated in the ordinary course of business, and (ii) there has not been:

| | (a)        any
material adverse change in the assets, liabilities, condition (financial or
          otherwise), business or operations of the Company or any Subsidiary from that
          reflected in the Most Recent Financial Statements;
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b)        any
damage, destruction or loss, whether or not covered by insurance;
| | --------------------------------------------------------------------------------

| | (c)        any
waiver by the Company or any Subsidiary of a right material to the condition
          (financial or otherwise) or the business of the Company and its
          Subsidiaries taken as a whole or operations and activities of the Company and
          its Subsidiaries taken as a whole;
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (d)        any
material change or amendment to a material contract or arrangement by or           under
which the Company or any Subsidiary or any of their respective assets or
          properties is bound or subject;
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (e)        any
rescission, cancellation, settlement, modification or other compromise of           any
accounts receivable, any indebtedness due thereunder or any guarantee or
          repurchase obligation related thereto, other than in the ordinary course;
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (f)        any
material change in any compensation arrangement or agreement with any           Employee
of the Company or any of its Subsidiaries;
| | --------------------------------------------------------------------------------------------------------------------------------------------------

| | (g)        any
loans made by the Company or any Subsidiary to their respective Employees,
          officers or directors other than travel related advances made in the ordinary
          course of business;
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | (h)        any
agreement to guarantee the performance or indebtedness of any third-party or           to
provide indemnification to any third-party, except for a guarantee or
          indemnification made in the ordinary course or the guarantee or indemnification
          made by the Company for the benefit of, or on behalf of, a Subsidiary;
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (i)        any
sale, transfer or lease of, nor the assumption or imposition nor the
          satisfaction, discharge or settlement of any mortgage, pledge, lien,
encumbrance           or hypothecation on or over or from, any of the Companys or
any           Subsidiarys assets, properties or business, except in the ordinary
course           of the business of the Company or each Subsidiary;
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (j)        any
change in the accounting methods or accounting principles or practices           employed
by the Company or any of its Subsidiaries, except as required by Law or           US
GAAP; nor
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (k)        any
other event or condition of any character that would reasonably be expected           to
have a Material Adverse Effect.
| | ---------------------------------------------------------------------------------------------------------------------------------------

Section
4.26 Research and Development Grant

| | The
Company and/or any Subsidiary has received  research and  development  grants as set
forth in Schedule 4.26, under terms and conditions detailed in each grant
certificate (Grant Certificate). The Company, and each relevant
Subsidiary is in full compliance with all of the provisions of any Grant Certificate, and
of any applicable Law, and has not received any notice alleging any violation of any
Grant Certificate or such Law. The Company, and each relevant Subsidiary, is in full
compliance with its obligations under any Grant Certificate including, but not limited
to, its reporting undertakings and has received all requisite approvals of the grantor to
this Agreement and to the effect that the transaction contemplated hereunder shall not
affect the rights and obligations of the Company and each Subsidiary under any Grant
Certificate. To date, the Company and each relevant Subsidiary, has made all payment
required by it according to the Grant Certificate.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Section
4.27Disclosure. The provisions of this Agreement and the Schedules with
respect to the Company or any Subsidiary do not include any untrue statement of a
material fact or omit to state any material fact necessary in order to make the
statements made herein and therein not misleading. To Shareholders knowledge, there
is no material fact or information regarding the activities of the Company or any of its
Subsidiaries which has not been disclosed and which would reasonably be expected to have
a Material Adverse Effect or reasonably could adversely affect the Companys ability
to perform its obligations under this Agreement and to consummate the Transactions.

# ARTICLE V

# REPRESENTATIONS AND
WARRANTIES OF BUYER

As
of the date hereof, Buyer represent and warrant to the Shareholders as follows:

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Section
5.1 Power and Authority of Buyer.

Buyer is a corporation duly
organized, validly existing and in good standing under the Laws of the State of Israel.Buyer has full corporate power and authority to execute and deliver this Agreement and
each Closing Document to which it is a party, and to perform its obligations hereunder and
thereunder. The execution, delivery and performance by Buyer of this Agreement and each
Closing Document to which it is a party have been duly and validly authorized by all
necessary corporate action on the part of Buyer, and no additional corporate authorization
or consent is required in connection therewith.

Section
5.2Approvals. No consent, approval, waiver, authorization or novation is
required to be obtained by Buyer from, and no notice or filing is required to be given by
Buyer to, any Governmental Entity or other person in connection with the execution,
delivery and performance by Buyer of this Agreement and each Closing Document to which
either of them is a party.

Section
5.3Non-Contravention.The execution, delivery and performance by Buyer of
this Agreement and each Closing Document to which it is a party, and the consummation of
the Transaction, do not and will not: (a) violate any provision of the articles of
incorporation, bylaws or other organizational documents of Buyer; (b) conflict with, or
result in the breach of, or constitute a default under, or result in the termination,
cancellation or acceleration (whether after the filing of notice or the lapse of time or
both) of any right or obligation of Buyer under, any agreement, contract, lease,
sublease, arrangement, commitment or license to which Buyer is a party; or (c) violate
or result in a breach of or constitute a default under any Law, judgment, injunction,
order, decree or other restriction of any Governmental Entity to which Buyer is subject.

Section
5.4 Binding Effect.

This Agreement and each Closing
Document, when executed and delivered by Buyer, will constitute valid and legally binding
obligations of Buyer, enforceable against Buyer in accordance with their respective terms,
subject to bankruptcy, insolvency, reorganization, moratorium and similar Laws of general
applicability relating to or affecting creditors rights and to general equity
principles.

Section
5.5FindersFees.There is no investment banker, broker, finder or other
intermediary who (i) has been retained by or is authorized to act on behalf of Buyer
or any Affiliate of Buyer and (ii) who might be entitled to any fee or commission
from Shareholders or any Affiliate of Shareholders in connection with the Transaction.

# ARTICLE VI

# COVENANTS

Section
6.1Access.During the period from the date hereof to Closing, Shareholders
will cause the Company to (i) permit Buyer and its representatives to have
reasonable access, at reasonable times, upon reasonable advance notice, to the Books and
Records of the Company, to the Employees, consultants, agents and other personnel of the
Company, and to the locations at which the Business is conducted or at which any Books
and Records are located, (ii) furnish or otherwise make available to Buyer any
financial and operating data and other information that is available with respect to the
Company as Buyer from time to time may reasonably request, and (iii) cause its
Employees, counsel, independent accountants and financial advisors to reasonably
cooperate with Buyer in its investigation of the Company

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Section
6.2Conduct of Business.During the period from the date hereof to Closing,
the Shareholders will cause the Company and its Subsidiaries to conduct the Business only
in the ordinary course and to use its commercially reasonable efforts to maintain and
preserve intact its business organization, advantageous business relationships and retain
the services of its Employees, and to maintain existing relationships with licensors,
licensees, suppliers, contractors, distributors, customers and others having business
relationships with it. Without limiting the generality of the foregoing, except as
expressly provided in this Agreement or as otherwise agreed by the parties in writing,
from the date hereof to Closing, either of the Shareholders will neither cause the
Company nor any of its Subsidiaries, nor permit them, without the prior written consent
of Buyer, to:

| | (a)        amend
or propose to amend its articles of association;
| | -----------------------------------------------------------------

| | (b)        authorize
for issuance, issue, sell, deliver or agree or commit to issue, sell           or deliver
(whether through the issuance or granting of options, warrants,           commitments,
subscriptions, rights to purchase or otherwise) any shares of           any class or
any other securities or equity equivalents of the Company (except           for the
issuance of shares as a result of the exercise or conversion of any           warrants,
options or other convertible securities outstanding as of the date           hereof;
provided that  notice of such issuance is given to Buyer within           three
business days thereafter), or amend any of the terms of any such           securities or
agreements outstanding as of the date hereof;
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c)        split,
combine or reclassify any shares, declare, set aside or pay any dividend           or
other distribution (whether in cash, shares, or property or any combination
          thereof) other than ordinary course payments or transfers, including
          distributions from a Subsidiary to the Company, in respect of its securities,
or           redeem, repurchase or otherwise acquire any of its securities or any
securities           of the Subsidiaries;
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (d)        (i) incur
any indebtedness for borrowed money (other than trade payables           incurred in the
ordinary course of business) or issue any debt securities or           assume, guarantee
or endorse the obligations of any other person (except that           the Company may
guarantee or endorse obligations of any of the Subsidiaries in           the ordinary
course of business); (ii) make any loans, advances (other than           travel and other
business advances to Employees, and the extension of trade           credit, all made in
the ordinary course of business); (ii) make any loans,           advances or capital
contributions to, or investments in any other person, (other           than investments
in mutual funds or public companies made in connection with           treasury cash
management policies in the ordinary course of business);           (iii) pledge or
otherwise encumber shares of the Company or any of the           Subsidiaries; or (iv) mortgage
or pledge any of its assets, tangible or           intangible, or create or knowingly
suffer to exist any Encumbrance thereupon,           except Permitted Encumbrances;
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | (e)        Enter
into, adopt or (except as may be required by Law) amend or terminate any           bonus,
profit sharing, compensation, severance, termination, share option, share
          appreciation right, performance unit, share equivalent, share purchase,
pension,           retirement, deferred compensation, employment, severance or other
Employee           benefit agreement, trust, plan, fund or other arrangement for the
benefit or           welfare of any director or other officer or Employee, increase in
any manner the           compensation or benefits of any director or other officer or
Employee or (except           in accordance with the terms of any employment agreement
with such Employee or           any Benefit Arrangement existing as of the date of this
Agreement) pay any           benefit not required by any plan or arrangement as in effect
as of the date           hereof (including the granting of share options or share
appreciation rights);
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (f)        acquire,
sell, lease or dispose of any assets outside the ordinary course, or           enter into
any contract, agreement, commitment or transaction outside the           ordinary course;
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (g)        change
any of the accounting principles or practices used by it, except as           required by
Law or US GAAP and provided that notice of such change is given to           Buyer;
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (h)        (i) acquire
(by merger, consolidation, or acquisition of shares or assets)           any corporation,
partnership or other business organization or division thereof;           (ii) authorize
any new capital expenditure which individually or in the           aggregate is in excess
of individually US$5,000 or in the aggregate US$10,000;           or (iii) enter
into or amend any contract, agreement, commitment or           arrangement with respect
to any of the foregoing;
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (i)        settle
or compromise any Tax Liability or waive or extend the statute of           limitations
in respect of any Taxes;
| | ----------------------------------------------------------------------------------------------------------------------------------

| | (j)        settle,
pay, forgive, waive, discharge or satisfy any Claims, Liabilities or
          obligations (absolute, accrued, asserted or unasserted, contingent or
          otherwise), other than in the ordinary course or in accordance with their terms
          in effect on the date hereof with respect to Liabilities reflected or reserved
          against in the Most Recent Financial Statements or incurred in the ordinary
          course since January 1, 2007, ; provided that the Company will notify Buyer of
          any settlement, payment, forgiveness, waiver, discharge or satisfaction of any
          Liabilities not reflected or reserved against in the Most Recent Financial
          Statements or the Most Recent Financial Statements.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (k)        enter
into any contract, agreement or understanding that would, if in existence           on
the date hereof, constitute a Company Contract, or amend, modify,           renegotiate,
renew, extend or terminate any Company Contract, in each case           except in the
ordinary course;
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (l)        take,
or agree in writing or otherwise to take, any of the actions prohibited in           this
Section 6.2 or any action that would (i) make any of the
          representations or warranties of Sellers contained herein that are qualified by
          materiality or Material Adverse Effect to be untrue or incorrect, or
          (ii) make any other representation or warranty of Seller contained herein
          to be untrue or incorrect in any material respect, or (iii) result in any
          of the conditions set forth in Article VII not being satisfied.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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Section
6.3 Reasonable Efforts; Further Assurances.

During the period from the date
hereof to Closing, Sellers and Buyer will cooperate and use commercially reasonable
efforts to fulfill the conditions precedent to each of their own and the other
parties obligations hereunder.

During the period from the date
hereof to Closing, Sellers and Buyer will cooperate and use their respective commercially
reasonable efforts to comply with all Laws in furtherance of the Transaction. Subject to
the provisions hereof, from time to time after the Closing Date, each party will promptly
execute, acknowledge and deliver any other assurances or documents reasonably requested by
another party and necessary for the other party to satisfy its obligations hereunder or to
obtain the benefits contemplated hereby.

Section
6.4 Confidentiality.

| | (a)        During
the Restricted Period (as defined below), the Shareholders and their           Affiliates
will treat as confidential and will safeguard any and all           information,
knowledge in their possession and data in their possession which is           owned by
the Company classified by the Company as confidential (the           Company
Confidential Information), in each case by using the same           degree of care,
but no less than a reasonable standard of care, to prevent the           unauthorized
use, dissemination or disclosure of such information, knowledge and           data as
Shareholders use with respect to their own confidential and proprietary
          information. Nothing contained in this Section will in any way restrict or
          impair the right of the Shareholders or their Affiliates to use, disclose or
          otherwise deal with information of the Company which: (i) is or becomes a
          matter of public knowledge through no fault of the Shareholder or its agents or
          representatives; (ii)  can be shown by written record already to have been
          in the Shareholders possession at the time of disclosure of the
          information to the Shareholder, and was not acquired, directly or indirectly,
by           breach of any obligation of confidentiality to the Company or to any other
          person; (iii) is rightfully received by that Shareholder from a person
          having no duty of confidentiality to the Company or any other person or
          (v) can be shown by written record to have been independently developed by
          the Shareholder; provided, however, that nothing in this Section 6.4 will
          give the Shareholders the right to use, disclose or otherwise deal with the
          Company Confidential Information solely by reason of or incidental to the
          Shareholders ownership or prior ownership of the Company. For the purpose
          of this Section 6.4(a), the Restricted Period shall begin on the
          date of this Agreement and shall continue (i) perpetually with respect to the
          Companys computer program source code; and (ii) until the lapse of two
          years from the date of this Agreement with respect to all other Company
          Confidential Information. If this Agreement is terminated prior to Closing,
this           Section 6.4 shall be null and void and of no force or effect.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | (b)        Except
as permitted by Section 6.5, as required for the performance of this           Agreement
or as expressly permitted in this Section 6.4(b), no party will           disclose
or reveal to any other person, except such partys investment           banking,
legal, accounting representatives or other advisors, any information           relating
to the Transaction. Notwithstanding the foregoing or any other           provision of
this Agreement, each party to this Agreement (and each Employee,
          representative, or other agent of the party) may disclose to any and all
          persons, without limitation of any kind, any information of any kind as
required           by Law or necessary to defend or enforce its respective rights under
this           Agreement or any related agreements.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Section
6.5 Public Disclosure.

Except as permitted by this Section 6.5
or as may be required to comply with the requirements of any Law, and the rules and
regulations of each stock exchange upon which the securities of any of the parties is
listed: (i) prior to Closing, no party shall issue or permit the issuance of any
press release or similar public announcement or communication concerning the execution,
performance or termination of this Agreement unless specifically approved in advance by
Buyer and the Seller; and (ii) prior to and after Closing, neither Buyer, nor any of
its respective Affiliates, and, after Closing, neither the Company, any Subsidiary nor any
of their respective Affiliates, shall include in any press release or similar public
announcement or any other communication a statement attributable to the Seller or any
person who is an officer or director of the Company or any Subsidiary immediately prior to
Closing unless such person to whom such statement is attributable has approved such
statement.

Section
6.6 Notice of Certain Matters.

From the date hereof, the
Shareholders and Buyer will give each other prompt notice of the occurrence or
non-occurrence of any event that causes any condition set forth in Article VIII not to be
satisfied; provided, however, that the delivery of any such notice will not limit
or otherwise affect the remedies available hereunder to the party receiving such notice.

The Shareholders will promptly update
each Schedule as necessary on or before the Closing Date and deliver the same to Buyer,
which updates shall be deemed to be part of this Agreement as of the date hereof. Updates
that reflect events outside the ordinary course or that reflect violations of covenants
will not be permitted.

Section
6.7Exclusivity. Unless this Agreement is terminated as provided by Section
9.1, each of the Shareholders will not, directly or indirectly, solicit, initiate,
negotiate or assist any proposal or offer from any Person to acquire all or any
substantial part of the Equity Securities or the Business.

Section
6.8 Certain Actions by Buyer Prior to Closing.

During the period from the date
hereof to Closing, Buyer will not, without the prior written consent of the Shareholders,
take, or agree in writing or otherwise to take, any action that would (i) make any of
the representations or warranties of Buyer contained herein that are qualified by
materiality to be untrue or incorrect, or (ii) make any other representation or
warranty of Buyer contained herein to be untrue or incorrect in any material respect, or
(iii) result in any of the conditions set forth in Article VIII not being satisfied.

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Section
6.9 Non-Competition and Non-Solicitation.

| | (a)        During
the period from the date hereof to Closing and for a period of three                years
after Closing-provided, that if this Agreement is terminated pursuant to
               Section  9.1, this Section  6.9(a) shall be of no force or
effect each                Shareholder will not engage, either directly or indirectly
through any of its                Affiliates, whether as owner, principal, shareholder,
Employee, consultant or in                any other capacity, in any business that may be
reasonably considered as                competing with the Business anywhere in the
world, except as a customer or                authorized distributor of Buyer, or for the
benefit of Buyer or otherwise with                Buyers consent (which may be
withheld in Buyers sole discretion).                Shareholders acknowledge and
agree that the current market for the products and                services developed,
marketed or distributed by the Company and the Subsidiaries,                extends
throughout the entire world and that it is therefore reasonable to
               prohibit them from competing with Buyer in such business anywhere in the
world.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b)        During
the period from the date hereof to Closing and for a period of 2 years
               after Closing-provided, that if this Agreement is terminated pursuant to
Section                9.1, this Section 6.9(b) shall be of no force or effect- without
the prior                written consent of Buyer, no Shareholder nor any Affiliate of a
Shareholder                will:
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (i)               induce
or encourage any Employee, with the knowledge that such person is an
               Employee, to discontinue, cancel or refrain from any employment,
consulting or                similar relationship with the Company or any Subsidiary;
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (ii)        hire
an Employee (or any person who was an Employee at any time during the
               period of three months prior to such attempted hiring) or retain an
Employee (or                any person who was an Employee at any time during the period
of three months                prior to such retention), in each case with the knowledge
that such person is or                was an Employee during such period, as a consultant
or other advisor.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (iii)        The
limitations in this Section will not apply to inducement,
               encouragement, hiring or retention of an Employee (or of a person who was
an                Employee at any time during the period of three months prior to such
retention)                if such inducement, encouragement, hiring or retention resulted
from a general                solicitation or engagement of a recruitment firm outside
the jurisdiction of the                Company or of the Subsidiary by which the Employee
was employed, as the case may                be, for a non-targeted search.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c)        If
any Governmental Entity of competent jurisdiction determines that the
               restrictive covenant contained in this Section, or any part thereof, is
invalid                or unenforceable for any reason, the remainder of the restrictive
covenant will                not thereby be affected and will be given full force and
effect, without regard                to the invalid portion or portions. If any such
Governmental Entity determines                that the restrictive covenant contained in
this Section, or any part thereof, is                unenforceable because of the
duration or scope of such covenant, such                Governmental Entity will have the
power to reduce such duration or scope and, in                its reduced form, such
covenant will then be enforceable and will be given full                force and effect.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | (d)        Shareholders
acknowledge and agree that the provisions of this Section 6.9,                as
they apply to each of them, are reasonable and supported by adequate
               consideration, that Buyer would not have entered into this Agreement
without                having received the benefit thereof, that the value of the Shares
being                purchased hereunder would be substantially diminished without the
protections                afforded Buyer thereby, and that any breach thereof would
result in substantial                and irreparable harm to Buyer and its Affiliates
and, therefore, that Buyer will                be entitled to seek an injunction to
prohibit any such breach or anticipated                breach, without the necessity of
posting a bond, cash or otherwise, in addition                to all of their other legal
and equitable remedies, including the remedies                provided by Article X.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# ARTICLE VII

# OTHER ACTIONS

Section
7.1 Board Approvals.

On or prior to the date hereof, the
Board of Directors of the Company will have approved this Agreement.

