---

---

Exhibit 4.10

REGISTRATION RIGHTS
AGREEMENT

This Registration
Rights Agreement (the Agreement) made as of the 15th day of
November 2004, by and among Nexus Telocation
Systems Ltd.,(hereinafter Nexus or Company  ), a
company organized under the laws of the State of Israel, with offices at 1
Korazin Street, Givatayim, Israel, Gandyr Investments 2004 Ltd. a company
organized under the laws of the State of Israel, with offices at 85 Medinat
Hayehudim Street, Herzeliya (Gandyr),
Govli Ltd. a company organized
under the laws of the State of Israel, with offices at 31 Halechi Street, Bnei
Brak and Sulam Financial Holdings Ltd. a company organized under the laws of the State of Israel, with offices at 85
Medinat Hayehudim Street, Herzeliya (Sulam
and jointly with Gandyr and Govli Purchasers
and each of them Purchaser).

|   |             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|-- | ----------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|1. | DEFINITIONS
|   |            
|   | 1.1.        | Commission means the U.S. Securities and
  Exchange Commission.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   |             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | 1.2.        | Form F-3 means such
  form under the Securities Act as in effect on the date hereof of any
  registration form under the Securities Act subsequently adopted by the SEC,
  which permits inclusion or incorporation of substantial information by
  reference to other documents filed by the Company with the SEC.                                                                                                                                                                                                                                                                                                                                     
|   |             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | 1.3.        | Holder means the
  holders of Registrable Securities.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|   |             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | 1.4.        | Investment Agreement
  means: the agreement dated November 15, 2004, by and between Nexus, Pointer
  (Eden Telecom Group) Ltd. (Pointer)
  and the Purchasers.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   |             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | 1.5.        | Pointer Registrable Securities
  means the Ordinary Shares and Warrants issued to the shareholders of Pointer
  by Nexus pursuant to a certain Share Exchange Agreement, dated April 25,
  2004.                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   |             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | 1.6.        | register, registered and registration refer to a
registration
  effected by preparing and filing a registration statement or similar document
  in compliance with the Securities Act, and the declaration or ordering by the
  SEC of effectiveness of such registration statement or document or the
  equivalent under the laws of another jurisdiction.                                                                                                                                                                                                                                                                                         
|   |             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | 1.7.        | Registrable Securities
  means: (i) any shares issued by Nexus to the Purchasers in accordance with
  the Investment Agreement (the Shares);
  (ii) any securities issued or issuable with respect to Shares issued and/or
  acquired by the Purchasers by way of bonus shares, share splits, share
  conversions on account of the Shares. As to any particular Registrable
  Securities, such securities will cease to be Registrable Securities when they
  have been effectively registered under the Securities Act and/or any other applicable
  securities law, although they will again become Registrable Securities if
  later deregistered.

---

---



|   |               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|-- | ------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   | 1.8.          | SEC means the United
  States Securities and Exchange Commission.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   |               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   | 1.9.          | Securities Act means
  the U.S. Securities Act of 1933, as amended.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   |               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   | 1.10.         | Underwritten Offering means a
  registration in connection with which securities are sold to an underwriter
  for re-offering to the public pursuant to an effective Registration
  Statement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   |               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|2. | Registration.
|   |              
|   | 2.1.          | Within 4 (four) months after the Issuance of Shares to a Purchaser,
  Nexus will file a Registration Statement on Form F-3 with respect to all of
  the Registrable Securities (the Registration
  Statement) with the Commission. Nexus shall make its best efforts
  to have such registration Statement declared effective by the Commission as
  soon as practicable thereafter. Nexus agrees to use its best efforts to keep
  the Registration Statement continuously effective for a period of 36 months
  following the date on which the Registration Statement is initially declared
  effective or such shorter period when all of the shares covered by the
  Registration Statement have been sold pursuant to the Registration Statement.
  Nexus further agrees, if necessary, to supplement or amend the Registration
  Statement, if required by the rules, regulations or instructions applicable
  to the registration form used by Nexus for such Registration Statement or by
  the Securities Act or by any other rules and regulations there under for
  registration.
|   |               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   | 2.2.          | Nexus shall not be required to keep the Registration Statement
  effective between March 15 and June 30 of each year. Nexus shall (i) notify
  the Purchaser in writing at least 30 business days in advance, if the
  Registration Statements effectiveness is to be suspended and (ii)
  immediately notify the Purchaser upon the Registration Statement becoming
  effective again.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   |               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   | 2.3.          | The Purchaser may not participate in any Underwritten Offering
  hereunder unless the Purchaser (i) agrees to sell its Registrable Securities
  on the basis provided in any underwriting agreements entered into in
  connection therewith and (ii) completes and executes all questionnaires,
  powers of attorney, indemnities, underwriting agreements and other customary
  documents required under the terms of such agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        

