Document:

Exhibit
4.15

Addition
Closing Addendum No. 3 to Share Purchase Agreement

This Addendum (the “Addendum”) is entered into as of March 20,
2007 by and among Radview Software Ltd., an Israeli corporation, corporate
registration number 51-162795-2 (the “Company”)
and Fortissimo Capital Fund GP, L.P. on behalf of the several partnerships in
which it serves as the general partner, (the “Investor”),
as an addendum to that certain Share Purchase Agreement entered into by and
among the Company and the Investors (as therein defined, and for the purpose of
this Addendum, the “SPA Investors”) on April 4, 2006 (the “SPA”).

W I T N E S S E T H:

WHEREAS, the Company and the
SPA Investors entered into the SPA under which, inter alia, at the First
Closing: (i) the SPA Investors purchased from the Company 25,000,000 Acquired
Shares, at a purchase price of
US$0.03 per share and for an aggregate purchase price of US$750,000, and (ii)
the Company issued to the SPA Investors 18,750,000 Warrants, exercisable into
18,750,000 Warrant Shares, for an exercise price of US$0.04 per Warrant Share;
and

WHEREAS, pursuant to section
3 of the SPA, during a period ending 18 months following the First Closing,
each SPA Investor may, at its sole discretion, invest, in one or more
investment transactions additional amounts, amounting in the aggregate, for all
SPA Investors, to a total of US $2,250,000; and

WHEREAS, the parties hereto
entered into Addendum No. 1 to the SPA and in connection therewith, the
Investor invested $700,000 in the Company, and an additional $500,000 was
invested in accordance with the terms of Addendum No. 2; and

WHEREAS, the Investor wishes
to make an additional investment in the Company under the terms and conditions
set forth in the SPA, and has, in accordance with Section 3.1 of the SPA, set
the amount of the Additional Purchase Price at $500,000; and

WHEREAS, in consideration
for the Additional Purchase Price, the Company is to issue to the Investor
Additional Acquired Shares and Additional Warrants to purchase Additional Warrant
Shares;

NOW, THEREFORE, in
consideration of the mutual promises and covenants set forth herein, the
parties hereby agree as follows:

1.                            INTERPRETATION;
DEFINITIONS

1.1                       The Recitals and Schedules hereto constitute an integral part hereof.

1.2                       The headings of the sections and subsections of this Agreement are for
convenience of reference only and are not to be considered in construing this
Agreement.

1.3                       Capitalized terms used herein and not otherwise defined shall have the
meaning as set forth in the SPA.

2.                            SALE
OF ADDITIONAL SHARES

2.1                     At the Additional Closing, the Company shall
issue and allot to the Investor, and the Investor shall purchase from the
Company that number of the Company’s Additional Acquired Shares, set opposite
the Investor’s name in the Amended
Schedule A, at a purchase price of US $0.03 per share.

2.2                     In addition to the Additional Acquired
Shares, at the Additional Closing, the Company shall issue to the Investor that
number of Additional Warrants to purchase additional Warrant Shares, set
opposite the Investor’s name in the Amended  Schedule A, at an exercise
price of US$0.04 per Additional Warrant Share. 
The Additional Warrants shall be in the form attached as Schedule 5.2.1(c)  to the SPA.

 1
 

 

2.3                     The Company hereby represents and warrants
that the Additional Acquired Shares and the Additional Warrants shall be, when
issued in accordance with the terms and conditions of the SPA and this
Addendum, duly authorized, validly issued, fully paid, non-assessable, and free
of any preemptive right, third party rights and Encumbrances.

3.                            THE
ADDITIONAL CLOSING

The transactions contemplated herein shall take place on March 20, 2007
(the “Additional Closing”), to be
held at the offices of Amit, Pollak, Matalon & Co., NYP Tower 19th Floor,
17 Yitzhak Sade St., Tel Aviv, Israel, or at such other date, time and place as
the parties shall have mutually agreed to.

3.1                                 At the Additional Closing, the following
transactions shall occur simultaneously:

3.1.1            The following documents shall have been
provided to the Investor:

(a)          Validly issued share certificates for the
Additional Acquired Shares in the name of the Investor, together with signed
notices to the Registrar of Companies regarding the Additional Acquired Shares;
and

(b)         The
Additional Warrants, duly executed by the Company and issued to the Investor,
in the amounts set forth in the Amended Schedule A;

3.1.2             The Investor shall pay to the Company its proportional share of the
Additional Purchase Price as set next to its name in the Amended Schedule A, by way of a bank transfer to the Company’s
account, pursuant to wiring instructions given in writing by the Company prior
to the Additional Closing.

4.                            NEW
OPTIONS

4.1                       In consideration of Fortissimo accelerating
each Additional Closing, the Company will use its best efforts to obtain
shareholder approval at its next shareholder meeting in order to approve the
grant of a new option (the “New Option”)
to Fortissimo that will provide to Fortissimo an option to acquire the
identical amount of shares and warrants at the same terms as were available to
Fortissimo at each Additional Closing.

4.2                       In the event that the grant of a New Option
is approved by the shareholders of the Company, the Company shall have the
ability to acquire the Additional Shares and the Additional Warrants that were
issued to Fortissimo at each Additional Closing with respect to which a New
Option was granted, at the same price at which such securities were acquired
plus 8% interest per annum for a period of twelve months from the date the new
Option was issued.

5.                            OTHER
PROVISIONS

5.1                     Each of the parties hereto hereby represents
that this Addendum constitutes the valid, binding and enforceable obligation of
such party and that execution, delivery and performance of the obligations of
such party hereunder have been duly authorized by all necessary corporate actions.

