Document:

6-K

Exhibit 4.2  

FORM OF FIRST WARRANTS 

        THIS
WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE
SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF
EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR EXEMPTION FROM REGISTRATION
UNDER THE FOREGOING LAWS. 

        SUBJECT
TO THE PROVISIONS OF SECTION 10 HEREOF, THIS WARRANT SHALL BE VOID AFTER 5:00 P.M. EASTERN
TIME ON JANUARY 30, 2012 (the “EXPIRATION DATE”). 

ATTUNITY LTD. 

WARRANT TO PURCHASE
________ ORDINARY SHARES 

NOMINAL VALUE NIS 0.1
PER SHARE 

        For
VALUE RECEIVED, _________ (“Plenus”), or any other Holder (as defined in Section
2 hereof) (the “Warrantholder”), is entitled to purchase, subject to the
provisions of this Warrant, from Attunity Ltd., a corporation organized under the laws of
Israel (“Company”), at any time not later than 5:00 P.M., Eastern time, on the
Expiration Date, _______ (“Warrant Shares”) of the Company’s ordinary
shares, nominal value NIS 0.1 per share (“Ordinary Shares”) at $1.364 per share
(the “Warrant Price”). The number of Warrant Shares purchasable upon exercise of
this Warrant and the Warrant Price shall be subject to adjustment from time to time as
described herein. 

        Section
1.     Registration. The Company shall maintain books for the transfer and registration
of the Warrant. Upon the initial issuance of this Warrant, the Company shall issue and
register the Warrant in the name of the Warrantholder. 

        Section
2.     Permitted Transfers. The Warrantholder shall be entitled to
transfer the Warrants to (i) each Participant (ii) any entity which controls, is
controlled by or is under common control with the Warrantholder, (iii) if the
Warrantholder is a trustee for, or acts on behalf of other person – such other
person, (iv) if the Warrantholder is a general or limited partnership – each of its
partners and each other partnership managed by the same management company or managing
general partner or an entity which controls, is controlled by, or is under common control
with, such management company or managing general partner and (v) any other Permitted
Transferee, as defined in Section 9.4 of the Loan Agreement between Warrantholder and the
Company dated January 31, 2007. All transfers of this Warrant shall be accompanied by an
executed warrant transfer deed, under which the transferee undertakes to be bound by all
obligations of the Warrantholder under this Warrant. The form of the deed of transfer is
attached hereto as Appendix B. 

        Section
3.     Exercise of Warrant.  

		     (a)        Cash
Exercise. Subject to the provisions hereof, the Warrantholder may           exercise
this Warrant in whole or in part at any time upon surrender of the           Warrant,
together with delivery of the duly executed Warrant exercise form           attached
hereto as Appendix A (the “Exercise Agreement”) and payment           by cash,
certified check or wire transfer of funds for the aggregate Warrant           Price for
that number of Warrant Shares then being purchased, to the Company           during
normal business hours on any business day at the Company’s principal
          executive offices (or such other office or agency of the Company as it may
          designate by notice to the holder hereof). The Warrant Shares so purchased
shall           be deemed to be issued to the holder hereof or such holder’s
designee, as           the record owner of such shares, as of the close of business on
the next           business day after the date on which this Warrant shall have been
surrendered           (or evidence of loss, theft or destruction thereof and security or
indemnity           satisfactory to the Company), the Warrant Price shall have been paid
and the           completed Exercise Agreement shall have been delivered. Certificates
for the           Warrant Shares so purchased, representing the aggregate number of
shares           specified in the Exercise Agreement, shall be delivered to the holder
hereof           within a reasonable time, not exceeding three (3) business days, after
this           Warrant shall have been so exercised. The certificates so delivered shall
be in           such denominations as may be requested by the holder hereof and shall be
          registered in the name of such holder or such other name as shall be designated
          by such holder. If this Warrant shall have been exercised only in part, then,
          unless this Warrant has expired, the Company shall, at its expense, at the time
          of delivery of such certificates, deliver to the holder a new Warrant
          representing the number of shares with respect to which this Warrant shall not
          then have been exercised. As used herein, “business day” means a day,
          other than a Saturday or Sunday, on which banks in New York City are open for
          the general transaction of business.  

		     (b)        Cashless
Exercise. In lieu of the payment method set forth in sub-section           (a) above,
the Warrantholder may elect to exchange the Warrant for a number of           Warrant
Shares computed using the following formula:  

	 	 
	 X = 	Y(A-B)  
	  	A 

	 	Where 	X =
the number of Warrant Shares to be issued to the Warrantholder. 

	 	
Y
= the number of Warrant Shares purchasable under the Warrant (adjusted to the date of such
calculation, but excluding Warrant Shares already issued under this Warrant). 

	 	
A=
the Fair Market Value (as defined below) of one Ordinary Share.  

	 	
B =
Exercise Price (as adjusted to the date of such calculation).  

	 	
“Fair
Market Value” of an Ordinary Share shall mean the most recent closing bid price
of the Company’s Ordinary Shares, as published by Nasdaq, prior to the
Warrantholder’s exercise of the Warrant. 

In the event of a cashless exercise
under this Section 3(b), this Warrant must be exercised for all the Warrant Shares then
purchasable under this Warrant, and must be surrendered to the Company along with the
Notice of Exercise. After such exercise and receipt by the Warrantholder of the
appropriate amount of Warrant Shares, this Warrant shall be null and void. 

- 2 -

        Section
4.     Compliance with the Securities Act of 1933. The Company may cause the legend set
forth on the first page of this Warrant to be set forth on each Warrant or similar legend
on any security issued or issuable upon exercise of this Warrant, unless counsel for the
Company is of the opinion as to any such security that such legend is unnecessary. 

        Section
5.     Payment of Taxes. The Company will pay any documentary stamp taxes attributable
to the initial issuance of Warrant Shares issuable upon the exercise of the Warrant;
provided, however, that the Company shall not be required to pay any tax or taxes which
may be payable in respect of any transfer involved in the issuance or delivery of any
certificates for Warrant Shares in a name other than that of the registered holder of this
Warrant in respect of which such shares are issued, and in such case, the Company shall
not be required to issue or deliver any certificate for Warrant Shares or any Warrant
until the person requesting the same has paid to the Company the amount of such tax or has
established to the Company’s reasonable satisfaction that such tax has been paid. The
holder shall be responsible for income and gift taxes due under federal, state or other
law, if any such tax is due. 

        Section
6.     Mutilated or Missing Warrants. In case this Warrant shall be mutilated, lost,
stolen, or destroyed, the Company shall issue in exchange and substitution of and upon
cancellation of the mutilated Warrant, or in lieu of and substitution for the Warrant
lost, stolen or destroyed, a new Warrant of like tenor and for the purchase of a like
number of Warrant Shares, but only upon receipt of evidence reasonably satisfactory to the
Company of such loss, theft or destruction of the Warrant, and with respect to a lost,
stolen or destroyed Warrant, reasonable indemnity or bond with respect thereto, if
requested by the Company. 

        Section
7.     Reservation of Ordinary Shares. The Company hereby represents and warrants that
there have been reserved, and the Company shall at all applicable times keep reserved
until issued (if necessary) as contemplated by this Section 7, out of the authorized and
unissued Ordinary Shares, sufficient shares to provide for the exercise of the rights of
purchase represented by this Warrant. The Company agrees that all Warrant Shares issued
upon exercise of the Warrant shall be, at the time of delivery of the certificates for
such Warrant Shares upon the due exercise of this Warrant, duly authorized, validly
issued, fully paid and non-assessable Ordinary Shares of the Company. 

        Section
8.     Adjustments. Subject and pursuant to the provisions of this Section 8, the
Warrant Price and number of Warrant Shares subject to this Warrant shall be subject to
adjustment from time to time as set forth hereinafter. 

		     (a)        If
the Company shall, at any time or from time to time while this Warrant is
          outstanding, pay a dividend or make a distribution on its Ordinary Shares in
          Ordinary Shares, subdivide its outstanding Ordinary Shares into a greater
number           of shares or combine its outstanding Ordinary Shares into a smaller
number of           shares or issue by reclassification of its outstanding Ordinary
Shares any           shares of its capital stock (including any such reclassification in
connection           with a consolidation or merger in which the Company is the
continuing           corporation), then the number of Warrant Shares purchasable upon
exercise of the           Warrant and the Warrant Price in effect immediately prior to
the date upon which           such change shall become effective, shall be adjusted by
the Company so that the           Warrantholder thereafter exercising the Warrant shall
be entitled to receive the           number of Ordinary Shares or other capital stock
which the Warrantholder would           have received if the Warrant had been exercised
immediately prior to such event           upon payment of a Warrant Price that has been
adjusted to reflect a fair           allocation of the economics of such event to the
Warrantholder. Such adjustments           shall be made successively whenever any event
listed above shall occur.  