Following the execution hereof, this
Agreement shall be brought before the Board of Directors of Buyer and the approval of this
Agreement shall be a condition precedent to the Closing to which Section 8 below shall
apply.

# ARTICLE VIII

# CLOSING

Section
8.1Date and Place of Closing. Closing will take place at Singapore as soon as
practicable after the parties execution of this Agreement and the agreements and
instruments detailed in Section 3.2 herein above, at a date and time to be agreed by the
Seller and Buyer, but in any event not later than July 2nd, 2007; provided,
however, that all of the conditions to Closing set forth in Article VIII have been
satisfied or waived. The date on which Closing occurs is called the Closing Date, and
Closing will be effective as of the time of Closing on the Closing Date.

Section
8.2Conditions to the Obligation of Buyer. The obligation of Buyer to effect
the Closing is subject to the satisfaction by Seller or waiver by Buyer prior to Closing
of each of the following conditions (any of which may be waived by Buyer in writing in
whole or in part):

| | (a)        Receipt
of Required Approvals. Seller will have obtained and delivered to
               Buyer all required approvals in form and substance reasonably acceptable
to                Buyer.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b)        No
Investigations, injunctions, etc. No Governmental Entity of competent
               jurisdiction will have enacted, issued, promulgated, enforced or entered
any                statute, rule, regulation, or judgment, decree, injunction or other
order that                is in effect on the Closing Date and prohibits or prevents
Closing or the                consummation of the Transaction, nor initiated any
investigation that is ongoing                pursuant to which such order would
reasonably be expected to issue.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | (c)        Representations
and Warranties.The representations and                warranties of
the Shareholders and the Company contained herein that are                qualified by
materiality or Material Adverse Effect shall be true and correct,                and all
other representations and warranties of the Shareholders and Company
               contained herein shall be true and correct in all material respects, as of
the                date hereof and at and as of Closing as if made on and as of Closing,
and Buyer                will have received a Compliance Certificate, executed by the
Seller, to such                effect dated the Closing Date in the form attached hereto
as Exhibit 8.2(c).
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (d)        No
Material Adverse Effect. No circumstance has occurred
               constituting a Material Adverse Effect between the signing of this
Agreement and                the Closing.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (e)        Deliveries
Relating to Share Transfers. The following will have been                delivered to
Buyer:
| | ------------------------------------------------------------------------------------------------------------------

| | (i)               Duly
signed instruments of transfer of shares from PC Holdings to Buyer in the
               form attached hereto as Exhibit 8.2(e)(i);
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------

| | (ii)        Duly
signed resolution of the Board of Directors of the Company approving the
               transfer of the Shares and the granting of the Option to Buyer (if
necessary);
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (iii)        Duly
signed waivers, consents and approvals as required, if any, in order to
               give effect to the Option Agreement;
| | ---------------------------------------------------------------------------------------------------------------------------------------------

| | (iv)        A
copy of the Register of Members of the Company, certified as accurate by
               counsel for the Company, showing Buyer as a shareholder of 51% of the
issued and                outstanding share capital of the Company;
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (v)        A
share certificate representing the PC Holdings Shares in the name of Buyer and
               a statement signed by the Secretary of the Company that all share
certificates                previously held by Seller has been surrendered to the Company
and cancelled; and
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (vi)        The
submission to the Accounting and Corporate Regulatory Authority of Singapore
               indicating transfer of the Shares previously held by PC Holdings to Buyer,
               signed by the relevant authorized officer of the Company and otherwise
ready for                submission;
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (f)        The
Buyer has received a copy of a duly signed resolution of the shareholders of
               the Company approving and adopting the amended Articles of Association of
the                Company, to a form acceptable to the Buyer. Such Amended Articles
shall provide                that immediately following the Closing, the board of
directors of the Company                will consist of three (3) members. Two (2)
directors shall be appointed by the                Buyer and one (1) director shall be
appointed by Alex.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (g)        The
Buyer has received duly executed resignations of the Directors and other
               Officers of the Company and a signed waiver of all such resigning
Directors and                Officers, substantially in the form annexed to this
Agreement as Exhibit 8.2(g) waiving all amounts owed to them by the Company
or                any Subsidiary, currently or in the future, including but not limited
to by way                of dividends, salary, shareholders loan, consultancy,
directors                fees; and
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | (h)        If
applicable, all documents referred to in Section 3.2 having been executed
               by the relevant parties.
| | -------------------------------------------------------------------------------------------------------------------------------

Section
8.3Conditions to the Obligation of Seller. The obligation of Seller to effect
Closing is subject to the satisfaction by Buyer or waiver by the Seller prior to Closing
of each of the following further conditions (any of which may be waived by the Seller in
writing in whole or in part):

| | (a)        Representations
and Warranties. The representations and warranties of           Buyer contained
herein will be true, correct and complete in all material           respects.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b)        Payment.Buyer will have caused the Purchase Price to be paid as provided           in Section 2.2.
| | -------------------------------------------------------------------------------------------------------------

| | (c)        An
agreement in a form acceptable to the Parties between Buyer and the Company,           to
the effect that the Buyer will, within 14 days of the Closing Date, provide           the
Company with a loan, or a credit facility, at the Buyers election, at           the
sum of US$500,000.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Section
8.4Frustration of Closing Conditions. Neither Buyer nor Seller may rely on
the failure of any condition set forth in Sections 8.2 or 8.3, as the case may be,
to be satisfied if such failure is caused by such partys failure to use
commercially reasonable efforts to consummate the Transaction, as required by Section
6.3.

Section
8.5Actions at Closing. All actions at the Closing and all transactions
occurring at the Closing shall be deemed to take place simultaneously, and no transaction
shall be deemed to have been completed and no document or certificate shall be deemed to
have been delivered, until all transactions are completed and all documents and
certificates delivered.

# ARTICLE IX

# TERMINATION

Section
9.1 Termination.  This Agreement may be terminated at any time prior to Closing:

| | (a)        by
mutual agreement of the Seller and Buyer;
| | -------------------------------------------------------

| | (b)        by
Buyer, by giving written notice of such termination to the Seller, if Closing
          has not occurred within 45 days following the signing hereof; provided, that
(i)           the Buyer has complied with all its obligations hereunder, and the
conditions           set forth in Section 8.3 have been fulfilled or are capable of
immediate           satisfaction;
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c)        by
Buyer if there is in effect any Law that prohibits Closing, or if Closing           would
violate any non-appealable final order, decree or judgment of any           Governmental
Entity having competent jurisdiction; provided, however, that any           such
prohibition is not attributable to a material breach or default of any
          covenant, agreement, representation or warranty under this Agreement by the
          Buyer (or by any of its Affiliates); or
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | (d)        by
Buyer if, as a result of any action or inaction by Shareholders or the           Company,
Closing has not occurred within 3 business days following the date on           which all
the conditions to Closing set forth in Section 8.2 are satisfied           or
capable of immediate satisfaction;
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Section
9.2Effect of Termination. In the event of the termination of this Agreement,
this Agreement will thereupon become void and have no effect, except as otherwise
expressly provided in this Agreement, and no party will have any liability to any other
party or their respective Affiliates, directors, officers or Employees, except that
nothing in this Section  9.2 will relieve any party from liability resulting from
any knowing material breach by such party of any of the representations, warranties or
covenants set forth in this Agreement. Notwithstanding anything to the contrary in this
Agreement, the provisions of this Section 9.2, Sections , 6.5 and 6.9(b), (c) and
(d), 10.4 and Article XI shall survive the termination of this Agreement for the
respective periods set forth therein, or if no time period is set forth therein,
perpetually.

# ARTICLE X

# INDEMNIFICATION

Section
10.1 Right to Indemnification.

From and after Closing, and subject
to the further provisions of this Article X, Seller, Alex and the Company will indemnify,
defend and hold harmless Buyer, its respective Affiliates, and its respective directors,
officers, attorneys, accountants, agents and Employees, and their heirs, successors and
assigns (collectively, the Buyer Indemnified Parties), from, against
and in respect of all Losses imposed on, sustained, incurred or suffered by or asserted
against any of Buyer Indemnified Parties, relating to or arising out of any of the
following (collectively, Buyer Losses):

| | (a)        any
fact or circumstance that constitutes a breach of any representation or
          warranty of Seller, Alex or Company made in this Agreement;
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b)        any
act or omission that constitutes a breach of any covenant or agreement of           the
Shareholders or the Company made in this Agreement,
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c)        any
unpaid Taxes payable by the Company or any of the Subsidiaries for any           period
through and including the Closing Date, including the proportionate part           of any
Taxes for any period which includes, but does not end on, the Closing           Date for
the portion of that period up to the Closing Date, that are not (i)           properly
accrued on the Most Recent Financial Statements, or (ii) imposed as a           result of
the operation of the Company and its Subsidiaries in the ordinary           course after
the date of the Most Recent Financial Statements;
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (d)        any
Liability of or related to the Company or any of the Subsidiaries           attributable
to an occurrence or circumstance arising in whole, or if in part,           to the extent
of that portion which arose, on or before the Closing Date to the           extent that
such Liability is not properly accrued on the Most Recent Financial           Statements
or was not generated as a result of the operation of the Company and           its
Subsidiaries in the ordinary course after the date of the Most Recent           Financial
Statements or as otherwise disclosed in writing to Buyer on a Schedule           to this
Agreement, including any Claim for wages or benefits (including           severance pay),
arising on or before the Closing Date;
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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Section
10.2Sellers Right to Indemnification. From and after Closing and
subject to the further provisions of this Article X, Buyer will indemnify, defend
and hold harmless the Seller and its respective Affiliates, directors, officers,
attorneys, accountants, agents and Employees, and its respective heirs, successors and
assigns (collectively, the Seller Indemnified Parties), from, against
and in respect of all Losses imposed on, sustained, incurred or suffered by or asserted
against any of Seller Indemnified Parties, directly relating to or arising out of any of
the following (collectively, Seller Losses):

| | (a)        any
fact or circumstance that constitutes a breach of any representation or
          warranty of Buyer made in this Agreement; or
| | ---------------------------------------------------------------------------------------------------------------------------------------------

| | (b)        any
act or omission that constitutes a breach of any covenant or agreement of           Buyer
made in this Agreement.
| | --------------------------------------------------------------------------------------------------------------------------------

Section
10.3 Indemnification Procedures.

| | (a)        In
the event that an Indemnified Party (and both Buyer Indemnified Party and
          Seller Indemnified Party shall be referred to herein as Indemnified
          Party) has a claim for indemnification for which an Indemnifying
Party           would be liable to an Indemnified Party under this Article X, (i) as
a           result of an action, suit or legal proceeding which is commenced or made
against           an Indemnified Party by a third party (a Litigated Claim)
or           (ii) for any matter that is not a Litigated Claim (an Other
          Claim and together with a Litigated Claim, an Indemnified
          Claim), the Indemnified Party will promptly (but in no event more
than           30 days following commencement of any such Litigated Claim or other legal
          proceeding, or such shorter time as may be necessary in order not to prejudice
          the rights or ability of the Indemnifying Party to participate in the defense
of           such Indemnified Claim) notify the Indemnifying Party in writing in
accordance           with Section 11.1 hereof of such Indemnified Claim describing
it in           reasonable detail, including the sections of this Agreement which form
the basis           for it, the amount or the estimated amount thereof to the extent then
feasible           (which estimate will not be conclusive of the final amount of such
Indemnified           Claim), and any supporting materials as reasonably available (the
Claim           Notice); provided, however, that no failure or
delay by any           Indemnified Party in giving any Claim Notice will relieve any
Indemnifying Party           from any obligation or liability under this Agreement,
except to the extent that           the Indemnifying Party is prejudiced by such failure
or delay.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b)        (i)
The Indemnifying Party will be entitled to participate in any proceeding           with
respect to a Litigated Claim (a Proceeding) and, to the
          extent that it chooses (except as described in Section 10.3(b)(ii)) to assume
          the defense of such Proceeding with counsel reasonably satisfactory to the
          Indemnified Party and, after notice from the Indemnifying Party to the
          Indemnified Party of its election to assume the defense of such Proceeding, the
          Indemnifying Party will not, as long as it diligently conducts such defense, be
          liable to the Indemnified Party under this Article X for any fees of other
          counsel (other than in the circumstances provided in Section 10.3(b)(ii)) or
any           other expenses with respect to the defense of such Proceeding. If the
          Indemnifying Party assumes the defense of a Litigated Claim, no compromise or
          settlement of any such Litigated Claim may be effected by the Indemnifying
Party           without the Indemnified Partys consent, which consent shall not be
          unreasonably withheld, conditioned or delayed unless (A) there is no finding or
          admission of any violation of any Law or any violation of any rights on the
part           of any Indemnified Party, and (B) the sole relief provided is monetary
damages           that have been paid in full (or reasonable security for their payment
provided)           by the Indemnifying Party.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | (ii)        Notwithstanding
Section 10.3(b)(i), if (A) the Indemnifying Party has an actual           conflict of
interest in assuming the defense of a Litigation Proceeding; or (B)           the
remedies sought by the plaintiffs include an order, injunction or decree           that
would restrict the future activity or conduct of the Business or of the           Buyer
Indemnified Parties, then the Indemnifying Party may not assume the           defense of
such Litigated Claim without the consent of such Buyer Indemnified           Party.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c)        The
Indemnifying Party will have thirty (30) days from the giving of the Claim
          Notice (the Notice Period) to notify the Indemnified Party
in           writing whether or not the Indemnifying Party (i) disputes its liability to
the           Indemnified Party hereunder with respect to such Indemnified Claim or (ii)
in           the case of a Litigated Claim, elects to assume, and to the extent the
          Indemnifying Party so desires, along with any other Indemnifying Party, the
          defense of such Litigated Claim, pursuant to Section 10.3(b).
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (d)        Should
the Indemnifying Party notify the Indemnified Party within the Notice           Period,
that (i) it does not dispute its liability, or (ii) in the case of a           Litigated
Claim, that it has elected not to assume the defense of such Litigated           Claim,
or (iii) should it fail to give notice during the Notice Period, or (iv)           should
the Indemnifying Party not be entitled to assume the defense of such           Litigated
Claim pursuant to Section 10.3(b)(ii), the Indemnified Party will be           entitled:
(A) with regard to an Other Claim, (1) in the case of a Seller           Indemnified
Party, to receive from Buyer an amount equal to the Sellers Losses,           or (2) in
the case of a Buyer Indemnified Party, to receive from the           Shareholders an
amount equal to the Buyer Losses and (B) with regard to a           Litigated Claim, (1)
in the case of a Seller Indemnified Party, to receive from           Buyer, after a final
non-appealable resolution of such Litigated Claim, an           amount equal to the
Seller Losses, or (2) in the case of a Buyer Indemnified           Party, to receive from
the Shareholders , after a final non-appealable           resolution of such Litigated
Claim, an amount equal to the Buyer Losses. In the           case of a Litigated Claim,
if the Indemnifying Party does not, for any reason           (including a dispute in the
context of Section 10.3(e)), assume the defense of           such Litigated Claim, or in
the case of any Other Claim, no compromise or           settlement of any such
Indemnified Claim may be effected by the Indemnified           Party without the
Indemnifying Partys consent, which consent shall not be           unreasonably
withheld, conditioned or delayed. If the Indemnified Party elects           (in
accordance with Section 10.3(b)(ii)) to assume the defense of such Litigated
          Claim, counsel to the Indemnified Party shall be reasonably acceptable to the
          Indemnifying Party and the Indemnifying Party shall be obligated to pay or
          reimburse the Indemnified Party for only one such counsel to defend the
          Litigated Claim.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (e)        Should
the Indemnifying Party notify the Indemnified Party within the Notice           Period
that it disputes its liability with respect to such Indemnified Claim,           the
obligation of such Indemnifying Party with regard to such Indemnified Claim
          will be determined in accordance with the dispute resolution provisions of
          Sections11.7 and 11.8. In the event that it is determined that the Indemnified
          Claim was justified in whole or in part, the Indemnified Party will be entitled
          to receive, in addition to any amounts it may be entitled to receive pursuant
to           Section 10.3, all reasonable costs and expenses incurred by such Indemnified
          Party in the course of the dispute resolution. In the event that it is
          determined that the Indemnified Claim was not justified, the Indemnifying Party
          shall have no liability to the Indemnified Party with respect to such
          Indemnified Claim, and the Indemnified Party shall be required to pay the
          Indemnifying Party all reasonable costs and expenses incurred by the
          Indemnifying Party in the course of such dispute resolution.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | (f)        Consent
to settle a Litigated Claim or Other Claim will be regarded as           reasonably
withheld by the Indemnified Party or the Indemnifying Party if the           settlement
would result in the imposition of a consent order, injunction or           decree that
would restrict the future activity or conduct of the Indemnifying           Party or any
of its respective Affiliates (in the case of a matter defended by           the
Indemnified Party ), or the Indemnified Party or any of its respective
          Affiliates (in the case of a matter defended by an Indemnifying Party).
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (g)        If
and to the extent that the Indemnifying Party conducts, controls or
          participates in the defense or settlement of any Litigated Claim, the
          Indemnified Party will give the Indemnifying Party and its counsel, during
          normal business hours, access to the relevant business records and other
          materials and information (including copies thereof), and will permit the
          Indemnifying Party and its representatives to consult with the Employees,
          officers, directors, advisors, representatives of the Company, any Subsidiary,
          any Buyer Indemnified Party, and counsel of the Indemnified Party, all as
          necessary or advisable in connection with the defense or settlement of such
          Claim.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Section
10.4 Survival/Limitations.

| | (a)        Except
as otherwise expressly provided for in this Agreement, all of the           respective
representations, warranties, covenants and agreements of           Shareholders, the
Company, and Buyer contained in this Agreement, and all           indemnification
obligations of any party with respect thereto, including but not           limited to,
any such indemnification obligations arising under a claim of fraud,           will
survive for a period of five (5) years after Closing (the           Indemnity
Period). Any Claim Notice must be made in writing           to the Indemnifying
Party within such period.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b)        The
liability of the Shareholders to the Buyer Indemnified Parties or any other
          person for Buyer Losses pursuant to this Agreement (whether pursuant to this
          Article X or otherwise) shall be joint and several with respect to all matters;
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Section
10.5 General.

Each Indemnified Party shall be
obligated in connection with any Indemnified Claim to use commercially reasonable efforts
to mitigate the Indemnified Losses upon and after becoming aware of any event which could
reasonably be expected to give rise to such Indemnified Loss, provided neither Buyer nor
Seller shall be obligated to provide or forego any economic value in connection with this
undertaking.

- 33 -

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| | (a)        Buyer
and Shareholders and Company agree to cooperate in good faith to minimize           Buyer
Losses and Seller Losses arising from third party Claims, provided neither
          Buyer, Shareholders nor the Company shall be obligated to provide or forego any
          economic value in connection with this undertaking.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b)        Without
limiting the provisions of Section 10.5(a), each Indemnified Party shall           be
obligated in connection with any Indemnified Claim to use commercially
          reasonable efforts to obtain any insurance proceeds available to such
          Indemnified Party with regard to the applicable Indemnified Claim. The amount
          which an Indemnifying Party is or may be required to pay to any Indemnified
          Party pursuant to this Article X shall be reduced (retroactively, if necessary)
          by any insurance proceeds or other amounts actually recovered (net of any
          relevant collection costs) by or on behalf of such Indemnified Party. If an
          Indemnified Party shall have received an indemnification payment from an
          Indemnifying Party and shall subsequently receive insurance proceeds or other
          amounts in respect of such damages, then such Indemnified Party shall promptly
          repay to such Indemnifying Party a sum equal to the amount of such insurance
          proceeds or other amounts actually received (net of any relevant collection
          costs);
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c)        All
amounts paid under this Article X will be treated as adjustments to the
          Purchase Price for Tax purposes.
| | ---------------------------------------------------------------------------------------------------------------------------------

| | (d)        Any
Tax refunds received by the Company for any period through and including the
          Closing Date with respect to which the Shareholders have made payment under
this           Article X shall be for the benefit of the Shareholders.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# ARTICLE XI

# IN GENERAL

Section
11.1Notices. All notices or other communications given hereunder will be in
writing and will be delivered by: (a) personal delivery upon the party for whom it
is intended; or (b) registered or certified mail, return receipt requested; or (c) an
international courier service; in each case to the party at the address set forth below,
or such other address as may be provided by such party by notice given as herein provided
(Sellers as a group will provide one address at which notice may be given to all):

| |                 |                                                                     
| | --------------- | --------------------------------------------------------------------
|
|
|
|
| | If to Buyer:    |                                                                     
| |                
| | with a copy to: | Ben Zvi Koren & Co., Law Offices 8 Ben Maimon Blvd., Jerusalem 92261
| |                
| |                 | Fax: 972-2-5667780                                                  
| |                
| | If to Seller:   |                                                                     
| |                
| | with a copy to: | 61 Neil Road Singapore 088895                                       
| |                
| |                 | Fax:                                                                

- 34 -

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| |                 |                                                           
| | --------------- | ----------------------------------------------------------
|
|
|
|
| | If to Company:  |                                                           
| |                
| | with a copy to: | 7 Temasek Boulevard #27-01 Suntec Tower 1 Singapore 038987
| |                
| |                 | Fax: 67427000                                             
| |                
| | If to Alex:     |                                                           
| |                
| | with a copy to: | 30B Lorong H Telok Kurau Singapore 426019                 

Deliveries shall be deemed to have
been given when delivered in the manner set forth above and when actually received or when
receipt is refused, it being understood by the parties that a confirmation of receipt for
the addressee provided by an international courier service shall constitute actual receipt
by such addressee for purposes of the notice.

