Document:

20-F

Exhibit 4.13  

SALE AND PURCHASE OF CAPTURE PROJECTS LIMITED

		
	TOP IMAGE SYSTEMS UK LIMITED	(1)
	 
	and
	 
	TOP IMAGE SYSTEMS LIMITED	(2)
	 
	and
	 
	THE SHAREHOLDERS OF CAPTURE PROJECTS LIMITED AGREEMENT	(3)

	 		
	 	Ref: SM05/RH02	
	 	Burges Salmon LLP
	 	www.burges-salmon.com
	 	Tel: +44 (0)117 939 2000 
	 	Fax: +44 (0)117 902 4400

CONTENTS  

	Clause	Heading	Page
	  	 	 
	1 	INTERPRETATION	4 
	2 	AGREEMENT FOR SALE	10 
	3 	PURCHASE CONSIDERATION	11 
	4 	CONDITIONS	11 
	5 	RETENTION	12 
	6 	COMPLETION	14 
	7 	WARRANTIES BY THE WARRANTORS	16 
	8 	LIMITATIONS OF LIABILITY	17 
	9 	PENSIONS	17 
	10 	NAME	17 
	11 	FUTURE ACTIVITIES	18 
	12 	POST COMPLETION MATTERS	19 
	13 	ASSIGNMENT	19 
	14 	SUCCESSORS AND ASSIGNS	19 
	15 	FURTHER ASSURANCE	20 
	16 	TIME OF THE ESSENCE	20 
	17 	CONFIDENTIALITY	20 
	18 	ANNOUNCEMENTS	21 
	19 	INDEMNITY	22 
	20 	COSTS	22 

	21 	TAX	23 
	22 	AMENDMENTS AND WAIVER	23 
	23 	ENTIRE AGREEMENT	23 
	24 	FRAUD	24 
	25 	SURVIVAL OF OBLIGATIONS	24 
	26 	RIGHTS OF THIRD PARTIES	24 
	27 	NOTICES	25 
	28 	COUNTERPARTS	26 
	29 	GOVERNING LAW	27 
	30 	JURISDICTION	27 
	Schedule 1 - The Vendors	29 
	Schedule 2 - The Company	30 
	 	Part A	30 
	 	Part B	31 
	Schedule 3 - The Intellectual Property	32 
	Schedule 4 - The Pension Schemes	33 
	Schedule 5 - The Properties	34 
	 	Part A - Freehold Properties	34 
	 	Part B - Leasehold Properties	34 
	Schedule 6 - Completion Documents	35 
	Schedule 7 - The Warranties	37 
	Schedule 8 - Warranty Limitations	47 
	Schedule 9 - Conduct of Business	50 
	Schedule 10 - 2nd, 3rd & 4th Consideration Payment  	51 

	  	 	 
	Schedule 11 - Tax Deed	53 
	Schedule 12 - Agreed Form Resignation Letters for Directors and Secretary of the Company	63 
	Schedule 13 - Vendors' Solicitors Form of Legal Opinion	64 
	Schedule 14 - Service Agreement between Roger Stocker and the Company	67 

THIS AGREEMENT is made on          day of April 2007

BETWEEN: 

	(1)  	Roger
Stocker and Edward Stocker, being the sole beneficial shareholders of Capture Projects
Limited whose full details and shareholdings are set out in Schedule 1,
which expression shall include the legal personal representatives of any
such persons (the "Vendors");  

	(2)  	TOP
IMAGE SYSTEMS UK LIMITED (a company incorporated in England and Wales with registered
office at Amberley Place 107-111 Peascod Street Windsor SL4 1TE United Kingdom
("TIS UK" or the "Purchaser"); and  

	(3)  	TOP
IMAGE SYSTEMS LIMITED. a company incorporated under the laws of Israel, ("TIS" or the
"Parent")  

RECITALS: 

	(A)  	The
 Company  (as  defined  below)  is a private  company  limited  by shares  incorporated
 in  England  further          information about which is contained in Schedule 2.

	(B)  	The
Vendors are the beneficial  owners of and are able to procure the sale and transfer,
 free from  Encumbrances          (as defined below), of the Shares (as defined below).

	(C)  	The
 Vendors  have  agreed to sell and the  Purchaser  has agreed to  purchase  all of the
 issued  shares in the          capital of the Company.

	(D)  	The
Vendors can procure the sale to the Purchaser of all the shares in the share capital of
the Company.

	(E)  	TIS
engages in the development and worldwide  distribution and marketing of data capture
 software  solutions and          is currently active in the UK through its subsidiary,
TIS UK.

IT IS AGREED as follows: 

	1  	INTERPRETATION  

	1.1  	Definitions 

In this Agreement unless the context
otherwise requires: 

“Accounts” means the
audited accounts of the Company for the period commencing on 1 January 2005 and ending on
the Balance Sheet Date comprising (inter alia) the audited balance sheet and the audited
profit and loss account, the notes and the cash flow statement relating thereto and the
reports of the directors and auditors thereon; and which the Parent shall arrange (at its
own cost) to be prepared in accordance with US General Accepted Accounting Practices
(GAAP) standards for the purposes of this agreement; 

3

“Agreement” means
this agreement and all schedules and recitals in and appendices to this agreement; 

“Auditors” means: Peter
Howard Foreman & Co of 1 Wharfe Mews, Wetherby LS22 6LX; 

“Balance Sheet
Date” means 31 December 2006;  

“Business” means the
marketing and distribution of software solutions in the field of data capture and the
provision of integration services in the content capture field; 

“CAA” means the Capital Allowances Act 2001; 

“Company” means
Capture Projects Limited, a limited company organized under the laws of England and Wales
with principal offices at Waterside, Grange Park, Boston Road, Wetherby, Leeds LS22 5NB; 

“Completion” means
completion of the sale and purchase of the Shares as contemplated in clause 6 of this
Agreement; 

“Completion
Date” means the date on which Completion takes place; 

“Conditions” means
the conditions precedent set out in clause 4.1; 

“Confidential
Information” means all information or data of the Company in relation to the
Business (in whatever medium stored) which is of a confidential nature including but
without limitation, all business, financial, commercial, technical, operational,
organisational, legal, management and marketing information, data, know how and trade
secrets of the Company; 

“Consideration”
means the 1st Consideration Payment, the 2nd Consideration Payment,
the 3rd Consideration Payment and the 4th Consideration Payment; 

“1st
Consideration Payment” means the sum of £1,800,000 (one million eight
hundred thousand Pounds) payable to the Vendors in accordance with clause 3.1; 

“2nd Consideration
Payment” means the sum of £500,000 (five hundred thousand Pounds) payable
in accordance with the provisions of Schedule 10; 

5

“3rd Consideration
Payment” means the sum of £200,000 payable to the Vendors in accordance
with the provisions of Schedule 10; 

“4th Consideration
Payment” means a further payment of up to £200,000 payable to the Vendors
in accordance with the provisions of Schedule 10; 

“CPL” means the
Company; 

“Disclosure
Letter” means the letter (together with its attachments) of even date from the
Vendors to the Purchaser disclosing: 

	 	(a) 	information
constituting exceptions to the Warranties; and 

	 	(b) 	particulars
of other matters referred to in this Agreement; 

“Effective
Time” means the time of Completion; 

“Employee” means a
director or employee of the Company employed as at the date of this Agreement; 

“Encumbrance”
includes any interest of any person including, without prejudice to the generality of the
foregoing, any fixed security, debenture, mortgage, charge, assignation, pledge, deposit
by way of security, bill of sale, lease, hire-purchase, credit-sale and other agreements
for payment on deferred terms, right to acquire, option, lien or right of pre-emption,
security interest, title retention or other right of retention or any other security
agreement or arrangement whatsoever; 

“Event” includes any
act, omission, event or transaction and, without limitation, the receipt or accrual of any
income profits or gains, the declaration making or payment of any distribution, the
ownership of any asset membership of or ceasing to be a member of any group or partnership
or any other association, death, any residence or change in the residence of any person
for Tax purposes, the expiry of any period of time and Completion; 

“Expiry Date”
means 12 months from the date of this Agreement; 

“Intellectual
Property” means all inventions (whether patentable or not), patents, utility
models, designs (both registered and unregistered and including rights in semiconductor
topographies), copyright, database rights, domain names, trade and service marks (both
registered and unregistered) together with all applications for, rights to the grant of
and extensions of the same, and all other intellectual and industrial property including
but not limited to all similar or analogous rights throughout the world, in each case for
the full term of the relevant right; 

6 

“Intellectual
Property Rights” means all rights in and to the Intellectual Property
that is owned or licensed by the Company (including the Licensed Rights) and used or
proposed to be used by the Company in its businesses and including without limitation that
listed in Schedule 3; 

“Key Employee ”
means Roger Stocker.  

“Licensed
Rights” means the Intellectual Property that is licensed to the Company. 

“Options” means all
and any options over shares in the Company, whether vested, exercised, contingent or
otherwise; 

“Performance
Related Consideration” means the 2nd Consideration Payment
the 3rd Consideration Payment and the 4th Consideration Payment
together; 

“Properties” means
the properties set out in Schedule 5; 

“Purchaser’s
Accountants” means Ernst & Young;  

“Purchaser’s
Group” means the Purchaser, any holding company of the Purchaser and/or any
subsidiary of the Purchaser or of any holding company of the Purchaser; 

“Purchaser’s
Solicitors” means Preiskel & Co LLP of 8-10 New Fetter Lane, London, EC4A
1RS. 

“Retention” means
the amount of deduction from the Cash Consideration to be retained by the Purchaser until
the Expiry Date in accordance with clause 5; 

“SDLT” means Stamp
Duty Land Tax introduced under the Finance Act 2003; 

“SEC” means the U.S.
Securities and Exchange Commission. 

“Service
Agreement” means the service agreement between the Company and Roger Stocker,
as set out in its entirety at Schedule 14; 

“Shares” means (a)
collectively in relation to the Vendors, 100% of the entire issued share capital of the
Company on a fully diluted basis, including all Options (“Fully Diluted
Basis”) and (b) separately in relation to a Vendor, the shares in the Company
held by that Vendor as specified in Schedule 1 and includes any rights of the holder
attaching to, or accruing in relation to, those shares as at the date of this Agreement
and the Completion Date; 

7

“Shareholders” means
all the holders of the entire issued share capital of the Company including Options whose
Shares and Options are set out in Schedule 1; 

“Tax” and
“Taxation” has the meaning given to it in the Tax Deed; 

“TCGA” means the
Taxation of Chargeable Gains Act 1992; 

“Taxes Act”
means the Income and Corporation Taxes Act 1988;  

“Tax
Authority” has the meaning given to it in the Tax Deed; 

“Tax Deed”
means the deed in the form set out in Schedule 11; 

“Tax Statute”
means any primary or secondary statute instrument, enactment, order, law, by-law, act,
rule or regulation making any provision for or in relation to Tax including, for the
avoidance of doubt any European Union directive which has direct effect or regulation; 

“Tax
Warranties” means those Warranties set out in paragraph 11 of Schedule 7; 

“TMA” means the
Taxes Management Act 1970;  

“VATA” means
the Value Added Taxes Act 1994;  

“VAT
Regulations” means the Value Added Tax Regulations 1995 (SI 1995/2518); 

“Vendors’
Solicitors” means Burges Salmon LLP;  

“Warranties” means
the warranties set out in clause 7 and Schedule 7; 

“Warrantors”
means the Vendors; 

	1.2  	Interpretation
and Construction 

	 	
In
this Agreement, unless otherwise specified or the context otherwise requires:-  

	 	(a) 	words
importing the singular only shall include the plural and vice versa; 

	 	(b) 	words
importing the whole shall be treated as including a reference to any part
                    thereof; 

	 	(c) 	words
importing any gender shall include all other genders; 

	 	(d) 	reference
to a Schedule, Appendix, Recital, Clause or Paragraph is to the
                    relevant schedule, appendix, recital, clause or paragraph of this
Agreement; 

8

	 	(e) 	reference
to this Agreement or to any other document is a reference to this
                    Agreement or to that other document as modified, amended, varied,
supplemented,                     assigned, novated or replaced from time to time; 

	 	(f) 	reference
to any provision of law is a reference to that provision as modified
                    or re-enacted from time to time except to the extent that any
modification or                     re-enactment takes effect after the date of execution
of this Agreement and has                     the effect of increasing or extending any
obligation or liability or otherwise                     adversely affects the rights of
any party to this Agreement; 

	 	(g) 	reference
to any statutory provision is a reference to any subordinate
                    legislation made under that provision from time to time; 

	 	(h) 	reference
to any legal term for any action, remedy, method of judicial
                    proceeding, legal document, legal status, court, official or any
legal concept,                     state of affairs or thing shall in respect of any
jurisdiction other than                     England be deemed to include that which most
approximates in that jurisdiction                     to the English legal term. 

	1.3  	Headings
used in this Agreement shall not affect its construction or interpretation.

	1.4 	Obligations
and liabilities assumed by more than one person in this Agreement as a single party or
otherwise are assumed jointly and severally unless otherwise specified. 

	1.5  	Other
references 

	 	
In
this Agreement a reference to:-  

	 	(a) 	“in
writing” or “written” includes faxes and any
                    non-transitory form of visible reproduction or words but excludes
electronic                     mail and text messaging via mobile phone; 

	 	(b) 	a
document being “in the agreed form” means that it shall be in the
                    form agreed by the Vendors’ Solicitors and the Purchaser’s
Solicitors                     and signed or initialled by or on behalf of the Vendor and
the Purchaser for                     identification prior to the Purchaser’s
execution of this Agreement; 

	 	(c) 	a
“person” includes any individual, firm, company, corporation, body
                    corporate, government, state or agency of state, trust or foundation,
or any                     association, partnership or unincorporated body of two or more
of the foregoing                     (whether or not having separate legal personality
and wherever incorporated or                     established); 

9

	 	(d) 	a
“business day” means any day which is not a Saturday, a Sunday or a
                    public holiday in England, Israel or the United States; 

	 	(e) 	a
“subsidiary” means a subsidiary as defined in section 736 and 736A
                    of the Companies Act 1985; 

	 	(f) 	a
“subsidiary undertaking” means a subsidiary undertaking as defined
                    in section 258 of the Companies Act 1985; 

	 	(g) 	a
“holding company ” means a holding company as defined in section 736
                    and 736A of the Companies Act 1985; and 

	 	(h) 	any
reference to a person being an “associate” of another shall be
                    interpreted in accordance with section 435 of the Insolvency Act
1986, and a                     person shall be regarded as being “connected” or
                    “associated” with any person which is an associate of his
and with any                     company of which any director is an associate of his. 

	2  	AGREEMENT
FOR SALE  

	2.1  	Sale
and Purchase  

	 	
Subject
to the terms and conditions of this Agreement, the Vendors shall sell, with full title
guarantee, and the Purchaser shall purchase, as at the Effective Time, the Shares set
opposite their respective names in Schedule 1 representing, upon completion, 100% of the
issued and outstanding share capital of the Company on a Fully Diluted Basis. 

	2.2  	Waiver
of rights  

	 	
The
Vendors hereby waive or agree to procure the waiver of any pre-emption rights which may
exist in relation to the Shares pursuant to the articles of association of the Company or
otherwise. 

	2.3  	Simultaneous
acquisition  

	 	
On
Completion the Purchaser shall not be obliged to complete the purchase of the Shares
unless the purchase of 100% of the Company’s Shares has been completed. If for some
reason, after Completion takes place, it transpires that the Purchaser did not acquire
100% of the Shares on the day of Completion, the completion of the purchase of some of the
Shares shall not affect the rights of the Purchaser with respect to acquiring the entire
amount of any such remaining Shares. 

10

	2.4  	Covenants
for title  

	 	
Upon
Completion the Vendors shall be deemed to have given to the Purchaser full title guarantee
in respect of 100% of the issued shares and Options in the Company. 

	 	
The
Warrantors warrant and represent that there are no other holders of shares in the Company
and that there are no option holders in the Company. The Warrantors shall indemnify the
Purchaser against all claims and demands and any expenses which may be made or incurred as
a consequence of such warranty and representation not being true and accurate as at the
date of Completion. 

	3  	PURCHASE
CONSIDERATION  

	 	
Consideration 

	3.1 	The
purchase price for the Shares shall be the 1st Consideration Payment, the 2nd Consideration
Payment, the 3rd Consideration Payment and the 4th Consideration Payment, which shall be
satisfied by payment into the Vendors’Solicitors’ client account. 

	3.2  	£180,000 (one
 hundred and eighty  thousand  Pounds)  shall be retained by the  Purchaser  as the
 Retention  in          accordance with clause 5.

	4  	CONDITIONS  

	4.1  	Conditions
Precedent  

	 	
Completion
is in all respects conditional upon:  

	 	(a) 	Parent’s
Board of Directors and, if required under Parent’s sole
                    discretion, Parent’s shareholders approving the transaction
contemplated by                     this Agreement; 

	 	(b) 	the
Purchaser acquiring legal and beneficial ownership of 100% of the entire
                    issued share capital of the Company on a Fully Diluted Basis; 

	 	(c) 	compliance
by the Warrantors with their obligations set out at clauses 6.2 (c)
                    & (d); 

	 	(d) 	the
Company having no liabilities (including contingent liabilities) which are
                    outstanding on the part of the Company, other than an overdraft that
is less                     than £200,000 or liabilities not exceeding £10,000
which have arisen                     in the ordinary course of business since the date
to which the Accounts were                     prepared; 

11

	 	(e) 	the
repayment in full prior to completion of all loans made to directors or
                    employees of the Company; 

	 	(f) 	the
overdraft of the Company being no greater than £200,000; and 

	 	(g) 	there
having been no variation or amendment (whether in writing or verbally)
                    made to the terms of the Service Agreement as set out at Schedule 14. 

	4.2  	Waiver
of conditions precedent 

	 	
The
Purchaser reserves the right to waive the Condition in clauses 4.1 provided that no such
waiver shall be permitted if the failure to satisfy such condition would constitute a
breach of applicable law. 

	4.3  	Notification
of anticipated failure

	 	
Each
party shall notify the others immediately in writing on becoming aware of any matter which
may give rise to a condition which they are obliged to satisfy not being fulfilled. 

	4.4  	Failure
to satisfy or waive conditions

	 	
If
any of the Conditions has not been fulfilled or waived by Completion then, without
prejudice to the accrued rights of the parties arising in respect of the any provisions of
this Agreement, and except for the provisions of clauses 17 (Confidentiality), 18
(Announcements), 20 (Costs), 29 (Governing Law) and 30 (Jurisdiction), this Agreement
shall cease to have effect without any party having any rights or claims towards the other
party and the Cash Consideration shall be returned to the Purchaser within 2 Business
Days.. 

	5  	RETENTION  

	5.1 	If
prior to the Expiry Date the Purchaser brings any claim against the Warrantors under this
Agreement in respect of which the Warrantors’ liability has been agreed in writing
or has been determined in the Purchaser’s favour by a court of competent
jurisdiction, the Purchaser shall be entitled to require the amount of such agreed or
determined liability to be paid immediately to the Purchaser, and such payment shall be
made out of the Retention (up to the amount of the Retention) within two Business Days of
the date on which it becomes due for payment as has been agreed or determined, such
payment being a deduction to any amounts owed by the Warrantors to the Purchaser as a
result of a Relevant Claim. 

12

	5.2 	Subject
to any amounts due to be paid under clause, 5.1, and subject to clauses 5.3 to 5.6
inclusive, such amount of the Retention (less any bank charges payable in respect of such
account) shall be payable to the Vendors’ Solicitors on the Expiry Date. 

	5.3 	Interest
accruing from time to time on the balance of the Retention shall be added and charges
shall be deducted pro rata to monies paid out of the Retention as and when such monies
are paid out. 

	5.4 	If,
prior to the Expiry Date, the Purchaser has made a written claim under this Agreement
which has not been finally determined (which expression means determined by a court of
competent jurisdiction from which the Warrantors have not appealed within any applicable
time limit), or the Warrantors and the Purchaser have not agreed whether the Warrantors
are liable (a “Disputed Claim”), there shall be released to the
Warrantors on the Expiry Date the balance of the Retention remaining after deducting such
amount as the Warrantors’ Agent and the Purchaser shall agree as representing the
value of the Disputed Claim. In the absence of agreement, the amount to be deducted shall
be as determined by an independent accountant (to be agreed between the parties or
failing agreement to be appointed on the application of either party by the President for
the time being of the Institute of Chartered Accountants in England and Wales) as
representing his best estimate of the amount of the claim or claims. 

	5.5 	Any
independent accountant appointed under clause 5.4 shall act as expert and not as
arbitrator and in the absence of manifest error, his determination shall be binding on
the parties. The parties shall bear in equal proportions the costs and expenses of any
accountant appointed under clause 5.4. 

	5.6 	The
amount of the Retention retained under clause 5.4 (the “Retained Amount”)
shall be held as a continuing security for the Purchaser and shall be released to the
Vendors on the date being the earlier of: 

	 	(a) 	the
date being twelve months following the Expiry Date; 

	 	(b) 	the
date on which the Disputed Claim is settled. 

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	6  	COMPLETION  

	6.1  	Date
and place 

	 	
Completion
shall take place on 11 April 2007, subject to satisfaction of clauses 4.1(a) and subject
to clause 4.2, clauses 4.1(c) and 4.1(d) or such later date as the parties may agree in
writing. 

	6.2  	Warrantors’obligations 

	 	
At
Completion the  Warrantors shall:  

	 	(a) 	deliver,
give or make available to the Purchaser the documents listed in
                    Schedule 6 (Completion Documents); 

	 	(b) 	procure
that a board meeting of the Company is held at which it shall be
                    resolved that: 

	 	(i) 	each
of the transfers in respect of the Shares be approved for registration and
                    that, subject only to the transfers being duly stamped, the Purchaser
shall be                     registered as the holder of the Shares concerned in the
Company’s register                     of members and that share certificates in
respect thereof be executed by the                     Company and delivered to the
Purchaser at Completion;  

	 	(ii) 	the
resignations of Peter Eggleston and Ted Stocker as directors and Elizabeth
                    Stocker as secretary of the Company be tabled and approved;  

	 	(iii) 	Gideon
Shmuel, Ido Schechter and Arie Rand shall be appointed directors of the
                    Company;  

	 	(iv) 	Gideon
Shmuel be appointed as the secretary of the Company;  

	 	(v) 	deliver
bank mandate forms replacing all existing authorities other than those
                    of Roger Stocker and Mark Powell relating to the bank accounts and
instructing                     Nat West Bank to add Ido Schechter and Arie Rand
forthwith to the mandate;  

	 	(vi) 	the
registered offices of the Company be changed to 8 The Square Stockley Park
                    Middlesex UB11 1FW United Kingdom; and  

	 	(vii) 	the
Service Agreement be approved.  

14

	 	(c) 	repay
to the Company all moneys owing as at Completion by the Vendors to the
                    Company whether or not such sums are due for repayment and shall
provide a                     waiver and confirmation that the Vendors are not owed any
amounts by the Company                     whatsoever, including but not limited to
monies by way of dividends, employment,                     shareholders’ loan,
consultancy or for director’s fees; 

	 	(d) 	procure
the discharge of all guarantees and like obligations given by the
                    Company in respect of the obligations of any other person, save for
the mortgage                     debenture dated November 1998 in favour of National
Westminster Bank PLC; and 

	 	(e) 	execute
the Tax Deed; 

	6.3  	Purchaser’s
obligations 

	 	
At
Completion the Purchaser, subject to compliance by the Warrantors with their completion
related obligations in clause 6.2, shall: 

	 	(a) 	pay
the 1st Consideration Payment (less the Retention) by electronic
                    funds transfer to the Vendors’ Solicitors (the Vendors’ Solicitors
                    being hereby authorised by the Vendors entitled to the 1st                    Consideration
Payment to receive the 1st Consideration Payment) and
                    payment of the 1st Consideration Payment to the Vendors’                    Solicitors
shall constitute a good and complete discharge to the Purchaser in
                    respect of its obligation to pay the 1st Consideration
Payment; and 

	 	(b) 	deliver
to the Vendors’ Solicitors a counterpart of the Tax Deed duly
                    executed by the Purchaser; 

	6.4  	Sale
of all Shares 

	 	
The
Purchaser shall not be obliged to complete the purchase of any of the Shares unless the
purchase of all the Shares and surrender of Options in whole is completed in accordance
with this Agreement so that the Purchaser acquires the full issued and to be issued share
capital of the Company. 

	6.5  	Failure
to comply 

	 	(a) 	If
in any respect the obligations of either party set out in this clause 6 are
                    not complied with on the date specified in clause 6.1 the parties
shall not be                     obliged to complete this Agreement and may (without
prejudice to their rights                     under this Agreement): 

15

	 	(i) 	defer
Completion to a date not more than forty eight (48) days after that date;  

	 	(ii) 	proceed
to Completion as far as practicable (but not including completion of
                    some only of the Shares); or  

	 	(iii) 	waive
all or any of the requirements set out in clause 6.2 (if any of the
                    Vendors is the defaulting party) or clause 6.3 (if the Purchaser is
the                     defaulting party) at its discretion by means of a notice to that
effect in                     writing served on the other.  

	 	(b) 	If
and only if, the party not in default shall have deferred Completion in
                    accordance with clause 6.5(a)(i) for a period of at least twenty one
(21) days                     and the party in default is still unable to comply with the
obligations in this                     clause 6 by such date then the party not in
default may rescind this Agreement. 

	6.6  	Continuing
obligations 

	 	
The
Warranties and all other provisions of this Agreement in so far as the same shall not have
been performed at Completion shall not be extinguished or affected by Completion, or by
any other event or matter whatsoever, except by a specific and duly authorised written
waiver or release by the Purchaser. 

	7  	WARRANTIES
BY THE WARRANTORS  

	7.1  	Accuracy
of warranties 

	 	
Each
of the Warrantors jointly and severally warrants to the Purchaser that, save as fairly
disclosed in the Disclosure Letter, the Warranties are true and accurate in all material
respects as of the date of signing hereof and shall continue to be true and correct as of
the date of Completion. 

	7.2  	Knowledge
of the Warrantors 

	 	
Where
any Warranty refers to the knowledge, information or belief of the Warrantors, they
undertake that they have made all reasonable enquiry into the subject matter of the
Warranty. 

	7.3  	Information
supplied to the Warrantors 

	 	(a) 	No
information supplied by or on behalf of any employee, agent or adviser of the
                    Company to the Warrantors in connection with the Warranties or the
preparation                     of the Disclosure Letter shall constitute a warranty or
representation as to the                     accuracy of such information provided
however that the effect and validity of                     any Warranty made by any
Warrantor based upon or in reliance on such information                     shall not be
affected. 

16

	 	(b) 	Each
of the Warrantors hereby undertakes to the Purchaser to waive any claim
                    which he may have against any employee, agent or adviser of the
Company in                     respect of any information referred to in clause 7.3(a). 

	7.4  	Reliance 

	 	
The
Purchaser has entered into this Agreement in reliance upon the Warranties.  

	7.5  	Payments
under Warranties to be deemed reduction of consideration

	 	
Any
amount payable under this Agreement for breach of the Warranties shall be deemed to be a
reduction in the consideration payable for the Shares. 

	8  	LIMITATIONS
OF LIABILITY  

	8.1  	Limitation
of Warrantors’ liability 

	 	
The
provisions of Schedule 8 shall operate to limit the liability of the Warrantors under the
Warranties save those Warranties set out in paragraph 1 of Schedule 7. 

	8.2  	No
limitation in case of fraud etc

	 	
The
provisions of clause 8.1 shall not operate to limit the liability of the Warrantors where
the liability arises as a result of fraud or gross negligence on the part of any of the
Warrantors the Company or any of the officers or employees of the Company, or any agents
or representatives of the Company or where a matter has been deliberately concealed or
withheld by any of the Warrantors or the Company or any of the officers or employees of
the company or any of the agents or representatives of the Company. 

	9  	PENSIONS  

	 	
The
provisions of Schedule 4 set out the pension schemes that relate to the Company or any of
its officers or employees. 

	10  	NAME  

	10.1  	Prohibition
on use of name

17

	 	
Each
of the Warrantors undertakes that he shall not, and shall procure that no company, in
which he or in which a former director of the Company in the twelve months prior to
completion holds over 5% of the shares, shall: 

	 	(a) 	contain
in their name or trade under a name including the words “Capture
                    Projects”, “CPL” or any word or words which when read
together                     imply that any such company or business is or may be
connected in any way with                     the Company; 

	 	(b) 	in
any way hold themselves out as being in any way connected with the Company
                    other than Roger Stocker for as long as he remains an employee; or 

	 	(c) 	apply
for registration of any trade mark or domain name that includes the words
                    Capture Projects or any word or words which when read together imply
that any                     such company or business is or may be connected in any way
with the Company or                     any word or words used in any trade mark or
domain name owned or used by the                     Company or any member of the group. 

	11  	FUTURE
ACTIVITIES  

	11.1  	Restrictions
on Warrantors 

	 	
For
the purpose of assuring to the Purchaser the full benefit of the goodwill and connections
of the Company each of the Warrantors agrees with the Purchaser that he will not and shall
procure that no person who was a director of the Company in the twelve months prior to
completion will not: 

	 	(a) 	at
any time following Completion disclose to any person or use for any purpose,
                    and shall use all reasonable endeavours to prevent the publication or
disclosure                     of, any Confidential Information except: 

	 	(b) 	where
the Confidential Information concerned enters the public domain otherwise
                    than as a result of a breach by the Warrantors of their obligations
under this                     clause 11.1; or 

	 	(c) 	if
and to the extent that use or disclosure is made: 

	 	(i) 	in
compliance with any requirement of law or regulation or pursuant to the order
                    of a court of competent jurisdiction; or  

18

	 	(ii) 	in
response to a requirement of the regulations of a recognised stock exchange
                    or any other applicable regulatory authority;  

	 	(d) 	for
a period of 18 months following Completion either on his own account or
                    through any other person, so as to compete with the Business,
directly or                     indirectly solicit, interfere with, or endeavour to
entice away from the                     Purchaser any person who is immediately prior to
Completion or has, during the                     two years preceding Completion, been a
customer of the Company; 

	 	(e) 	for
a period of 18 months following Completion either on his own account or
                    through any other person, directly or indirectly solicit, interfere
with, or                     endeavour to entice away from the Purchaser any person who
is immediately prior                     to Completion or has, during the two years
preceding Completion, been an                     employee of the Company. 

	11.2  	Severability 

	 	
Each
of the Warrantors agrees that they consider that the restrictions contained in this clause
are no greater than is reasonable and necessary for the protection of the interests of the
Purchaser but if any such restriction shall be held to be void but would be valid if
deleted in part or reduced in application, such restriction shall apply with such deletion
or modification as may be necessary to make it valid and enforceable. 

	12  	POST
COMPLETION MATTERS  

	 	
The
provisions of Schedule 9 shall apply to the Purchaser for the period commencing on the
Completion Date and ending on 31 December 2007. 

	13  	ASSIGNMENT  

	 	
No
party shall without the prior written consent of the other parties assign, transfer or
otherwise delegate (in whole or in part) the benefit of or the rights or the obligations
under this Agreement. 

	14  	SUCCESSORS
AND ASSIGNS  

	 	
This
Agreement shall be binding on and enure for the benefit of the successors and permitted
assigns of the parties. 

19

	15  	FURTHER
ASSURANCE  

	 	
The
Vendors shall take all necessary steps and co-operate fully with the Purchaser to ensure
that it obtains the full benefit of this Agreement and shall execute such documents and
take such other steps (or procure other necessary parties to take such steps) as are
necessary or appropriate for vesting in the Purchaser all its rights and interests in the
Shares and the full benefit of this Agreement. 

	16  	TIME
OF THE ESSENCE  

	 	
Time
shall be of the essence in this Agreement.  

	17  	CONFIDENTIALITY  

	17.1  	Prohibition
on disclosure 

	 	
Each
of the parties hereby undertakes with the others, that it shall preserve the
confidentiality of, and not directly or indirectly use, otherwise than for the purposes of
this Agreement, or disclose, details of the provisions or subject matter of this Agreement
or any information obtained by such party about the other parties’ business as a
result of negotiating, entering into or performing its obligations under this Agreement
except: 

	 	(a) 	in
the circumstances set out in clause 17.2 below; or 

	 	(b) 	with
the prior written consent of the party to whose affairs such confidential
          information relates. 

	17.2  	Permitted
disclosures 

	 	
The
circumstances referred to in clause 17.1 above are:  

	 	(a) 	where
the confidential information enters the public domain otherwise than as a
               result of a breach by any of the parties of its obligations in this clause
17; 

	 	(b) 	if
and to the extent that disclosure is made: 

	 	(i) 	in
compliance with any requirement of law or regulation or pursuant to the order
               of a court of competent jurisdiction; or  

	 	(ii) 	in
response to a requirement of the rules and/or regulations of the SEC, NASDAQ
               or any other recognised stock exchange or applicable regulatory authority
or                regulatory or governmental or fiscal body (including any
self-regulatory                organisation);  

20

	 	(iii) 	required
by contractual obligations existing at the date hereof;  

	 	(iv) 	required
to vest the full benefit of this Agreement and any document to be                executed
pursuant to this Agreement in either party;  

	 	(v) 	disclosed
only to the professional advisers, auditors, insurers or bankers of                each
party under suitable conditions of confidentiality; or  

	 	(vi) 	the
information was lawfully in that party’s possession prior to its
               disclosure to such party by the other party;  

	 	(vii) 	provided
that any such information used or disclosable pursuant to this clause                17
(save for clauses (v) and (vi)) shall, so far as reasonably practicable, be
               used or disclosed only after consultation with the non-disclosing parties.  

	17.3  	No
time limit 

	 	
The
restrictions contained in clause 17 shall continue to apply after Completion without
limit of time.  

	18  	ANNOUNCEMENTS  

	18.1  	Prohibition
on announcements 

	 	
Subject
to clause 18.2 and whether or not any restriction contained in clause 17 applies, no
announcement or disclosure concerning the matters provided for in this Agreement shall be
made or issued by or on behalf of any party without the prior written approval of the
others. 

	18.2  	Exceptions 

	 	
The
provisions of clause 18.1 shall not apply to any matters required to be made:  

	 	(a) 	in
compliance with any requirement of law or regulation or pursuant to the order
                    of a court of competent jurisdiction; or 

21

	 	(b) 	in
response to a requirement of the regulations of a recognised stock exchange
                    or other applicable regulatory authority or regulatory or
governmental or fiscal                     body (including any self-regulatory
organisation). 

	18.3  	No
time limit 

	 	
The
restriction contained in this clause 18 shall continue to apply after Completion without
limit of time.  

	19  	INDEMNITY  

	19.1  	For
the purposes of this clause:

	 	(a) 	“CPL
Employee” shall mean an employee or consultant of the
                    Company who, at any time prior to Completion, held options pursuant
to the                     Company’s Enterprise Management Incentive Option Scheme;
and 

	 	(b) 	“Claim” shall
mean the commencement of legal proceedings                     against the Purchaser, CPL
or TIS UK by a CPL Employee; 

	19.2 	Each
of the Warrantors shall indemnify the Purchaser (including its reasonable legal costs) in
respect of all successful Claims made within the three year period following Completion
as a consequence of: 

	 	(a) 	any
claim (including any employment related claim) in which an option holder,
                    employee or former employee of the Company at any time makes that
refers to the                     fact that it has suffered loss or not been adequately
compensated by means of                     the surrender of Options. 

	 	(b) 	any
tax (including any National Insurance Contributions) liability of the
                    Company resulting from the exercise of the options comprised within
the Pool or                     from any exercise of Options, to the extent that the
liability has not been                     satisfied by option holder. 

	20  	COSTS  

	 	
All
expenses incurred by or on behalf of the parties, including all fees of professional
advisers employed by either of the parties in connection with the negotiation, preparation
and execution of this Agreement shall be borne solely by the party which incurred them. 

22

	21  	TAX  

	21.1  	Stamp
duty 

	 	
The
Purchaser will be responsible for the payment of all stamp duty in respect of this
Agreement and the carrying into effect of this Agreement. 

	22  	AMENDMENTS
AND WAIVER  

	22.1  	Amendments 

	 	
No
amendment or variation of this Agreement or any of the documents referred to in it shall
be effective unless it is in writing and signed by or on behalf of each of the parties.
References in this Agreement to documents “in the agreed form” shall, where
appropriate, be construed as references to such documents as so amended. 

	22.2  	Waivers
and remedies 

	 	(a) 	The
rights of each party under this Agreement:- 

	 	(i) 	are
in addition to and not exclusive of rights or remedies under any applicable
                    law; and  

	 	(ii) 	may
be waived only in writing and specifically.  

	 	(b) 	Delay
in exercising or non-exercise of any right or remedy under this Agreement
                    is not a waiver of that right or remedy. 

	 	(c) 	Partial
exercise of any right or remedy under this Agreement shall not preclude
                    any further or other exercise of that right or remedy or any other
right or                     remedy under this Agreement. 

	 	(d) 	Waiver
of a breach shall not operate as a waiver of any subsequent breach. 

	23  	ENTIRE
AGREEMENT  

	23.1  	Entire
agreement 

	 	(a) 	Subject
always to Clause 24, each party acknowledges and agrees with the other
                    that this Agreement together with the Disclosure Letter and any other
agreements                     entered into pursuant to this Agreement (together the
“Sale                     Documents”) constitutes the entire agreement and
understanding between the                     parties in connection with the arrangements
contemplated by this Agreement and                     supersedes and extinguishes any
Pre-Contractual Statement not expressly set out                     in the Sale
Documents; 

23

	 	(b) 	he/it
has not entered into the Sale Documents in reliance upon any
                    Pre-Contractual Statement not expressly set out therein; 

	 	(c) 	he/it
shall not have any rights or remedies in relation to any Pre-Contractual
                    Statement not expressly set out in the Sale Documents. 

	23.2 	This
Clause shall not exclude any liability in respect of any Pre-Contractual Statements made
or given fraudulently or dishonestly by any party. 

	23.3 	In
this clause “Pre-Contractual Statement” means any promise, warranty,
representation, covenant, undertaking, agreement, term or condition or statement of
whatever nature (including the heads of terms made between the Vendors and Purchaser and
dated ?) relating to the arrangements contemplated by this Agreement made or given by any
party or on their behalf at any time prior to the execution of this Agreement. 

	24  	FRAUD  

	 	
This
clause shall not exclude any liability which any party would otherwise have to the other
or any right which either of them may have to rescind this Agreement in respect of any
statements made fraudulently by the other prior to the execution of this Agreement or any
rights which either of them may have in respect of fraudulent concealment by the other. 

	25  	SURVIVAL
OF OBLIGATIONS  

	 	
Notwithstanding
Completion each and every right and obligation of the Purchaser and the Vendors under this
Agreement shall, except in so far as fully performed at Completion, continue in full force
and effect. 

	26  	RIGHTS
OF THIRD PARTIES  

	26.1  	No
third party rights 

	 	
A
person who is not a party to this Agreement has no rights under the Contracts (Rights of
Third Parties) Act 1999 to enforce, or to enjoy the benefit of, any term of this
Agreement. 

24

	27  	NOTICES  

	27.1  	Writing 

	 	
All
notices between the parties with respect to this Agreement shall be in writing and signed
by the party giving it. 

	27.2  	Service 

	 	
Any
notice referred to in clause 27 shall be served by delivering it:  

	 	(a) 	by
hand; 

	 	(b) 	by
sending it by first-class pre-paid post (with a soft copy by email to the
                    addressee) , recorded delivery or registered delivery; or 

	 	(c) 	by
fax, 

	 	
to
the address of the addressee set out below, or to such other address as the addressee may
from time to time have notified for the purpose of this clause. 

27.3 Deemed delivery 

	 	
A
notice shall take effect from the time received or, if earlier, the time of deemed receipt
in accordance with this clause, unless a later time is specified in it. Notices shall be
deemed to have been received: 

	 	(a) 	if
delivered by hand, on the day of delivery; 

	 	(b) 	if
sent by first-class pre-paid post, recorded or registered delivery two (2)
                    business days after posting exclusive of the day of posting; 

	 	(c) 	if
sent by fax, at the time of transmission unless received after normal office
                    hours in the place of receipt in which case it shall be deemed to
have been                     received on the next business day in the place of receipt. 

	27.4  	Proof
of service 

	 	
 In
proving service:  

	 	(a) 	of
delivery by hand, it shall be necessary only to produce a receipt for the
                    communication signed by or on behalf of the addressee; 

25

	 	(b) 	by
post, it shall be necessary only to prove that the communication was
                    contained in an envelope which was duly addressed and posted in
accordance with                     this clause; and 

	 	(c) 	by
fax, it shall be necessary only to produce the sender’s transmission
                    slip bearing the addressee’s fax number showing the fax received
by the                     addressee. 

	27.5  	Addresses
for notices 

	 	
The
addresses and fax numbers of the parties for the purposes of this clause are:  

	 		
	 	The Vendors	 
	 	Address:	c/o Roger Stocker
	 	 	Fairfield, Knaresborough Road,
	 	 	Little Ribston,
	 	 	N Yorks, LS22 4ET
	 	 	Fax +44 1676 542350:
	 	 
	 	The Purchaser or the Parent
	 	Address:	2 Habarzel Street, Tel Aviv 69710
	 	 	Israel
	 	For the attention of:	Arie Rand
	 	Fax number:	+ 972 3 6846664
	 	 
	 	With a copy to the Purchaser's Solicitors

	27.6  	Electronic
transmission 

	 	(a) 	Any
notice given under this Agreement shall not be validly served if only sent
                    by electronic mail, by text messaging via mobile phone or other
electronic means                     other than fax. 

	 	(b) 	The
Vendors hereby acknowledge their consent to receive from TIS materials which
                    are sent from time to time to shareholders, such as Annual Report and
Proxy                     Statement, via electronic mail. The E-mail addresses of the
Vendors are set out                     in [Schedule 1]. 

	28  	COUNTERPARTS  

	28.1  	Execution
in counterparts 

	 	
This
Agreement may be signed in any number of counterparts and by the parties on separate
counterparts, but shall not be effective until each party has signed at least one
counterpart. 

26

	28.2  	One
Agreement 

	 	
Each
counterpart shall constitute an original of this Agreement but all counterparts shall
together constitute one and the same agreement. 

	29  	GOVERNING
LAW  

	 	
This
Agreement shall be governed by and construed in accordance with the laws of England,
without regard to conflicts of laws. 

	30  	JURISDICTION  

	 	
In
relation to any legal action or proceedings arising out of or in connection with this
Agreement, including all questions as to the interpretation and performance hereof, this
Agreement shall be governed by the substantive laws the England and Wales, without regard
to principles of conflict of laws that would require the application of the laws of any
other jurisdiction provided however that any issues related to the issuance of shares or
options in TIS, shall be governed by the US applicable law and regulations including
NASDAQ rules. Any claims or proceedings brought by the Vendors in connection with this
Agreement shall be served only in and finally settled under the exclusive jurisdiction of
the courts of the State of Israel, whereas any claims or proceedings brought by TIS or the
Purchaser in connection with this Agreement shall be served only in and finally settled
under the exclusive jurisdiction of the courts of England and Wales provided however that
in any event, claims related to the issuance of shares or options in TIS shall be served
only in and finally settled under the exclusive jurisdiction of the courts of the State of
New York. 

