Document:

F-3

Exhibit 10.4  

AMENDMENT TO ASSET AND
SHARE PURCHASE AGREEMENT  

THIS AMENDMENT TO THE ASSET AND SHARE
PURCHASE AGREEMENT (the “Amendment”), is entered into and made effective as of
February 21, 2006 by and between Elbit Vision Systems Ltd., an Israeli company (the
“EVS”), Scanmaster Systems (IRT) Ltd. (“Scan”), Panoptes
Ltd. (the “Company”) and Ma’aragim Enterprises Ltd.
(“Ma’aragim”). 

W I T N E S S E T H :

WHEREAS, EVS, Scan, the Company and
Ma’aragim entered into a share and asset purchase agreement on December 27, 2005 (the
“SPA”); 

WHEREAS, the parties desire to amend
the SPA on the terms and conditions hereinafter set forth. 

NOW, THEREFORE, the parties hereby
agree as follows: 

     1.    
          This amendment constitutes an integral part of the SPA and sets forth the
          amendments agreed upon by the parties thereto. Any capitalized term not defined
          herein shall have the same meaning ascribed to it in the SPA. 

     2.    
          Section B. of the preamble is hereby amended and restated in its entirety as
          follows: 

     “B.    
          EVS desires to acquire all of the Assets (as defined below) and assume and be
          responsible for all of the obligations and liabilities of the Company arising on
          or prior to the Closing (as defined below), whether such liabilities are direct
          or indirect, matured or unmatured, fixed or contingent or otherwise (the
          “Obligations”) and the Company wishes to sell the Assets to EVS
          and have it assume its Obligations, for the purchase price set forth
          herein.” 

     3.    
          Section 1.1 of the SPA is hereby amended and restated in its entirety as
          follows: 

“1.1     Purchase and
Sale. Subject to the terms and conditions of this Agreement, on the Closing Date (as
defined below): (i) EVS shall purchase and acquire from the Company, and the Company shall
sell, transfer, assign, convey and deliver to EVS, all of the Company’s right, title
and interest in and to all of the assets listed in Schedule 1.1 (the
“Assets”), free and clear of all mortgages, pledges, liens, security
interests, conditional and installment sale agreements, encumbrances, charges or other
claims of third parties of any kind (“Liens”) and assume and be
responsible for all the Obligations; in consideration for the Purchase Consideration to be
provided by EVS in accordance with the Irrevocable Instructions (as defined below); and
(ii) Scan shall purchase and acquire from Ma’aragim and Ma’aragim shall sell,
transfer, assign, convey and deliver to Scan, (a) all of the issued and outstanding shares
of the Company (the “Shares”), free and clear of all Liens, and (b) the
Remaining Debt; in consideration for the Share and Loan Purchase Price.” 

     4.    
          Section 1.5 of the SPA is hereby amended and restated in its entirety as follows 

“1.5     Issuance of Buyer
Shares. The aggregate consideration (the “Purchase Consideration”)
for the Assets which will be paid by EVS as directed by the Company, shall be: (a) eight
hundred thousand (800,000) Ordinary Shares of EVS, nominal value NIS 1.00 per share (the
“EVS Shares”), subject to adjustment in the event of any share split,
share dividend, recapitalization, issuance of bonus shares or other adjustment of the
EVS’s Ordinary Shares prior to the Closing, and (b) the payment of Royalties (as
defined below) as further set forth in Section 1.6 below. On the Closing Date, EVS shall
issue (i) an aggregate of four hundred thousand (400,000) of the EVS Shares (the
“Initial Shares”), subject to adjustment in the event of any share split,
share dividend, recapitalization, issuance of bonus shares or other adjustment of the
EVS’s Ordinary Shares prior to the Closing to the Company or as otherwise directed in
the Irrevocable Instructions; and (ii) to the Escrow Agent an additional aggregate of four
hundred thousand (400,000) of the EVS Shares (the “Escrow Shares”),
subject to adjustment in the event of any share split, share dividend, recapitalization,
issuance of bonus shares or other adjustment of the EVS’s Ordinary Shares prior to
the Closing, which shall be deposited with an escrow agent, the identity of which shall be
approved by EVS and Ma’aragim prior to the Closing (the “Escrow
Agent”), and which shall be held by the Escrow Agent to satisfy the
indemnification obligations of the Company and Ma’aragim until April 1, 2007, all as
further set forth in the Escrow Agreement (as defined below).” 