- 3 -

		     (b)        If
any capital reorganization, reclassification of the capital stock of the
          Company, consolidation or merger of the Company with another corporation in
          which the Company is not the survivor, or sale, transfer or other disposition
of           all or substantially all of the Company’s assets to another corporation
          shall be effected, then, as a condition of such reorganization,
          reclassification, consolidation, merger, sale, transfer or other disposition,
          lawful and adequate provision shall be made whereby the Warrantholder shall
          thereafter have the right to purchase and receive upon the basis and upon the
          terms and conditions herein specified and in lieu of the Warrant Shares
          immediately theretofore issuable upon exercise of the Warrant, such shares of
          stock, securities or assets as would have been issuable or payable with respect
          to or in exchange for a number of Warrant Shares equal to the number of Warrant
          Shares immediately theretofore issuable upon exercise of the Warrant, had such
          reorganization, reclassification, consolidation, merger, sale, transfer or
other           disposition not taken place, and in any such case appropriate provision
shall be           made with respect to the rights and interests of each Warrantholder to
the end           that the provisions hereof (including, without limitation, provision
for           adjustment of the Warrant Price) shall thereafter be applicable, as nearly
          equivalent as may be practicable in relation to any shares of stock, securities
          or properties thereafter deliverable upon the exercise thereof. The Company
          shall not effect any such consolidation, merger, sale, transfer or other
          disposition unless prior to or simultaneously with the consummation thereof the
          successor corporation (if other than the Company) resulting from such
          consolidation or merger, or the corporation purchasing or otherwise acquiring
          such assets or other appropriate corporation or entity shall assume the
          obligation to deliver to the holder of the Warrant such shares of stock,
          securities or assets as, in accordance with the foregoing provisions, such
          holder may be entitled to purchase, and the other obligations under this
          Warrant. The provisions of this paragraph (b) shall similarly apply to
          successive reorganizations, reclassifications, consolidations, mergers, sales,
          transfers or other dispositions.  

		    (c)        In
case the Company shall fix a payment date for the making of a distribution to
          all holders of Ordinary Shares (including any such distribution made in
          connection with a consolidation or merger in which the Company is the
continuing           corporation) of evidences of indebtedness or assets (other than cash
dividends           or cash distributions payable out of consolidated earnings or earned
surplus or           dividends or distributions referred to in Section 8(a)), or
subscription rights           or warrants, the Warrant Price to be in effect after such
payment date shall be           determined by multiplying the Warrant Price in effect
immediately prior to such           payment date by a fraction, the numerator of which
shall be the total number of           Ordinary Shares outstanding multiplied by the
Market Price (as defined below)           per Ordinary Share immediately prior to such
payment date, less the fair market           value (as determined by the Company’s
Board of Directors in good faith) of           said assets or evidences of indebtedness
so distributed, or of such subscription           rights or warrants, and the denominator
of which shall be the total number of           Ordinary Shares outstanding multiplied by
such Market Price per Ordinary Share           immediately prior to such payment date.
“Market Price” as of a           particular date (the “Valuation Date”)
shall mean the following: (a)           if the Ordinary Shares are then listed on a
national stock exchange, the closing           sale price of one Ordinary Share on such
exchange on the last trading day prior           to the Valuation Date; (b) if the
Ordinary Shares are then quoted on the Nasdaq           Stock Market, Inc. (“Nasdaq”),
the closing sale price of one Ordinary           Share on Nasdaq on the last trading day
prior to the Valuation Date or, if no           such closing sale price is available, the
average of the high bid and the low           asked price quoted on Nasdaq on the last
trading day prior to the Valuation           Date; or (c) if the Ordinary Shares are not
then listed on a national stock           exchange or quoted on Nasdaq, the Fair Market
Value of one Ordinary Share as of           the Valuation Date, shall be determined in
good faith by the Board of Directors           of the Company and the Warrantholder. The
Board of Directors of the Company           shall respond promptly, in writing, to an
inquiry by the Warrantholder prior to           the exercise hereunder as to the Market
Value of an Ordinary Share as determined           by the Board of Directors of the
Company. In the event that the Board of           Directors of the Company and the
Warrantholder are unable to agree upon the           Market Value in respect of subpart
(c) hereof, the Company and the Warrantholder           shall jointly select an
appraiser, who is experienced in such matters. The           decision of such appraiser
shall be final and conclusive, and the cost of such           appraiser shall be borne
evenly by the Company and the Warrantholder. Such           adjustment shall be made
successively whenever such a payment date is fixed.  

- 4 -

		    (d)        For
the term of this Warrant, in addition to the provisions contained above, the
          Warrant Price shall be subject to adjustment as provided below. An adjustment
to           the Warrant Price shall become effective immediately after the payment date
in           the case of each dividend or distribution and immediately after the
effective           date of each other event which requires an adjustment.  

		    (e)        In
the event that, as a result of an adjustment made pursuant to this Section 8,
          the holder of this Warrant shall become entitled to receive any shares of
          capital stock of the Company other than Ordinary Shares, the number of such
          other shares so receivable upon exercise of this Warrant shall be subject
          thereafter to adjustment from time to time in a manner and on terms as nearly
          equivalent as practicable to the provisions with respect to the Warrant Shares
          contained in this Warrant.  

		    (f)        Except
as provided in subsection (g) hereof, if and whenever the Company shall           issue
or sell, or is, in accordance with any of subsections (f)(l) through           (f)(6)
hereof, deemed to have issued or sold, any Ordinary Shares for a           consideration
per share less than the Warrant Price in effect immediately prior           to the time
of such issue or sale, then and in each such case (a           “Trigger Issuance”)
the then-existing Warrant Price shall           automatically be reduced, as of the close
of business on the effective date of           the Trigger Issuance, to the lowest price
per share at which any Ordinary Shares           were issued or sold or deemed to be
issued or sold in the Trigger Issuance;           provided, however, that in no event
shall the Warrant Price after giving effect           to such Trigger Issuance be greater
than the Warrant Price in effect prior to           such Trigger Issuance.  

	 	        For
purposes of this subsection (f), “Additional Ordinary Shares” shall mean all
Ordinary Shares issued by the Company or deemed to be issued pursuant to this subsection
(f), other than Excluded Issuances (as defined in subsection (g) hereof).  

	 	        For
purposes of this subsection (f), the following subsections (f)(l) to (f)(6) shall also be
applicable (subject, in each such case, to the provisions of subsection (g) hereof) and
to each other subsection contained in this subsection (f):  

- 5 -

          		    (f)(1)       
               Issuance of Rights or Options. In case at any time the Company shall in any
               manner grant (directly and not by assumption in a merger or otherwise) any
               warrants or other rights to subscribe for or to purchase, or any options for the
               purchase of, Ordinary Shares or any stock or security convertible into or
               exchangeable for Ordinary Shares (such warrants, rights or options being called
               “Options” and such convertible or exchangeable stock or securities
               being called “Convertible Securities”) whether or not such Options or
               the right to convert or exchange any such Convertible Securities are immediately
               exercisable, and the price per share for which Ordinary Shares are issuable upon
               the exercise of such Options or upon the conversion or exchange of such
               Convertible Securities (determined by dividing (i) the sum (which sum shall
               constitute the applicable consideration) of (x) the total amount, if any,
               received or receivable by the Company as consideration for the granting of such
               Options, plus (y) the aggregate amount of additional consideration payable to
               the Company upon the exercise of all such Options, plus (z), in the case of such
               Options which relate to Convertible Securities, the aggregate amount of
               additional consideration, if any, payable upon the issue or sale of such
               Convertible Securities and upon the conversion or exchange thereof, by (ii) the
               total maximum number of Ordinary Shares issuable upon the exercise of such
               Options or upon the conversion or exchange of all such Convertible Securities
               issuable upon the exercise of such Options) shall be less than the Warrant Price
               in effect immediately prior to the time of the granting of such Options, then
               the total number of Ordinary Shares issuable upon the exercise of such Options
               or upon conversion or exchange of the total amount of such Convertible
               Securities issuable upon the exercise of such Options shall be deemed to have
               been issued for such price per share as of the date of granting of such Options
               or the issuance of such Convertible Securities and thereafter shall be deemed to
               be outstanding for purposes of adjusting the Warrant Price. Except as otherwise
               provided in subsection 8(f)(3), no adjustment of the Warrant Price shall be made
               upon the actual issue of such Ordinary Shares or of such Convertible Securities
               upon exercise of such Options or upon the actual issue of such Ordinary Shares
               upon conversion or exchange of such Convertible Securities. 