2

---

---



|   |                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|-- | ---------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|3. | Registration Expenses.
|   |                       
|   | 3.1.                   | Nexus shall bear and be responsible for all registration expenses
  incurred in connection with the transactions described herein. Registration
  expenses include all expenses incident to Nexus performance of or compliance
  with this Agreement, including without limitation expenses incurred in
  connection with the preparation of a prospectus. Notwithstanding the
  foregoing, however, all underwriters discounts and commissions in respect of
  the sale of Registrable Securities shall be paid by the Purchasers, Egged
  Holdings Ltd. (Egged) and the
  holders of the Pointer Registrable Securities, pro rata in accordance with the number of shares sold in
  the offering, and the Purchaser shall bear the expense of its legal counsel,
  if separate from Nexus legal counsel.
|   |                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | 3.2.                   | Nexus undertakes not to register for trade, prior to the registration
  of the Registrable Securities, any shares to be issued after the date of this
  Agreement. Without derogating from
  the provisions of Section 2 above, the Purchaser acknowledges that Nexus has
  a prior agreement and commitment to the holders of the Pointer Registrable
  Securities to register the Pointer Registrable Securities prior to the
  registration of the Registrable Securities.                                                                                                                                                                                                                                                                                                                                  
|   |                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | 3.3.                   | Nexus will keep the Purchaser advised in writing as to the initiation
  of such registration and as to the completion thereof. At its expense, Nexus will:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   |                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   |                        | 3.3.1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Furnish to the Purchaser such numbers of copies of the Registration
  Statement in conformity with the requirements of the Securities Act, and such
  other documents as they may reasonably request in order to facilitate the
  disposition of Registrable Securities owned by them.                                                                                                                                                                                                        
|   |                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   |                        | 3.3.2.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Notify the Purchaser at any time when a prospectus relating thereto
  is required to be delivered under the Securities Act or the happening of any
  event as a result of which the prospectus included in such Registration
  Statement, as then in effect, includes an untrue statement of a material fact
  or omits to state a material fact required to be stated therein or necessary
  to make the statements therein not misleading in the light of the
  circumstances then existing.