5.2                     Other than as explicitly provided herein,
nothing herein shall be deemed to amend or derogate in any manner from the
terms and provisions of the SPA and the Schedules thereto, which shall remain
in full force and effect.

 2
 

IN WITNESS
WHEREOF, each of the
parties has signed this Second Addendum as of the date first written
hereinabove.

 

	
  Radview Software Ltd

  	
   

  	
  Fortissimo Capital Fund GP LP.

  
	
   

  	
   

  	
  By: Fortissimo Capital (GP) Management Fund 

  
	
  By: 

  	
   

  	
   

  	
   

  	
  Ltd, its general partner

  
	
   

  	
   

  	
   

  
	
  Name: 

  	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name: Yuval Cohen

  
	
  Title: 

  	
   

  	
   

  	
   

  	
  Title: Director

  
									

 

 3
 

Amended
Schedule A

	
  

  	
   

  	
   

  	
   

  	
  Original Investment

  	
   

  	
  Addendum No. 1

  	
   

  	
  Addendum No. 2

  	
   

  	
  Addendum No. 3

  	
   

  	
  TOTAL

  	
   

  
	
  Name of

  Investor

  	
   

  	
  Address

  	
   

  	
  Portion of

  Purchase

  Price in US$

  	
   

  	
  Number of

  Acquired

  Shares

  	
   

  	
  Number of

  Warrants

  	
   

  	
  Portion of

  Additional

  Purchase

  Price in US$

  	
   

  	
  Number of

  Additional

  Acquired

  Shares

  	
   

  	
  Number of

  Additional

  Warrants

  	
   

  	
  Portion of

  Additional

  Purchase

  Price in US$

  	
   

  	
  Number of

  Additional

  Acquired

  Shares

  	
   

  	
  Number of

  Additional

  Warrants

  	
   

  	
  Portion of

  Additional

  Purchase

  Price in US$

  	
   

  	
  Number of

  Additional

  Acquired

  Shares

  	
   

  	
  Number of

  Additional

  Warrants

  	
   

  	
  Portion of

  Total

  Purchase Price

  in US$

  	
   

  	
  Total Number

  of Acquired

  Shares

  	
   

  	
  Total

  Number

  of Warrants

  	
   

  
	
  Fortissimo Capital Fund, LP

  	
   

  	
  c/o Marc Lesnick 

  Fortissimo Capital Management Ltd.

   

  14 Hamelacha Street 

  Park Afek, Rosh Haayin 48091

  Fax: +972-3-9157411

  	
   

  	
  $   20,063

  	
   

  	
  668,773

  	
   

  	
  501,580

  	
   

  	
  $   24,968

  	
   

  	
  832,267

  	
   

  	
  624,200

  	
   

  	
  $     7,321

  	
   

  	
  244,033

  	
   

  	
  183,025

  	
   

  	
  $   18,113

  	
   

  	
  603,767

  	
   

  	
  452,825

  	
   

  	
  $    70,465

  	
   

  	
  2,348,840

  	
   

  	
  1,761,630

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Fortissimo Capital Fund (Israel), LP

  	
   

  	
  c/o Marc Lesnick 

  Fortissimo Capital
  Management Ltd.

   

  14 Hamelacha Street 

  Park Afek, Rosh Haayin
  48091

  Fax: +972-3-9157411

  	
   

  	
  $ 506,090

  	
   

  	
  16,869,681

  	
   

  	
  12,652,261

  	
   

  	
  $ 629,801

  	
   

  	
  20,993,367

  	
   

  	
  15,745,025

  	
   

  	
  $ 460,364

  	
   

  	
  15,345,467

  	
   

  	
  11,509,100

  	
   

  	
  $ 449,586

  	
   

  	
  14,986,200

  	
   

  	
  11,239,650

  	
   

  	
  $ 2,045,841

  	
   

  	
  68,194,715

  	
   

  	
  51,146,036

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Fortissimo Capital Fund (Israel-DP), LP

  	
   

  	
  c/o Marc Lesnick 

  Fortissimo Capital Management Ltd.

   

  14 Hamelacha Street 

  Park Afek, Rosh Haayin 48091

  Fax: +972-3-9157411

  	
   

  	
  $   36,346

  	
   

  	
  1,211,545

  	
   

  	
  908,659

  	
   

  	
  $   45,231

  	
   

  	
  1,507,700

  	
   

  	
  1,130,775

  	
   

  	
  $   32,315

  	
   

  	
  1,077,167

  	
   

  	
  807,875

  	
   

  	
  $   32,301

  	
   

  	
  1,076,700

  	
   

  	
  807,525

  	
   

  	
  $  146,193

  	
   

  	
  4,873,112

  	
   

  	
  3,654,834

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Yehuda Zisapel

  	
   

  	
  24 Raoul Wallnberg Street 

  Tel-Aviv 69719, Israel 

  Fax: +972-3-6440639

   

  Cc: Yael Langer, Adv.

  RAD Bynet Group Legal Department

   

  24 Raoul Wallenberg St.

  Tel-Aviv 69719, Israel 

  Fax: +972-3-6498248

  	
   

  	
  $ 125,000

  	
   

  	
  4,166,667

  	
   

  	
  3,125,000

  	
   

  	
  $            0

  	
   

  	
  0

  	
   

  	
  0

  	
   

  	
  $            0

  	
   

  	
  0

  	
   

  	
  0

  	
   

  	
  $            0

  	
   

  	
  0

  	
   

  	
  0

  	
   

  	
  125,000

  	
   

  	
  4,166,667

  	
   

  	
  3,125,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Shem Basum Ltd.