Section
11.2Amendment; Waiver. Any provision of this Agreement (including provisions
affecting the Company) may be amended or waived if such amendment or waiver is in writing
and signed, in the case of an amendment, by Buyer and Shareholders, or in the case of a
waiver, by the party against whom the waiver is to be effective. No failure or delay by
any party in exercising any right, power or privilege hereunder will operate as a waiver
thereof nor will any single or partial exercise thereof preclude any other or further
exercise thereof or the exercise of any other right, power or privilege.

Section
11.3No Assignment or Benefit to Third Parties. No party may assign any of its
rights or delegate any of its obligations under this Agreement, by operation of Law or
otherwise, without the prior written consent of the other party, and any attempt to
assign this Agreement without such consent will be void and of no force or effect.
Nothing in this Agreement, express or implied, is intended to confer upon any person
other than Buyer, the Company, Seller, Alex or the Indemnified Parties, or their
respective successors or permitted assigns, any rights or remedies under or by reason of
this Agreement. Without limiting the generality of the foregoing, nothing in this
Agreement creates any rights in any Employees or groups of Employees.

Section
11.4Expenses. Whether or not the Transaction is consummated, all costs and
expenses incurred in connection with this Agreement and the Transactions and the
negotiations preceding them will be borne by the party incurring the same.

Section
11.5 Schedules, Exhibits, Etc.

Each Schedule is incorporated by
reference into this Agreement and will be considered a part hereof as if set forth herein
in full; provided, however, that information set forth on any Schedule,
certification or written disclosure constitutes a representation and warranty of the party
providing the same, and not the mutual agreement of the parties as to the facts therein
stated. Any matter disclosed on any one Schedule pursuant to a provision, subprovision,
section or subsection of this Agreement shall be deemed to be disclosed for all other
purposes of this Agreement or the other Schedules to the extent the applicability of such
matters is apparent on the face of such Schedules.

- 35 -

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Section
11.6 Effect of representations, warranties, covenants and agreements

Except
as otherwise explicitly provided in Article IV, Buyers rights to indemnification or
other remedies provided hereby based on any breach by Seller, Shareholders or the Company
of their representations, warranties, covenants and agreements will not be affected by any
investigation conducted with respect to, or any knowledge acquired (or capable of being
acquired) by Buyer at any time, whether before or after the execution and delivery of
this Agreement or the Closing Date, with respect to the accuracy or inaccuracy of or
compliance with, any such representation, warranty, covenant or agreement, except as
otherwise provided in this Agreement. Except as otherwise explicitly provided in Article
IV, the due diligence review conducted by Buyer and its representatives will not relieve
Shareholders or the Company of any duties concerning their representations, warranties,
covenants or agreements contained in this Agreement or in any Exhibit.

Section
11.7Governing Law. This Agreement will be governed by and construed in
accordance with the Laws of the State of Israel without regard to its principles of
conflicts of laws.

Section
11.8Alternate Dispute Resolution. If any dispute arises between Buyer and
Seller out of or relating to this Agreement (except a dispute relating to Intellectual
Property, with respect to which the parties reserve all rights to litigate, in accordance
with Section 11.9, or otherwise address as they may agree at the time such dispute
arises), the partiesrespective designees will attempt in good faith to resolve the
dispute. If those designees have not agreed to a resolution within thirty (30) days from
the date on which the dispute was first presented to them (or such other period to which
they have mutually agreed in writing), any party, by written notice to the other party,
may require that the dispute be submitted for resolution to arbitration by a sole Israeli
arbitrator in accordance with the Israeli Law of Arbitration. The arbitration shall be
governed by the Israeli_Laws , and judgment upon the award rendered by the arbitrator may
be entered by any court having jurisdiction thereof. The place of arbitration shall be
Tel Aviv.

Section
11.9Submission to Jurisdiction; Each party agrees that it will bring any
action or proceeding in respect of any Claim arising out of or related to Intellectual
Property, whether in tort or contract or at law or in equity, exclusively in the Tel Aviv
district court, Israel (the Chosen Court) and, solely in connection
with Claims arising out of or related to Intellectual Property, (a) irrevocably
submits to the exclusive jurisdiction of the Chosen Court, (b) waives any objection
to laying venue in any such action or proceeding in the Chosen Court, (c) waives any
objection that the Chosen Court is an inconvenient forum or does not have jurisdiction
over any party, and (d) agrees that service of process in person or by certified or
registered mail to its address set forth in Section 11.1 will constitute valid in personamservice
upon such party and its successors and assigns in any action or proceeding with respect
to any matter as to which it has submitted to jurisdiction hereunder. EACH PARTY HEREBY
ACKNOWLEDGES THAT THIS IS A COMMERCIAL TRANSACTION, THAT THE FOREGOING PROVISIONS FOR
CONSENT TO JURISDICTION AND SERVICE OF PROCESS HAVE BEEN READ, UNDERSTOOD AND VOLUNTARILY
AGREED TO BY SUCH PARTY AND THAT BY AGREEING TO SUCH PROVISIONS SUCH PARTY IS WAIVING
IMPORTANT LEGAL RIGHTS.

- 36 -

---

---

Section
11.10Buyer Right to Choose Jurisdiction. Notwithstanding the provisions of
Sections 11.8 and 11.9, Buyer, in its absolute discretion, will be entitled to bring any
action against a Shareholder arising out of or relating to this Agreement in any duly
empowered court in the country in which that Shareholder resides or is registered as a
corporation. In such case, a) the Shareholder irrevocably submits to the
jurisdiction of that court, (b) waives any objection to laying venue in any such
action or proceeding in that court, (c) waives any objection that the court is an
inconvenient forum or does not have jurisdiction over any party, and (d) agrees that
service of process in person or by certified or registered U.S. mail to its
address set forth in Section11.1 will constitute valid in personamservice upon such party and its successors and assigns in any action or proceeding
with respect to any matter as to which it has submitted to jurisdiction hereunder. EACH
PARTY HEREBY ACKNOWLEDGES THAT THIS IS A COMMERCIAL TRANSACTION, THAT THE FOREGOING
PROVISIONS FOR CONSENT TO JURISDICTION AND SERVICE OF PROCESS HAVE BEEN READ, UNDERSTOOD
AND VOLUNTARILY AGREED TO BY SUCH PARTY AND THAT BY AGREEING TO SUCH PROVISIONS SUCH
PARTY IS WAIVING IMPORTANT LEGAL RIGHTS.

Section
11.11Remedies Cumulative. The various rights and remedies herein provided
will be cumulative and not exclusive of any other rights or remedies herein provided or
any rights or remedies provided by law.

Section
11.12Inferences. Inasmuch as this Agreement is the result of negotiations
between sophisticated parties of equal bargaining power represented by counsel, no
inference in favor of or against any party will be drawn from the fact that any portion
of this Agreement has been drafted by or on behalf of such party.

Section
11.13Severability. The provisions of this Agreement will be deemed severable
and the invalidity or unenforceability of any provision will not affect the validity or
enforceability of the other provisions hereof. If any provision of this Agreement, or the
application thereof to any person or any circumstance, is invalid or unenforceable, (a) a
suitable and equitable provision will be substituted therefor in order to carry out, so
far as may be valid and enforceable, the intent and purpose of such invalid or
unenforceable provision, and (b) the remainder of this Agreement and the application
of such provision to other persons or circumstances will not be affected by such
invalidity or unenforceability, nor will such invalidity or unenforceability affect the
validity or enforceability of such provision, or the application thereof, in any other
jurisdiction.

- 37 -

---

---

Section
11.14Entire Agreement. This Agreement, including the Exhibits and the
Schedules, and the other Closing Documents, together contain the entire agreement between
the parties with respect to the subject matter hereof and supersede all prior agreements
and understandings, oral or written, with respect to such matters, including the Letter
of Intent dated November 2nd, 2006.

Section
11.15Headings. The heading references herein and the tables hereto are for
convenience purposes only, do not constitute a part of this Agreement and will not be
deemed to limit or affect any of the provisions hereof.

Section
11.16Counterparts. This Agreement may be executed in one or more
counterparts, each of which will be deemed an original, and all of which will constitute
one and the same Agreement.

[Remainder of page
intentionally left blank]

- 38 -

---

---

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

| |  | BUYERBy:
Name:Title:
| |  | ----------------------------------

| |  | SELLERBy:
Name:Title:
| |  | -----------------------------------

| |  | COMPANYBy:
| |  | ------------------------

| |  | Toh Kian HongSignature:
| |  | -------------------------------------

- 39 -

---

---

# TABLE OF EXHIBITS AND
SCHEDULES

# Schedules

Schedule 2.1. Option Agreement
Schedule 3.2(b) Blitz debt to Cecil
Schedule 3.2(c) Debtors debts to Creditors
Schedule 3.2 (m)  Alex Employment Agreement
Schedules 4.5 (a)1 and 4.5(b) Jurisdictions
Schedule 4.5(a)2 Equity interest of the Company and structure of Subsidiaries
Schedule 4.5(f) Directors and Officers

Schedule 4.7(a) and Schedule 4.7(b) Financial Statements
Schedule 4.12 Intellectual Property
Schedule 4.13 Major Vendors and Customers
Schedule 4.14(a)(i)  Licenses
Schedule 4.14(a)(ii) Major Software Contracts
Schedule 4.14(a)(iii) Major Maintenance Contracts
Schedule 4.14(a)(iv) Major Leases
Schedule 4.14(a)(v) Unfilled Sales Orders
Schedule 4.16 Account Receivables
Schedule 4.17(a) Tax
Schedule 4.26 Research and Development Funding

# Exhibits.

Exhibit 3.2(o) Related
Parties Waiver

Exhibit 8.2(c) Compliance
Certificate

Exhibit 8.2(e)(i)
          Instruments of transfer of shares from PC Holdings to Buyer

Exhibit 8.2(g)
Directors & Officers waivers

- 40 -

---

---

Schedule 2.1

# PRIVATE &
CONFIDENTIAL

# BETWEEN

# TOP IMAGE SYSTEMS LTD.

# AND

# TOH KIAN HONG

---

# CALL OPTION AGREEMENT

---



---

---

# CONTENTS

|           |                                  |   
|---------- | -------------------------------- | --
|1          | DEFINITIONS AND INTERPRETATION   | 1 
|          
|2          | CALL OPTION                      | 3 
|          
|3          | CONDITIONS                       | 4 
|          
|4          | WARRANTIES                       | 5 
|          
|5          | COMPLETION                       | 7 
|          
|6          | DURATION OF OBLIGATIONS          | 8 
|          
|7          | UNDERTAKINGS PENDING TERMINATION | 9 
|          
|8          | MISCELLANEOUS                    | 10
|          
|SCHEDULE 1 | 13                              

i

---

---

# CALL OPTION AGREEMENT

THIS AGREEMENTentered into this
12 day of June 2007,

BETWEEN:

|(1) | TOP
IMAGE SYSTEMS LTD. (which shall include its successors-in-title and
          assigns) a company incorporated under the laws of Israel with principal offices
          at 2 HaBarzel Street, Ramat HaChayal, Tel Aviv, Israel (TIS);
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

AND

|(2) | TOH
KIAN HONG (NRIC Number: 7607980C) of 30B Lorong H Telok Kurau           Singapore
426019 (Alex).
|--- | ------------------------------------------------------------------------------------------------------

# WHEREAS:

|(A) | Alex
is the registered holder and beneficial owner of 49 fully-paid ordinary           shares
in the capital of the Company (the Option Shares),           which
shares represent 49% of the total issued and paid-up share capital of the
          Company.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(B) | Pursuant
to Section 2.1 of the Stock Purchase Agreement dated 13 June 2007           (Stock
PurchaseAgreement) entered into between inter alia TIS and Alex,
Alex agreed to grant to TIS an option to           purchase the Option Shares on the
terms and subject to the conditions of this           agreement (Agreement).
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

NOW IT IS AGREEDas follows:

|1 | DEFINITIONS
AND INTERPRETATION
|- | ------------------------------

|1.1 | Definitions
|--- | -----------

| | In
this Agreement and the Schedules, unless the context otherwise requires, the following
expressions shall have the meanings set out against them:
| | ---------------------------------------------------------------------------------------------------------------------------------------------------

| | Articlesmeans
the articles of association from time to time of the Company;
| | -----------------------------------------------------------------------------

| | Business
Day means a day (other than a Saturday or Sunday) on which licensed banks are
open for business in Singapore;
| | ------------------------------------------------------------------------------------------------------------------------

| | Company
means Asiasoft Global Pte Ltd (Company Registration Number: 200414416M) a company
incorporated under the laws of Singapore with its registered address at 7 Temasek
Boulevard #27-01 Suntec Tower 1 Singapore 038987; Further particulars of the Company are
stipulated in Schedule 1;
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Completion
means the performance by the Parties of the obligations under this Agreement as stated in
Clause 5;
| | ----------------------------------------------------------------------------------------------------------------

| | Consideration
means the sum of US$ 1,490,000 (Cash Consideration); or, at TISs
sole discretion, the sum of US$745,000 plus the Consideration Shares (Combined
Consideration);
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

1

---

---

| | Consideration
Shares means number of TIS Shares, calculated based on the following formula
 US$745,000.00 divided by the Exchange Price. ( for example, if the Exchange Price
will be US$ 5.0, Alex will be issued 149,000 Consideration Shares)
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Encumbrance
means any form of legal, equitable, or security interests, including but not limited to
any mortgage, assignment of receivables, debenture, lien, charge, pledge, title retention,
right to acquire, hypothecation, option, right of first refusal, any preference
arrangement (including title transfers and retention arrangements or otherwise) any other
encumbrance or condition whatsoever or any other arrangement having similar effect;
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Exchange
Price means the average closing price of TIS Shares traded on the NASDAQ
Capital Market over each of the 21 days prior to the date of the Closing of the Stock
Purchase Agreement.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Exercise
Date means the date of service of an Option Notice;
| | --------------------------------------------------------------

| | Optionmeans
an option exercisable or Clause 2.1;
| | --------------------------------------------------

| | Option
Notice has the meaning ascribed to it in Clause 2;
| | -----------------------------------------------------------

| | Option
Periodmeans the period of 18 months commencing on the Relevant Date;
| | -----------------------------------------------------------------------------

| | Relevant
Date means the date of completion of the Stock Purchase Agreement;
| | -----------------------------------------------------------------------------

| | Reorganisation
means, in relation to the Company, any increase in issued share capital, any
capitalisation of profits or reserves, any rights issue or offer by way of rights,
consolidation, sub-division, reduction of capital, share buy-back, grant of options over
or other reorganisation or adjustment relating to the share or loan capital of the Company
and any scheme or amalgamation or reconstruction affecting the Company;
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | TIS
Shares means ordinary shares of TIS.
| | ------------------------------------------

| | Transfer
Terms means that all the Option Shares shall be sold and purchased free from
any Encumbrance and together with all rights attaching to the Option Shares as at the
Exercise Date (other than rights to receive dividends which shall have been paid prior to
the Exercise Date) or at any time thereafter and that the consideration for the Option
Shares shall be the Transfer Price;
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Warranties,
means the Alexs Warranties.
| | ------------------------------------------

|1.2 | Interpretation
Of Certain Terms
|--- | -------------------------------

| | In
this Agreement, unless the context or subject otherwise requires:
| | --------------------------------------------------------------------

| | (a) | the
headings in this Agreement are inserted for convenience only and shall be
                    ignored in construing this Agreement;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------

| | (b) | unless
the context otherwise requires, words (including words defined in this
                    Agreement) denoting the singular number only shall include the plural
and vice versa;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c) | the
words written and in writing include
                    any means of visible reproduction;
| | --- | ---------------------------------------------------------------------------------------------------

2

---

---

| | (d) | references
to the Appendix, Clause,                     Recital and
Schedule are to the relevant                     appendix, clause of,
recital of and schedule to this Agreement; and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (e) | references
to a party include, where the context admits, references to his
                    personal representatives and successors-in-title.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------

|2 | CALL
OPTION
|- | -----------

|2.1 | Grant
of Option by Alex; Deposit OF Shares and Share Certificates;
|--- | ------------------------------------------------------------------

| | (a) | Subject
to terms and conditions of this Agreement, Alex hereby grants to TIS the
                    option to purchase all (but not some only) of the Option Shares, on
the exercise                     of which:
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (i) | Alex
will become bound to sell all of the Option Shares on the Transfer Terms;
               and
| | --- | -------------------------------------------------------------------------------------------------

| | (ii) | TIS
will become bound to complete the purchase of all of the Option Shares on
                    the Transfer Terms.
| | ---- | ---------------------------------------------------------------------------------------------------------------------

| | (b) | On
the date hereof Alex shall deposit the Option Shares (including any share
                    certificates and other documents required to transfer the Option
Shares to TIS                     (Share Certificates), with Rajah & Tann,
which shall retain such                     Share Certificates for the duration of the
Option Period.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c) | During
the Option Period, Alex shall vote all Option Shares or any part thereof
                    and sign any shareholder written resolutions in accordance with the
written                     instructions of TIS until the earlier to occur of (i) of the
issue of a Purchase                     Notice or (ii) the termination of the Option
Period without the exercise of the                     Option by TIS.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2.2 | Exercise
of Option
|--- | ------------------

| | TIS
may (but shall not be legally obligated to) exercise the Option by notice in writing (an
Option Notice) served on Alex with a copy to Rajah & Tann only
during the Option Period, failing which it will lapse and cease to have any further
effect. If an Option is exercised, then the remaining provisions of this Clause and
Clauses 3, 4and 5will apply.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Upon
the exercise of the Option and subject to Alex complying with his obligations under Clause
5.2(a) hereinbelow, TIS shall pay to Alex, either the Cash Consideration or the Combined
Consideration, at TISs election:
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
parties acknowledge and agree that if TIS elects to pay the Combined Consideration and
issue to Alex the Consideration Shares, such Consideration Shares (i) shall be acquired by
Alex for investment purposes and not with a view to resell by Alex in violation of the
U.S. Securities Act of 1933 and the rules and regulations promulgated thereunder, all as
amended from time to time or any successor thereto, respectively, (the Securities
Act) (ii) shall not be immediately registered by TIS for resale by Alex, (iii)
may not be resold by Alex absent registration under the Securities Act or an exemption
therefrom,, and (iv) will be subject solely to the following registration rights:
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

