Exhibit 4.18

# CALL OPTION AGREEMENT
AMENDMENT

THIS
CALL OPTION AMENDEMENT AGREEMENT (Amendment) is made as of January
4, 2009 by and among Mr. Toh Kian Hong (NRIC Number: 7607980C) of 30B Lorong H Telok Kurau
Singapore 426019 (Alex) on the one side 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).

# WHEREAS:

|(A) | On
the 12th day of June 2007, the parties entered into a Call Option
               Agreement (the Option  Agreement) according to which
Alex                granted to TIS an option to purchase 49 fully-paid ordinary shares in
the                capital of Asiasoft Global Pte (the Option Shares), which
shares                represent 49% of the total issued and paid-up share capital of
Asiasoft Global                Pte (the Company); and
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(B) | The
parties desire to amend the terms and conditions of the Option Agreement and
               terminate and revoke certain conditions and replace them with the terms
and                conditions set forth hereinafter in this Amendment according to which
TIS shall                purchase the Option Shares from Alex, in consideration for the
issuance to Alex                of 400,000 TIS Shares whereby upon the completion of the
exchange, TIS shall be                the 100% owner of Asiasoft Global Pte. Ltd. (the
               Transaction).
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

NOW IT IS AGREED as follows:

|1. | INTRODUCTION
|-- | ------------

| | 1.1. | The
preamble to this Amendment shall constitute an integral part thereof.
| | ---- | -------------------------------------------------------------------------

| | 1.2. | In
the event of any contradictions between this Amendment and the Option
          Agreement, this Amendment shall prevail. Otherwise, all provisions of the
Option           Agreement, which have not been expressly amended, terminated or revoked
herein,           shall continue to apply, mutatis mutandis, to the
relationship           between the parties hereunder.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2. | DEFINITIONS
|-- | -----------

| | For
the purposes of this Amendment, all capitalized terms not specifically defined hereunder,
shall have the meaning ascribed to them in the Option Agreement. The following terms shall
be defined as follows:
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2.1. | Completion means
completion of this Amendment in accordance           with Sections 4.4 and 4.5.
| | ---- | --------------------------------------------------------------------------------------------------

| | 2.2. | Consideration means
the Consideration Shares.
| | ---- | -----------------------------------------------

| | 2.3. | Consideration
Shares and Transfer Price          means 400,000 fully paid
and non-assessable TIS Shares.
| | ---- | ------------------------------------------------------------------------------------------------------------

1

---

---

| | 2.4. | Share
Certificates means any share certificates relating to           the Option
Shares and any and all other documents required to transfer the           Option Shares
to TIS and give effect to such transfer.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|3. | TERMINATION
OF CERTAIN SECTIONS
|-- | -------------------------------

| | Sections
2.1, 2.2, 5.1 and 5.2 of the Option Agreement shall be terminated and revoked effective
as of the Completion and, upon such Completion, shall be replaced by the agreements and
undertakings of the parties contained herein. In the event the Completion of this
Amendment will not take place, the Option Agreement shall continue to apply with full
force and effect, and the Option Period shall be extended for an additional twelve (12)
months.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4. | THE
TRANSACTION
|-- | ---------------

| | 4.1. | On
the terms and subject to the conditions set forth herein, at the Completion, Alex will
sell, convey, transfer, assign and deliver to Buyer all right,           title and
interest in and to the Option Shares and Buyer will purchase the           Option Shares
and pay the Consideration, thereby purchasing 49% of the issued           and outstanding
share capital of the Company, on a fully diluted basis.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4.2. | Consideration.
In consideration for the purchase of the Option Shares,           Buyer will issue to
Alex the Consideration Shares. The Consideration Shares           shall be issued to Alex
at Completion.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4.3. | Completion.
Completion of the sale and purchase of the Option Shares           shall take place at
the registered office of Rajah & Tann (or at such other           place as may be
agreed) at 12 noon seven (7) days after the signing hereof,           provided that if
such day is not a business day then Completion shall take place           at 12 noon on
the first business day thereafter.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4.4. | At
the Completion, Alex shall:
| | ---- | ------------------------------

| | 4.4.1. | 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;
| | ------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4.4.2. | deliver
or procure the delivery of all relevant share certificates and other           documents
of title in respect of the Option Shares to TIS;
| | ------ | -------------------------------------------------------------------------------------------------------------------------------------------------

| | 4.4.3. | transfer
to TIS for all benefits received in respect of the Option Shares           between the
Exercise Date and the date of Completion (both dates inclusive);
| | ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4.4.4. | 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;
| | ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4.4.5. | 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
| | ------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