     5.    
          The first sentence of Section 1.6 is hereby amended and restated in its entirety
          as follows: 

“1.6     Royalty
Payments. As part of the Purchase Consideration, EVS hereby undertakes to pay to
Ma’aragim, Royalties, according to the terms and conditions set forth in this
Section; provided however that in the event that either Bank Mizrachi T’fachot Ltd.
or Bank Hapoalim Ltd. (the “Banks”) call for an early repayment of their
respective loans or exercise the charges they have on the assets of EVS or Scan, as a
result of an event of default by either EVS or Scan, Ma’aragim’s right to
receive Royalties shall be subject to the priority rights of the Banks.” 

     6.    
          The following new Section 1.9 shall be added to the SPA: 

"1.9     Obligation
Assumption. EVS hereby assumes and is responsible for all of the Obligations, effective as of the Closing Date.”  

     7.    
          Sections 2.10(a), 5.4, 6.12, 7.3(e) and 7.6 of the SPA are hereby deleted in
          their entirety. 

     8.    
          Section 2.10(b) of the SPA is hereby amended and restated in its entirety as
          follows: 

     “(b)    
          All the agreements to which the Company is a party (including instruments,
          leases, licenses, arrangements, or undertakings of any nature, written or oral)
          (the “Material Agreements”) are in full force and effect and
          the Company has no knowledge of the invalidity of or grounds for rescission,
          avoidance or repudiation of any of the Material Agreements and, the Company has
          not received any notice of any intention to terminate any such agreement.” 

     9.    
          Section 2.10(e) of the SPA is hereby amended and restated in its entirety as
          follows: 

     “(e)    
          The Company has delivered to EVS accurate and complete copies (or accurate
          description of the terms, if such agreement is not in written form) of all
          Material Agreements, including all amendments thereto. Each Material Agreement
          is valid and in full force and effect, and, is enforceable by the Company in
          accordance with its terms.” 

     10.    
          Section 2.10(h) of the SPA is hereby amended and restated in its entirety as
          follows: 

     “(h)    
          The Material Agreements collectively constitute all of the Contracts necessary
          to enable the Company to conduct its business in the manner in which its
          business is currently being and proposed to be conducted.” 

2

     11.    
          Section 2.10(j) of the SPA is hereby amended and restated in its entirety as
          follows: 

     “(j)    
          Schedule 1.6(b)(i) provides an accurate description and breakdown of the
          Company’s backlog under Material Agreements.” 

     12.    
          The following new Section 6.5(m) shall be added to the SPA: 

     “(m)    
          An undertaking to transfer the 50,000 Ordinary Shares held by E.S.O.P. Trust
          Company on behalf of Mr. Nir Weinberg, in the form attached hereto as
          Schedule 6.5(m), duly executed by Ma’aragim.” 

     13.    
          In the event of any inconsistency or conflict between the provisions of the SPA,
          the provisions of this Amendment or any other document between the parties, this
          Amendment shall prevail and govern. Except as specifically amended herein, all
          terms, definitions and conditions of the SPA and related exhibits and schedules
          remain in full force and effect. 

     14.    
          This Amendment shall be construed in accordance with, and governed in all
          respects by, the internal laws of the State of Israel (without giving effect to
          principles of conflicts of laws). Each party to this Amendment consents to the
          exclusive jurisdiction and venue of the courts of District of Tel Aviv-Jaffa in
          the State of Israel. 

[Remainder of page
intentionally left blank.] 

3

IN WITNESS WHEREOF, the parties
hereto have entered into and signed this Amendment to be effective as of the date first
written above. 

	 	ELBIT VISION SYSTEMS LTD.

By: _____________________________

Name: ___________________________

Title: __________________________ 

	 	SCANMASTER SYSTEMS (IRT) LTD.

By: _____________________________

Name: ___________________________

Title: __________________________ 

	 	PANOPTES LTD.

By: _____________________________

Name: ___________________________

Title: __________________________ 

	 	MA'ARAGIM ENTERPRISES LTD.