3

---

---

| | (a)        During
a period of 18 months of the Exercise Date (the Registration
               Period), if TIS proposes to register the sale of any of its
equity                securities under the Securities Act, for its own account or for the
account of                any security holders (other than any registration on Form S-8
or a successor                form, or any registration on Form F-4 or a successor form),
it shall promptly                give a written notice to Alex of its intention to do so,
and, if within twenty                (20) days after receipt of such notice, Alex so
requests in writing, and subject                to the Securities Act, TIS shall include
in such registration statement all the                Consideration Shares for resale by
Alex, provided that if such registration                statement is for an underwritten
offering (i) and the managing underwriter                informs TIS that the inclusion
of Alexs shares would be jeopardize the                success of such offering, in
which case the number of Alexs shares to be                included shall be
reduced to the amount, if any, that the managing underwriter                believes
would not jeopardize the success of the offering, provided that the                number
of shares to be included in such registration statement by all other
               holders exercising piggyback registration rights also are
reduced in                the same proportion and (ii) Alex must accept the terms of the
underwriting as                agreed by the underwriters.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b)        If
the Consideration Shares were not registered during the Registration Period,
               Alex may request, in writing within 20 days of termination of the
Registration                Period, that TIS effect the registration of the resale of
Consideration Shares.                Within 60 days following such written request by
Alex, TIS shall, subject to the                remainder of this Clause, use its best
efforts to file a registration statement                with the U.S. Securities and
Exchange Commission and register the Consideration                Shares for resale by
Alex, unless TIS delivers to Alex a certificate signed by                its chief
executive officer stating that in the good faith judgment of TIS               board
of directors it would be materially detrimental to TIS for such
               registration statement to become effective at such time, in which case TIS
may                delay such registration for a period of up to 180 days. TIS will be
entitled to                include other securities in a registration effected pursuant
to this section                2.2.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c)        The
foregoing registration rights shall terminate when all shares held by Alex
               may be resold to the public under the Securities Act pursuant to Rule 144
or                otherwise.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2.3 | Accrual
of Rights Attached To the Option Shares
|--- | -----------------------------------------------

| | All
voting and other rights attached to the Option Shares shall accrue to TIS on the Exercise
Date. During the Option Period Alex shall have no voting or other rights with respect to
the Option Shares save as otherwise directed by TIS in which case, Alex shall exercise all
voting and other rights in relation to the Option Shares at the direction of TIS according
to TISs written instructions from time to time.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|3 | CONDITIONS
|- | ----------

|3.1 | Conditions
|--- | ----------

| | The
grant of the Option is conditional upon completion of the Stock Purchase Agreement
occurring.
| | -------------------------------------------------------------------------------------------------

|3.2 | Failure
to Satisfy Conditions
|--- | -----------------------------

| | If
the condition set out in Clause 3.1 shall not have been fully satisfied, then this
Agreement shall terminate and cease to have effect and none of the Parties hereto shall
have any claim against the other for costs, damages, compensation or otherwise, save for
any claim arising from any antecedent breach.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

4

---

---

|4 | WARRANTIES
|- | ----------

|4.1 | Alexs
Warranties
|--- | -----------------

| | Alex
represents and warrants to and undertakes with TIS (with the intent that the provisions of
this Clause shall continue to have full force and effect notwithstanding
Completion):
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (a) | that
no person has the right (whether exercisable now or in the future and           whether
contingent or not) to call for the allotment, issue, sale or transfer of           any
shares in the capital of the Company or loan capital of the Company under           any
option or other agreement (including conversion rights and rights of
          pre-emption);
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) | that
it is the registered holder and beneficial owner of the Option Shares and           it
has full power and authority to exercise and enjoy all rights attaching to           the
Option Shares without the consent of any other person;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c) | that
apart for this Agreement there are no Encumbrances on the Option Shares and
          that the Option Shares are authorised, validly issued, allotted and fully
          paid-up and constitute 49% of the issued and paid-up capital of the Company;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (d) | that
during the Option Period it will not dispose of any interest in the Option
          Shares or any right attaching to the Option Shares (save as may be required in
          pursuance of its obligations under this Agreement) or create or allow to be
          created any Encumbrance over the Option Shares or agree (whether subject to any
          condition precedent or condition subsequent or otherwise) to do any of such
          things; Provisions to that effect will be added to the Companys Articles
          of Association to be adopted at the Relevant Date;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (e) | the
number and kind of Option Shares purchasable initially upon the exercise of           the
Option and the payment of the Transfer Price shall be subject to adjustment
          from time to time upon the occurrence of certain events, as follows:
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (i) | Adjustment
for Shares Splits and Combinations. If the Company at any time                or from
time to time effects a subdivision of the outstanding common shares, the
               number of Shares issuable upon exercise of the Option immediately before
the                subdivision shall be proportionately increased, and conversely, if the
Company                at any time or from time to time combines the outstanding common
shares, the                number of Shares issuable upon exercise of the Option
immediately before the                combination shall be proportionately decreased. Any
adjustment under this                Section 4.1(g)(i) shall become effective at the
close of business on the date                the subdivision or combination becomes
effective.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

5

---

---

| | (ii) | Adjustment
for Certain Dividends and Distributions. In the event the                Company at
any time, or from time to time makes, or fixes a record date for the
               determination of holders of common shares entitled to receive a dividend
or                other distribution payable in additional common shares of the Company,
then and                in each such event the number of Option Shares issuable upon
exercise of the                Option shall be increased as of the time of such issuance
or, in the event such                a record date is fixed, as of the close of business
on such record date, by                multiplying the number of Option Shares issuable
upon exercise of the Option by                a fraction: (i) the numerator of which
shall be the total number of shares of                the Company issued and outstanding
immediately prior to the time of such                issuance or the close of business on
such record date plus the number of shares                issuable in payment of such
dividend or distribution, and (ii) the denominator                of which is the total
number of shares of the Company issued and outstanding                immediately prior
to the time of such issuance or the close of business on such                record date;
provided, however, that if such record date is fixed and such                dividend is
not fully paid or if such distribution is not fully made on the date                fixed
thereof, the number of Shares issuable upon exercise of the Option shall
               be recomputed accordingly as of the close of business on such record date
and                thereafter the number of shares issuable upon exercise of the Option
shall be                adjusted pursuant to this Section 04.1(g)(ii) as of the time of
actual payment                of such dividends or distributions. In such event, Alex
shall hold such                dividends or other distributions on trust for TIS and pay
to TIS the said amount                in the event of the exercise of the option pursuant
to this Agreement
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (iii) | Adjustments
for Other Dividends and Distributions. In the event the                Company at any
time or from time to time makes, or fixes a record date for the
               determination of holders of Shares entitled to receive a dividend or other
               distribution payable in securities of the Company other than shares of
common                stock, then in each such event provision shall be made so that TIS
shall receive                upon exercise of the Option, in addition to the number of
Option Shares                receivable thereupon, the amount of securities of the
Company that TIS would                have received had the Option been exercised for
Shares immediately prior to such                event (or the record date for such event)
(the Securities) .                In such event Alex shall deposit
with Rajah & Tann all such Securities and                the signing hereof by Alex
shall be deemed irrevocable instruction to the                Company to transfer such
Securities to Rajah & Tann without the need for any                further
instructions.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (f) | That:
| | --- | -----

| | (i) | it
has full power and capacity to grant the Option and to enter into and perform
               this Agreement and such agreement, when executed, will constitute valid
and                binding obligations on him; and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (ii) | the
execution and delivery of, and the performance of its obligations under this
               Agreement will not result in a breach of any provision; or any agreement
to                which it is a party or which is binding on it or its assets; or result
in a                breach of any order, judgement or decree of any court, governmental
agency or                regulatory body to which it is a party or by which it is bound;
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (iii) | Its
obligations under this Agreement will, upon this Agreement being executed,
               be valid, binding and enforceable in accordance with their terms, and
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (g) | acknowledges
that TIS is entering into this Agreement in reliance on (inter
                    alias) the above warranties, representations and undertakings and
that TIS                     shall be entitled to treat the same as conditions of this
Agreement.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

6

---

---

|4.2 | Warranties
to Be Separate and Independent
|--- | -----------------------------------------

| | Save
as expressly otherwise provided, each of Alexs Warranties shall be separate and
independent and shall not be limited by reference to anything in this Agreement and claims
may be made whether or not TIS, prior to signing this Agreement, knew or could have
discovered (whether by any investigation made by it or on its behalf into the affairs of
the Company or otherwise) that any Warranty has not been complied with or carried out or
is otherwise untrue or misleading.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4.3 | Warranties
to Remain True and Correct
|--- | -------------------------------------

| | Alex
further represents and warrants to and undertakes with TIS that:
| | ---------------------------------------------------------------------

| | (a) | the
Warranties will be fulfilled down to, and will be true and correct in all
                    respects and not misleading at, Completion as if they had been
entered into                     afresh at Completion;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) | if
after the signing of this Agreement and before Completion any event shall
                    occur or matter arises which results or may result in any of the
Warranties                     being unfulfilled, untrue, misleading or incorrect in any
respect at Completion,                     TIS shall be notified immediately fully
thereof prior to Completion and such                     investigations concerning the
event or matter which TIS may require shall be                     made; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c) | in
relation to any Warranty which refers to his knowledge, information or
                    belief, that it has made all necessary enquiries into the subject
matter of that                     Warranty.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4.4 | Warranties
Not To Be Extinguished By Completion
|--- | -----------------------------------------------

| | Alexs
Warranties and all other provisions of this Agreement insofar as the same shall not have
been performed at Completion shall not in any respect be extinguished or affected by
Completion, or by any other event or matter whatsoever, except by a specific and duly
authorised written waiver or release by TIS.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|5 | COMPLETION
|- | ----------

|5.1 | Place
and Date of Completion
|--- | ----------------------------

| | Completion
of the sale and purchase of the Option Shares shall take place at the registered office of
the Desmond (or at such other place as may be agreed) at 12 noon on the day seven (7) days
after the Exercise Date, provided that if such day is not a business day then Completion
shall take place at 12 noon on the first business day thereafter.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|5.2 | Obligations
on Completion
|--- | -------------------------

| | On
Completion:
| | --------------

| | (a) | Alex
shall:
| | --- | -----------

| | (i) | Transfer
or procure the transfer of the Option Shares and all Securities and
               Distributions accruing to such Option Shares during the Option Period to
TIS;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (ii) | deliver
or procure the delivery of all relevant share certificates and other
               documents of title in respect of the Option Shares to TIS;
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------

7

---

---

| | (iii) | account
to TIS for all benefits received in respect of the Option Shares between
               the Exercise Date and the date of Completion (both dates inclusive);
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (iv) | deliver
to TIS or as it shall direct any form of consent or waiver required from
               any other member of the Company to enable the transfer of the Option
Shares to                be registered in accordance with the Articles;
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (v) | use
his best endeavours to procure registration of the transfer of the Option
               Shares and all Securities and Distributions forthwith (subject to the
transfer                being stamped with any necessary stamp duty at the expense of
TIS); and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (vi) | do
such things and execute such documents as shall be necessary or TIS may
               reasonably request to give effect to the sale of the Option Shares on the
               Transfer Terms; and
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (vii) | pay
all costs, taxes and fees connected to and imposed upon the exercise of the
               Option and the transfer of the Option Shares hereunder.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------

|5.3 | Default
In Completion
|--- | ---------------------

| | If
any of the provisions of Clause 5.2 are not complied with on the date fixed for
Completion the party hereto not in default may (without prejudice to its other rights and
remedies):
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) | defer
Completion to a date not more than 28 days after such date (and so that
                    the provisions of Clause 5.2 shall apply to Completion as so
deferred);                     or
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c) | proceed
to Completion so far as practicable (without prejudice its rights under
                    this Agreement); or
| | --- | -----------------------------------------------------------------------------------------------------------------------

| | (d) | rescind
the contract of sale arising by virtue of the exercise of the Option
                    whereupon this Agreement shall terminate.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------

|6 | DURATION
OF OBLIGATIONS
|- | -----------------------

|6.1 | Termination
On Expiry Of Option Period
|--- | --------------------------------------

| | This
Agreement shall terminate on the expiry of the Option Period if no Option Notice shall
have been served on or prior to such time.
| | --------------------------------------------------------------------------------------------------------------------------------------

|6.2 | Termination
On Fulfilment Of Obligations
|--- | ----------------------------------------

| | If
any Option Notice shall have been served on or prior to the expiry of the Option Period,
this Agreement shall terminate upon the fulfilment of the Parties obligation under
this Agreement.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|6.3 | Termination
Upon Occurrence Of Events Of Default
|--- | ------------------------------------------------

| | This
Agreement shall automatically terminate in the event that:
| | ---------------------------------------------------------------

8

---

---

| | (a) | Alex
is in breach of Clause 4.1 or Clause 7 and TIS serves notice
                    on Alex terminating this Agreement;
| | --- | -------------------------------------------------------------------------------------------------------------------------

| | (b) | the
Company enters into liquidation or compound or makes any voluntary
                    arrangement with its creditors or has a receiver, administrative
receiver,                     administrator or other similar officer or encumbrancer
appointed of it or over                     all or any part of its assets or takes or
suffers any similar action in                     consequence of debt or becomes unable
to pay its debts as and when they fall                     due.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|6.4 | Rights
And Obligations To Cease Upon Termination
|--- | ------------------------------------------------

| | On
any termination of this Agreement, and other than when specifically stated herein as to
survival upon termination the rights and obligations of the parties hereto under this
Agreement shall cease and determine save in respect of any antecedent breach of this
Agreement.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|7 | UNDERTAKINGS
PENDING TERMINATION
|- | --------------------------------

|7.1 | Alexs
Undertakings
|--- | -------------------

| | Alex
shall procure that until this Agreement terminates in accordance with Clause 6,
unless with the written consent of TIS, the Company shall:
| | -----------------------------------------------------------------------------------------------------------------------------------------------

| | (a) | not
effect any Reorganisation;
| | --- | ------------------------------

| | (b) | carry
on business only in the ordinary course and in a manner consistent with
                    its past practices, and accordingly shall not, except in the ordinary
course of                     business;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c) | not
permit any of its insurances to lapse or do anything that would make any
                    policy of insurance void or voidable;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------

| | (d) | not
agree, conditionally or otherwise, to do any of the foregoing;
| | --- | ------------------------------------------------------------------

| | (e) | promptly
upon obtaining knowledge thereof, give notice to TIS of:
| | --- | -----------------------------------------------------------------

| | (i) | any
litigation, investigation or proceeding affecting it that could reasonably
                    be expected to have a material adverse effect on its and/or on the
                    Companys business, operations, properties, prospects or
condition                     (financial or otherwise);
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (ii) | any
event or matter that has resulted in a material adverse change in its and
                    and/or the Companys business, operations, prospects or
condition                     (financial or otherwise);
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (iii) | any
event or development that had it existed or been known on the date of this
                    Agreement would have been required to be disclosed by it under this
Agreement or                     under the Stock Purchase Agreement; and
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (iv) | any
event or development that would cause any of Alexs Warranties to be
                    inaccurate or otherwise misleading.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------

9

---

---

| | (f) | Transfer
to Rajah & Tann all Securities as required under Section
                    4.1(g)(iii) hereinabove;
| | --- | --------------------------------------------------------------------------------------------------------------

| | (g) | In
general use its best efforts and cooperate with TIS so as to give effect to
                    and enable the performance of this Option Agreement;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------

|8 | MISCELLANEOUS
|- | -------------

|8.1 | Entire
Agreement
|--- | ----------------

| | This
Agreement embodies all the terms and conditions agreed upon between the Parties hereto as
to the Option, and supersedes and cancels in all respects all previous agreements and
undertakings, if any, between the Parties hereto with respect to the Option, whether such
be written or oral.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|8.2 | Releases
|--- | --------

| | Any
liability to any party hereto under this Agreement may in whole or in part be released,
compounded or compromised, or time or indulgence given, by it in its absolute discretion
as regards the other party under such liability without in any way prejudicing or
affecting its rights against such other party.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|8.3 | Waiver
|--- | ------

| | No
failure on the part of any party hereto to exercise and no delay on the part of such party
in exercising any right hereunder will operate as a release or waiver thereof, nor will
any single or partial exercise of any right under this Agreement preclude any other or
further exercise of it or any other right or remedy.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|8.4 | Continuance
Of Agreement
|--- | ------------------------

| | All
provisions of this Agreement shall not, so far as they have not been performed at
Completion, be in any respect extinguished or affected by Completion or by any other event
or matter whatsoever and shall continue in full force and effect so far as they are
capable of being performed or observed.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|8.5 | Successors
And Assigns
|--- | ----------------------

| | This
Agreement shall be binding on and shall enure for the benefit of each of the successors
and assigns of the parties hereto. Any reference in this Agreement to either of the
parties hereto shall be construed accordingly.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|8.6 | Extension
Of Time
|--- | -----------------

| | Any
time, date or period mentioned in any provision of this Agreement may be extended by
mutual agreement between the parties hereto in accordance with this Agreement or by
agreement but as regards any time, date or period originally fixed or any time, date or
period so extended as aforesaid time shall be of the essence.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|8.7 | Remedies
Not Exclusive
|--- | ----------------------

| | No
remedy conferred by any of the provisions of this Agreement is intended to be exclusive of
any other remedy which is otherwise available at law, in equity, by statute or otherwise,
and each and every other remedy shall be cumulative and shall be in addition to every
other remedy given hereunder or now or hereafter existing at law, in equity, by statute or
otherwise. The election of any one or more of such remedies by any party hereto shall not
constitute a waiver by such party of the right to pursue any other available remedies.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

10

---

---

|8.8 | Illegality
|--- | ----------

| | If
any provision of this Agreement is held to be illegal, invalid or unenforceable in whole
or in part in any jurisdiction, this Agreement shall, as to such jurisdiction, continue to
be valid as to its other provisions and the remainder of the affected provision; and the
legality, validity and enforceability of such provision in any other jurisdiction shall be
unaffected.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|8.9 | Notices
|--- | -------

| | All
notices, demands or other communications required or permitted to be given or made
hereunder shall be in writing and delivered personally or sent by prepaid registered post
with recorded delivery, or by facsimile transmission addressed to the intended recipient
thereof at its address or at its facsimile number, and marked for the attention of such
person (if any), designated by it to the other parties hereto for the purposes of this
Agreement or to such other address or facsimile number, and marked for the attention of
such person, as a party hereto may from time to time duly notify the other parties hereto
in writing.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|8.10 | Addresses
And Facsimile Numbers
|---- | -------------------------------

| | The
addresses and facsimile numbers of the parties hereto for the purpose of this Agreement
are specified below:
| | ----------------------------------------------------------------------------------------------------------------

| | TIS
| | ---

| |               |   |                                                                     
| | ------------- | - | --------------------------------------------------------------------
| | Address       | : | 2 HaBarzel Street, Ramat HaChayal, Tel Aviv, Israel                 
| | Facsimile No. | : | 972-2-5667780                                                       
| | Attention     | : | Ben Zvi Koren & Co., Law Offices 8 Ben Maimon Blvd., Jerusalem 92261

| | Alex
| | ----

| |               |   |                                          
| | ------------- | - | -----------------------------------------
| | Address       | : | 30B Lorong H Telok Kurau Singapore 426019
| | Facsimile No. | : | +65 6742 7000                            

|8.11 | Deemed
Delivery
|---- | ---------------

| | Any
such notice, demand or communication shall be deemed to have been duly served (if
delivered personally or given or made by facsimile) immediately or (if given or made by
letter) 2 business days after posting and in proving the same it shall be sufficient to
show that personal delivery was made or that the envelope containing such notice was
properly addressed, and duly stamped and posted or that the facsimile transmission was
properly addressed and despatched.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|8.12 | No
Merger On Completion
|---- | -----------------------

| | Notwithstanding
Completion, the provisions of this Agreement shall not merge with the transfer or
conveyance and be extinguished but shall remain in full force and effect as between the
parties hereto insofar as the same shall not have been fulfilled.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

11

---

---

|8.13 | Governing
Law And Submission To Jurisdiction
|---- | --------------------------------------------

| | This
Agreement shall be governed by, and construed in accordance with, the laws of Israel. In
relation to any legal action or proceedings arising out of or in connection with this
Agreement (the Proceedings), each party hereto irrevocably submits to
the exclusive jurisdiction of the courts of Israel. That submission shall not affect
TISs right to take Proceedings in any other jurisdiction.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|8.14 | Assignment
|---- | ----------

| | The
provisions under this Agreement shall not be assigned in whole or in part by Alex without
the consent of TIS. TIS shall be entitled to assign its rights hereunder provided however
Alexs rights hereunder shall not be harmed.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

12

---

---

# SCHEDULE 1

# PARTICULARS OF THE
COMPANY

|   |                                  |                                                           
|-- | -------------------------------- | ----------------------------------------------------------
|1. | Registration Number:             | 200414416M                                                
|  
|2. | Registered Office:               | 7 Temasek Boulevard #27-01 Suntec Tower 1 Singapore 038987
|  
|3. | Date and Place of Incorporation: | 5 November 2004, Singapore                                
|  
|4. | Issued and Fully Paid-Up        
|   | Share Capital:                   | S$2.00                                                    

13

---

---

IN WITNESS WHEREOF this
Agreement has been entered into on the date stated at the beginning.

|                      |  
|--------------------- | -
|TOP IMAGE SYSTEMS LTD |  
|                      | )
|SIGNED BY             | )
|                      | )
|for and on behalf of  | )
|TOP IMAGE SYSTEMS LTD | )
|in the presence of:   | )
|                     
|                     
|TOH KIAN HONG        
|                     
|SIGNED BY             | )
|TOH KIAN HONG         | )
|in the presence of:   | )

14

---

---

# Schedule 3.2(b)

# Debtors debts to Cecil

|Creditors  | Cecil           
|---------- | ----------------
|
|Blitz Ltd. | HK$ 2,777,000.00



---

---

# Schedule 3.2(c)

# Debtors debts to
Creditors

|Creditors                     | PC Holdings Pte. Ltd. | Adept Holdings | PC Asia Nominees Ltd.
|----------------------------- | --------------------- | -------------- | ---------------------
|
|Asiasoft(S) Pte. Ltd.         | S$ 1,213,000.00       | S$ 972,000.00  |                      
|ACME Solutions Ltd.           | HK$ 1,270,000.00      |                |                      
|Asiasoft Systems (China) Ltd. |                       |                | HK$ 9,761,000.00     



---

---

Schedule 3.2(m)

# EMPLOYMENT AGREEMENT

This
AGREEMENT (the Agreement) is made as of June 12, 2007, by and between Asiasoft
Global Pte Ltd (Company Registration Number: 200424416M), a Singapore corporation with its
headquarters located in 7 Temasek Boulevard #27-01 Suntec Tower One Singapore 038987 (the
Employer), and Alex Toh Kian Hong, the holder of a Singapore passport
No. 7607980C (the Executive). In consideration of the mutual covenants
contained in this Agreement, the Employer and the Executive agree as follows:

WHEREAS,
the Employer desires to employ the Executive and the Executive desires to be employed by
the Employer on the terms contained herein.