IN WITNESS whereof this Agreement has
been duly entered into as a deed on the date first above written 

		
	SIGNED as a DEED by  	)
	TOP IMAGE SYSTEMS LIMITED 	)
	acting by:	)...........................................
	 	Director
	 
	 	...........................................
	 	Director/Secretary
	 
	 
	SIGNED as a DEED by	)
	TOP IMAGE SYSTEMS UK LIMITED 	)
	acting by:	)...........................................
	 	Director
	 
	 	...........................................
	 	Director/Secretary

27

		
	SIGNED and DELIVERED  	)
	as a Deed by ROGER STOCKER 	)
	in the presence of:	)....................................................
		Signature of Roger Stocker 

		
	Witness Signature: 	...........................................
	  	 
	Name: 	...........................................
	  	 
	Address: 	...........................................
	  	 
	 	...........................................
	  	 
	 	...........................................
	  	 
	Occupation: 	...........................................

		
	SIGNED and DELIVERED  	)
	as a Deed by ROGER STOCKER as attorney for 	)
	EDWARD STOCKER under a power of attorney 	)
	dated 27 February 2007	)
	in the presence of:	)....................................................
	 	Signature of Roger Stocker 
	 	as attorney for Edward Stocker 

		
	Witness Signature: 	...........................................
	  	 
	Name: 	...........................................
	  	 
	Address: 	...........................................
	  	 
	 	...........................................
	  	 
	 	...........................................
	  	 
	Occupation: 	...........................................

28

Schedule 1  

The Vendors 

	Shareholders	CPL Shares held	Percentage of Total Issued
CPL shares(%)
	Roger Stocker	92,390 Ordinary Shares of £0.10 each	32.589065
	Edward Stocker	191,110 Ordinary Shares of £0.10 each	67.410935

29

Schedule 2  

The Company 

Part A  

		
	Name:	Capture Projects Limited
	 
	Registered Number:	 3613282
	 
	Previous Names:	None
	 
	Date and Place of incorporation:	11/08/1998 England & Wales
	 
	Registered office:	1 Wharfe Mews, Cliffe Terrace, Wetherby West Yorkshire LS22 6LX
	 
	Authorised share capital:	£1,000,000 divided into: 
10,000,000 Ordinary Shares of £0.10p each
	 
	Issued share capital:	283,500 Ordinary Shares of £0.10p each
	 
	Shareholders:
	 
	Name	No. of shares
	Edward Stocker	191,110 Ordinary
	Roger John Stocker	92,390 Ordinary
	Directors (full names, addresses and date of birth):	Peter William Eggleston
	 	49 Salisbury Road
	 	Redland
	 	Bristol
	 	BS6 7AS
	 
	 	DOB: 13/06/1961
	 
	 	Edward John Stocker OBE
	 	Red Hill Farm Wood End Lane
	 	Fillongley
	 	Warwickshire
	 	CV7 8DB
	 
	 	DOB: 24/04/1939
	 
	 	Roger John Stocker
	 	Fairfield
	 	Knaresborough Road
	 	Little Ribston
	 	North Yorkshire
	 	LS22 4ET
	 
	 	DOB: 20/03/1967

30

		
	Secretary (full name and address):	Elizabeth Louise Stocker
	 	Fairfield
	 	Knaresborough Road
	 	Little Ribston
	 	North Yorkshire
	 	LS22 4ET
	 
	 	DOB: 25/02/1968
	 
	Accounting reference date:	31 December
	 
	Auditors:	Peter Howard Foreman & Co
	 
	Charges, debentures and guarantees:	Mortgage Debenture in favour of National Westminster Bank PLC (all monies) dated 26 November 1998

Part B  

The Warrantors warrant that the
Company has no subsidiaries. 

31

Schedule 3  

The Intellectual
Property  

Registered UK Trade Mark no. 221
6583 for E-POSITORY in classes 09 and 42 

Registered Community Trade Mark no.
002021236 for AUGANISER in Classes 09 and 42  

Registered Community Trade Mark no.
002019743 for AUGUST ADVANCE in Classes 09 and 42 

The rights to the
www.captureprojects.com domain name registration 

All business and trade secrets,
confidential information owned, developed or otherwise acquired by the Company. 

32

Schedule 4  

The Pension Schemes  

The Warrantors warrant that there are
no occupational pension schemes, nor personal pension plans in operation that relate to
the Company’s officers or employees other than: those referred to in the Disclosure
Letter. 

33

Schedule 5  

The Properties 

Part A  

Freehold Properties 

There are no freehold properties. 

The leasehold properties are: set out
in Part B to this Schedule. 

Part B  

Leasehold Properties 

Property 1 

Date: 31 August 2001 

	Property:  		Unit
3 Waterside, Wetherby  

	Parties:  		(1)
A P Walker, T C Rush and R N Pudney ; 

	 		(2)
Esteem Systems Plc 

Property 2 

	Date:  		5
September 2002 [expires 20 April 07] 

	Property:  		First
Floor, Lanes House, 66-68 Bristol Road, Portishead  

	Parties:  		(1)
Terence Vaughan Crumpton, Susan Crumpton and Brunel Trustees Limited; and  

	 		(2)
the Company 

34

Schedule 6  

Completion Documents 

	1 	Duly
executed transfers of the Shares in favour of the Purchaser together with the relative
share certificates or indemnities in the agreed form in respect of lost share
certificates. 

	2 	Such
waivers or consents as the Purchaser may require to enable the Purchaser or its nominees
to be registered as holders of the Shares or shares in the Subsidiaries. 

	3  	Power
of attorney in the agreed form and the Tax Deed duly executed by the Warrantors.

	4 	The
resignations as deeds of each of, Peter Eggleston and Ted Stocker as directors of the
Company in which each of them shall acknowledge in the agreed terms set out in Schedule
12 that he or she has no claims against the Company for compensation for loss of
employment or office or otherwise. 

	5 	The
resignation as a deed of Elizabeth Stocker set out in Schedule 12 as the secretary of the
Company in which she shall acknowledge in the agreed terms that she has no claims against
the Company for compensation for loss of office or otherwise. 

	6 	All
the statutory books of the Company (which shall be written up to date) together with its
certificate of incorporation (and any certificate of incorporation on change of name) and
common seals. 

	7  	The
leases and other title documents relating to the Properties.

	8  	The
Service Agreement duly executed by Roger Stocker.

	9 	bank
mandate forms replacing all existing authorities other than those of Roger Stocker and
Mark Powell relating to the bank accounts plus bank mandates instructing Nat West Bank to
add Ido Schechter and Arie Rand forthwith to the mandate and copies of statements of each
bank account of the Company made up to a date not earlier than two business days before
Completion. 

	10  	Certified
 copies of the board  minutes  of the  Company in respect  of the board  meetings  held
to approve  the Agreement. 

	11  	Evidence
of the due fulfilment of the conditions specified at clause 4.1 (to the extent relevant).

35

	12 	Duly
executed powers of attorney, stock transfer forms and exercise of Options, evidencing the
transfer to the Vendors of 100% of the issued shares of the Company and confirming that
there are no options (whether vested, exercised, contingent or otherwise) outstanding as
at Completion. 

	13  	A
legal opinion from the Vendors' solicitors in the form set out in Schedule 13.

36

Schedule 7  

The Warranties 

	1  	AUTHORITY,
CAPACITY AND TITLE  

	1.1  	Authority
and Capacity of the Warrantors: 

	 	
Each
of the Warrantors has full power and authority to enter into and perform this Agreement
and the Tax Deed and this Agreement and the Tax Deed when executed will constitute valid
and binding obligations on each Warrantor, in accordance with their respective terms. 

	1.2  	Ownership
of the Shares 

	 	(a) 	The
Warrantors are entitled to negotiate and sell and transfer to the Purchaser
                    the full legal and beneficial ownership of 100% of CPL shares, on a
Fully                     Diluted Basis, without the further consent of any third party. 

	 	(b) 	No
person has the right (whether exercisable now or in the future and whether
                    contingent or not) to call for the allotment, issue, sale or transfer
of any                     share or loan capital of the Company under any option or other
agreement                     (including conversion rights and rights of pre-emption) and
there are no claims,                     charges, liens, equities or encumbrances on the
shares of the Company. 

	2  	SUPPLY
OF INFORMATION  

	2.1  	Accuracy
and adequacy of information disclosed to the Purchaser.

	2.2 	All
information contained in this Agreement, the Disclosure Letter (but not its attachments),
the answers to the Purchaser’s due diligence questions letter dated 7 September
2006, submitted by Roger Stocker by email on 5 February 2007, plus all other information
provided to the Purchaser in email or otherwise in writing during the due diligence
process was when given true, complete and accurate in all material respects and none of
the Warrantors is aware of any fact or matter or circumstances not disclosed in writing
to the Purchaser which renders any such information materially untrue, inaccurate or
misleading as of the date of Completion. 

	2.3 	The
copies of the Accounts, the Management Accounts and the memorandum and articles of
association of the Company delivered to the Purchaser are complete and accurate copies of
the originals thereof and, in the case of the memorandum and articles of association,
contain full details of the rights and restrictions attaching to the share capital of the
Company and have attached to them. The attachments to the Disclosure Letter contain
copies of all such resolutions and agreements as are required by law to be delivered to
the Registrar of Companies for registration and all other resolutions passed by the
Company or any class of members, other than resolutions relating to ordinary business at
any annual general meeting of the Company. 

37

	3  	ACCOUNTS
AND RECORDS  

	3.1  	Latest
Accounts 

	 	
The
Accounts have been prepared in accordance with the law and on a basis consistent with that
adopted in preparing the Accounts for the previous two financial periods/period commencing
1 January 2005 to 31 December 2006 and in accordance with accounting principles, standards
and practices generally accepted at the date of this Agreement in the United Kingdom so as
to give a true and fair view of the state of affairs of the Company at the Balance Sheet
Date and of the profits or losses for the period concerned and as at that date make: 

	 	(a) 	appropriate
provision for all actual liabilities; 

	 	(b) 	proper
provision (or note in accordance with good accountancy practice) for all
          contingent liabilities; and 

	 	(c) 	provision
reasonably regarded as adequate for all bad and doubtful debts. 

	3.2  	Extraordinary
Items 

	 	
The
profits of the Company for the two years ended on the Balance Sheet Date as shown by the
Accounts and the trend of profits thereby shown have not (except as disclosed in such
accounts) been affected by inconsistencies in accounting practices, by the inclusion of
non-recurring items of income or expenditure, by transactions entered into otherwise than
on normal commercial terms or by any other factors or extraordinary items rendering such
profits for all or any of such periods exceptionally high or low. 

	3.3  	Book
Debts 

	 	
None
of the book debts which were included in the Accounts or which have subsequently arisen
have been outstanding for more than three months from their due dates for payment or have
been released on terms that the debtor has paid less than the full value of his debt and
all such debts have realised or will realise in the normal course of collection their full
value as indicated in the Accounts or in the books of the Company after taking into
account the provision for bad and doubtful debts made in the Accounts. For the avoidance
of doubt, a debt shall not be regarded as realising its full value to the extent that it
is paid, received or otherwise recovered in circumstances in which such payment, receipt
or recovery is or may be void, voidable or otherwise liable to be reclaimed or set aside. 

38

	3.4  	Accounting
and Other Records 

	 	
The
statutory books, books of account and other records of whatsoever kind of the Company are
up-to-date and maintained in accordance with all applicable legal requirements on a proper
and consistent basis and contain adequate records of all matters required to be dealt with
in such books and all such books and records. All accounts, documents and returns required
by law to be delivered or made to the Registrar of Companies have been delivered or made. 

	3.5  	The
Management Accounts 

	 	
The
Management Accounts have been prepared in good faith with reasonable skill and care and on
bases and principles which are consistent with those used in the preparation of the
unaudited management accounts of the Company for the financial year ended on the Balance
Sheet Date. 

	3.6  	Changes
since the Balance Sheet Date 

	 	
Since
the Balance Sheet Date: 

	 	(a) 	the
Company’s business has been carried on in the ordinary course, without
                    any interruption or alteration in its nature, scope or manner, and so
as to                     maintain the same as a going concern; 

	 	(b) 	the
Company has not entered into any transaction or assumed or incurred any
                    liabilities (including contingent liabilities) or made any payment
not provided                     for in the Accounts otherwise than in the ordinary
course of carrying on its                     business; 

	 	(c) 	the
Company’s profits have not been affected by inconsistencies in
                    accounting practices, by the inclusion of non-recurring items of
income or                     expenditure, by transactions entered into otherwise than on
normal commercial                     terms or by any other factors; 

39

	 	(d) 	the
Company has not entered into any unusual, long term or onerous commitments
                    or contracts; 

	 	(e) 	the
Company’s business has not been materially and adversely affected by
                    fluctuations in monthly sales figures in excess of £10,000 per
month and                     the Warrantors have not received any notice of any facts
which are likely to                     give rise to any such effects; 

	 	(f) 	no
dividend or other distribution has been declared, made or paid to the
                    Company’s members; 

	 	(g) 	the
Company has not allotted or issued or agreed to issue any share or loan
                    capital; and 

	 	(h) 	the
Company has not made or received any surrender relating to group relief or
                    the benefit of advance corporation tax. 

	4  	FINANCE  

	4.1  	Borrowings 

	 	(a) 	The
amounts borrowed by the Company (as determined in accordance with the
                    provisions of the relevant instrument) do not exceed any limitation
on its                     borrowing contained in its Articles of Association or in any
debenture or other                     deed or document binding upon it. 

	 	(b) 	The
Company has no outstanding loan capital, nor has it factored any of its
                    debts, or engaged in financing of a type which would not require to
be shown or                     reflected in the Accounts or borrowed any money which it
has not repaid, save                     for borrowings disclosed in the Disclosure
Letter. 

	 	(c) 	Full
particulars of all bank accounts of the Company are contained in the
                    Disclosure Letter including the credit or debit balances (reconciled
to show all                     unpresented cheques) as of a date not more than two days
prior to the date of                     this Agreement since which no payment has been
made or instructed to be made out                     of, or cheques drawn on, such
accounts. 

40

	 	(d) 	Full
particulars of all debentures, acceptance credits, overdraft, loans or
                    other financial facilities outstanding or available to the Company
are contained                     in the Disclosure Letter and there are attached to it
accurate copies of all                     documents relating to such facilities and
neither the Vendor[s] nor the Company                     has done anything whereby the
continuance of any such facilities in full force                     and effect might be
affected or prejudiced. 

	4.2  	Liabilities 

	 	
There
are no liabilities (including contingent liabilities) which are outstanding on the part of
the Company, other than those liabilities disclosed in the Accounts or liabilities not
exceeding £10,000 which have arisen in the ordinary course of business since the
date to which such accounts were prepared. 

	5  	BANK
ACCOUNTS  

	 	
Full
written details of all bank accounts of the Company are contained in the Disclosure
Letter, including copy statements of each account being not more than two days old, to
Completion and together with details of all current outgoing standing orders, direct
debits or similar instructions. 

	6  	INSURANCE  

	 	
Particulars
of the insurances of the Company are contained in the Disclosure Letter and in respect of
all such insurances: 

	 	(a) 	all
premiums have been duly paid to date; 

	 	(b) 	full
details of all claims outstanding or expected have been disclosed to the
          Purchaser. 

	7  	CONTRACTS  

	 	
Written
details of all material current contracts of the Company (that is ones representing
£10,000 per annum) and the standard terms and conditions for customers have been
supplied to the Purchaser and are contained in the Disclosure Letter. All such contracts
are on arms length terms and in the ordinary course of business and do not contain any
change of control or similar provisions. 

41

	8  	CUSTOMERS  

	 	
So
far as the Warrantors are aware the entry into this Agreement will not result in the loss
by the Company of any customer/s or supplier/s representing 5% or more of such
company’s sales or purchases. 

	9  	LEGAL
MATTERS  

	9.1  	Litigation 

	 	
Details
of all current claims made by or against the Company have been fully disclosed to the
Purchaser and are contained in the Disclosure Letter. There are no circumstances likely to
lead to any such claims which have not been disclosed to the Purchaser in writing. 

	9.2  	Avoidable
Transactions 

	 	
The
Company has not been party to any transactions which in the event of the insolvency of the
Company could lead to such transaction being voidable or otherwise set aside. 

	9.3  	Warranties
and Indemnities 

	 	
Full
details of the Company’s terms and conditions of sale or warranty have been supplied
to the Purchaser and no product has been supplied or sold or service provided on any other
terms. 

	9.4  	Directors
and Officers 

	 	
Details
of the Company’s directors and other officers appear in Schedule 2 and none of such
persons has at any time been bankrupt in any jurisdiction or subject to a disqualification
order. 

	10  	EMPLOYEES,
ETC  

	10.1  	Particulars 

	 	
Particulars
of the start dates, notice periods, remuneration, benefits and other entitlements of all
current employment or consultancy arrangements of the Company with any person are
contained in the Disclosure Letter. There are no actual, pending or potential claims
resulting from the termination of any employment or consultancy. 

42

	10.2  	Pensions 

	 	
There
are no pension or similar schemes operated or proposed by the Company for any Employee or
former employee and details of any sickness, accident, life cover, permanent health or
other scheme currently available or offered to Employees are set out in the Disclosure
Letter. There are no current proposals to create any new, or enhance the current, such
benefits for employees. 

	10.3  	Recent
Terminations 

	 	
No
employment or consultancy arrangement of the Company has been terminated or become the
subject of notice in the last six months. No agreement with any Customer of the Company
was terminated (other than expiry in the ordinary course of business) in the last six
months. 

	10.4 	The
Company’s human resource specialists were consulted on all employee and consultant
terminations and their procedures followed, and the Company is covered by their insurance
against any possible Claims brought by employees and consultants. 

	10.5 	The
Company’s human resources officer has a validly executed compromise agreement signed
by Adrian Cobb in the terms of the signed agreement emailed by Roger Stocker to the
Purchaser’s Solicitors on 12 February 2007 and that the payments due to Adrian Cobb
pursuant to his termination have been paid by the Company by the agreed payment dates. 

	11  	TAXATION
MATTERS  

	11.1  	Tax
returns and compliance

	 	(a) 	The
Company has submitted to all relevant Tax Authorities by the requisite dates
                    every computation return and all information for the purpose of Tax
howsoever                     required by law and each such computation return and
information was and remains                     true complete and accurate in all
material respects and leaves no material                     matter unresolved regarding
the Tax affairs of the Company. 

	 	(b) 	The
Company has discharged every liability of or in respect of Tax (“Tax
                    liability”) in connection with any Event occurring on or before
Completion                     and in respect of which the date for payment has been
postponed by agreement                     with the relevant Tax authority. 

43

	 	(c) 	The
Company has properly made all deductions withholdings and retentions
                    required to be made in respect of any actual or deemed payment made
or benefit                     provided on or before Completion and has accounted for all
such deductions                     withholdings and retentions to each relevant Tax
Authority and complied with all                     its obligations under Tax Statutes in
connection therewith and without prejudice                     to the generality of the
foregoing the Company has properly operated PAYE under                     Part II of the
Income Tax (Earnings & Pensions) Act 2003 or any regulations                     made
thereunder. 

	11.2  	Value
Added Tax 

	 	
The
Company is registered as a taxable person for the purposes of VAT.  

	11.3  	Tax
avoidance 

	 	
The
Company has never knowingly been party to or concerned with any scheme or arrangement of
which the main purpose or one of the main purposes was the avoidance of or a reduction in
liability to Tax. 

	11.4  	Overseas
dealings 

	 	(a) 	The
Company has always exclusively been resident in the UK for Tax purposes and
                    no circumstance or arrangement exists which would or may cause the
Company to                     cease to be resident in the UK for Tax purposes. 

	 	(b) 	The
Company does not have any subsidiary in the UK and has not at any time had
                    any permanent establishment outside the UK or any interest in any
non-resident                     body corporate or entity. 

	12  	ASSETS  

	12.1  	Title
to the Assets 

	 	
All
of the assets of the Company including all debts due to such company which are either
included in the Accounts or have been acquired or become due since the Balance Sheet Date
are the absolute property of the Company free from any Encumbrances. 

	12.2  	Plant,
Machinery and Computer Systems 

	 	
The
plant and machinery used by the Company and the computer systems operated by the Company
have been regularly and properly maintained and are believed by the Warrantors to be
adequate for the requirements of its business as presently carried on. 

44

	12.3  	Intellectual
Property 

	 	
Details
of any registered intellectual property which is owned by the Company has been disclosed
in writing to the Purchaser (and is contained in the Disclosure Letter) and all material
intellectual property rights used by the Company (including the rights to any domain names
used and any software used in the computer systems) are either fully owned by the Company
or are available for use pursuant to a written licence from a third party for an unlimited
time without any requirement for the payment of fees. 

	13  	FREEHOLD
AND LEASEHOLD PROPERTY  

	 	
Save
for that set out in Schedule 5, the Company does not hold any leasehold property nor
freehold property.  

	14  	EFFECT
OF SALE OF THE SHARES  

	 	
Compliance
with this Agreement does not and will not conflict with or result in the breach of or
constitute a default under any agreement or instrument to which the Company is now a party
or relieve any other party to a contract with the Company of its obligations under such
contract or entitle such party to terminate such contract, whether summarily or by notice. 

	15  	DEPENDENCE
ON INDIVIDUAL SUPPLIERS OR CUSTOMERS  

	 	
Neither
more than 10% per cent of the aggregate amount of all the purchases, nor more than ten per
cent of the aggregate amount of all the sales, of the Company are obtained or made from or
to the same supplier or customer (including any person, firm or company in any way
connected with such supplier or customer) nor is any material source of supply to the
Company, or any material outlet for the sales of the Company, in jeopardy or likely to be
in jeopardy. 

	16  	COMMISSIONS
AND FINDER’S FEES  

	 	
No
one is entitled to receive from the Company any finder’s fee, brokerage or other
commission in connection with the purchase of shares in the Company. 

	17  	JOINT
VENTURE, PARTNERSHIPS ETC  

	 	
The
Company is not, and has not agreed to become, a member of any joint venture, consortium,
partnership or other unincorporated association and the Company is not and has not agreed
to become a party to any agreement or arrangement for participating with others in any
business sharing commissions or other income. 

45

	18  	AGENCY
AGREEMENTS AND AGREEMENTS RESTRICTING BUSINESS  

	 	
The
Company is not a party to any agency, distributorship, marketing, purchasing,
manufacturing or licensing agreement or arrangement or any agreement or arrangement which
restricts its freedom to carry on its business in any part of the world in such manner as
it thinks fit. 

46

Schedule 8  

Warranty Limitations 

	1  	LIMIT
ON INDIVIDUAL RELEVANT CLAIMS  

The Warrantors shall have no
liability whatsoever in respect of any individual claim arising under the Warranties or
the Tax Warranties (a “Relevant Claim”) unless: 

	1.1 	the
amount that would otherwise be recoverable from the Warrantors in respect of that
Relevant Claim (the “Claim Amount”) exceeds £20,000 in which case the
Warrantors shall be liable for the whole of the Claim Amount and not just the excess: 

	1.2 	notice
of the Relevant Claim (stating in reasonable detail, so far as known to the Purchaser,
the nature of the Relevant Claim and, so far as practicable, the Claim Amount) has been
given to the Warrantors: 

	 	(a) 	on
or before the second anniversary of Completion in the case of a Relevant
                    Claim under the Warranties (other than the Tax Warranties); or 

	 	(b) 	on
or before the sixth anniversary of Completion in respect of any Relevant
                    Claim under the Tax Warranties. 

	2  	MAXIMUM
LIMIT FOR ALL RELEVANT CLAIMS  

	2.1 	Other
than in the event of fraud or gross negligence, the Warrantors shall be jointly liable in
respect of all Relevant Claims up to a maximum that shall not exceed the Consideration
irrespective of the percentage of the Consideration actually received by the Warrantor. 

	2.2 	To
the extent that a Relevant Claim is validly made, the Warrantors may satisfy such claim
by (a) forfeiting all or part of the Retention and/or (b) forfeiting all or part of the
Performance Related Consideration that has accrued due or transferring the same to the
Purchaser or as it may direct for no consideration. 

	3  	OTHER
LIMITATIONS ON RELEVANT CLAIMS  

	3.1  	The
Purchaser shall not be entitled to make any Relevant Claim:

	 	(a) 	to
the extent that provision or allowance for the matter or liability which
               would otherwise give rise to the claim in question has been taken into
account                in the Accounts; or 

47

	 	(b) 	in
respect of any matter fairly disclosed in any document specifically
               referenced in the Disclosure Letter; or 

	 	(c) 	it
arises directly as a result of: 

	 	(i) 	the
payment after the Completion Date of any unusual or abnormal dividend by the
               Company;  

	 	(ii) 	the
change after the Completion Date of the date to which Company makes up its
               accounts; or  

	 	(iii) 	the
cessation of any business carried on by the Company; or  

	 	(iv) 	it
would not have arisen but for a change in legislation made after the date of
               this Agreement (whether relating to taxation, rates of taxation or
otherwise) or                any amendment to or the withdrawal of any practice
previously published by the                HM Revenue & Customs or other taxation
authority, in either case occurring                after Completion, whether or not that
change, amendment or withdrawal purports                to be effective retrospectively
in whole or in part; or  

	 	(v) 	to
the extent that the claim would have been recoverable under a policy of
               insurance had the Purchaser or the Company maintained in force insurance
cover                similar to that current for the business at the Completion Date; or  

	 	(vi) 	to
the extent that the claim arises from the Purchaser’s failure to perform
               its obligations under this Agreement,  

	 	
and
to the extent that any claim is increased as a result of any of the matters set out in
this subclause, the Warrantors shall not be liable in respect of the amount by which any
claim is so increased.  

	4  	SET-OFF  

The Warrantors shall not be liable to
make any payment for breach of the Warranties or the Tax Warranties nor shall the
Purchaser exercise any right of set-off or counterclaim against or otherwise withhold
payment of any sums stated to be payable by the Purchaser to the Warrantors pursuant to
this Agreement unless and until such liability has been agreed, adjudged payable in legal
or arbitration proceedings or in the absence of agreement or judgment at the time of
payment of any deferred or contingent Consideration, the Parties shall appoint an
independent accountant in accordance with clauses 5.4 and 5.5 of the main body of this
Agreement to determine the amount that may be retained/set-off by the Purchaser. 

48

	5  	DOUBLE
RECOVERY  

The Purchaser shall not be entitled
to recover any sum in respect of any claim under this Agreement or the Trust Deed or
otherwise obtain reimbursement or restitution more than once in respect of the same loss
or damage and, for the avoidance of doubt a claim brought under the Tax Deed shall be
reduced by the amount recovered under a claim pursuant to the Agreement in respect of the
same subject matter and vice versa. 

Where a claim may be made under the
Warranties or the Tax Deed in respect of the same subject matter, a claim shall be made
and pursued under the Tax Deed before a claim is made under the Warranties in respect of
such subject matter. 

49

Schedule 9  

Conduct of Business 

	1.  	The
Parent agrees that during the period from Completion until 31 December 2007,
                    it shall exercise its powers to procure that: 

	 	(a) 	neither
TIS UK nor CPL nor any other company in which the respective businesses
                    of TIS UK and CPL may have been merged will transact any of the
business                     described below without the prior written approval of Roger
Stocker (such                     consent not to be unreasonably withheld): 

	 	1 	The
making of any petition or passing of any resolution for winding-up, or the making of an
application for an Administration Order in respect of, CPL.  

	 	2 	The
formation or acquisition of any subsidiary of CPL. 

	 	3 	Any
change of the accounting reference date of the relevant or a material change to its
accounting policies other than as recommended by the Parent auditors.  

	 	(b) 	to
discharge Edward Stocker’s guarantee to Nat West Bank plc in relation to
          the overdraft by no later than 25th  May 2007. 

	2 	The
Parent further agrees that if the Purchaser fails to pay any part of the Consideration
including the Retention when required to do so under this Agreement, the Parent will
make such payment on the Purchaser’s behalf within 30 days of written notification
by the Vendors that the Purchaser has failed to make such due payment. 

50

Schedule 10  

2nd
3rd and 4th Consideration Payments 

DEFINITIONS 

	 	
“Consolidated
Revenues” means the total combined revenues of TIS UK and the
Company during the Performance Period, which shall exclude inter-company sales. 

	 	
“Performance
Period” means the period commencing on 1 January 2007 and ending on 31 December
2007;  

	1  	GENERAL  

	1.1 	Entitlement
to the 2nd, 3rd and 4th Consideration Payments in each
case is entirely contingent on compliance with all the respective targets set out in this
Schedule 10, all of which shall be measured in accordance with US GAAP and after applying
a transfer price as detailed in section 1.2 below, being the charge made by the Parent
for the software and support. 

	1.2  	For
the purpose of calculating the revenue and net operating profit for the purposes of
Schedule 10:

	 	(a) 	the
Company will act as a stand-alone operation and profit centre during 2007; 

	 	(b) 	Charges
from TIS UK or other TIS group companies to the Company will be handled
                    through the purchase of Eflow at 40% discount from the price list;
and 

	 	(c) 	Where
a deal is sold through a third party, charges from TIS UK or other TIS
                    group companies to the Company will be handled through the purchase
of Eflow at                     55% discount from the price list. 

	2  	2ND
CONSIDERATION PAYMENT  

	2.1 	The
Purchaser shall pay the Vendors (by means of payment to the Vendors’ Solicitors or
directly to Roger Stocker at the Purchaser’s discretion) the 2ndConsideration
Payment of £500,000 within 60 days following publication of the audited accounts
for the Performance Period, save that the 2nd Consideration Payment shall not
be payable if the Company does not achieve both a revenue in excess of £2.5 million
and an operating profit (i.e. the operating profit of the Company before the deduction of
tax as shown in those audited accounts) of £250,000 during the Performance Period. 

51

	2.2 	In
the event that TIS UK and the Company will complete a merger prior to 31 December 2007,
the Purchaser shall pay the 2nd Consideration Payment of £500,000 to the
Vendors within 30 days of the Completion of such merger and the provisions of paragraph
1.1 above shall not operate to prevent such payment. 

	3  	3RD
CONSIDERATION PAYMENT  

	3.1 	Within
60 days following publication of the audited accounts for the Performance Period the
Purchaser shall pay to the Vendors the 3rd Consideration Payment of £200,000 save
that the 3rd Consideration Payment shall not be payable if: 

	 	(a) 	Consolidated
Revenues are not equal to or in excess of £5 million; or 

	 	(b) 	the
net operating profit (i.e. the operating profit of the Company before the
                    deduction of tax as shown in those audited accounts) element of the
Consolidated                     Revenues is not equal to or in excess of 5%, which shall
be determined after                     internal transfer charges. The transfer charges
will be agreed by the two                     parties as part of the business planning
process. 

	3.2 	Any
amounts of the 3rd Consideration Payment due for payment shall be available for set-off
against any indemnification or warranty claims pursuant to this Agreement. 

	4  	4TH CONSIDERATION
PAYMENT  

	4.1 	Within
30 days following publication of the audited accounts for the Performance Period, the
Purchaser shall pay to the Vendors the 4th Consideration Payment of up to
£200,000 save that the 4th Consideration Payment shall not be payable if
there is an overdraft in the Company’s bank account on 31 December 2007 (“New
 Overdraft”) provided however that if the New Overdraft is lower than £200,000,
the Company will pay the Vendors an amount equal to the difference between £200,000
and the New Overdraft (“Difference”). The payment of the Difference
shall be considered a full payment of the 4th Consideration Payment. 

	4.2  	In
the event that TIS UK and the Company will complete a merger prior to 31 December 2007,
the Purchaser shall pay the 4th Consideration Payment in accordance with the
provisions of the above paragraph 4.1, save that the date of such merger shall replace 31
December 2007 as the point at which the New Overdraft is to be assessed. If the New
Overdraft is less than £200,000 at the date of the merger, then the 4thConsideration
amounting to the Difference shall be paid within 30 days following publication of the
audited accounts that cover the merger, 

52

Schedule 11  

Tax Deed 

	1  	DEFINITIONS
AND INTERPRETATION

	1.1 	In
this Tax Deed words and expressions defined in the Agreement shall (unless the context
otherwise requires) have the same meaning for the purposes of this Tax Deed and the
following words and expressions have the following meanings:- 

	“Accounting Period” 	
        has the meaning ascribed to it in section 12 of ICTA; 

	“Accounting Standards” 	
             SSAPs,  FRSs,  UITF  Abstracts,  SORPs and all  other  generally  accepted
 accounting                                     principles applicable to a United Kingdom
company; 

	“Actual  Taxation
Liability”	         in relation to the  Company,  a liability of the Company to make a
payment of or of an                                     amount in respect of, Taxation,
 whether or not such Taxation is also or alternatively
                                    chargeable  against  or  attributable  to any other
 person  and  whether  or not such                                     Taxation has been
discharged on or before Completion; 

	“Agreement”  	means
an agreement of today's date between the  Warrantors  and the  Purchaser for the
                                    sale and purchase of the entire issued share capital
of the company; 

	“Claim”  	any
 assessment,  notice,  demand or other  document  issued or action taken by, or on
                                    behalf  of, any  Taxation  Authority,  or any
 self-assessment  return,  from which it                                     appears
 that the  Company is subject  to, is sought to be made  subject  to, or might
                                    become subject to, any Taxation Liability; 

	“Customs” 	H
M Revenue & Customs; 

	“Default Rate” 	
                     2% above the base rate of HSBC Bank plc from time to time; 

	“Event”  	any
 event,  occurrence,  transaction,  act or  omission  (or any  event,  occurrence,
                                    transaction,  act or  omission  which is deemed to
take place for the  purposes of any                                     Taxation)
including the sale and purchase of the Shares pursuant to this Agreement; 

53

	“Relief”  	any
loss, allowance,  exemption,  set-off,  deduction, credit or other relief relating
                                    to any Taxation or to the computation of income,
 profits or chargeable  gains for the                                     purposes of any
Taxation  which has been taken into account in the  production  of the
                                    Accounts; 

	“Tax” and
“Taxation”  	(a) 	            all forms of tax, levy,  duty,  charge,  impost,  withholding
or other amount whenever                                     created or imposed  and
 whether of the  United  Kingdom or  elsewhere,  payable to or
                                    imposed by any Taxation Authority but excluding,  for
the avoidance of doubt,  council                                     tax,  local
 authority  rates or any  other  such  charges  which  are  deductible  in
                                    computing income for tax purposes; and 

	                             	(b) 	all
charges,  interest,  penalties  and fines  incidental  or relating to any Taxation
                                    falling within (a) above or to any failure to submit,
 or timely to submit, or to fail                                     fully or accurately
to complete any return,  form, account or computation  required by
                                    any Taxation Authority; 

	“Taxation Authority” 	
               the Inland  Revenue,  Customs,  HM Revenue and Customs or any other
revenue,  customs,                                     fiscal,  governmental,  statutory,
state, provincial,  local governmental or municipal
                                    authority,  body or person,  whether of the United
 Kingdom or elsewhere  competent to                                     impose, assess or
collect any Taxation; 

	“Taxation Liability” 	
   in relation to the Company, any Actual Taxation Liability . 

	“unavailability”  	in
relation  to a Relief,  the  reduction,  modification,  claw- back,  counteraction,
                                    disallowance or cancellation of, or failure to
obtain,  that Relief, and "unavailable"                                     shall be
construed accordingly. 

	“Warrantors' Relief” 	
               means any loss,  allowance,  exemption,  set-off,  deduction,  credit or
other  relief                                     relating to any Taxation or to the
 computation of income profits or chargeable  gains
                                    for the purpose of Taxation  which has not been taken
into  account in the  production                                     of the Accounts;  or
which arises outside the ordinary course of business  between the
                                    Balance Sheet Date and Completion. 

	1.2 	In
determining for the purposes of this Tax Deed whether a charge on, or power to sell,
mortgage or charge, any share or asset exists at any time, the fact that any Taxation has
not become payable or may be paid by instalments shall be disregarded, and such Taxation
shall be treated as becoming due, and the charge on, or power to sell, mortgage or charge
as arising, on the date of the transfer of value or other Event as a result of, in
respect of, or by reference to, which it becomes payable or arises. 

	1.3 	For
the purposes of this Tax Deed the following Taxation Liabilities of any person shall be
treated as arising otherwise than, or as a result of an act, omission or transaction
otherwise than, in the ordinary course of trading of that person:- 

54

	 	1.3.1 	any
Taxation Liability of that person which is payable by or otherwise recoverable from that
person by reason of the failure by any other person to pay or otherwise discharge any
liability to Taxation; 

	 	1.3.2 	any
Taxation Liability of that person arising in respect of any distribution (as defined in
Part VI of ICTA) or deemed distribution made by that person, the creation, cancellation
or re-organisation of any share or loan capital by that person, the making of any loan or
advance by that person, the creation, cancellation, satisfaction, waiver or repayment of
any intra-group indebtedness by that person or, in the case of a company, that company
being, becoming or ceasing to be, or being treated as ceasing to be, related to any other
person for the purposes of any Taxation; 

	 	1.3.3 	any
Taxation Liability of that person arising from any cessation, closure, rationalisation or
reorganisation of any material part of any trade or business carried on by that person; 

	 	1.3.4 	any
Taxation Liability of that person arising by reason of any change in the date to which
that person makes up its accounts. 

	1.4 	References
in this Tax Deed to any Event shall include any combination of two or more Events, and
references to any Event occurring or being deemed for the purposes of any Taxation to
occur on or before Completion shall include any combination of two or more Events,
provided that, in that case, one or more of those Events shall occur or be so deemed to
occur on or before Completion otherwise than in the ordinary course of trading of the
Company and those Events which shall occur after Completion shall have occurred:- 

	 	1.4.1 	pursuant
to a legally binding commitment entered into by, or on behalf of, the Company on or
before Completion; and 

	 	         1.4.2 	in
the ordinary course of trading of the Company as carried on immediately before Completion.

	1.5  	References
 in this Tax Deed to any person  being  related to any other  person for the  purposes of
any Taxation          shall include:-

	 	1.5.1 	that
person having control (within the meaning of any of sections 416 (or any one or more
subsections of that section), 767B(4) and 840 of ICTA) of that other person; 

	 	1.5.2 	that
person being connected (within the meaning of section 839 of ICTA) with that other
person; 

	 	1.5.3 	any
other person having such control of, or being so connected with, that person and that
other person; 

	 	1.5.4 	that
person being the holding company of that other person or being a subsidiary of either
that other person or any other person of which that other person is also a subsidiary; 

	 	1.5.5 	that
person being a direct or indirect participant in the management, control or capital of
that other person (for the purposes of schedule 28AA to ICTA), and so that where one
person is related to another person each shall be regarded as being related to the other. 

55

	2  	COVENANT 

	2.1 	Subject
to the limitations in Schedule 8 of the Agreement the Warrantors covenant with the
Purchaser to pay to the purchaser or at its direction, to the Company an amount or
amounts to a value equal to each of the following:- 

	 	2.1.1 	any
Actual Taxation Liability (not being inheritance tax nor any charges, interest, penalties
and fines incidental or relating to inheritance tax) of the Company arising as a result
of, in respect of, or by reference to:- 

	 	(a) 	any
Event occurring, or deemed for the purposes of any Taxation to occur, on or
               before Completion; or  

	 	(b) 	any
income, profits or chargeable gains (not falling within clause 2.1.1(a))
               earned, accrued or received, or deemed for the purposes of any Taxation to
be                earned, accrued or received, on or before, or in respect of any period
ending on                or before, Completion (excluding any latent gain based on a
re-valuation of the                Company’s goodwill);  

	 	2.1.2 	any
liability of the Company to pay or repay any other person (other than any Taxation
Authority any amount under any agreement or other arrangement entered into on or before
Completion relating to corporation tax and/or value added tax; 

	 	2.1.3 	any
Actual Taxation Liability of the Company which is the liability to Taxation of any other
person and for which the Company is liable by reason of having been, at any time on or
before Completion, related to:- 

	 	(a) 	that
other person for the purposes of any Taxation;  

	 	(b) 	any
person which is or has been at any time related to that other person for the
               purposes of any Taxation;  

	 	         2.1.4 	any
liability of the Company to account for PAYE and NICs in respect of the period prior to
Completion;

	 	2.1.5 	any
Taxation Liability of the Company resulting from the exercise of options in the Company
where such options were in existence prior to Completion; and 

	 	2.1.6 	any
reasonable costs and expenses properly incurred by the Purchaser or the Company (or any
of them) (other than costs of any employee or officer of the Purchaser and/or the Company
spending time on such matters) in connection with any successful claim under this clause
2. 

	2.2 	Any
payments made pursuant to this Tax Deed shall, so far as possible, be treated, as an
adjustment to the consideration paid or payable for the Shares. 

	3  	LIMITATIONS 

	3.1  	The
 Warrantors  shall not be liable  under this Tax Deed in respect of any  Taxation
 Liability of any person to          the extent that:-

	 	         3.1.1 	Provision
 has been  made for such  Taxation  Liability  in the  Accounts  (including  the notes to
such                   Accounts); or

56

	 	         3.1.2 	such
Taxation Liability arises or is increased as a result of:-

	 	(a) 	the
coming into force after Completion of, or any introduction or change after
               Completion in, any law, rule, regulation or published practice of any
Taxation                Authority of general application; or  

	 	(b) 	any
change after Completion in the rates of Taxation; or  

	 	3.1.3 	such
Taxation Liability would not have arisen but for any act, omission or transaction done,
made or carried out by the Purchaser and the Company (or any of them) or any of their
respective directors, employees or agents:- 

	 	(a) 	on
or before Completion, at the written request of the Purchaser; or  

	 	(b) 	after
Completion, where such act, omission or transaction was done, made or           carried
out:-  

	 	(i) 	otherwise
than as required by law or pursuant to a legally binding commitment           of that
person created on or before Completion; or  

	 	(ii) 	otherwise
than in the ordinary course of trading of that person as carried on           immediately
before Completion; or  

	 	3.1.4 	the
Purchaser or that person has received from any other person (other than the Company) a
payment in respect of such Taxation Liability; or 

	 	3.1.5 	such
Taxation Liability arises in the ordinary course of trade between the Balance Sheet Date
and Completion; or 

	 	3.1.6 	such
Taxation Liability would not have arisen but for a change in the accounting reference
date or a change in the accounting policies or practices applying to, or in any way
affecting, that person, introduced or having effect after Completion, other than a change
which is required in order to comply with the Accounting Standards applying to that
person; 

	 	3.1.7 	such
Taxation Liability is interest, a penalty or fine arising from a failure to pay Taxation
to a Taxation Authority within a reasonable time after the Warrantors have made a payment
of an amount in respect of the Taxation Liability; or 

	 	3.1.8 	such
Taxation Liability has been made good by insurers or otherwise compensated for without
cost to the Purchaser or the Company; or 

	 	3.1.9 	profits,
income and gains to which such Taxation Liability is attributable were actually earned or
received by or actually accrued to the Company prior to Completion but were not reflected
in the Accounts; or 

	 	3.1.10 	such
Taxation Liability arises or is increased as a result of the failure or omission of the
Company after Completion to make any valid claim, election, surrender or disclaimer, to
give any valid notice or consent or to do any other thing under the provisions of any
enactment or regulation relating to Taxation, the making, giving or doing of which was
taken into account in computing the provisions for Taxation in the Accounts or in
computing the amount of any repayment of Taxation which appears in the Accounts; or 

57

	 	3.1.11 	such
Taxation Liability arises or is increased as a result of any claim, election, surrender
or disclaimer made or notice or consent given after Completion by the Company under the
provisions of any enactment or regulation relating to Taxation, other than any claim,
election, surrender, disclaimer, notice or consent assumed to have been made, given or
done in computing the amount or any allowance, provision or reserve in the Accounts; or 

	 	3.1.12 	such
Taxation Liability would not have arisen but for a cessation, or any change in the nature
or conduct, of any trade carried on by the Company at Completion, being a cessation or
change occurring on or after Completion; or 

	 	3.1.13 	a
Warrantors’ Relief is available to be used so as to reduce or eliminate the Taxation
Liability in question; or 

	 	         3.1.14 	such
Taxation  Liability in stamp duty payable on the purchase of the Shares pursuant to this
Agreement;                   or

	 	3.1.15 	such
Taxation Liability arises or is increased as a result of any failure of the Purchaser or
the Company to comply with any of their respective obligations under this Tax Deed. 