               

          		    (f)(2)       
               Issuance of Convertible Securities. In case the Company shall in any manner
               issue (directly and not by assumption in a merger or otherwise) or sell any
               Convertible Securities, whether or not the rights to exchange or convert any
               such Convertible Securities are immediately exercisable, and the price per share
               for which Ordinary Shares are issuable upon such conversion or exchange
               (determined by dividing (i) the sum (which sum shall constitute the applicable
               consideration) of (x) the total amount received or receivable by the Company as
               consideration for the issue or sale of such Convertible Securities, plus (y) the
               aggregate amount of additional consideration, if any, payable to the Company
               upon the conversion or exchange thereof, by (ii) the total number of shares of
               Ordinary Shares issuable upon the conversion or exchange of all such Convertible
               Securities) shall be less than the Warrant Price in effect immediately prior to
               the time of such issue or sale, then the total maximum number of shares of
               Ordinary Shares issuable upon conversion or exchange of all such Convertible
               Securities shall be deemed to have been issued for such price per share as of
               the date of the issue or sale of such Convertible Securities and thereafter
               shall be deemed to be outstanding for purposes of adjusting the Warrant Price,
               provided that (a) except as otherwise provided in subsection 8(f)(3), no
               adjustment of the Warrant Price shall be made upon the actual issuance of such
               Ordinary Shares upon conversion or exchange of such Convertible Securities and
               (b) no further adjustment of the Warrant Price shall be made by reason of the
               issue or sale of Convertible Securities upon exercise of any Options to purchase
               any such Convertible Securities for which adjustments of the Warrant Price have
               been made pursuant to the other provisions of subsection 8(f). 

               

- 6 -

          		    (f)(3)       
               Change in Option Price or Conversion Rate. Upon the happening of any of the
               following events, namely, if the purchase price provided for in any Option
               referred to in subsection 8(f)(l) hereof, the additional consideration, if any,
               payable upon the conversion or exchange of any Convertible Securities referred
               to in subsections 8(f)(l) or 8(f)(2), or the rate at which Convertible
               Securities referred to in subsections 8(f)(l) or 8(f)(2) are convertible into or
               exchangeable for Ordinary Shares shall change at any time (including, but not
               limited to, changes under or by reason of provisions designed to protect against
               dilution), the Warrant Price in effect at the time of such event shall forthwith
               be readjusted to the Warrant Price which would have been in effect at such time
               had such Options or Convertible Securities still outstanding provided for such
               changed purchase price, additional consideration or conversion rate, as the case
               may be, at the time initially granted, issued or sold. On the termination of any
               Option for which any adjustment was made pursuant to this subsection 8(f) or any
               right to convert or exchange Convertible Securities for which any adjustment was
               made pursuant to this subsection 8(f) (including without limitation upon the
               redemption or purchase for consideration of Convertible Securities by the
               Company), the Warrant Price then in effect hereunder shall forthwith be changed
               to the Warrant Price which would have been in effect at the time of such
               termination had such Option or Convertible Securities, to the extent outstanding
               immediately prior to such termination, never been issued. 

               

          		    (f)(4)       
               Consideration for Stock. In case any Ordinary Shares, Options or Convertible
               Securities shall be issued or sold for cash, the consideration received therefor
               shall be deemed to be the net amount received by the Company therefor, after
               deduction therefrom of any expenses incurred or any underwriting commissions or
               concessions paid or allowed by the Company in connection therewith. In case any
               Ordinary Shares, Options or Convertible Securities shall be issued or sold for a
               consideration other than cash, the amount of the consideration other than cash
               received by the Company shall be deemed to be the fair value of such
               consideration as determined in good faith by the Board of Directors of the
               Company, after deduction of any expenses incurred or any underwriting
               commissions or concessions paid or allowed by the Company in connection
               therewith. In case any Options shall be issued in connection with the issue and
               sale of other securities of the Company, together comprising one integral
               transaction in which no specific consideration is allocated to such Options by
               the parties thereto, such Options shall be deemed to have been issued for such
               consideration as determined in good faith by the Board of Directors of the
               Company. 

               

- 7 -

          		    (f)(5)       
               Record Date. In case the Company shall take a record of the holders of its
               Ordinary Shares for the purpose of entitling them (i) to receive a dividend or
               other distribution payable in Ordinary Shares, Options or Convertible Securities
               or (ii) to subscribe for or purchase Ordinary Shares, Options or Convertible
               Securities, then such record date shall be deemed to be the date of the issue or
               sale of the Ordinary Shares deemed to have been issued or sold upon the
               declaration of such dividend or the making of such other distribution or the
               date of the granting of such right of subscription or purchase, as the case may
               be. 

               

          		    (f)(6)       
               Treasury Shares. The number of Ordinary Shares outstanding at any given time
               shall not include shares owned or held by or for the account of the Company or
               any of its wholly-owned subsidiaries, and the disposition of any such shares
               (other than the cancellation or retirement thereof) shall be considered an issue
               or sale of Ordinary Shares for the purpose of this subsection (f). 

               

		    (g)        Anything
herein to the contrary notwithstanding, the Company shall not be           required to
make any adjustment of the Warrant Price in the case of the issuance           of (A)
capital stock, Options or Convertible Securities issued to directors,           officers,
employees or consultants of the Company in connection with their           service as
directors of the Company, their employment by the Company or their           retention as
consultants or service providers by the Company pursuant to an           equity
compensation program approved by the Board of Directors of the Company or           the
compensation committee of the Board of Directors of the Company, (B)           Ordinary
Shares upon the conversion or exercise of Options or Convertible           Securities
issued prior to the date hereof, (C) Ordinary Shares issued or           issuable by
reason of a dividend, stock split or other distribution on Ordinary           Shares (but
only to the extent that such a dividend, split or distribution           results in an
adjustment in the Warrant Price pursuant to the other provisions           of this
Warrant) or (D) capital stock, Options or Convertible Securities issued           in an
acquisition by the Company of the assets or equity interests of another           entity,
in connection with a joint venture or other strategic alliance           transaction or
to lending institutions, licensors of tangible or intangible           property or
equipment leasing companies in connection with licensing, leasing or           financing
transactions, in either case approved by the Board of Directors,and (E) the
issuance of Ordinary Shares upon the exercise or conversion of           any securities
described in clauses (A) through (D) above (collectively,           “Excluded
Issuances”).  

        Section
9.     Fractional Interest. The Company shall not be required to issue fractions of
Warrant Shares upon the exercise of the Warrant. If any fractional Ordinary Shares would,
except for the provisions of the first sentence of this Section 9, be delivered upon such
exercise, the Company, in lieu of delivering such fractional share, shall pay to the
exercising holder of this Warrant an amount in cash equal to the Fair Market Value of such
fractional Ordinary Shares on the date of exercise. As used in this Warrant, “Fair
Market Value” of a an Ordinary Share as of a particular date (the “Valuation
Date”) shall mean the following: (a) if the Ordinary Shares are then listed on a
national stock exchange, the closing sale price of one Ordinary Share on such exchange on
the last trading day prior to the Valuation Date; (b) if the Ordinary Shares are then
quoted on Nasdaq, the closing sale price of one Ordinary Share on Nasdaq on the last
trading day prior to the Valuation Date or, if no such closing sale price is available,
the average of the high bid and the low sales price quoted on Nasdaq on the last trading
day prior to the Valuation Date; or (c) if the Ordinary Shares are not then listed on a
national stock exchange or quoted on Nasdaq, the Fair Market Value of one Ordinary Share
as of the Valuation Date, shall be determined in good faith by the Board of Directors of
the Company. 

- 8 -

        Section
10.     Extension of Expiration Date. If the Company fails to cause any Registration
Statement covering Registrable Securities (unless otherwise defined herein, capitalized
terms are as defined in the Registration Rights Agreement referred to in Section 15 below)
to be declared effective prior to the applicable dates set forth therein and the Blackout
Period (whether alone, or in combination with any other Blackout Period) continues for
more than 60 days in any 12 month period, or for more than a total of 90 days, then the
Expiration Date of this Warrant shall be extended one day for each day beyond the 60-day
or 90-day limits, as the case may be, that the Blackout Period continues. 