NOW,
THEREFORE, in consideration of the mutual covenants and agreements herein contained and
other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties agree as follows:

| | 1.        Employment.
The Employer agrees to employ the Executive and                the Executive agrees to be
employed by the Employer on the terms and conditions                set forth in this
Agreement. The parties acknowledge that the Employee was                employed by the
Employer prior to the signing hereof (Previous                Employment Term)
and the parties hereby confirm that neither of them                have any claim against
the other with respect to the Previous Employment Term                and that the
Employee have received, prior to the signing hereof, full payment                of all
amount due to him in connection with the Previous Employment Term.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2.        Capacity.
The Executive shall serve the Employer as its                Managing Director. The
Executive shall also serve the Employer in such other or                additional
offices as the Executive may be requested to serve by the Board of
               Directors. In such capacity or capacities, the Executive shall perform
such                services and duties in connection with the business, affairs and
operations of                the Employer as may be assigned or delegated to the
Executive from time to time                by or under the authority of the Board of
Directors.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3.        Term.
Subject to the provisions of Section 6, the term of                employment pursuant to
this Agreement (the Term) shall be 2 years                from the Effective
Date and shall be renewed automatically for periods of 1 year                commencing
at the first anniversary of the Effective Date and on each subsequent
               anniversary thereafter, unless the Employer gives written notice to the
               Executive not less than sixty (60) days prior to the date of any such
               anniversary of Employers election not to extend the Term for the
purposes                of this Agreement the Effective Date shall be
the date of                closing of the Stock Purchase Agreement entered into between
Top Image Systems                Ltd and PC Holdings Pte Ltd and Asiasoft Global Pte Ltd
dated 12 June 2007. For                the avoidance of doubt, this Agreement shall not
be effective if there is no                closing of the said Stock Purchase Agreement.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

---

| | 4.        Compensation
and Benefits. The regular compensation and                benefits payable
to the Executive under this Agreement shall be as follows:
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (a)        Salary.
For all services rendered by the Executive under this Agreement,                the
Employer shall pay the Executive a gross salary (the Salary) at
               the annual rate of US$100,000 (one hundred thousand US dollars). The
Salary does                not include the Employers contribution to the Central
Provident Fund                (CPF) which will be paid directly by the
Employer to the CPF Board                each month. The Salary may be increased from
time to time in the discretion of                the Board of Directors or the
Compensation Committee of Company (the                Compensation Committee)
in accordance with the                Employers customary practice. The Salary
shall be payable on a monthly                basis in accordance with the Employers
usual practice for its senior                executives.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b)        Regular
Benefits. The Executive shall also be entitled to participate in                any
employee benefit plans, medical insurance plans, life insurance plans,
               disability income plans, retirement plans, vacation plans, expense
reimbursement                plans and other benefit plans which the Employer may from
time to time have in                effect for all or most of its senior executives,
provided that no more than                US$25,000 (twenty five thousand US dollars)
shall be attributable to any benefit                plan. Such participation shall be
subject to the terms of the applicable plan                documents, generally
applicable policies of the Employer, applicable law and the                discretion of
the Board of Directors, the Compensation Committee or any                administrative
or other committee provided for in or contemplated by any such                plan.
Nothing contained in this Agreement shall be construed to create any
               obligation on the part of the Employer to establish any such plan or to
maintain                the effectiveness of any such plan which may be in effect from
time to time.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c)        Handphone
and Petrol Allowance. The Executive shall be entitled to a                monthly
handphone and petrol allowance of US$400.00
| | --------------------------------------------------------------------------------------------------------------------------------------------------

| | (d)        Incentive
Compensation. Subject to the achievement of the performance targets
               detailed bellow, the Employer shall pay the Executive, in addition to the
Salary                as set forth in Section 4(a) above, and with respect to the first
two years of                the Term, the following incentive compensation (Incentive
               Compensation):
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (i)        With
respect to the fiscal year 2007, upon the attainment of both the following
               Turnover Target and Net Profit Target, a bonus of ten percent (10%) of the
               Employer Net Profit for the year 2007. Net Profit shall mean net profit
after                tax according to the Employers audited financial statements
for the                relevant year:
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (A)        Employers
turnover of US$7,700,000 (seven million seven hundred thousand                US dollars)
(TurnoverTarget); and
| | ---------------------------------------------------------------------------------------------------------------------------------------

| | (B)        Employers
Net Profit of US$250,000 (two hundred fifty thousand US                dollars)(Net
Profit Target).
| | ---------------------------------------------------------------------------------------------------------------------------

| | (ii)        With
respect to the fiscal year 2008, the Turnover Target and Net Profit Target
               will be determined by the Employers Board of Directors (or such
other                organ as the Employers customary practice requires) by the end
of the year                2007.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

2

---

---

| | (iii)        Incentive
Compensation thereafter will be subject to the discretion of the Board                of
Directors or the Compensation Committee in accordance with the                Employers
customary practice. In any event Bonus amounts shall not be                subject to any
social or other befits provisions and shall be deemed voluntary                payments.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (iv)        The
incentive compensation amounts calculated above are gross and include the
               Employers CPF contributions.
| | --------------------------------------------------------------------------------------------------------------------------------------

| | (e)        Taxation
of Payments and Benefits. The Employer shall undertake to make                deductions,
withholdings and tax reports with respect to payments and benefits                under
this Agreement to the extent that it reasonably and in good faith believes
               that it is required to make such deductions, withholdings and tax reports.
               Payments under this Agreement shall be in amounts net of any such
deductions or                withholdings. Nothing in this Agreement shall be construed
to require the                Employer to make any payments to compensate the Executive
for any adverse tax                effect associated with any payments or benefits or for
any deduction or                withholding from any payment or benefit.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (f)        Exclusivity
of Salary and Benefits. The Executive shall not be entitled                to any
payments or benefits other than those provided under this Agreement. For
               purposes of any applicable minimum wage, equal pay and overtime pay law or
               regulation, the Executive is acting as a senior executive employee and
therefore                will not be entitled to overtime or other additional
compensation for services                performed during evenings, weekends, holidays,
or at other times.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (g)        Deductibility
of Benefits to Employer. It is the intention of the                Executive and of
the Employer that no payments by the Employer to or for the                benefit of the
Executive under this Agreement or any other agreement or plan, if                any,
pursuant to which the Executive is entitled to receive payments or benefits
               shall be nondeductible to the Employer by reason of the operation of any
               relevant law. Accordingly, and notwithstanding any other provision of this
               Agreement or any such agreement or plan, if by reason of the operation of
any                law, any such payments exceed the amount which can be deducted by the
Employer,                such payments shall be reduced to the maximum amount which can
be deducted by                the Employer. To the extent that payments exceeding such
maximum deductible                amount have been made to or for the benefit of the
Executive, such excess                payments shall be refunded to the Employer with
interest thereon, compounded                annually, or at such other rate as may be
required in order that no such                payments shall be nondeductible to the
Employer by reason of the operation of                any law. To the extent that there
is more than one method of reducing the                payments to bring them within the
limitations of such law, the Executive shall                determine which method shall
be followed, provided that if the Executive fails                to make such
determination within forty-five (45) days after the Employer has                given
notice of the need for such reduction, the Employer may determine the
               method of such reduction in its sole discretion.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

3

---

---

| | 5.        Extent
of Service. During the Executives employment                under
this Agreement, the Executive shall, subject to the direction and
               supervision of the Board of Directors, devote the Executives full
business                time, best efforts and business judgment, skill and knowledge to
the advancement                of the Employers interests and to the discharge of
the Executives                duties and responsibilities under this Agreement. The
Executive shall not engage                in any other business activity or the provision
of any services, except as may                be approved by the Board of Directors;
provided that nothing in this Agreement                shall be construed as preventing
the Executive from:
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (a)        investing
the Executives assets in any company or other entity in a manner                not
prohibited by Section 7(d) and in such form or manner as shall not require
               any material activities on the Executives part in connection with
the                operations or affairs of the companies or other entities in which such
               investments are made; or
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b)        engaging
in religious, charitable or other community or non-profit activities                that
do not impair the Executives ability to fulfill the Executives
               duties and responsibilities under this Agreement.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6.        Termination.
Notwithstanding the provisions of Section 3,                the Executives
employment under this Agreement shall terminate under the                following
circumstances set forth in this Section 6.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (a)        Termination
by the Employer for Cause. The Executives employment                under this
Agreement may be terminated for cause without further liability on                the
part of the Employer effective immediately upon a vote of the Board of
               Directors and written notice to the Executive. Only the following shall
               constitute Cause for such termination:
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (i)        the
indictment of the Executive for any offense involving moral turpitude,
               deceit, dishonesty or fraud (indictment, for these purposes,
meaning                an indictment, probable cause hearing or any other procedure
pursuant to which                an initial determination of probable or reasonable cause
with respect to such                offense is made);
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (ii)        failure
to perform to the reasonable satisfaction of the Board of Directors a
               substantial portion of the Executives duties and responsibilities
assigned                or delegated under this Agreement, which failure continues, in
the reasonable                judgment of the Board of Directors provided however that
the Executive did not                take corrective action following a written notice
given to the Executive by the                Board of Directors.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (iii)        gross
negligence or willful misconduct in the conduct of the Executives
               duties hereunder, or insubordination of the Executive with respect to the
               Employer or any affiliate of the Employer, or commission of an act of
personal                dishonesty or breach of fiduciary duty in connection with the
Executives                employment with the Company.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (iv)        material
breach by the Executive of any of the Executives obligations                under
this Agreement, not cured, if curable, within fourteen (14) calendar days
               following written notice given to the Executive by the Board of Directors.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

4

---

---

| | (b)        Termination
by the Executive. The Executives employment under this                Agreement
may be terminated by the Executive by written notice to the Board of
               Directors at least sixty (60) days prior to such termination provided
however                that such termination shall not take effect prior to the second
anniversary of                the signing hereof.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c)        Termination
by the Employer Without Cause. The Executives employment under                this
Agreement may be terminated by the Employer without cause by a vote of the
               Board of Directors upon written notice to the Executive at least sixty
(60) days                prior to such termination.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (d)        Effect
of Termination. Unless otherwise specifically provided in this Agreement
               or otherwise required by law, all compensation and benefits payable to the
               Executive under this Agreement shall terminate on the date of termination
of the                Executives employment under this Agreement (the Termination
               Date). In the event that the Executive is terminated for cause, the
               Executive shall not be entitled to any Incentive Compensation hereunder
for the                year in which such termination occurs.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (e)        Disability.
This Agreement may be terminated by the Board of Directors by 30                days written
notice in the event the Employee is rendered incapable by                illness or any
other disability from performing his duties and functions                hereunder, for a
cumulative (but not necessarily consecutive) period in excess                of 90 days
per annum during the term of this Agreement                (Disability).
In such case the Executive shall receive full                Salary (less any disability
pay or sick pay benefits to which the Executive may                be entitled under the
Employers policies) and benefits under Section 4 of                this Agreement
(except to the extent that the Executive may be ineligible for                one or more
such benefits under applicable plan terms) through the date of the                notice
of termination.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Should any question arise as to
whether during any period the Executive is disabled so as to be unable to perform his
duties and functions hereunder, the Executive may, and at the request of the Employer
shall, submit to the Employer a certification in reasonable detail by a physician selected
by the Employer to whom the Executive or the Executives guardian has no reasonable
objection as to whether the Executive is so disabled or how long such disability is
expected to continue, and such certification shall for the purposes of this Agreement be
conclusive of the issue. The Executive shall cooperate with any reasonable request of the
physician in connection with such certification. If such question arises and the Executive
fails to submit such certification, the Employers determination of such issue shall
be binding on the Executive. Nothing in this Section 6(e) shall be construed to waive the
Executives rights, if any, under existing law.

| | (f)        Cessation
of Benefits. Notwithstanding anything contained in this Section 6 or this Agreement
to the contrary, the obligation to make any payments hereunder or otherwise
provide benefits shall cease immediately in the event of a breach of Section
7 by the Executive.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

5

---

---

| | 7.        Confidential
Information, Noncompetition and Cooperation.
| | -------------------------------------------------------------------

| | (a)        Confidential
Information. As used in this Agreement, "Confidential Information" means information
belonging to or possessed by the Employer which is of value to the Employer
and the disclosure of which could result in a competitive or other
disadvantage to the Employer. Confidential Information includes,
without limitation, financial information, reports, and forecasts;
inventions, improvements and other intellectual property; trade
secrets; know-how; designs, processes or formulae; software; market or
sales information or plans; customer lists; and business plans, prospects and
opportunities (such as possible acquisitions or dispositions of businesses or
facilities). Confidential Information includes any information (including in
particular any ideas, inventions, know-how and intellectual property)
developed by the Executive alone or together with others in the course of the
Executive's employment by the Employer (including employment during the
Previous Employment Term), which shall be the sole and exclusive property
of the Employer (which the Executive shall take any requisite action to
confirm if required) and of which the Executive undertakes to maintain
adequate and current records, as well as other information to which the
Executive may have access in connection with the Executive's employment.
Confidential Information also includes the confidential information of
others with which the Employer has a business relationship.
Notwithstanding the foregoing, Confidential Information does not include information
in the public domain, unless due to breach of the Executive's duties under
Section 7(b).
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b)        Confidentiality.
The Executive understands and agrees that the Executive's employment creates a
relationship of confidence and trust between the Executive and the
Employer with respect to all Confidential Information. At all times, both
during the Executive's employment with the Employer and after its
termination, the Executive will keep in confidence and trust all such Confidential
Information, and will not use or disclose any such Confidential
Information without the written consent of the Employer, except as may be
necessary in the ordinary course of performing the Executive's duties to
the Employer.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c)        Documents,
Records, etc. All documents, records, data, apparatus, equipment and other
physical property, whether or not pertaining to Confidential
Information, which are furnished to the Executive by the Employer or are
produced by the Executive in connection with the Executive's employment
will be and remain the sole property of the Employer. The Executive will return to
the Employer all such materials and property as and when requested by the
Employer. In any event, the Executive will return all such materials
and property immediately upon termination of the Executive's employment
for any reason. The Executive will not retain any such material or property
or any copies thereof after such termination. Such material, however, does
not include documents and files relating to the Executive's employment,
benefits, obligations or otherwise pertaining to the Executive's career and
relationship with the Employer, which the Executive may retain.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

6

---

---

| | (d)        Noncompetition
and Nonsolicitation. During the Term and for eighteen (18) months thereafter, the
Executive (i) will not, directly or indirectly, whether as owner, partner,
shareholder, consultant, agent, employee, co-venturer or otherwise, engage,
participate, assist or invest in any Competing Business (as hereinafter
defined or otherwise engage in any activity that competes with the
business of the Employer or any of its affiliates); (ii) will refrain from
directly or indirectly employing (as an employee, consultant or otherwise,
attempting to employ, recruiting or otherwise soliciting, inducing or
influencing any person to leave employment with the Employer; and (iii)
will refrain from any business relationship with any customer or supplier of
the Employer; and (iv) shall refrain from soliciting or encouraging any
customer or supplier of the Employer to terminate or otherwise modify
adversely its business relationship with the Employer or any of its
affiliates. The Executive understands that the restrictions set forth in
this Section 7(d) are intended to protect the Employer's interest in its
Confidential Information and established employee, customer and supplier
relationships and goodwill, and agrees that such restrictions are reasonable
and appropriate for this purpose. For purposes of this Agreement: (i) the
term "Competing Business" shall mean any business which is competitive
with any business which the Employer or any of its affiliates conducts or
proposes to conduct at any time during the employment of the Executive; (ii)
the term Employer shall include any Affiliate of the Employer, as such term
is defined in the Share Purchase Agreement dated 12 June 2007 between the
parties hereto and Top Image Systems Ltd. Notwithstanding the foregoing,
the Executive may own up to one percent (1%) of the outstanding stock of a
publicly held corporation which constitutes or is affiliated with a
Competing Business.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (e)        Third-Party
Agreements and Rights. The Executive hereby confirms that the Executive is not bound
by the terms of any agreement with any previous employer or other party which
restricts in any way the Executive's use or disclosure of information or
the Executive's engagement in any business. The Executive represents to
the Employer that the Executive's execution of this Agreement, the
Executive's employment with the Employer and the performance of the
Executive's proposed duties for the Employer will not violate any obligations
the Executive may have to any such previous employer or other party. In the
Executive's work for the Employer, the Executive will not disclose or make
use of any information in violation of any agreements with or rights of any
such previous employer or other party, and the Executive will not bring to
the premises of the Employer any copies or other tangible embodiments of
non-public information belonging to or obtained from any such previous
employment or other party.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (f)        Litigation
and Regulatory Cooperation. During and after the Executive's employment, the
Executive shall fully cooperate with the Employer in the defense or
prosecution of any claims or actions now in existence or which may be
brought in the future against or on behalf of the Employer which relate
to events or occurrences that transpired while the Executive was employed by the
Employer. The Executive's full cooperation in connection with such claims or
actions shall include, but not be limited to, being available to meet with
counsel to prepare for discovery or trial and to act as a witness on behalf of
the Employer at mutually convenient times. During and after the Executive's
employment, the Executive also shall fully cooperate with the Employer in
connection with any investigation or review of any federal, state or
local regulatory authority as any such investigation or review relates
to events or occurrences that transpired while the Executive was employed
by the Employer. The Employer shall reimburse the Executive for any
reasonable out-of-pocket expenses incurred in connection with the
Executive's performance of obligations pursuant to this Section 7(f),
subject to production of appropriate support documentation. The
Executive shall not incur any expenses in excess of $500 without the
Employer's prior written approval.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