	3.2  	The
provisions of Schedule 8 to the Agreement shall apply to this Tax Deed.

	4  	WITHHOLDINGS
AND GROSS-UP

	 	
If,
at any time, any applicable law, regulation or regulatory requirement requires the
Warrantors to make any deduction or withholding from any sums payable to the Purchaser
under this Tax Deed, the amount so due shall be increased to the extent necessary to
ensure that, after the making of such deduction or withholding, the Purchaser receives, on
the due date for such payment, a net sum equal to the sum which it would have received had
no such deduction or withholding been required to be made. 

	5  	OVERPROVISIONS 

	5.1 	The
Warrantors may, by notice, on or before the sixth anniversary of Completion, request the
Purchaser, at the Warrantors’ expense, to procure that the auditors for the time
being of any Company report whether in their opinion a provision for Taxation in the
Accounts was, insofar as it relates to the Company, too great (an “Overprovision”)
and the Purchaser shall instruct such auditors to deal expeditiously with the production
of the report and shall provide, or procure that the Company provide, any reasonable
information or reasonable assistance required for the purpose of enabling the auditors to
produce such report. 

	5.2  	Subject
to sub-clause 5.4, the amount of the Overprovision shall:

	 	         5.2.1 	first
be set against any payment then due from the Warrantors under this Tax Deed; and

	 	5.2.2 	to
the extent that there is an excess, a refund shall be made to the Warrantors of any
previous payment made by the Warrantors under this Tax Deed (to the extent not previously
refunded) up to the amount of such excess; 

	 	5.2.3 	to
the extent there is still an excess, the remainder of the excess shall be carried forward
and set off against any future payment or payments which become due from the Warrantors
under this Tax Deed. 

58

	5.3 	If
any report has been made under sub-clause 5.1, the Warrantors or the Purchaser may at any
time on or before the sixth anniversary of Completion request the auditors, at the
expense of the party so requesting, for the time being of any Company to review the
report in the light of all relevant circumstances, including any facts which have become
known only since that report was made, and to report whether in their opinion the earlier
report remains correct or whether, in the light of those circumstances, it should be
amended. 

	5.4 	If
following a request under sub-clause 5.3 the auditors issue an amendment to the earlier
report and the amount of any Overprovision is revised, that revised amount shall be
substituted for the amount previously reported and, if an adjustment is required by
virtue of the substitution, it shall be made as soon as practicable by or to the
Warrantors in line with the provisions of clause 5.2 and if that results in a payment
then the payment shall be made as soon as practicable. 

	6  	CORRESPONDING
BENEFIT

	6.1 	If,
as a result of any Taxation Liability which has given rise to a payment by the Warrantors
under this Tax Deed, the Company (or any successor to all or any part of its business) or
the Purchaser receives a repayment of Tax (a “benefit”) or receives a relief
which reduces the Company’s liability to make an actual payment of Tax (a “saving”)
which it would not have received or made but for the circumstances giving rise to a claim
under this Tax Deed, then: 

	 	6.1.1 	the
Purchaser shall procure that full details of the benefit or saving are given to the
Warrantors as soon as practicable and in any event within 21 days of receipt of the
benefit or saving in question; 

	 	6.1.2 	the
Purchaser shall procure that, as soon as practicable and in any event within 21 days of
the date when the benefit is received or saving in question is made (being the date when
Taxation would otherwise have been due to avoid interest or penalties which Taxation is
not due by virtue of the saving), any payment already made by the Warrantors in respect
of the claim is forthwith repaid to the Warrantors up to the amount of the benefit or
saving and that any interest or repayment supplement received relating to the benefit or
saving so far as repaid is also forthwith paid to the Warrantors; and 

	 	6.1.3 	any
amount of the benefit or saving (including any interest or repayment supplement) that is
not so paid to the Warrantors shall be carried forward and set off against any future
liability of the Warrantors under this Tax Deed. 

	6.2 	If
the Purchaser or the Company is or may be entitled to recover from a person (including
any Taxation Authority, but excluding the Warrantors) a sum in respect of any claim which
gives rise to a liability on the part of the Warrantors under this Tax Deed, then: 

	 	6.2.1 	the
Purchaser or the Company shall give the Warrantors full details of the entitlement as
soon as practicable and in any event within 21 days of the Purchaser or the Company
becoming aware of those details; 

	 	6.2.2 	the
Purchaser shall at the request of the Warrantors and if the Warrantors indemnify the
Purchaser against all reasonable costs and expenses incurred thereby take all appropriate
steps to recover or to procure the recovery of the sum, keeping the Warrantors fully
informed of the progress of any action taken; 

59

	 	6.2.3 	the
Purchaser shall as soon as practicable and in any event within 21 days of recovery of any
sum, pay the lesser of: 

	 	(a) 	an
amount equal to the payment already made by the Warrantors in respect of the
               relevant claim; and  

	 	(b) 	an
amount equal to the sum received (including any interest or repayment
               supplement received on or in respect of that sum and less all reasonable
costs,                charges and expenses incurred by the Company or the Purchaser in
obtaining such                sum (save to the extent already reimbursed by the
Warrantors).  

	7  	CONDUCT
OF CLAIMS

	7.1 	If
the Purchaser or the Company shall become aware of any Claim which is likely to give rise
to a liability on the Warrantors under this Tax Deed, the Purchaser shall give notice of
or procure that notice of is given as soon as reasonably practicable to the Warrantors. 

	7.2 	As
regards any Claim and subject to the provisions of clause 7.3 the Purchaser shall take or
shall procure that the Company shall take such action as the Warrantors may by written
notice given to the Purchaser reasonably request to cause the Claim to be withdrawn or to
dispute, resist, appeal against, compromise or defend the Claim and any determination or
adjudication in respect thereof or to apply to postpone (so far as legally possible) the
payment of any Tax pending the determination of any appeal but subject to the Purchaser
and the Company being indemnified to their reasonable satisfaction by the Warrantors
against all losses (including any additional Taxation Liability), interest, costs,
damages and expenses which may be incurred by the Purchaser or the Company, and Provided
that: 

	 	7.2.1 	any
request made by the Warrantors pursuant to this clause 7.2 shall be made within a
reasonable time of receipt by the Warrantors of any notice given by the Purchaser to the
Warrantors in accordance with clause 7.1 and if, on the expiry of a period of 21 days
commencing on the date of receipt by the Warrantors of such notice, the Warrantors shall
not have given to the Purchaser notice of their intentions in respect of the Claim or
shall not have provided satisfactory indemnities in accordance with this clause 7.2 the
Purchaser and the Company shall be entitled to satisfy or settle or deal with the Claim
on such terms as they shall in their discretion reasonably think fit but without
prejudice to their rights and remedies under this Tax Deed; 

	 	7.2.2 	the
Purchaser and the Company shall not be obliged to comply with any request of the
Warrantors which involves contesting any assessment for Taxation before any court or any
other appellate body (other than the General or Special Commissioners of HM Revenue &Customs
or a VAT Tribunal) unless they have been advised in writing by tax counsel of at least 5
years call instructed by agreement between the Purchaser and the Warrantors at the
expense of the Warrantors that an appeal against the assessment for Taxation in question
will, on the balance of probabilities, be won by the Purchaser or, as the case may be,
the Company; 

	 	7.2.3 	neither
the Purchaser nor the Company shall be obliged to take any action which it reasonably
considers to be materially prejudicial to the Taxation affairs of any company in the
group of companies of which the Purchaser is for the time being a member. 

60

	8  	TAX
RETURNS

	8.1 	The
Warrantors (or their duly authorised agents) shall at the expense of the Company prepare
the Company’s corporation tax returns and computations for all accounting periods
ended on the Balance Sheet Date (the “Pre-Completion Periods”) and deal with
all matters and correspondence relating thereto (together, the “Pre-Completion Tax
Matters). The Purchaser shall procure, and shall cause the Company to procure, that the
Warrantors (or their duly authorised agents) are provided promptly with any information
received by the Purchaser or the Company, or of which the Purchaser or the Company
becomes aware, which may be relevant to the Pre-Completion Tax Matters, and with such
reasonable assistance (which may include assistance from employees of the Purchaser and
the Company) as the Warrantors may reasonably require in connection with the
Pre-Completion Tax Matters. The Purchaser shall also procure, and shall cause the Company
to procure, that the Warrantors (or their duly authorised agents) are afforded such
access to the books, accounts and records of, or relating to, the Company as they may
reasonably require in connection with the Pre-Completion Tax Matters. The Warrantors
shall give the Purchaser a reasonable opportunity to comment on any documents and
correspondence in respect of Pre-Completion Tax Matters prior to submission and shall
take account of the Purchaser’s reasonable comments. 

	8.2 	The
Purchaser shall procure that the Company shall (i) authorise, sign and submit to the
relevant Taxation Authority the corporation tax returns of the Company relating to the
Pre-Completion Periods and such other ancillary information, accounts, statements and
reports as the Warrantors (or their duly authorised agents) may reasonably direct; (ii)
make such claims and elections and give such consents in relation to the Pre-Completion
Periods as the Warrantors (or their duly authorised agents) may direct save in respect of
any such claims, surrenders or elections which will give rise to a Taxation Liability;
and (iii) comply with all procedural requirements in respect of the making or giving of
such returns, ancillary information, accounts, statements and reports or such claims,
elections or consents save that the Purchaser shall not be obliged to procure that the
Company takes any action as is mentioned in this clause 8.2 in relation to any
corporation tax return or ancillary document that is not true and accurate in all
material respects. 

	8.3 	In
the event that Roger Stocker is no longer a director of the Company, where any of the
Company’s corporation tax returns and computations are required to be submitted for,
or in respect of, any period in which Completion occurs (a “Straddle Period”),
a draft of the relevant document shall be submitted by the Purchaser to the Warrantors at
least 21 days before its intended submission to any Taxation Authority and the Purchasers
and shall be given access to all information necessary to determine its accuracy. In
addition, the Warrantors shall be kept informed by the Purchaser of any negotiations
regarding the Taxation liabilities of the Company relating to the Straddle Period and
before any agreement is reached with such Taxation Authority in respect of those Taxation
liabilities, details of the proposed agreement shall be given by the Buyer to the Sellers
at least 21 days before the proposed conclusion of such agreement. 

	8.4 	If,
within 21 days of receiving any draft return or computation, the Warrantors make any
representations to the Purchaser, those representations shall, to the extent they are
reasonable, be reflected in the returns and/or computations. 

61

	8.5 	For
the avoidance of doubt, in the event that any matter constitutes a Claim, the provisions
of clause 7 shall take precedence over the provisions of this clause 8 and the Claim
shall be conducted in accordance with the provisions of clause 8. 

	9  	BUYER'S
INDEMNITY

	9.1 	Subject
as provided below, the Purchaser hereby covenants with Warrantors to pay to the
Warrantors by way of adjustment to the Consideration, an amount equal to any of the
following: 

	 	9.1.1 	any
Actual Tax Liability or increased Actual Tax Liability of any of the Warrantors which
arises as a result of the Company ceasing after Completion to be resident in the United
Kingdom for the purposes of any Taxation; or 

	 	9.1.2 	any
Actual Tax Liability or increased Actual Tax Liability of any of the Warrantors which
arises by virtue of the operation of Section 767A, 767AA and 767B ICTA 1988 in
circumstances where the taxpayer company (as referred to in Section 767A(1) ICTA ) is the
Company. 

	9.2 	If
the Purchaser is liable under 9.1 the Purchaser shall pay to the Warrantors an amount
equal to any costs or expenses reasonably and properly incurred by the Warrantors in
connection with any such Actual Tax Liability or increased Actual Tax Liability (or claim
therefor) as is mentioned in sub-clause 9.1 or in successfully taking any action under
this clause 9. 

	9.3 	Clause
4 (gross-up) of this Tax Deed shall apply to the covenant in clause 9.1 above, as if
references to the Warrantors are to the Purchasers and vice versa, and making such other
adjustments as may be required to give effect to this clause. 

62

Schedule 12  

Agreed Form
Resignation Letters for Directors and Secretary of the Company 

FORM OF RESIGNATION
LETTER 

Dear Sirs 

I resign from the office of
[Director/Secretary] with Capture Projects Limited with immediate effect and acknowledge
and confirm that: 

	 	(a) 	I
have no claim whatsoever against Capture Projects Limited, TIS UK Limited or
                    any of their parent companies, their servants, officers, agents etc
for breach                     of contract, compensation for loss of office or employment
or loss of pension                     rights which I acknowledge shall terminate with
immediate effect; and 

	 	(b) 	there
is no agreement or arrangement outstanding under which Capture Projects
                    Limited has or could have an obligation to me whether now or in the
future in                     each case up to and including the date of this letter; and
I waive, release and                     forever discharge Capture Projects Limited and
TIS UK Limited against all                     actions, proceedings, claims, demands and
costs which I may now have or would                     have had but for the execution of
this deed. 

			
	Signed as a deed by	)	
	 	)	__________________________________
	in the presence of:	)	 

________________________     Signature of the Witness

________________________     Name of the Witness

________________________     Address of the Witness

________________________

________________________

________________________     Occupation of the Witness

63

Schedule 13  

Vendors’
Solicitors Form of Legal Opinion  

	To:  	Top
Image Systems UK Limited (registered no. 04993167)

Amberley Place

107-111

Peascod Street

Windsor

SL4 1TE

Dear Sirs 

Capture Projects Limited 

We serve as counsel to Edward Stocker
and Roger Stocker, who are either registered as, or otherwise entitled to, the entire
issued share capital of Capture Projects Limited (the “Shareholders” and
“Company” respectively). We have been asked by the Shareholders to render this
opinion in connection with the execution and delivery of a Share Purchase Agreement
including all its Schedules, dated as of 11 April 2007, entered into by and between the
Vendors and the Purchaser (as defined in the said Agreement) (collectively the
“Agreement”). 

In connection with rendering the
opinions set forth below, we have examined originals or copies, certified or otherwise
identified to our satisfaction, of (i) the Agreement (ii) the Company’s statutory
Company Books; and (iii) the Company’s Articles of Association (the
“Articles”); and all the documents included in (i) through (iii) above,
including all schedules thereto (collectively the “Transaction Documents”) as
well as such documents, records, contracts, agreements, certificates and written
statements supplied to us by the Company as we deem necessary for such purpose. In our
examination, we have relied upon and have not independently verified the following
assumptions: (i) the genuineness of all signatures on all documents in connection with
which this opinion is rendered, (ii) the authenticity of all documents submitted to us as
originals, (iii) the conformity to original documents of all documents submitted to us as
certified copies or photocopies, and the authenticity of the originals of such latter
documents. 

In making our examination of
documents executed by corporate or other entities other than the Company, we have assumed
that such entities had the power, corporate or other, to enter into and perform all
obligations thereunder and have also assumed that due authorization by all requisite
action, corporate or other, and due execution and delivery by such entities of such
documents and the validity and binding effect thereof. 

In rendering the opinions set forth
below, we have relied, as to matters of fact, upon and assumed the accuracy and
authenticity, without independent investigation, of information and documents supplied to
us by the Company and its officers. In addition, we have assumed that the representations
and warranties as to factual matters made by the Company and the Warrantors and by the
Purchasers in clause 7 and schedule 7 of the Agreement respectively are true and correct. 

64

Any statement herein qualified by the
phrase “to the best of our knowledge,” or “knowledge” is intended to
indicate that during the course of our representation in connection with the Transaction
Documents, no information that would give us actual knowledge of, or reasonable belief
concerning, the inaccuracy or incompleteness of such statement has come to the attention
of the lawyers in this firm who have rendered legal services to the Company or its
shareholders of the existence or absence of any facts which would contradict our opinions
set forth below. Unless specifically stated otherwise herein, we have made no independent
factual investigation for the purpose of rendering an opinion “to the best of our
knowledge.” No reference as to our knowledge of any matters bearing on the accuracy
of any such statement should be drawn from the fact of our representation of the
Shareholders. There is no assurance that all material facts were disclosed to us. 

Unless specified otherwise,
references to the “Company” refer only to the Company itself, and do not refer
to any parent or subsidiary corporations or any other entities which may be affiliated
with the Company. 

The opinions expressed herein are
limited to English law, and we express no opinion as to the effect, on the matters covered
by this opinion, of the laws of any jurisdiction other than those of England and Wales. 

Subject to the limitations,
qualifications, and exceptions set forth herein, we are of the opinion that as of the date
hereof and upon the consummation of the transactions contemplated by the Transaction
Documents: 

     	1.	
          The Company is duly organized and validly existing under the laws of England and
          Wales. The Company has all requisite corporate power and authority to carry on
          its business as now being conducted. 

          

     	2.	
          The registered and outstanding capitalization of the Company immediately prior
          to completion of the Agreement as shown on the Company’s register with the
          Registrar of Companies (as complemented by the information in the attached note)
          is as follows: 

          

          	 	a. 	
               Authorised Share Capital. The authorized share capital of the Company is
               £1,000,000 divided into 10,000,000 ordinary shares of £0.10 each. 

               

          	 	b. 	
               Ordinary Shares. There exists only one class of shares. 

               

          	 	c. 	
               Issued Share Capital: the entire issued share capital of the Company is
               as stated in the Agreement and comprises 265,250 ordinary shares of £0.10,
               all of which are beneficially owned by the Vendors, there being no shareholder
               or person with rights over the shares in the Company to our knowledge other than
               the Vendors. 

               

          	 	d. 	
               Rights to Acquire Shares. To our knowledge, there exist no options,
               warrants, conversion privileges or other rights (or agreements for any such
               rights) outstanding to purchase or otherwise obtain from the Company any of the
               Company’s shares. In particular, the employees of the Company have either
               exercised or waived all rights they may have in relation to the Company’s
               unapproved share option scheme and there are no persons to our knowledge that
               have any options or other rights over any of the shares of the Company. 

               

     	3.	
          We do not represent the Company in any legal proceedings, and we are not aware
          of any legal proceedings in which the Company is involved or of any pending or
          threatened actions, suits, claims, investigations or other proceedings (either
          legal or administrative), filed or authorized by the Company or against it. To
          our knowledge, the Company has not received any written threat that questions
          the validity of the Transaction Documents or the right of the Company to enter
          into the Transaction Documents. 

          

65

     	4.	
          To our knowledge, the execution, delivery or performance of the Transaction
          Documents and the transactions contemplated thereunder by the Company do not
          require any prior approval or consent from any person or entity in England and
          Wales. 

          

In addition to any assumptions,
qualifications and other matters set forth elsewhere herein, the opinions set forth above
are subject to the following matters as to which we express no opinion: 

     	1.	
          Any representation or warranty made or given in the Agreement by any of the
          parties thereto, or by any other person or entity, or to the adequacy, accuracy
          or completeness of the statements and disclosures contained in the Agreement or
          the schedules and exhibits thereto, though we have no reason to believe that any
          such representation or warranty is not materially correct. 

          

     	2.	
          The applicability or effect of any fraudulent transfer or similar law on the
          Transaction Documents or any transaction contemplated thereby; 

          

     	3.	
          Tax consequences (including but not limited to income, sale or transfer taxes)
          arising out of the Agreements or any transaction contemplated therein; 

          

Except as otherwise noted, we
disclaim any undertaking to advise you of changes that may have been brought to our
attention hereafter. 

This opinion is rendered only to you
under the Transaction Documents and is solely for your benefit in connection with the
transactions described therein. This opinion may not be used or relied upon by you for any
other purpose, or circulated to, quoted or relied upon by any other person or entity for
any purpose, or disclosed, quoted, filed with a government agency or otherwise referred to
in any context whatsoever without our prior written consent. Notwithstanding the above, we
hereby consent to your disclosing this opinion before any government authority, NASDAQ or
the US SEC, if requested to do so by any such entity. 

Yours faithfully 

BURGES SALMON LLP 

66

Service
Agreement between Roger Stocker and the Company – N/A  

6720-F

Exhibit 4.14  

STOCK PURCHASE
AGREEMENT 

Between 

Asiasoft Global Pte.
Ltd., 

Toh Kian Hong, 

PC Holdings Pte Ltd 

And 

Top
Image Systems Ltd. (“TIS”) or any of its subsidiaries at TIS’s sole
discretion 

Dated as of June 12,
2007 

TABLE OF CONTENTS 

		Page

	 	
		
		
		
	 ARTICLE I       DEFINITIONS	1 
	 
	   Section 1.1 Certain Definitions	1 
	 
	ARTICLE II       PURCHASE AND SALE	4 
	 
	   Section 2.1 Purchase and Sale of Shares and Receipt of the Option	4 
	   Section 2.2 Purchase Price	5 
	 
	ARTICLE III       SIGNING
	 
	   Section 3.1 Date and Place of Signing	6 
	   Section 3.2 Actions Upon Signing	6 
	 
	ARTICLE IV       REPRESENTATIONS AND WARRANTIES OF THE COMPANY AND THE SHAREHOLDERS	9 
	 
	   Section 4.1 Power and Authority of the Company and the Shareholders	9 
	   Section 4.2 Approvals	9 
	   Section 4.3 Non-Contravention	9 
	   Section 4.4 Binding Effect	9 
	   Section 4.5 Organization and Capitalization of the Company	10 
	   Section 4.6 Title Matters	10 
	   Section 4.7 Financial Statements	11 
	   Section 4.8 Compliance With Laws	12 
	   Section 4.9 Litigation and Claims	12 
	   Section 4.10 Tangible Assets	12 
	   Section 4.11 Premises	12 
	   Section 4.12 Intellectual Property and Other Intangible Assets	12 
	   Section 4.13 Major Vendors and Customers	14 
	   Section 4.14 The Company Contracts	15 
	   Section 4.15 Warranties	16 
	   Section 4.16 Accounts Receivable	16 
	   Section 4.17 Tax Matters	16 
	   Section 4.18. Employment Matters	17 
	   Section 4.19 Benefits Arrangements	18 
	   Section 4.20 Environmental Matters	18 
	   Section 4.21 Insurance	18 
	   Section 4.22 Related-party Transactions	19 
	   Section 4.23 Access	19 
	   Section 4.24 Finders' Fees	19 
	   Section 4.25 Subsequent Changes	19 
	   Section 4.26 Research and Development Grant	20 
	   Section 4.27 Disclosure	20 

i

	ARTICLE V       REPRESENTATIONS AND WARRANTIES OF BUYER	21 
	 
	   Section 5.1 Power and Authority of Buyer	21 
	   Section 5.2 Approvals	21 
	   Section 5.3 Non-Contravention	21 
	   Section 5.4 Binding Effect	21 
	   Section 55 Finders' Fees	22 
	 
	ARTICLE VI       COVENANTS	22 
	 
	   Section 6.1 Access	22 
	   Section 6.2 Conduct of Business	22 
	   Section 6.3 Reasonable Efforts; Further Assurances	24 
	   Section 6.4 Confidentiality	24 
	   Section 6.5 Public Disclosure	25 
	   Section 6.6 Notice of Certain Matters	25 
	   Section 6.7 Exclusivity	25 
	   Section 6.8 Certain Actions by Buyer Prior to Closing	26 
	   Section 6.9 Non-Competition and Non-Solicitation	26 
	 
	ARTICLE VII       OTHER ACTIONS	27 
	 
	   Section 7.1 Board Approvals	27 
	 
	ARTICLE VIII       CLOSING	27 
	 
	   Section 8.1 Date and Place of Closing	27 
	   Section 8.2 Conditions to the Obligations of Buyer	27 
	   Section 8.3 Conditions to the Obligation of Seller	29 
	   Section 8.4 Frustration of Closing Conditions	29 
	   Section 8.5 Actions at Closing	29 
	 
	ARTICLE IX       TERMINATION	30 
	 
	   Section 9.1 Termination	30 
	   Section 9.2 Effect of Termination	30 
	 
	ARTICLE X       INDEMNIFICATION	30 
	 
	   Section 10.1 Right to Indemnification	30 
	   Section 10.2 Sellers' Right to Indemnification	31 
	   Section 10.3 Indemnification Procedures	31 
	   Section 10.4 Survival/Limitations	33 
	   Section 10.5 General	34 

ii

	ARTICLE XI       IN GENERAL	34 
	 
	   Section 11.1 Notices	34 
	   Section 11.2 Amendment; Waiver	35 
	   Section 11.3 No Assignment or Benefit to Third Parties	35 
	   Section 11.4 Expenses	35 
	   Section 11.5 Schedules, Appendices, Etc	36 
	   Section 11.6 Effect of representations, warranties, covenants and agreements	36 
	   Section 11.7 Governing Law	36 
	   Section 11.8 Alternate Dispute Resolution	36 
	   Section 11.9 Submission to Jurisdiction	36 
	   Section 11.10 Buyer Right to Choose Jurisdiction	37 
	   Section 11.11 Remedies Cumulative	37 
	   Section 11.12 Inferences	37 
	   Section 11.13 Severability	37 
	   Section 11.14 Entire Agreement	38 
	   Section 11.15 Headings	38 
	   Section 11.16 Counterparts	38 

iii

STOCK PURCHASE
AGREEMENT 

        THIS
AGREEMENT is made as of June 12, 2007 by and among Mr. Alex Toh Kian Hong
(Passport Number 7607980C of 30B Lorong H Telok Kurau Singapore 426019, Singapore
(“Alex”) and PC Holdings Pte Ltd (Company Registration Number:
199903326Z) of 7 Temasek Boulevard # 27-01 Suntec City Tower 1, Singapore 038987
(“PC Holdings” or the “Seller”)(each of Alex and Seller
shall be referred to herein as a “Shareholder” and jointly as
“Shareholders”), Asiasoft Global Pte. Ltd. (Company Registration Number:
200424416M) (the “Company”) of 7 Temasek Boulevard # 27-01 Suntec City
Tower 1, Singapore 038987, on the one part and Top Image Systems Ltd., a corporation
organized under the laws of Israel with principal offices at 2 HaBarzel Street, Ramat
HaChayal, Tel Aviv, Israel (“TIS”) or any subsidiary of TIS, at
TIS’s sole discretion (“Buyer”) on the other part. 

        WHEREAS,
the Company is a limited liability company organized under the laws of Singapore,
operating as a holding company, conducting business through a group of subsidiaries and
affiliated companies (jointly the “Subsidiaries” and each entity shall be
referred to herein as a “Subsidiary”). 

        WHEREAS,
the Company, directly or through the Subsidiaries, is engaged in the development,
marketing and distribution of software solutions in the field of data management
throughout the region of South East Asia (collectively, the “Business”); 

        WHEREAS,
PC Holdings is the sole owner, legally and beneficially, of 51% of the issued and
outstanding share capital of the Company, all as more specifically detailed herein (the
“PC Holdings Shares”); 

        WHEREAS,
Alex is the sole owner, legally and beneficially, of the remaining 49% of the issued and
outstanding share capital of the Company, all as more specifically detailed herein (the
“Alex Shares”); 

        WHEREAS,
PC Holdings Shares, together with Alex Shares constitute 100% of the issued and
outstanding share capital of the Company; and 

        WHEREAS,
the parties desire that Buyer purchase the PC Holdings Shares, purchase the Assigned Debts
(as defined below) and receive an option to purchase Alex Shares all as more fully
provided herein; 

        NOW,
THEREFORE, in consideration of the premises and the mutual representations,
warranties, covenants and undertakings contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
agree as follows: 

ARTICLE I

DEFINITIONS 

        Section
1.1 Certain Definitions. In addition to the other capitalized terms defined
elsewhere in this Agreement, the following terms will, when used in this Agreement, have
the following respective meanings:  

        “Accountants”
means E & Y. 

        “Affiliate”
means, with respect to any person, (a) the spouse or minor children of such person or
(b) any person directly or indirectly controlling, controlled by, or under common
control with, such person at any time during the period for which the determination of
affiliation is being made. For purposes of this definition, the term “control”
means, with respect to any person, the possession, directly or indirectly, of the power to
direct or cause the direction of management policies of such person, whether through the
ownership of voting securities or by contract or otherwise. Without limiting the
generality of the foregoing, when used with reference to the Company,
“Affiliate” includes all Subsidiaries. 

        “Agreement”
means this Stock Purchase Agreement, as the same may be amended or supplemented from time
to time in accordance with the terms hereof, including all attachments and schedules
hereto. 

        “Alex
Shares” means 49 ordinary shares of the Company, constituting 49% of the
issued and outstanding share capital of the Company on a fully diluted basis, legally and
beneficially owned by Alex. 

        “Antitrust
Laws” means and includes any and all laws that are designed or intended to
prohibit, restrict or regulate actions having the purpose or effect of monopolization or
restraint of trade. 

        “Assigned
Debts” means all the debts owed to each of the Creditors by the
Debtors, all as set forth in Schedule 3.2(c) hereto. 

        
“Books and Records” means books, ledgers, files (including personnel
files), reports, operating records, accounting records (including underlying documents),
price lists, correspondence and other forms of information relating in any manner to the
business, operations or financial or statistical history of a person, whether in written,
electronic or magnetic form. 

        
“Claim” means any pending (or to the Shareholders’ knowledge,
threatened) contest, claim, demand, assessment, action, cause of action, complaint,
litigation, proceeding, hearing or notice with respect to any of the foregoing involving
any person (including any claims of any Governmental Entity). 

        “Closing”
means the consummation of all of the Transactions in accordance with Article VIII. 

        “Closing
Date” means the date on which the Closing occurs. 

- 1 -

        “Closing Documents”
means: (a) with respect to Seller, all agreements, documents and
instruments, required to be delivered by Seller at Closing, as set forth in
Section 8.2; and (b) with respect to Buyer, all agreements, documents and
instruments, required to be delivered by Buyer at Closing, as set forth in
Section 8.2. 

        “Company
Intellectual Property” means Intellectual Property listed in
Schedule 4.12. 

      “Creditors”
means PC Holdings, PC Asia Nominees Limited, Adept Holdings 

        “Dollar”
and “dollars” and “$” means U.S. dollars; 

      “Singapore
Dollars”, “S$” means Singapore Dollars.  

        “Hong
Kong Dollars”, “HK$” means Hong Kong Dollars. 

        “Debtors”
means ACME Solutions Ltd, Asiasoft (S) Pte. Ltd. and Asiasoft System (China)
Limited.  

        “Employee”
means each Person who, immediately prior to Closing, is employed in the Business, whether
by the Company or a Subsidiary and is an active employee (with Employees on
temporary leave for purposes of jury, national service/military duty or any other
temporary leave required or permitted by Law being deemed to be active employees). 

        
“Encumbrances” means liens, charges, encumbrances, security
interests, options or any other restrictions or third party rights. 

        “Equity
Securities” shall mean shares, options, preferred shares, warrants, and any
other securities convertible into shares. 

        “Final
Financial Statements” means the Financial Statements as defined in Section
4.7(c). 

        “Financial
Statements” means the (a) balance sheet, (b) income statement,
(c) cash flow statement, (d) statement of changes in shareholders’ equity,
and (e) and the notes and schedules thereto, as applicable, as of the date and for
the applicable period set forth therein, and consolidated with regard to the Company and
the Subsidiaries. 

        
“Governmental Authorizations” means all licenses, permits,
certificates and other authorizations and approvals of any Governmental Entity required
under any applicable Law to carry on the Business as currently conducted in the ordinary
course or required in order to consummate the transaction contemplated hereunder. 

        “Governmental
Entity” means any Israeli, Singapore, Hong Kong, Chinese or other local,
state, national, federal or other government, including each of their respective branches,
departments, agencies, courts, instrumentalities or other subdivisions. 

- 2 -

        “Indemnified
Losses” means Buyer Losses or Seller Losses, as the context requires. 

        “Indemnified Party”
means any of the Indemnified Parties under Article X. 

        “Intellectual
Property” means the following items of intangible and tangible property: (i)
Patents, whether in the form of utility patents or design patents and all pending
applications for such patents (including provisional applications)
(“Patents”); (ii) Trademarks, trade names, service marks, designs, logos,
trade dress, and trade styles, whether or not registered, and all pending applications for
registration of the same (“Trademarks”); (iii) Copyrights, whether or not
registered, and all pending applications for registration of the same
(“Copyrights”); (iv) Know-how, inventions, research records, trade
secrets, confidential information, product designs, engineering specifications and
drawings, technical information, formulas, customer lists, supplier lists and market
analyses (“Technical Information”); (v) Computer programs, including,
without limitation, computer programs embodied in semiconductor chips
(“Firmware”) or otherwise embodied, and related flow-charts, programmer notes,
updates and data, whether in object or source code form (“Software”); and
(vi) Semiconductor chip designs, whether or not registered as mask works or topographies
(“Chip Designs”). 

        “Law”
means any applicable law, statute, ordinance, rule, regulation, code, order, judgment,
injunction, decree or judicial or administrative doctrine that is promulgated or issued by
any Governmental Entity in any of the jurisdictions in which the Company or any of its
Subsidiaries is conducting business on the date of the signing hereof. 

        “Liability”
means any direct or indirect indebtedness, liability, contest, claim, demand, assessment,
action, cause of action, complaint, litigation, damage, deficiency, obligation or
responsibility, fixed or unfixed, choate or inchoate, liquidated or unliquidated, secured
or unsecured, accrued, absolute, contingent or otherwise. 

        “Losses”
means Liabilities, losses, charges, suits, proceedings, interest, penalties and reasonable
costs and expenses associated therewith (including reasonable attorneys’ fees,
litigation costs, fines, penalties and expenses of investigation), whether asserted by a
party to this Agreement or by a third party, in each case net of any tax benefit or any
insurance proceeds paid to or received by the Indemnified Party associated with such Loss;
provided, that in no event shall the term “Losses” include any special,
exemplary, incidental or consequential damages (including lost or anticipated revenues or
profits relating to the same). 

        “Material
Adverse Effect” means an effect that is materially adverse to the business,
assets, liabilities, properties, condition or results of operations of the Company and the
Subsidiaries taken as a whole, other than changes, events or developments arising
primarily out of or resulting primarily from: (i) announcement or pendency of the
Transaction; (ii) any action taken by any party hereto required or permitted by the
terms of the Transaction; or (iii) any changes in accounting requirements or
principles or any changes in applicable laws, rules or regulations. 

        
“Option” means the right granted to the Buyer under the Option
Agreement to purchase the Alex Shares. 

- 3 -

        “PC
Holdings Shares” means 51 ordinary shares of the Company, constituting 51% of
the issued and outstanding share capital of the Company on a fully diluted basis, legally
and beneficially owned by P.C. Holdings. 

        
“Person” means an individual, a corporation, a partnership, a limited
liability company, an association, a trust or any other entity or organization. 

        “Securities”
means the PC Holdings Shares and the Option to purchase the Alex Shares. 

        “Signing
Documents” means: (a) with respect to Seller, all agreements,
documents and instruments, required to be delivered by Seller at Signing, as set forth in
Section 3.2; and (b) with respect to Buyer, all agreements, documents and
instruments, required to be delivered by Buyer at Signing, as set forth in
Section 3.2. 

        
“Taxes” means all taxes levied or imposed by any Governmental Entity,
including but not limited to income, payments to national or governmental
insurance, healthcare, gross receipts, windfall profits, value added, severance,
production, sales, use, license, excise, franchise, employment, environmental, real
property, personal property, transfer, alternative minimum, estimated, withholding or
other taxes, together with any interest, additions or penalties with respect thereto and
any interest in respect of such additions or penalties, whether or not disputed or
contested. 

        “Tax
Returns” means all reports and returns required to be filed with respect to
Taxes, including all attachments thereto. 

        
“To the knowledge” of a person means to that person’s knowledge
after reasonable investigation. 

        “Transaction”
means, collectively, the purchase and sale of the Securities contemplated herein and the
other transactions contemplated hereby. 

        
“U.S.” means the United States of America. 

        “US
GAAP” means generally accepted accounting principles, methods and practices
set forth in the statements, opinions, pronouncements and interpretations of the
Accounting Principles Board, the American Institute of Certified Public Accountants, the
Financial Accounting Standards Board and the US Securities and Exchange Commission or of
such other person as may be approved by a significant segment of the U.S. accounting
profession, in each case as of the date or period at issue. 

ARTICLE II 

PURCHASE AND SALE 

        Section
2.1 Purchase and Sale of Shares and receipt of the Option. On the terms and
subject to the conditions set forth herein, at Closing, Seller will sell, convey,
transfer, assign and deliver to Buyer all right, title and interest in and to the PC
Holdings Shares and in the Assigned Debts and Buyer will purchase PC Holdings Shares and
the Assigned Debts and pay the Purchase Price, thereby purchasing 51% of the issued and
outstanding share capital of the Company and the Assigned Debts. In addition, at the
Closing, the Buyer shall receive an Option to purchase Alex Shares under the terms and
conditions set forth in the Option Agreement attached hereto as Schedule 2.1, and
Alex and the Buyer shall execute such Option Agreement.  

- 4 -

        Section
2.2 Purchase Price. In consideration for the purchase of the PC Holdings
Shares and the Assigned Debts, Buyer will pay the Seller a purchase price equal to
US$980,000 (nine hundred and eighty thousand US Dollars) (the “Purchase Price”).
The Purchase Price will be paid as follows:  

		    (a)        the
amount of US$735,000 will be paid to the Seller at the Closing by wire
               transfer of immediately available funds to the accounts designated in
writing by                Seller to Buyer prior to Closing.  

		    (b)        the
amount of US$245,000 (“Deferred Payment”) will be paid by
               the Buyer to the Seller upon the conclusion of a 12 month period
commencing at                Closing (“Verification Period” and “Deferred
Payment                Date” accordingly), subject to the satisfaction on or
prior to the                Deferred Payment Date, of the cumulative conditions as
detailed hereunder:  

		    (i)        At
the Closing and during the Verification Period all the representations,
               warranties and statements included in this Agreement and the Schedules and
               exhibits thereto are will remain true, accurate and complete in all
material                respect, without omission of any material fact necessary for such
statements to                be accurate and not misleading and no discrepancy from any
such representations,                statements and warranties will have been discovered.  

		    (ii)        During
the Verification Period, no Material Fact or information regarding the
               Company, any of the Subsidiaries, or their business which would reasonably
be                expected to have been disclosed to the Buyer in the course of the
negotiations                towards the signing of this Agreement would be discovered; A
Material Fact shall                mean a fact that might have a Material Adverse Effect
or adversely to affect the                Company’s ability to perform its
obligations under this Agreement and to                consummate the Transactions  

		    (iii)        During
the Verification Period there will not be discovered any Material Change
               between any undertaking or liability contained in the latter of the Most
Recent                Financial Statements or the Management Interim Report, as the case
may be, and                such undertaking or liability as will appear in the Company’s
Final                Financial Statements. The term “Material Change” shall
mean a                difference of 10% or more in scope of the relevant liability
provided however                that such difference is not resulting solely from the
adoption of the US GAAP                set of accounting principles for such Financial
Statements.  

		    (iv)        During
the Verification Period no Indemnified Claims as defined in article 10.3
               herein pursuant to Article X shall be discovered or filed.  

- 5 -

		    (c)        In
the event any of the foregoing conditions is not satisfied by the Deferred
               Payment Date (“Condition Failure”), the Buyer shall have
the                right to suspend the payment of the Deferred Payment until such
Condition                Failure is cured by the Seller. If the Condition Failure is not
cured by the                Seller within 30 days (“Cure Period”) or is
incapable of being                cured, the parties shall assess the liability imposed
on the Company or any                Subsidiary arising out of such Condition Failure (“Agreed
               Liability”) and such Agreed Liability shall be offset against the
               Deferred Payment and the Purchase Price shall be adjusted accordingly. If
the                parties shall fail to reach an agreement regarding the Agreed
Liability within                45 days following the Cure Period, the assessment of the
liability imposed on                the Company or any Subsidiary arising out of such
Condition Failure shall be                made by a final non-appealable resolution of
the competent authority under                section 11.8, 11.9 and 11.10 as applicable.  

		    (d)        In
the event that as a result of any or all of the Condition Failures the Buyer
               incurs any Liability or suffers any Losses that in the aggregate exceed
the                Deferred Payment amount, then any amounts which have been offset by
Buyer shall                be deemed to be paid on account of such Liability or Losses
and the Buyer shall                be entitled to any right and remedy available to it
under any law to recover                such Liability or Losses in excess of the
Deferred Payment.  

		    (e)        The
right to receive Liability or Losses from the Deferred Payment shall be an
               additional remedy available to the Buyer with respect to any breach of any
               representation, warranty, covenant or other agreement in this Agreement in
               addition to any right or remedy available under any applicable Law.  

ARTICLE III 

SIGNING 

        Section
3.1 Date and Place of Signing. Signing will take place at Singapore at a date
and time to be agreed by the Seller and Buyer, but in no event later than June 13, 2007;
(The date on which Signing occurs shall be referred to herein as the “Signing Date”).
A condition precedent to the Signing is the completion, prior to the Signing Date, of
the complete due diligence examination (legal, financial, business) of the Company and
the Subsidiaries, to the satisfaction of Buyer in its sole discretion (“Due
Diligence”).The Buyer may agree, at its sole discretion, to postpone the
completion of the Due Diligence to the Closing Date, in which event, the completion of
the Due Diligence to the Buyer’s full satisfaction shall be a condition precedent to
the Closing.  

        Section
3.2 Actions upon Signing At Signing, all the agreements and instruments listed
below shall be duly signed and executed and delivered to the Buyer. The Buyer may agree,
at its sole discretion, to postpone the execution of any of the following agreements
and/or instruments to the Closing Date, in which event, the execution of the said
agreements or instruments to the Buyer’s full satisfaction shall be a condition
precedent to the Closing to which Section 8 below shall apply:  

		    (a)        The
Option Agreement between the Buyer and Alex, attached hereto as Schedule           2.1.  

- 6 -

		    (b)        An
Agreement in a form acceptable to the Buyer between Mr. Cecil Tai Kin Chung
          Passport Number S7607980C (“Cecil”), The Company and Blitz
          Technologies Limited, to the effect that Cecil will, as soon as practicable but
          in any event no later than the Closing Date , assign all of the debts of Blitz
          Technologies Limited owed to him as set forth in Schedule 3.2(b), to the
          Company with the result of the Company becoming the sole creditor of such
debts.  