        Section
11.     Benefits. Nothing in this Warrant shall be construed to give any person, firm
or corporation (other than the Company and the Warrantholder and permitted Tranferees) any
legal or equitable right, remedy or claim, it being agreed that this Warrant shall be for
the sole and exclusive benefit of the Company and the Warrantholder. 

        Section
12.     Notices to Warrantholder. Upon the happening of any event requiring an
adjustment of the Warrant Price, the Company shall promptly give written notice thereof to
the Warrantholder at the address appearing in the records of the Company, stating the
adjusted Warrant Price and the adjusted number of Warrant Shares resulting from such event
and setting forth in reasonable detail the method of calculation and the facts upon which
such calculation is based. Failure to give such notice to the Warrantholder or any defect
therein shall not affect the legality or validity of the subject adjustment. 

        Section
13.     Identity of Transfer Agent. The Transfer Agent for the Ordinary Shares is
American Stock Transfer and Trust Company. Upon the appointment of any subsequent transfer
agent for the Ordinary Shares or other shares of the Company’s capital stock issuable
upon the exercise of the rights of purchase represented by the Warrant, the Company will
mail to the Warrantholder a statement setting forth the name and address of such transfer
agent. 

        Section
14.     Notices. Unless otherwise provided, any notice required or permitted under this
Warrant shall be given in writing and shall be deemed effectively given as hereinafter
described (i) if given by personal delivery, then such notice shall be deemed given upon
such delivery, (ii) if given by telex or telecopier, then such notice shall be deemed
given upon receipt of confirmation of complete transmittal, (iii) if given by mail, then
such notice shall be deemed given upon the earlier of (A) receipt of such notice by the
recipient or (B) three days after such notice is deposited in first class mail, postage
prepaid, and (iv) if given by an internationally recognized overnight air courier, then
such notice shall be deemed given one day after delivery to such carrier. All notices
shall be addressed as follows: (i) if to the Warrantholder, at its address as set forth in
the Company’s books and records and, if to the Company, at the address as follows, or
at such other address as the Warrantholder or the Company may designate by ten days’
advance written notice to the other: 

- 9 -

	 	
If
to the Company: 

	 	
Attunity Ltd.
                            Kfar Netter Industrial Park
                 
          Kfar Netter 40593, Israel
                     
      Attention: Chief Financial Officer
                         
  Fax: 972-9-899-3001 

	 	
If
to Plenus: 

	 	
Plenus
Technologies, Ltd.       
                     16 Abba Eben Avenues
                          
 Herzliya Pituach                           
 Israel
                         
  Attentionn: Shlomo Karako
                          
 Facsimile:  972-9-957-8770 

        Section
15.     Registration Rights. The Warrantholder is entitled with respect to the Warrant
Shares to the identical registration rights and the additional terms and conditions (with
the exception of the penalties and expense provisions) provided in the Registration Rights
Agreement between the Company and certain Purchasers dated May 5, 2004, a copy of which is
attached hereto, except that the Registration Statement needs to be decalred effective
within 180 days following the date of issuance of this Warrant (rather than as set forth
in the Registration Rights Agreement) and that the Registration Statement needs to cover
only the number of Warrant Shares and such other reasonably applicable changes. 

The rights and obligations of the
Company and the Holder set forth in this Section 15 shall survive the exercise of this
Warrant. 

        Section
16.     Successors. All the covenants and provisions hereof by or for the benefit of
the Warrantholder shall bind and inure to the benefit of its respective successors and
assigns hereunder. 

        Section
17.     Governing Law. This Warrant shall be governed by, and construed in accordance
with, the internal laws of the State of Israel, without reference to the choice of law
provisions thereof. This Warrant shall be governed by and construed in accordance with the
internal laws of the State of Israel, without giving effect to its choice of law
provisions. This Agreement shall not interpreted or construed with any presumption against
the party causing this Agreement to be drafted. 

        Section
18.     No Rights as Stockholder. Prior to the exercise of this Warrant, the
Warrantholder shall not have or exercise any rights as a stockholder of the Company by
virtue of its ownership of this Warrant. 

- 10 -

        Section
19.     Amendment; Waiver Any term of this Warrant may be amended or waived (including
the adjustment provisions included in Section 8 of this Warrant) upon the written consent
of the Company and the Warrantholder. 

        Section
20.     Section Headings. The section heading in this Warrant are for the convenience
of the Company and the Warrantholder and in no way alter, modify, amend, limit or restrict
the provisions hereof. 

        IN
WITNESS WHEREOF, the Company has caused this Warrant to be duly executed on the __ day of
January 2007. 

			ATTUNITY LTD.

By: 
——————————————

Name:
Title:

- 11 -

APPENDIX A  

WARRANT EXERCISE FORM 

To: Attunity Ltd. 

Attn: ____________, 

         1.       
          [ ] [____] (Check and initial here if the undersigned
          elects this alternative) The undersigned hereby elects to purchase [FILL
          IN NUMBER OF SHARES] ____________ Ordinary Shares of Attunity Ltd. pursuant
          to the terms of the attached Warrant (the “Warrant”), and
          tenders herewith payment in full for the Exercise Price of the shares being
          purchased. 

         1.       
          [ ] [____] (Check and initial here if the undersigned
          elects this alternative) In lieu of exercising the Warrant for cash or a
          check, the undersigned hereby elects to effect the net exercise provision of
          Section 3(b) of the Warrant and receive [FILL IN NUMBER OF SHARES]
          _________ Ordinary Shares of Attunity Ltd. pursuant to the terms of the Warrant
          according to the following calculation (Initial here if the undersigned elects
          this alternative ________): 

		
	X = Y(A-B) 	      (  ) = (____) [(_____) - (_____)]
	    A	(_____)

	 	Where 	X
= the number of shares of Warrant Shares to be issued to Warrantholder. 

	 	
Y
= the number of shares of Warrant Shares purchasable under the amount of the Warrant being
exchanged (as adjusted to the date of such calculation). 

	 	
A
= the Fair Market Value of one share of the Company’s Ordinary Shares.  

	 	
B
= Exercise Price (as adjusted to the date of such calculation).  

         2.       
          Please issue a certificate or certificates representing said Warrant Shares in
          the name of the below list of entities, and record same in the Company’s
          internal share registry, as follows: 

		
	 	Very truly yours,
	 
	 	______________
	 
	 
	 	By: ___________
	 
	 	Title: __________
	 
	 	Date: __________

- 12 -

Appendix B  

FORM OF TRANSFER 

(To be signed only upon
transfer of Warrant) 

FOR VALUE RECEIVED, the undersigned
(the “Transferor”) hereby assigns and transfers unto
________________________________________ (the “Transferee”) the
right represented by the attached Warrant No. _ (the “Warrant”) to
purchase _______ [fill in amount of Warrant Shares] Warrant Shares of Attunity Ltd.
at an Exercise Price of $___ [fill in Exercise Price], subject to adjustment, out
of the total Warrant Shares to which the Warrant relates, and appoints ______________,
Attorney, to transfer such right on the books of Attunity Ltd., with full power of
substitution in the premises. The Transferor further represents that the transfer is made
in accordance with the terms of the Warrant, including, without limitation, with respect
to the Transferee being a Permitted Transferee or with respect to which consent to
transfer has been given by Attunity Ltd. 

Dated: __________________ 

By: _____________________

Name: ___________________

Signed in the presence of: 

By: _____________________

Name: ___________________

And the undersigned Transferee hereby
agrees to the transfer of said rights to which the Warrant relates, and agrees to be bound
by the terms and conditions of the Warrant. The undersigned further represents that the
transfer is made in accordance with the terms of the Warrant. 

Dated: __________________ 

By: _____________________

Name: ___________________

Signed in the presence of: 

By: _____________________

Name: ___________________

- 13 -6-K

Exhibit 4.3  

FORM OF SECOND WARRANTS 

        THIS
WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE
SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF
EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR EXEMPTION FROM REGISTRATION
UNDER THE FOREGOING LAWS. 

ATTUNITY LTD. 