By: _____________________________

Name: ___________________________

Title: __________________________ 

4EXHIBIT 4.3

            ADDENDUM TO THE AGREEMENT TO RECEIVE MANAGEMENT SERVICES

                  MADE AND EXECUTED IN YAVNE ON AUGUST 1, 2005

BETWEEN:             G. WILLI-FOOD INTERNATIONAL LTD.
                     of 3 Nahal Snir St., Yavne Industrial Zone
                     (hereinafter: "THE COMPANY")

                                                                 OF THE ONE PART

AND:                 YOSSI WILLI MANAGEMENT INVESTMENT LTD. (CORPORATE NO.
                     512416033)
                     of 3 Nahal Snir St., Yavne Industrial Zone
                     (hereinafter: "THE MANAGEMENT COMPANY")
                     or any wholly-owned company of Mr. Joseph Williger

                                                               OF THE OTHER PART

WHEREAS              Mr. Joseph Williger (hereinafter: "JOSEPH") serves as the
                     CEO of the Company and as director  thereof; and

WHEREAS              Joseph is a former employee of the Company and according to
                     Joseph's original employment agreement, which was approved
                     on March 28, 1997 by the Board of Directors and on April 1,
                     1997 by the general meeting of the Company (which was on
                     that date still a private company), Joseph was entitled to
                     receive from the Company a vehicle and reimbursement of
                     expenses; and

WHEREAS              Joseph requested in June 1998 to provide the Company with
                     services, not as an employee, but through the medium of the
                     Management Company and as an independent contractor; and

WHEREAS              In 1998, the Audit Committee, the Board of Directors and
                     the general meeting of the Company approved a variation in
                     the terms of Joseph's employment in a manner whereby Joseph
                     would cease being an employee of the Company and start
                     providing management services to the Company through the
                     medium of the Management Company, in consideration for
                     receiving management fees in an amount equal to the costs
                     to the Company of employing Joseph prior to the variation;
                     and

WHEREAS              An agreement to receive management services was made on
                     June 1, 1998 between the Company and the Management Company
                     to be in force until May 31, 2006, and which is annexed to
                     this Addendum as SCHEDULE "A" (hereinafter: "THE ORIGINAL
                     MANAGEMENT AGREEMENT") under which the Management Company
                     is entitled to receive management fees in an amount equal
                     to the cost to the Company of employing Joseph prior to the
                     variation mentioned above; and

WHEREAS              An error occurred in the Original Management Agreement and
                     the right of Joseph to receive from the Company a vehicle
                     and reimbursement of expenses was omitted from the
                     Agreement, despite the fact that these rights were not
                     taken into account in calculating the cost of the Company
                     of employing Joseph prior to the variation mentioned above
                     and, therefore, they were not included within the
                     definition of the management fees to which the Management
                     Company is entitled pursuant to the Original Management
                     Agreement; and

<PAGE>

WHEREAS              Despite the omission from the original Management
                     Agreement, the Company effectually continued to provide a
                     vehicle for Joseph's use and reimburse him for his
                     expenses; and

WHEREAS              The parties are desirous of extending the term of the
                     Original Management Agreement, subject to modifications
                     arising from the present Addendum, as more particularly set
                     out below; and

WHEREAS              The parties are desirous of rectifying the error that
                     occurred in the Original Management Agreement, and embed
                     therein the right to use the vehicle and the right to
                     receive a reimbursement of expenses.

     IT IS THEREFORE AGREED, STIPULATED AND DECLARED BETWEEN THE PARTIES AS
     FOLLOWS:

1.   PREAMBLE, SCHEDULES, AND HEADINGS

     1.1  The preamble to this Addendum constitutes an integral part hereof and
          is binding as equally as any of the terms thereof.

     1.2  The headings to the clauses do not form part thereof and have been
          inserted for ease of reference only and are not to be applied in
          interpreting the Agreement.

2.   EXTENSION OF THE ORIGINAL MANAGEMENT AGREEMENT TERM

     Clause 4 of the Original Management Agreement will be replaced by the
     following provisions:

     "4.1 The term of this Agreement is for an unlimited period, subject as
          provided in clauses 4.2 and 4.5 hereof (hereinafter: "THE AGREEMENT
          TERM").

     4.2  The Company and/or the Management Company will be entitled to bring
          the Agreement to an end at any time, and for any reason whatsoever,
          before the end of the Agreement Term, by giving prior written notice
          to the other party, as follows:

          4.2.1 The Company will be entitled to bring the Agreement to an end at
               any time for any reason whatsoever, by giving prior notice in
               writing that will be given to the Management company at least 18
               months in advance.

