Document:

EXHIBIT
      4.1

     

    
      	
              NUMBER 

            	
               

            	
               

            
	
              SVN 

            	
               

            	
              SHARES 

            
	
               

            	
               

            	
               

            
	
              INCORPORATED
                UNDER THE 

              LAWS
                OF THE STATE OF ISRAEL

            	
              ROSETTA
                GENOMICS LTD.

            	
              SEE
                REVERSE FOR CERTAIN DEFINITIONS

            
	
               

            	
               

            	
               

            
	
               

            	
               

            	
               CUSIP
                M82183 10 0

            

    

     

    This
      Certifies that is the record holder of

    FULLY
      PAID AND NONASSESSABLE ORDINARY SHARES, NIS 0.01 PAR VALUE PER SHARE,
      OF

    

    ROSETTA
      GENOMICS LTD.

    transferable
      on the books of the Company by the holder hereof, in person or by duly
      authorized attorney upon surrender of this Certificate properly endorsed or
      with
      an appropriate instrument of transfer. This Certificate and the shares
      represented hereby are issued and shall be held subject to all the provisions
      of
      the Articles of Association and amendments thereto of the Company, to all of
      which the holder of this Certificate, by acceptance hereof, assents. This
      Certificate is not valid unless countersigned by the Transfer Agent and
      registered by the Registrar. 

    

    IN
      WITNESS WHEREOF, the Company has caused this Certificate to be issued under
      the
      facsimile seal of the Company.

    

    Dated

    

    [CORPORATE
      SEAL]

    

    [SIGNATURE]

    DIRECTOR

     

    
      

    

    COUNTERSIGNED
      AND REGISTERED:

     

    AMERICAN
      STOCK TRANSFER & TRUST COMPANY

    (NEW
      YORK, NY)

    

    TRANSFER
      AGENT 

    AND
      REGISTRAR

    BY

    AUTHORIZED
      OFFICER

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    [REVERSE
      OF CERTIFICATE]

    

    ROSETTA
      GENOMICS LTD.

    The
      following abbreviations, when used in the inscription on the face of this
      certificate, shall be construed as though they were written out in full
      according to applicable laws or regulations:

    

    

    
      	
              TEN
                COM 

            	
              -

            	
              as
                tenants in common

            	
               

            	
              UNIF
                GIFT MIN ACT - 

            	
              _______ 
                Custodian   _______

            
	
              TEN
                ENT 

            	
              -

            	
              as
                tenants by the entireties

            	
               

            	
               

            	
              (Cust)

            	
              (Minor)

            
	
              JT
                TEN 

            	
              -

            	
              as
                joint tenants with right of survivorship and not as tenants in
                common

            	
               

            	
               

            	
              under
                Uniform Gifts to Minors Act _______________

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
              (State)

            
	
               

            	
               

            	
               

            	
               

            	
              UNIF
                TRF MIN ACT - 

            	
              _______ 
                Custodian (until age ___ )   _______

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
              (Cust)

            	
              (Minor)

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
              _____________under
                Uniform Transfers 

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
              (Cust)

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
              to
                Minors Act _________

            
	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
              (State)

            

    

    

    Additional
      abbreviations may also be used though not in the above list.

    

    FOR
      VALUE
      RECEIVED, __________________________ hereby sell, assign and transfer
      unto

    

    
      	
              PLEASE
                INSERT SOCIAL SECURITY OR 

              OTHER
                IDENTIFYING NUMBER OF ASSIGNEE

            	
               

            
	
                    
                

            	
               

            

    

    

     

    
      
        

      

    

    (PLEASE
      PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF
      ASSIGNEE)

    

     

     

      
        

      

    

     

      
        

      

    

     

      
        

      

    

     

    Shares
      of
      the ordinary shares represented by the within Certificate, and do hereby
      irrevocably constitute and appoint

     

     

      
        

      

    

    Attorney
      to transfer the said shares on the books of the within named Company with full
      power of substitution in the premises.

    

    Dated
      _____________________________

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	 	
              NOTICE:

            	
              THE
                SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN
                UPON
                THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION
                OR
                ENLARGEMENT OR ANY CHANGE WHATEVER.