WARRANT TO PURCHASE
 ORDINARY SHARES 

NOMINAL VALUE NIS 0.1
PER SHARE 

        For
VALUE RECEIVED, ___________ (“Plenus”), or any other Holder (as defined in
Section 2 hereof) (the “Warrantholder”), is entitled to purchase, subject to the
provisions of this Warrant, from Attunity Ltd., a corporation organized under the laws of
Israel (“Company”), at any time following the disbursement of the second
installment as defined in Section 1.2 of the Loan Agreement between the Warrantholder and
the Company dated January _, 2007 (“Loan Agreement”) and not later than 5:00
P.M., Eastern time, on the Expiration Date determined in accordance with Section 3B
herein, at the exercise price determined in accordance with Section 3A herein, that number
of the Company’s ordinary shares, nominal value NIS 0.1 per share (“Ordinary
Shares”) determined in accordance with Section 3A herein. The number of Warrant
Shares (as defined below) purchasable upon exercise of this Warrant and the Warrant Price
(as defined below) shall be subject to adjustment from time to time as described herein.
Notwithstanding anything to the contrary herein, this Warrant shall be void if the second
installment as defined in Section 1.2 of the Loan Agreement is not disbursed by the
Warrantholder to the Company in accordance with the Loan Agreement, and this Warrant shall
not be exercisable unless and until the Second Closing as defined in Section 1.6 of the
Loan Agreement has occurred. 

        Section
1.     Registration. The Company shall maintain books for the transfer and registration
of the Warrant. Upon the initial issuance of this Warrant, the Company shall issue and
register the Warrant in the name of the Warrantholder. 

        Section
2.     Permitted Transfers. The
Warrantholder shall be entitled to transfer the Warrants to (i) each Participant (ii)
any entity which controls, is controlled by or is under common control with the
Warrantholder, (iii) if the Warrantholder is a trustee for, or acts on behalf of other
person – such other person, (iv) if the Warrantholder is a general or limited
partnership – each of its partners and each other partnership managed by the same
management company or managing general partner or an entity which controls, is controlled
by, or is under common control with, such management company or managing general partner
and (v) any other Permitted Transferee, as defined in Section 9.4 of the Loan Agreement.
All transfers of this Warrant shall be accompanied by an executed warrant transfer deed,
under which the transferee undertakes to be bound by all obligations of the Warrantholder
under this Warrant. The form of the deed of transfer is attached hereto as Appendix
B. 

        Section
3.     Exercise of Warrant.  

		     (a)        Cash
Exercise. Subject to the provisions hereof, the Warrantholder may           exercise
this Warrant in whole or in part at any time upon surrender of the           Warrant,
together with delivery of the duly executed Warrant exercise form           attached
hereto as Appendix A (the “Exercise Agreement”) and payment           by cash,
certified check or wire transfer of funds for the aggregate Warrant           Price for
that number of Warrant Shares then being purchased, to the Company           during
normal business hours on any business day at the Company’s principal
          executive offices (or such other office or agency of the Company as it may
          designate by notice to the holder hereof). The Warrant Shares so purchased
shall           be deemed to be issued to the holder hereof or such holder’s
designee, as           the record owner of such shares, as of the close of business on
the next           business day after the date on which this Warrant shall have been
surrendered           (or evidence of loss, theft or destruction thereof and security or
indemnity           satisfactory to the Company), the Warrant Price shall have been paid
and the           completed Exercise Agreement shall have been delivered. Certificates
for the           Warrant Shares so purchased, representing the aggregate number of
shares           specified in the Exercise Agreement, shall be delivered to the holder
hereof           within a reasonable time, not exceeding three (3) business days, after
this           Warrant shall have been so exercised. The certificates so delivered shall
be in           such denominations as may be requested by the holder hereof and shall be
          registered in the name of such holder or such other name as shall be designated
          by such holder. If this Warrant shall have been exercised only in part, then,
          unless this Warrant has expired, the Company shall, at its expense, at the time
          of delivery of such certificates, deliver to the holder a new Warrant
          representing the number of shares with respect to which this Warrant shall not
          then have been exercised. As used herein, “business day” means a day,
          other than a Saturday or Sunday, on which banks in New York City are open for
          the general transaction of business.  

		     (b)        Cashless
Exercise. In lieu of the payment method set forth in sub-section           (a) above,
the Warrantholder may elect to exchange the Warrant for a number of           Warrant
Shares computed using the following formula:  

	 	 
	 X = 	Y(A-B)  
	  	A 

	 	Where 	X =
the number of Warrant Shares to be issued to the Warrantholder. 

	 	
Y
= the number of Warrant Shares purchasable under the Warrant (adjusted to the date of such
calculation, but excluding Warrant Shares already issued under this Warrant). 

	 	
A=
the Fair Market Value (as defined below) of one Ordinary Share.  

	 	
B =
Exercise Price (as adjusted to the date of such calculation).  

	 	
“Fair
Market Value” of an Ordinary Share shall mean the most recent closing bid price
of the Company’s Ordinary Shares, as published by Nasdaq, prior to the
Warrantholder’s exercise of the Warrant. 

In the event of a cashless exercise
under this Section 3(b), this Warrant must be exercised for all the Warrant Shares then
purchasable under this Warrant, and must be surrendered to the Company along with the
Notice of Exercise. After such exercise and receipt by the Warrantholder of the
appropriate amount of Warrant Shares, this Warrant shall be null and void. 

- 2 -

        Section
3A.    Number of Warrant Shares; Warrant Price. The initial number of Ordinary Shares
that the Warrantholder may purchase pursuant to this Warrant, and the initial exercise
price of this Warrant, shall be determined as follows: (a) the exercise price shall be
equal to the average of closing prices of an Ordinary Share as reported on Nasdaq in the
90 days preceding the Second Closing as defined in Section 1.6 of the Loan Agreement (as
may be adjusted thereafter, the “Warrant Price”); provided that in order
to ensure compliance with Nasdaq rules, in no event whatsoever, shall the initial Warrant
Price be lower than $0.18 (subject to adjustment upon a stock split, stock dividend or
similar event) and (b) the Warrantholder shall be initially entitled to purchase the
number of Ordinary Shares equal to the product of $_______ divided by the initial Warrant
Price (as may be adjusted thereafter, the “Warrant Price”).  

        Section
3B.    Warrant Period; Expiration Date. Subject to the provisions of Section 10
hereof, this Warrant shall be void after 5:00 P.M. Eastern Time on the fifth anniversary
of the date of the occurrence of the Second Closing as defined in Section 1.6 of the Loan
Agreement (the “Expiration Date”). 

        Section
4.    Compliance with the Securities Act of 1933. The Company may cause the legend set
forth on the first page of this Warrant to be set forth on each Warrant or similar legend
on any security issued or issuable upon exercise of this Warrant, unless counsel for the
Company is of the opinion as to any such security that such legend is unnecessary. 

        Section
5.     Payment of Taxes. The Company will pay any documentary stamp taxes attributable
to the initial issuance of Warrant Shares issuable upon the exercise of the Warrant;
provided, however, that the Company shall not be required to pay any tax or taxes which
may be payable in respect of any transfer involved in the issuance or delivery of any
certificates for Warrant Shares in a name other than that of the registered holder of this
Warrant in respect of which such shares are issued, and in such case, the Company shall
not be required to issue or deliver any certificate for Warrant Shares or any Warrant
until the person requesting the same has paid to the Company the amount of such tax or has
established to the Company’s reasonable satisfaction that such tax has been paid. The
holder shall be responsible for income and gift taxes due under federal, state or other
law, if any such tax is due. 

        Section
6.     Mutilated or Missing Warrants. In case this Warrant shall be mutilated, lost,
stolen, or destroyed, the Company shall issue in exchange and substitution of and upon
cancellation of the mutilated Warrant, or in lieu of and substitution for the Warrant
lost, stolen or destroyed, a new Warrant of like tenor and for the purchase of a like
number of Warrant Shares, but only upon receipt of evidence reasonably satisfactory to the
Company of such loss, theft or destruction of the Warrant, and with respect to a lost,
stolen or destroyed Warrant, reasonable indemnity or bond with respect thereto, if
requested by the Company. 

        Section
7.     Reservation of Ordinary Shares. The Company hereby represents and warrants that
there have been reserved, and the Company shall at all applicable times keep reserved
until issued (if necessary) as contemplated by this Section 7, out of the authorized and
unissued Ordinary Shares, sufficient shares to provide for the exercise of the rights of
purchase represented by this Warrant. The Company agrees that all Warrant Shares issued
upon exercise of the Warrant shall be, at the time of delivery of the certificates for
such Warrant Shares upon the due exercise of this Warrant, duly authorized, validly
issued, fully paid and non-assessable Ordinary Shares of the Company. 

- 3 -

        Section
8.     Adjustments. Subject and pursuant to the provisions of this Section 8, the
Warrant Price and number of Warrant Shares subject to this Warrant shall be subject to
adjustment from time to time as set forth hereinafter. 