		    (c)        An
Agreement in a form acceptable to the Buyer between the Creditors the Buyer           and
the Debtors, to the effect that the Creditors will, as soon as practicable           but
in any event no later than the Closing Date, assign the Assigned Debts to           the
Buyer with the result of the Buyer becoming the sole creditor of the           Assigned
Debts.  

		    (d)        An
Agreement in a form acceptable to the Buyer between Cecil, The Company and
          Asiasoft Solutions (HK) Limited, to the effect that Cecil will, as soon as
          practicable but in any event no later than the Closing Date, transfer (i) all
of           the issued and outstanding share capital of Asiasoft Solutions (HK) Limited,
          held by him, to the Company with the result of the Company becoming the sole
          registered shareholder of Asiasoft Solutions (HK) Limited, and (ii)all of the
          issued and outstanding share capital of ACME Solutions Limited. held by him in
          trust for Asiasoft Solutions (HK) Limited, with the result of Asiasoft
Solutions           (HK) Limited., becoming the sole registered shareholder of ACME
Solutions           Limited.  

		    (e)        Resolution
of the Board of Directors and the Shareholder Meeting of Asiasoft           Solutions
(HK) Limited approving the transfer of all of Asiasoft Solutions (HK)           Limited’s
holding in ACME Solutions Ltd. to the Company and the winding up           of Asiasoft
Solutions (HK) Limited;  

		    (f)        An
Agreement in a form acceptable to the Buyer between Mrs. Chin Kuei Hsieh           (“Mrs.
Kuei Hsieh “), Hong Kong Passport Number R084453(4), the           Company and Blitz
Technologies Limited., to the effect that Mrs Kuei Hsieh will,           as soon as
practicable but in any event no later than the Closing Date, transfer           all of
the issued and outstanding share capital of Blitz Technologies Limited.,           held
by her, to the Company with the result of the Company becoming the sole
          registered shareholder of Blitz Technologies Limited.  

		    (g)        Resolution
of the Board of Directors and the Shareholder Meeting of Blitz           Technologies
Limited approving such Subsidiary’s winding up;  

		    (h)        An
Agreement, in a form acceptable to the Buyer, between PC Asia Nominees           Limited,
The Company and Asiasoft System (China) Limited to the effect that PC           Asia
Nominees Limited will, as soon as practicable but in any event no later           than
the Closing Date, transfer all of the issued and outstanding share capital           of
Asiasoft System (China) Limited held by it in trust for the Company with the
          result of the Company becoming the sole registered shareholder of Asiasoft
          System (China) Limited.  

		    (i)        Resolution
of the Board of Directors and the Shareholder Meeting of Asiasoft           Systems
(China) Limited approving the transfer of all of Asiasoft Systems           (China)
Limited’s holding in Shanghai Asiasoft Ltd. to the Company and the           winding
up of Asiasoft Systems (China) Limited;  

- 7 -

		    (j)        An
Agreement in a form acceptable to the Buyer between Cecil, the Company and
          Asiasoft Solutions (GZ) Ltd. to the effect that Cecil will, as soon as
          practicable but in any event no later than the Closing Date, transfer all of
the           issued and outstanding share capital of Asiasoft Solutions (GZ) Ltd. held
by him           in trust and/or by ownership, to the Company with the result of the
Company           being the registered shareholder of Asiasoft Solutions (GZ) Ltd.  

		    (k)        An
agreement in a form acceptable to the Buyer, between Asiasoft Systems (China)
          Ltd., Shanghai Asiasoft Ltd., and MingZhong (including all its successors in
          title), for the purchase by Asiasoft Systems (China) Ltd. of
          MingZhongs’s holdings (including holdings of all of its successors in
          title) in Shanghai Asiasoft Ltd., the termination of the Cooperative Contract
          between MingZhong ( including all its successors in title) and Shanghai
Asiasoft           Ltd. and the amendment of the Articles of Incorporation of Shanghai
Asiasoft           Ltd., accordingly.  

		    (l)        An
agreement in a form acceptable to the Buyer, between Bizoft Technologies Co.
          Ltd. and Asiasoft Solutions (GZ) Limited in which Bizsoft Technologies Co. Ltd.
          shall transfer all of its Employees to Asiasoft Solutions(GZ) Limited.  

		    (m)        Employment
agreement between the Company and Alex as attached hereto as           Schedule  3.2(m).  

		    (n)        Employment
agreement in a form acceptable to the Buyer, between the Asiasoft           Solutions
(GZ) Ltd. and Cecil.  

		    (o)        Duly
executed Waiver and Release letters, substantially in the form annexed to           this
Agreement as Exhibit 3.2(o) signed by the Company and all           Related
Parties to the effect that, no Related Party are owed any amounts           whatsoever by
the Company or any Subsidiary, including but not limited to by way           of
dividends, salary, shareholders’ loan, consultancy fee, or           director’s
fees, and waiving and rescinding any and all amounts owed to           them by the
Company or any Subsidiary.  

		    (p)        No
later than 7 days following the Signing, the Buyer will have received, to its
          full satisfaction, (i) the Management Interim Report together with a statement
          signed by Alex in his capacity as Chief Executive Officer of the Company that,
          to his best knowledge, the Management Interim Report fairly presents the
          financial condition of the Company and the Subsidiaries as of May 31, 2007, and
          the results of operation for the five (5) month period then ended; and (ii) a
          detailed account receivable report regarding the Company and the Subsidiaries
          updated and to and including all accounts receivable up and until May 31,
2007;.  

ARTICLE IV 

REPRESENTATIONS AND
WARRANTIES OF COMPANY AND THE SHAREHOLDERS 

        As
of the date hereof, the Company and the Shareholders make the following representations
and warranties to Buyer; provided, however, that the representations and warranties
made in Sections 4.1, 4.3, 4.4, 4.6(a), the information in Section 4.9, with respect
to the Shareholders and any portion of Section 4.27 that relates to any of the foregoing
are made by each of the Seller, Alex and the Company severally, as to himself or itself,
and not jointly as to any other party. 

- 8 -

        Section
4.1 Power and Authority of the Company and the Shareholders. Each party that
is a corporation, and each of the Subsidiaries is duly organized, validly existing and,
to the extent applicable, in good standing under the Laws of the jurisdiction of its
incorporation. Each of Alex, Seller and the Company has full power and authority to
execute and deliver this Agreement, each Signing Document and each Closing Document to
which it is a party, and to perform its obligations hereunder and thereunder. The
execution, delivery and performance by each of Alex, Seller and the Company of this
Agreement will have been duly and validly authorized by all necessary corporate action on
the part of that party, and no additional corporate authorization or consent is or will
be required in connection therewith.  

        Section
4.2 Approvals. No consent, approval, waiver, authorization or novation is
required to be obtained by the Company any Subsidiary or any Shareholder and no notice or
filing is required to be given by the Company, any Subsidiary or any Shareholder, to any
Governmental Entity or other entity or person in connection with the execution, delivery
and performance by such Shareholder or the Company of this Agreement and each Closing
Document to which such Shareholder or the Company is a party.  

        Section
4.2A Waiver and Consents. Alex and the Shareholders hereby consent to the
transactions contemplated hereunder and under the Option Agreement, and hereby waive and
rescind any and all rights and privileges (such as right of first refusal, preemptive
right etc’) they have or may have under any agreement and/or the Company’s
articles of association and/or otherwise in connection with the execution of the
transactions hereunder.  

        Section
4.3 Non-Contravention. The execution, delivery and performance by each
Shareholder or the Company of this Agreement and each Signing Document and Closing
Document to which it is a party, the performance of the Company or any Subsidiary
hereunder, and the consummation of the Transaction, do not and will not: (a) violate
any provision of the memorandum or articles of association, bylaws or other
organizational documents of that Shareholder , the Company or any Subsidiary; (b) conflict
with, or result in the breach of, or constitute a default under, or result in the
termination, cancellation or acceleration (whether after the filing of notice or the
lapse of time or both) of any right or obligation of the any of the Shareholder, the
Company or any Subsidiary under any agreement, contract, lease, sublease, arrangement,
commitment or license to which any of the Shareholders, the Company or any Subsidiary is
a party; or (c) violate or result in a breach of or constitute a default under any
Law or other restriction of any Governmental Entity to which the Sellers, the Company or
any Subsidiary is subject.  

        Section
4.4 Binding Effect. This Agreement and each Signing Document and Closing
Document, when executed and delivered by a Shareholder and the Company, will constitute
valid and legally binding obligations of that Shareholder and the Company, enforceable
against that Shareholder and the Company in accordance with their respective terms,
subject to bankruptcy, insolvency, reorganization, moratorium and other Laws of general
applicability relating to or affecting creditors’ rights and general equity
principles.  

- 9 -

        Section
4.5 Organization and Capitalization of the Company.  

		    (a)        The
Company is a limited company duly organized and validly existing under the           Laws
of Singapore. The Company has all requisite corporate power and authority           to
own, lease, operate and transfer its assets, and to carry on the Business as
          now being conducted. The Company is duly qualified to do business and is in
good           standing as a foreign corporation in each jurisdiction where its ownership
or           operation of assets or its conduct of the Business requires such
qualification,           which jurisdictions are listed on Schedule 4.5(a) 1.
Schedule           4.5(a)2 contains a full list of all equity interest including
shares and           options held by the Company (“Equity Interest”)
together with a           detailed capital structure of each and every entity in which
the Company holds           such Equity Interest shares or other equity interest in any
corporation           (companies listed in Schedule 4.5(a)2 shall be referred
herein as           “Subsidiaries”).  

		    (b)        Each
Subsidiary is duly organized and validly existing under the Laws of the
          jurisdiction of its organization. Each Subsidiary has all requisite corporate
          power and authority to own, lease, operate and transfer its assets, and to
carry           on the Business it conducts as now being conducted. Each Subsidiary is
duly           qualified to do business and is in good standing as a foreign corporation
in           each jurisdiction where its ownership or operation of assets or the conduct
of           its business requires such qualification, which jurisdictions are listed on
Schedule 4.5(b) 

		    (c)        The
total issued capital stock of the Company consists of 100 ordinary shares.
          Except as expressly set forth herein there are no preemptive or other
          outstanding rights, options, warrants, conversion rights or agreements or
          commitments under which the Company is obligated to issue or sell any Equity
          Securities or any securities or obligations convertible into or exchangeable
          for, or giving any person a right to subscribe for or acquire from the Company,
          any Equity Securities.  

		    (d)        There
are no preemptive or other outstanding rights, options, warrants,           conversion
rights or agreements or commitments under which, to           Shareholders’ knowledge,
any other person is obligated to sell Equity           Securities or any securities or
obligations convertible into or exchangeable           for, or giving any person a right
to subscribe for or acquire any Equity           Securities and to Shareholders’ knowledge,
no securities or obligations           evidencing such rights are outstanding.  

		    (e)        The
Company and the Shareholders have heretofore provided or otherwise made
          available to Buyer true, correct and complete copies of the Memorandum of
          Association, articles of association (including all amendments to date),
          register of shareholders, and copies of all minutes and resolutions of all
          meetings of the Board of Directors, of any committee thereof and of the general
          meeting of the Company and the Subsidiaries.  

		    (f)        Schedule 4.5(f) states
the names and titles of each officer and the           name of each director of (i) the
Company and of (ii) each Subsidiary           (as to each, an “Officer” or
“Director”,           respectively).  

        Section
4.6 Title Matters.  

		    (a)        Each
Shareholder has good and marketable title, free of all Encumbrances, except           for
restrictions under applicable securities Laws and the Buyer acquires           hereunder
good and marketable title, free of all Encumbrances in such           Securities.  

- 10 -

		    (b)        The
Company and/or the Subsidiaries have, free and clear of all Encumbrances           good
and marketable title to, or the right to use, all tangible property           (including
real property) used, or owned or leased and useful in, the Business           or its
products or services.  

        Section
4.7 Financial Statements.  

		    (a)        A
copy of the Company’s signed unaudited consolidated Financial Statements
               as at December 31, 2006 and for the fiscal year then ended as
presented                during the financial due diligence to the Buyer is attached as
Schedule 4.7(a) hereto (the “Most Recent Financial
               Statements”). The Most Recent Financial Statements have been
prepared                in accordance with Singapore Accounting Standards, and present
fairly the                financial condition of the Company and its Subsidiaries as of
such date and the                results of operations for the fiscal year then ended.
The Most Recent Financial                Statements were not affected by any
extraordinary or non recurring item except                as specified therein.  

		    (b)        A
copy of the Company’s signed unaudited consolidated Financial Statements
               as at May 31, 2007 and for the four months then ended is attached as
Schedule 4.7(b) hereto (the “Management Interim                Report”).
The Management Interim Report have been prepared in                accordance with
Singapore Accounting Standards, and present fairly the financial                condition
of the Company and its Subsidiaries as of such date and the results of
               operations for the four months then ended. The Management Interim Report
was not                affected by any extraordinary or non recurring item except as
specified therein.  

		    (c)        After
Closing the Buyer shall prepare the following Financial Statements
               (jointly the “Final Financial Statements”):  

		    (i)        The
Company’s audited consolidated Financial Statements as at                December 31,
and 2006 and for the fiscal year then ended. The said                Financial Statements
shall be prepared in accordance with US GAAP, and present                fairly the
financial condition of the Company and its Subsidiaries as of such                date
and the results of operations for the fiscal years then ended.  

		    (ii)        the
Company’s reviewed Financial Statements as at June 30 2007, and for the
               six months then ended. The said Financial Statements shall be prepared in
               accordance with US GAAP, and present fairly the financial condition of the
               Company and its Subsidiaries as of such date and the results of operations
for                the six months then ended.  

		    (d)        All
proper and necessary books of account and accounting records have been
               maintained by the Company, are in its possession and contain accurate
               information, and have been kept in a manner that enables the Company to
prepare                its Financial Statements in accordance with Singapore accounting
Standards.  

		    (e)        Except
as set forth in the Most Recent Financial Statements and the Management
               Interim Report, the Company has no liabilities or obligations of any type
or                nature whatsoever, whether due or to become due or whether actual,
contingent or                otherwise, other than liabilities and obligations reflected
on the Most Recent                Financial Statements and the Management Interim Report
or with respect to                liabilities or obligations incurred or assumed by the
Company subsequent to                January 1, 2007.  

- 11 -

        Section
4.8 Compliance With Laws. The Business has been and is being conducted in
compliance in all material respects with all Laws, and the Business has all material
Governmental Authorizations necessary for the conduct of the Business as currently
conducted.  

        Section
4.9 Litigation and Claims. There is no civil, criminal or administrative Claim
pending, or to Company’s and Shareholder’ knowledge, investigation pending or
threatened by, on behalf of or against any Shareholder, the Company or any of its
Subsidiaries with respect to or relating to the Company or any Subsidiary or any of their
respective assets; and neither the Company nor any Subsidiary is subject to any order,
writ, judgment, award, injunction or decree of any Governmental Entity of competent
jurisdiction or any arbitrator. 

        Section
4.10 Tangible Assets.  

		    (a)       The
Most Recent Financial Statements contain a true, correct and complete
          description of: (i) all material equipment, computer equipment and
          hardware, furniture, fixtures, vehicles, machinery, apparatus, media, tools,
          appliances, implements, supplies and other tangible personal property which are
          in a good state of repair and condition, ordinary wear and tear excepted, which
          is needed for the conduct of the Business.  

		    (b)       The
Most Recent Financial Statements contain a true, correct and complete
          description, by category and volume level as of December 31, 2006, of all
          of the Business’ inventories of (i) Products, (ii)  computer
          program code (in all media) and materials, and (iii) program
          documentation, including user materials. All of such inventories have been
          costed and valued and presented in the Most Recent Financial Statements. All of
          such inventories of Products, materials, stores and supplies are usable for
          their intended purpose.  

        Section
4.11  Premises Each of the premises of the Company and the Subsidiaries conforms
to and complies in all material respects with all covenants, conditions, restrictions,
reservations, land use, zoning, health, fire, water and building codes and other similar
Laws, and no such Laws prohibit or limit or condition the use or operation of such
premises as currently used and operated. To Shareholders’ knowledge, there is no
pending, contemplated, threatened or anticipated change in the zoning classification of
any of such premises.  

        Section
4.12 Intellectual Property and Other Intangible Assets  

		    (a)        The
Intellectual Property (as defined below) of the Company or any Subsidiary is
          listed in Schedule 4.12 attached hereto. The Company and any Subsidiary
          own and have developed, or have obtained the right to use, free and clear of
all           liens, claims and restrictions, all patents, trademarks, service marks,
trade           names and copyrights, and applications, licenses and rights with respect
to the           foregoing, and all trade secrets, including know-how, inventions,
designs,           processes, works of authorship, computer programs and technical data
and           information (collectively herein “Intellectual Property”)
used           and sufficient for use in the conduct of its business as now conducted and
as           currently proposed to be conducted, without infringing upon or violating any
          right, lien, or claim of others, including without limitation the Shareholders
          or past and present Employees and employers of the Company or any Subsidiary.
          Neither the Company nor any Subsidiary is obligated or under any liability
          whatsoever to make any payments by way of royalties, fees or otherwise to any
          owner or licensee of, or other claimant to, any patent, trademark, service
mark,           trade name, copyright or other intangible asset, with respect to the use
thereof           or in connection with the conduct of its business as now conducted or
as           proposed to be conducted or otherwise.  

- 12 -

		    (b)        To
the best knowledge of the Company and the Shareholders, after diligent           inquiry,
the Intellectual Property detailed in Schedule 4.12 does not           infringe
upon or violate any right, lien, or claim of others, including without
          limitation the Shareholders or past and present Employees and members of the
          Shareholders or the Company.  

		    (c)        Except
in connection with “off-the-shelf-products”, neither the           Company nor
any Subsidiary is obligated or under any liability whatsoever to           make any
material payments by way of royalties, fees or otherwise to any owner           or
licensee of, or other claimant to, any patent, trademark, service mark, trade
          name, copyright or other intangible asset, with respect to the use thereof or
in           connection with the conduct of the Business.  

		    (d)        Any
and all Intellectual Property of any kind which has been developed, or is
          currently being developed by any Employee or consultant of the Company or any
          Subsidiary shall be the property solely of the Company or such Subsidiary, as
          the case may be.  

		    (e)        The
Company and the Subsidiaries have taken security measures to protect the
          secrecy and confidentiality of all the Intellectual Property detailed on Schedule
4.12, which measures are reasonable and customary in the           industry in which
the Company or the Subsidiaries operate.  

		    (f)        The
Shareholders and each of the Company’s or any Subsidiary’s’          Employees
and consultants have entered (or will before the Closing enter) into           written
agreements with the Company or the relevant Subsidiary, as applicable,
          assigning to the Company or the relevant Subsidiary all rights in Intellectual
          Property set forth in Schedule 4.12 developed in the course of their
          employment by, or provision of services to, the Company or the relevant
          Subsidiary and each of the Company’s and the relevant Subsidiary’s
          Employees and other persons who, either alone or in concert with others,
          developed, invented, discovered, derived, programmed or designed the
          Intellectual Property set forth in Schedule 4.12, or who has knowledge
of           or access to information about the Intellectual Property set forth in Schedule
4.12, including (without limitation) the Shareholders have           entered into a
written non-disclosure or intellectual property assignment           agreement with the
Company or with any Subsidiary, as the case may be. True and           correct copies of
all such assignments have been provided to the Buyer.  

		    (g)        The
Company has not received any communications alleging that the Company or any
          Subsidiary has violated or by conducting the Business, would violate, any of
the           patents, trademarks, service marks, trade names, copyrights or trade
secrets or           other proprietary rights of any other person or entity.  

		    (h)        Neither
the Shareholders nor, to the best knowledge of the Company and the
          Shareholders, any of the Company’s or of any of the Subsidiary’s
          Employees is obligated under any contract (including licenses, covenants or
          commitments of any nature) or other agreement, or subject to any judgment,
          decree or order of any court or administrative agency, that would interfere
with           the use of the Shareholders’ or such Employee’s best efforts to
          promote the interests of the Company or any Subsidiary pursuant to such
          Shareholder or such Employee’s employment agreement, as the case may be,
or           that would conflict with the Company’s or any Subsidiary’s
Business.  

- 13 -

		    (i)        Neither
the execution nor delivery of this Agreement, nor the carrying on of the           Company’s
or any of the Subsidiary’s Business by the Employees of the           Company or of
any of the Subsidiaries, as the case may be, nor the conduct of           the Company’s
or any Subsidiary’s Business, will, to the knowledge of           the Company and
the Shareholders (which knowledge qualification shall not apply           to the extent
that this representation relates to such Shareholder) conflict           with or result
in a breach of the terms, conditions or provisions of, or           constitute a default
under, any contract, covenant or instrument under which           either such Shareholder
or any of such Employees is now obligated.  

		    (j)        It
is not currently and the Company does not at this time have any knowledge           that
would indicate that it will become, necessary to utilize any inventions of           any
of the Shareholders or the Company’s or any Subsidiary’s Employees
          (or people the Company or any Subsidiary currently intend to hire) made prior
to           their employment by the Company or the relevant Subsidiary and which were
not           made on behalf of the Company or the relevant Subsidiary. For the removal
of           doubt, by executing this Agreement, each Shareholder, and each person
signing on           behalf of the Shareholder, confirms and approves that any and all
developments           or other activities made in connection with the Intellectual
Property by each of           such persons prior to the incorporation of the Company or
the relevant           Subsidiary or such individual employment with the Company, was
made for the           benefit of the Company.  

        Section
4.13 Major Vendors and Customers. Schedule 4.13 lists each
licensor, developer, remarketer, distributor and supplier of property or services to, and
each licensee, end-user or customer of, the Company or any Subsidiary to whom the Company
or any Subsidiary paid or billed in the aggregate $50,000 or more during either 2006 or
from January 1st2007 till the date hereof, together with, in each case, the
amount paid or billed during such period. Neither the Company, any Subsidiary nor, to
Sellers’ knowledge, any Employee of the Company or any Subsidiary, has been informed
by a third party that the consummation of the Transaction would result in the loss of any
significant customer, potential customer or vendor of the Business.  

        Section
4.14 The Company Contracts.  

		    (a)        (a)
The term ” Company Contracts” means the following: 

		    (i)        all
Licenses as listed on Schedule 4.14(a)(i) (the                “Licenses”);  

		    (ii)        all
Major Software Contracts as listed on Schedule 4.14(a)(ii) (the
               “Software Contracts”). The term Major Software Contract shall
mean a                contract according to which any of the Company or any Subsidiary
(each, an                “Entity”) paid, may pay or collected or may
collect in the                aggregate 5% or more of such Entity’s turnover during
either 2006 or from                January 1st 2007 till the date hereof; 

- 14 -

		    (iii)        all
Major Maintenance Contracts as listed on Schedule 4.14(a)(iii)               (the
“Maintenance Contracts ”). The term Major Maintenance
               Contract shall mean a maintenance contract according to which any Entity
paid,                may pay or collected or may collect in the aggregate 5% or more of
such                Entity’s turnover during either 2006 or from January 1st 2007
till the date                hereof;  

		    (iv)        all
leases and subleases of real property premises, as listed on Schedule 4.14(a)(iv) (the
“Leases”);  

		    (v)        all
unfilled sales orders (including all backlog) of the Business, as of the
               date hereof, as listed on Schedule 4.14(a)(v);  

		    (vi)        all
distribution agreements and re-sale agreements to which the Company or a
               Subsidiary is a party and which are in effect as of the date hereof;  

		    (vii)        all
joint ventures or other contracts or commitments providing for payments
               based in any manner on the revenues or profits of the Company, a
Subsidiary or                the Business, which are in effect as of the date hereof.  

		    (b)        The
Company and the Shareholders have made available to Buyer true and complete
               copies of each Company Contract that is in written form, and true and
complete                written summaries of each Company Contract that is oral.  

		    (c)        There
are no other agreements, contracts, subcontracts, leases and subleases of
               personal property, arrangements, commitments, licenses and sublicenses to
which                the Company or a Subsidiary is a party as of the date hereof, and
which is in                effect as of the date hereof, pursuant to which the Company or
a Subsidiary is                obligated to make payments or entitled to receive
payments, in excess of                $50,000, whether written or oral.  

		    (d)        Each
of the Company Contracts constitutes the valid and legally binding
               obligation of the Company or a Subsidiary and, to Shareholders’ knowledge,
               of the other parties thereto, and is enforceable in accordance with its
terms,                except as may be limited by applicable bankruptcy, insolvency,
reorganization,                moratorium or other Laws of general application relating
to or affecting the                enforcement of creditors’ rights generally and
equitable principles                limiting the availability of equitable remedies.  

		    (e)        Each
of the Company Contracts (as the same may be amended, restated,
               supplemented or otherwise modified by any other Company Contract, and when
taken                together with any other Company Contract covering the subject
thereof)                constitutes the entire agreement of the respective parties
thereto relating to                the subject matter thereof.  

		    (f)        No
act or omission has occurred or failed to occur that has not been either
               cured or waived which, with the giving of notice, the lapse of time or
both                would (i) constitute a default under any of the Company Contracts by
the Company                or any Subsidiary or, to Sellers’ knowledge, the other
party thereto, or                (ii) permit termination, modification or acceleration
thereunder by the Company                or any Subsidiary or, to Sellers’ knowledge,
the other party thereto, and                each of the Company Contracts is in full
force and effect.  

- 15 -

		    (g)        None
of the Company Contracts requires consent or waiver in connection with
               consummation of the Transaction.  

With respect to each Lease:
(i) to Sellers’ knowledge, there are no material disputes or oral agreements
between the parties thereto; and (ii) the Company will have the right to continue to
occupy the leased premises following the Closing without incurring a payment of any
additional amount to the landlord thereof solely as a result of the Closing of the
Transactions. 

        Section
4.15 Warranties. All Products sold by the Business on or before the date
hereof with respect to which written warranties are still in effect have been in
conformity with such written warranties and commitments and express and implied
warranties as of the date hereof of the Company or any Subsidiary, as the case may be. As
of the date hereof, there is no Claim for replacement of such Products or other damages
pursuant to such warranty. No Product sold by the Company or any Subsidiary, as the case
may be, is subject to any contractual guaranty, warranty or other indemnity beyond those
provided to the Buyer in the course of the Due Diligence.  

        Section
4.16 Accounts Receivable. All of the consolidated accounts receivable
(including the accounts, obligations, contracts and instruments underlying the same) of
the Company as of April 30, 2007 are set forth in Schedule 4.16. All such account
receivable, net of the reserve for doubtful accounts reflected on the Most Recent
Financial Statements, are good and collectible at their respective full amounts; provided,
however, that the foregoing is not a representation, warranty or guarantee that such
accounts receivable will, in fact, be collected.  

        Section
4.17 Tax Matters.  

		    (a)        Except
as set forth on Schedule 4.17(a), all Tax Returns, if any,           required to
be filed by the Company or any Subsidiary on or before the date of           the
signature of this Agreement, have been filed with the appropriate           governmental
agencies and taxing authorities with which such reports are           required to be
filed and such Tax Returns are true and accurate and all Tax           liabilities based
on such Tax Returns have been paid by the Company or the           applicable Subsidiary
in a full and timely fashion (after giving effect to any           extensions to which
the Company has been granted or to which it is entitled by           law) or the Company
has properly accrued, on the Most Recent Financial           Statements, a provision for
the payment of all Taxes due or claimed to be due           for which the Company or such
Subsidiary otherwise is or may be liable. Neither           the Company nor any
Subsidiary has exercised a waiver which is still in effect           extending the
statute of limitations for any year for any Taxes.  

		    (b)        The
Company, and each Subsidiary, has complied with all Laws relating to the
          payment and withholding of Taxes and has withheld and paid all Taxes required
to           have been withheld and paid in connection with amounts paid or owing to any
          Employee, independent contractor or other person;  

- 16 -

		    (c)        Neither
the Company nor any Subsidiary is bound by any agreement (either with           any
person or any taxing authority) with respect to Taxes.  

		    (d)        No
audit or other administrative or court proceedings are pending with respect           to
Taxes of the Company or any of its Subsidiaries and no written notice thereof
          has been received; and no issue has been raised by any taxing authority in any
          presently pending or prior audit that would reasonably be expected to generate
a           material liability for the Company.  

		    (e)        No
Claim has been made by a taxing authority that is still pending in a
          jurisdiction where the Company does not file Tax Returns that the Company is or
          may be subject to taxation in that jurisdiction.  

		    (f)        No
Claim has been made by a Taxing authority in a jurisdiction where any
          Subsidiary does not file Tax returns that such Subsidiary is or may be subject
          to taxation in that jurisdiction.  

		    (g)        The
Seller, to the exclusion of Buyer, is responsible for any Taxes incurred by           the
Company arising from the Transaction itself.  

        Section
4.18 Employment Matters.  

		    (a)        Neither
          the Company nor any Subsidiary is a party to or bound by any (i) collective
          bargaining agreements or other contracts or commitments to or with any labor
          unions or other Employee representatives, groups of Employees, works councils
or           the like, or (ii) any employment contracts or other contracts,
agreements           or commitments to or with individual current or former Employees,
consultants or           agents that are still in effect, whether written or oral.  

		    (b)        (i)
During the three-year period preceding the date hereof, neither the Company           nor
any Subsidiary has experienced any strikes, slowdowns or similar action by           its
Employees; (ii) neither the Company nor any Subsidiary has any knowledge of           any
organizational effort presently being made or threatened by or on behalf of           any
labor union with respect to the Employees of the Company or any Subsidiary;
          (iii) there are no Claims currently pending or, to Shareholders’ knowledge,
          threatened, against the Company or any Subsidiary alleging the violation of any
          Laws relating to employment, equal employment opportunity, nondiscrimination,
          wages, hours, benefits, collective bargaining, payments to the National
          Insurance Institute, or any other Claim whatsoever, whether based in tort,
          contract or Law, arising out of or relating in any way to a person’s
          employment (actual or alleged), application for employment or termination of
          employment with the Company or any Subsidiary; and (iv) each Employee is signed
          on a standard employment contract in the form that has been provided to Buyer.  

        Section
4.19 Benefits Arrangements.  

		    (a)        There
are no (i) Employee benefit plans that are in effect as of the date hereof           and
which the Company or any of its Subsidiaries sponsors, maintains, or to           which
contributions are made, or for which obligations are incurred, for the           benefit
of Employees of the Company or any of its Subsidiaries; and (ii) any           Employee
benefit plans or indebtednesses that are not in effect as of the date           hereof
and which in the past the Company or any of its Subsidiaries has           sponsored,
maintained, or to which contributions were made, or for which           obligations were
incurred, for the benefit of Employees of the Company or any of           its
Subsidiaries, and with respect for which there is as of the date hereof any
          unpaid material liability; including any profit-sharing, deferred compensation,
          bonus, share option, share purchase, pension, retainer, consulting, retirement,
          social security, severance, welfare or incentive plan, agreement or
arrangement,           or any other social benefit indebtednesses including payment for
extra hours.           The plans, agreements and arrangements described in this Section 4.19
are           collectively referred to as “Benefit Arrangements.” Other than
          immaterial amounts, all contributions (including all employer contributions and
          Employee salary reduction contributions) that are due have been paid or accrued
          to each Benefit Arrangement.  

- 17 -

		    (b)        The
provision made for severance pay that may be owing the Company’s or any           of
its Subsidiaries’ Employees in the Most Recent Financial Statements is
          adequate to cover the amount that would have been owing them had they all
become           entitled to severance pay on the date of the Most Recent Financial
Statements.  

		    (c)        No
person who provides services to the Company or any of its Subsidiaries as a
          consultant or independent contractor would reasonably be expected to be
          classified as an Employee by the applicable Governmental Entity for purposes of
          applicable labor laws.  

		    (d)        The
consummation of the Transaction will not in and of itself entitle any person           to
severance pay, and will not accelerate the time of payment or vesting, or
          increase the amount of compensation due to any person, including under any
          Benefits Arrangement.  

        Section
4.20 Environmental Matters. The Company and each Subsidiary has complied in
all material respects with all Environmental Laws, and no Claim or, to Shareholders’ knowledge,
investigation has been filed or commenced against the Company or any of its Subsidiaries
alleging such failure, nor to Sellers’ knowledge, is there any valid basis for such
a Claim.  

        Section
4.21 Insurance. The Company and Subsidiaries hold all insurance policies
covering the ownership and operations of the Company or any Subsidiary, or any of the
Company’s or any Subsidiary’s assets, reflecting the identity of insurers and
amounts and types of coverage. Such insurance provides coverage for such risks and in
such amounts as are reasonable and customary for businesses and assets of the same nature
and size as the Company’s or the Subsidiary, as the case may be. All of such
policies, or similar replacement policies, will be until Closing in full force and effect
with no premium arrearages, and no notice of termination or non-payment has been received
with respect to such policies.  

        Section
4.22 Related-party Transactions. Except as detailed in Sections 3.2(b) and
3.2(c) Neither the Company nor any Subsidiary is a party to any contract, agreement,
license, lease or arrangement with, or any other commitment to, directly or indirectly:
(a) any shareholder, director or other officer or salaried Employee of the Company
or any Subsidiary, or any Affiliate thereof (“Related Party”, “Related
Parties”); or (b) to Shareholders’ knowledge, any person in
which any such shareholder, director, officer, salaried Employee or Affiliate has a
material equity or participating interest.  

- 18 -

        Section
4.23 Access. The Company and the Shareholders (i) have permitted Buyer
and its representatives to have access to the Books and Records of the Company and each
Subsidiary, to the Company’s and each Subsidiary’s Employees and to the
locations at which the Business is conducted or at which such Books and Records are
located, and (ii) the Company has furnished or otherwise made available to Buyer all
financial and operating data and other information that is available with respect to the
Company or any Subsidiary as Buyer reasonably requested, and (iii) has caused its
Employees, counsel, independent accountants and financial advisors to cooperate with
Buyer in its investigation of the Business. The Company has given Buyer full, complete
and unrestricted access to the premises, technical information, software, books, records,
Employees, counsel, accountants and advisors of the Business.  

        Section
4.24 Finders’Fees. There is no investment banker, broker, finder or other
intermediary who (i) has been retained by or is authorized to act on behalf of Sellers,
the Company or any Subsidiary and (ii) who is entitled to any fee or commission from the
Company or any Subsidiary in connection with the Transaction except pursuant to an
agreement between such person and the Buyer or the Buyer’s Affiliate.  

        Section
4.25 Subsequent Changes. Except as set forth in the Most Recent Financial
Statements, since December 31, 2006 (i) the Company and each Subsidiary has been
operated in the ordinary course of business, and (ii) there has not been:  

		    (a)        any
material adverse change in the assets, liabilities, condition (financial or
          otherwise), business or operations of the Company or any Subsidiary from that
          reflected in the Most Recent Financial Statements;  

		    (b)        any
damage, destruction or loss, whether or not covered by insurance;  

		    (c)        any
waiver by the Company or any Subsidiary of a right material to the condition
          (financial or otherwise) or the business of the Company and its
          Subsidiaries taken as a whole or operations and activities of the Company and
          its Subsidiaries taken as a whole;  

		    (d)        any
material change or amendment to a material contract or arrangement by or           under
which the Company or any Subsidiary or any of their respective assets or
          properties is bound or subject;  

		    (e)        any
rescission, cancellation, settlement, modification or other compromise of           any
accounts receivable, any indebtedness due thereunder or any guarantee or
          repurchase obligation related thereto, other than in the ordinary course;  

		    (f)        any
material change in any compensation arrangement or agreement with any           Employee
of the Company or any of its Subsidiaries;  

		    (g)        any
loans made by the Company or any Subsidiary to their respective Employees,
          officers or directors other than travel related advances made in the ordinary
          course of business;  

- 19 -

		    (h)        any
agreement to guarantee the performance or indebtedness of any third-party or           to
provide indemnification to any third-party, except for a guarantee or
          indemnification made in the ordinary course or the guarantee or indemnification
          made by the Company for the benefit of, or on behalf of, a Subsidiary;  

		    (i)        any
sale, transfer or lease of, nor the assumption or imposition nor the
          satisfaction, discharge or settlement of any mortgage, pledge, lien,
encumbrance           or hypothecation on or over or from, any of the Company’s or
any           Subsidiary’s assets, properties or business, except in the ordinary
course           of the business of the Company or each Subsidiary;  

		    (j)        any
change in the accounting methods or accounting principles or practices           employed
by the Company or any of its Subsidiaries, except as required by Law or           US
GAAP; nor  

		    (k)        any
other event or condition of any character that would reasonably be expected           to
have a Material Adverse Effect.  

        Section
4.26 Research and Development Grant  

	 	        The
Company and/or any Subsidiary has received  research and  development  grants as set
forth in Schedule 4.26, under terms and conditions detailed in each grant
certificate (“Grant Certificate”). The Company, and each relevant
Subsidiary is in full compliance with all of the provisions of any Grant Certificate, and
of any applicable Law, and has not received any notice alleging any violation of any
Grant Certificate or such Law. The Company, and each relevant Subsidiary, is in full
compliance with its obligations under any Grant Certificate including, but not limited
to, its reporting undertakings and has received all requisite approvals of the grantor to
this Agreement and to the effect that the transaction contemplated hereunder shall not
affect the rights and obligations of the Company and each Subsidiary under any Grant
Certificate. To date, the Company and each relevant Subsidiary, has made all payment
required by it according to the Grant Certificate.  

        Section
4.27 Disclosure. The provisions of this Agreement and the Schedules with
respect to the Company or any Subsidiary do not include any untrue statement of a
material fact or omit to state any material fact necessary in order to make the
statements made herein and therein not misleading. To Shareholders’ knowledge, there
is no material fact or information regarding the activities of the Company or any of its
Subsidiaries which has not been disclosed and which would reasonably be expected to have
a Material Adverse Effect or reasonably could adversely affect the Company’s ability
to perform its obligations under this Agreement and to consummate the Transactions.  

ARTICLE V 

REPRESENTATIONS AND
WARRANTIES OF BUYER 

        As
of the date hereof, Buyer represent and warrant to the Shareholders as follows: 

- 20 -

        Section
5.1 Power and Authority of Buyer.  

Buyer is a corporation duly
organized, validly existing and in good standing under the Laws of the State of Israel.
Buyer has full corporate power and authority to execute and deliver this Agreement and
each Closing Document to which it is a party, and to perform its obligations hereunder and
thereunder. The execution, delivery and performance by Buyer of this Agreement and each
Closing Document to which it is a party have been duly and validly authorized by all
necessary corporate action on the part of Buyer, and no additional corporate authorization
or consent is required in connection therewith. 

        Section
5.2 Approvals. No consent, approval, waiver, authorization or novation is
required to be obtained by Buyer from, and no notice or filing is required to be given by
Buyer to, any Governmental Entity or other person in connection with the execution,
delivery and performance by Buyer of this Agreement and each Closing Document to which
either of them is a party.  

        Section
5.3 Non-Contravention. The execution, delivery and performance by Buyer of
this Agreement and each Closing Document to which it is a party, and the consummation of
the Transaction, do not and will not: (a) violate any provision of the articles of
incorporation, bylaws or other organizational documents of Buyer; (b) conflict with, or
result in the breach of, or constitute a default under, or result in the termination,
cancellation or acceleration (whether after the filing of notice or the lapse of time or
both) of any right or obligation of Buyer under, any agreement, contract, lease,
sublease, arrangement, commitment or license to which Buyer is a party; or (c) violate
or result in a breach of or constitute a default under any Law, judgment, injunction,
order, decree or other restriction of any Governmental Entity to which Buyer is subject.  

        Section
5.4 Binding Effect.  

This Agreement and each Closing
Document, when executed and delivered by Buyer, will constitute valid and legally binding
obligations of Buyer, enforceable against Buyer in accordance with their respective terms,
subject to bankruptcy, insolvency, reorganization, moratorium and similar Laws of general
applicability relating to or affecting creditors’ rights and to general equity
principles. 

        Section
5.5 Finders’Fees. There is no investment banker, broker, finder or other
intermediary who (i) has been retained by or is authorized to act on behalf of Buyer
or any Affiliate of Buyer and (ii) who might be entitled to any fee or commission
from Shareholders or any Affiliate of Shareholders in connection with the Transaction.  

ARTICLE VI 

COVENANTS 

        Section
6.1 Access. During the period from the date hereof to Closing, Shareholders
will cause the Company to (i) permit Buyer and its representatives to have
reasonable access, at reasonable times, upon reasonable advance notice, to the Books and
Records of the Company, to the Employees, consultants, agents and other personnel of the
Company, and to the locations at which the Business is conducted or at which any Books
and Records are located, (ii) furnish or otherwise make available to Buyer any
financial and operating data and other information that is available with respect to the
Company as Buyer from time to time may reasonably request, and (iii) cause its
Employees, counsel, independent accountants and financial advisors to reasonably
cooperate with Buyer in its investigation of the Company  

- 21 -

        Section
6.2 Conduct of Business. During the period from the date hereof to Closing,
the Shareholders will cause the Company and its Subsidiaries to conduct the Business only
in the ordinary course and to use its commercially reasonable efforts to maintain and
preserve intact its business organization, advantageous business relationships and retain
the services of its Employees, and to maintain existing relationships with licensors,
licensees, suppliers, contractors, distributors, customers and others having business
relationships with it. Without limiting the generality of the foregoing, except as
expressly provided in this Agreement or as otherwise agreed by the parties in writing,
from the date hereof to Closing, either of the Shareholders will neither cause the
Company nor any of its Subsidiaries, nor permit them, without the prior written consent
of Buyer, to:  

		    (a)        amend
or propose to amend its articles of association;  

		    (b)        authorize
for issuance, issue, sell, deliver or agree or commit to issue, sell           or deliver
(whether through the issuance or granting of options, warrants,           commitments,
subscriptions, rights to purchase or otherwise) any shares of           any class or
any other securities or equity equivalents of the Company (except           for the
issuance of shares as a result of the exercise or conversion of any           warrants,
options or other convertible securities outstanding as of the date           hereof;
provided that  notice of such issuance is given to Buyer within           three
business days thereafter), or amend any of the terms of any such           securities or
agreements outstanding as of the date hereof;  

		    (c)        split,
combine or reclassify any shares, declare, set aside or pay any dividend           or
other distribution (whether in cash, shares, or property or any combination
          thereof) other than ordinary course payments or transfers, including
          distributions from a Subsidiary to the Company, in respect of its securities,
or           redeem, repurchase or otherwise acquire any of its securities or any
securities           of the Subsidiaries;  

		    (d)        (i) incur
any indebtedness for borrowed money (other than trade payables           incurred in the
ordinary course of business) or issue any debt securities or           assume, guarantee
or endorse the obligations of any other person (except that           the Company may
guarantee or endorse obligations of any of the Subsidiaries in           the ordinary
course of business); (ii) make any loans, advances (other than           travel and other
business advances to Employees, and the extension of trade           credit, all made in
the ordinary course of business); (ii) make any loans,           advances or capital
contributions to, or investments in any other person, (other           than investments
in mutual funds or public companies made in connection with           treasury cash
management policies in the ordinary course of business);           (iii) pledge or
otherwise encumber shares of the Company or any of the           Subsidiaries; or (iv) mortgage
or pledge any of its assets, tangible or           intangible, or create or knowingly
suffer to exist any Encumbrance thereupon,           except Permitted Encumbrances;  

- 22 -

		    (e)        Enter
into, adopt or (except as may be required by Law) amend or terminate any           bonus,
profit sharing, compensation, severance, termination, share option, share
          appreciation right, performance unit, share equivalent, share purchase,
pension,           retirement, deferred compensation, employment, severance or other
Employee           benefit agreement, trust, plan, fund or other arrangement for the
benefit or           welfare of any director or other officer or Employee, increase in
any manner the           compensation or benefits of any director or other officer or
Employee or (except           in accordance with the terms of any employment agreement
with such Employee or           any Benefit Arrangement existing as of the date of this
Agreement) pay any           benefit not required by any plan or arrangement as in effect
as of the date           hereof (including the granting of share options or share
appreciation rights);  

		    (f)        acquire,
sell, lease or dispose of any assets outside the ordinary course, or           enter into
any contract, agreement, commitment or transaction outside the           ordinary course;  

		    (g)        change
any of the accounting principles or practices used by it, except as           required by
Law or US GAAP and provided that notice of such change is given to           Buyer;  

		    (h)        (i) acquire
(by merger, consolidation, or acquisition of shares or assets)           any corporation,
partnership or other business organization or division thereof;           (ii) authorize
any new capital expenditure which individually or in the           aggregate is in excess
of individually US$5,000 or in the aggregate US$10,000;           or (iii) enter
into or amend any contract, agreement, commitment or           arrangement with respect
to any of the foregoing;  

		    (i)        settle
or compromise any Tax Liability or waive or extend the statute of           limitations
in respect of any Taxes;  

		    (j)        settle,
pay, forgive, waive, discharge or satisfy any Claims, Liabilities or
          obligations (absolute, accrued, asserted or unasserted, contingent or
          otherwise), other than in the ordinary course or in accordance with their terms
          in effect on the date hereof with respect to Liabilities reflected or reserved
          against in the Most Recent Financial Statements or incurred in the ordinary
          course since January 1, 2007, ; provided that the Company will notify Buyer of
          any settlement, payment, forgiveness, waiver, discharge or satisfaction of any
          Liabilities not reflected or reserved against in the Most Recent Financial
          Statements or the Most Recent Financial Statements.  