  	
   

  	
  C/o Shai Beilis 

  8 Hanna Senesh St. 

  Kfar Saba

  Fax: +972-9-960-1818

  E-mail: shai@FormulaVentures.com

  	
   

  	
  $   50,000

  	
   

  	
  1,666,667

  	
   

  	
  1,250,000

  	
   

  	
  $            0

  	
   

  	
  0

  	
   

  	
  0

  	
   

  	
  $            0

  	
   

  	
  0

  	
   

  	
  0

  	
   

  	
  $            0

  	
   

  	
  0

  	
   

  	
  0

  	
   

  	
  $    50,000

  	
   

  	
  1,666,667

  	
   

  	
  1,250,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Michael Chill

  	
   

  	
  210 West 89th Street 

  Apt. 4-N, New York NY 10024

  Email: mchill@paramountbio.com

  Phone: 212-554-4211

  Cell: 646-245-2457

  	
   

  	
  $   12,500

  	
   

  	
  416,667

  	
   

  	
  312,500

  	
   

  	
  $            0

  	
   

  	
  0

  	
   

  	
  0

  	
   

  	
  $            0

  	
   

  	
  0

  	
   

  	
  0

  	
   

  	
  $            0

  	
   

  	
  0

  	
   

  	
  0

  	
   

  	
  $    12,500

  	
   

  	
  416,667

  	
   

  	
  312,500

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Total

  	
   

  	
  $ 750,000

  	
   

  	
  25,000,000

  	
   

  	
  18,750,000

  	
   

  	
  $ 700,000

  	
   

  	
  23,333,334

  	
   

  	
  17,500,000

  	
   

  	
  $ 500,000

  	
   

  	
  16,666,667

  	
   

  	
  12,500,000

  	
   

  	
  $ 500,000

  	
   

  	
  16,666,667

  	
   

  	
  12,500,000

  	
   

  	
  $ 2,450,000

  	
   

  	
  81,666,668

  	
   

  	
  61,250,000

  	
   

  

 

 4Exhibit 4.19

SUBSCRIPTION AGREEMENT

To:                            RADVIEW SOFTWARE  LTD. (the “Corporation” or the “Issuer”)

14 Hamelacha Street, Park Afek, Rosh Ha’ayin 48091 Israel

The undersigned (the “Subscriber”)
hereby acknowledges that the Corporation is proceeding with a private placement
of units (each, a “Unit”), with each Unit consisting of:

(i)                                  Ten
(10) ordinary shares par value NIS 0.01 of the Corporation (each a “Share”); and

(ii)                               Seven (7) Share Purchase Warrants (each a “Warrant”);
each Warrant will entitle the holder to purchase one (1) additional Share at a
price of $0.06 per Share if exercised on or before the date that is five years
after the date of the issuance of the Warrant.

The
Subscriber hereby tenders to the Corporation this subscription offer
which, upon acceptance by the Corporation, will constitute an agreement of the
Subscriber to subscribe for, take up, purchase and pay for and, on the part of
the Corporation, to issue and sell to the Subscriber the number of Units set
out below on the terms and subject to the conditions set out in this
Agreement.  There is a minimum
subscription amount of $100,000.

	
  Number of Units:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Total Purchase
  Price at $0.60 per Unit:

  	
   

  	
  $

  	
   

  	
   

  
					

 

DATED this                
day of                                ,
2007.

 

	
  

  	
   

  	
   

  	
   

  	
   

  
	
  (Name of Subscriber - please print)

  	
   

  	
  (Subscriber’s Address)

  
	
   

  	
   

  	
   

  
	
  by:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (Official Capacity or Title - please print)

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Telephone Number)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Authorized Signature

  	
   

  	
  (Facsimile Number)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (Please print name of individual whose signature

  	
   

  	
  (E-mail Address)

  
	
  appears above if different than the name of the

  	
   

  	
   

  
	
  Subscriber printed above).

  	
   

  	
   

  
						

 

If Registration or delivery
instructions are different from the address listed above, please advise the
Issuer at the time of subscription.

This subscription is accepted by the Corporation this _______ day of __________________, 2007.

	
  RADVIEW SOFTWARE LTD.

  
	
   

  
	
  Per:

  
	
   

  	
   

  
	
  Authorized Signatory

  

 

1.                                       Interpretation

1.1.                              In
this Agreement, unless the context otherwise requires:

“1933 Act” means
the United States Securities Act of 1933,
as amended;

“Accredited Investor”
has the meaning set forth in Appendix I hereto;

“Closing” means
the day on which the transaction hereof is consummated pursuant to the terms of
Section 5 below;

“Commission”
means the United States Securities and Exchange Commission;

 “Exemption” means the exemptions from the prospectus
requirements of the 1933 Act;

“Parties” or “Party” means the Subscriber, the Corporation or both, as the
context requires;

“Private Placement”
means the offering of the Units by the Issuer;

“Regulation S”
means Regulation S promulgated under the 1933 Act;

“Regulatory Authorities”
means the Commission and the securities regulatory authorities in an international
jurisdiction;

 “Shares” means ordinary shares par value NIS 1.00 each of the
Corporation;

“Subscriber” has
the meaning ascribed to it on the cover page;

“Subscriber’s Units”
means those Units which the Subscriber has agreed to purchase under this
Agreement;

“Subscription Proceeds”
means the total gross proceeds from the sale of Units under the Private
Placement;