		     (a)        If
the Company shall, at any time or from time to time while this Warrant is
          outstanding, pay a dividend or make a distribution on its Ordinary Shares in
          Ordinary Shares, subdivide its outstanding Ordinary Shares into a greater
number           of shares or combine its outstanding Ordinary Shares into a smaller
number of           shares or issue by reclassification of its outstanding Ordinary
Shares any           shares of its capital stock (including any such reclassification in
connection           with a consolidation or merger in which the Company is the
continuing           corporation), then the number of Warrant Shares purchasable upon
exercise of the           Warrant and the Warrant Price in effect immediately prior to
the date upon which           such change shall become effective, shall be adjusted by
the Company so that the           Warrantholder thereafter exercising the Warrant shall
be entitled to receive the           number of Ordinary Shares or other capital stock
which the Warrantholder would           have received if the Warrant had been exercised
immediately prior to such event           upon payment of a Warrant Price that has been
adjusted to reflect a fair           allocation of the economics of such event to the
Warrantholder. Such adjustments           shall be made successively whenever any event
listed above shall occur.  

		     (b)        If
any capital reorganization, reclassification of the capital stock of the
          Company, consolidation or merger of the Company with another corporation in
          which the Company is not the survivor, or sale, transfer or other disposition
of           all or substantially all of the Company’s assets to another corporation
          shall be effected, then, as a condition of such reorganization,
          reclassification, consolidation, merger, sale, transfer or other disposition,
          lawful and adequate provision shall be made whereby the Warrantholder shall
          thereafter have the right to purchase and receive upon the basis and upon the
          terms and conditions herein specified and in lieu of the Warrant Shares
          immediately theretofore issuable upon exercise of the Warrant, such shares of
          stock, securities or assets as would have been issuable or payable with respect
          to or in exchange for a number of Warrant Shares equal to the number of Warrant
          Shares immediately theretofore issuable upon exercise of the Warrant, had such
          reorganization, reclassification, consolidation, merger, sale, transfer or
other           disposition not taken place, and in any such case appropriate provision
shall be           made with respect to the rights and interests of each Warrantholder to
the end           that the provisions hereof (including, without limitation, provision
for           adjustment of the Warrant Price) shall thereafter be applicable, as nearly
          equivalent as may be practicable in relation to any shares of stock, securities
          or properties thereafter deliverable upon the exercise thereof. The Company
          shall not effect any such consolidation, merger, sale, transfer or other
          disposition unless prior to or simultaneously with the consummation thereof the
          successor corporation (if other than the Company) resulting from such
          consolidation or merger, or the corporation purchasing or otherwise acquiring
          such assets or other appropriate corporation or entity shall assume the
          obligation to deliver to the holder of the Warrant such shares of stock,
          securities or assets as, in accordance with the foregoing provisions, such
          holder may be entitled to purchase, and the other obligations under this
          Warrant. The provisions of this paragraph (b) shall similarly apply to
          successive reorganizations, reclassifications, consolidations, mergers, sales,
          transfers or other dispositions.  

- 4 -

		    (c)        In
case the Company shall fix a payment date for the making of a distribution to
          all holders of Ordinary Shares (including any such distribution made in
          connection with a consolidation or merger in which the Company is the
continuing           corporation) of evidences of indebtedness or assets (other than cash
dividends           or cash distributions payable out of consolidated earnings or earned
surplus or           dividends or distributions referred to in Section 8(a)), or
subscription rights           or warrants, the Warrant Price to be in effect after such
payment date shall be           determined by multiplying the Warrant Price in effect
immediately prior to such           payment date by a fraction, the numerator of which
shall be the total number of           Ordinary Shares outstanding multiplied by the
Market Price (as defined below)           per Ordinary Share immediately prior to such
payment date, less the fair market           value (as determined by the Company’s
Board of Directors in good faith) of           said assets or evidences of indebtedness
so distributed, or of such subscription           rights or warrants, and the denominator
of which shall be the total number of           Ordinary Shares outstanding multiplied by
such Market Price per Ordinary Share           immediately prior to such payment date.
“Market Price” as of a           particular date (the “Valuation Date”)
shall mean the following: (a)           if the Ordinary Shares are then listed on a
national stock exchange, the closing           sale price of one Ordinary Share on such
exchange on the last trading day prior           to the Valuation Date; (b) if the
Ordinary Shares are then quoted on the Nasdaq           Stock Market, Inc. (“Nasdaq”),
the closing sale price of one Ordinary           Share on Nasdaq on the last trading day
prior to the Valuation Date or, if no           such closing sale price is available, the
average of the high bid and the low           asked price quoted on Nasdaq on the last
trading day prior to the Valuation           Date; or (c) if the Ordinary Shares are not
then listed on a national stock           exchange or quoted on Nasdaq, the Fair Market
Value of one Ordinary Share as of           the Valuation Date, shall be determined in
good faith by the Board of Directors           of the Company and the Warrantholder. The
Board of Directors of the Company           shall respond promptly, in writing, to an
inquiry by the Warrantholder prior to           the exercise hereunder as to the Market
Value of an Ordinary Share as determined           by the Board of Directors of the
Company. In the event that the Board of           Directors of the Company and the
Warrantholder are unable to agree upon the           Market Value in respect of subpart
(c) hereof, the Company and the Warrantholder           shall jointly select an
appraiser, who is experienced in such matters. The           decision of such appraiser
shall be final and conclusive, and the cost of such           appraiser shall be borne
evenly by the Company and the Warrantholder. Such           adjustment shall be made
successively whenever such a payment date is fixed.  

		    (d)        For
the term of this Warrant, in addition to the provisions contained above, the
          Warrant Price shall be subject to adjustment as provided below. An adjustment
to           the Warrant Price shall become effective immediately after the payment date
in           the case of each dividend or distribution and immediately after the
effective           date of each other event which requires an adjustment.  

		    (e)        In
the event that, as a result of an adjustment made pursuant to this Section 8,
          the holder of this Warrant shall become entitled to receive any shares of
          capital stock of the Company other than Ordinary Shares, the number of such
          other shares so receivable upon exercise of this Warrant shall be subject
          thereafter to adjustment from time to time in a manner and on terms as nearly
          equivalent as practicable to the provisions with respect to the Warrant Shares
          contained in this Warrant.  

- 5 -

		    (f)        Except
as provided in subsection (g) hereof, if and whenever the Company shall           issue
or sell, or is, in accordance with any of subsections (f)(l) through           (f)(6)
hereof, deemed to have issued or sold, any Ordinary Shares for a           consideration
per share less than the Warrant Price in effect immediately prior           to the time
of such issue or sale, then and in each such case (a           “Trigger Issuance”)
the then-existing Warrant Price shall           automatically be reduced, as of the close
of business on the effective date of           the Trigger Issuance, to the lowest price
per share at which any Ordinary Shares           were issued or sold or deemed to be
issued or sold in the Trigger Issuance;           provided, however, that in no event
shall the Warrant Price after giving effect           to such Trigger Issuance be greater
than the Warrant Price in effect prior to           such Trigger Issuance.  

	 	        For
purposes of this subsection (f), “Additional Ordinary Shares” shall mean all
Ordinary Shares issued by the Company or deemed to be issued pursuant to this subsection
(f), other than Excluded Issuances (as defined in subsection (g) hereof).  

	 	        For
purposes of this subsection (f), the following subsections (f)(l) to (f)(6) shall also be
applicable (subject, in each such case, to the provisions of subsection (g) hereof) and
to each other subsection contained in this subsection (f):  

          		    (f)(1)       
               Issuance of Rights or Options. In case at any time the Company shall in any
               manner grant (directly and not by assumption in a merger or otherwise) any
               warrants or other rights to subscribe for or to purchase, or any options for the
               purchase of, Ordinary Shares or any stock or security convertible into or
               exchangeable for Ordinary Shares (such warrants, rights or options being called
               “Options” and such convertible or exchangeable stock or securities
               being called “Convertible Securities”) whether or not such Options or
               the right to convert or exchange any such Convertible Securities are immediately
               exercisable, and the price per share for which Ordinary Shares are issuable upon
               the exercise of such Options or upon the conversion or exchange of such
               Convertible Securities (determined by dividing (i) the sum (which sum shall
               constitute the applicable consideration) of (x) the total amount, if any,
               received or receivable by the Company as consideration for the granting of such
               Options, plus (y) the aggregate amount of additional consideration payable to
               the Company upon the exercise of all such Options, plus (z), in the case of such
               Options which relate to Convertible Securities, the aggregate amount of
               additional consideration, if any, payable upon the issue or sale of such
               Convertible Securities and upon the conversion or exchange thereof, by (ii) the
               total maximum number of Ordinary Shares issuable upon the exercise of such
               Options or upon the conversion or exchange of all such Convertible Securities
               issuable upon the exercise of such Options) shall be less than the Warrant Price
               in effect immediately prior to the time of the granting of such Options, then
               the total number of Ordinary Shares issuable upon the exercise of such Options
               or upon conversion or exchange of the total amount of such Convertible
               Securities issuable upon the exercise of such Options shall be deemed to have
               been issued for such price per share as of the date of granting of such Options
               or the issuance of such Convertible Securities and thereafter shall be deemed to
               be outstanding for purposes of adjusting the Warrant Price. Except as otherwise
               provided in subsection 8(f)(3), no adjustment of the Warrant Price shall be made
               upon the actual issue of such Ordinary Shares or of such Convertible Securities
               upon exercise of such Options or upon the actual issue of such Ordinary Shares
               upon conversion or exchange of such Convertible Securities. 