            

    

    

    Signature(s)
      Guaranteed:

    

    
      	
                   
                

            	
               

            
	
              THE
                SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION
                (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS
                WITH
                MEMBERSHIP IN AN APPROVED MEDALLION SIGNATURE GUARANTEE PROGRAM),
                PURSUANT
                TO S.E.C. RULE 17Ad-15.AMENDED
      AND RESTATED INVESTORS RIGHTS AGREEMENT 

     

    This
      Amended and Restated Investors Rights Agreement (the “Agreement”)
      made
      as of the 4 day of April, 2006 by and among: 

    
       

    

    
      	
               

            	
              (i)

            	
              Rosetta
                Genomics Ltd., an Israeli Company (the “Company”);

            

    

     

    
      	 	
              (ii)

            	Dr.
              Isaac Bentwhich, Bentwich Innovations Ltd., Bentwich Holdings Ltd.
              and
              Harmony 2000, a registered amuta (together, the “Founding
              Shareholders”);

    

     

    
      	 	
              (iii)

            	the holders of Ordinary Shares of the
              Company, having no par value ("Ordinary
              Shares")
              listed in Schedule
              1
              hereto ("Ordinary
              Shareholders"); 

    

     

    
      	 	(iv)	the holders of Series A Preferred Shares
              of
              the Company, having no par value ("Series
              A Preferred Shares")
              listed in Schedule
              2
              hereto ("Preferred
              A Shareholders");

    

     

    
      	 	(v)	the holders of Series B Preferred Shares
              of
              the Company, having no par value ("Series
              B Preferred Shares")
              listed in Schedule
              3
              hereto ("Preferred
              B Shareholders");
              and

    

     

    
      	 	(vi)	the holders of Series C Preferred Shares
              of
              the Company, having no par value ("Series
              C Preferred Shares"
              and together with the Series B Preferred Shares and the Series A Preferred
              Shares, the "Preferred
              Shares")
              of the Company who will be listed in Schedule
              4
              hereto upon their execution of this Agreement after the completion
              of the
              Company’s Series C financing round ("Preferred
              C Shareholders"
              and together with the Preferred B Holders and the Preferred A Holders,
              the
              "Preferred
              Shareholders").
              

    

    
       

    

    WITNESSETH

     

    WHEREAS
      the
      Board of Directors of the Company has determined that it is in the best interest
      of the Company that the Company shall grant the Preferred Shareholders, the
      Founding Shareholders and the Ordinary Shareholders (together, the "Shareholders")
      certain rights as set forth herein; and 

     

    WHEREAS,
      the
      Company and the Shareholders wish to set out certain other matters that will
      govern their relationship with each other; 

     

    NOW
      THEREFORE,
      the
      parties, intending to be legally bound, hereby agree as follows: 

     

    
      
        	 	1.	Information and Inspection Rights.
                The Company covenants that:

      

       

      
        	 	1.1 	Delivery of Financial Statements.
                The Company shall deliver to each Shareholder that holds at least
                3% of
                the issued and outstanding share capital of the Company or to a
                Shareholder that invested in the Company at least US$ 1,000,000: 

      

          

      
        	 	 	(a) 	As soon as practicable, but in any
                event
                within sixty (60) days after the end of each fiscal year of the Company,
                consolidated financial statements of the Company as of the end of
                such
                year, setting forth in each case in comparative form the figures
                for the
                previous
                fiscal year, all in reasonable detail, written in English, prepared
                in
                accordance with generally accepted accounting principles ("GAAP"),
                audited by a firm of Independent Certified Public Accountants in
                the State
                of Israel who are members or affiliates of an internationally recognized
                accounting firm, and accompanied by an opinion of such firm which
                opinion
                shall state that such financial statements have been prepared in
                accordance with GAAP applied on a basis consistent with that of the
                preceding fiscal year, and present fairly and accurately the financial
                position as of their date, results of operations and changes in cash
                flows
                of the Company for the period ended at said date, and that the audit
                by
                such accountants in connection with such financial statements has
                been
                made in accordance with generally accepted auditing standards; and
                

      

       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	 	(b) 	As
              soon as practicable, but in any event within forty-five (45) days after
              the end of each quarter of each fiscal year of the Company, unaudited,
              but
              reviewed, financial statements of the Company, written in English,
              and
              prepared in accordance with GAAP for such period and, in the case of
              the
              first, second and third quarterly periods, for the period from the
              beginning of the current fiscal year to the end of such quarterly period
              and the quarter ended as of their date , setting forth in each case
              in
              comparative form the figures for the corresponding period of the previous
              fiscal year, all in reasonable detail, and all reviewed by a firm of
              Independent Certified Public Accountants in the State of Israel who
              are
              members or affiliates of an internationally recognized accounting firm.
              