“United States”
means the United States of America, its territories and possessions, any state
of the United States and the District of Columbia;

“U.S. Person”
has the meaning ascribed to it in Regulation S. Without limiting the foregoing,
but for greater clarity in this Agreement, a U.S. Person includes, subject to
the exclusions set forth in Regulation S, (i) any natural person resident in
the United States, (ii) any partnership or corporation organized or
incorporated under the laws of the United States, (iii) any estate or trust of
which any executor, administrator or trustee is a U.S. Person, (iv) any
discretionary account or similar account (other than an estate or trust) held
by a dealer or other fiduciary organized, incorporated, or (if an individual)
resident in the United States, and (v) any partnership or corporation organized
or incorporated under the laws of any non-U.S. jurisdiction which is formed by
a U.S. Person principally for the purpose of investing in securities not
registered under the 1933 Act, unless it is organized or incorporated, and
owned, by Accredited Investors who are not natural persons, estates or trusts.

1.2                                 This
Agreement is to be read with all changes in gender or number as required by the
context.

1.3                                 The
headings in this Agreement are for convenience of reference only and do not
affect the interpretation of this Agreement.

1.4                                 Unless
otherwise indicated, all dollar amounts referred to in this Agreement are in
lawful currency of the United States of America.

1.5                                 This
Agreement is governed by, subject to and interpreted in accordance with the
laws prevailing in the State of Israel. The competent courts in Tel Aviv shall
have sole and exclusive jurisdiction on and dispute arising out or in
connection with this Agreement.

2.                                      representations, WARRANTIES, covenants and
acknowledgements of the subscriber

2.1                                 The
Subscriber acknowledges, represents, warrants and covenants to and with the
Corporation that, as at the date given above and at the Closing:

(a)                                  no
prospectus has been filed by the Corporation with any of the Commissions in
connection with the issuance of the Units, such issuance is exempted from the
prospectus requirements of the 1933 Act and that:

(i)                                     the
Subscriber is restricted from using most of the civil remedies available under
the 1933 Act;

(ii)                                  the
Subscriber may not receive information that would otherwise be required to be
provided to it under the 1933 Act; and

(iii)                               the
Corporation is relieved from certain obligations that would otherwise apply
under the 193 Act;

(b)                                 the
Subscriber certifies that it is resident in the jurisdiction(s) set out on the
first page of this Agreement;

(c)                                  the
Subscriber is purchasing the Subscriber’s Units as principal for its own
account and not for the benefit of any other person, and is purchasing the
Subscriber’s Units for investment only and not with a view to the resale or
distribution of all or any of the Subscriber’s Units;

(d)                                 the
Subscriber acknowledges that:

(i)                                     no
securities commission or similar regulatory authority has reviewed or passed on
the merits of the Units;

(ii)                                  there
is no government or other insurance covering the Units;

(iii)                               there are risks associated
with the purchase of the Units;

(iv)                              there
are restrictions on the Subscriber’s ability to resell the Units and it is the
responsibility of the Subscriber to find out what those restrictions are and to
comply with them before selling the Units; and

(v)                                 the
Corporation has advised the Subscriber that the Corporation is relying on an
exemption to provide the Subscriber with a prospectus and to sell securities
through a person registered to sell securities under the 1933 Act and, as a
consequence of acquiring Units pursuant to an Exemption, certain protections,
rights and remedies provided by the 1933 Act, including statutory rights of
rescission or damages, will not be available to the Subscriber;

(e)                                  the
Subscriber is an Accredited Investor, by virtue of the fact that the Subscriber
falls within one or more of the sub-paragraphs of the definition of Accredited
Investor set out in Appendix I, and the Subscriber has checked the
sub-paragraph(s) applicable to the Subscriber);

(f)                                    no
person has made to the Subscriber any written or oral representations:

(i)                                     that
any person will resell or repurchase any of the Units;

(ii)                                  that
any person will refund the purchase price of any of the Units; or

(iii)                               as to the future price
or value of any of the Units;

(g)                                 the
Subscriber will not become a “control person” by virtue of the purchase of the
Subscriber’s Shares, and does not intend to act in concert with any other
person to form a control group of the Issuer;

(h)                                 the
Subscriber has no knowledge of a “material fact” or “material change” in the
affairs of the Corporation that has not been generally disclosed to the public,
save knowledge disclosed to it in connection with this particular transaction;

(i)                                     the
offer made by this subscription is irrevocable by the Subscriber and requires
acceptance by the Corporation;

(j)                                     the
Corporation will have the right to accept this subscription offer in whole or
in part and the acceptance of this subscription offer will be conditional upon
the sale of the Subscriber’s Units to the Subscriber being exempt from the
prospectus and registration requirements under applicable relevant securities
legislation;

(k)                                  the
Subscriber has the legal capacity and competence to enter into and execute this
Agreement and to take all actions required pursuant hereto and, if an
individual is of full age of majority, and if the Subscriber is a corporation
it is duly incorporated and validly subsisting under the laws of its
jurisdiction of incorporation, and all necessary approvals by its directors,
shareholders and others have been given to authorize the execution of this
Agreement on behalf of the Subscriber;

(l)                                     the
entering into of this Agreement and the transactions contemplated hereby will
not result in the violation of any of the terms and provisions of any law
applicable to, or the constating documents of, the Subscriber or of any
agreement, written or oral, to which the Subscriber may be a party or by which
it is or may be bound;

(m)                               this
Agreement has been duly executed and delivered by the Subscriber and
constitutes a legal, valid and binding obligation of the Subscriber enforceable
against the Subscriber;