               

- 6 -

          		    (f)(2)       
               Issuance of Convertible Securities. In case the Company shall in any manner
               issue (directly and not by assumption in a merger or otherwise) or sell any
               Convertible Securities, whether or not the rights to exchange or convert any
               such Convertible Securities are immediately exercisable, and the price per share
               for which Ordinary Shares are issuable upon such conversion or exchange
               (determined by dividing (i) the sum (which sum shall constitute the applicable
               consideration) of (x) the total amount received or receivable by the Company as
               consideration for the issue or sale of such Convertible Securities, plus (y) the
               aggregate amount of additional consideration, if any, payable to the Company
               upon the conversion or exchange thereof, by (ii) the total number of shares of
               Ordinary Shares issuable upon the conversion or exchange of all such Convertible
               Securities) shall be less than the Warrant Price in effect immediately prior to
               the time of such issue or sale, then the total maximum number of shares of
               Ordinary Shares issuable upon conversion or exchange of all such Convertible
               Securities shall be deemed to have been issued for such price per share as of
               the date of the issue or sale of such Convertible Securities and thereafter
               shall be deemed to be outstanding for purposes of adjusting the Warrant Price,
               provided that (a) except as otherwise provided in subsection 8(f)(3), no
               adjustment of the Warrant Price shall be made upon the actual issuance of such
               Ordinary Shares upon conversion or exchange of such Convertible Securities and
               (b) no further adjustment of the Warrant Price shall be made by reason of the
               issue or sale of Convertible Securities upon exercise of any Options to purchase
               any such Convertible Securities for which adjustments of the Warrant Price have
               been made pursuant to the other provisions of subsection 8(f). 

               

          		    (f)(3)       
               Change in Option Price or Conversion Rate. Upon the happening of any of the
               following events, namely, if the purchase price provided for in any Option
               referred to in subsection 8(f)(l) hereof, the additional consideration, if any,
               payable upon the conversion or exchange of any Convertible Securities referred
               to in subsections 8(f)(l) or 8(f)(2), or the rate at which Convertible
               Securities referred to in subsections 8(f)(l) or 8(f)(2) are convertible into or
               exchangeable for Ordinary Shares shall change at any time (including, but not
               limited to, changes under or by reason of provisions designed to protect against
               dilution), the Warrant Price in effect at the time of such event shall forthwith
               be readjusted to the Warrant Price which would have been in effect at such time
               had such Options or Convertible Securities still outstanding provided for such
               changed purchase price, additional consideration or conversion rate, as the case
               may be, at the time initially granted, issued or sold. On the termination of any
               Option for which any adjustment was made pursuant to this subsection 8(f) or any
               right to convert or exchange Convertible Securities for which any adjustment was
               made pursuant to this subsection 8(f) (including without limitation upon the
               redemption or purchase for consideration of Convertible Securities by the
               Company), the Warrant Price then in effect hereunder shall forthwith be changed
               to the Warrant Price which would have been in effect at the time of such
               termination had such Option or Convertible Securities, to the extent outstanding
               immediately prior to such termination, never been issued. 

               

- 7 -

          		    (f)(4)       
               Consideration for Stock. In case any Ordinary Shares, Options or Convertible
               Securities shall be issued or sold for cash, the consideration received therefor
               shall be deemed to be the net amount received by the Company therefor, after
               deduction therefrom of any expenses incurred or any underwriting commissions or
               concessions paid or allowed by the Company in connection therewith. In case any
               Ordinary Shares, Options or Convertible Securities shall be issued or sold for a
               consideration other than cash, the amount of the consideration other than cash
               received by the Company shall be deemed to be the fair value of such
               consideration as determined in good faith by the Board of Directors of the
               Company, after deduction of any expenses incurred or any underwriting
               commissions or concessions paid or allowed by the Company in connection
               therewith. In case any Options shall be issued in connection with the issue and
               sale of other securities of the Company, together comprising one integral
               transaction in which no specific consideration is allocated to such Options by
               the parties thereto, such Options shall be deemed to have been issued for such
               consideration as determined in good faith by the Board of Directors of the
               Company. 

               

          		    (f)(5)       
               Record Date. In case the Company shall take a record of the holders of its
               Ordinary Shares for the purpose of entitling them (i) to receive a dividend or
               other distribution payable in Ordinary Shares, Options or Convertible Securities
               or (ii) to subscribe for or purchase Ordinary Shares, Options or Convertible
               Securities, then such record date shall be deemed to be the date of the issue or
               sale of the Ordinary Shares deemed to have been issued or sold upon the
               declaration of such dividend or the making of such other distribution or the
               date of the granting of such right of subscription or purchase, as the case may
               be. 

               

          		    (f)(6)       
               Treasury Shares. The number of Ordinary Shares outstanding at any given time
               shall not include shares owned or held by or for the account of the Company or
               any of its wholly-owned subsidiaries, and the disposition of any such shares
               (other than the cancellation or retirement thereof) shall be considered an issue
               or sale of Ordinary Shares for the purpose of this subsection (f). 

               

		    (g)        Anything
herein to the contrary notwithstanding, the Company shall not be           required to
make any adjustment of the Warrant Price in the case of the issuance           of (A)
capital stock, Options or Convertible Securities issued to directors,           officers,
employees or consultants of the Company in connection with their           service as
directors of the Company, their employment by the Company or their           retention as
consultants or service providers by the Company pursuant to an           equity
compensation program approved by the Board of Directors of the Company or           the
compensation committee of the Board of Directors of the Company, (B)           Ordinary
Shares upon the conversion or exercise of Options or Convertible           Securities
issued prior to the date hereof, (C) Ordinary Shares issued or           issuable by
reason of a dividend, stock split or other distribution on Ordinary           Shares (but
only to the extent that such a dividend, split or distribution           results in an
adjustment in the Warrant Price pursuant to the other provisions           of this
Warrant) or (D) capital stock, Options or Convertible Securities issued           in an
acquisition by the Company of the assets or equity interests of another           entity,
in connection with a joint venture or other strategic alliance           transaction or
to lending institutions, licensors of tangible or intangible           property or
equipment leasing companies in connection with licensing, leasing or           financing
transactions, in either case approved by the Board of Directors,and (E) the
issuance of Ordinary Shares upon the exercise or conversion of           any securities
described in clauses (A) through (D) above (collectively,           “Excluded
Issuances”).  

- 8 -

        Section
9.     Fractional Interest. The Company shall not be required to issue fractions of
Warrant Shares upon the exercise of the Warrant. If any fractional Ordinary Shares would,
except for the provisions of the first sentence of this Section 9, be delivered upon such
exercise, the Company, in lieu of delivering such fractional share, shall pay to the
exercising holder of this Warrant an amount in cash equal to the Fair Market Value of such
fractional Ordinary Shares on the date of exercise. As used in this Warrant, “Fair
Market Value” of a an Ordinary Share as of a particular date (the “Valuation
Date”) shall mean the following: (a) if the Ordinary Shares are then listed on a
national stock exchange, the closing sale price of one Ordinary Share on such exchange on
the last trading day prior to the Valuation Date; (b) if the Ordinary Shares are then
quoted on Nasdaq, the closing sale price of one Ordinary Share on Nasdaq on the last
trading day prior to the Valuation Date or, if no such closing sale price is available,
the average of the high bid and the low sales price quoted on Nasdaq on the last trading
day prior to the Valuation Date; or (c) if the Ordinary Shares are not then listed on a
national stock exchange or quoted on Nasdaq, the Fair Market Value of one Ordinary Share
as of the Valuation Date, shall be determined in good faith by the Board of Directors of
the Company. 