2

---

---

| | 4.4.6. | do
such things and execute such documents as shall be necessary or as TIS may
          reasonably request to give effect to the sale of the Option Shares to TIS under
          the terms and conditions contained herein ; and
| | ------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4.4.7. | pay
all taxes and fees connected to and imposed upon the sale and purchase of           the
Option Shares hereunder.
| | ------ | --------------------------------------------------------------------------------------------------------------------

| | 4.5. | At
Completion, TIS shall:
| | ---- | -------------------------

| | 4.5.1. | Issue
and allot to Alex TIS Shares;
| | ------ | -----------------------------------

| | 4.5.2. | File
with all relevant authorities all reports required to give effect to the
          issuance of TIS Shares;
| | ------ | ---------------------------------------------------------------------------------------------------------------

| | 4.6. | Alex
hereby represents, warrants, acknowledges and agrees that (i) he is not a           U.S
Person (as such is defined in Regulation S promulgated under the Securities           Act
of 1933, as amended (the Securities Act) and that the           Consideration
Shares issued hereunder are offered to Alex while being outside of           the U.S.;
(ii) that he has had an opportunity to review TISs filings with           the
Securities Exchange Commission (the SEC), including TISs
          annual report on form 20-F for the fiscal year ended December 31, 2007 and any
          current reports on form 6-K furnished with the SEC thereafter; (iii) he has
such           knowledge and experience in financial and business matters, and with
respect to           transactions of the kind and scope contemplated by this Agreement
and is capable           of evaluating the merits and risks of an investment in TIS and
of making an           informed investment decision based on his inquiries; (iv) he has
satisfied           himself as to the full observance of the laws of his jurisdiction in
connection           with any invitation to subscribe for the Consideration Shares or the
purchase of           and continued beneficial ownership of the Consideration Shares; (v)
TIS is           relying upon the representations in this Agreement in order to comply
with the           requirements of federal and state laws which afford to TIS an
exemption from the           registration and qualification requirements of the
Securities Act and state           securities laws; (vi) the Consideration Shares issued
to Alex hereunder are           acquired by Alex for investment purposes and not with a
view to resell by Alex           in violation of the Securities Act and the rules and
regulations promulgated           thereunder, all as amended from time to time; (vii) the
Consideration Shares           have not been registered by TIS for resale by Alex; (viii)
the Consideration           Shares may not be resold by Alex absent registration under
the Securities Act or           an exemption therefrom; and (ix) any certificate
representing the Consideration           Share shall bear a restrictive legend in
customary form advising any holder           thereof as to subclauses (vii) and (viii)
herein. Notwithstanding the foregoing,           the Consideration Shares will be subject
to the following registration rights:
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4.6.1. | During
a period of 12 months from the date of signature of this Amendment (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, 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           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 (including
lock-up provisions) as agreed by the underwriters.
| | ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

3

---

---

| | 4.6.2. | 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 Consideration Shares. Within
120           days following such written request by Alex (Additional Registration
          Term), 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, TIS will
be           entitled to include other securities in a registration effected pursuant to
this           section 4.6.2.
| | ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4.6.3. | The
foregoing registration rights shall terminate when 25% of the Consideration
          Shares held by Alex may be resold to the public over any 3 month period under
          the Securities Act pursuant to Rule 144 or otherwise.
| | ------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4.6.4. | If
TIS fails to register the Consideration Shares within the time frame           specified
under section 4.6.2 above, Alex shall be entitled to terminate this           Amendment
within 30 days following termination of the Additional Registration           Term. Upon
termination, the Transaction shall be conceded, and Alex shall be           entitled to
receive the Option Shares in return for the transfer of the           Consideration
Shares and neither party shall have any right or claim against the           other party
in connection with the Transaction, its cancellation and the           termination of
this Amendment.
| | ------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|5. | REPRESENTATIONS
AND WARRANTIES
|-- | ------------------------------

| | 5.1. | Alex
hereby declares and represents that all the Warranties made by him in           Clause 4
of the Option Agreement are, mutatis  mutandis, true and correct           in all
material respects with the same force and effect as of the date of the
          Completion of the Option Agreement and will be true and correct in all material
          respects as of the date of the Completion of this Amendment.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

4

---

---

| | 5.2. | All
covenants, agreements and conditions contained in the Option Agreement and           this
Amendment to be performed or complied with by him at or prior to Completion           of
the Option Agreement and prior to the Completion hereof, respectably, have           been
performed or complied with in all material respects.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5.3. | He
has taken or caused to be taken all steps necessary to verify the accuracy of
          the information set forth in this Clause 5.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------

|6. | MISCELLANEOUS
|-- | -------------

| | 6.1. | This
Amendment embodies all the terms and conditions agreed upon between the           Parties
hereto as to the transactions contemplated hereunder, and supersedes and
          cancels in all respects all previous agreements and undertakings, if any,
          between the Parties hereto with respect to the subject matter hereof, whether
          such be written or oral.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6.2. | In
the event of any contradiction between the provisions contained herein and           the
Option Agreement, the provisions of this Amendment shall prevail.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6.3. | This
Amendment may be amended only upon written instrument executed by both           parties.
| | ---- | ----------------------------------------------------------------------------------------------

| | 6.4. | This
Amendment 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. Such submission shall not affect TISs right to take Proceedings
in           any other jurisdiction. Notwithstanding the above, all issues related to the
          registration of TIS shares shall be governed by and construed in accordance
with           US laws and regulations.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6.5. | This
Amendment will come into force upon its approval by all authorized organs           of
TIS and is subject to such approval. If not approved within 14 days of its
          signing  this Amendment will be null and void and neither party shall
have           any right or claim against the other party in connection with negotiating
and           signing this Amendment.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

5

---

---

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

TOP IMAGE SYSTEMS LTD

SIGNED BY Izhak Nakar

for and on behalf of TOP IMAGE SYSTEMS LTDin the presence of:

TOH KIAN HONG

SIGNED BYTOH KIAN HONGin the presence of:

6

---

---