3

---

---



|   |                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|-- | ---------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|4. | Indemnification.
|   |                 
|   | 4.1.             | Nexus Indemnity. Nexus will indemnify the Purchaser and the Purchasers officers,
directors and partners, and each
  person controlling the Purchaser, and each underwriter, if any, and each
  person who controls any underwriter, against all claims, losses, damages and
  liabilities (or actions in respect thereof) arising out of or based on any
  untrue statement of a material fact con­tained in any prospectus, offering
  circular or other document (including any related Registration Statement,
  notification or the like) incident to any such registration, qualification or
  compliance, or based on any omission to state therein a material fact
  required to be stated therein or necessary to make the statements therein, in
  light of the circumstances in which they were made, not misleading, or any
  violation by Nexus of the Securities Act including any rule or regulation
  thereunder applicable to Nexus relating to action or inaction required of
  Nexus in connection with any such registration, qualification or compliance,
  and will reimburse the Purchaser, its officers, directors and partners, and
  each person controlling the Purchaser, each such underwriter and each person
  who controls any such underwriter, for any legal and any other expenses
  reasonably incurred in connection with investigating and defending any such
  claim, loss, damage, liability or action, provided that Nexus will not be
  liable in any such case to the extent that any such claim, loss, damage,
  liability or expense arises out of or is based on any untrue statement or
  omission so made in strict conformity with written information furnished to
  Nexus by the Purchaser or underwriter, if any, and stated to be specifically
  for use therein, and provided further that Nexus will not be
  liable in any such case if a settlement was effected without the prior
  written consent of Nexus, which consent shall not be unreasonably
  withheld. Such indemnity shall remain
  in full force and effect regardless of any investigation made by or on behalf
  of the Purchaser, the underwriter, or any controlling person of the Purchaser
  or the underwriter, and regardless of any sale in connection with such
  offering by the Purchaser. Such
  indemnity shall survive the transfer of the securities by the Purchaser.                                                                                                                                                                                                                                                                                                                                                                  
|   |                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   | 4.2.             | Purchaser Indemnity. The Purchaser shall indemnify and hold harmless
  Nexus, any underwriter for Nexus and each person, if any, who controls Nexus
  or such underwriter, from and against any and all losses, damages, claims,
  liabilities, costs or expenses (including any amounts paid in any settlement
  effected with the selling shareholders consent) to which Nexus, any such
  underwriter or any such controlling person may become subject under
  applicable law or otherwise, insofar as such losses, damages, claims,
  liabilities (or actions or proceedings in respect thereof), costs or expenses
  arise out of or are based on (i) Purchasers untrue statements of any
  material fact contained in the Registration Statement or included in the
  prospectus, as amended or supplemented, or (ii) Purchasers omission to state
  therein a material fact required to be stated therein or necessary to make
  the statements therein, in the light of the circumstances in which they were
  made, not misleading, and the Purchaser will reimburse Nexus, any such
  underwriter and each such controlling person of Nexus or any such
  underwriter, promptly upon demand, for any reasonable legal or other expenses
  incurred by them in connection with investigating, preparing to defend or
  defending against or appearing as a third-party witness in connection with
  such loss, claim, damage, liability, action or proceeding; in each case to
  the extent, that such untrue statement or omission is contained in any
  information so furnished in writing by the Purchaser to Nexus specifically
  for inclusion in the Registration Statement or prospectus and that such
  information was reasonably relied upon by Nexus for use in the Registration
  Statement, prospectus or to the extent that such information related to the Purchaser or the Purchasers proposed
method of distribution of Registrable
  Securities and was reviewed and expressly approved in writing by the Purchaser expressly for use in the
  Registration Statement, form of prospectus; 
  provided, however, that the indemnity shall not apply to
  amounts paid in settlement of any losses if such settlement is effected
  without the prior written consent of the Purchaser. In no event
  shall the liability of the Purchaser hereunder be greater in amount than the
  dollar amount of the net proceeds received by the Purchaser upon the sale of
  the Registrable Securities giving rise to such indemnification obligation;
  and in case that no sale of Registrable Securities occurred, then the
  liability shall not exceed the average value of the securities within the
  first three months after the registration.

4

---

---



|   |                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|5. | Information by Purchaser. The Purchaser shall furnish to Nexus such
  information regarding the Purchaser, the Registrable Securities held by it
  and the distribution proposed by the Purchaser as Nexus may reasonably
  request in writing and as shall be required in connection with any
  registration, qualification or compliance referred to in this Agreement.
|   |                                                                                                                                                                                                                                                                                                                                                                          
|6. | Rule 144 Reporting. With a view to making
  available the benefits of certain rules and regulations of the Commission
  which may permit the sale of the Restricted Securities to the public without
  registration, Nexus agrees to:                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                          
|   | 6.1.                                                                                                                                                                                                                                                                                                                                                                      | Make and keep public information available as those terms are
  understood and defined in Rule 144 under the Securities Act;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   |                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | 6.2.                                                                                                                                                                                                                                                                                                                                                                      | File with the Commission in a timely manner all reports and other
  documents required of Nexus under the Securities Act and the Exchange Act;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | 6.3.                                                                                                                                                                                                                                                                                                                                                                      | So long as a holder of Registrable Securities owns any Restricted
  Shares (i.e. shares required to bear a legend restricting their transferability),
  furnish to such holder forthwith upon request a written statement by Nexus as
  to its compliance with the reporting requirements of Rule 144, and of
  the Securities Act and the Exchange Act, a copy of the most recent annual or
  quarterly report of Nexus, and such other reports and documents so filed as
  such holder may reasonably request in availing itself of any rule or
  regulation of the Commis­sion allowing a holder to sell any such shares
  without regis­tration.                                                                                                               
|   |                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|7. | Miscellaneous                                                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                          
|   | 7.1.                                                                                                                                                                                                                                                                                                                                                                      | Transfer or Assignment of Registration Rights. The Purchaser may assign its rights to
  register Registrable Securities pursuant to this Agreement to a transferee of
  all or any part of its Rights under the Investment Agreement, on condition
  that such transferee shall fully undertake and comply with all limitations
  and obligations set herein. The transfer shall be effective only if (i)
  within twenty (20) days after such transfer, the transferor or transferee
  furnishes Nexus with written notice of the name and address of such
  transferee and the securities with respect to which such registration rights
  are being assigned, and (ii) the transferee provides Nexus with its written
  agreement to be bound by this Agreement.