		    (k)        enter
into any contract, agreement or understanding that would, if in existence           on
the date hereof, constitute a Company Contract, or amend, modify,           renegotiate,
renew, extend or terminate any Company Contract, in each case           except in the
ordinary course;  

		    (l)        take,
or agree in writing or otherwise to take, any of the actions prohibited in           this
Section 6.2 or any action that would (i) make any of the
          representations or warranties of Sellers contained herein that are qualified by
          materiality or Material Adverse Effect to be untrue or incorrect, or
          (ii) make any other representation or warranty of Seller contained herein
          to be untrue or incorrect in any material respect, or (iii) result in any
          of the conditions set forth in Article VII not being satisfied.  

- 23 -

        Section
6.3 Reasonable Efforts; Further Assurances.  

During the period from the date
hereof to Closing, Sellers and Buyer will cooperate and use commercially reasonable
efforts to fulfill the conditions precedent to each of their own and the other
parties’ obligations hereunder. 

During the period from the date
hereof to Closing, Sellers and Buyer will cooperate and use their respective commercially
reasonable efforts to comply with all Laws in furtherance of the Transaction. Subject to
the provisions hereof, from time to time after the Closing Date, each party will promptly
execute, acknowledge and deliver any other assurances or documents reasonably requested by
another party and necessary for the other party to satisfy its obligations hereunder or to
obtain the benefits contemplated hereby. 

        Section
6.4 Confidentiality.  

		    (a)        During
the Restricted Period (as defined below), the Shareholders and their           Affiliates
will treat as confidential and will safeguard any and all           information,
knowledge in their possession and data in their possession which is           owned by
the Company classified by the Company as confidential (the           “Company
Confidential Information”), in each case by using the same           degree of care,
but no less than a reasonable standard of care, to prevent the           unauthorized
use, dissemination or disclosure of such information, knowledge and           data as
Shareholders use with respect to their own confidential and proprietary
          information. Nothing contained in this Section will in any way restrict or
          impair the right of the Shareholders or their Affiliates to use, disclose or
          otherwise deal with information of the Company which: (i) is or becomes a
          matter of public knowledge through no fault of the Shareholder or its agents or
          representatives; (ii)  can be shown by written record already to have been
          in the Shareholder’s possession at the time of disclosure of the
          information to the Shareholder, and was not acquired, directly or indirectly,
by           breach of any obligation of confidentiality to the Company or to any other
          person; (iii) is rightfully received by that Shareholder from a person
          having no duty of confidentiality to the Company or any other person or
          (v) can be shown by written record to have been independently developed by
          the Shareholder; provided, however, that nothing in this Section 6.4 will
          give the Shareholders the right to use, disclose or otherwise deal with the
          Company Confidential Information solely by reason of or incidental to the
          Shareholders’ ownership or prior ownership of the Company. For the purpose
          of this Section 6.4(a), the “Restricted Period” shall begin on the
          date of this Agreement and shall continue (i) perpetually with respect to the
          Company’s computer program source code; and (ii) until the lapse of two
          years from the date of this Agreement with respect to all other Company
          Confidential Information. If this Agreement is terminated prior to Closing,
this           Section 6.4 shall be null and void and of no force or effect.  

- 24 -

		    (b)        Except
as permitted by Section 6.5, as required for the performance of this           Agreement
or as expressly permitted in this Section 6.4(b), no party will           disclose
or reveal to any other person, except such party’s investment           banking,
legal, accounting representatives or other advisors, any information           relating
to the Transaction. Notwithstanding the foregoing or any other           provision of
this Agreement, each party to this Agreement (and each Employee,
          representative, or other agent of the party) may disclose to any and all
          persons, without limitation of any kind, any information of any kind as
required           by Law or necessary to defend or enforce its respective rights under
this           Agreement or any related agreements.  

        Section
6.5 Public Disclosure.  

Except as permitted by this Section 6.5
or as may be required to comply with the requirements of any Law, and the rules and
regulations of each stock exchange upon which the securities of any of the parties is
listed: (i) prior to Closing, no party shall issue or permit the issuance of any
press release or similar public announcement or communication concerning the execution,
performance or termination of this Agreement unless specifically approved in advance by
Buyer and the Seller; and (ii) prior to and after Closing, neither Buyer, nor any of
its respective Affiliates, and, after Closing, neither the Company, any Subsidiary nor any
of their respective Affiliates, shall include in any press release or similar public
announcement or any other communication a statement attributable to the Seller or any
person who is an officer or director of the Company or any Subsidiary immediately prior to
Closing unless such person to whom such statement is attributable has approved such
statement. 

        Section
6.6 Notice of Certain Matters.  

From the date hereof, the
Shareholders and Buyer will give each other prompt notice of the occurrence or
non-occurrence of any event that causes any condition set forth in Article VIII not to be
satisfied; provided, however, that the delivery of any such notice will not limit
or otherwise affect the remedies available hereunder to the party receiving such notice. 

The Shareholders will promptly update
each Schedule as necessary on or before the Closing Date and deliver the same to Buyer,
which updates shall be deemed to be part of this Agreement as of the date hereof. Updates
that reflect events outside the ordinary course or that reflect violations of covenants
will not be permitted. 

        Section
6.7 Exclusivity. Unless this Agreement is terminated as provided by Section
9.1, each of the Shareholders will not, directly or indirectly, solicit, initiate,
negotiate or assist any proposal or offer from any Person to acquire all or any
substantial part of the Equity Securities or the Business.  

        Section
6.8 Certain Actions by Buyer Prior to Closing.  

During the period from the date
hereof to Closing, Buyer will not, without the prior written consent of the Shareholders,
take, or agree in writing or otherwise to take, any action that would (i) make any of
the representations or warranties of Buyer contained herein that are qualified by
materiality to be untrue or incorrect, or (ii) make any other representation or
warranty of Buyer contained herein to be untrue or incorrect in any material respect, or
(iii) result in any of the conditions set forth in Article VIII not being satisfied. 

- 25 -

        Section
6.9 Non-Competition and Non-Solicitation.  

		    (a)        During
the period from the date hereof to Closing and for a period of three                years
after Closing-provided, that if this Agreement is terminated pursuant to
               Section  9.1, this Section  6.9(a) shall be of no force or
effect each                Shareholder will not engage, either directly or indirectly
through any of its                Affiliates, whether as owner, principal, shareholder,
Employee, consultant or in                any other capacity, in any business that may be
reasonably considered as                competing with the Business anywhere in the
world, except as a customer or                authorized distributor of Buyer, or for the
benefit of Buyer or otherwise with                Buyer’s consent (which may be
withheld in Buyer’s sole discretion).                Shareholders acknowledge and
agree that the current market for the products and                services developed,
marketed or distributed by the Company and the Subsidiaries,                extends
throughout the entire world and that it is therefore reasonable to
               prohibit them from competing with Buyer in such business anywhere in the
world.  

		    (b)        During
the period from the date hereof to Closing and for a period of 2 years
               after Closing-provided, that if this Agreement is terminated pursuant to
Section                9.1, this Section 6.9(b) shall be of no force or effect- without
the prior                written consent of Buyer, no Shareholder nor any Affiliate of a
Shareholder                will:  

		    (i)               induce
or encourage any Employee, with the knowledge that such person is an
               Employee, to discontinue, cancel or refrain from any employment,
consulting or                similar relationship with the Company or any Subsidiary;  

		    (ii)        hire
an Employee (or any person who was an Employee at any time during the
               period of three months prior to such attempted hiring) or retain an
Employee (or                any person who was an Employee at any time during the period
of three months                prior to such retention), in each case with the knowledge
that such person is or                was an Employee during such period, as a consultant
or other advisor.  

		    (iii)        The
limitations in this Section will not apply to inducement,
               encouragement, hiring or retention of an Employee (or of a person who was
an                Employee at any time during the period of three months prior to such
retention)                if such inducement, encouragement, hiring or retention resulted
from a general                solicitation or engagement of a recruitment firm outside
the jurisdiction of the                Company or of the Subsidiary by which the Employee
was employed, as the case may                be, for a non-targeted search.  

		    (c)        If
any Governmental Entity of competent jurisdiction determines that the
               restrictive covenant contained in this Section, or any part thereof, is
invalid                or unenforceable for any reason, the remainder of the restrictive
covenant will                not thereby be affected and will be given full force and
effect, without regard                to the invalid portion or portions. If any such
Governmental Entity determines                that the restrictive covenant contained in
this Section, or any part thereof, is                unenforceable because of the
duration or scope of such covenant, such                Governmental Entity will have the
power to reduce such duration or scope and, in                its reduced form, such
covenant will then be enforceable and will be given full                force and effect.  

- 26 -

		    (d)        Shareholders
acknowledge and agree that the provisions of this Section 6.9,                as
they apply to each of them, are reasonable and supported by adequate
               consideration, that Buyer would not have entered into this Agreement
without                having received the benefit thereof, that the value of the Shares
being                purchased hereunder would be substantially diminished without the
protections                afforded Buyer thereby, and that any breach thereof would
result in substantial                and irreparable harm to Buyer and its Affiliates
and, therefore, that Buyer will                be entitled to seek an injunction to
prohibit any such breach or anticipated                breach, without the necessity of
posting a bond, cash or otherwise, in addition                to all of their other legal
and equitable remedies, including the remedies                provided by Article X.  

ARTICLE VII  

OTHER ACTIONS 

        Section
7.1 Board Approvals.  

On or prior to the date hereof, the
Board of Directors of the Company will have approved this Agreement. 

Following the execution hereof, this
Agreement shall be brought before the Board of Directors of Buyer and the approval of this
Agreement shall be a condition precedent to the Closing to which Section 8 below shall
apply. 

ARTICLE VIII  

CLOSING 

        Section
8.1 Date and Place of Closing. Closing will take place at Singapore as soon as
practicable after the parties’ execution of this Agreement and the agreements and
instruments detailed in Section 3.2 herein above, at a date and time to be agreed by the
Seller and Buyer, but in any event not later than July 2nd, 2007; provided,
however, that all of the conditions to Closing set forth in Article VIII have been
satisfied or waived. The date on which Closing occurs is called the “Closing Date,” and
Closing will be effective as of the time of Closing on the Closing Date.  

        Section
8.2 Conditions to the Obligation of Buyer. The obligation of Buyer to effect
the Closing is subject to the satisfaction by Seller or waiver by Buyer prior to Closing
of each of the following conditions (any of which may be waived by Buyer in writing in
whole or in part):  

		    (a)        Receipt
of Required Approvals. Seller will have obtained and delivered to
               Buyer all required approvals in form and substance reasonably acceptable
to                Buyer.  

		    (b)        No
Investigations, injunctions, etc. No Governmental Entity of competent
               jurisdiction will have enacted, issued, promulgated, enforced or entered
any                statute, rule, regulation, or judgment, decree, injunction or other
order that                is in effect on the Closing Date and prohibits or prevents
Closing or the                consummation of the Transaction, nor initiated any
investigation that is ongoing                pursuant to which such order would
reasonably be expected to issue.  

- 27 -

		    (c)        Representations
and Warranties. The representations and                warranties of
the Shareholders and the Company contained herein that are                qualified by
materiality or Material Adverse Effect shall be true and correct,                and all
other representations and warranties of the Shareholders and Company
               contained herein shall be true and correct in all material respects, as of
the                date hereof and at and as of Closing as if made on and as of Closing,
and Buyer                will have received a Compliance Certificate, executed by the
Seller, to such                effect dated the Closing Date in the form attached hereto
as Exhibit 8.2(c).  

		    (d)        No
Material Adverse Effect. No circumstance has occurred
               constituting a Material Adverse Effect between the signing of this
Agreement and                the Closing.  

		    (e)        Deliveries
Relating to Share Transfers. The following will have been                delivered to
Buyer:  

		    (i)               Duly
signed instruments of transfer of shares from PC Holdings to Buyer in the
               form attached hereto as Exhibit 8.2(e)(i);  

		    (ii)        Duly
signed resolution of the Board of Directors of the Company approving the
               transfer of the Shares and the granting of the Option to Buyer (if
necessary);  

		    (iii)        Duly
signed waivers, consents and approvals as required, if any, in order to
               give effect to the Option Agreement;  

		    (iv)        A
copy of the Register of Members of the Company, certified as accurate by
               counsel for the Company, showing Buyer as a shareholder of 51% of the
issued and                outstanding share capital of the Company;  

		    (v)        A
share certificate representing the PC Holdings Shares in the name of Buyer and
               a statement signed by the Secretary of the Company that all share
certificates                previously held by Seller has been surrendered to the Company
and cancelled; and  

		    (vi)        The
submission to the Accounting and Corporate Regulatory Authority of Singapore
               indicating transfer of the Shares previously held by PC Holdings to Buyer,
               signed by the relevant authorized officer of the Company and otherwise
ready for                submission;  

		    (f)        The
Buyer has received a copy of a duly signed resolution of the shareholders of
               the Company approving and adopting the amended Articles of Association of
the                Company, to a form acceptable to the Buyer. Such Amended Articles
shall provide                that immediately following the Closing, the board of
directors of the Company                will consist of three (3) members. Two (2)
directors shall be appointed by the                Buyer and one (1) director shall be
appointed by Alex.  

		    (g)        The
Buyer has received duly executed resignations of the Directors and other
               Officers of the Company and a signed waiver of all such resigning
Directors and                Officers, substantially in the form annexed to this
Agreement as Exhibit 8.2(g) waiving all amounts owed to them by the Company
or                any Subsidiary, currently or in the future, including but not limited
to by way                of dividends, salary, shareholders’ loan, consultancy,
director’s                fees; and  

- 28 -

		    (h)        If
applicable, all documents referred to in Section 3.2 having been executed
               by the relevant parties.  

        Section
8.3 Conditions to the Obligation of Seller. The obligation of Seller to effect
Closing is subject to the satisfaction by Buyer or waiver by the Seller prior to Closing
of each of the following further conditions (any of which may be waived by the Seller in
writing in whole or in part):  

		    (a)        Representations
and Warranties. The representations and warranties of           Buyer contained
herein will be true, correct and complete in all material           respects.  

		    (b)        Payment.
Buyer will have caused the Purchase Price to be paid as provided           in Section 2.2.  

		    (c)        An
agreement in a form acceptable to the Parties between Buyer and the Company,           to
the effect that the Buyer will, within 14 days of the Closing Date, provide           the
Company with a loan, or a credit facility, at the Buyer’s election, at           the
sum of US$500,000.  

        Section
8.4 Frustration of Closing Conditions. Neither Buyer nor Seller may rely on
the failure of any condition set forth in Sections 8.2 or 8.3, as the case may be,
to be satisfied if such failure is caused by such party’s failure to use
commercially reasonable efforts to consummate the Transaction, as required by Section
6.3.  

        Section
8.5 Actions at Closing. All actions at the Closing and all transactions
occurring at the Closing shall be deemed to take place simultaneously, and no transaction
shall be deemed to have been completed and no document or certificate shall be deemed to
have been delivered, until all transactions are completed and all documents and
certificates delivered.  

ARTICLE IX 

TERMINATION 

        Section
9.1 Termination.  This Agreement may be terminated at any time prior to Closing:  

		    (a)        by
mutual agreement of the Seller and Buyer;  

		    (b)        by
Buyer, by giving written notice of such termination to the Seller, if Closing
          has not occurred within 45 days following the signing hereof; provided, that
(i)           the Buyer has complied with all its obligations hereunder, and the
conditions           set forth in Section 8.3 have been fulfilled or are capable of
immediate           satisfaction;  

		    (c)        by
Buyer if there is in effect any Law that prohibits Closing, or if Closing           would
violate any non-appealable final order, decree or judgment of any           Governmental
Entity having competent jurisdiction; provided, however, that any           such
prohibition is not attributable to a material breach or default of any
          covenant, agreement, representation or warranty under this Agreement by the
          Buyer (or by any of its Affiliates); or  

- 29 -

		    (d)        by
Buyer if, as a result of any action or inaction by Shareholders or the           Company,
Closing has not occurred within 3 business days following the date on           which all
the conditions to Closing set forth in Section 8.2 are satisfied           or
capable of immediate satisfaction;  

        Section
9.2 Effect of Termination. In the event of the termination of this Agreement,
this Agreement will thereupon become void and have no effect, except as otherwise
expressly provided in this Agreement, and no party will have any liability to any other
party or their respective Affiliates, directors, officers or Employees, except that
nothing in this Section  9.2 will relieve any party from liability resulting from
any knowing material breach by such party of any of the representations, warranties or
covenants set forth in this Agreement. Notwithstanding anything to the contrary in this
Agreement, the provisions of this Section 9.2, Sections , 6.5 and 6.9(b), (c) and
(d), 10.4 and Article XI shall survive the termination of this Agreement for the
respective periods set forth therein, or if no time period is set forth therein,
perpetually.  

ARTICLE X 

INDEMNIFICATION 

        Section
10.1 Right to Indemnification.  

From and after Closing, and subject
to the further provisions of this Article X, Seller, Alex and the Company will indemnify,
defend and hold harmless Buyer, its respective Affiliates, and its respective directors,
officers, attorneys, accountants, agents and Employees, and their heirs, successors and
assigns (collectively, the “Buyer Indemnified Parties”), from, against
and in respect of all Losses imposed on, sustained, incurred or suffered by or asserted
against any of Buyer Indemnified Parties, relating to or arising out of any of the
following (collectively, “Buyer Losses”): 

		    (a)        any
fact or circumstance that constitutes a breach of any representation or
          warranty of Seller, Alex or Company made in this Agreement;  

		    (b)        any
act or omission that constitutes a breach of any covenant or agreement of           the
Shareholders or the Company made in this Agreement,  

		    (c)        any
unpaid Taxes payable by the Company or any of the Subsidiaries for any           period
through and including the Closing Date, including the proportionate part           of any
Taxes for any period which includes, but does not end on, the Closing           Date for
the portion of that period up to the Closing Date, that are not (i)           properly
accrued on the Most Recent Financial Statements, or (ii) imposed as a           result of
the operation of the Company and its Subsidiaries in the ordinary           course after
the date of the Most Recent Financial Statements;  

		    (d)        any
Liability of or related to the Company or any of the Subsidiaries           attributable
to an occurrence or circumstance arising in whole, or if in part,           to the extent
of that portion which arose, on or before the Closing Date to the           extent that
such Liability is not properly accrued on the Most Recent Financial           Statements
or was not generated as a result of the operation of the Company and           its
Subsidiaries in the ordinary course after the date of the Most Recent           Financial
Statements or as otherwise disclosed in writing to Buyer on a Schedule           to this
Agreement, including any Claim for wages or benefits (including           severance pay),
arising on or before the Closing Date;  

- 30 -

        Section
10.2 Seller’s Right to Indemnification. From and after Closing and
subject to the further provisions of this Article X, Buyer will indemnify, defend
and hold harmless the Seller and its respective Affiliates, directors, officers,
attorneys, accountants, agents and Employees, and its respective heirs, successors and
assigns (collectively, the “Seller Indemnified Parties”), from, against
and in respect of all Losses imposed on, sustained, incurred or suffered by or asserted
against any of Seller Indemnified Parties, directly relating to or arising out of any of
the following (collectively, “Seller Losses”):  

		    (a)        any
fact or circumstance that constitutes a breach of any representation or
          warranty of Buyer made in this Agreement; or  

		    (b)        any
act or omission that constitutes a breach of any covenant or agreement of           Buyer
made in this Agreement.  

        Section
10.3 Indemnification Procedures.  

		    (a)        In
the event that an Indemnified Party (and both Buyer Indemnified Party and
          Seller Indemnified Party shall be referred to herein as “Indemnified
          Party”) has a claim for indemnification for which an Indemnifying
Party           would be liable to an Indemnified Party under this Article X, (i) as
a           result of an action, suit or legal proceeding which is commenced or made
against           an Indemnified Party by a third party (a “Litigated Claim”)
or           (ii) for any matter that is not a Litigated Claim (an “Other
          Claim” and together with a Litigated Claim, an “Indemnified
          Claim”), the Indemnified Party will promptly (but in no event more
than           30 days following commencement of any such Litigated Claim or other legal
          proceeding, or such shorter time as may be necessary in order not to prejudice
          the rights or ability of the Indemnifying Party to participate in the defense
of           such Indemnified Claim) notify the Indemnifying Party in writing in
accordance           with Section 11.1 hereof of such Indemnified Claim describing
it in           reasonable detail, including the sections of this Agreement which form
the basis           for it, the amount or the estimated amount thereof to the extent then
feasible           (which estimate will not be conclusive of the final amount of such
Indemnified           Claim), and any supporting materials as reasonably available (the
“Claim           Notice”); provided, however, that no failure or
delay by any           Indemnified Party in giving any Claim Notice will relieve any
Indemnifying Party           from any obligation or liability under this Agreement,
except to the extent that           the Indemnifying Party is prejudiced by such failure
or delay.  

		    (b)        (i)
The Indemnifying Party will be entitled to participate in any proceeding           with
respect to a Litigated Claim (a “Proceeding”) and, to the
          extent that it chooses (except as described in Section 10.3(b)(ii)) to assume
          the defense of such Proceeding with counsel reasonably satisfactory to the
          Indemnified Party and, after notice from the Indemnifying Party to the
          Indemnified Party of its election to assume the defense of such Proceeding, the
          Indemnifying Party will not, as long as it diligently conducts such defense, be
          liable to the Indemnified Party under this Article X for any fees of other
          counsel (other than in the circumstances provided in Section 10.3(b)(ii)) or
any           other expenses with respect to the defense of such Proceeding. If the
          Indemnifying Party assumes the defense of a Litigated Claim, no compromise or
          settlement of any such Litigated Claim may be effected by the Indemnifying
Party           without the Indemnified Party’s consent, which consent shall not be
          unreasonably withheld, conditioned or delayed unless (A) there is no finding or
          admission of any violation of any Law or any violation of any rights on the
part           of any Indemnified Party, and (B) the sole relief provided is monetary
damages           that have been paid in full (or reasonable security for their payment
provided)           by the Indemnifying Party.  

- 31 -

		    (ii)        Notwithstanding
Section 10.3(b)(i), if (A) the Indemnifying Party has an actual           conflict of
interest in assuming the defense of a Litigation Proceeding; or (B)           the
remedies sought by the plaintiffs include an order, injunction or decree           that
would restrict the future activity or conduct of the Business or of the           Buyer
Indemnified Parties, then the Indemnifying Party may not assume the           defense of
such Litigated Claim without the consent of such Buyer Indemnified           Party.  

		    (c)        The
Indemnifying Party will have thirty (30) days from the giving of the Claim
          Notice (the “Notice Period”) to notify the Indemnified Party
in           writing whether or not the Indemnifying Party (i) disputes its liability to
the           Indemnified Party hereunder with respect to such Indemnified Claim or (ii)
in           the case of a Litigated Claim, elects to assume, and to the extent the
          Indemnifying Party so desires, along with any other Indemnifying Party, the
          defense of such Litigated Claim, pursuant to Section 10.3(b).  

		    (d)        Should
the Indemnifying Party notify the Indemnified Party within the Notice           Period,
that (i) it does not dispute its liability, or (ii) in the case of a           Litigated
Claim, that it has elected not to assume the defense of such Litigated           Claim,
or (iii) should it fail to give notice during the Notice Period, or (iv)           should
the Indemnifying Party not be entitled to assume the defense of such           Litigated
Claim pursuant to Section 10.3(b)(ii), the Indemnified Party will be           entitled:
(A) with regard to an Other Claim, (1) in the case of a Seller           Indemnified
Party, to receive from Buyer an amount equal to the Sellers Losses,           or (2) in
the case of a Buyer Indemnified Party, to receive from the           Shareholders an
amount equal to the Buyer Losses and (B) with regard to a           Litigated Claim, (1)
in the case of a Seller Indemnified Party, to receive from           Buyer, after a final
non-appealable resolution of such Litigated Claim, an           amount equal to the
Seller Losses, or (2) in the case of a Buyer Indemnified           Party, to receive from
the Shareholders , after a final non-appealable           resolution of such Litigated
Claim, an amount equal to the Buyer Losses. In the           case of a Litigated Claim,
if the Indemnifying Party does not, for any reason           (including a dispute in the
context of Section 10.3(e)), assume the defense of           such Litigated Claim, or in
the case of any Other Claim, no compromise or           settlement of any such
Indemnified Claim may be effected by the Indemnified           Party without the
Indemnifying Party’s consent, which consent shall not be           unreasonably
withheld, conditioned or delayed. If the Indemnified Party elects           (in
accordance with Section 10.3(b)(ii)) to assume the defense of such Litigated
          Claim, counsel to the Indemnified Party shall be reasonably acceptable to the
          Indemnifying Party and the Indemnifying Party shall be obligated to pay or
          reimburse the Indemnified Party for only one such counsel to defend the
          Litigated Claim.  

		    (e)        Should
the Indemnifying Party notify the Indemnified Party within the Notice           Period
that it disputes its liability with respect to such Indemnified Claim,           the
obligation of such Indemnifying Party with regard to such Indemnified Claim
          will be determined in accordance with the dispute resolution provisions of
          Sections11.7 and 11.8. In the event that it is determined that the Indemnified
          Claim was justified in whole or in part, the Indemnified Party will be entitled
          to receive, in addition to any amounts it may be entitled to receive pursuant
to           Section 10.3, all reasonable costs and expenses incurred by such Indemnified
          Party in the course of the dispute resolution. In the event that it is
          determined that the Indemnified Claim was not justified, the Indemnifying Party
          shall have no liability to the Indemnified Party with respect to such
          Indemnified Claim, and the Indemnified Party shall be required to pay the
          Indemnifying Party all reasonable costs and expenses incurred by the
          Indemnifying Party in the course of such dispute resolution.  

- 32 -

		    (f)        Consent
to settle a Litigated Claim or Other Claim will be regarded as           reasonably
withheld by the Indemnified Party or the Indemnifying Party if the           settlement
would result in the imposition of a consent order, injunction or           decree that
would restrict the future activity or conduct of the Indemnifying           Party or any
of its respective Affiliates (in the case of a matter defended by           the
Indemnified Party ), or the Indemnified Party or any of its respective
          Affiliates (in the case of a matter defended by an Indemnifying Party).  

		    (g)        If
and to the extent that the Indemnifying Party conducts, controls or
          participates in the defense or settlement of any Litigated Claim, the
          Indemnified Party will give the Indemnifying Party and its counsel, during
          normal business hours, access to the relevant business records and other
          materials and information (including copies thereof), and will permit the
          Indemnifying Party and its representatives to consult with the Employees,
          officers, directors, advisors, representatives of the Company, any Subsidiary,
          any Buyer Indemnified Party, and counsel of the Indemnified Party, all as
          necessary or advisable in connection with the defense or settlement of such
          Claim.  

        Section
10.4 Survival/Limitations.  

		    (a)        Except
as otherwise expressly provided for in this Agreement, all of the           respective
representations, warranties, covenants and agreements of           Shareholders, the
Company, and Buyer contained in this Agreement, and all           indemnification
obligations of any party with respect thereto, including but not           limited to,
any such indemnification obligations arising under a claim of fraud,           will
survive for a period of five (5) years after Closing (the           “Indemnity
Period”). Any Claim Notice must be made in writing           to the Indemnifying
Party within such period.  

		    (b)        The
liability of the Shareholders to the Buyer Indemnified Parties or any other
          person for Buyer Losses pursuant to this Agreement (whether pursuant to this
          Article X or otherwise) shall be joint and several with respect to all matters;  

        Section
10.5 General.  

Each Indemnified Party shall be
obligated in connection with any Indemnified Claim to use commercially reasonable efforts
to mitigate the Indemnified Losses upon and after becoming aware of any event which could
reasonably be expected to give rise to such Indemnified Loss, provided neither Buyer nor
Seller shall be obligated to provide or forego any economic value in connection with this
undertaking. 

- 33 -

		    (a)        Buyer
and Shareholders and Company agree to cooperate in good faith to minimize           Buyer
Losses and Seller Losses arising from third party Claims, provided neither
          Buyer, Shareholders nor the Company shall be obligated to provide or forego any
          economic value in connection with this undertaking.  

		    (b)        Without
limiting the provisions of Section 10.5(a), each Indemnified Party shall           be
obligated in connection with any Indemnified Claim to use commercially
          reasonable efforts to obtain any insurance proceeds available to such
          Indemnified Party with regard to the applicable Indemnified Claim. The amount
          which an Indemnifying Party is or may be required to pay to any Indemnified
          Party pursuant to this Article X shall be reduced (retroactively, if necessary)
          by any insurance proceeds or other amounts actually recovered (net of any
          relevant collection costs) by or on behalf of such Indemnified Party. If an
          Indemnified Party shall have received an indemnification payment from an
          Indemnifying Party and shall subsequently receive insurance proceeds or other
          amounts in respect of such damages, then such Indemnified Party shall promptly
          repay to such Indemnifying Party a sum equal to the amount of such insurance
          proceeds or other amounts actually received (net of any relevant collection
          costs);  

		    (c)        All
amounts paid under this Article X will be treated as adjustments to the
          Purchase Price for Tax purposes.  

		    (d)        Any
Tax refunds received by the Company for any period through and including the
          Closing Date with respect to which the Shareholders have made payment under
this           Article X shall be for the benefit of the Shareholders.  

ARTICLE XI 

IN GENERAL 

        Section
11.1 Notices. All notices or other communications given hereunder will be in
writing and will be delivered by: (a) personal delivery upon the party for whom it
is intended; or (b) registered or certified mail, return receipt requested; or (c) an
international courier service; in each case to the party at the address set forth below,
or such other address as may be provided by such party by notice given as herein provided
(Sellers as a group will provide one address at which notice may be given to all):  

	 		
	 		
	 		
	 		
	 		
	 	If to Buyer:	 
	 	 
	 	with a copy to:	Ben Zvi Koren & Co., Law Offices 8 Ben Maimon Blvd., 
Jerusalem 92261
	 	 
	 	 	Fax: 972-2-5667780
	 	 
	 	If to Seller:	 
	 	 
	 	with a copy to:	61 Neil Road Singapore 088895
	 	 
	 	 	Fax:

- 34 -

	 		
	 		
	 		
	 		
	 		
	 	If to Company:	 
	 	 
	 	with a copy to:	7 Temasek Boulevard #27-01 Suntec Tower 1
 Singapore 038987
	 	 
	 	 	Fax: 67427000
	 	 
	 	If to Alex:	 
	 	 
	 	with a copy to:	30B Lorong H Telok Kurau Singapore 426019

Deliveries shall be deemed to have
been given when delivered in the manner set forth above and when actually received or when
receipt is refused, it being understood by the parties that a confirmation of receipt for
the addressee provided by an international courier service shall constitute actual receipt
by such addressee for purposes of the notice. 

        Section
11.2 Amendment; Waiver. Any provision of this Agreement (including provisions
affecting the Company) may be amended or waived if such amendment or waiver is in writing
and signed, in the case of an amendment, by Buyer and Shareholders, or in the case of a
waiver, by the party against whom the waiver is to be effective. No failure or delay by
any party in exercising any right, power or privilege hereunder will operate as a waiver
thereof nor will any single or partial exercise thereof preclude any other or further
exercise thereof or the exercise of any other right, power or privilege.  

        Section
11.3 No Assignment or Benefit to Third Parties. No party may assign any of its
rights or delegate any of its obligations under this Agreement, by operation of Law or
otherwise, without the prior written consent of the other party, and any attempt to
assign this Agreement without such consent will be void and of no force or effect.
Nothing in this Agreement, express or implied, is intended to confer upon any person
other than Buyer, the Company, Seller, Alex or the Indemnified Parties, or their
respective successors or permitted assigns, any rights or remedies under or by reason of
this Agreement. Without limiting the generality of the foregoing, nothing in this
Agreement creates any rights in any Employees or groups of Employees.  

        Section
11.4 Expenses. Whether or not the Transaction is consummated, all costs and
expenses incurred in connection with this Agreement and the Transactions and the
negotiations preceding them will be borne by the party incurring the same.  

        Section
11.5 Schedules, Exhibits, Etc.  

Each Schedule is incorporated by
reference into this Agreement and will be considered a part hereof as if set forth herein
in full; provided, however, that information set forth on any Schedule,
certification or written disclosure constitutes a representation and warranty of the party
providing the same, and not the mutual agreement of the parties as to the facts therein
stated. Any matter disclosed on any one Schedule pursuant to a provision, subprovision,
section or subsection of this Agreement shall be deemed to be disclosed for all other
purposes of this Agreement or the other Schedules to the extent the applicability of such
matters is apparent on the face of such Schedules. 

- 35 -

        Section
11.6 Effect of representations, warranties, covenants and agreements  

        Except
as otherwise explicitly provided in Article IV, Buyer’s rights to indemnification or
other remedies provided hereby based on any breach by Seller, Shareholders or the Company
of their representations, warranties, covenants and agreements will not be affected by any
investigation conducted with respect to, or any knowledge acquired (or capable of being
acquired) by Buyer at any time, whether before or after the execution and delivery of
this Agreement or the Closing Date, with respect to the accuracy or inaccuracy of or
compliance with, any such representation, warranty, covenant or agreement, except as
otherwise provided in this Agreement. Except as otherwise explicitly provided in Article
IV, the due diligence review conducted by Buyer and its representatives will not relieve
Shareholders or the Company of any duties concerning their representations, warranties,
covenants or agreements contained in this Agreement or in any Exhibit. 

        Section
11.7 Governing Law. This Agreement will be governed by and construed in
accordance with the Laws of the State of Israel without regard to its principles of
conflicts of laws.  

        Section
11.8 Alternate Dispute Resolution. If any dispute arises between Buyer and
Seller out of or relating to this Agreement (except a dispute relating to Intellectual
Property, with respect to which the parties reserve all rights to litigate, in accordance
with Section 11.9, or otherwise address as they may agree at the time such dispute
arises), the parties’respective designees will attempt in good faith to resolve the
dispute. If those designees have not agreed to a resolution within thirty (30) days from
the date on which the dispute was first presented to them (or such other period to which
they have mutually agreed in writing), any party, by written notice to the other party,
may require that the dispute be submitted for resolution to arbitration by a sole Israeli
arbitrator in accordance with the Israeli Law of Arbitration. The arbitration shall be
governed by the Israeli_Laws , and judgment upon the award rendered by the arbitrator may
be entered by any court having jurisdiction thereof. The place of arbitration shall be
Tel Aviv.  

        Section
11.9 Submission to Jurisdiction; Each party agrees that it will bring any
action or proceeding in respect of any Claim arising out of or related to Intellectual
Property, whether in tort or contract or at law or in equity, exclusively in the Tel Aviv
district court, Israel (the “Chosen Court”) and, solely in connection
with Claims arising out of or related to Intellectual Property, (a) irrevocably
submits to the exclusive jurisdiction of the Chosen Court, (b) waives any objection
to laying venue in any such action or proceeding in the Chosen Court, (c) waives any
objection that the Chosen Court is an inconvenient forum or does not have jurisdiction
over any party, and (d) agrees that service of process in person or by certified or
registered mail to its address set forth in Section 11.1 will constitute valid in personamservice
upon such party and its successors and assigns in any action or proceeding with respect
to any matter as to which it has submitted to jurisdiction hereunder. EACH PARTY HEREBY
ACKNOWLEDGES THAT THIS IS A COMMERCIAL TRANSACTION, THAT THE FOREGOING PROVISIONS FOR
CONSENT TO JURISDICTION AND SERVICE OF PROCESS HAVE BEEN READ, UNDERSTOOD AND VOLUNTARILY
AGREED TO BY SUCH PARTY AND THAT BY AGREEING TO SUCH PROVISIONS SUCH PARTY IS WAIVING
IMPORTANT LEGAL RIGHTS.  

- 36 -

        Section
11.10 Buyer Right to Choose Jurisdiction. Notwithstanding the provisions of
Sections 11.8 and 11.9, Buyer, in its absolute discretion, will be entitled to bring any
action against a Shareholder arising out of or relating to this Agreement in any duly
empowered court in the country in which that Shareholder resides or is registered as a
corporation. In such case, a) the Shareholder irrevocably submits to the
jurisdiction of that court, (b) waives any objection to laying venue in any such
action or proceeding in that court, (c) waives any objection that the court is an
inconvenient forum or does not have jurisdiction over any party, and (d) agrees that
service of process in person or by certified or registered U.S. mail to its
address set forth in Section 11.1 will constitute valid in personam
service upon such party and its successors and assigns in any action or proceeding
with respect to any matter as to which it has submitted to jurisdiction hereunder. EACH
PARTY HEREBY ACKNOWLEDGES THAT THIS IS A COMMERCIAL TRANSACTION, THAT THE FOREGOING
PROVISIONS FOR CONSENT TO JURISDICTION AND SERVICE OF PROCESS HAVE BEEN READ, UNDERSTOOD
AND VOLUNTARILY AGREED TO BY SUCH PARTY AND THAT BY AGREEING TO SUCH PROVISIONS SUCH
PARTY IS WAIVING IMPORTANT LEGAL RIGHTS. 

        Section
11.11 Remedies Cumulative. The various rights and remedies herein provided
will be cumulative and not exclusive of any other rights or remedies herein provided or
any rights or remedies provided by law.  

        Section
11.12 Inferences. Inasmuch as this Agreement is the result of negotiations
between sophisticated parties of equal bargaining power represented by counsel, no
inference in favor of or against any party will be drawn from the fact that any portion
of this Agreement has been drafted by or on behalf of such party.  

        Section
11.13 Severability. The provisions of this Agreement will be deemed severable
and the invalidity or unenforceability of any provision will not affect the validity or
enforceability of the other provisions hereof. If any provision of this Agreement, or the
application thereof to any person or any circumstance, is invalid or unenforceable, (a) a
suitable and equitable provision will be substituted therefor in order to carry out, so
far as may be valid and enforceable, the intent and purpose of such invalid or
unenforceable provision, and (b) the remainder of this Agreement and the application
of such provision to other persons or circumstances will not be affected by such
invalidity or unenforceability, nor will such invalidity or unenforceability affect the
validity or enforceability of such provision, or the application thereof, in any other
jurisdiction.  

- 37 -

        Section
11.14 Entire Agreement. This Agreement, including the Exhibits and the
Schedules, and the other Closing Documents, together contain the entire agreement between
the parties with respect to the subject matter hereof and supersede all prior agreements
and understandings, oral or written, with respect to such matters, including the Letter
of Intent dated November 2nd, 2006.  

        Section
11.15 Headings. The heading references herein and the tables hereto are for
convenience purposes only, do not constitute a part of this Agreement and will not be
deemed to limit or affect any of the provisions hereof.  

        Section
11.16 Counterparts. This Agreement may be executed in one or more
counterparts, each of which will be deemed an original, and all of which will constitute
one and the same Agreement.  

[Remainder of page
intentionally left blank] 

- 38 -

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

			BUYER

By:
——————————————

Name:
Title:

			SELLER

By:
——————————————

Name:
Title:

			COMPANY

By:
——————————————

			Toh Kian Hong

Signature:
——————————————

- 39 -

TABLE OF EXHIBITS AND
SCHEDULES 

Schedules 

Schedule 2.1. Option Agreement

Schedule 3.2(b) Blitz debt to Cecil

Schedule 3.2(c) Debtors debts to Creditors

Schedule 3.2 (m)  Alex Employment Agreement

Schedules 4.5 (a)1 and 4.5(b) Jurisdictions

Schedule 4.5(a)2 Equity interest of the Company and structure of Subsidiaries

Schedule 4.5(f) Directors and Officers

Schedule 4.7(a) and Schedule 4.7(b) Financial Statements

Schedule 4.12 Intellectual Property

Schedule 4.13 Major Vendors and Customers

Schedule 4.14(a)(i)  Licenses

Schedule 4.14(a)(ii) Major Software Contracts

Schedule 4.14(a)(iii) Major Maintenance Contracts

Schedule 4.14(a)(iv) Major Leases

Schedule 4.14(a)(v) Unfilled Sales Orders

Schedule 4.16 Account Receivables

Schedule 4.17(a) Tax

Schedule 4.26 Research and Development Funding

Exhibits. 

Exhibit 3.2(o) Related
Parties’ Waiver 

Exhibit 8.2(c) Compliance
Certificate 

     Exhibit 8.2(e)(i)
          Instruments of transfer of shares from PC Holdings to Buyer 

Exhibit 8.2(g)
Directors’ & Officers’ waivers 

- 40 -

Schedule 2.1  

PRIVATE &
CONFIDENTIAL 

BETWEEN 

TOP IMAGE SYSTEMS LTD. 