    

     

    
      	 	1.2 	Accounting.
              The Company will maintain and will cause each of its Subsidiaries to
              maintain a system of accounting in local currency which will enable
              the
              Company to issue financial statements in accordance with GAAP, and
              will
              set aside on its books and cause each of its operating Subsidiaries
              to set
              aside on its books all such proper reserves as shall be required by
              GAAP.
              For purposes of this Section 1.2, "Subsidiary" means any corporation
              or
              entity controlled by the Company, or by one or more Subsidiaries, or
              by
              the Company and one or more
              Subsidiaries.

    

     

    
      	 	1.3 	Confidentiality of Information.
              Each Shareholder agrees to keep all information provided hereunder
              in
              strict confidence and not to disclose or use such information other
              than
              for the purpose of evaluating its investment in the Company.
              

    

     

    
      	 	1.4	Termination of Rights.
              The rights granted in Sections 1.1 and 1.2 above shall terminate and
              be of
              no further force and effect upon an
              IPO.

    

     

    
      	 	2.	Registration.
              The following provisions govern the registration of the Company's
              securities: 

    

     

    
      	 	2.1 	Definitions.
              As used herein, the following terms have the following meanings:
              

    

    

      
        	 	 	(a) 	"Form
                S-3"
                means Form S-3 or Form F-3 under the United States Securities Act
                of 1933,
                as amended (the "Securities
                Act"),
                as in effect on the date hereof or any registration form under the
                Securities Act subsequently adopted by the Securities and Exchange
                Commission ("SEC")
                which permits inclusion or incorporation of substantial information
                by
                reference to other documents filed by the Company with the SEC;
                

      

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

      
        	 	 	(b) 	"Founding
                Registrable Securities"
                means Registrable Securities held by Founding Shareholders;
                

      

       

      
        	 	 	(c) 	"Holder"
                means any person owning Registrable
                Securities;

      

       

      
        	 	 	(d) 	"IPO"
                shall mean the first registration statement for a public offering
                of
                securities of the Company, other than a registration statement relating
                either to the sale of securities to employees of the Company pursuant
                to a
                stock option, stock purchase or similar plan;
                

      

    

     

    
      	 	 	(e)	"Ordinary
              Registrable Securities"
              means Registerable Securities held by Ordinary Shareholders, including
              Founding Shareholders;

    

     

    
      	 	 	(f) 	"Preferred
              Registrable Securities"
              means Registrable Securities held by Preferred Shareholders;
              

    

     

    
      	 	 	(g) 	"Registrable
              Securities"
              means (1) Ordinary Shares now owned or hereafter acquired by the
              Shareholders, including all Ordinary Shares issuable with respect to
              Preferred Shares of the Company, and (2) any Ordinary Shares issued
              in
              respect of the shares described in clause (1) above (as a result of
              share
              splits, share dividends, reclassifications, recapitalizations or similar);
              provided, however, that Ordinary Shares that are Registrable Securities
              shall cease to be Registrable Securities upon (i) any sale thereof
              pursuant to a Registration Statement or Rule 144 under the Securities
              Act
              or (ii) any sale thereof in any manner to a person or entity which
              is not
              entitled to the rights provided by this
              Agreement;

    

    

      
        	 	 	(h) 	
                "Register",
                  "registered"
                  and "registration"
                  refer to a registration effected by filing a registration statement
                  in
                  compliance with the Securities Act and the declaration or ordering
                  by the
                  SEC of effectiveness of such registration statement, or the equivalent
                  actions under the laws of another
                  jurisdiction;

              

      

    

     

    
      	 	2.2 	
              Incidental
                Registration.

            

    

     

    
      	 	 	(a)	
              If
                the Company at any time proposes to register any of its securities
                (other
                than in its IPO, a demand registration under Section 2.3, a Form
                S-3
                registration under Section 2.4, a registration relating to stock
                option
                plan(s) of the Company, or a registration on Form F-4/S-4 in connection
                with a merger, acquisition or other business combination), it shall
                give
                prompt written notice to all Holders of such intention, together
                with a
                list of jurisdictions in which the Company intends to attempt to
                qualify
                such securities under applicable state securities laws. Upon the
                written
                request of any such Holder given within twenty (20) days after receipt
                of
                any such notice, the Company shall include in such registration all
                of the
                Registrable Securities indicated in such request, so as to permit
                the
                disposition of the shares so registered. The said piggyback right
                of the
                Holders under this Section, may be exercised for an unlimited number
                of
                times. 