5

---

---



| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                           
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 7.2. | Governing Law. This Agreement shall be governed by and construed under the
  laws of the State of Israel, without giving effect to the rules of conflict
  of laws thereof other than when application of Israeli law would render this
  Agreement, or any material provision herein, void or unenforceable, save for
  the securities laws referred to herein shall be interpreted in accordance
  with the federal laws of the United States of America.                                                                                                              
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | 7.3. | Submission to Jurisdiction                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| |      | Each of the Parties submits to the exclusive jurisdiction of any court
  sitting in Tel Aviv - Jaffa, Israel, in any action or proceeding arising out
  of or relating to this Agreement.                                                                                                                                                                                                                                                                                                                                                                                
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | 7.4. | Notices. Unless otherwise provided, any notice required or permitted under this
  Registration Rights Agreement shall be given in writing and shall be deemed
  effectively given upon personal delivery or facsimile transmission to the
  party to be notified or seven (7) business days after deposit with a National
  Post Office, for dispatch by registered or certified mail, postage prepaid and
  addressed to the party to be notified at the address set forth opposite such
  partys signature or such other address notified by the party to be notified.
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | 7.5. | Integration, Amendments, Waivers and Interpretation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| |      | 7.5.1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | This Registration Rights Agreement is the entire agreement between
  the parties as to the subject matter contained herein and supersedes all
  other agreements, oral and written, heretofore made between the parties.  
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                           
| |      | 7.5.2.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | The waiver by either party of any breach or alleged breach of
  provision hereunder shall not be construed to be a waiver of any concurrent,
  prior or succeeding breach of said provision or any other provision herein.
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                           
| |      | 7.5.3.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Should any portion of this Registration Rights Agreement be held
  invalid, or unlawful, the remainder of the Registration Rights Agreement
  shall continue to be binding on both parties.                               
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                           
| |      | 7.5.4.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Any amendment hereto must be in writing and must be signed by
  authorized representatives of the parties to this Agreement.                                                                                              

6

---

---



|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|8. | Registration of Shares of an Affiliate. In
  the event that that the Holders become shareholders in a subsidiary of the
  Company (in this Section an Affiliate) through spin-off or other similar
  restructuring and such Affiliate files a registration statement for a public
  offering of its securities, the Company shall cause such Affiliate to grant
  any Holder owning shares in such Affiliate the rights set forth in this
  Registration Rights Agreement under terms and conditions approximately equal
  to those set forth herein.

[REST OF THIS PAGE INTENTIONALLY
LEFT BLANK]

7

---

---



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

|                                |  |                                 |  |  |  | 
|------------------------------- |  | ------------------------------- |  |  |  | 
|                                |  |                                
|Nexus
  Telocation Systems Ltd. |  | Gandyr Investments 2004 Ltd.   
|                                |  |                                
|By:                             |  | By:                            
|                                |  |                                 |  |  |  | 
|                                |  |                                
|Title:                          |  | Title:                         
|                                |  |                                 |  |  |  | 
|                                |  |                                
|                                |  |                                
|Govli
  Ltd.                    |  | Sulam
  Financial Holdings Ltd.
|                                |  |                                
|By:                             |  | By:                            
|                                |  |                                 |  |  |  | 
|                                |  |                                
|Title:                          |  | Title:                         
|                                |  |                                 |  |  |  | 

8

---

---