AND 

TOH KIAN HONG 

CALL OPTION AGREEMENT 

CONTENTS 

			
	1 	DEFINITIONS AND INTERPRETATION 	1  
	 
	2 	CALL OPTION 	3  
	 
	3 	CONDITIONS 	4  
	 
	4 	WARRANTIES 	5  
	 
	5 	COMPLETION 	7  
	 
	6 	DURATION OF OBLIGATIONS 	8  
	 
	7 	UNDERTAKINGS PENDING TERMINATION 	9  
	 
	8 	MISCELLANEOUS 	10  
	 
	SCHEDULE 1 	13  

i

CALL OPTION AGREEMENT 

THIS AGREEMENT entered into this
12 day of June 2007,  

BETWEEN: 

	(1) 	TOP
IMAGE SYSTEMS LTD. (which shall include its successors-in-title and
          assigns) a company incorporated under the laws of Israel with principal offices
          at 2 HaBarzel Street, Ramat HaChayal, Tel Aviv, Israel (‘TIS’); 

AND 

	(2)  	TOH
KIAN HONG (NRIC Number: 7607980C) of 30B Lorong H Telok Kurau           Singapore
426019 (‘Alex’). 

WHEREAS: 

	(A) 	Alex
is the registered holder and beneficial owner of 49 fully-paid ordinary           shares
in the capital of the Company (the ‘Option Shares’),           which
shares represent 49% of the total issued and paid-up share capital of the
          Company. 

	(B) 	Pursuant
to Section 2.1 of the Stock Purchase Agreement dated 13 June 2007           (‘Stock
Purchase Agreement’) entered into between inter alia TIS and Alex,
Alex agreed to grant to TIS an option to           purchase the Option Shares on the
terms and subject to the conditions of this           agreement (‘Agreement’). 

NOW IT IS AGREED as follows: 

	1  	DEFINITIONS
AND INTERPRETATION  

	1.1  	Definitions  

	 	
In
this Agreement and the Schedules, unless the context otherwise requires, the following
expressions shall have the meanings set out against them: 

	 	
‘Articles’means
the articles of association from time to time of the Company;  

	 	
‘Business
Day’ means a day (other than a Saturday or Sunday) on which licensed banks are
open for business in Singapore; 

	 	
‘Company’
means Asiasoft Global Pte Ltd (Company Registration Number: 200414416M) a company
incorporated under the laws of Singapore with its registered address at 7 Temasek
Boulevard #27-01 Suntec Tower 1 Singapore 038987; Further particulars of the Company are
stipulated in Schedule 1; 

	 	
‘Completion’
means the performance by the Parties of the obligations under this Agreement as stated in
Clause 5; 

	 	
“Consideration”
means the sum of US$ 1,490,000 (“Cash Consideration”); or, at TIS’s
sole discretion, the sum of US$745,000 plus the Consideration Shares (“Combined
Consideration”); 

1

	 	
‘Consideration
Shares’ means number of TIS Shares, calculated based on the following formula
– US$745,000.00 divided by the Exchange Price. ( for example, if the Exchange Price
will be US$ 5.0, Alex will be issued 149,000 Consideration Shares) 

	 	
‘Encumbrance’
means any form of legal, equitable, or security interests, including but not limited to
any mortgage, assignment of receivables, debenture, lien, charge, pledge, title retention,
right to acquire, hypothecation, option, right of first refusal, any preference
arrangement (including title transfers and retention arrangements or otherwise) any other
encumbrance or condition whatsoever or any other arrangement having similar effect; 

	 	
“Exchange
Price” means the average closing price of TIS Shares traded on the NASDAQ
Capital Market over each of the 21 days prior to the date of the Closing of the Stock
Purchase Agreement. 

	 	
‘Exercise
Date’ means the date of service of an Option Notice;  

	 	
‘Option’means
an option exercisable or Clause 2.1;  

	 	
‘Option
Notice’ has the meaning ascribed to it in Clause 2;  

	 	
‘Option
Period’means the period of 18 months commencing on the Relevant Date;  

	 	
‘Relevant
Date’ means the date of completion of the Stock Purchase Agreement;  

	 	
‘Reorganisation’
means, in relation to the Company, any increase in issued share capital, any
capitalisation of profits or reserves, any rights issue or offer by way of rights,
consolidation, sub-division, reduction of capital, share buy-back, grant of options over
or other reorganisation or adjustment relating to the share or loan capital of the Company
and any scheme or amalgamation or reconstruction affecting the Company; 

	 	
“TIS
Shares” means ordinary shares of TIS.  

	 	
‘Transfer
Terms’ means that all the Option Shares shall be sold and purchased free from
any Encumbrance and together with all rights attaching to the Option Shares as at the
Exercise Date (other than rights to receive dividends which shall have been paid prior to
the Exercise Date) or at any time thereafter and that the consideration for the Option
Shares shall be the Transfer Price;  

	 	
‘Warranties’,
means the Alex’s Warranties.  

	1.2  	Interpretation
Of Certain Terms  

	 	
In
this Agreement, unless the context or subject otherwise requires:  

	 	(a) 	the
headings in this Agreement are inserted for convenience only and shall be
                    ignored in construing this Agreement; 

	 	(b) 	unless
the context otherwise requires, words (including words defined in this
                    Agreement) denoting the singular number only shall include the plural
and vice versa; 

	 	(c) 	the
words ‘written’ and ‘in writing’ include
                    any means of visible reproduction; 

2

	 	(d) 	references
to the ‘Appendix’, ‘Clause’,                     ‘Recital’ and
‘Schedule’ are to the relevant                     appendix, clause of,
recital of and schedule to this Agreement; and 

	 	(e) 	references
to a party include, where the context admits, references to his
                    personal representatives and successors-in-title. 

	2  	CALL
OPTION  

	2.1  	Grant
of Option by Alex; Deposit OF Shares and Share Certificates; 

	 	(a) 	Subject
to terms and conditions of this Agreement, Alex hereby grants to TIS the
                    option to purchase all (but not some only) of the Option Shares, on
the exercise                     of which: 

	 	(i) 	Alex
will become bound to sell all of the Option Shares on the Transfer Terms;
               and  

	 	(ii) 	TIS
will become bound to complete the purchase of all of the Option Shares on
                    the Transfer Terms.  

	 	(b) 	On
the date hereof Alex shall deposit the Option Shares (including any share
                    certificates and other documents required to transfer the Option
Shares to TIS                     (‘Share Certificates’), with Rajah & Tann,
which shall retain such                     Share Certificates for the duration of the
Option Period. 

	 	(c) 	During
the Option Period, Alex shall vote all Option Shares or any part thereof
                    and sign any shareholder written resolutions in accordance with the
written                     instructions of TIS until the earlier to occur of (i) of the
issue of a Purchase                     Notice or (ii) the termination of the Option
Period without the exercise of the                     Option by TIS. 

	2.2  	Exercise
of Option  

	 	
TIS
may (but shall not be legally obligated to) exercise the Option by notice in writing (an
‘Option Notice’) served on Alex with a copy to Rajah & Tann only
during the Option Period, failing which it will lapse and cease to have any further
effect. If an Option is exercised, then the remaining provisions of this Clause and
Clauses 3, 4 and 5 will apply. 

	 	
Upon
the exercise of the Option and subject to Alex complying with his obligations under Clause
5.2(a) hereinbelow, TIS shall pay to Alex, either the Cash Consideration or the Combined
Consideration, at TIS’s election: 

	 	
The
parties acknowledge and agree that if TIS elects to pay the Combined Consideration and
issue to Alex the Consideration Shares, such Consideration Shares (i) shall be acquired by
Alex for investment purposes and not with a view to resell by Alex in violation of the
U.S. Securities Act of 1933 and the rules and regulations promulgated thereunder, all as
amended from time to time or any successor thereto, respectively, (the “Securities
Act”) (ii) shall not be immediately registered by TIS for resale by Alex, (iii)
may not be resold by Alex absent registration under the Securities Act or an exemption
therefrom,, and (iv) will be subject solely to the following registration rights: 

3

		    (a)        During
a period of 18 months of the Exercise Date (the “Registration
               Period”), if TIS proposes to register the sale of any of its
equity                securities under the Securities Act, for its own account or for the
account of                any security holders (other than any registration on Form S-8
or a successor                form, or any registration on Form F-4 or a successor form),
it shall promptly                give a written notice to Alex of its intention to do so,
and, if within twenty                (20) days after receipt of such notice, Alex so
requests in writing, and subject                to the Securities Act, TIS shall include
in such registration statement all the                Consideration Shares for resale by
Alex, provided that if such registration                statement is for an underwritten
offering (i) and the managing underwriter                informs TIS that the inclusion
of Alex’s shares would be jeopardize the                success of such offering, in
which case the number of Alex’s shares to be                included shall be
reduced to the amount, if any, that the managing underwriter                believes
would not jeopardize the success of the offering, provided that the                number
of shares to be included in such registration statement by all other
               holders exercising “piggyback” registration rights also are
reduced in                the same proportion and (ii) Alex must accept the terms of the
underwriting as                agreed by the underwriters.  

		    (b)        If
the Consideration Shares were not registered during the Registration Period,
               Alex may request, in writing within 20 days of termination of the
Registration                Period, that TIS effect the registration of the resale of
Consideration Shares.                Within 60 days following such written request by
Alex, TIS shall, subject to the                remainder of this Clause, use its best
efforts to file a registration statement                with the U.S. Securities and
Exchange Commission and register the Consideration                Shares for resale by
Alex, unless TIS delivers to Alex a certificate signed by                its chief
executive officer stating that in the good faith judgment of TIS’               board
of directors it would be materially detrimental to TIS for such
               registration statement to become effective at such time, in which case TIS
may                delay such registration for a period of up to 180 days. TIS will be
entitled to                include other securities in a registration effected pursuant
to this section                2.2.  

		    (c)        The
foregoing registration rights shall terminate when all shares held by Alex
               may be resold to the public under the Securities Act pursuant to Rule 144
or                otherwise.  

	2.3  	Accrual
of Rights Attached To the Option Shares  

	 	
All
voting and other rights attached to the Option Shares shall accrue to TIS on the Exercise
Date. During the Option Period Alex shall have no voting or other rights with respect to
the Option Shares save as otherwise directed by TIS in which case, Alex shall exercise all
voting and other rights in relation to the Option Shares at the direction of TIS according
to TIS’s written instructions from time to time. 

	3  	CONDITIONS  

	3.1  	Conditions  

	 	
The
grant of the Option is conditional upon completion of the Stock Purchase Agreement
occurring. 

	3.2  	Failure
to Satisfy Conditions  

	 	
If
the condition set out in Clause 3.1 shall not have been fully satisfied, then this
Agreement shall terminate and cease to have effect and none of the Parties hereto shall
have any claim against the other for costs, damages, compensation or otherwise, save for
any claim arising from any antecedent breach. 

4

	4  	WARRANTIES  

	4.1  	Alex’s
Warranties  

	 	
Alex
represents and warrants to and undertakes with TIS (with the intent that the provisions of
this Clause shall continue to have full force and effect notwithstanding
Completion): 

	 	(a) 	that
no person has the right (whether exercisable now or in the future and           whether
contingent or not) to call for the allotment, issue, sale or transfer of           any
shares in the capital of the Company or loan capital of the Company under           any
option or other agreement (including conversion rights and rights of
          pre-emption); 

	 	(b) 	that
it is the registered holder and beneficial owner of the Option Shares and           it
has full power and authority to exercise and enjoy all rights attaching to           the
Option Shares without the consent of any other person; 

	 	(c) 	that
apart for this Agreement there are no Encumbrances on the Option Shares and
          that the Option Shares are authorised, validly issued, allotted and fully
          paid-up and constitute 49% of the issued and paid-up capital of the Company; 

	 	(d) 	that
during the Option Period it will not dispose of any interest in the Option
          Shares or any right attaching to the Option Shares (save as may be required in
          pursuance of its obligations under this Agreement) or create or allow to be
          created any Encumbrance over the Option Shares or agree (whether subject to any
          condition precedent or condition subsequent or otherwise) to do any of such
          things; Provisions to that effect will be added to the Company’s Articles
          of Association to be adopted at the Relevant Date; 

	 	(e) 	the
number and kind of Option Shares purchasable initially upon the exercise of           the
Option and the payment of the Transfer Price shall be subject to adjustment
          from time to time upon the occurrence of certain events, as follows: 

	 	(i) 	Adjustment
for Shares Splits and Combinations. If the Company at any time                or from
time to time effects a subdivision of the outstanding common shares, the
               number of Shares issuable upon exercise of the Option immediately before
the                subdivision shall be proportionately increased, and conversely, if the
Company                at any time or from time to time combines the outstanding common
shares, the                number of Shares issuable upon exercise of the Option
immediately before the                combination shall be proportionately decreased. Any
adjustment under this                Section 4.1(g)(i) shall become effective at the
close of business on the date                the subdivision or combination becomes
effective.  

5

	 	(ii) 	Adjustment
for Certain Dividends and Distributions. In the event the                Company at
any time, or from time to time makes, or fixes a record date for the
               determination of holders of common shares entitled to receive a dividend
or                other distribution payable in additional common shares of the Company,
then and                in each such event the number of Option Shares issuable upon
exercise of the                Option shall be increased as of the time of such issuance
or, in the event such                a record date is fixed, as of the close of business
on such record date, by                multiplying the number of Option Shares issuable
upon exercise of the Option by                a fraction: (i) the numerator of which
shall be the total number of shares of                the Company issued and outstanding
immediately prior to the time of such                issuance or the close of business on
such record date plus the number of shares                issuable in payment of such
dividend or distribution, and (ii) the denominator                of which is the total
number of shares of the Company issued and outstanding                immediately prior
to the time of such issuance or the close of business on such                record date;
provided, however, that if such record date is fixed and such                dividend is
not fully paid or if such distribution is not fully made on the date                fixed
thereof, the number of Shares issuable upon exercise of the Option shall
               be recomputed accordingly as of the close of business on such record date
and                thereafter the number of shares issuable upon exercise of the Option
shall be                adjusted pursuant to this Section 04.1(g)(ii) as of the time of
actual payment                of such dividends or distributions. In such event, Alex
shall hold such                dividends or other distributions on trust for TIS and pay
to TIS the said amount                in the event of the exercise of the option pursuant
to this Agreement  

	 	(iii) 	Adjustments
for Other Dividends and Distributions. In the event the                Company at any
time or from time to time makes, or fixes a record date for the
               determination of holders of Shares entitled to receive a dividend or other
               distribution payable in securities of the Company other than shares of
common                stock, then in each such event provision shall be made so that TIS
shall receive                upon exercise of the Option, in addition to the number of
Option Shares                receivable thereupon, the amount of securities of the
Company that TIS would                have received had the Option been exercised for
Shares immediately prior to such                event (or the record date for such event)
(the “Securities”) .                In such event Alex shall deposit
with Rajah & Tann all such Securities and                the signing hereof by Alex
shall be deemed irrevocable instruction to the                Company to transfer such
Securities to Rajah & Tann without the need for any                further
instructions.  

	 	(f) 	That: 

	 	(i) 	it
has full power and capacity to grant the Option and to enter into and perform
               this Agreement and such agreement, when executed, will constitute valid
and                binding obligations on him; and  

	 	(ii) 	the
execution and delivery of, and the performance of its obligations under this
               Agreement will not result in a breach of any provision; or any agreement
to                which it is a party or which is binding on it or its assets; or result
in a                breach of any order, judgement or decree of any court, governmental
agency or                regulatory body to which it is a party or by which it is bound;  

	 	(iii) 	Its
obligations under this Agreement will, upon this Agreement being executed,
               be valid, binding and enforceable in accordance with their terms, and  

	 	(g) 	acknowledges
that TIS is entering into this Agreement in reliance on (inter
                    alias) the above warranties, representations and undertakings and
that TIS                     shall be entitled to treat the same as conditions of this
Agreement. 

6

	4.2  	Warranties
to Be Separate and Independent  

	 	
Save
as expressly otherwise provided, each of Alex’s Warranties shall be separate and
independent and shall not be limited by reference to anything in this Agreement and claims
may be made whether or not TIS, prior to signing this Agreement, knew or could have
discovered (whether by any investigation made by it or on its behalf into the affairs of
the Company or otherwise) that any Warranty has not been complied with or carried out or
is otherwise untrue or misleading. 

	4.3  	Warranties
to Remain True and Correct  

	 	
Alex
further represents and warrants to and undertakes with TIS that:  

	 	(a) 	the
Warranties will be fulfilled down to, and will be true and correct in all
                    respects and not misleading at, Completion as if they had been
entered into                     afresh at Completion; 

	 	(b) 	if
after the signing of this Agreement and before Completion any event shall
                    occur or matter arises which results or may result in any of the
Warranties                     being unfulfilled, untrue, misleading or incorrect in any
respect at Completion,                     TIS shall be notified immediately fully
thereof prior to Completion and such                     investigations concerning the
event or matter which TIS may require shall be                     made; and 

	 	(c) 	in
relation to any Warranty which refers to his knowledge, information or
                    belief, that it has made all necessary enquiries into the subject
matter of that                     Warranty. 

	4.4  	Warranties
Not To Be Extinguished By Completion  

	 	
Alex’s
Warranties and all other provisions of this Agreement insofar as the same shall not have
been performed at Completion shall not in any respect be extinguished or affected by
Completion, or by any other event or matter whatsoever, except by a specific and duly
authorised written waiver or release by TIS. 

	5  	COMPLETION  

	5.1  	Place
and Date of Completion  

	 	
Completion
of the sale and purchase of the Option Shares shall take place at the registered office of
the Desmond (or at such other place as may be agreed) at 12 noon on the day seven (7) days
after the Exercise Date, provided that if such day is not a business day then Completion
shall take place at 12 noon on the first business day thereafter. 

	5.2  	Obligations
on Completion  

	 	
On
Completion:  

	 	(a) 	Alex
shall: 

	 	(i) 	Transfer
or procure the transfer of the Option Shares and all Securities and
               Distributions accruing to such Option Shares during the Option Period to
TIS;  

	 	(ii) 	deliver
or procure the delivery of all relevant share certificates and other
               documents of title in respect of the Option Shares to TIS;  

7

	 	(iii) 	account
to TIS for all benefits received in respect of the Option Shares between
               the Exercise Date and the date of Completion (both dates inclusive);  

	 	(iv) 	deliver
to TIS or as it shall direct any form of consent or waiver required from
               any other member of the Company to enable the transfer of the Option
Shares to                be registered in accordance with the Articles;  

	 	(v) 	use
his best endeavours to procure registration of the transfer of the Option
               Shares and all Securities and Distributions forthwith (subject to the
transfer                being stamped with any necessary stamp duty at the expense of
TIS); and  

	 	(vi) 	do
such things and execute such documents as shall be necessary or TIS may
               reasonably request to give effect to the sale of the Option Shares on the
               Transfer Terms; and  

	 	(vii) 	pay
all costs, taxes and fees connected to and imposed upon the exercise of the
               Option and the transfer of the Option Shares hereunder.  

	5.3  	Default
In Completion  

	 	
If
any of the provisions of Clause 5.2 are not complied with on the date fixed for
Completion the party hereto not in default may (without prejudice to its other rights and
remedies): 

	 	(b) 	defer
Completion to a date not more than 28 days after such date (and so that
                    the provisions of Clause 5.2 shall apply to Completion as so
deferred);                     or 

	 	(c) 	proceed
to Completion so far as practicable (without prejudice its rights under
                    this Agreement); or 

	 	(d) 	rescind
the contract of sale arising by virtue of the exercise of the Option
                    whereupon this Agreement shall terminate. 

	6  	DURATION
OF OBLIGATIONS  

	6.1  	Termination
On Expiry Of Option Period  

	 	
This
Agreement shall terminate on the expiry of the Option Period if no Option Notice shall
have been served on or prior to such time. 

	6.2  	Termination
On Fulfilment Of Obligations  

	 	
If
any Option Notice shall have been served on or prior to the expiry of the Option Period,
this Agreement shall terminate upon the fulfilment of the Parties’ obligation under
this Agreement. 

	6.3  	Termination
Upon Occurrence Of Events Of Default  

	 	
This
Agreement shall automatically terminate in the event that:  

8

	 	(a) 	Alex
is in breach of Clause 4.1 or Clause 7 and TIS serves notice
                    on Alex terminating this Agreement; 

	 	(b) 	the
Company enters into liquidation or compound or makes any voluntary
                    arrangement with its creditors or has a receiver, administrative
receiver,                     administrator or other similar officer or encumbrancer
appointed of it or over                     all or any part of its assets or takes or
suffers any similar action in                     consequence of debt or becomes unable
to pay its debts as and when they fall                     due. 

	6.4  	Rights
And Obligations To Cease Upon Termination  

	 	
On
any termination of this Agreement, and other than when specifically stated herein as to
survival upon termination the rights and obligations of the parties hereto under this
Agreement shall cease and determine save in respect of any antecedent breach of this
Agreement. 

	7  	UNDERTAKINGS
PENDING TERMINATION  

	7.1  	Alex’s
Undertakings  

	 	
Alex
shall procure that until this Agreement terminates in accordance with Clause 6,
unless with the written consent of TIS, the Company shall: 

	 	(a) 	not
effect any Reorganisation; 

	 	(b) 	carry
on business only in the ordinary course and in a manner consistent with
                    its past practices, and accordingly shall not, except in the ordinary
course of                     business; 

	 	(c) 	not
permit any of its insurances to lapse or do anything that would make any
                    policy of insurance void or voidable; 

	 	(d) 	not
agree, conditionally or otherwise, to do any of the foregoing; 

	 	(e) 	promptly
upon obtaining knowledge thereof, give notice to TIS of: 

	 	(i) 	any
litigation, investigation or proceeding affecting it that could reasonably
                    be expected to have a material adverse effect on its and/or on the
                    Company’s business, operations, properties, prospects or
condition                     (financial or otherwise);  

	 	(ii) 	any
event or matter that has resulted in a material adverse change in its and
                    and/or the Company’s business, operations, prospects or
condition                     (financial or otherwise);  

	 	(iii) 	any
event or development that had it existed or been known on the date of this
                    Agreement would have been required to be disclosed by it under this
Agreement or                     under the Stock Purchase Agreement; and  

	 	(iv) 	any
event or development that would cause any of Alex’s Warranties to be
                    inaccurate or otherwise misleading.  

9

	 	(f) 	Transfer
to Rajah & Tann all Securities as required under Section
                    4.1(g)(iii) hereinabove; 

	 	(g) 	In
general use its best efforts and cooperate with TIS so as to give effect to
                    and enable the performance of this Option Agreement; 

	8  	MISCELLANEOUS  

	8.1  	Entire
Agreement  

	 	
This
Agreement embodies all the terms and conditions agreed upon between the Parties hereto as
to the Option, and supersedes and cancels in all respects all previous agreements and
undertakings, if any, between the Parties hereto with respect to the Option, whether such
be written or oral. 

	8.2  	Releases  

	 	
Any
liability to any party hereto under this Agreement may in whole or in part be released,
compounded or compromised, or time or indulgence given, by it in its absolute discretion
as regards the other party under such liability without in any way prejudicing or
affecting its rights against such other party. 

	8.3  	Waiver  

	 	
No
failure on the part of any party hereto to exercise and no delay on the part of such party
in exercising any right hereunder will operate as a release or waiver thereof, nor will
any single or partial exercise of any right under this Agreement preclude any other or
further exercise of it or any other right or remedy. 

	8.4  	Continuance
Of Agreement  

	 	
All
provisions of this Agreement shall not, so far as they have not been performed at
Completion, be in any respect extinguished or affected by Completion or by any other event
or matter whatsoever and shall continue in full force and effect so far as they are
capable of being performed or observed. 

	8.5  	Successors
And Assigns  

	 	
This
Agreement shall be binding on and shall enure for the benefit of each of the successors
and assigns of the parties hereto. Any reference in this Agreement to either of the
parties hereto shall be construed accordingly. 

	8.6  	Extension
Of Time  

	 	
Any
time, date or period mentioned in any provision of this Agreement may be extended by
mutual agreement between the parties hereto in accordance with this Agreement or by
agreement but as regards any time, date or period originally fixed or any time, date or
period so extended as aforesaid time shall be of the essence. 

	8.7  	Remedies
Not Exclusive  

	 	
No
remedy conferred by any of the provisions of this Agreement is intended to be exclusive of
any other remedy which is otherwise available at law, in equity, by statute or otherwise,
and each and every other remedy shall be cumulative and shall be in addition to every
other remedy given hereunder or now or hereafter existing at law, in equity, by statute or
otherwise. The election of any one or more of such remedies by any party hereto shall not
constitute a waiver by such party of the right to pursue any other available remedies. 

10

	8.8  	Illegality  

	 	
If
any provision of this Agreement is held to be illegal, invalid or unenforceable in whole
or in part in any jurisdiction, this Agreement shall, as to such jurisdiction, continue to
be valid as to its other provisions and the remainder of the affected provision; and the
legality, validity and enforceability of such provision in any other jurisdiction shall be
unaffected. 

	8.9  	Notices  

	 	
All
notices, demands or other communications required or permitted to be given or made
hereunder shall be in writing and delivered personally or sent by prepaid registered post
with recorded delivery, or by facsimile transmission addressed to the intended recipient
thereof at its address or at its facsimile number, and marked for the attention of such
person (if any), designated by it to the other parties hereto for the purposes of this
Agreement or to such other address or facsimile number, and marked for the attention of
such person, as a party hereto may from time to time duly notify the other parties hereto
in writing. 

	8.10  	Addresses
And Facsimile Numbers  

	 	
The
addresses and facsimile numbers of the parties hereto for the purpose of this Agreement
are specified below: 

	 	
TIS  

	 			
	 	Address	:	2 HaBarzel Street, Ramat HaChayal, Tel Aviv, Israel
	 	Facsimile No.	:	972-2-5667780
	 	Attention	:	Ben Zvi Koren & Co., Law Offices 8 Ben Maimon Blvd., Jerusalem 92261

	 	
Alex  

	 			
	 	Address	:	30B Lorong H Telok Kurau Singapore 426019
	 	Facsimile No.	:	+65 6742 7000

	8.11  	Deemed
Delivery  

	 	
Any
such notice, demand or communication shall be deemed to have been duly served (if
delivered personally or given or made by facsimile) immediately or (if given or made by
letter) 2 business days after posting and in proving the same it shall be sufficient to
show that personal delivery was made or that the envelope containing such notice was
properly addressed, and duly stamped and posted or that the facsimile transmission was
properly addressed and despatched. 

	8.12  	No
Merger On Completion  

	 	
Notwithstanding
Completion, the provisions of this Agreement shall not merge with the transfer or
conveyance and be extinguished but shall remain in full force and effect as between the
parties hereto insofar as the same shall not have been fulfilled. 

11

	8.13  	Governing
Law And Submission To Jurisdiction  

	 	
This
Agreement shall be governed by, and construed in accordance with, the laws of Israel. In
relation to any legal action or proceedings arising out of or in connection with this
Agreement (the ‘Proceedings’), each party hereto irrevocably submits to
the exclusive jurisdiction of the courts of Israel. That submission shall not affect
TIS’s right to take Proceedings in any other jurisdiction. 

	8.14  	Assignment  

	 	
The
provisions under this Agreement shall not be assigned in whole or in part by Alex without
the consent of TIS. TIS shall be entitled to assign its rights hereunder provided however
Alex’s rights hereunder shall not be harmed. 

12

SCHEDULE 1 

PARTICULARS OF THE
COMPANY 

			
	1.	Registration Number:	200414416M
	 
	2.	Registered Office:	7 Temasek Boulevard #27-01 Suntec Tower 1 Singapore 038987
	 
	3.	Date and Place of Incorporation:	5 November 2004, Singapore
	 
	4.	Issued and Fully Paid-Up
	 	Share Capital:	S$2.00

13

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

		
	TOP IMAGE SYSTEMS LTD 	 
	 	)
	SIGNED BY	)
	 	)
	for and on behalf of	)
	TOP IMAGE SYSTEMS LTD 	)
	in the presence of:	)
	 
	 
	TOH KIAN HONG 
	 
	SIGNED BY	)
	TOH KIAN HONG 	)
	in the presence of:	)

14

Schedule 3.2(b)  

Debtors debts to Cecil 

	Creditors	Cecil
	Debtors	 
	Blitz Ltd. 	HK$ 2,777,000.00 

Schedule 3.2(c)  

Debtors debts to
Creditors 

	Creditors	PC Holdings Pte. Ltd.	Adept Holdings	PC Asia Nominees Ltd.
	Debtors
	Asiasoft(S) Pte. Ltd. 	S$ 1,213,000.00 	S$ 972,000.00 	  
	ACME Solutions Ltd. 	HK$ 1,270,000.00 	  	  
	Asiasoft Systems (China) Ltd. 	  	  	HK$ 9,761,000.00 

Schedule 3.2(m)  

EMPLOYMENT AGREEMENT 

        This
AGREEMENT (the “Agreement”) is made as of June 12, 2007, by and between Asiasoft
Global Pte Ltd (Company Registration Number: 200424416M), a Singapore corporation with its
headquarters located in 7 Temasek Boulevard #27-01 Suntec Tower One Singapore 038987 (the
“Employer”), and Alex Toh Kian Hong, the holder of a Singapore passport
No. 7607980C (the “Executive”). In consideration of the mutual covenants
contained in this Agreement, the Employer and the Executive agree as follows: 

        WHEREAS,
the Employer desires to employ the Executive and the Executive desires to be employed by
the Employer on the terms contained herein. 

        NOW,
THEREFORE, in consideration of the mutual covenants and agreements herein contained and
other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties agree as follows: 

		    1.        Employment.
The Employer agrees to employ the Executive and                the Executive agrees to be
employed by the Employer on the terms and conditions                set forth in this
Agreement. The parties acknowledge that the Employee was                employed by the
Employer prior to the signing hereof (“Previous                Employment Term”)
and the parties hereby confirm that neither of them                have any claim against
the other with respect to the Previous Employment Term                and that the
Employee have received, prior to the signing hereof, full payment                of all
amount due to him in connection with the Previous Employment Term.  

		    2.        Capacity.
The Executive shall serve the Employer as its                Managing Director. The
Executive shall also serve the Employer in such other or                additional
offices as the Executive may be requested to serve by the Board of
               Directors. In such capacity or capacities, the Executive shall perform
such                services and duties in connection with the business, affairs and
operations of                the Employer as may be assigned or delegated to the
Executive from time to time                by or under the authority of the Board of
Directors.  

		    3.        Term.
Subject to the provisions of Section 6, the term of                employment pursuant to
this Agreement (the “Term”) shall be 2 years                from the Effective
Date and shall be renewed automatically for periods of 1 year                commencing
at the first anniversary of the Effective Date and on each subsequent
               anniversary thereafter, unless the Employer gives written notice to the
               Executive not less than sixty (60) days prior to the date of any such
               anniversary of Employer’s election not to extend the Term for the
purposes                of this Agreement the “Effective Date” shall be
the date of                closing of the Stock Purchase Agreement entered into between
Top Image Systems                Ltd and PC Holdings Pte Ltd and Asiasoft Global Pte Ltd
dated 12 June 2007. For                the avoidance of doubt, this Agreement shall not
be effective if there is no                closing of the said Stock Purchase Agreement.  

		    4.        Compensation
and Benefits. The regular compensation and                benefits payable
to the Executive under this Agreement shall be as follows:  

		    (a)        Salary.
For all services rendered by the Executive under this Agreement,                the
Employer shall pay the Executive a gross salary (the “Salary”) at
               the annual rate of US$100,000 (one hundred thousand US dollars). The
Salary does                not include the Employer’s contribution to the Central
Provident Fund                (‘CPF’) which will be paid directly by the
Employer to the CPF Board                each month. The Salary may be increased from
time to time in the discretion of                the Board of Directors or the
Compensation Committee of Company (the                “Compensation Committee”)
in accordance with the                Employer’s customary practice. The Salary
shall be payable on a monthly                basis in accordance with the Employer’s
usual practice for its senior                executives.  

		    (b)        Regular
Benefits. The Executive shall also be entitled to participate in                any
employee benefit plans, medical insurance plans, life insurance plans,
               disability income plans, retirement plans, vacation plans, expense
reimbursement                plans and other benefit plans which the Employer may from
time to time have in                effect for all or most of its senior executives,
provided that no more than                US$25,000 (twenty five thousand US dollars)
shall be attributable to any benefit                plan. Such participation shall be
subject to the terms of the applicable plan                documents, generally
applicable policies of the Employer, applicable law and the                discretion of
the Board of Directors, the Compensation Committee or any                administrative
or other committee provided for in or contemplated by any such                plan.
Nothing contained in this Agreement shall be construed to create any
               obligation on the part of the Employer to establish any such plan or to
maintain                the effectiveness of any such plan which may be in effect from
time to time.  

		    (c)        Handphone
and Petrol Allowance. The Executive shall be entitled to a                monthly
handphone and petrol allowance of US$400.00  

		    (d)        Incentive
Compensation. Subject to the achievement of the performance targets
               detailed bellow, the Employer shall pay the Executive, in addition to the
Salary                as set forth in Section 4(a) above, and with respect to the first
two years of                the Term, the following incentive compensation (“Incentive
               Compensation”):  

		    (i)        With
respect to the fiscal year 2007, upon the attainment of both the following
               Turnover Target and Net Profit Target, a bonus of ten percent (10%) of the
               Employer Net Profit for the year 2007. Net Profit shall mean net profit
after                tax according to the Employer’s audited financial statements
for the                relevant year:  

		    (A)        Employer’s
turnover of US$7,700,000 (seven million seven hundred thousand                US dollars)
(“Turnover Target”); and  

		    (B)        Employer’s
Net Profit of US$250,000 (two hundred fifty thousand US                dollars)(“Net
Profit Target”).  

		    (ii)        With
respect to the fiscal year 2008, the Turnover Target and Net Profit Target
               will be determined by the Employer’s Board of Directors (or such
other                organ as the Employer’s customary practice requires) by the end
of the year                2007.  

2

		    (iii)        Incentive
Compensation thereafter will be subject to the discretion of the Board                of
Directors or the Compensation Committee in accordance with the                Employer’s
customary practice. In any event Bonus amounts shall not be                subject to any
social or other befits provisions and shall be deemed voluntary                payments.  

		    (iv)        The
incentive compensation amounts calculated above are gross and include the
               Employer’s CPF contributions.  

		    (e)        Taxation
of Payments and Benefits. The Employer shall undertake to make                deductions,
withholdings and tax reports with respect to payments and benefits                under
this Agreement to the extent that it reasonably and in good faith believes
               that it is required to make such deductions, withholdings and tax reports.
               Payments under this Agreement shall be in amounts net of any such
deductions or                withholdings. Nothing in this Agreement shall be construed
to require the                Employer to make any payments to compensate the Executive
for any adverse tax                effect associated with any payments or benefits or for
any deduction or                withholding from any payment or benefit.  

		    (f)        Exclusivity
of Salary and Benefits. The Executive shall not be entitled                to any
payments or benefits other than those provided under this Agreement. For
               purposes of any applicable minimum wage, equal pay and overtime pay law or
               regulation, the Executive is acting as a senior executive employee and
therefore                will not be entitled to overtime or other additional
compensation for services                performed during evenings, weekends, holidays,
or at other times.  

		    (g)        Deductibility
of Benefits to Employer. It is the intention of the                Executive and of
the Employer that no payments by the Employer to or for the                benefit of the
Executive under this Agreement or any other agreement or plan, if                any,
pursuant to which the Executive is entitled to receive payments or benefits
               shall be nondeductible to the Employer by reason of the operation of any
               relevant law. Accordingly, and notwithstanding any other provision of this
               Agreement or any such agreement or plan, if by reason of the operation of
any                law, any such payments exceed the amount which can be deducted by the
Employer,                such payments shall be reduced to the maximum amount which can
be deducted by                the Employer. To the extent that payments exceeding such
maximum deductible                amount have been made to or for the benefit of the
Executive, such excess                payments shall be refunded to the Employer with
interest thereon, compounded                annually, or at such other rate as may be
required in order that no such                payments shall be nondeductible to the
Employer by reason of the operation of                any law. To the extent that there
is more than one method of reducing the                payments to bring them within the
limitations of such law, the Executive shall                determine which method shall
be followed, provided that if the Executive fails                to make such
determination within forty-five (45) days after the Employer has                given
notice of the need for such reduction, the Employer may determine the
               method of such reduction in its sole discretion.  

3

		    5.        Extent
of Service. During the Executive’s employment                under
this Agreement, the Executive shall, subject to the direction and
               supervision of the Board of Directors, devote the Executive’s full
business                time, best efforts and business judgment, skill and knowledge to
the advancement                of the Employer’s interests and to the discharge of
the Executive’s                duties and responsibilities under this Agreement. The
Executive shall not engage                in any other business activity or the provision
of any services, except as may                be approved by the Board of Directors;
provided that nothing in this Agreement                shall be construed as preventing
the Executive from:  

		    (a)        investing
the Executive’s assets in any company or other entity in a manner                not
prohibited by Section 7(d) and in such form or manner as shall not require
               any material activities on the Executive’s part in connection with
the                operations or affairs of the companies or other entities in which such
               investments are made; or  

		    (b)        engaging
in religious, charitable or other community or non-profit activities                that
do not impair the Executive’s ability to fulfill the Executive’s
               duties and responsibilities under this Agreement.  

		    6.        Termination.
Notwithstanding the provisions of Section 3,                the Executive’s
employment under this Agreement shall terminate under the                following
circumstances set forth in this Section 6.  

		    (a)        Termination
by the Employer for Cause. The Executive’s employment                under this
Agreement may be terminated for cause without further liability on                the
part of the Employer effective immediately upon a vote of the Board of
               Directors and written notice to the Executive. Only the following shall
               constitute “Cause” for such termination:  

		    (i)        the
indictment of the Executive for any offense involving moral turpitude,
               deceit, dishonesty or fraud (“indictment,” for these purposes,
meaning                an indictment, probable cause hearing or any other procedure
pursuant to which                an initial determination of probable or reasonable cause
with respect to such                offense is made);  

		    (ii)        failure
to perform to the reasonable satisfaction of the Board of Directors a
               substantial portion of the Executive’s duties and responsibilities
assigned                or delegated under this Agreement, which failure continues, in
the reasonable                judgment of the Board of Directors provided however that
the Executive did not                take corrective action following a written notice
given to the Executive by the                Board of Directors.  

		    (iii)        gross
negligence or willful misconduct in the conduct of the Executive’s
               duties hereunder, or insubordination of the Executive with respect to the
               Employer or any affiliate of the Employer, or commission of an act of
personal                dishonesty or breach of fiduciary duty in connection with the
Executive’s                employment with the Company.  

		    (iv)        material
breach by the Executive of any of the Executive’s obligations                under
this Agreement, not cured, if curable, within fourteen (14) calendar days
               following written notice given to the Executive by the Board of Directors.  

4

		    (b)        Termination
by the Executive. The Executive’s employment under this                Agreement
may be terminated by the Executive by written notice to the Board of
               Directors at least sixty (60) days prior to such termination provided
however                that such termination shall not take effect prior to the second
anniversary of                the signing hereof.  

		    (c)        Termination
by the Employer Without Cause. The Executive’s employment under                this
Agreement may be terminated by the Employer without cause by a vote of the
               Board of Directors upon written notice to the Executive at least sixty
(60) days                prior to such termination.  

		    (d)        Effect
of Termination. Unless otherwise specifically provided in this Agreement
               or otherwise required by law, all compensation and benefits payable to the
               Executive under this Agreement shall terminate on the date of termination
of the                Executive’s employment under this Agreement (the “Termination
               Date”). In the event that the Executive is terminated for cause, the
               Executive shall not be entitled to any Incentive Compensation hereunder
for the                year in which such termination occurs.  

		    (e)        Disability.
This Agreement may be terminated by the Board of Directors by 30                days’ written
notice in the event the Employee is rendered incapable by                illness or any
other disability from performing his duties and functions                hereunder, for a
cumulative (but not necessarily consecutive) period in excess                of 90 days
per annum during the term of this Agreement                (“Disability”).
In such case the Executive shall receive full                Salary (less any disability
pay or sick pay benefits to which the Executive may                be entitled under the
Employer’s policies) and benefits under Section 4 of                this Agreement
(except to the extent that the Executive may be ineligible for                one or more
such benefits under applicable plan terms) through the date of the                notice
of termination.  

Should any question arise as to
whether during any period the Executive is disabled so as to be unable to perform his
duties and functions hereunder, the Executive may, and at the request of the Employer
shall, submit to the Employer a certification in reasonable detail by a physician selected
by the Employer to whom the Executive or the Executive’s guardian has no reasonable
objection as to whether the Executive is so disabled or how long such disability is
expected to continue, and such certification shall for the purposes of this Agreement be
conclusive of the issue. The Executive shall cooperate with any reasonable request of the
physician in connection with such certification. If such question arises and the Executive
fails to submit such certification, the Employer’s determination of such issue shall
be binding on the Executive. Nothing in this Section 6(e) shall be construed to waive the
Executive’s rights, if any, under existing law. 

		    (f)        Cessation
of Benefits. Notwithstanding anything contained in this Section 6 or this Agreement
to the contrary, the obligation to make any payments hereunder or otherwise
provide benefits shall cease immediately in the event of a breach of Section
7 by the Executive.  

5

		    7.        Confidential
Information, Noncompetition and Cooperation.  

		    (a)        Confidential
Information. As used in this Agreement, "Confidential Information" means information
belonging to or possessed by the Employer which is of value to the Employer
and the disclosure of which could result in a competitive or other
disadvantage to the Employer. Confidential Information includes,
without limitation, financial information, reports, and forecasts;
inventions, improvements and other intellectual property; trade
secrets; know-how; designs, processes or formulae; software; market or
sales information or plans; customer lists; and business plans, prospects and
opportunities (such as possible acquisitions or dispositions of businesses or
facilities). Confidential Information includes any information (including in
particular any ideas, inventions, know-how and intellectual property)
developed by the Executive alone or together with others in the course of the
Executive's employment by the Employer (including employment during the
Previous Employment Term), which shall be the sole and exclusive property
of the Employer (which the Executive shall take any requisite action to
confirm if required) and of which the Executive undertakes to maintain
adequate and current records, as well as other information to which the
Executive may have access in connection with the Executive's employment.
Confidential Information also includes the confidential information of
others with which the Employer has a business relationship.
Notwithstanding the foregoing, Confidential Information does not include information
in the public domain, unless due to breach of the Executive's duties under
Section 7(b).  

		    (b)        Confidentiality.
The Executive understands and agrees that the Executive's employment creates a
relationship of confidence and trust between the Executive and the
Employer with respect to all Confidential Information. At all times, both
during the Executive's employment with the Employer and after its
termination, the Executive will keep in confidence and trust all such Confidential
Information, and will not use or disclose any such Confidential
Information without the written consent of the Employer, except as may be
necessary in the ordinary course of performing the Executive's duties to
the Employer.  

		    (c)        Documents,
Records, etc. All documents, records, data, apparatus, equipment and other
physical property, whether or not pertaining to Confidential
Information, which are furnished to the Executive by the Employer or are
produced by the Executive in connection with the Executive's employment
will be and remain the sole property of the Employer. The Executive will return to
the Employer all such materials and property as and when requested by the
Employer. In any event, the Executive will return all such materials
and property immediately upon termination of the Executive's employment
for any reason. The Executive will not retain any such material or property
or any copies thereof after such termination. Such material, however, does
not include documents and files relating to the Executive's employment,
benefits, obligations or otherwise pertaining to the Executive's career and
relationship with the Employer, which the Executive may retain.  