7

---

---

| | (g)        Injunction.
The Executive agrees that it would be difficult to measure any damages caused to
the Employer which might result from any breach by the Executive of the
promises set forth in this Section 7, and that in any event money damages
would be an inadequate remedy for any such breach. Accordingly the Executive
agrees that if the Executive breaches, or proposes to breach, any portion of
this Agreement, the Employer shall be entitled, in addition to all other remedies
that it may have, to an injunction or other appropriate equitable relief to
restrain any such breach without showing or proving any actual damage to the
Employer.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 8.        Consent
to Jurisdiction. The parties hereby consent, to the extent permitted by applicable
law, to the jurisdiction of the competent courts in Tel Aviv, Israel.
Accordingly, with respect to any such court action, the Executive (a) submits
to the personal jurisdiction of such courts; (b) consents to service of
process; and (c) waives any other requirement (whether imposed by statute, rule of
court, or otherwise) with respect to personal jurisdiction or service of process.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 9.        Integration.
This Agreement constitutes the entire agreement between the parties with respect to
the subject matter hereof and supersedes all prior agreements between the
parties with respect to any related subject matter.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 10.        Assignment;
Successors and Assigns, etc. Neither the Employer nor the Executive may make
any assignment of this Agreement or any interest herein, by operation of law
or otherwise, without the prior written consent of the other party;
provided that the Employer may assign its rights under this Agreement
without the consent of the Executive to any corporation or other entity which,
directly or indirectly, controls or is controlled by the Employer or is
under common control with the Employer or to any corporation or other entity
succeeding to all or a substantial portion of the Employer's business or
assets, provided that such assignee consents to assume the Employer's
obligations hereunder. This Agreement shall inure to the benefit of and be
binding upon the Employer and the Executive, their respective successors,
executors, administrators, heirs and permitted assigns.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 11.        Enforceability.
If any portion or provision of this Agreement (including, without limitation, any
portion or provision of any section of this Agreement) shall to any extent
be declared illegal or unenforceable by a court of competent jurisdiction,
then the remainder of this Agreement, or the application of such portion
or provision in circumstances other than those as to which it is so
declared illegal or unenforceable, shall not be affected thereby, and each
portion and provision of this Agreement shall be valid and enforceable to the
fullest extent permitted by law.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

8

---

---

| | 12.        Waiver.
No waiver of any provision hereof shall be effective unless made in writing and
signed by the waiving party. The failure of any party to require the
performance of any term or obligation of this Agreement, or the waiver by any
party of any breach of this Agreement, shall not prevent any subsequent
enforcement of such term or obligation or be deemed a waiver of any subsequent breach.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 13.        Notices.
Any notices, requests, demands and other communications provided for by this
Agreement shall be sufficient if in writing and delivered in person or
sent by a nationally recognized overnight courier service or by registered
or certified mail, postage prepaid, return receipt requested, to the
Executive at the last address the Executive has filed in writing with the Employer
or, in the case of the Employer, at its main offices, attention of Toh
Kian Hong, and shall be effective on the date of delivery in person or by
courier or three (3) days after the date mailed.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 14.        Amendment.
This Agreement may be amended or modified only by a written instrument signed by
the Executive and by a duly authorized representative of the Employer.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 15.        Governing
Law. This Agreement shall be construed, to the extent permitted by applicable law,
under and be governed in all respects by the laws of Israel, without giving
effect to the conflict of laws principles thereof.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 16.        Counterparts.
This Agreement may be executed in any number of counterparts, each of which when so
executed and delivered shall be taken to be an original; but such
counterparts shall together constitute one and the same document.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

IN
WITNESS WHEREOF, this Agreement has been executed as a sealed instrument by the Employer,
by its duly authorized officer, and by the Executive, as of the Effective Date.

| |  | EMPLOYERBY: Executive
| |  | -------------------------------------------------

9

---

---

# Schedule 4.5(a)1

# Singapore

Asiasoft Global Pte. Ltd.



---

---

# Schedule 4.5(b)

The Company and its subsidiaries has
all requisite corporate power and authority to own, lease, operate and transfer its
assets, and to carry on the Business as now being conducted in the jurisdictions listed as
follows:

|Singapore              | Hong Kong                       | China                           | Philippines             | Thailand          | Malaysia             
|---------------------- | ------------------------------- | ------------------------------- | ----------------------- | ----------------- | ---------------------
|Asiasoft (S) Pte. Ltd. | Blitz Technologies Limited      | Shanghai Asiasoft Ltd.          | Asiasoft Phillipnes Ltd | Asiasoft Thailand | Asiasoft (M) Thailand
|                       | ACME Solutions Ltd.             | Bisoft Technologies Co. Ltd.    |                         |                   |                      
|                       | Asiasoft HK Ltd.                | Asiasoft Solutions (GZ) Limited |                         |                   |                      
|                       | Asiasoft System (China) Limited |                                 |                         |                   |                      
|                       | AS Solutions (HK) Limited       |                                 |                         |                   |                      



---

---

Schedule 4.5(2)

Equity Interest of Company and structure of Subsidiaries

Asiasoft Global Pte Ltd PC Holdings 51% Alex Toh 49% Asiasoft (S) Pte Ltd ASG 100% Asiasoft Solutions (HK) Limited ASG  51% Cecil  49% Blitz Technologies Limited ASG  51%Wife of Cecil  49% Asiasoft System (China) Limited ASG 100% (1 share held by PC Nominees Limited on trust for ASG) Bizoft Technologies Co. Ltd ASG 51% - via trust declaration with Cecil - Cecil in turn holds all the shares of Bizoft via a trust declaration with boths (Singapore) (Singapore) (HK) (HK) (HK) (China) Asiasoft Hong Kong Limited AS(S) 23.38% ACME Solutions Limited Asiasoft Solutions (HK) Limited  100% (1 share held by Cecil on trust for Asiasoft Solutions (HK) Limited) Shanghai Asiasoft Ltd - Asiasoft System (China) Limited  99.18% - Mingzhong  0.82% Asiasoft Solutions (GZ) Limited ASG 51% - via trust declaration with Cecil - Cecil is sole registered shareholder (HK) (HK) (China) (China) Asiasoft MY Ltd -AS(S)
30% . Asiasoft Phillipines - AS(S) 15% (Malaysia) (Philippines) Asiasoft Thailand100% (Thailand)




---

---

# Schedule 4.5 (f)
Directors and officers

|Name of Company            | Name            | Position                    
|-------------------------- | --------------- | ----------------------------
|Asiasof Global Pte. Ltd.   | Toh Kian Hong   | Director                    
|Asiasof Global Pte. Ltd.   | Wong Chun Thieh | Director                    
|Asiasof (S) Pte. Ltd.      | Toh Kian Hong   | Director                    
|Asiasof (S) Pte. Ltd.      | Wong Chun Thieh | Director                    
|Asiasof (S) Pte. Ltd.      | Larry Sim       | General Manager             
|Blitz Technologies Limited | Cecil Tai       | Director,GM                 
|Shanghai Asiasoft Ltd.     | David Xiao      | Chairman                    
|Shanghai Asiasoft Ltd.     | Shu Wen         | GM                          
|Shanghai Asiasoft Ltd.     | Xu Shu Wen      | Financial Controller        
|ACME Solutions Ltd.        | Toh Kian Hong   | Director                    
|ACME Solutions Ltd.        | Vincent Leung   | Business Development Manager
|ACME Solutions Ltd.        | Cecil Tai       | Director,GM                 
|Asiasoft MY                | Toh Kian Hong   | Director                    
|Asiasoft HK Ltd.           | Toh Kian Hong   | Director                    
|AS Solutions (HK) Limited  | Toh Kian Hong   | Director                    
|AS Solutions (HK) Limited  | Cecil Tai       | Director,GM                 



---

---

# Schedule 4.7 (a)

Most recent financial statements

# Group Consolidated
 FY06A PL

|Currency: S$000    | AS
Global | AS Sin | ACME | Bizoft | AS Sys | AS SH | Blitz  | Total | Elimination | Adj   | FY06A
|------------------ | --------- | ------ | ---- | ------ | ------ | ----- | ------ | ----- | ----------- | ----- | -----
|
|
|
|
|Sales              |           |        |      | -      |        |       | 4,867  |       |             | 1,210 |      
|Cost of sales      |           |        |      | -      |        |       | (4,042 | )     |             | (897  | )    
|Gross profit       |           |        |      | -      |        |       | 825    |       |             | 313   |      
|Other income       |           |        |      | -      |        |       | 236    |       |             | 886   |      
|Distribution       |           |       
|expenses           |           |        |      | -      |        |       | (32    | )     |             | (132  | )    
|Administrative     |           |       
|expenses           |           |        |      | (10    | )      |       | (1,134 | )     |             | (275  | )    
|Subsidy            |           |        |      | -      |        |       | -      |       |             | -     |      
|Finance cost       |           |        |      | -      |        |       | (6     | )     |             | 2     |      
|Profit/ (loss)     |           |       
|before tax         |           |        |      | (10    | )      |       | (111   | )     |             | 794   |      
|Income tax expense |           |        |      | -      |        |       | -      |       |             | -     |      
|                   |           |        |      |        |        |       |        |       |             |       |      
|Profit/ (loss)     |           |       
|after tax          |           |        |      | (10    | )      |       | (111   | )     |             | 794   |      
|                   |           |        |      |        |        |       |        |       |             |       |      
|Depreciation       |           |        |      | -      |        |       | 5      |       |             | 6     |      
|Finance expenses   |           |        |      | -      |        |       | -      |       |             | -     |      
|Income tax         |           |        |      | -      |        |       | -      |       |             | -     |      
|                   |           |        |      |        |        |       |        |       |             |       |      
|EBITDA             |           |        |      | (10    | )      |       | (106   | )     |             | 800   |      
|                   |           |        |      |        |        |       |        |       |             |       |      

Source: Management  
SchedulesRef: Group Consolidated
 FY06A PL  Section PL  Profit and Loss Analysis



---

---

# Group  BS as at
Dec06A

|Currency: S$000             | AS Global | AS Sin | ACME | Bizoft | AS Sys | AS SH | Blitz  | Total | Elimination | Adj    | Dec06A
|--------------------------- | --------- | ------ | ---- | ------ | ------ | ----- | ------ | ----- | ----------- | ------ | ------
|
|
|
|
|Non-current assets          |           |        |      |        |        |       |        |       |             |        |       
|Fixed assets                |           |        |      | -      |        |       | 20     |       |             | 15     |       
|Investment in subsi & assoc |           |        |      | -      |        |       | 152    |       |             | -      |       
|Long-term prepayment        |           |        |      | -      |        |       | -      |       |             | -      |       
|Total non-current assets    |           |        |      | -      |        |       | 172    |       |             | 15     |       
|Current assets              |           |       
|Work-in-progress            |           |        |      | -      |        |       | (2     | )     |             | -      |       
|Stocks                      |           |        |      | -      |        |       | -      |       |             | 6      |       
|Trade debtors               |           |        |      | -      |        |       | 1,237  |       |             | 125    |       
|Payments On Accounts        |           |        |      | -      |        |       | -      |       |             | 244    |       
|Amount due from Director    |           |        |      | -      |        |       | -      |       |             | 9      |       
|Prepayment & deposits       |           |        |      | -      |        |       | 40     |       |             | 15     |       
|Gross amount due from       |           |       
|customer for contract work  |           |        |      | -      |        |       | -      |       |             | 31     |       
|Other debtors               |           |        |      | -      |        |       | (2     | )     |             | -      |       
|Trade debts due from        |           |       
|related co.                 |           |        |      | -      |        |       | -      |       |             | -      |       
|Amount due from interco     |           |        |      | -      |        |       | 12     |       |             | -      |       
|Amount due from related co. |           |        |      | -      |        |       | -      |       |             | -      |       
|Cash and cash equivalent    |           |        |      | -      |        |       | 298    |       |             | 3      |       
|Total current assets        |           |        |      | -      |        |       | 1,583  |       |             | 433    |       
|Total assets                |           |        |      | -      |        |       | 1,755  |       |             | 448    |       
|Current liabilities         |           |       
|Trade creditors and         |           |       
|accruals                    |           |        |      | -      |        |       | (1,124 | )     |             | (267   | )     
|Short Term Loans            |           |        |      | -      |        |       | -      |       |             | -      |       
|Other creditors             |           |        |      | -      |        |       | (437   | )     |             | -      |       
|Deferred Tax Liabilities    |           |       
|(AS SH)                     |           |        |      | -      |        |       | -      |       |             | -      |       
|Deposits from Customers     |           |        |      | -      |        |       | -      |       |             | (15    | )     
|Loan from a director        |           |        |      | -      |        |       | (30    | )     |             | -      |       
|Amount due to interco       |           |        |      | (10    | )      |       | (2,222 | )     |             | -      |       
|Amount due to related co.   |           |        |      | -      |        |       | -      |       |             | (251   | )     
|Trade debts due to a        |           |       
|related co.                 |           |        |      | -      |        |       | -      |       |             | (22    | )     
|Amount due to AS HK         |           |        |      | -      |        |       | -      |       |             | (11    | )     
|Accrued Expenses            |           |        |      | -      |        |       | -      |       |             | (90    | )     
|Payments Received on        |           |       
|Accounts                    |           |        |      | -      |        |       | -      |       |             | (100   | )     
|Total current liabilities   |           |        |      | (10    | )      |       | (3,813 | )     |             | (756   | )     
|Non-Current liabilities     |           |       
|Bank Loan - Unsecured       |           |        |      | -      |        |       | -      |       |             | -      |       
|Total non-current           |           |       
|liabilities                 |           |        |      | -      |        |       | -      |       |             | -      |       
|Total liabilities           |           |        |      | (10    | )      |       | (3,813 | )     |             | (756   | )     
|                            |           |        |      |        |        |       |        |       |             |        |       
|Total net assets            |           |        |      | (10    | )      |       | (2,058 | )     |             | (308   | )     
|                            |           |        |      |        |        |       |        |       |             |        |       
|EQUITY                      |           |       
|Share capital               |           |        |      | -      |        |       | 3,000  |       |             | 2      |       
|Capital Reserves (AS SH)    |           |        |      | -      |        |       | -      |       |             | -      |       
|Share premium account       |           |        |      | -      |        |       | 875    |       |             | -      |       
|Translation reserve         |           |        |      | -      |        |       | -      |       |             | 65     |       
|Year to date retained       |           |       
|earnings                    |           |        |      | (10    | )      |       | (111   | )     |             | 794    |       
|Retained earnings brought   |           |       
|forward                     |           |        |      | -      |        |       | (5,822 | )     |             | (1,169 | )     
|Total equity                |           |        |      | (10    | )      |       | (2,058 | )     |             | (308   | )     
|                            |           |        |      |        |        |       |        |       |             |        |       

Source: ManagementSchedules

Ref: Group - BS as at Dec06A - Section BS - Balance Sheet Analysis



---

---

Schedule 4.7 (b)

Management financial statements

|Profit and Loss           |  |  |  |  | 
|------------------------- |  |  |  |  | 
|
|
|
|
|Sales                     |  |  |  |  | 
|Cost of sales             |  |  |  |  | 
|Gross profit              |  |  |  |  | 
|Other income              |  |  |  |  | 
|Distribution expenses     |  |  |  |  | 
|Administrative expenses   |  |  |  |  | 
|Subsidy                   |  |  |  |  | 
|Finance cost              |  |  |  |  | 
|Profit/ (loss) before tax |  |  |  |  | 
|Income tax expense        |  |  |  |  | 
|                          |  |  |  |  | 
|Profit/ (loss) after tax  |  |  |  |  | 
|                          |  |  |  |  | 
|Depreciation              |  |  |  |  | 
|Finance expenses          |  |  |  |  | 
|Income tax                |  |  |  |  | 
|                          |  |  |  |  | 
|EBITDA                    |  |  |  |  | 
|                          |  |  |  |  | 



---

---

|Balance Sheet                     |  |  |  |  | 
|--------------------------------- |  |  |  |  | 
|
|
|
|
|ASSETS                            |  |  |  |  | 
|Non-current assets                |  | 
|Fixed assets                      |  |  |  |  | 
|Investment in subsi & assoc       |  |  |  |  | 
|Long-term investments             |  |  |  |  | 
|Total non-current assets          |  |  |  |  | 
|                                  |  | 
|Current assets                    |  | 
|Work-in-progress                  |  |  |  |  | 
|Stocks                            |  |  |  |  | 
|Trade debtors                     |  |  |  |  | 
|Payments On Accounts              |  |  |  |  | 
|Amount due from Director          |  |  |  |  | 
|Prepayment & deposits             |  |  |  |  | 
|Gross amount due from customer    |  | 
|for contract work                 |  |  |  |  | 
|Other debtors                     |  |  |  |  | 
|Trade debts due from related co.  |  |  |  |  | 
|Amount due from interco           |  |  |  |  | 
|Amount due from related co.       |  |  |  |  | 
|Cash and cash equivalent          |  |  |  |  | 
|Deferred expenses                 |  |  |  |  | 
|Total current assets              |  |  |  |  | 
|Total assets                      |  |  |  |  | 
|                                  |  | 
|Current liabilities               |  | 
|Trade creditors and accruals      |  |  |  |  | 
|Short Term Loans                  |  |  |  |  | 
|Other creditors                   |  |  |  |  | 
|Deferred Tax Liabilities (AS SH)  |  |  |  |  | 
|Deposits from Customers           |  |  |  |  | 
|Unrealised income                 |  |  |  |  | 
|Loan from a director              |  |  |  |  | 
|Amount due to interco             |  |  |  |  | 
|Amount due to related co.         |  |  |  |  | 
|Trade debts due to a related co.  |  |  |  |  | 
|Amount due to AS HK               |  |  |  |  | 
|Accrued Expenses                  |  |  |  |  | 
|Payments Received on Accounts     |  |  |  |  | 
|Gross amt due to customer         |  |  |  |  | 
|Total current liabilities         |  |  |  |  | 
|                                  |  | 
|Non-Current liabilities           |  | 
|Bank Loan - Unsecured             |  |  |  |  | 
|Total non-current liabilities     |  |  |  |  | 
|                                  |  | 
|Total liabilities                 |  |  |  |  | 
|                                  |  |  |  |  | 
|Total net assets                  |  |  |  |  | 
|                                  |  |  |  |  | 
|EQUITY                            |  | 
|Share capital                     |  |  |  |  | 
|Capital Reserves (AS SH)          |  |  |  |  | 
|Share premium account             |  |  |  |  | 
|Translation reserve               |  |  |  |  | 
|Year to date retained earnings    |  |  |  |  | 
|Retained earnings brought forward |  |  |  |  | 
|                                  |  |  |  |  | 
|Total equity                      |  |  |  |  | 
|                                  |  |  |  |  | 



---

---

# Schedule 4.12

Intellectual Property

|Jurisdiction | Asiasoft Entity                  | IP Details                             | Comments                                                                                                                                                                                   
|------------ | -------------------------------- | -------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Singapore    | Asiasoft Global Pte Ltd          | None                                   | None                                                                                                                                                                                       
|             | Asiasoft (S) Pte Ltd             | Domain Names                           | Asiasoftglobal.comAsiasoft.com.sgAsiasoftsolutions.com                                                                                                                                     
|             | Asiasoft (S) Pte Ltd             | Aware S3                               | As per EDB development grant contract. No official patents were filed.                                                                                                                     
|            
|Hong Kong    | ACME Solutions Limited           | Domain Names                           | Acmesolutions.com                                                                                                                                                                          
|             | Blitz Technologies Limited       | Domain Names                           | Bizoft.com.hk                                                                                                                                                                              
|             | Asiasoft Solutions (HK) Limited  | [Based on HK report] No registered IP. | Blitz Technologies hold the unregistered IP for:     1) Aware Capture    2) Aware Capture Lite
    3) Aware Content Manager    4) Aware DMAAll other Hong Kong entities do not hold any IP.
|             | ACME Solutions Limited          
|             | Blitz Technologies Limited      
|             | Asiasoft Systems (China) Limited
|             | Asiasoft Hong Kong Limited      
|            
|China        | Shanghai Asiasoft Ltd            | Domain names                           | Asiasoft.cn                                                                                                                                                                                
|             | Bizoft Technologies Co. Ltd.     | Domain names                           | Bizoft.com.cn                                                                                                                                                                              
|             | Asiasoft Solutions (GZ) Limited  | None                                   | None                                                                                                                                                                                       