(n)                                 the
Subscriber has been advised  to consult
its own legal advisors with respect to the applicable hold periods imposed in
respect of the Shares by applicable securities legislation and regulatory
policies and confirms that

no representations by the
Corporation have been made respecting the hold periods applicable to the Units;

(o)                                 the
Subscriber is aware of the risks and other characteristics of the Units and of
the fact that the Subscriber may not be able to resell the Units purchased by
it except in accordance with the applicable securities legislation and
regulatory policies and that the Units may be subject to resale restrictions
and may bear a legend to this effect;

(p)                                 if
required by applicable securities legislation, policy or order or by any
securities commission, stock exchange or other regulatory authority, the
Subscriber will execute, deliver, file and otherwise assist the Corporation in
filing, such reports, undertakings and other documents with respect to the
issue of the Corporation as may be required;

(q)                                 the
Subscriber acknowledges that upon completion of the Private Placement, the
Corporation may pay certain commissions or finder’s fees with respect to the
Subscriber’s purchase of Units;

(r)                                    the
Subscriber has not purchased the Units as a result of any form of general
solicitation or general advertising, including advertisements, articles,
notices or other communication published in any newspaper, magazine or similar
media or broadcast over radio, television or internet or any seminar or meeting
whose attendees have been invited by general solicitation or general
advertising;

(s)                                  the
Subscriber has such knowledge in financial and business affairs as to be
capable of evaluating the merits and risks of its investment and is able to
bear the economic risk of loss of its investment;

(t)                                    the
Subscriber agrees that the Corporation may be required by law or otherwise to
disclose to regulatory authorities the identity of the Subscriber and, if
applicable, the beneficial purchaser for whom the Subscriber may be acting; and

(u)                                 the
Subscriber agrees that the above representations, warranties, covenants and
acknowledgements in this subsection will be true and correct both as of the
execution of this subscription and as of the day of Closing.

2.2                               The
foregoing representations, warranties, covenants and acknowledgements are made
by the Subscriber with the intent that they be relied upon by the Corporation
in determining its suitability as a purchaser of Shares, and the Subscriber
hereby agrees to indemnify the Corporation against all losses, claims, costs,
expenses and damages or liabilities which any of them may suffer or incur as a
result of reliance thereon.  The
Subscriber undertakes to notify the Corporation immediately of any change in
any representation, warranty or other information relating to the Subscriber
set forth herein which takes place prior to the Closing.

3.                                      representations, warranties AND
COVENANTS of the CORPORATION

3.1                               The
Corporation represents, warrants and covenants that, as of the date given above
and at the Closing:

(a)                                  the
Corporation is a valid and subsisting corporation incorporated under the laws
of the State of Israel;

(b)                                 the
Corporation is, where required, duly registered and licensed to carry on
business in the jurisdictions in which it carries on business or owns property
where required under the laws of that jurisdiction;

(c)                                  the
Corporation has sufficient non-issued shares in its authorized share capital to
issue the Units, including the Shares that are issuable upon the proper
exercise of the Warrants, and upon their issuance the Shares comprising the
Units will be duly and validly issued as fully paid and non-assessable, and
when issued in accordance with the proper exercise of the Warrants, including
the payment , the Shares issuable thereunder shall be duly and validly issued
as fully paid and non-assessable;

(d)                                 the
Corporation has complied and will comply fully with the requirements of all
applicable corporate and securities laws and administrative policies and
directions in relation to the issue of its securities and in all matters
relating to the Private Placement;

(e)                                  the
issue and sale of the Units by the Corporation does not and will not conflict
with, and does not and will not result in a breach of, any of the terms of the
Corporation’s incorporating documents or any agreement or instrument to which
the Corporation is a party or by which it is bound;

(f)                                    except
as disclosed in the Corporations filings with the Commission, the Corporation
is not a party to any actions, suits or proceedings which could materially
affect its business or financial condition, and except for the events already
disclosed by the Corporation, to the best of the Corporation’s knowledge no
such actions, suits or proceedings are contemplated or have been threatened;

(g)                                 this
Agreement has been or will be by the Closing, duly authorized by all necessary
corporate action on the part of the Corporation, and the Issuer has or will
have by the Closing full corporate power and authority to undertake the Private
Placement; and

(h)                                 no
order ceasing or suspending trading in securities of the Corporation nor
prohibiting the sale of such securities has been issued to and is outstanding
against the Corporation or its directors, officers or promoters or against any
other companies that have common directors, officers or promoters and no
investigations or proceedings for such purposes are pending or threatened.

3.2                                 The
representations and warranties contained in this section will survive the
Closing for a period of one year.

3.3                                 Upon
acceptance of this subscription, the Corporation agrees and undertakes that it
shall make it best efforts to file a registration statement by July 20, 2007,
with the Commission for the registration for sale of the Shares comprising the
Units and the Shares that may be issued upon the exercise of the Warrants, and
shall use its best efforts to keep such registration statement continuously
effective under the Securities Act until all securities covered by such
registration statement have been sold, or may be sold without volume
restrictions pursuant to Rule 144(k) of the SEC.

4.                                    withdrawal of subscription

4.1                               The
Subscriber waives the right to withdraw this subscription and to terminate its
obligations hereunder at any time before the Closing.

5.                                      CLOSING

5.1                               The
Closing will take place on such date or dates to be determined by the Issuer,
and if a Closing does not occur on or before March 30, 2007, the subscription
proceeds will be returned to the Subscriber without interest or deduction.