6

		    (d)        Noncompetition
and Nonsolicitation. During the Term and for eighteen (18) months thereafter, the
Executive (i) will not, directly or indirectly, whether as owner, partner,
shareholder, consultant, agent, employee, co-venturer or otherwise, engage,
participate, assist or invest in any Competing Business (as hereinafter
defined or otherwise engage in any activity that competes with the
business of the Employer or any of its affiliates); (ii) will refrain from
directly or indirectly employing (as an employee, consultant or otherwise,
attempting to employ, recruiting or otherwise soliciting, inducing or
influencing any person to leave employment with the Employer; and (iii)
will refrain from any business relationship with any customer or supplier of
the Employer; and (iv) shall refrain from soliciting or encouraging any
customer or supplier of the Employer to terminate or otherwise modify
adversely its business relationship with the Employer or any of its
affiliates. The Executive understands that the restrictions set forth in
this Section 7(d) are intended to protect the Employer's interest in its
Confidential Information and established employee, customer and supplier
relationships and goodwill, and agrees that such restrictions are reasonable
and appropriate for this purpose. For purposes of this Agreement: (i) the
term "Competing Business" shall mean any business which is competitive
with any business which the Employer or any of its affiliates conducts or
proposes to conduct at any time during the employment of the Executive; (ii)
the term Employer shall include any Affiliate of the Employer, as such term
is defined in the Share Purchase Agreement dated 12 June 2007 between the
parties hereto and Top Image Systems Ltd. Notwithstanding the foregoing,
the Executive may own up to one percent (1%) of the outstanding stock of a
publicly held corporation which constitutes or is affiliated with a
Competing Business.  

		    (e)        Third-Party
Agreements and Rights. The Executive hereby confirms that the Executive is not bound
by the terms of any agreement with any previous employer or other party which
restricts in any way the Executive's use or disclosure of information or
the Executive's engagement in any business. The Executive represents to
the Employer that the Executive's execution of this Agreement, the
Executive's employment with the Employer and the performance of the
Executive's proposed duties for the Employer will not violate any obligations
the Executive may have to any such previous employer or other party. In the
Executive's work for the Employer, the Executive will not disclose or make
use of any information in violation of any agreements with or rights of any
such previous employer or other party, and the Executive will not bring to
the premises of the Employer any copies or other tangible embodiments of
non-public information belonging to or obtained from any such previous
employment or other party.  

		    (f)        Litigation
and Regulatory Cooperation. During and after the Executive's employment, the
Executive shall fully cooperate with the Employer in the defense or
prosecution of any claims or actions now in existence or which may be
brought in the future against or on behalf of the Employer which relate
to events or occurrences that transpired while the Executive was employed by the
Employer. The Executive's full cooperation in connection with such claims or
actions shall include, but not be limited to, being available to meet with
counsel to prepare for discovery or trial and to act as a witness on behalf of
the Employer at mutually convenient times. During and after the Executive's
employment, the Executive also shall fully cooperate with the Employer in
connection with any investigation or review of any federal, state or
local regulatory authority as any such investigation or review relates
to events or occurrences that transpired while the Executive was employed
by the Employer. The Employer shall reimburse the Executive for any
reasonable out-of-pocket expenses incurred in connection with the
Executive's performance of obligations pursuant to this Section 7(f),
subject to production of appropriate support documentation. The
Executive shall not incur any expenses in excess of $500 without the
Employer's prior written approval.  

7

		    (g)        Injunction.
The Executive agrees that it would be difficult to measure any damages caused to
the Employer which might result from any breach by the Executive of the
promises set forth in this Section 7, and that in any event money damages
would be an inadequate remedy for any such breach. Accordingly the Executive
agrees that if the Executive breaches, or proposes to breach, any portion of
this Agreement, the Employer shall be entitled, in addition to all other remedies
that it may have, to an injunction or other appropriate equitable relief to
restrain any such breach without showing or proving any actual damage to the
Employer.  

		    8.        Consent
to Jurisdiction. The parties hereby consent, to the extent permitted by applicable
law, to the jurisdiction of the competent courts in Tel Aviv, Israel.
Accordingly, with respect to any such court action, the Executive (a) submits
to the personal jurisdiction of such courts; (b) consents to service of
process; and (c) waives any other requirement (whether imposed by statute, rule of
court, or otherwise) with respect to personal jurisdiction or service of process.  

		    9.        Integration.
This Agreement constitutes the entire agreement between the parties with respect to
the subject matter hereof and supersedes all prior agreements between the
parties with respect to any related subject matter.  

		    10.        Assignment;
Successors and Assigns, etc. Neither the Employer nor the Executive may make
any assignment of this Agreement or any interest herein, by operation of law
or otherwise, without the prior written consent of the other party;
provided that the Employer may assign its rights under this Agreement
without the consent of the Executive to any corporation or other entity which,
directly or indirectly, controls or is controlled by the Employer or is
under common control with the Employer or to any corporation or other entity
succeeding to all or a substantial portion of the Employer's business or
assets, provided that such assignee consents to assume the Employer's
obligations hereunder. This Agreement shall inure to the benefit of and be
binding upon the Employer and the Executive, their respective successors,
executors, administrators, heirs and permitted assigns.  

		    11.        Enforceability.
If any portion or provision of this Agreement (including, without limitation, any
portion or provision of any section of this Agreement) shall to any extent
be declared illegal or unenforceable by a court of competent jurisdiction,
then the remainder of this Agreement, or the application of such portion
or provision in circumstances other than those as to which it is so
declared illegal or unenforceable, shall not be affected thereby, and each
portion and provision of this Agreement shall be valid and enforceable to the
fullest extent permitted by law.  

8

		    12.        Waiver.
No waiver of any provision hereof shall be effective unless made in writing and
signed by the waiving party. The failure of any party to require the
performance of any term or obligation of this Agreement, or the waiver by any
party of any breach of this Agreement, shall not prevent any subsequent
enforcement of such term or obligation or be deemed a waiver of any subsequent breach.  

		    13.        Notices.
Any notices, requests, demands and other communications provided for by this
Agreement shall be sufficient if in writing and delivered in person or
sent by a nationally recognized overnight courier service or by registered
or certified mail, postage prepaid, return receipt requested, to the
Executive at the last address the Executive has filed in writing with the Employer
or, in the case of the Employer, at its main offices, attention of Toh
Kian Hong, and shall be effective on the date of delivery in person or by
courier or three (3) days after the date mailed.  

		    14.        Amendment.
This Agreement may be amended or modified only by a written instrument signed by
the Executive and by a duly authorized representative of the Employer.  

		    15.        Governing
Law. This Agreement shall be construed, to the extent permitted by applicable law,
under and be governed in all respects by the laws of Israel, without giving
effect to the conflict of laws principles thereof.  

		    16.        Counterparts.
This Agreement may be executed in any number of counterparts, each of which when so
executed and delivered shall be taken to be an original; but such
counterparts shall together constitute one and the same document.  

        IN
WITNESS WHEREOF, this Agreement has been executed as a sealed instrument by the Employer,
by its duly authorized officer, and by the Executive, as of the Effective Date. 

			EMPLOYER

BY: 
——————————————

——————————————
Executive

9

Schedule 4.5(a)1  

Singapore  

Asiasoft Global Pte. Ltd.

Schedule 4.5(b)  

The Company and its subsidiaries has
all requisite corporate power and authority to own, lease, operate and transfer its
assets, and to carry on the Business as now being conducted in the jurisdictions listed as
follows: 

	Singapore	Hong Kong	China	Philippines	Thailand	Malaysia
	Asiasoft (S) Pte. Ltd.	Blitz Technologies Limited	Shanghai Asiasoft Ltd.	Asiasoft Phillipnes Ltd	Asiasoft Thailand	Asiasoft (M) Thailand
	 	ACME Solutions Ltd.	Bisoft Technologies Co. Ltd.	 	 	 
	 	Asiasoft HK Ltd.	Asiasoft Solutions (GZ) Limited	 	 	 
	 	Asiasoft System (China) Limited	 	 	 	 
	 	AS Solutions (HK) Limited	 	 	 	 

Schedule 4.5(2)  

Equity Interest of Company and structure of Subsidiaries 

Asiasoft Global Pte Ltd 

PC Holdings 51% 

Alex Toh 49%

Asiasoft (S) Pte Ltd 

ASG 100%

Asiasoft Solutions (HK) Limited 

ASG – 51% 

Cecil – 49%

Blitz Technologies 
Limited 

ASG – 51%
Wife of Cecil – 49%

Asiasoft System (China) Limited 

ASG 100% (1 share held by 
PC Nominees Limited on trust 
for ASG)

Bizoft Technologies Co. Ltd 

ASG 51% 

- via trust declaration with 
Cecil 

- Cecil in turn holds all the 
shares of Bizoft via a trust 
declaration with both 
 s

(Singapore)

(Singapore)

(HK)

(HK)

(HK)

(China)

Asiasoft 
Hong Kong 
Limited 

AS(S) 
23.38%

ACME Solutions Limited 

Asiasoft Solutions (HK) Limited 
– 100% (1 share held by Cecil 
on trust for Asiasoft Solutions 
(HK) Limited)

Shanghai Asiasoft Ltd 

- Asiasoft System 
(China) Limited – 
99.18% 

- Mingzhong – 0.82%

Asiasoft Solutions 
(GZ) Limited 

ASG 51% 

- via trust declaration 
with Cecil 

- Cecil is sole 
registered 
shareholder

(HK)

(HK)

(China)

(China)

Asiasoft 
MY Ltd - 
AS(S)
30% 

.

Asiasoft 
Phillipines - 
AS(S) 15% 

(Malaysia)

(Philippines)

Asiasoft 
Thailand 100%

(Thailand)

Schedule 4.5 (f)
–Directors and officers 

	Name of Company 	Name 	Position 
	Asiasof Global Pte. Ltd.	Toh Kian Hong	Director
	Asiasof Global Pte. Ltd.	Wong Chun Thieh	Director
	Asiasof (S) Pte. Ltd.	Toh Kian Hong	Director
	Asiasof (S) Pte. Ltd.	Wong Chun Thieh	Director
	Asiasof (S) Pte. Ltd.	Larry Sim	General Manager
	Blitz Technologies Limited	Cecil Tai	Director,GM
	Shanghai Asiasoft Ltd.	David Xiao	Chairman
	Shanghai Asiasoft Ltd.	Shu Wen	GM
	Shanghai Asiasoft Ltd.	Xu Shu Wen	Financial Controller
	ACME Solutions Ltd.	Toh Kian Hong	Director
	ACME Solutions Ltd.	Vincent Leung	Business Development Manager
	ACME Solutions Ltd.	Cecil Tai	Director,GM
	Asiasoft MY	Toh Kian Hong	Director
	Asiasoft HK Ltd.	Toh Kian Hong	Director
	AS Solutions (HK) Limited	Toh Kian Hong	Director
	AS Solutions (HK) Limited	Cecil Tai	Director,GM

Schedule 4.7 (a)  

Most recent financial statements  

Group Consolidated
– FY06A PL 

	Currency: S$000 
	AS

Global
	AS Sin
	ACME
	Bizoft
	AS Sys
	AS SH
	Blitz
	Total
	Elimination 
	Adj
	FY06A

	 											
												
												
												
	Sales	 	 	 	-	 	 	4,867	 	 	1,210	 	 	451	 	 	-	 	 	3,788	 	 	342	 	 	10,658	 	 	(433	)	 	-	 	 	10,225	 
	Cost of sales	 	 	 	-	 	 	(4,042	)	 	(897	)	 	(12	)	 	-	 	 	(4,310	)	 	(463	)	 	(9,724	)	 	433	 	 	-	 	 	(9,291	)
	Gross profit 	  	  	  	- 	  	  	825 	  	  	313 	  	  	439 	  	  	- 	  	  	(522 	) 	  	(121 	) 	  	934 	  	  	- 	  	  	- 	  	  	934 	  
	Other income	 	 	 	-	 	 	236	 	 	886	 	 	-	 	 	-	 	 	1,043	 	 	-	 	 	2,165	 	 	-	 	 	-	 	 	2,165	 
	Distribution	 	 
	expenses	 	 	 	-	 	 	(32	)	 	(132	)	 	(213	)	 	-	 	 	(130	)	 	(5	)	 	(512	)	 	-	 	 	-	 	 	(512	)
	Administrative	 	 
	expenses	 	 	 	(10	)	 	(1,134	)	 	(275	)	 	(202	)	 	(3	)	 	(394	)	 	(12	)	 	(2,030	)	 	-	 	 	-	 	 	(2,030	)
	Subsidy	 	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	17	 	 	-	 	 	17	 	 	-	 	 	-	 	 	17	 
	Finance cost	 	 	 	-	 	 	(6	)	 	2	 	 	-	 	 	-	 	 	-	 	 	(7	)	 	(11	)	 	-	 	 	(3	)	 	(14	)
	Profit/ (loss) 	  	  
	before tax 	  	  	  	(10 	) 	  	(111 	) 	  	794 	  	  	24 	  	  	(3 	) 	  	14 	  	  	(145 	) 	  	563 	  	  	- 	  	  	(3 	) 	  	560 	  
	Income tax expense	 	 	 	-	 	 	-	 	 	-	 	 	(15	)	 	-	 	 	-	 	 	-	 	 	(15	)	 	-	 	 	-	 	 	(15	)
		
		
		
		
		
		
		
		
		
		
		
	
	Profit/ (loss) 	  	  
	after tax 	  	  	  	(10 	) 	  	(111 	) 	  	794 	  	  	9 	  	  	(3 	) 	  	14 	  	  	(145 	) 	  	548 	  	  	- 	  	  	(3 	) 	  	545 	  
		
		
		
		
		
		
		
		
		
		
		
	
	Depreciation	 	 	 	-	 	 	5	 	 	6	 	 	-	 	 	-	 	 	25	 	 	3	 	 	39	 	 	-	 	 	-	 	 	39	 
	Finance expenses	 	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	5	 	 	5	 	 	-	 	 	-	 	 	5	 
	Income tax	 	 	 	-	 	 	-	 	 	-	 	 	15	 	 	-	 	 	-	 	 	-	 	 	15	 	 	-	 	 	-	 	 	15	 
		
		
		
		
		
		
		
		
		
		
		
	
	EBITDA 	  	  	  	(10 	) 	  	(106 	) 	  	800 	  	  	24 	  	  	(3 	) 	  	39 	  	  	(137 	) 	  	607 	  	  	- 	  	  	(3 	) 	  	604 	  
		
		
		
		
		
		
		
		
		
		
		
	

Source: Management  

Schedules 

Ref: Group Consolidated
– FY06A PL – Section PL – Profit and Loss Analysis 

Group – BS as at
Dec06A  
      

	

Currency: S$000 
	AS Global
	AS Sin
	ACME
	Bizoft
	AS Sys
	AS SH
	Blitz
	Total
	Elimination
	Adj
	Dec06A

	 											
												
												
												
	Non-current assets 	 	 	 		 	 		 	 		 	 		 	 		 	 		 	 		 	 		 	 		 	 		 	 		 
	Fixed assets	 	 	 	-	 	 	20	 	 	15	 	 	29	 	 	-	 	 	119	 	 	9	 	 	192	 	 	-	 	 	-	 	 	192	 
	Investment in subsi & assoc	 	 	 	-	 	 	152	 	 	-	 	 	-	 	 	102	 	 	-	 	 	-	 	 	254	 	 	(102	)	 	-	 	 	152	 
	Long-term prepayment	 	 	 	-	 	 	-	 	 	-	 	 	5	 	 	-	 	 	10	 	 	-	 	 	15	 	 	-	 	 	-	 	 	15	 
	Total non-current assets 	  	  	  	- 	  	  	172 	  	  	15 	  	  	34 	  	  	102 	  	  	129 	  	  	9 	  	  	461 	  	  	(102 	) 	  	- 	  	  	359 	  
	Current assets 	 	 
	Work-in-progress	 	 	 	-	 	 	(2	)	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	(2	)	 	-	 	 	-	 	 	(2	)
	Stocks	 	 	 	-	 	 	-	 	 	6	 	 	-	 	 	-	 	 	-	 	 	-	 	 	6	 	 	-	 	 	-	 	 	6	 
	Trade debtors	 	 	 	-	 	 	1,237	 	 	125	 	 	259	 	 	-	 	 	163	 	 	50	 	 	1,833	 	 	(113	)	 	-	 	 	1,720	 
	Payments On Accounts	 	 	 	-	 	 	-	 	 	244	 	 	-	 	 	-	 	 	-	 	 	-	 	 	244	 	 	-	 	 	-	 	 	244	 
	Amount due from Director	 	 	 	-	 	 	-	 	 	9	 	 	-	 	 	-	 	 	-	 	 	-	 	 	9	 	 	-	 	 	-	 	 	9	 
	Prepayment & deposits	 	 	 	-	 	 	40	 	 	15	 	 	-	 	 	-	 	 	75	 	 	-	 	 	130	 	 	-	 	 	-	 	 	130	 
	Gross amount due from	 	 
	customer for contract work	 	 	 	-	 	 	-	 	 	31	 	 	-	 	 	-	 	 	-	 	 	94	 	 	125	 	 	-	 	 	-	 	 	125	 
	Other debtors	 	 	 	-	 	 	(2	)	 	-	 	 	117	 	 	-	 	 	17	 	 	-	 	 	132	 	 	-	 	 	-	 	 	132	 
	Trade debts due from	 	 
	related co.	 	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	22	 	 	22	 	 	(22	)	 	-	 	 	-	 
	Amount due from interco	 	 	 	-	 	 	12	 	 	-	 	 	-	 	 	-	 	 	-	 	 	 	 	 	12	 	 	(142	)	 	130	 	 	-	 
	Amount due from related co.	 	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	130	 	 	130	 	 	(130	)	 	22	 	 	22	 
	Cash and cash equivalent	 	 	 	-	 	 	298	 	 	3	 	 	89	 	 	-	 	 	973	 	 	3	 	 	1,365	 	 	-	 	 	-	 	 	1,365	 
	Total current assets 	  	  	  	- 	  	  	1,583 	  	  	433 	  	  	465 	  	  	- 	  	  	1,228 	  	  	298 	  	  	4,006 	  	  	(407 	) 	  	152 	  	  	3,751 	  
	Total assets 	  	  	  	- 	  	  	1,755 	  	  	448 	  	  	498 	  	  	102 	  	  	1,357 	  	  	307 	  	  	4,468 	  	  	(509 	) 	  	152 	  	  	4,111 	  
	Current liabilities 	 	 
	Trade creditors and	 	 
	accruals	 	 	 	-	 	 	(1,124	)	 	(267	)	 	-	 	 	(2	)	 	(599	)	 	(1	)	 	(1,993	)	 	77	 	 	(152	)	 	(2,068	)
	Short Term Loans	 	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	(13	)	 	(13	)	 	-	 	 	-	 	 	(13	)
	Other creditors	 	 	 	-	 	 	(437	)	 	-	 	 	(676	)	 	(1,923	)	 	(444	)	 	-	 	 	(3,480	)	 	127	 	 	-	 	 	(3,353	)
	Deferred Tax Liabilities	 	 
	(AS SH)	 	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	(26	)	 	-	 	 	(26	)	 	-	 	 	-	 	 	(26	)
	Deposits from Customers	 	 	 	-	 	 	-	 	 	(15	)	 	-	 	 	-	 	 	-	 	 	-	 	 	(15	)	 	-	 	 	-	 	 	(15	)
	Loan from a director	 	 	 	-	 	 	(30	)	 	-	 	 	-	 	 	-	 	 	-	 	 	(548	)	 	(578	)	 	-	 	 	-	 	 	(578	)
	Amount due to interco	 	 	 	(10	)	 	(2,222	)	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	(2,232	)	 	10	 	 	2,222	 	 	-	 
	Amount due to related co.	 	 	 	-	 	 	-	 	 	(251	)	 	(127	)	 	-	 	 	-	 	 	-	 	 	(378	)	 	168	 	 	(2,222	)	 	(2,432	)
	Trade debts due to a	 	 
	related co.	 	 	 	-	 	 	-	 	 	(22	)	 	-	 	 	-	 	 	-	 	 	-	 	 	(22	)	 	22	 	 	-	 	 	-	 
	Amount due to AS HK	 	 	 	-	 	 	-	 	 	(11	)	 	-	 	 	-	 	 	-	 	 	-	 	 	(11	)	 	-	 	 	-	 	 	(11	)
	Accrued Expenses	 	 	 	-	 	 	-	 	 	(90	)	 	-	 	 	-	 	 	-	 	 	(3	)	 	(93	)	 	-	 	 	-	 	 	(93	)
	Payments Received on	 	 
	Accounts	 	 	 	-	 	 	-	 	 	(100	)	 	-	 	 	-	 	 	-	 	 	(87	)	 	(187	)	 	-	 	 	-	 	 	(187	)
	Total current liabilities 	  	  	  	(10 	) 	  	(3,813 	) 	  	(756 	) 	  	(803 	) 	  	(1,925 	) 	  	(1,069 	) 	  	(652 	) 	  	(9,028 	) 	  	404 	  	  	(152 	) 	  	(8,776 	) 
	Non-Current liabilities 	 	 
	Bank Loan - Unsecured	 	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	(39	)	 	(39	)	 	-	 	 	-	 	 	(39	)
	Total non-current 	  	  
	liabilities 	  	  	  	- 	  	  	- 	  	  	- 	  	  	- 	  	  	- 	  	  	- 	  	  	(39 	) 	  	(39 	) 	  	- 	  	  	- 	  	  	(39 	) 
	Total liabilities 	  	  	  	(10 	) 	  	(3,813 	) 	  	(756 	) 	  	(803 	) 	  	(1,925 	) 	  	(1,069 	) 	  	(691 	) 	  	(9,067 	) 	  	404 	  	  	(152 	) 	  	(8,815 	) 
		
		
		
		
		
		
		
		
		
		
		
	
	Total net assets 	  	  	  	(10 	) 	  	(2,058 	) 	  	(308 	) 	  	(305 	) 	  	(1,823 	) 	  	288 	  	  	(384 	) 	  	(4,600 	) 	  	(105 	) 	  	- 	  	  	(4,705 	) 
		
		
		
		
		
		
		
		
		
		
		
	
	EQUITY 	 	 
	Share capital	 	 	 	-	 	 	3,000	 	 	2	 	 	-	 	 	-	 	 	1,987	 	 	-	 	 	4,989	 	 	(102	)	 	-	 	 	4,887	 
	Capital Reserves (AS SH)	 	 	 	-	 	 	-	 	 	-	 	 	127	 	 	-	 	 	48	 	 	-	 	 	175	 	 	-	 	 	-	 	 	175	 
	Share premium account	 	 	 	-	 	 	875	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	875	 	 	-	 	 	-	 	 	875	 
	Translation reserve	 	 	 	-	 	 	-	 	 	65	 	 	22	 	 	166	 	 	88	 	 	27	 	 	368	 	 	-	 	 	-	 	 	368	 
	Year to date retained	 	 
	earnings	 	 	 	(10	)	 	(111	)	 	794	 	 	9	 	 	(3	)	 	14	 	 	(145	)	 	548	 	 	(3	)	 	-	 	 	545	 
	Retained earnings brought	 	 
	forward	 	 	 	-	 	 	(5,822	)	 	(1,169	)	 	(463	)	 	(1,986	)	 	(1,849	)	 	(266	)	 	(11,555	)	 	-	 	 	-	 	 	(11,555	)
	Total equity  	   	   	   	(10  	)  	   	(2,058  	)  	   	(308  	)  	   	(305  	)  	   	(1,823  	)  	   	288  	   	   	(384  	)  	   	(4,600  	)  	   	(105  	)  	   	-  	   	   	(4,705  	)  
		
		
		
		
		
		
		
		
		
		
		
	

Source: Management
Schedules 

Ref: Group - BS as at Dec06A - Section BS - Balance Sheet Analysis

Schedule 4.7 (b)  

Management financial statements 

	Profit and Loss
					
	Currency: $000 
	Notes
	AS Sin
	AS SH
	ACME
	Total

	 					
						
						
	Sales	 	 	 	 	 	 	3,179	 	 	880	 	 	152	 	 	4,211	 
	Cost of sales	 	 	 	 	 	 	(2,986	)	 	(1,038	)	 	(97	)	 	(4,121	)
	Gross profit 	  	  	  	  	  	  	193 	  	  	(158 	) 	  	55 	  	  	90 	  
	Other income	 	 	 	 	 	 	1	 	 	415	 	 	-	 	 	415	 
	Distribution expenses	 	 	 	 	 	 	(2	)	 	(86	)	 	(23	)	 	(111	)
	Administrative expenses	 	 	 	 	 	 	(312	)	 	(185	)	 	(55	)	 	(552	)
	Subsidy	 	 	 	 	 	 	-	 	 	-	 	 	-	 	 	-	 
	Finance cost	 	 	 	 	 	 	-	 	 	-	 	 	-	 	 	-	 
	Profit/ (loss) before tax 	  	  	  	  	  	  	(120 	) 	  	(14 	) 	  	(23 	) 	  	(157 	) 
	Income tax expense	 	 	 	 	 	 	-	 	 	-	 	 	-	 	 	-	 
				
		
		
		
	
	Profit/ (loss) after tax 	  	  	  	  	  	  	(120 	) 	  	(14 	) 	  	(23 	) 	  	(157 	) 
				
		
		
		
	
	Depreciation	 	 	 	 	 	 	-	 	 	-	 	 	-	 	 	-	 
	Finance expenses	 	 	 	 	 	 	-	 	 	-	 	 	-	 	 	-	 
	Income tax	 	 	 	 	 	 	-	 	 	(10	)	 	-	 	 	(10	)
				
		
		
		
	
	EBITDA 	  	  	  	  	  	  	(120 	) 	  	(24 	) 	  	(23 	) 	  	(167 	) 
				
		
		
		
	

	Balance Sheet
					
	Currency: $000 
	Notes
	AS Sin
	AS SH
	ACME
	Total

	 					
						
						
	ASSETS 	 	 	 	 	 	 		 	 		 	 		 	 		 
	Non-current assets 	 	 
	Fixed assets	 	 	 	 	 	 	25	 	 	70	 	 	10	 	 	105	 
	Investment in subsi & assoc	 	 	 	 	 	 	98	 	 	-	 	 	-	 	 	98	 
	Long-term investments	 	 	 	 	 	 	-	 	 	-	 	 	-	 	 	-	 
	Total non-current assets 	  	  	  	  	  	  	123 	  	  	70 	  	  	10 	  	  	203 	  
	 	 	 
	Current assets 	 	 
	Work-in-progress	 	 	 	 	 	 	(231	)	 	-	 	 	-	 	 	(231	)
	Stocks	 	 	 	 	 	 	-	 	 	-	 	 	-	 	 	-	 
	Trade debtors	 	 	 	 	 	 	1,290	 	 	247	 	 	39	 	 	1,577	 
	Payments On Accounts	 	 	 	 	 	 	-	 	 	-	 	 	228	 	 	228	 
	Amount due from Director	 	 	 	 	 	 	-	 	 	-	 	 	-	 	 	-	 
	Prepayment & deposits	 	 	 	 	 	 	64	 	 	39	 	 	14	 	 	117	 
	Gross amount due from customer	 	 
	for contract work	 	 	 	 	 	 	-	 	 	-	 	 	31	 	 	31	 
	Other debtors	 	 	 	 	 	 	(1	)	 	134	 	 	-	 	 	133	 
	Trade debts due from related co.	 	 	 	 	 	 	-	 	 	-	 	 	-	 	 	-	 
	Amount due from interco	 	 	 	 	 	 	83	 	 	-	 	 	-	 	 	83	 
	Amount due from related co.	 	 	 	 	 	 	-	 	 	-	 	 	-	 	 	-	 
	Cash and cash equivalent	 	 	 	 	 	 	15	 	 	247	 	 	19	 	 	281	 
	Deferred expenses	 	 	 	 	 	 	-	 	 	6	 	 	-	 	 	6	 
	Total current assets 	  	  	  	  	  	  	1,220 	  	  	674 	  	  	330 	  	  	2,224 	  
	Total assets 	  	  	  	  	  	  	1,344 	  	  	744 	  	  	340 	  	  	2,428 	  
	 	 	 
	Current liabilities 	 	 
	Trade creditors and accruals	 	 	 	 	 	 	(969	)	 	(36	)	 	(177	)	 	(1,182	)
	Short Term Loans	 	 	 	 	 	 	-	 	 	-	 	 	-	 	 	-	 
	Other creditors	 	 	 	 	 	 	(119	)	 	(208	)	 	 	 	 	(328	)
	Deferred Tax Liabilities (AS SH)	 	 	 	 	 	 	-	 	 	(114	)	 	 	 	 	(114	)
	Deposits from Customers	 	 	 	 	 	 	-	 	 	-	 	 	 	 	 	-	 
	Unrealised income	 	 	 	 	 	 	-	 	 	(78	)	 	 	 	 	(78	)
	Loan from a director	 	 	 	 	 	 	(201	)	 	-	 	 	(77	)	 	(278	)
	Amount due to interco	 	 	 	 	 	 	(1,445	)	 	-	 	 	(159	)	 	(1,604	)
	Amount due to related co.	 	 	 	 	 	 	-	 	 	-	 	 	(14	)	 	(14	)
	Trade debts due to a related co.	 	 	 	 	 	 	-	 	 	-	 	 	 	 	 	-	 
	Amount due to AS HK	 	 	 	 	 	 	-	 	 	-	 	 	(7	)	 	(7	)
	Accrued Expenses	 	 	 	 	 	 	-	 	 	-	 	 	(34	)	 	(34	)
	Payments Received on Accounts	 	 	 	 	 	 	0	 	 	0	 	 	(60	)	 	(60	)
	Gross amt due to customer	 	 	 	 	 	 	0	 	 	0	 	 	(9	)	 	(9	)
	Total current liabilities 	  	  	  	  	  	  	(2,735 	) 	  	(437 	) 	  	(537 	) 	  	(3,709 	) 
	 	 	 
	Non-Current liabilities 	 	 
	Bank Loan - Unsecured	 	 	 	 	 	 	-	 	 	-	 	 	-	 	 	-	 
	Total non-current liabilities 	  	  	  	  	  	  	- 	  	  	- 	  	  	- 	  	  	- 	  
	 	 	 
	Total liabilities 	  	  	  	  	  	  	(2,735 	) 	  	(437 	) 	  	(537 	) 	  	(3,709 	) 
				
		
		
		
	
	Total net assets 	  	  	  	  	  	  	(1,391 	) 	  	307 	  	  	(197 	) 	  	(1,281 	) 
				
		
		
		
	
	EQUITY 	 	 
	Share capital	 	 	 	 	 	 	3,000	 	 	1,979	 	 	2	 	 	4,981	 
	Capital Reserves (AS SH)	 	 	 	 	 				 	-					 	-	
	Share premium account	 	 	 	 	 	 	875	 	 	-	 	 	-	 	 	875	 
	Translation reserve	 	 	 	 	 	 	-	 	 	-	 	 	-	 	 	-	 
	Year to date retained earnings	 	 	 	 	 	 	(188	)	 	(39	)	 	(39	)	 	(266	)
	Retained earnings brought forward	 	 	 	 	 	 	(5,932	)	 	(1,696	)	 	(302	)	 	(7,930	)
				
		
		
		
	
	Total equity 	  	  	  	  	  	  	(2,245 	) 	  	244 	  	  	(339 	) 	  	(2,340 	) 
				
		
		
		
	

Schedule 4.12  

Intellectual Property  

	Jurisdiction	Asiasoft Entity	IP Details	Comments
	Singapore	Asiasoft Global Pte Ltd	None	None
	 	Asiasoft (S) Pte Ltd	Domain Names	Asiasoftglobal.com
Asiasoft.com.sg
Asiasoftsolutions.com
	 	Asiasoft (S) Pte Ltd	Aware S3	As per EDB development grant contract. No official patents were filed.
	  
	Hong Kong	ACME Solutions Limited	Domain Names	Acmesolutions.com
	 	Blitz Technologies Limited	Domain Names	Bizoft.com.hk
	 	Asiasoft Solutions (HK) Limited	[Based on HK report] No registered IP.  	Blitz Technologies hold the unregistered IP for: 

    1) Aware Capture
    2) Aware Capture Lite

    3) Aware Content Manager
    4) Aware DMA

All other Hong Kong entities do not hold any IP.
	 	ACME Solutions Limited
	 	Blitz Technologies Limited
	 	Asiasoft Systems (China) Limited
	 	Asiasoft Hong Kong Limited
	  
	China	Shanghai Asiasoft Ltd	Domain names	Asiasoft.cn
	 	Bizoft Technologies Co. Ltd.	Domain names	Bizoft.com.cn
	 	Asiasoft Solutions (GZ) Limited	None	None

Schedule 4.13  

Major Vendors and Customers 

	Peremex Pte Ltd 	Singapore 	Customer 
	HP Singapore (Sales) Pte Ltd	Singapore	Customer
	Kodak (Singapore) Pte Ltd	Singapore	Customer
	United Overseas Bank Limited	Singapore	Customer
	Bank Of Communications Ltd	Shanghai	Customer
	Shanghai Mobile Ltd	Shanghai	Customer
	Fujitsu China Ltd	Shanghai	Customer
	PCCW Hong Kong Ltd	Hong Kong	Customer
	HK Environment Protection Dept	Hong Kong	Customer
	Citic Ka Wah Bank Limited	Hong Kong	Customer
	Fuji Xerox (Hong Kong) Limited	Hong Kong	Customer
	Fuji Xerox (Singapore) Limited	Singapore	Customer
	Kodak (China) Limited	Guangzhou	Customer
	Industrial Bank Limited	Guangzhou	Customer
	Ingram Micro Pte Ltd	Singapore	Vendor
	FileNet Corporation	Hong Kong	Vendor

SCHEDULE 4.14(a)(i)  

	Jurisdiction	Asiasoft Entity	License details	Comments
	Singapore	Asiasoft Global Pte Ltd	[No licenses]	 
	Asiasoft (S) Pte Ltd	Limited trademark license granted to Asiasoft (S) Pte Ltd by Microsoft Regional Sales Corporation in respect of the Microsoft logo.	License granted pursuant to partnership agreement renewable on 28 February every year.
	  
	Hong Kong	Asiasoft Solutions (HK) Limited	1. License granted from Penpower to Asiasoft Solutions (HK) Limited for the sale of 2000 pieces per annum of certain software (component products of S3)	None
	ACME Solutions Limited	1. AVIT Solutions Limited permitted ACME to use ImagXpress and SmartScan Xpress.

2. Software AG (Hong Kong) Limited allowed ACME to enter into a Technical Services agreement with Hong Kong Polytechnic University for their Licensed Software in return for a certain fee.	1. Permission given through the Pegasus email only.

2. None
	Blitz Technologies Limited	1. License granted from Penpower to Blitz for the sale of 2000 pieces per annum of certain software (component products of S3)	Latest license update was the transfer to Asiasoft Solutions (HK) with the same terms and conditions
	Asiasoft Systems (China) Limited	No record of any licenses.	None
	Asiasoft Hong Kong Limited	No record of any licenses.	Vendor distribution contracts but Asiasoft Singapore is a minority stakeholder in Asiasoft Hong Kong Limited.
	  
	China	Shanghai Asiasoft Ltd.	1. Business license for and including development, design and manufacture of computer software, sales of self-manufactured products, design, installment, test and maintenance of computer systems and supply of relevant technology consultancies and services.	None
	Bizoft Technologies Co. Ltd.	Business license for computer technology services; development and retail; computer hardware and software; wholesale and retail (excluding those products controlled by the state).	None
	Asiasoft Solutions (GZ) Limited	Business license for computer technology services; development and sales of software.	None

SCHEDULE 4.14(a)(ii) 

Major Software Contract 

	Jurisdiction	Asiasoft Entity	Name of Customer
	Singapore	Asiasoft (S) Pte Ltd	    1. Kodak/AS(S) Contract & Kodak/ABB Contract
    2. Hewlett-Packard
    3. JSY Systems
	Hong Kong	Asiasoft Solutions (HK) Limited	None
	ACME Solutions Limited	    1. Chinese University of Hong Kong
    2. Bank of East Asia
	Blitz Technologies Limited	None
	Asiasoft Systems (China) Limited	None
	Asiasoft Hong Kong Limited	HP
	China	Shanghai Asiasoft Ltd.	None
	Bizoft Technologies Co. Ltd.	Xin Ao
	Asiasoft Solutions (GZ) Limited	None

SCHEDULE 4.14(a)(iii)  

Major Maintenance &
support Contracts 

	Jurisdiction	Asiasoft Entity	Name of Customer
	Singapore	Asiasoft (S) Pte Ltd	    1. Hewlett-Packard Singapore (Sales) Pte Ltd.
    2. Eng Tic Lee Achieve Pte Ltd

    3. GE Money Pte Ltd
    4. Institute of Molecular and Cell Biology
    5. ING Asia Private Bank Limited

    6. International Bearings Pte Ltd
    7. Minsitry of Defence
    8. National Healthcare Group Pte Ltd

    9. Opentech Consulting Pte Ltd
    10. Seabanc Institute Brokers Pte Ltd
    11. STATS ChipPAC Ltd

    12. Singapore Institute of Manufacturing Technology

    13. Hewlett-Packard Asia Pacific Pte Ltd c/o Visa International (Asia-Pacific) Ltd

    14. Wyeth Nutritionals (S) Pte Ltd
    15. YKK Holding Asia Pte Ltd

    16. Eagle Shipmanagement Pte Ltd
    17. National Library Board

    18. KSP Infosystems Pte Ltd
    19. Singapore Reinsurance Corporation Ltd
	Hong Kong	Asiasoft Solutions (HK) Limited	None
	ACME Solutions Limited	    1. Chinese University of Hong Kong
    2. Bank of East Asia
	Blitz Technologies Limited	None
	Asiasoft Systems (China) Limited	None
	Asiasoft Hong Kong Limited	    1. HP
    2. Citic Ka Wah Bank Limited
	China	Shanghai Asiasoft Ltd.	Bank of Communication China
	Bizoft Technologies Co. Ltd.	Xin Ao Industrial Bank
	Asiasoft Solutions (GZ) Limited	 

SCHEDULE 4.14(a)(iv)  

Leases Contracts 

	Jurisdiction	Asiasoft Entity	Details
	Singapore	Asiasoft (S) Pte Ltd	Sam An Holdings Pte Ltd dated 28 February 2007. 
Lease agreement in respect of the premises known as No. 7 Temasek Boulevard #27-01, Suntec Tower One, Singapore 038987. 

The term of the lease is two (2) years commencing on 1 March 2007
	Hong Kong	Asiasoft Solutions (HK) Limited	None
	ACME Solutions Limited	Tung Wah Group dated June 1 2006. 
Term of lease is 2 years.
	Blitz Technologies Limited	None
	Asiasoft Systems (China) Limited	None
	Asiasoft Hong Kong Limited	None
	China	Shanghai Asiasoft Ltd.	Shanghai Arsen dated December 1 2003 and February 28 2005
	Bizoft Technologies Co. Ltd.	According to the space using contract among Xianda Hotel, Bizoft and Facility Center dated 4 November 2004, Xianda Hotel leases Bizoft Room 603A for five years from 1 November 2004 to 31 October 2009.
 Facility Center shall pay part of the rent for Bizoft to Xinda Hotel in the initial two years. Bizoft shall pay all the rent by itself from the third year. Bizoft is entitled to the right of first refusal.

 According to the building leasing contract between Xianda Hotel and Bizoft dated 1 January 2007, Bizoft rent Room 603A of Xianda Hotel from 25 June 2006 to 30 December 2007.

 According to the space using contract
among Xianda Hotel, Bizoft and Facility Center on 17 February 2004, Xianda Hotel leases
Bizoft Room 708 for 5 years from 1 March 2004 to 28 February 2009. Facility Center is also
paying part of rent for Bizoft to Xinda Hotel from 1 March 2004 to 28 February 2006.
	Asiasoft Solutions (GZ) Limited	Lease of property located in Room 611 No. 144 Huangsha Avenue, Liwan District, Guangzhou as the office for Asiasoft GZ, entered into by Guangzhou Xian Da Hotel Co., Ltd. and Mr. Tai.