---

---

Schedule 4.13

Major Vendors and Customers

|Peremex Pte Ltd                | Singapore | Customer
|------------------------------ | --------- | --------
|HP Singapore (Sales) Pte Ltd   | Singapore | Customer
|Kodak (Singapore) Pte Ltd      | Singapore | Customer
|United Overseas Bank Limited   | Singapore | Customer
|Bank Of Communications Ltd     | Shanghai  | Customer
|Shanghai Mobile Ltd            | Shanghai  | Customer
|Fujitsu China Ltd              | Shanghai  | Customer
|PCCW Hong Kong Ltd             | Hong Kong | Customer
|HK Environment Protection Dept | Hong Kong | Customer
|Citic Ka Wah Bank Limited      | Hong Kong | Customer
|Fuji Xerox (Hong Kong) Limited | Hong Kong | Customer
|Fuji Xerox (Singapore) Limited | Singapore | Customer
|Kodak (China) Limited          | Guangzhou | Customer
|Industrial Bank Limited        | Guangzhou | Customer
|Ingram Micro Pte Ltd           | Singapore | Vendor  
|FileNet Corporation            | Hong Kong | Vendor  



---

---

SCHEDULE 4.14(a)(i)

|Jurisdiction                     | Asiasoft Entity                                                                                                                                                                                                                                                             | License details                                                                                                                                                                                                                                                  | Comments
|-------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------
|Singapore                        | Asiasoft Global Pte Ltd                                                                                                                                                                                                                                                     | [No licenses]                                                                                                                                                                                                                                                    |         
|Asiasoft (S) Pte Ltd             | Limited trademark license granted to Asiasoft (S) Pte Ltd by Microsoft Regional Sales Corporation in respect of the Microsoft logo.                                                                                                                                         | License granted pursuant to partnership agreement renewable on 28 February every year.                                                                                                                                                                          
|                                
|Hong Kong                        | Asiasoft Solutions (HK) Limited                                                                                                                                                                                                                                             | 1. License granted from Penpower to Asiasoft Solutions (HK) Limited for the sale of 2000 pieces per annum of certain software (component products of S3)                                                                                                         | None    
|ACME Solutions Limited           | 1. AVIT Solutions Limited permitted ACME to use ImagXpress and SmartScan Xpress.2. Software AG (Hong Kong) Limited allowed ACME to enter into a Technical Services agreement with Hong Kong Polytechnic University for their Licensed Software in return for a certain fee. | 1. Permission given through the Pegasus email only.2. None                                                                                                                                                                                                      
|Blitz Technologies Limited       | 1. License granted from Penpower to Blitz for the sale of 2000 pieces per annum of certain software (component products of S3)                                                                                                                                              | Latest license update was the transfer to Asiasoft Solutions (HK) with the same terms and conditions                                                                                                                                                            
|Asiasoft Systems (China) Limited | No record of any licenses.                                                                                                                                                                                                                                                  | None                                                                                                                                                                                                                                                            
|Asiasoft Hong Kong Limited       | No record of any licenses.                                                                                                                                                                                                                                                  | Vendor distribution contracts but Asiasoft Singapore is a minority stakeholder in Asiasoft Hong Kong Limited.                                                                                                                                                   
|                                
|China                            | Shanghai Asiasoft Ltd.                                                                                                                                                                                                                                                      | 1. Business license for and including development, design and manufacture of computer software, sales of self-manufactured products, design, installment, test and maintenance of computer systems and supply of relevant technology consultancies and services. | None    
|Bizoft Technologies Co. Ltd.     | Business license for computer technology services; development and retail; computer hardware and software; wholesale and retail (excluding those products controlled by the state).                                                                                         | None                                                                                                                                                                                                                                                            
|Asiasoft Solutions (GZ) Limited  | Business license for computer technology services; development and sales of software.                                                                                                                                                                                       | None                                                                                                                                                                                                                                                            



---

---

# SCHEDULE 4.14(a)(ii)

# Major Software Contract

|Jurisdiction                     | Asiasoft Entity                                            | Name of Customer                                                                    
|-------------------------------- | ---------------------------------------------------------- | ------------------------------------------------------------------------------------
|Singapore                        | Asiasoft (S) Pte Ltd                                       | 1. Kodak/AS(S) Contract & Kodak/ABB Contract    2. Hewlett-Packard    3. JSY Systems
|Hong Kong                        | Asiasoft Solutions (HK) Limited                            | None                                                                                
|ACME Solutions Limited           | 1. Chinese University of Hong Kong    2. Bank of East Asia
|Blitz Technologies Limited       | None                                                      
|Asiasoft Systems (China) Limited | None                                                      
|Asiasoft Hong Kong Limited       | HP                                                        
|China                            | Shanghai Asiasoft Ltd.                                     | None                                                                                
|Bizoft Technologies Co. Ltd.     | Xin Ao                                                    
|Asiasoft Solutions (GZ) Limited  | None                                                      



---

---

# SCHEDULE 4.14(a)(iii)

# Major Maintenance &
support Contracts

|Jurisdiction                     | Asiasoft Entity                                            | Name of Customer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|-------------------------------- | ---------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Singapore                        | Asiasoft (S) Pte Ltd                                       | 1. Hewlett-Packard Singapore (Sales) Pte Ltd.    2. Eng Tic Lee Achieve Pte Ltd
    3. GE Money Pte Ltd    4. Institute of Molecular and Cell Biology    5. ING Asia Private Bank Limited
    6. International Bearings Pte Ltd    7. Minsitry of Defence    8. National Healthcare Group Pte Ltd
    9. Opentech Consulting Pte Ltd    10. Seabanc Institute Brokers Pte Ltd    11. STATS ChipPAC Ltd
    12. Singapore Institute of Manufacturing Technology
    13. Hewlett-Packard Asia Pacific Pte Ltd c/o Visa International (Asia-Pacific) Ltd
    14. Wyeth Nutritionals (S) Pte Ltd    15. YKK Holding Asia Pte Ltd
    16. Eagle Shipmanagement Pte Ltd    17. National Library Board
    18. KSP Infosystems Pte Ltd    19. Singapore Reinsurance Corporation Ltd
|Hong Kong                        | Asiasoft Solutions (HK) Limited                            | None                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|ACME Solutions Limited           | 1. Chinese University of Hong Kong    2. Bank of East Asia
|Blitz Technologies Limited       | None                                                      
|Asiasoft Systems (China) Limited | None                                                      
|Asiasoft Hong Kong Limited       | 1. HP    2. Citic Ka Wah Bank Limited                     
|China                            | Shanghai Asiasoft Ltd.                                     | Bank of Communication China                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Bizoft Technologies Co. Ltd.     | Xin Ao Industrial Bank                                    
|Asiasoft Solutions (GZ) Limited  |                                                           



---

---

# SCHEDULE 4.14(a)(iv)

# Leases Contracts

|Jurisdiction                     | Asiasoft Entity                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | Details                                                                                                                                                                                                                                   
|-------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Singapore                        | Asiasoft (S) Pte Ltd                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Sam An Holdings Pte Ltd dated 28 February 2007. Lease agreement in respect of the premises known as No. 7 Temasek Boulevard #27-01, Suntec Tower One, Singapore 038987. 
The term of the lease is two (2) years commencing on 1 March 2007
|Hong Kong                        | Asiasoft Solutions (HK) Limited                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | None                                                                                                                                                                                                                                      
|ACME Solutions Limited           | Tung Wah Group dated June 1 2006. Term of lease is 2 years.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|Blitz Technologies Limited       | None                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Asiasoft Systems (China) Limited | None                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Asiasoft Hong Kong Limited       | None                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|China                            | Shanghai Asiasoft Ltd.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Shanghai Arsen dated December 1 2003 and February 28 2005                                                                                                                                                                                 
|Bizoft Technologies Co. Ltd.     | According to the space using contract among Xianda Hotel, Bizoft and Facility Center dated 4 November 2004, Xianda Hotel leases Bizoft Room 603A for five years from 1 November 2004 to 31 October 2009.
 Facility Center shall pay part of the rent for Bizoft to Xinda Hotel in the initial two years. Bizoft shall pay all the rent by itself from the third year. Bizoft is entitled to the right of first refusal.
 According to the building leasing contract between Xianda Hotel and Bizoft dated 1 January 2007, Bizoft rent Room 603A of Xianda Hotel from 25 June 2006 to 30 December 2007.
 According to the space using contract
among Xianda Hotel, Bizoft and Facility Center on 17 February 2004, Xianda Hotel leases
Bizoft Room 708 for 5 years from 1 March 2004 to 28 February 2009. Facility Center is also
paying part of rent for Bizoft to Xinda Hotel from 1 March 2004 to 28 February 2006.
|Asiasoft Solutions (GZ) Limited  | Lease of property located in Room 611 No. 144 Huangsha Avenue, Liwan District, Guangzhou as the office for Asiasoft GZ, entered into by Guangzhou Xian Da Hotel Co., Ltd. and Mr. Tai.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               



---

---

# Schedule 4.14(a)(v)Unfilled Sales Orders

# List as per
30th May 2007:

|Customer Name                             | Bill Date | Invoice | Cost | Profit                          | GP
|----------------------------------------- | --------- | ------- | ---- | ------------------------------- | --
|
|
|
|
|ACME Solutions                            |           |         |      |                                 |   
|                                          |           |        
|A&T freight Management Pte Ltd            |           |         |      | End of June                     |   
|                                          |           |        
|Bioskin Holdings Pte Ltd                  |           |         |      | End of June                     |   
|                                          |           |        
|MI COMMUNICATIONS Pte Ltd                 |           |         |      | End of June                     |   
|                                          |           |        
|MI COMMUNICATIONS Pte Ltd                 |           |         |      | End of July                     |   
|                                          |           |        
|MI COMMUNICATIONS Pte Ltd                 |           |         |      | End of Aug                      |   
|                                          |           |        
|National Industrial Pte Ltd               |           |         |      | End of June                     |   
|                                          |           |        
|National Industrial Pte Ltd               |           |         |      | End of July                     |   
|                                          |           |        
|Fuji Xerox Singapore Pte Ltd              |           |         |      | KC - On Hold                    |   
|                                          |           |        
|Fuji Xerox Singapore Pte Ltd              |           |         |      | KC - On Hold                    |   
|                                          |           |        
|Fuji Xerox Singapore Pte Ltd              |           |         |      | KC - On Hold                    |   
|                                          |           |        
|Fuji Xerox Singapore Pte Ltd              |           |         |      | KC - On Hold                    |   
|                                          |           |        
|Singapore Health Services Pte Ltd         |           |         |      | End of May                      |   
|                                          |           |        
|Singapore Health Services Pte Ltd         |           |         |      |                                 |   
|                                          |           |        
|JSY Systems                               |           |         |      | End of June                     |   
|                                          |           |        
|JSY Systems                               |           |         |      | End of June                     |   
|                                          |           |        
|JSY Systems                               |           |         |      | End of July                     |   
|                                          |           |        
|JSY Systems                               |           |         |      | End of Oct                      |   
|                                          |           |        
|JSY Systems                               |           |         |      | Oct-08                          |   
|                                          |           |        
|JSY Systems                               |           |         |      | April/May                       |   
|                                          |           |        
|Brady Corporation Asia Pte Ltd            |           |         |      | WF- TBA                         |   
|                                          |           |        
|National Trades Union Congress            |           |         |      | WF- TBA                         |   
|                                          |           |        
|DMG & Partners Securities Pte Ltd         |           |         |      |                                 |   
|                                          |           |        
|Fuji Xerox Singapore Pte Ltd              |           |         |      | April/May                       |   
|                                          |           |        
|Fuji Xerox Singapore Pte Ltd              |           |         |      | April/May                       |   
|                                          |           |        
|Kodak (Hong Kong) Limited                 |           |         |      |                                 |   
|                                          |           |        
|Kodak (Hong Kong) Limited                 |           |         |      |                                 |   
|                                          |           |        
|Bioskin Holdings Pte Ltd                  |           |         |      | IM - JW advise job not done yet |   
|                                          |           |        
|Obtech Asia Pacific Pte Ltd               |           |         |      |                                 |   
|                                          |           |        
|Hewlett-Packard Singapore (Sales) Pte Ltd |           |         |      |                                 |   
|                                          |           |        
|Lee & Lee Advocates & Solicitors          |           |         |      |                                 |   
|                                          |           |        
|Lee & Lee Advocates & Solicitors          |           |         |      |                                 |   



---

---

|Customer Name                                    | Bill Date | Invoice | Cost | Profit     | GP
|------------------------------------------------ | --------- | ------- | ---- | ---------- | --
|
|Fuji Xerox Singapore Pte Ltd                     |           |         |      | June' 07   |   
|                                                 |           |        
|Fuji Xerox Singapore Pte Ltd                     |           |         |      | June' 07   |   
|                                                 |           |        
|Fuji Xerox Singapore Pte Ltd                     |           |         |      | June' 07   |   
|                                                 |           |        
|Fuji Xerox Philippines                           |           |         |      |            |   
|                                                 |           |        
|Fuji Xerox Philippines                           |           |         |      |            |   
|                                                 |           |        
|Fuji Xerox Philippines                           |           |         |      |            |   
|                                                 |           |        
|S&I Systems Pte Ltd                              |           |         |      |            |   
|                                                 |           |        
|S&I Systems Pte Ltd                              |           |         |      |            |   
|                                                 |           |        
|Calyon, Singapore Branch                         |           |         |      |            |   
|                                                 |           |        
|Calyon, Singapore Branch                         |           |         |      |            |   
|                                                 |           |        
|Calyon, Singapore Branch                         |           |         |      |            |   
|                                                 |           |        
|Institue of Molecular and Cell Biology           |           |         |      |            |   
|                                                 |           |        
|Institue of Molecular and Cell Biology           |           |         |      |            |   
|                                                 |           |        
|Fuji Xerox Singapore                             |           |         |      | End of May |   
|                                                 |           |        
|Fuji Xerox Singapore                             |           |         |      | End of May |   
|                                                 |           |        
|Fuji Xerox Singapore                             |           |         |      | End of May |   
|                                                 |           |        
|IMC Shipping                                     |           |         |      |            |   
|                                                 |           |        
|Frank's Logistics Singapore Pte Ltd              |           |         |      |            |   
|                                                 |           |        
|DMG & Partners Securities Pte Ltd                |           |         |      |            |   
|                                                 |           |        
|DMG & Partners Securities Pte Ltd                |           |         |      |            |   
|                                                 |           |        
|DMG & Partners Securities Pte Ltd                |           |         |      |            |   
|                                                 |           |        
|DMG & Partners Securities Pte Ltd                |           |         |      |            |   
|                                                 |           |        
|DMG & Partners Securities Pte Ltd                |           |         |      |            |   
|                                                 |           |        
|SBS Transit Ltd                                  |           |         |      |            |   
|                                                 |           |        
|Kei Hin Multitrans (S) Pte Ltd                   |           |         |      |            |   
|                                                 |           |        
|Panalpina World Transport (S) Pte Ltd (Regional) |           |         |      |            |   
|                                                 |           |        
|Panalpina World Transport (S) Pte Ltd (Regional) |           |         |      |            |   
|                                                 |           |        
|Agape Baptist Church                             |           |         |      |            |   
|                                                 |           |        
|KSP Infosystems Pte Ltd                          |           |         |      |            |   
|                                                 |           |        
|GFI Group Pte Ltd                                |           |         |      |            |   
|                                                 |           |        
|TUV Rheinland Singapore Pte Ltd                  |           |         |      |            |   
|                                                 |           |        
|TUV Rheinland Singapore Pte Ltd                  |           |         |      |            |   
|                                                 |           |        
|Recap Investments Ltd                            |           |         |      |            |   
|                                                 |           |        
|Recap Investments Ltd                            |           |         |      |            |   
|                                                 |           |        
|Recap Investments Ltd                            |           |         |      |            |   
|                                                 |           |        
|UE Support Services Pte Ltd                      |           |         |      |            |   
|                                                 |           |        
|UE Support Services Pte Ltd                      |           |         |      |            |   



---

---

|Customer Name                         | Bill Date | Invoice | Cost | Profit | GP
|------------------------------------- | --------- | ------- | ---- | ------ | --
|
|Rohm and Haas (China) Holding Co. Ltd |           |         |      |        |   
|                                      |           |        
|Rohm and Haas (China) Holding Co. Ltd |           |         |      |        |   
|                                      |           |        
|DBS Vickers Securities (S) Pte Ltd    |           |         |      |        |   
|                                      |           |        
|DBS Vickers Securities (S) Pte Ltd    |           |         |      |        |   
|                                      |           |        
|DBS Vickers Securities (S) Pte Ltd    |           |         |      |        |   
|                                      |           |        
|Far East Organization                 |           |         |      |        |   
|                                      |           |        
|TOTAL BACKLOG (30th May 2007)         |           |         |      |        |   



---

---

# Schedule 4.16 
Accounts recievables

Asiasoft Group
Consolidated Trade Debtors Aging Listing at 30th April 2007

|Entity               | Customer
Code | Customers | 0-30
Days
(SGD) | 31-60
Days
(SGD) | 61-90
Days
(SGD) | 91-120
Days
(SGD) | 121 Days
and above
(SGD)                        | Balance
(SGD)
|-------------------- | ------------- | --------- | --------------- | ---------------- | ---------------- | ----------------- | ----------------------------------------------- | -------------
|
|Asiasoft (S) Pte Ltd |               |           |                 | ACC001           |                  |                   | Accpac Software Int'l Pte Ltd                   |              
|                     |               |           |                 | ADD001           |                  |                   | AddOn Systems Pte Ltd                           |              
|                     |               |           |                 | ADV001           |                  |                   | Advanced Micro Devices (S)                      |              
|                     |               |           |                 | ADV002           |                  |                   | Advanced Micro Devices Export S/B               |              
|                     |               |           |                 | AIR002           |                  |                   | Air Dynamics Pte Ltd                            |              
|                     |               |           |                 | AMD002           |                  |                   | AMD Japan Ltd                                   |              
|                     |               |           |                 | AMD007           |                  |                   | AMD Far East Ltd - Hong Kong                    |              
|                     |               |           |                 | AMD008           |                  |                   | Advance Micro Devices (S) Pte Ltd               |              
|                     |               |           |                 | AMN001           |                  |                   | Amnet Technology Pte Ltd                        |              
|                     |               |           |                 | ANR001           |                  |                   | Anro Asia Pte Ltd                               |              
|                     |               |           |                 | APE001           |                  |                   | Apex Logistic Pte Ltd                           |              
|                     |               |           |                 | ASI007           |                  |                   | Asia Pacific Breweris Ltd (USD624.75)           |              
|                     |               |           |                 | ASI009           |                  |                   | Asia Information Technology Co Ltd              |              
|                     |               |           |                 | ASS001           |                  |                   | Assimilated Technologies (SGD14568)             |              
|                     |               |           |                 | ASS001           |                  |                   | Assimilated Technologies (USD2000)              |              
|                     |               |           |                 | ATT001           |                  |                   | Attrix Technology Pte Ltd                       |              
|                     |               |           |                 | AZU001           |                  |                   | Azure Technologies Pte Ltd                      |              
|                     |               |           |                 | BIT001           |                  |                   | BusinessIT Pte LTd                              |              
|                     |               |           |                 | BJS001           |                  |                   | BJ Services Company (S'pore) Pte Ltd            |              
|                     |               |           |                 | BOS001           |                  |                   | Boston Scientific Pacific Pte Ltd (USD2362.50)  |              
|                     |               |           |                 | BRA001           |                  |                   | Brady Corporation Asia Pte Ltd (USD17010)       |              
|                     |               |           |                 | CAR003           |                  |                   | Caritor Asia (Singapore) Pte Ltd                |              
|                     |               |           |                 | CHA001           |                  |                   | Chanllenger Technologies Pte Ltd                |              
|                     |               |           |                 | CHA002           |                  |                   | Challenger Superstore                           |              
|                     |               |           |                 | CLI001           |                  |                   | Clientserv Systems Technology                   |              
|                     |               |           |                 | CHO001           |                  |                   | Cohesion Network Technologies Pte Ltd           |              
|                     |               |           |                 | COM001           |                  |                   | Compaq Computer Asia Pacific Pte Ltd            |              
|                     |               |           |                 | CXR001           |                  |                   | Cxrus Solutions Pte Ltd                         |              
|                     |               |           |                 | DAT001           |                  |                   | Datawell Computer Systems                       |              
|                     |               |           |                 | DAT002           |                  |                   | Datamat Public Company Ltd                      |              
|                     |               |           |                 | DAT004           |                  |                   | Dataworks Solutions Pte Ltd                     |              
|                     |               |           |                 | DC               |                  |                   | Diana Chee                                      |              
|                     |               |           |                 | DEC002           |                  |                   | DECA Systems Pte Ltd                            |              
|                     |               |           |                 | DEF001           |                  |                   | Defence Science and Technology Agency           |              
|                     |               |           |                 | DIF001           |                  |                   | Difynet Technologies Pte Ltd (USD584.04)        |              
|                     |               |           |                 | DIN001           |                  |                   | Diner Club (Singapore) Pte Ltd                  |              
|                     |               |           |                 | DMG001           |                  |                   | DMG & Partners Securities Pte Ltd               |              
|                     |               |           |                 | DSM001           |                  |                   | DSM Engineering Plastics Asia Pacific (USD1890) |              
|                     |               |           |                 | DSM003           |                  |                   | DSM Elastomers Asia                             |              
|                     |               |           |                 | DSO001           |                  |                   | DSO National Laboratories                       |              
|                     |               |           |                 | DYN001           |                  |                   | Dynavest Pte Ltd                                |              