        Section
10.     Extension of Expiration Date. If the Company fails to cause any Registration
Statement covering Registrable Securities (unless otherwise defined herein, capitalized
terms are as defined in the Registration Rights Agreement referred to in Section 15 below)
to be declared effective prior to the applicable dates set forth therein and the Blackout
Period (whether alone, or in combination with any other Blackout Period) continues for
more than 60 days in any 12 month period, or for more than a total of 90 days, then the
Expiration Date of this Warrant shall be extended one day for each day beyond the 60-day
or 90-day limits, as the case may be, that the Blackout Period continues. 

        Section
11.     Benefits. Nothing in this Warrant shall be construed to give any person, firm
or corporation (other than the Company and the Warrantholder and permitted Tranferees) any
legal or equitable right, remedy or claim, it being agreed that this Warrant shall be for
the sole and exclusive benefit of the Company and the Warrantholder. 

        Section
12.     Notices to Warrantholder. Upon the happening of any event requiring an
adjustment of the Warrant Price, the Company shall promptly give written notice thereof to
the Warrantholder at the address appearing in the records of the Company, stating the
adjusted Warrant Price and the adjusted number of Warrant Shares resulting from such event
and setting forth in reasonable detail the method of calculation and the facts upon which
such calculation is based. Failure to give such notice to the Warrantholder or any defect
therein shall not affect the legality or validity of the subject adjustment. 

- 9 -

        Section
13.     Identity of Transfer Agent. The Transfer Agent for the Ordinary Shares is
American Stock Transfer and Trust Company. Upon the appointment of any subsequent transfer
agent for the Ordinary Shares or other shares of the Company’s capital stock issuable
upon the exercise of the rights of purchase represented by the Warrant, the Company will
mail to the Warrantholder a statement setting forth the name and address of such transfer
agent. 

        Section
14.     Notices. Unless otherwise provided, any notice required or permitted under this
Warrant shall be given in writing and shall be deemed effectively given as hereinafter
described (i) if given by personal delivery, then such notice shall be deemed given upon
such delivery, (ii) if given by telex or telecopier, then such notice shall be deemed
given upon receipt of confirmation of complete transmittal, (iii) if given by mail, then
such notice shall be deemed given upon the earlier of (A) receipt of such notice by the
recipient or (B) three days after such notice is deposited in first class mail, postage
prepaid, and (iv) if given by an internationally recognized overnight air courier, then
such notice shall be deemed given one day after delivery to such carrier. All notices
shall be addressed as follows: (i) if to the Warrantholder, at its address as set forth in
the Company’s books and records and, if to the Company, at the address as follows, or
at such other address as the Warrantholder or the Company may designate by ten days’
advance written notice to the other: 

	 	
If
to the Company: 

	 	
Attunity Ltd.
                            Kfar Netter Industrial Park
                 
          Kfar Netter 40593, Israel
                     
      Attention: Chief Financial Officer
                         
  Fax: 972-9-899-3001 

	 	
If
to Plenus: 

	 	
Plenus II, LP       
                     16 Abba Eben Avenues
                          
 Herzliya Pituach                           
 Israel
                         
  Attentionn: Shlomo Karako
                          
 Facsimile:  972-9-957-8770 

        Section
15.     Registration Rights. The Warrantholder is entitled with respect to the Warrant
Shares to the identical registration rights and the additional terms and conditions (with
the exception of the penalties and expense provisions) provided in the Registration Rights
Agreement between the Company and certain Purchasers dated May 5, 2004, a copy of which is
attached hereto, except that the Registration Statement needs to be decalred effective
within 180 days following the date of issuance of this Warrant (rather than as set forth
in the Registration Rights Agreement) and that the Registration Statement needs to cover
only the number of Warrant Shares and such other reasonably applicable changes. 

The rights and obligations of the
Company and the Holder set forth in this Section 15 shall survive the exercise of this
Warrant. 

- 10 -

        Section
16.     Successors. All the covenants and provisions hereof by or for the benefit of
the Warrantholder shall bind and inure to the benefit of its respective successors and
assigns hereunder. 

        Section
17.     Governing Law. This Warrant shall be governed by, and construed in accordance
with, the internal laws of the State of Israel, without reference to the choice of law
provisions thereof. This Warrant shall be governed by and construed in accordance with the
internal laws of the State of Israel, without giving effect to its choice of law
provisions. This Agreement shall not interpreted or construed with any presumption against
the party causing this Agreement to be drafted. 

        Section
18.     No Rights as Stockholder. Prior to the exercise of this Warrant, the
Warrantholder shall not have or exercise any rights as a stockholder of the Company by
virtue of its ownership of this Warrant. 

        Section
19.     Amendment; Waiver Any term of this Warrant may be amended or waived (including
the adjustment provisions included in Section 8 of this Warrant) upon the written consent
of the Company and the Warrantholder. 

        Section
20.     Section Headings. The section heading in this Warrant are for the convenience
of the Company and the Warrantholder and in no way alter, modify, amend, limit or restrict
the provisions hereof. 

        IN
WITNESS WHEREOF, the Company has caused this Warrant to be duly executed on the __ day of
January 2007. 

			ATTUNITY LTD.

By: 
——————————————

Name:
Title:

- 11 -

APPENDIX A  

WARRANT EXERCISE FORM 

To: Attunity Ltd. 

Attn: ____________, 

         1.       
          [ ] [____] (Check and initial here if the undersigned
          elects this alternative) The undersigned hereby elects to purchase [FILL
          IN NUMBER OF SHARES] ____________ Ordinary Shares of Attunity Ltd. pursuant
          to the terms of the attached Warrant (the “Warrant”), and
          tenders herewith payment in full for the Exercise Price of the shares being
          purchased. 

         1.       
          [ ] [____] (Check and initial here if the undersigned
          elects this alternative) In lieu of exercising the Warrant for cash or a
          check, the undersigned hereby elects to effect the net exercise provision of
          Section 3(b) of the Warrant and receive [FILL IN NUMBER OF SHARES]
          _________ Ordinary Shares of Attunity Ltd. pursuant to the terms of the Warrant
          according to the following calculation (Initial here if the undersigned elects
          this alternative ________): 

		
	X = Y(A-B) 	       (  ) = (____) [(_____) - (_____)]
	    A	(_____)

	 	Where 	X
= the number of shares of Warrant Shares to be issued to Warrantholder. 

	 	
Y
= the number of shares of Warrant Shares purchasable under the amount of the Warrant being
exchanged (as adjusted to the date of such calculation). 

	 	
A
= the Fair Market Value of one share of the Company’s Ordinary Shares.  

	 	
B
= Exercise Price (as adjusted to the date of such calculation).  

         2.       
          Please issue a certificate or certificates representing said Warrant Shares in
          the name of the below list of entities, and record same in the Company’s
          internal share registry, as follows: 

		
	 	Very truly yours,
	 
	 	______________
	 
	 
	 	By: ___________
	 
	 	Title: __________
	 
	 	Date: __________

- 12 -

Appendix B  

FORM OF TRANSFER 

(To be signed only upon
transfer of Warrant) 

FOR VALUE RECEIVED, the undersigned
(the “Transferor”) hereby assigns and transfers unto
________________________________________ (the “Transferee”) the
right represented by the attached Warrant No. _ (the “Warrant”) to
purchase _______ [fill in amount of Warrant Shares] Warrant Shares of Attunity Ltd.
at an Exercise Price of $___ [fill in Exercise Price], subject to adjustment, out
of the total Warrant Shares to which the Warrant relates, and appoints ______________,
Attorney, to transfer such right on the books of Attunity Ltd., with full power of
substitution in the premises. The Transferor further represents that the transfer is made
in accordance with the terms of the Warrant, including, without limitation, with respect
to the Transferee being a Permitted Transferee or with respect to which consent to
transfer has been given by Attunity Ltd. 

Dated: __________________ 

By: _____________________

Name: ___________________

Signed in the presence of: 

By: _____________________

Name: ___________________

And the undersigned Transferee hereby
agrees to the transfer of said rights to which the Warrant relates, and agrees to be bound
by the terms and conditions of the Warrant. The undersigned further represents that the
transfer is made in accordance with the terms of the Warrant. 

Dated: __________________ 

By: _____________________

Name: ___________________

Signed in the presence of: 

By: _____________________

Name: ___________________

- 13 -

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