            

    

     

    
      	 	 	(b)	Notwithstanding
              any other provision of this Section 2.2, if the managing underwriter
              advises the Company in writing that marketing factors require a limitation
              of the number of shares to be underwritten (an "Underwriters'
              Cutback"),
              then, there shall be excluded from such registration and underwriting,
              to
              the extent necessary to satisfy such limitation, first,
              Ordinary Registrable Securities, to the extent necessary (on a pro
              rata
              basis according to the respective holdings of the Holders of Ordinary
              Registrable Securities at the time of such registration), and second,
              Preferred Registrable Securities, to the extent necessary (on a pro
              rata
              basis according to the respective holdings of the Holders of Preferred
              Registrable Securities at the time of such registration); provided
              however,
              that if the number of Registrable Securities to be registered by the
              Holders is limited by the underwriter, the Company shall have priority
              over the Holders in each such registration and the number of Registrable
              Securities, if any, that may be included in the registration shall
              be in
              accordance with the above order and
              preference.

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	 	2.3 	
              Demand
                Registration.

            

    

     

    
      	 	 	(a) 	
              If
                the Company receives, at any time beginning one (1) year after the
                effective date of the IPO, from the Holders of a majority of interest
                of
                the Preferred Registrable Securities then outstanding, a request
                in
                writing that all or part of the Registrable Securities held by them
                shall
                be registered for trading under the Securities Act, then, within
                seven (7)
                days after receipt of any such request, the Company shall give written
                notice of such request to the other Holders, and shall include in
                such
                registration all Registrable Securities held by all such Holders
                who wish
                to participate in such demand registration and provide the Company
                with
                written requests for inclusion therein within fifteen (15) days after
                the
                receipt of the Company's notice. Thereupon, the Company shall use
                its best
                efforts to effect the registration of all Registrable Securities,
                as to
                which it has received requests for registration under the Securities
                Act.
                

            

    

    

    
      	 	 	(b) 	
              Notwithstanding
                any other provision of Section 2.3(a), if the managing underwriter
                advises
                the Company in writing that marketing factors require an Underwriters
                Cutback, then there shall be excluded from such registration and
                underwriting, to the extent necessary to satisfy such limitation,
first,
                Ordinary Registrable Securities, to the extent necessary (on a pro
                rata
                basis according to the respective holdings of the Holders of Ordinary
                Registrable Securities at the time of such registration), and second,
                Preferred Registrable Securities, to the extent necessary (on a pro
                rata
                basis according to the respective holdings of the Holders of Preferred
                Registrable Securities' at the time of such registration); provided
                however, that in any event all Registrable Securities must be included
                in
                such registration prior to any other shares of the Company. The Holders
                shall not be entitled to request a registration under Section 2.3(a)
                if
                the Company shall furnish to the Holders a certificate signed by
                the CEO
                of the Company confirming that in the good faith judgment of the
                Board of
                Directors of the Company it would be seriously detrimental to the
                Company
                or its shareholders for such registration statement to be effected
                at such
                time, in which event the Company shall have the right to defer the
                filing
                of the registration statement for a period of no more than ninety
                (90)
                days after the receipt of the request of the Holders under this Section
                2.3(a); provided,
                however,
                the Company may not make more than one (1) such deferral in any six
                (6)
                month period.

            

    

    

    
      	 	 	(c) 	
              In
                addition, the Company shall not be obligated to effect, or to take
                any
                action to effect, any registration pursuant to Section 2.3(a):
                

            

    

    

    
      	 	 	 	(i)	
              after
                the Company has effected two (2) registrations pursuant to Section
                2.3(a);

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 	(ii)	
              during
                the period ending (A) twelve (12) months after the effective date
                of a
                registration subject to Section 2.3(a) hereof or (B) one year after
                the
                effective date of any other registration statement pertaining to
                Ordinary
                Shares of the Company, or such shorter periods if such shorter periods
                are
                acceptable to the underwriters of such
                offering;

            

    

     

    
      	 	 	 	(iii)	
              in
                any jurisdiction in which the Company would be required to execute
                a
                general consent to service of process in effecting such registration,
                qualification or compliance, unless the Company is already subject
                to
                service in such jurisdiction and except as may be required by the
                Securities Act or applicable rules or regulations thereunder;
                or

            

    

     

    
      	 	 	 	(iv)	
              if
                such request does not cover shares representing a market value at
                the time
                of such request equal to a minimum of $
                5,000,000.