5.2                               Upon
execution of this Agreement, the Subscriber will deliver to the Corporation:

(a)                                  this
subscription form, duly executed;

(b)                                 at
Closing Subscriber will deliver to the Corporation a certified check, wire
transfer or bank draft for the total price of the Subscriber’s Units made
payable to the Corporation; and

(c)                                  the
completed applicable Appendices.

5.3                               At
Closing, the Corporation will deliver (a) irrevocable instructions to the
transfer agent in the form of Schedule 5.3 to issue as soon as is
reasonably practicable to the subscribers share certificates for the Subscriber’s
Shares and (b) to the Subscriber the certificate(s) representing the Warrants
registered in the name of the Subscriber or its nominee.

6.                                      Resale restrictions

The Subscriber
understands and acknowledges that the Units will be subject to resale
restrictions under United States securities laws, the terms of which may be
endorsed on the certificates representing the Units, and the Subscriber agrees
to comply with such resale restrictions. The Subscriber also acknowledges that
it has been advised to consult with its own independent legal advisor with
respect to the applicable resale restrictions and the Subscriber is solely
responsible for complying with such restrictions and the Corporation is not
responsible for ensuring compliance by the Subscriber with the applicable
resale restrictions.

7.                                      USE OF PERSONAL INFORMATION

7.1                               The
Subscriber hereby acknowledges and consents to: (i) the disclosure by the
Subscriber and the Corporation of Personal Information concerning the
Subscriber to a securities commission or other regulatory authority (a “Securities
Commission”), or to a stock exchange and any of its affiliates, authorized
agents, subsidiaries and divisions, (collectively referred to as “an Exchange”);
and (ii) the collection, use and disclosure of Personal Information by an
Exchange for the following purposes (or as otherwise identified by such
Exchange, from time to time):

(a)                                to
conduct background checks;

(b)                               to
verify the Personal Information that has been provided about the Subscriber;

(c)                                to
consider the suitability of the Subscriber as a holder of securities of the
Corporation;

(d)                               to
consider the eligibility of the Corporation to list on the Exchange;

(e)                               to
provide disclosure to market participants as the security holdings of the
Corporation’s shareholders, and their involvement with any other reporting issuers,
issuers subject to a cease trade order or bankruptcy, and information
respecting penalties, sanctions or personal bankruptcies, and possible
conflicts of interest with the Issuer;

(f)                                to
detect and prevent fraud;

(g)                             to
conduct enforcement proceedings; and

(h)                              to
perform other investigations as required by and to ensure compliance with all
applicable rules, policies, rulings and regulations of an Exchange, securities
legislation and other legal and regulatory requirements governing the conduct
and protection of the public markets.

7.2                              Herein,
“Personal Information” includes any information about the Subscriber required
to be disclosed to a Securities Commission or an Exchange, whether pursuant to
a Securities Commission or Exchange form or a request made by a Securities
Commission or an Exchange.

7.3                              The
Subscriber acknowledges and consents to: (i) the fact that the Corporation is
collecting his Personal Information for the purpose of completing this
Agreement; (ii) the Issuer retaining such Personal Information for as long as
permitted or required by law or business practices; (iii) the fact that the
Corporation may be required by securities laws, the rules and policies of any
stock exchange to provide regulatory authorities with any Personal Information
provided by the Subscriber in this Agreement.

8.                                      MISCELLANEOUS

8.1                                 The
Subscriber hereby authorizes the Corporation to correct any formal errors in,
or complete any minor information missing from this Agreement and any Appendix
that has been executed by the Subscriber and delivered to the Corporation, but
the Corporation may not correct any errors in substance without the consent of
the subscriber.  The Subscriber consents
to the filing of such documents and any other documents as may be required to be
filed with any securities regulatory authority in connection with the Private
Placement.

8.2                                 This
Agreement, which includes any interest granted or right arising under this
Agreement, may not be assigned or transferred.

8.3                                 Except
as expressly provided in this Agreement and in the agreements, instruments and
other documents contemplated or provided for herein, this Agreement contains
the entire agreement between the Parties with respect to the Units and there
are no other terms, conditions, representations or warranties whether
expressed, implied, oral or written, by statute, by common law, by the
Corporation, or by anyone else.

8.4                                 The
Parties may amend this Agreement only in writing.

8.5                                 This
Agreement enures to the benefit of and is binding upon the Parties and, as the
case may be, their respective heirs, executors, administrators and, successors.

8.6                               A
Party will give all notices or other written communications to the other Party
concerning this Agreement by hand or by registered mail addressed to such other
Party’s respective address which is noted on the cover page of this Agreement.

8.7                                 This
Agreement may be executed in counterparts, each of which when delivered will be
deemed to be an original and all of which together will constitute one and the
same document and the Corporation will be entitled to rely on delivery by
facsimile machine of an executed copy of this subscription, and acceptance by
the Corporation of such facsimile copy will be equally effective to create a
valid and binding agreement between the Subscriber and the Issuer as if the
Corporation had accepted the subscription originally executed by the
Subscriber.

8.8.                              Without
limiting the generality of the parties’ confidentiality obligations and subject
to any duty imposed by any applicable law, it is agreed immediately subsequent
to the Closing the Corporation will announce the transaction hereof by issuing
a press releases and making such other filings as required by applicable law.

REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK

APPENDIX
I

U.S.
ACCREDITED INVESTOR QUESTIONNAIRE

The Subscriber
understands and agrees that the Units (which for the purposes of this
Questionnaire include the Shares, the Warrants, and the Shares issuable upon
the proper exercise of the Warrants) have not been and will not be registered
under the United States Securities Act of 1933,
as amended (the “1933 Act”), or applicable state securities laws, and the Units
are being offered and sold by the Issuer to the Subscriber in reliance upon
Rule 506 of Regulation D under the 1933 Act. 
Terms used but not defined in this Appendix have the meanings ascribed
thereto in the Subscription Agreement of which this Appendix forms a part.

The Subscriber
represents, warrants and covenants (which representations, warranties and
covenants shall survive the Closing) to the Issuer, (and acknowledges that the
Issuer is relying thereon)  that:

(a)                                  it
has such knowledge and experience in financial and business matters as to be
capable of evaluating the merits, and risks of the investment and it is able to
bear the economic risk of loss of the investment;

(b)                                 it
is purchasing the Units for its own account or for the account of one or more
persons (a “Beneficial Purchaser”) for investment purposes only and not with a
view to resale or distribution and, in particular, neither it nor any
Beneficial Purchaser for whose account it is purchasing the Shares has any
intention to distribute either directly or indirectly any of the Units in the
United States; provided, however, that the Units may be offered, sold or
otherwise disposed of pursuant to registration thereof pursuant to the 1933 Act
and any applicable state securities laws or under an exemption from such
registration requirements;

(c)                                  it,
and if applicable, each Beneficial Purchaser for whose account it is purchasing
the Units is a U.S. Accredited Investor that satisfies one or more of the
categories of U.S. Accredited Investor indicated below (the
Subscriber must initial “SUB” for the Subscriber, and “BP” for each Beneficial
Purchaser, if any, on the appropriate line(s)):

	
  __

  	
   

  	
  Category 1.

  	
   

  	
  A bank, as defined in Section 3(a)(2) of the 1933
  Act, whether acting in its individual or fiduciary capacity;

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  __

  	
   

  	
  Category 2.

  	
   

  	
  A savings and loan association or other institution
  as defined in Section 3(a)(5)(A) of the 1933 Act, whether acting in its
  individual or fiduciary capacity;

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  __

  	
   

  	
  Category 3.

  	
   

  	
  A broker or dealer registered pursuant to Section 15
  of the United States Securities Exchange Act of 1934;

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  __

  	
   

  	
  Category 4.

  	
   

  	
  An insurance company as defined in Section 2(13) of
  the 1933 Act;

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  __

  	
   

  	
  Category 5.

  	
   

  	
  An investment company registered under the United
  States Investment Company Act of 1940;

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  __

  	
   

  	
  Category 6.

  	
   

  	
  A business development company as defined in Section
  2(a)(48) of the United States Investment Company Act of 1940;

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  __

  	
   

  	
  Category 7.

  	
   

  	
  A small business investment company licensed by the
  U.S. Small Business Administration under Section 301 (c) or (d) of the United
  States Small Business Investment Act of 1958;

  

 

 

	
  __

  	
   

  	
  Category 8.

  	
   

  	
  A plan established and maintained by a state, its
  political subdivisions or any agency or instrumentality of a state or its
  political subdivisions, for the benefit of its employees, with total assets
  in excess of U.S. $5,000,000;

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  __

  	
   

  	
  Category 9.

  	
   

  	
  An employee benefit plan within the meaning of the
  United States Employee Retirement Income Security Act of 1974 in which the
  investment decision is made by a plan fiduciary, as defined in Section 3(21)
  of such Act, which is either a bank, savings and loan association, insurance
  company or registered investment adviser, or an employee benefit plan with total
  assets in excess of U.S. $5,000,000 or, if a self-directed plan, with
  investment decisions made solely by persons who are accredited investors;

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  __

  	
   

  	
  Category 10.

  	
   

  	
  A private business development company as defined in
  Section 202(a)(22) of the United States Investment Advisers Act of 1940;

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  __

  	
   

  	
  Category 11.

  	
   

  	
  An organization described in Section 501(c)(3) of
  the United States Internal Revenue Code, a corporation, a Massachusetts or
  similar business trust, or a partnership, not formed for the specific purpose
  of acquiring the securities offered, with total assets in excess of U.S.
  $5,000,000;

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  __

  	
   

  	
  Category 12.

  	
   

  	
  Any director or executive officer of the Issuer;

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  __

  	
   

  	
  Category 13.

  	
   

  	
  A natural person whose individual net worth, or
  joint net worth with that person’s spouse, at the date hereof exceeds U.S.
  $1,000,000;

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  __

  	
   

  	
  Category 14.

  	
   

  	
  A natural person who had an individual income in
  excess of U.S. $200,000 in each of the two most recent years or joint income
  with that person’s spouse in excess of U.S. $300,000 in each of those years
  and has a reasonable expectation of reaching the same income level in the
  current year;

  
	
  __

  	
   

  	
  Category 15.

  	
   

  	
  A trust, with total assets in excess of U.S.
  $5,000,000, not formed for the specific purpose of acquiring the securities
  offered, whose purchase is directed by a sophisticated person as described in
  Rule 506(b)(2)(ii) under the 1933 Act; or

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  __

  	
   

  	
  Category 16.