          4.2.2 The Management Company will be entitled to bring the Agreement
               to an end at any time by giving prior notice that will be
               delivered to the Company at least 180 days in advance.

     4.3  It is hereby agreed that the Company may waive the actual receipt of
          the management services from the Management Company for the duration
          of the prior notice period, but this will not serve to derogate from
          its obligation to continue to pay the Management Company the
          management fees and the remaining payments and rights due to the
          Management Company under this Agreement, including, and without
          limitation from the generality of the foregoing, a bonus, provision of
          a vehicle and the reimbursement of expenses mentioned in clause 5A
          hereof until the end of the prior notice term, as stated in clause
          4.2.1 or 4.2.2 above, as appropriate.

                                       2

<PAGE>

     4.4  It is hereby agreed that in the event of the Management Company being
          the party that brings the Agreement to an end as stated in clause
          4.2.2 above, the Management Company will then be entitled to receive
          the management fees for the duration of an acclimatization period of 6
          months that will begin after the end of the prior notice period
          mentioned in clause 4.2.2, notwithstanding that it will not, during
          such six-month period, provide the Company with any management
          services.

     4.5  It is hereby agreed that if the Management Company will start
          providing the management services otherwise than by means of Joseph
          and/or in the event of the death or permanent and continuous loss of
          working capacity of Joseph (God forbid), the Company will be entitled
          to terminate the Agreement forthwith, without any prior notice.

     4.6  It is hereby agreed that if a receiving order or winding-up order
          issues against the Management Company or a temporary liquidator or
          temporary receiver is appointed for it or a liquidator or permanent
          receiver and/or a stay of proceedings order is issued at its petition
          or at the petition of any third party in a manner which prevents the
          Management Company from continuing to supply the management services,
          then Joseph will immediately start to work for the Company in exchange
          for the salary and social benefits the cost of which to the Company
          will be identical to the monthly management fees under this Agreement,
          as of such date, or alternatively, at the exclusive choosing of
          Joseph, Joseph will begin to supply the Company with management
          services by means of another company that is wholly-owned and
          controlled by him, pursuant to the conditions contained in this
          Agreement."

3.   VEHICLE AND ENTERTAINMENT EXPENSES

     Clause 5A will be added to the original Management Agreement in the
     following wording:

     "5A.1 The Company will provide for Joseph's use a vehicle that will be used
          for business and private purposes. The Company will bear all expenses
          relating to the handling and maintenance of such vehicle. The Company,
          at the discretion of the Board of Directors, may replace such vehicle
          from time to time.

     5A.2 Joseph will be entitled to full reimbursement of the expenses paid by
          him during the course of providing the management services to the
          Company, including entertainment expenses and reasonable travelling
          expenses in Israel and abroad, against presentation of receipts.
          Without derogating from the generality of the foregoing, Joseph will
          be entitled to full reimbursement of the telephone expenses at home
          and of the mobile telephone, including calls abroad, that are related
          to the provision of the management services to the Company."

                                       3
<PAGE>

4.   GENERAL

     4.1  This Agreement was approved on July 20, 2005 by the general meeting of
          shareholders of the Company by the majority required according to
          section 275 of the Companies Law, 1999.

     4.2  All the remaining provisions of the Original Management Agreement will
          continue to apply without variation. In the event of any inconsistency
          between the provisions of the Original Management Agreement and those
          contained in this Addendum, the provisions contained in this Addendum
          will prevail.

              IN WITNESS WHEREOF THE PARTIES HAVE SET THEIR HANDS:

_______________________________           _____________________________________
G. WILLI-FOOD INTERNATIONAL LTD.          YOSSI WILLI MANAGEMENT INVESTMENT LTD.

                              PERSONAL UNDERTAKING

G. Willi-Food International Ltd.
3 Nahal Snir St.,
YAVNE

Dear Sir,

I, the undersigned, Joseph Williger, hereby declare that the provisions of the
above Addendum like those of the Original Management Agreement are acceptable to
me and I confirm that my guarantee for all the undertakings of the Management
Company according to the Original Management Agreement will continue to remain
in full force and effect also in relation to the above Addendum, and that my
undertaking contained in clause 4.5 of the above Addendum is agreed and accepted
by me.

                                                            Yours faithfully,

                                                            ________________
                                                            Joseph Williger

                                       4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00104-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00104-of-00352.parquet"}]]