---

---

|Entity | Customer
Code | Customers | 0-30
Days
(SGD) | 31-60
Days
(SGD) | 61-90
Days
(SGD) | 91-120
Days
(SGD) | 121 Days
and above
(SGD)                             | Balance
(SGD)
|------ | ------------- | --------- | --------------- | ---------------- | ---------------- | ----------------- | ---------------------------------------------------- | -------------
|
|       |               |           |                 | ENC001           |                  |                   | Encentuate Pte Ltd                                   |              
|       |               |           |                 | ESYS001          |                  |                   | eSys Technologies Pte Ltd (USD58800                  |              
|       |               |           |                 | EVE001           |                  |                   | Everest Capital Pte Ltd                              |              
|       |               |           |                 | FAR001           |                  |                   | Far East Organization Centre Pte Ltd                 |              
|       |               |           |                 | FUJ003           |                  |                   | Fuji Xerox Singapore Pte Ltd                         |              
|       |               |           |                 | HAI001           |                  |                   | Hainan Asia Pacific Brewery Co Ltd (USD2447.88)      |              
|       |               |           |                 | ABO001           |                  |                   | HBO + EMTB Interiors Pte Ltd                         |              
|       |               |           |                 | HEI002           |                  |                   | Heineken Trading (Shanghai) Co Ltd (USD439.15)       |              
|       |               |           |                 | HEW001           |                  |                   | Hewlett-Packard Singapore (Sales) Pte Ltd            |              
|       |               |           |                 | HIL001           |                  |                   | Hin Leong Trading (Pte) Ltd                          |              
|       |               |           |                 | HIL002           |                  |                   | Hill & Knowlton (SEA) Pte Ltd                        |              
|       |               |           |                 | IBIZ001          |                  |                   | IBIZ Consulting Services Pte Ltd                     |              
|       |               |           |                 | IMC002           |                  |                   | Institute of Molecular and Cell Biology              |              
|       |               |           |                 | ING001           |                  |                   | Ingram Micro Asia Ltd                                |              
|       |               |           |                 | ING005           |                  |                   | ING Real Estate Investment Management (USD5450.26)   |              
|       |               |           |                 | INS002           |                  |                   | INSEAD (USD1050)                                     |              
|       |               |           |                 | INS006           |                  |                   | Institute of Technical Education                     |              
|       |               |           |                 | IPA001           |                  |                   | IPACS E-Solutions (S) Pte Ltd (USD630)               |              
|       |               |           |                 | IPN001           |                  |                   | IPN Managed IT Services                              |              
|       |               |           |                 | ISS001           |                  |                   | ISS Servisystem Pte Ltd                              |              
|       |               |           |                 | JS001            |                  |                   | JSY Systems                                          |              
|       |               |           |                 | JS001            |                  |                   | JSY Systems (USD4966.80)                             |              
|       |               |           |                 | KOD002           |                  |                   | Kodak Hong Kong Ltd (USD171855)                      |              
|       |               |           |                 | LAN003           |                  |                   | Lantone Information Systems LLP (USD3360)            |              
|       |               |           |                 | LAS001           |                  |                   | LaserResearch (S) Pte Ltd                            |              
|       |               |           |                 | LEE002           |                  |                   | Lee & Lee Advocates & Solicitors                     |              
|       |               |           |                 | LIN001           |                  |                   | Linnhoff Engineering Pte Ltd                         |              
|       |               |           |                 | LIV001           |                  |                   | Live Picture, Inc                                    |              
|       |               |           |                 | MAP001           |                  |                   | Mapletree Investments Pte Ltd                        |              
|       |               |           |                 | MCI001           |                  |                   | Master Concept International Ltd (USD207690)         |              
|       |               |           |                 | MEN002           |                  |                   | Mentor Media (Kunshan) Co Ltd                        |              
|       |               |           |                 | MEN006           |                  |                   | Mentor Media Taiwan Branch                           |              
|       |               |           |                 | MIC001           |                  |                   | MI Communications Pte Ltd                            |              
|       |               |           |                 | NAT001           |                  |                   | National Trade Union Congress                        |              
|       |               |           |                 | NAT002           |                  |                   | National Cancer Centre Singapore                     |              
|       |               |           |                 | NAT004           |                  |                   | National Kidney Foundation                           |              
|       |               |           |                 | NAT006           |                  |                   | National Industrial Gases Pte Ltd                    |              
|       |               |           |                 | NCS001           |                  |                   | NCS Pte Ltd                                          |              
|       |               |           |                 | NIP001           |                  |                   | Nippon Paint (S) Co Pte Ltd                          |              
|       |               |           |                 |                  |                  |                   |                                                      |              
|       |               |           |                 | NOK001           |                  |                   | NOK Asia Company Pte Ltd                             |              
|       |               |           |                 | NUC001           |                  |                   | Nucleus Software Solutions Pte Ltd                   |              
|       |               |           |                 | OAK001           |                  |                   | Oakwell Corp Thailand Company                        |              
|       |               |           |                 | OPE001           |                  |                   | Open Technology Pte Ltd                              |              
|       |               |           |                 | PAN001           |                  |                   | Panalpina World Transport (S) Pte Ltd                |              
|       |               |           |                 | PER002           |                  |                   | Peremex Pte Ltd                                      |              
|       |               |           |                 | PTK001           |                  |                   | PT Kentech Indo Prima                                |              
|       |               |           |                 | QCS001           |                  |                   | Quantum Consultancy Services Pte Ltd                 |              
|       |               |           |                 | RAB001           |                  |                   | Rabobank International (USD819)                      |              
|       |               |           |                 | REA001           |                  |                   | ReadyMix Holdings International Pte Ltd (USD1417.50) |              



---

---

|Entity         | Customer
Code | Customers | 0-30
Days
(SGD) | 31-60
Days
(SGD) | 61-90
Days
(SGD) | 91-120
Days
(SGD) | 121 Days
and above
(SGD)                              | Balance
(SGD)
|-------------- | ------------- | --------- | --------------- | ---------------- | ---------------- | ----------------- | ----------------------------------------------------- | -------------
|
|               |               |           |                 | RIC002           |                  |                   | Richee Engineering Enterprise Pte Ltd                 |              
|               |               |           |                 | ROH005           |                  |                   | Rohm & Haas Mgt Consulting Service                    |              
|               |               |           |                 | S&I001           |                  |                   | S&I Systems Pte Ltd (USD882)                          |              
|               |               |           |                 | SAN002           |                  |                   | Sankyu (S) Pte Ltd                                    |              
|               |               |           |                 | SCO001           |                  |                   | Scope International (M) Sdn Bhd                       |              
|               |               |           |                 | SHA001           |                  |                   | Shanghai Asia Pacific Brewery Co Ltd                  |              
|               |               |           |                 | SIN001           |                  |                   | Singapore TelevisionTwelve Pte Ltd                    |              
|               |               |           |                 | SIN014           |                  |                   | Singapore Institute of Manufacturing                  |              
|               |               |           |                 | SPB001           |                  |                   | South Pacific Brewery Limited                         |              
|               |               |           |                 | STA001           |                  |                   | Standard Chartered Bank                               |              
|               |               |           |                 | STA003           |                  |                   | Standard Chartered Bank - Tampines                    |              
|               |               |           |                 | STA005           |                  |                   | Standard Chartered Bank                               |              
|               |               |           |                 | STA006           |                  |                   | STATSChipPac Ltd (USD11987.94)                        |              
|               |               |           |                 | STE003           |                  |                   | ST Electronics (Info-Software Systems) Pte Ltd        |              
|               |               |           |                 | TEM001           |                  |                   | Temasek Holdings (Pte) Ltd                            |              
|               |               |           |                 | THE002           |                  |                   | The Commercial & Industrial Security Corp             |              
|               |               |           |                 | TIS001           |                  |                   | Top Image Systems Ltd                                 |              
|               |               |           |                 | UIC001           |                  |                   | UIC Asian Computer Services Pte Ltd                   |              
|               |               |           |                 | UNI001           |                  |                   | United Overseas Bank Ltd                              |              
|               |               |           |                 | UNI005           |                  |                   | Unicom Technology Pte Ltd                             |              
|               |               |           |                 | UNI006           |                  |                   | Unilever Asia Pte Ltd                                 |              
|               |               |           |                 | UOB002           |                  |                   | United Overseas Bank Group (USD41989.96)              |              
|               |               |           |                 | VIE001           |                  |                   | Vietnam Brewery Ltd                                   |              
|               |               |           |                 | WEB001           |                  |                   | Web Synergies Pte Ltd                                 |              
|               |               |           |                 | WYE001           |                  |                   | Wyeth Nutritionals (Singapore) Pte Ltd                |              
|               |               |           |                 | YCH001           |                  |                   | YCH Group Pte Ltd                                     |              
|               |               |           |                 | Add:             |                  |                   | Foreign exchange revaluation                          |              
|               |               |           |                 | Less:            |                  |                   | Unapplied deposit                                     |              
|               |               |           |                 | Add:             |                  |                   | Input GST                                             |              
|               |               |           |                 | Less:            |                  |                   | Provision for Doubtful Debts                          |              
|               |               |           |                 |                  |                  |                   |                                                       |              
|ACME Solutions |               |           |                 |                  |                  |                   | Asta Systems Ltd                                      |              
|               |               |           |                 |                  |                  |                   | BEA                                                   |              
|               |               |           |                 |                  |                  |                   | CASIO Computer (Hong Kong) Ltd                        |              
|               |               |           |                 |                  |                  |                   |                                                       |              
|               |               |           |                 |                  |                  |                   | China Construction Bank Corporation - HongKong Branch |              
|               |               |           |                 |                  |                  |                   | CITIC Ka Wah Bank Limited                             |              
|               |               |           |                 |                  |                  |                   | Computer and Technologies Solution                    |              
|               |               |           |                 |                  |                  |                   | CUHK                                                  |              
|               |               |           |                 |                  |                  |                   | Exel Consolidation Services Ltd                       |              
|               |               |           |                 |                  |                  |                   | HKSAR - Hong Kong Housing Authority                   |              
|               |               |           |                 |                  |                  |                   | The Hong Kon and China                                |              
|               |               |           |                 |                  |                  |                   |                                                       |              
|AS Shanghai    |               |           |                 |                  |                  |                   |                                                       |              
|               |               |           |                 |                  |                  |                   |                                                       |              
|               |               |           |                 |                  |                  |                   |                                                       |              
|               |               |           |                 |                  |                  |                   |                                                       |              
|               |               |           |                 |                  |                  |                   |                                                       |              
|               |               |           |                 |                  |                  |                   |                                                       |              
|               |               |          
|               |               |           |                 |                  |                  |                   | Total for Trade Debtors                               |              
|               |               |           |                 |                  |                  |                   |                                                       |              



---

---

# Schedule 4.17 (a)

Tax returns not filed



---

---

SCHEDULE 4.26Research and Development Grants

|Jurisdiction | Asiasoft Entity      | Grant details                                                                                                                                          | Comments                                                                                                                                                              
|------------ | -------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Singapore    | Asiasoft (S) Pte Ltd | Infocomm Development Authority of Singapore grant to Asiasoft (S) Pte Ltd. of S$317,736 in relation to the Infocomm Enterprise Scheme                  | To qualify for the grant, Asiasoft (S) Pte Ltd has from 1 October 2006 to 31 March 2008 to complete the project that was stated in their application for the grant.   
|Singapore    | Asiasoft (S) Pte Ltd | Economic Development Board (Industry Promotion Division) grant to Asiasoft (S) Pte. Ltd. of S$482,000 in relation to the Innovation Development Scheme | To qualify for the grant, Asiasoft (S) Pte Ltd has from 1 September 2004 to 31 August 2006 to complete the project that was stated in their application for the grant.



---

---

Exhibit 3.2(o)

# WAIVER, RELEASE AND
INDEMNIFICATION UNDERTAKING

I, __________________ [NAME],
the holder of _________ [COUNTRY] passport No. __________/Company Registration
No._____________, as a ____________ of __________________ (the
Company), hereby declare and acknowledge as follows:

|1. | On
__________ 2007 I shall transfer my shares in (the "Company") to __________________
[NAME OF TRANSFEREE] ("Termination Date"). (if applicable)
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------

|2. | Not
later than the  Termination  Date  (_______),  I shall return to the Company any and all
documents          and/or other materials in my possession relating to the Company and
its business.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|3. | I
hereby release the Company and/or its directors, employees, shareholders,  subsidiaries,
 affiliates          and agents  from any and all  liability  towards me and waive any
and all rights or claims  that I may          have in relation to any  obligations or
liabilities the  abovementioned  entities may at present or in          the future have
towards me of any type  whatsoever,  resulting in any way from my being a  shareholder
         or officer of the Company or any  subsidiary  or affiliate of the Company,
 including  but not limited          to any amounts  owing,  if  applicable,  for
 dividends,  shareholders'  loans,  and any and all other          amounts  which may be
owed to me whether by effect of law and/or  agreement  and/or  custom.  I hereby
         assign to the Company or to any third party,  as shall be instructed  by the
Company,  any amount owed          to me by the Company and  undertake to sign and
execute any document  and  instrument  require to give          effect to the releases,
waivers and assignment granted hereunder.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4. | I
hereby  undertake  not to use for my own  benefit  or  disclose  to any third  parties
 any  Company          information,  data or material which is not in the public domain
including,  without limitation, trade          secrets and other proprietary
 information,  business/financial  data or plans,  sales/customer  data,
         development plans and this Agreement or any of the terms hereof.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

In witness whereof I have set my seal this day _____________ 2007

| |                      
| | ---------------------
|
|
|
|
| | _____________________
| | Name                 



---

---

Exhibit 8.2(c)

# ASIASOFT GLOBAL PTE.
LTD.

# COMPLIANCE CERTIFICATE

The undersigned, Alex Toh Kian Hong
(NRIC: 7607980C) hereby certify as follows:

| | 1. | The
undersigned Alex Toh Kian Hong is the duly appointed Chief Executive Officer of Asiasoft
Global Pte. Ltd (the "Company"), incorporated under the laws of Singapore.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The
 representations  and warranties of the Company set forth in the Stock Purchase Agreement
between the          Company (and other parties) and Top Image Systems Ltd dated
 _______________  (the "SPA")  continue to be          true and correct in all material
respects.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | The
Company has fulfilled all the conditions precedent to the Closing as set forth  in the
SPA.
| | -- | -----------------------------------------------------------------------------------------------

| | 4. | There
has been no material adverse change in the business,  operations,  properties,  assets or
financial          condition of the Company since the date of the SPA.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------

Signed:

Alex Toh Kian Hong



---

---

Exhibit 8.2(e)(1)

# TRANSFER

I, PC Holdings Pte Ltdof [address],

hereinafter called the
Transferor

In consideration of the Sum of
US$980,000.00

paid by Top Image Systems Limited of [address]

hereinafter called the
said Transferee

| | Do hereby
bargain, sell, assign, and transfer to the said Transferee Fifty-one (51)Ordinary
Shares fully paid in the undertaking called Asiasoft Global Pte. Ltd.,
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------

To hold unto the
said Transferee, its Executors, Administrators, and Assigns subject to several conditions
on which I held the same immediately before the execution hereof; and the said Transferee,
do hereby agree to accept the said Fifty-one Ordinary Shares subject to the conditions
aforesaid.

As Witness our
Hands this              day of              in the year of our Lord Two Thousand and Seven (2007).

|                                     |                                          
|------------------------------------ | -----------------------------------------
|
|
|
|
|Signed by the above named Transferor | )                                        
|in the presence of :-                | )                                        
|Signature:                           | )                                        
|Address:                             | )                                        
|Occupation:                          | )     ___________________________________
|                                    
|                                    
|                                    
|                                    
|Signed by the above named Transferee | )                                        
|in the presence of :-                | )                                        
|Signature:                           | )                                        
|Address:                             | )                                        
|Occupation:                          | )     ___________________________________



---

---

Exhibit 8.2(g)

RESIGNATION, WAIVER AND RELEASE UNDERTAKING
BY RESIGNING DIRECTOR

I, __________________ [NAME], the holder of _________ [COUNTRY] passport No. __________, as a director of
__________________ (the "Company"), hereby declare and acknowledge as follows:

|1. | On
__________ 2007 I shall cease to serve as a director of the Company and shall (if
applicable) terminate any and all relationship I had or currently have with
the Company, whether as an employee, consultant, director or otherwise
("Termination Date").
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2. | Not
later than the  Termination  Date,  I shall  return to the  Company any and all
 documents  and/or          other materials in my possession  relating to the Company,
 its  subsidiaries and affiliates and their          business.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|3. | I
hereby release the Company and/or its directors, employees, shareholders,  subsidiaries,
 affiliates          and agents  from any and all  liability  towards  me and waive any
and all rights and claims  that the          abovementioned  entities  may at present or
in the future  have  towards  me, of any type  whatsoever,          resulting in any way
from my  employment  with and/or  service (in any form or manner) to the Company,
         including but not limited to any amounts owing as salary or incentive
 compensation  of any kind, fees          of  any  kind  (including  in  particular
  directors'  fees  and  consultancy  fees),  annual  leave,          recuperation  pay,
pension  payments,  severance pay, travel,  reimbursement of expenses,  and any and
         all other amounts which may be owed to me whether by effect of law and/or
agreement and/or custom.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4. | I
hereby  undertake  not to use for my own  benefit  or  disclose  to any third  parties
 any  Company          information,  data or material which is not in the public domain
including,  without limitation, trade          secrets and other proprietary
 information,  business/financial  data or plans,  sales/customer  data,
         development plans and this Agreement or any of the terms hereof.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|5. | I
also  acknowledge  that my continuing  exposure to the Company's  trade secrets during
the course of          my employment  and/or service (if applicable) has had an indelible
 effect on my memory and, were I to          work in competition with the Company, I
would inevitably  exploit such trade secrets.  In light of the          above,  I hereby
 undertake  that for a period of 18 months  from the date  hereof I shall not compete
         with the Company and its  subsidiaries  and affiliates in any area of its
business,  and in particular          shall  refrain  from  approaching  and/or  having
any business  relations in any capacity  whatsoever,          directly or  indirectly,
 with any of the  employees,  clients or suppliers of the Company  (including
         their  affiliates and  subsidiaries).  I further  declare that I am aware that
any breach of the above          undertaking would cause the Company  irreparable harm
and I therefore  undertake,  without  derogating          from any other  rights the
Company may have against me, to fully  compensate  the Company for any such
         damage caused as a result of any such breach of my undertaking.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

In witness whereof I have set my seal this day _____________ 2007

| |                      
| | ---------------------
|
|
|
|
| | _____________________
| | Name                 



---

---