  	
   

  	
  Any entity in which all of the equity owners meet
  the requirements of at least one of the above categories;

  

 

(d)                                 it
has not purchased the Units as a result of any form of general solicitation or
general advertising, including advertisements, articles, notices or other
communications published in any newspaper, magazine or similar media or
broadcast over radio, or television, or any seminar or meeting whose attendees
have been invited by general solicitation or general advertising;

(e)                                  it
agrees that if it decides to offer, sell or otherwise transfer the Units, it
will not offer, sell or otherwise transfer any of such Units directly or
indirectly, unless:

(i)                                   the
transfer is to the Issuer;

(ii)                                the
transfer is made outside the United States in a transaction meeting the
requirements of Rule 904 of Regulation S under the 1933 Act and in compliance
with applicable local laws and regulations;

(iii)                             the
transfer is made in compliance with the exemption from the registration
requirements under the 1933 Act provided by Rule 144 thereunder, if available,
and in accordance with applicable state securities laws; or

(iv)                            the
Units are transferred in a transaction that does not require registration under
the 1933 Act or any applicable state laws and regulations governing the offer
and sale of securities; and

it has prior to such sale furnished to the Issuer an opinion of counsel
or other evidence of exemption, in either case reasonably satisfactory to the
Issuer;

(f)                                    it
understands that upon the issuance thereof, and until such time as the same is
no longer required under the applicable requirements of the 1933 Act or
applicable U.S. state laws and regulations, the certificates representing the
Units will bear a legend in substantially the following form:

“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND
WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE “1933 ACT”).  THESE
SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO
THE COMPANY, (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF
REGULATION S UNDER THE 1933 ACT, (C) IN COMPLIANCE WITH THE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS UNDER THE 1933 ACT PROVIDED BY RULE 144 THEREUNDER,
IF AVAILABLE, AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D)
IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE 1933 ACT OR ANY
APPLICABLE STATE LAWS, AND THE HOLDER HAS, PRIOR TO SUCH SALE, FURNISHED TO THE
COMPANY AN OPINION OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION, IN EITHER CASE
REASONABLY SATISFACTORY TO THE COMPANY. 
DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY” IN
SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA. IF THE SECURITIES ARE
BEING SOLD  AT ANY TIME THE COMPANY IS A “FOREIGN
ISSUER” AS DEFINED IN RULE 902 UNDER THE 1933 ACT, A NEW CERTIFICATE, BEARING
NO LEGEND, THE DELIVERY OF WHICH WILL CONSTITUTE “GOOD DELIVERY” MAY BE
OBTAINED FROM THE COMPANY’S TRANSFER AGENT UPON DELIVERY OF THIS CERTIFICATE
AND A DULY EXECUTED DECLARATION, IN FORM SATISFACTORY TO THE COMPANY AND THE
COMPANY’S TRANSFER AGENT TO THE EFFECT THAT THE SALE OF THE SECURITIES IS BEING
MADE IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE 1933 ACT.”

provided, that if Units are being sold under clause (B) above, at a
time when the Issuer is a “foreign issuer” as defined in Rule 902 under the
1933 Act, the legend set forth above may be removed by providing a declaration
in such form as the Issuer may from time to time prescribe to the Issuer’s
transfer agent, to the effect that the sale of the securities is being made in
compliance with Rule 904 of Regulation S under the 1933 Act;

(g)                                 if
any of the Units are being sold pursuant to Rule 144 of the 1933 Act, the
legend may be removed by delivery to the Issuer’s transfer agent of an opinion
satisfactory to the Issuer to the effect that the legend is no longer required
under applicable requirements of the 1933 Act or state securities laws;

(h)                                it
has had the opportunity to ask questions of and receive answers from the Issuer
regarding the investment, and has received all the information regarding the
Issuer that it has requested;

(i)                                    it
understands that the Issuer or its registrar and transfer agent may not record
any transfer of Units without first being notified that such transfer is exempt
from or not subject to the registration requirements of the 1933 Act and applicable
state securities laws;

(j)                                    it
consents to the Issuer making a notation on its records or giving instruction
to the registrar and transfer agent of the Issuer in order to implement the
restrictions on transfer set forth and described herein;

(k)                                 it
understands and acknowledges that the Issuer may not successfully file with the
United States Securities and Exchange Commission or with any state securities
administrator a registration statement in respect of the resale of the Shares
in the United States;

(l)                                    it
understands and agrees that there may be material tax consequences to the
Subscriber of an acquisition, disposition or exercise of any of the Units; the
Issuer gives no opinion and makes no representation with respect to the tax
consequences to the Subscriber under United States, state, local or foreign tax
law of the Subscriber’s acquisition or disposition of such Shares; in
particular, no determination has been made whether the Issuer will be a “passive
foreign investment company” (“PFIC”) within the meaning of Section 1291 of the
United States Internal Revenue Code;

(m)                              it
acknowledges that the representations, warranties and covenants contained in
this Appendix are made by it with the intent that they may be relied upon by
the Issuer in determining its eligibility or the eligibility of others on whose
behalf it is contracting thereunder to purchase Units.  It agrees that by accepting Units it shall be
representing and warranting that the representations and warranties above are
true as at the Closing with the same force and effect as if they had been made
by it at the Closing and that they shall survive the purchase by it of Units s
and shall continue in full force and effect notwithstanding any subsequent
disposition by it of such securities.

The Subscriber undertakes
to notify the Issuer immediately of any change in any representation, warranty
or other information relating to the Subscriber or any Beneficial Purchaser set
forth herein which takes place prior to the Closing.

IN WITNESS WHEREOF, the
undersigned has executed this Questionnaire as of the ____ day of ____________,
2007.

	
  If a Corporation,
  Partnership or Other Entity:

  	
   

  	
  If an Individual:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name of Entity

  	
   

  	
  Signature

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Type of Entity

  	
   

  	
  Print or Type
  Name

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Signature of Person Signing

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Print or Type Name and Title of Person Signing

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