Schedule 4.14(a)(v)

Unfilled Sales Orders  

List as per
30th May 2007: 

	Customer Name
	Bill Date
	Invoice
	Cost
	Profit
	GP

	 					
						
						
						
	ACME Solutions 	  	  	  	  	  	  	3,465.00 	  	  	2,425.50 	  	  	1,039.50 	  	  	30.00 	  
	 	 	 
	A&T freight Management Pte Ltd 	  	  	  	End of June 	  	  	2,343.00 	  	  	1,640.76 	  	  	702.24 	  	  	29.97 	  
	 	 	 
	Bioskin Holdings Pte Ltd 	  	  	  	End of June 	  	  	6,704.50 	  	  	4,693.15 	  	  	2,011.35 	  	  	30.00 	  
	 	 	 
	MI COMMUNICATIONS Pte Ltd 	  	  	  	End of June 	  	  	3,493.50 	  	  	2,771.57 	  	  	721.93 	  	  	20.66 	  
	 	 	 
	MI COMMUNICATIONS Pte Ltd 	  	  	  	End of July 	  	  	3,493.50 	  	  	2,771.57 	  	  	721.93 	  	  	20.66 	  
	 	 	 
	MI COMMUNICATIONS Pte Ltd 	  	  	  	End of Aug 	  	  	3,493.50 	  	  	2,771.57 	  	  	721.93 	  	  	20.66 	  
	 	 	 
	National Industrial Pte Ltd 	  	  	  	End of June 	  	  	12,000.00 	  	  	8,400.00 	  	  	3,600.00 	  	  	30.00 	  
	 	 	 
	National Industrial Pte Ltd 	  	  	  	End of July 	  	  	16,000.00 	  	  	11,200.00 	  	  	4,800.00 	  	  	30.00 	  
	 	 	 
	Fuji Xerox Singapore Pte Ltd 	  	  	  	KC - On Hold 	  	  	10,228.00 	  	  	4,091.20 	  	  	6,136.80 	  	  	60.00 	  
	 	 	 
	Fuji Xerox Singapore Pte Ltd 	  	  	  	KC - On Hold 	  	  	14,232.00 	  	  	8,122.80 	  	  	6,109.20 	  	  	42.93 	  
	 	 	 
	Fuji Xerox Singapore Pte Ltd 	  	  	  	KC - On Hold 	  	  	3,600.00 	  	  	1,750.00 	  	  	1,850.00 	  	  	51.39 	  
	 	 	 
	Fuji Xerox Singapore Pte Ltd 	  	  	  	KC - On Hold 	  	  	- 	  	  	1,967.57 	  	  	(1,967.57 	) 	  	- 	  
	 	 	 
	Singapore Health Services Pte Ltd 	  	  	  	End of May 	  	  	13,250.00 	  	  	7,875.00 	  	  	5,375.00 	  	  	40.57 	  
	 	 	 
	Singapore Health Services Pte Ltd 	  	  	  	  	  	  	5,300.00 	  	  	3,150.00 	  	  	2,150.00 	  	  	40.57 	  
	 	 	 
	JSY Systems 	  	  	  	End of June 	  	  	34,342.50 	  	  	24,039.75 	  	  	10,302.75 	  	  	30.00 	  
	 	 	 
	JSY Systems 	  	  	  	End of June 	  	  	37,776.75 	  	  	26,443.73 	  	  	11,333.03 	  	  	30.00 	  
	 	 	 
	JSY Systems 	  	  	  	End of July 	  	  	20,605.50 	  	  	14,423.85 	  	  	6,181.65 	  	  	30.00 	  
	 	 	 
	JSY Systems 	  	  	  	End of Oct 	  	  	10,302.75 	  	  	7,211.93 	  	  	3,090.83 	  	  	30.00 	  
	 	 	 
	JSY Systems 	  	  	  	Oct-08 	  	  	22,895.00 	  	  	16,026.50 	  	  	6,868.50 	  	  	30.00 	  
	 	 	 
	JSY Systems 	  	  	  	April/May 	  	  	12,375.00 	  	  	8,662.50 	  	  	3,712.50 	  	  	30.00 	  
	 	 	 
	Brady Corporation Asia Pte Ltd 	  	  	  	WF- TBA 	  	  	- 	  	  	2,624.80 	  	  	(2,624.80 	) 	  	100.00 	  
	 	 	 
	National Trades Union Congress 	  	  	  	WF- TBA 	  	  	5,400.00 	  	  	2,100.00 	  	  	3,300.00 	  	  	61.11 	  
	 	 	 
	DMG & Partners Securities Pte Ltd 	  	  	  	  	  	  	3,034.00 	  	  	- 	  	  	3,034.00 	  	  	100.00 	  
	 	 	 
	Fuji Xerox Singapore Pte Ltd 	  	  	  	April/May 	  	  	6,963.00 	  	  	573.20 	  	  	6,389.80 	  	  	91.77 	  
	 	 	 
	Fuji Xerox Singapore Pte Ltd 	  	  	  	April/May 	  	  	  	  	  	3,640.00 	  	  	(3,640.00 	) 	  	- 	  
	 	 	 
	Kodak (Hong Kong) Limited 	  	  	  	  	  	  	28,443.75 	  	  	11,377.50 	  	  	17,066.25 	  	  	60.00 	  
	 	 	 
	Kodak (Hong Kong) Limited 	  	  	  	  	  	  	28,443.75 	  	  	11,377.50 	  	  	17,066.25 	  	  	60.00 	  
	 	 	 
	Bioskin Holdings Pte Ltd 	  	  	  	IM - JW
 advise job not
 done yet 	  	  	2,400.00 	  	  	1,680.00 	  	  	720.00 	  	  	30.00 	  
	 	 	 
	Obtech Asia Pacific Pte Ltd 	  	  	  	  	  	  	1,500.00 	  	  	1,050.00 	  	  	450.00 	  	  	30.00 	  
	 	 	 
	Hewlett-Packard Singapore (Sales) Pte Ltd 	  	  	  	  	  	  	1,875.00 	  	  	1,312.50 	  	  	562.50 	  	  	30.00 	  
	 	 	 
	Lee & Lee Advocates & Solicitors 	  	  	  	  	  	  	62,640.00 	  	  	59,265.00 	  	  	3,375.00 	  	  	5.39 	  
	 	 	 
	Lee & Lee Advocates & Solicitors 	  	  	  	  	  	  	- 	  	  	3,600.00 	  	  	(3,600.00 	) 	  	- 	  

	Customer Name
	Bill Date
	Invoice
	Cost
	Profit
	GP

	 					
	Fuji Xerox Singapore Pte Ltd 	  	  	  	June' 07 	  	  	12,083.00 	  	  	5,238.80 	  	  	6,844.20 	  	  	56.64 	  
	 	 	 
	Fuji Xerox Singapore Pte Ltd 	  	  	  	June' 07 	  	  	9,060.00 	  	  	6,570.00 	  	  	2,490.00 	  	  	27.48 	  
	 	 	 
	Fuji Xerox Singapore Pte Ltd 	  	  	  	June' 07 	  	  	2,320.00 	  	  	942.40 	  	  	1,377.60 	  	  	59.38 	  
	 	 	 
	Fuji Xerox Philippines 	  	  	  	  	  	  	24,573.00 	  	  	5,419.60 	  	  	19,153.40 	  	  	77.94 	  
	 	 	 
	Fuji Xerox Philippines 	  	  	  	  	  	  	5,200.00 	  	  	3,600.00 	  	  	1,600.00 	  	  	30.77 	  
	 	 	 
	Fuji Xerox Philippines 	  	  	  	  	  	  	3,944.00 	  	  	1,580.80 	  	  	2,363.20 	  	  	59.92 	  
	 	 	 
	S&I Systems Pte Ltd 	  	  	  	  	  	  	250.00 	  	  	706.90 	  	  	(456.90 	) 	  	- 	  
	 	 	 
	S&I Systems Pte Ltd 	  	  	  	  	  	  	5,950.00 	  	  	2,450.00 	  	  	3,500.00 	  	  	58.82 	  
	 	 	 
	Calyon, Singapore Branch 	  	  	  	  	  	  	27,787.00 	  	  	24,144.57 	  	  	3,642.43 	  	  	13.11 	  
	 	 	 
	Calyon, Singapore Branch 	  	  	  	  	  	  	5,970.00 	  	  	5,157.80 	  	  	812.20 	  	  	13.60 	  
	 	 	 
	Calyon, Singapore Branch 	  	  	  	  	  	  	4,200.00 	  	  	3,716.65 	  	  	483.35 	  	  	11.51 	  
	 	 	 
	Institue of Molecular and Cell Biology 	  	  	  	  	  	  	4,000.00 	  	  	1,750.00 	  	  	2,250.00 	  	  	56.25 	  
	 	 	 
	Institue of Molecular and Cell Biology 	  	  	  	  	  	  	11,080.00 	  	  	10,422.00 	  	  	658.00 	  	  	5.94 	  
	 	 	 
	Fuji Xerox Singapore 	  	  	  	End of May 	  	  	13,295.00 	  	  	6,720.80 	  	  	6,574.20 	  	  	49.45 	  
	 	 	 
	Fuji Xerox Singapore 	  	  	  	End of May 	  	  	8,009.00 	  	  	5,040.00 	  	  	2,969.00 	  	  	37.07 	  
	 	 	 
	Fuji Xerox Singapore 	  	  	  	End of May 	  	  	696.00 	  	  	304.00 	  	  	392.00 	  	  	56.32 	  
	 	 	 
	IMC Shipping 	  	  	  	  	  	  	3,750.00 	  	  	1,750.00 	  	  	2,000.00 	  	  	53.33 	  
	 	 	 
	Frank's Logistics Singapore Pte Ltd 	  	  	  	  	  	  	2,950.00 	  	  	1,050.00 	  	  	1,900.00 	  	  	64.41 	  
	 	 	 
	DMG & Partners Securities Pte Ltd 	  	  	  	  	  	  	3,900.00 	  	  	3,185.00 	  	  	715.00 	  	  	18.33 	  
	 	 	 
	DMG & Partners Securities Pte Ltd 	  	  	  	  	  	  	6,750.00 	  	  	5,700.00 	  	  	1,050.00 	  	  	15.56 	  
	 	 	 
	DMG & Partners Securities Pte Ltd 	  	  	  	  	  	  	25,300.00 	  	  	24,640.00 	  	  	660.00 	  	  	2.61 	  
	 	 	 
	DMG & Partners Securities Pte Ltd 	  	  	  	  	  	  	19,550.00 	  	  	8,050.00 	  	  	11,500.00 	  	  	58.82 	  
	 	 	 
	DMG & Partners Securities Pte Ltd 	  	  	  	  	  	  	3,000.00 	  	  	2,100.00 	  	  	900.00 	  	  	30.00 	  
	 	 	 
	SBS Transit Ltd 	  	  	  	  	  	  	46.60 	  	  	36.40 	  	  	10.20 	  	  	21.89 	  
	 	 	 
	Kei Hin Multitrans (S) Pte Ltd 	  	  	  	  	  	  	359.70 	  	  	297.33 	  	  	62.37 	  	  	17.34 	  
	 	 	 
	Panalpina World Transport (S) Pte Ltd 
(Regional) 	  	  	  	  	  	  	11,597.00 	  	  	10,265.00 	  	  	1,332.00 	  	  	11.49 	  
	 	 	 
	Panalpina World Transport (S) Pte Ltd
 (Regional) 	  	  	  	  	  	  	4,000.00 	  	  	2,932.20 	  	  	1,067.80 	  	  	26.70 	  
	 	 	 
	Agape Baptist Church 	  	  	  	  	  	  	973.44 	  	  	816.66 	  	  	156.78 	  	  	16.11 	  
	 	 	 
	KSP Infosystems Pte Ltd 	  	  	  	  	  	  	41,130.00 	  	  	36,444.02 	  	  	4,685.98 	  	  	11.39 	  
	 	 	 
	GFI Group Pte Ltd 	  	  	  	  	  	  	4,650.00 	  	  	4,096.40 	  	  	553.60 	  	  	11.91 	  
	 	 	 
	TUV Rheinland Singapore Pte Ltd 	  	  	  	  	  	  	415.00 	  	  	362.50 	  	  	52.50 	  	  	12.65 	  
	 	 	 
	TUV Rheinland Singapore Pte Ltd 	  	  	  	  	  	  	40.00 	  	  	36.00 	  	  	4.00 	  	  	10.00 	  
	 	 	 
	Recap Investments Ltd 	  	  	  	  	  	  	17,958.00 	  	  	16,531.20 	  	  	1,426.80 	  	  	7.95 	  
	 	 	 
	Recap Investments Ltd 	  	  	  	  	  	  	7,500.00 	  	  	4,200.00 	  	  	3,300.00 	  	  	44.00 	  
	 	 	 
	Recap Investments Ltd 	  	  	  	  	  	  	1,540.00 	  	  	1,350.00 	  	  	190.00 	  	  	12.34 	  
	 	 	 
	UE Support Services Pte Ltd 	  	  	  	  	  	  	9,600.00 	  	  	8,246.80 	  	  	1,353.20 	  	  	14.10 	  
	 	 	 
	UE Support Services Pte Ltd 	  	  	  	  	  	  	80.00 	  	  	- 	  	  	80.00 	  	  	100.00 	  

	Customer Name
	Bill Date
	Invoice
	Cost
	Profit
	GP

	 					
	Rohm and Haas (China) Holding Co. Ltd 	  	  	  	  	  	  	6,000.00 	  	  	6,000.00 	  	  	- 	  	  	- 	  
	 	 	 
	Rohm and Haas (China) Holding Co. Ltd 	  	  	  	  	  	  	7,500.00 	  	  	1,500.00 	  	  	6,000.00 	  	  	80.00 	  
	 	 	 
	DBS Vickers Securities (S) Pte Ltd 	  	  	  	  	  	  	4,717.00 	  	  	1,103.52 	  	  	3,613.48 	  	  	76.61 	  
	 	 	 
	DBS Vickers Securities (S) Pte Ltd 	  	  	  	  	  	  	52,275.00 	  	  	34,871.96 	  	  	17,403.04 	  	  	33.29 	  
	 	 	 
	DBS Vickers Securities (S) Pte Ltd 	  	  	  	  	  	  	22,909.00 	  	  	7,000.00 	  	  	15,909.00 	  	  	69.44 	  
	 	 	 
	Far East Organization 	  	  	  	  	  	  	24,892.05 	  	  	21,725.39 	  	  	3,166.66 	  	  	12.72 	  
	 	 	 
	TOTAL BACKLOG (30th May 2007) 	  	  	  	  	  	  	798,399.79 	  	  	547,094.14 	  	  	251,305.65 	  	  	  	  

Schedule 4.16 

Accounts recievables 

Asiasoft Group

Consolidated Trade Debtors Aging Listing at 30th April 2007 

	Entity
	Customer

Code
	Customers
	0-30

Days

(SGD)
	31-60

Days

(SGD)
	61-90

Days

(SGD)
	91-120

Days

(SGD)
	121 Days

and above

(SGD)
	Balance

(SGD)

	 								
	Asiasoft (S) Pte Ltd	 	 	 	ACC001	 	 	Accpac Software Int'l Pte Ltd	 	 	895.67	 	 	 	 	 	 	 	 	 	 	 	 	 	 	895.67	 
	 	 	 	 	ADD001	 	 	AddOn Systems Pte Ltd	 	 	 	 	 	2,063.25	 	 	 	 	 	 	 	 	 	 	 	2,063.25	 
	 	 	 	 	ADV001	 	 	Advanced Micro Devices (S)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(2,535.75	)	 	(2,535.75	)
	 	 	 	 	ADV002	 	 	Advanced Micro Devices Export S/B	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.58	 	 	0.58	 
	 	 	 	 	AIR002	 	 	Air Dynamics Pte Ltd	 	 	596.40	 	 	4,305.00	 	 	 	 	 	 	 	 	 	 	 	4,901.40	 
	 	 	 	 	AMD002	 	 	AMD Japan Ltd	 	 	(892.00	)	 	899.05	 	 	 	 	 	 	 	 	 	 	 	7.05	 
	 	 	 	 	AMD007	 	 	AMD Far East Ltd - Hong Kong	 	 	 	 	 	 	 	 	 	 	 	 	 	 	254.24	 	 	254.24	 
	 	 	 	 	AMD008	 	 	Advance Micro Devices (S) Pte Ltd	 	 	 	 	 	 	 	 	 	 	 	 	 	 	4,290.49	 	 	4,290.49	 
	 	 	 	 	AMN001	 	 	Amnet Technology Pte Ltd	 	 	 	 	 	20,450.85	 	 	 	 	 	 	 	 	8,977.50	 	 	29,428.35	 
	 	 	 	 	ANR001	 	 	Anro Asia Pte Ltd	 	 	 	 	 	3,527.55	 	 	 	 	 	 	 	 	 	 	 	3,527.55	 
	 	 	 	 	APE001	 	 	Apex Logistic Pte Ltd	 	 	 	 	 	 	 	 	 	 	 	 	 	 	2,026.75	 	 	2,026.75	 
	 	 	 	 	ASI007	 	 	Asia Pacific Breweris Ltd (USD624.75)	 	 	 	 	 	955.24	 	 	 	 	 	 	 	 	 	 	 	955.24	 
	 	 	 	 	ASI009	 	 	Asia Information Technology Co Ltd	 	 	 	 	 	 	 	 	 	 	 	 	 	 	73,741.04	 	 	73,741.04	 
	 	 	 	 	ASS001	 	 	Assimilated Technologies (SGD14568)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	14,568.00	 	 	14,568.00	 
	 	 	 	 	ASS001	 	 	Assimilated Technologies (USD2000)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	3,403.40	 	 	3,403.40	 
	 	 	 	 	ATT001	 	 	Attrix Technology Pte Ltd	 	 	 	 	 	 	 	 	 	 	 	 	 	 	420.00	 	 	420.00	 
	 	 	 	 	AZU001	 	 	Azure Technologies Pte Ltd	 	 	 	 	 	 	 	 	 	 	 	 	 	 	525.00	 	 	525.00	 
	 	 	 	 	BIT001	 	 	BusinessIT Pte LTd	 	 	20,185.20	 	 	 	 	 	 	 	 	 	 	 	 	 	 	20,185.20	 
	 	 	 	 	BJS001	 	 	BJ Services Company (S'pore) Pte Ltd	 	 	3,150.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	3,150.00	 
	 	 	 	 	BOS001	 	 	Boston Scientific Pacific Pte Ltd (USD2362.50)	 	 	 	 	 	3,612.26	 	 	 	 	 	 	 	 	 	 	 	3,612.26	 
	 	 	 	 	BRA001	 	 	Brady Corporation Asia Pte Ltd (USD17010)	 	 	 	 	 	26,008.29	 	 	 	 	 	 	 	 	 	 	 	26,008.29	 
	 	 	 	 	CAR003	 	 	Caritor Asia (Singapore) Pte Ltd	 	 	10,290.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	10,290.00	 
	 	 	 	 	CHA001	 	 	Chanllenger Technologies Pte Ltd	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(2,411.23	)	 	(2,411.23	)
	 	 	 	 	CHA002	 	 	Challenger Superstore	 	 	 	 	 	 	 	 	 	 	 	 	 	 	5,413.68	 	 	5,413.68	 
	 	 	 	 	CLI001	 	 	Clientserv Systems Technology	 	 	 	 	 	 	 	 	 	 	 	 	 	 	809.60	 	 	809.60	 
	 	 	 	 	CHO001	 	 	Cohesion Network Technologies Pte Ltd	 	 	2,764.13	 	 	 	 	 	 	 	 	 	 	 	 	 	 	2,764.13	 
	 	 	 	 	COM001	 	 	Compaq Computer Asia Pacific Pte Ltd	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(3,605.00	)	 	(3,605.00	)
	 	 	 	 	CXR001	 	 	Cxrus Solutions Pte Ltd	 	 	 	 	 	4,042.50	 	 	 	 	 	 	 	 	 	 	 	4,042.50	 
	 	 	 	 	DAT001	 	 	Datawell Computer Systems	 	 	 	 	 	 	 	 	 	 	 	 	 	 	3,058.84	 	 	3,058.84	 
	 	 	 	 	DAT002	 	 	Datamat Public Company Ltd	 	 	 	 	 	 	 	 	 	 	 	 	 	 	7,569.00	 	 	7,569.00	 
	 	 	 	 	DAT004	 	 	Dataworks Solutions Pte Ltd	 	 	 	 	 	1,365.00	 	 	 	 	 	 	 	 	 	 	 	1,365.00	 
	 	 	 	 	DC	 	 	Diana Chee	 	 	189.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	189.00	 
	 	 	 	 	DEC002	 	 	DECA Systems Pte Ltd	 	 	 	 	 	 	 	 	 	 	 	 	 	 	32,087.10	 	 	32,087.10	 
	 	 	 	 	DEF001	 	 	Defence Science and Technology Agency	 	 	 	 	 	52,043.25	 	 	 	 	 	 	 	 	 	 	 	52,043.25	 
	 	 	 	 	DIF001	 	 	Difynet Technologies Pte Ltd (USD584.04)	 	 	 	 	 	893.00	 	 	 	 	 	 	 	 	 	 	 	893.00	 
	 	 	 	 	DIN001	 	 	Diner Club (Singapore) Pte Ltd	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1,047.38	 	 	1,047.38	 
	 	 	 	 	DMG001	 	 	DMG & Partners Securities Pte Ltd	 	 	 	 	 	34,440.00	 	 	 	 	 	 	 	 	13.51	 	 	34,453.51	 
	 	 	 	 	DSM001	 	 	DSM Engineering Plastics Asia Pacific (USD1890)	 	 	 	 	 	2,889.81	 	 	 	 	 	 	 	 	 	 	 	2,889.81	 
	 	 	 	 	DSM003	 	 	DSM Elastomers Asia	 	 	1,014.30	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1,014.30	 
	 	 	 	 	DSO001	 	 	DSO National Laboratories	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1,138.15	 	 	1,138.15	 
	 	 	 	 	DYN001	 	 	Dynavest Pte Ltd	 	 	1,242.15	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1,242.15	 

	Entity
	Customer

Code
	Customers
	0-30

Days

(SGD)
	31-60

Days

(SGD)
	61-90

Days

(SGD)
	91-120

Days

(SGD)
	121 Days

and above

(SGD)
	Balance

(SGD)

	 								
	 	 	 	 	ENC001	 	 	Encentuate Pte Ltd	 	 	972.30	 	 	 	 	 	 	 	 	 	 	 	 	 	 	972.30	 
	 	 	 	 	ESYS001	 	 	eSys Technologies Pte Ltd (USD58800	 	 	 	 	 	8,990.52	 	 	 	 	 	 	 	 	 	 	 	8,990.52	 
	 	 	 	 	EVE001	 	 	Everest Capital Pte Ltd	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(730.00	)	 	(730.00	)
	 	 	 	 	FAR001	 	 	Far East Organization Centre Pte Ltd	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.01	 	 	0.01	 
	 	 	 	 	FUJ003	 	 	Fuji Xerox Singapore Pte Ltd	 	 	99,801.45	 	 	 	 	 	 	 	 	 	 	 	 	 	 	99,801.45	 
	 	 	 	 	HAI001	 	 	Hainan Asia Pacific Brewery Co Ltd (USD2447.88)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	3,848.07	 	 	3,848.07	 
	 	 	 	 	ABO001	 	 	HBO + EMTB Interiors Pte Ltd	 	 	9,268.35	 	 	2,971.50	 	 	 	 	 	 	 	 	 	 	 	12,239.85	 
	 	 	 	 	HEI002	 	 	Heineken Trading (Shanghai) Co Ltd (USD439.15)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	696.93	 	 	696.93	 
	 	 	 	 	HEW001	 	 	Hewlett-Packard Singapore (Sales) Pte Ltd	 	 	1,429.14	 	 	38,850.00	 	 	 	 	 	 	 	 	9,292.50	 	 	49,571.64	 
	 	 	 	 	HIL001	 	 	Hin Leong Trading (Pte) Ltd	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1,442.00	 	 	1,442.00	 
	 	 	 	 	HIL002	 	 	Hill & Knowlton (SEA) Pte Ltd	 	 	 	 	 	 	 	 	 	 	 	 	 	 	31.51	 	 	31.51	 
	 	 	 	 	IBIZ001	 	 	IBIZ Consulting Services Pte Ltd	 	 	3,360.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	3,360.00	 
	 	 	 	 	IMC002	 	 	Institute of Molecular and Cell Biology	 	 	 	 	 	 	 	 	 	 	 	 	 	 	380.00	 	 	380.00	 
	 	 	 	 	ING001	 	 	Ingram Micro Asia Ltd	 	 	 	 	 	 	 	 	 	 	 	 	 	 	78.75	 	 	78.75	 
	 	 	 	 	ING005	 	 	ING Real Estate Investment Management (USD5450.26)	 	 	6,881.11	 	 	 	 	 	1,404.30	 	 	 	 	 	 	 	 	8,285.41	 
	 	 	 	 	INS002	 	 	INSEAD (USD1050)	 	 	 	 	 	1,605.45	 	 	 	 	 	 	 	 	 	 	 	1,605.45	 
	 	 	 	 	INS006	 	 	Institute of Technical Education	 	 	3,013.50	 	 	 	 	 	 	 	 	 	 	 	 	 	 	3,013.50	 
	 	 	 	 	IPA001	 	 	IPACS E-Solutions (S) Pte Ltd (USD630)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	990.36	 	 	990.36	 
	 	 	 	 	IPN001	 	 	IPN Managed IT Services	 	 	 	 	 	 	 	 	 	 	 	 	 	 	743.40	 	 	743.40	 
	 	 	 	 	ISS001	 	 	ISS Servisystem Pte Ltd	 	 	 	 	 	9,036.09	 	 	 	 	 	 	 	 	 	 	 	9,036.09	 
	 	 	 	 	JS001	 	 	JSY Systems	 	 	54,131.00	 	 	 	 	 	43,210.00	 	 	 	 	 	 	 	 	97,341.00	 
	 	 	 	 	JS001	 	 	JSY Systems (USD4966.80)	 	 	7,534.64	 	 	 	 	 	 	 	 	 	 	 	 	 	 	7,534.64	 
	 	 	 	 	KOD002	 	 	Kodak Hong Kong Ltd (USD171855)	 	 	 	 	 	262,766.30	 	 	 	 	 	 	 	 	 	 	 	262,766.30	 
	 	 	 	 	LAN003	 	 	Lantone Information Systems LLP (USD3360)	 	 	5,097.12	 	 	 	 	 	 	 	 	 	 	 	 	 	 	5,097.12	 
	 	 	 	 	LAS001	 	 	LaserResearch (S) Pte Ltd	 	 	 	 	 	 	 	 	 	 	 	27,369.09	 	 	8,400.00	 	 	35,769.09	 
	 	 	 	 	LEE002	 	 	Lee & Lee Advocates & Solicitors	 	 	 	 	 	65,772.00	 	 	 	 	 	 	 	 	 	 	 	65,772.00	 
	 	 	 	 	LIN001	 	 	Linnhoff Engineering Pte Ltd	 	 	 	 	 	 	 	 	 	 	 	 	 	 	12,643.38	 	 	12,643.38	 
	 	 	 	 	LIV001	 	 	Live Picture, Inc	 	 	 	 	 	 	 	 	 	 	 	 	 	 	4,591.86	 	 	4,591.86	 
	 	 	 	 	MAP001	 	 	Mapletree Investments Pte Ltd	 	 	 	 	 	36,701.70	 	 	 	 	 	 	 	 	 	 	 	36,701.70	 
	 	 	 	 	MCI001	 	 	Master Concept International Ltd (USD207690)	 	 	 	 	 	 	 	 	319,011.84	 	 	 	 	 	 	 	 	319,011.84	 
	 	 	 	 	MEN002	 	 	Mentor Media (Kunshan) Co Ltd	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.97	 	 	0.97	 
	 	 	 	 	MEN006	 	 	Mentor Media Taiwan Branch	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.90	 	 	0.90	 
	 	 	 	 	MIC001	 	 	MI Communications Pte Ltd	 	 	 	 	 	(11,004.53	)	 	 	 	 	 	 	 	11,921.18	 	 	916.65	 
	 	 	 	 	NAT001	 	 	National Trade Union Congress	 	 	 	 	 	 	 	 	1,913.63	 	 	42.00	 	 	156.00	 	 	2,111.63	 
	 	 	 	 	NAT002	 	 	National Cancer Centre Singapore	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(104.74	)	 	(104.74	)
	 	 	 	 	NAT004	 	 	National Kidney Foundation	 	 	 	 	 	1,417.50	 	 	 	 	 	 	 	 	 	 	 	1,417.50	 
	 	 	 	 	NAT006	 	 	National Industrial Gases Pte Ltd	 	 	 	 	 	12,075.00	 	 	 	 	 	 	 	 	 	 	 	12,075.00	 
	 	 	 	 	NCS001	 	 	NCS Pte Ltd	 	 	 	 	 	3,045.00	 	 	 	 	 	 	 	 	 	 	 	3,045.00	 
	 	 	 	 	NIP001	 	 	Nippon Paint (S) Co Pte Ltd	 	 	4,882.50	 	 	 	 	 	 	 	 	 	 	 	 	 	 	4,882.50	 
			
	
	
	
	
	
	

	 	 	 	 	NOK001	 	 	NOK Asia Company Pte Ltd	 	 	2,100.00	 	 	2,814.00	 	 	2,985.72	 	 	 	 	 	 	 	 	7,899.72	 
	 	 	 	 	NUC001	 	 	Nucleus Software Solutions Pte Ltd	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.02	 	 	0.02	 
	 	 	 	 	OAK001	 	 	Oakwell Corp Thailand Company	 	 	 	 	 	 	 	 	 	 	 	 	 	 	18,686.54	 	 	18,686.54	 
	 	 	 	 	OPE001	 	 	Open Technology Pte Ltd	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(1,588.16	)	 	(1,588.16	)
	 	 	 	 	PAN001	 	 	Panalpina World Transport (S) Pte Ltd	 	 	 	 	 	698.25	 	 	 	 	 	 	 	 	 	 	 	698.25	 
	 	 	 	 	PER002	 	 	Peremex Pte Ltd	 	 	11,672.85	 	 	26,441.10	 	 	 	 	 	 	 	 	156,643.74	 	 	194,757.69	 
	 	 	 	 	PTK001	 	 	PT Kentech Indo Prima	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(5,452.33	)	 	(5,452.33	)
	 	 	 	 	QCS001	 	 	Quantum Consultancy Services Pte Ltd	 	 	 	 	 	 	 	 	15,750.00	 	 	 	 	 	 	 	 	15,750.00	 
	 	 	 	 	RAB001	 	 	Rabobank International (USD819)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.00	 
	 	 	 	 	REA001	 	 	ReadyMix Holdings International Pte Ltd (USD1417.50)	 	 	 	 	 	2,167.36	 	 	 	 	 	 	 	 	 	 	 	2,167.36	 

	Entity
	Customer

Code
	Customers
	0-30

Days

(SGD)
	31-60

Days

(SGD)
	61-90

Days

(SGD)
	91-120

Days

(SGD)
	121 Days

and above

(SGD)
	Balance

(SGD)

	 								
	 	 	 	 	RIC002	 	 	Richee Engineering Enterprise Pte Ltd	 	 	 	 	 	 	 	 	 	 	 	 	 	 	104.48	 	 	104.48	 
	 	 	 	 	ROH005	 	 	Rohm & Haas Mgt Consulting Service	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(1,500.00	)	 	(1,500.00	)
	 	 	 	 	S&I001	 	 	S&I Systems Pte Ltd (USD882)	 	 	 	 	 	1,348.58	 	 	 	 	 	 	 	 	 	 	 	1,348.58	 
	 	 	 	 	SAN002	 	 	Sankyu (S) Pte Ltd	 	 	4,368.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	4,368.00	 
	 	 	 	 	SCO001	 	 	Scope International (M) Sdn Bhd	 	 	 	 	 	 	 	 	 	 	 	 	 	 	150.00	 	 	150.00	 
	 	 	 	 	SHA001	 	 	Shanghai Asia Pacific Brewery Co Ltd	 	 	 	 	 	 	 	 	 	 	 	 	 	 	115.68	 	 	115.68	 
	 	 	 	 	SIN001	 	 	Singapore TelevisionTwelve Pte Ltd	 	 	 	 	 	 	 	 	 	 	 	 	 	 	40,185.82	 	 	40,185.82	 
	 	 	 	 	SIN014	 	 	Singapore Institute of Manufacturing	 	 	 	 	 	 	 	 	 	 	 	 	 	 	8,137.50	 	 	8,137.50	 
	 	 	 	 	SPB001	 	 	South Pacific Brewery Limited	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(1,137.08	)	 	(1,137.08	)
	 	 	 	 	STA001	 	 	Standard Chartered Bank	 	 	 	 	 	 	 	 	 	 	 	 	 	 	4,659.81	 	 	4,659.81	 
	 	 	 	 	STA003	 	 	Standard Chartered Bank - Tampines	 	 	 	 	 	 	 	 	 	 	 	 	 	 	71.40	 	 	71.40	 
	 	 	 	 	STA005	 	 	Standard Chartered Bank	 	 	 	 	 	 	 	 	 	 	 	 	 	 	4,050.00	 	 	4,050.00	 
	 	 	 	 	STA006	 	 	STATSChipPac Ltd (USD11987.94)	 	 	18,185.70	 	 	 	 	 	 	 	 	 	 	 	 	 	 	18,185.70	 
	 	 	 	 	STE003	 	 	ST Electronics (Info-Software Systems) Pte Ltd	 	 	 	 	 	13,944.00	 	 	 	 	 	 	 	 	 	 	 	13,944.00	 
	 	 	 	 	TEM001	 	 	Temasek Holdings (Pte) Ltd	 	 	 	 	 	 	 	 	 	 	 	 	 	 	19,284.41	 	 	19,284.41	 
	 	 	 	 	THE002	 	 	The Commercial & Industrial Security Corp	 	 	 	 	 	 	 	 	 	 	 	 	 	 	61,950.00	 	 	61,950.00	 
	 	 	 	 	TIS001	 	 	Top Image Systems Ltd	 	 	 	 	 	 	 	 	 	 	 	 	 	 	2,009.55	 	 	2,009.55	 
	 	 	 	 	UIC001	 	 	UIC Asian Computer Services Pte Ltd	 	 	2,548.35	 	 	 	 	 	 	 	 	 	 	 	 	 	 	2,548.35	 
	 	 	 	 	UNI001	 	 	United Overseas Bank Ltd	 	 	 	 	 	 	 	 	 	 	 	 	 	 	9,030.00	 	 	9,030.00	 
	 	 	 	 	UNI005	 	 	Unicom Technology Pte Ltd	 	 	 	 	 	 	 	 	 	 	 	 	 	 	68.25	 	 	68.25	 
	 	 	 	 	UNI006	 	 	Unilever Asia Pte Ltd	 	 	 	 	 	 	 	 	 	 	 	 	 	 	257.50	 	 	257.50	 
	 	 	 	 	UOB002	 	 	United Overseas Bank Group (USD41989.96)	 	 	 	 	 	64,202.65	 	 	 	 	 	 	 	 	 	 	 	64,202.65	 
	 	 	 	 	VIE001	 	 	Vietnam Brewery Ltd	 	 	929.00	 	 	 	 	 	 	 	 	 	 	 	1,210.16	 	 	2,139.16	 
	 	 	 	 	WEB001	 	 	Web Synergies Pte Ltd	 	 	 	 	 	 	 	 	 	 	 	 	 	 	2,750.00	 	 	2,750.00	 
	 	 	 	 	WYE001	 	 	Wyeth Nutritionals (Singapore) Pte Ltd	 	 	3,150.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	3,150.00	 
	 	 	 	 	YCH001	 	 	YCH Group Pte Ltd	 	 	 	 	 	 	 	 	 	 	 	4,866.75	 	 	 	 	 	4,866.75	 
	 	 	 	 	Add:	 	 	Foreign exchange revaluation	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	6,880.01	 
	 	 	 	 	Less:	 	 	Unapplied deposit	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(2,026.70	)
	 	 	 	 	Add:	 	 	Input GST	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	211,457.28	 
	 	 	 	 	Less:	 	 	Provision for Doubtful Debts	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(137,654.37	)
	
	
	
	
	
	
	
	
	

	ACME Solutions	 	 	 	 	 	 	Asta Systems Ltd	 	 		 	 	1,354.61	 	 	 	 	 	 	 	 		 	 	1,354.61	 
	 	 	 	 	 	 	 	BEA	 	 	 	 	 	 	 	 	 	 	 	 	 	 	3,608.40	 	 	3,608.40	 
	 	 	 	 	 	 	 	CASIO Computer (Hong Kong) Ltd	 	 	3,880.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	3,880.00	 
									
	 	 	 	 	 	 	 	China Construction Bank Corporation - HongKong Branch	 	 	8,321.82	 	 	 	 	 	 	 	 	 	 	 	 	 	 	8,321.82	 
	 	 	 	 	 	 	 	CITIC Ka Wah Bank Limited	 	 	 	 	 	20,393.64	 	 	 	 	 	 	 	 	8,113.08	 	 	28,506.72	 
	 	 	 	 	 	 	 	Computer and Technologies Solution	 	 	5,820.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	5,820.00	 
	 	 	 	 	 	 	 	CUHK	 	 	693.26	 	 	 	 	 	 	 	 	 	 	 	 	 	 	693.26	 
	 	 	 	 	 	 	 	Exel Consolidation Services Ltd	 	 	3,892.88	 	 	 	 	 	 	 	 	 	 	 	 	 	 	3,892.88	 
	 	 	 	 	 	 	 	HKSAR - Hong Kong Housing Authority	 	 	 	 	 	2,910.00	 	 	 	 	 	 	 	 	 	 	 	2,910.00	 
	 	 	 	 	 	 	 	The Hong Kon and China	 	 	1,746.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1,746.00	 
	
		
	
	
	
	
	
	

	AS Shanghai	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	43,983.75	 	 	43,983.75	 
	 	 	 	 	 	 	 	 	 	 	150,920.00	 	 	 	 	 	 	 	 	 	 	 	0.00	 	 	150,920.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	56,350.00	 	 	56,350.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	54,963.53	 	 	54,963.53	 
	 	 	 	 	 	 	 	 	 	 	73,500.00	 	 	 	 	 	 	 	 	 	 	 	3,528.00	 	 	77,028.00	 
			
	
	
	
	
	
	

	 	 	 
	   	  	  	  	  	  	  	Total for Trade Debtors 	  	  	527,533.83 	  	  	725,995.77 	  	  	384,275.49 	  	  	32,277.84 	  	  	695,409.41 	  	  	2,444,148.55 	  
				
		
		
		
		
		
	

Schedule 4.17 (a)  

Tax returns not filed  

SCHEDULE 4.26 

Research and Development Grants  

	Jurisdiction	Asiasoft Entity	Grant details	Comments
	Singapore	Asiasoft (S) Pte Ltd	Infocomm Development Authority of Singapore grant to Asiasoft (S) Pte Ltd. of S$317,736 in relation to the Infocomm Enterprise Scheme	To qualify for the grant, Asiasoft (S) Pte Ltd has from 1 October 2006 to 31 March 2008 to complete the project that was stated in their application for the grant.
	Singapore	Asiasoft (S) Pte Ltd	Economic Development Board (Industry Promotion Division) grant to Asiasoft (S) Pte. Ltd. of S$482,000 in relation to the Innovation Development Scheme	To qualify for the grant, Asiasoft (S) Pte Ltd has from 1 September 2004 to 31 August 2006 to complete the project that was stated in their application for the grant.

Exhibit 3.2(o)  

WAIVER, RELEASE AND
INDEMNIFICATION UNDERTAKING  

I, __________________ [NAME],
the holder of _________ [COUNTRY] passport No. __________/Company Registration
No._____________, as a ____________ of __________________ (the
“Company”), hereby declare and acknowledge as follows: 

	1.  	On
__________ 2007 I shall transfer my shares in (the "Company") to __________________
[NAME OF TRANSFEREE] ("Termination Date"). (if applicable)  

	2.  	Not
later than the  Termination  Date  (_______),  I shall return to the Company any and all
documents          and/or other materials in my possession relating to the Company and
its business.

	3.  	I
hereby release the Company and/or its directors, employees, shareholders,  subsidiaries,
 affiliates          and agents  from any and all  liability  towards me and waive any
and all rights or claims  that I may          have in relation to any  obligations or
liabilities the  abovementioned  entities may at present or in          the future have
towards me of any type  whatsoever,  resulting in any way from my being a  shareholder
         or officer of the Company or any  subsidiary  or affiliate of the Company,
 including  but not limited          to any amounts  owing,  if  applicable,  for
 dividends,  shareholders'  loans,  and any and all other          amounts  which may be
owed to me whether by effect of law and/or  agreement  and/or  custom.  I hereby
         assign to the Company or to any third party,  as shall be instructed  by the
Company,  any amount owed          to me by the Company and  undertake to sign and
execute any document  and  instrument  require to give          effect to the releases,
waivers and assignment granted hereunder.

	4.  	I
hereby  undertake  not to use for my own  benefit  or  disclose  to any third  parties
 any  Company          information,  data or material which is not in the public domain
including,  without limitation, trade          secrets and other proprietary
 information,  business/financial  data or plans,  sales/customer  data,
         development plans and this Agreement or any of the terms hereof.

In witness whereof I have set my seal this day _____________ 2007

		
		
		
		
		
	 	_____________________
	 	Name

Exhibit 8.2(c)  

ASIASOFT GLOBAL PTE.
LTD. 

COMPLIANCE CERTIFICATE 

The undersigned, Alex Toh Kian Hong
(NRIC: 7607980C) hereby certify as follows: 

	 	1. 	The
undersigned Alex Toh Kian Hong is the duly appointed Chief Executive Officer of Asiasoft
Global Pte. Ltd (the "Company"), incorporated under the laws of Singapore. 

	 	2. 	The
 representations  and warranties of the Company set forth in the Stock Purchase Agreement
between the          Company (and other parties) and Top Image Systems Ltd dated
 _______________  (the "SPA")  continue to be          true and correct in all material
respects.

	 	3. 	The
Company has fulfilled all the conditions precedent to the Closing as set forth  in the
SPA.

	 	4. 	There
has been no material adverse change in the business,  operations,  properties,  assets or
financial          condition of the Company since the date of the SPA.

Signed: 

Alex Toh Kian Hong 

Exhibit 8.2(e)(1)  

TRANSFER 

        I
, PC Holdings Pte Ltd of [address],  

hereinafter called the
Transferor 

In consideration of the Sum of
US$980,000.00 

paid by Top Image Systems Limited of [address] 

hereinafter called the
said Transferee 

	 	        Do hereby
bargain, sell, assign, and transfer to the said Transferee Fifty-one (51) Ordinary
Shares fully paid in the undertaking called Asiasoft Global Pte. Ltd.,  

To hold unto the
said Transferee, its Executors, Administrators, and Assigns subject to several conditions
on which I held the same immediately before the execution hereof; and the said Transferee,
do hereby agree to accept the said Fifty-one Ordinary Shares subject to the conditions
aforesaid. 

As Witness our
Hands this              day of              in the year of our Lord Two Thousand and Seven (2007). 

		
		
		
		
		
	Signed by the above named Transferor	)
	in the presence of :-	)
	Signature:	)
	Address:	)
	Occupation:	)     ___________________________________ 
	 
	 
	 
	 
	Signed by the above named Transferee	)
	in the presence of :-	)
	Signature:	)
	Address:	)
	Occupation:	)     ___________________________________

Exhibit 8.2(g)  

RESIGNATION, WAIVER AND RELEASE UNDERTAKING

BY RESIGNING DIRECTOR 

I, __________________ [NAME], the holder of _________ [COUNTRY] passport No. __________, as a director of
__________________ (the "Company"), hereby declare and acknowledge as follows: 

	1.  	On
__________ 2007 I shall cease to serve as a director of the Company and shall (if
applicable) terminate any and all relationship I had or currently have with
the Company, whether as an employee, consultant, director or otherwise
("Termination Date"). 

	2.  	Not
later than the  Termination  Date,  I shall  return to the  Company any and all
 documents  and/or          other materials in my possession  relating to the Company,
 its  subsidiaries and affiliates and their          business.

	3.  	I
hereby release the Company and/or its directors, employees, shareholders,  subsidiaries,
 affiliates          and agents  from any and all  liability  towards  me and waive any
and all rights and claims  that the          abovementioned  entities  may at present or
in the future  have  towards  me, of any type  whatsoever,          resulting in any way
from my  employment  with and/or  service (in any form or manner) to the Company,
         including but not limited to any amounts owing as salary or incentive
 compensation  of any kind, fees          of  any  kind  (including  in  particular
  directors'  fees  and  consultancy  fees),  annual  leave,          recuperation  pay,
pension  payments,  severance pay, travel,  reimbursement of expenses,  and any and
         all other amounts which may be owed to me whether by effect of law and/or
agreement and/or custom.

	4.  	I
hereby  undertake  not to use for my own  benefit  or  disclose  to any third  parties
 any  Company          information,  data or material which is not in the public domain
including,  without limitation, trade          secrets and other proprietary
 information,  business/financial  data or plans,  sales/customer  data,
         development plans and this Agreement or any of the terms hereof.

	5.  	I
also  acknowledge  that my continuing  exposure to the Company's  trade secrets during
the course of          my employment  and/or service (if applicable) has had an indelible
 effect on my memory and, were I to          work in competition with the Company, I
would inevitably  exploit such trade secrets.  In light of the          above,  I hereby
 undertake  that for a period of 18 months  from the date  hereof I shall not compete
         with the Company and its  subsidiaries  and affiliates in any area of its
business,  and in particular          shall  refrain  from  approaching  and/or  having
any business  relations in any capacity  whatsoever,          directly or  indirectly,
 with any of the  employees,  clients or suppliers of the Company  (including
         their  affiliates and  subsidiaries).  I further  declare that I am aware that
any breach of the above          undertaking would cause the Company  irreparable harm
and I therefore  undertake,  without  derogating          from any other  rights the
Company may have against me, to fully  compensate  the Company for any such
         damage caused as a result of any such breach of my undertaking.

In witness whereof I have set my seal this day _____________ 2007

		
		
		
		
		
	 	_____________________
	 	Name

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