            

    

     

    
      	 	2.4 	
              
                Form
                  S-3 Registration.

              

            

    

     

    
      	 	 	(a)	
              In
                case the Company receives from the Holders of a majority of interest
                of
                the Preferred Registrable Securities then outstanding a written request
                that the Company effect a registration on Form S-3, and any related
                qualification or compliance, the Company will within seven (7) days
                from
                receipt of any such request give written notice of the proposed
                registration, and any related qualification or compliance, to all
                other
                Holders, and include in such registration all Registrable Securities
                held
                by all such Holders, who wish to participate in such registration
                and
                provide the Company with written requests for inclusion therein within
                fifteen (15) days after the receipt of the Company's notice. Thereupon,
                the Company shall use its best efforts to effect such registration
                of the
                Registrable Securities held by the Holders, and all such qualifications
                and compliances as may be so requested and as would permit or facilitate
                the sale and distribution of all or such portion of such Registrable
                Securities as are specified in such
                request.

            

    

     

    
      	 	 	(b)	
              Notwithstanding
                any other provision of Section 2.4(a), if the registration on Form
                S-3 is
                an underwritten offering, and if the managing underwriter advises
                the
                Company in writing that marketing factors require an Underwriters
                Cutback,
                then there shall be excluded from such registration and underwriting,
                to
                the extent necessary to satisfy such limitation, first,
                Ordinary Registrable Securities, to the extent necessary (on a pro
                rata
                basis according to respective holdings of the Holders of Ordinary
                Registrable Securities at the time of such registration), and second,
                Preferred Registrable Securities, to the extent necessary (on a pro
                rata
                basis according to the respective holdings of the holders of Preferred
                Registrable Securities at the time of such registration); provided
                however, that in any event, all Preferred Registrable Securities
                must be
                included in such registration prior to any other shares of the Company
                (including any shares issued by the Company to the public). The Holders
                shall not be entitled to request a registration under this Section
                2.4 if
                the Company shall furnish to the Holders a certificate signed by
                the CEO
                of the Company confirming that in the good faith judgment of the
                Board of
                Directors of the Company it would be seriously detrimental to the
                Company
                or its shareholders for such registration statement to be effected
                at such
                time, in which event the Company shall have the right to defer the
                filing
                of the registration statement for a period of no more than ninety
                (90)
                days after the receipt of the request of the Holders under this Section
                2.4; provided, however, the Company may not make more than one (1)
                such
                deferral in any six (6) month period. There shall be no limit on
                the
                number of registrations that the Company shall be required to effect
                at
                the request of the holders of Preferred Registrable Securities under
                this
                Section 2.4. 

            

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	 	 	(c)	
              In
                addition, the Company shall not be obligated to effect, or to take
                any
                action to effect, any registration qualification or compliance pursuant
                to
                Section 2.4(a): 

            

    

     

    
      	 	 	 	(i)	
              if
                the Company has, within the twelve (12) month period preceding the
                date of
                such request, already effected two registrations on Form F-3 for
                the
                Holders pursuant to this Section
                2.4;

            

    

     

    
      	 	 	 	(ii)	
              in
                any particular jurisdiction in which the Company would be required
                to
                qualify to do business or to execute a general consent to service
                of
                process in effecting such registration, qualification or
                compliance;

            

    

     

    
      	 	 	 	(iii)	
              during
                the period ending 90 days after the effective date of any registration
                statement pertaining to Ordinary Shares of the Company (or such shorter
                period if such shorter period is acceptable to the underwriters of
                such
                offering); 

            

    

     

    
      	 	 	 	(iv)	
              if
                such request does not cover shares representing a market value at
                the time
                of such request equal to a minimum of $ 1,000,000;
                or

            

    

     

    
      	 	 	 	(v)	
              if
                Form S-3 is not available for such offering by the
                Holders.

            

    

     

    
      	 	 	(d)	
              In
                case the Company receives from a Holder or Holders of Founding Registrable
                Securities at any time 12 months after the expiration of the lock-up
                period following IPO a written request that the Company effect a
                registration on Form S-3, and any related qualification or compliance,
                the
                Company shall use its best efforts to effect such registration of
                the
                Registrable Securities held by the Founding Shareholders, and all
                such
                qualifications and compliances as may be so requested and as would
                permit
                or facilitate the sale and distribution of all or such portion of
                such
                Registrable Securities as are specified in such
                request.

            

    

     

    
      	 	 	(e)	
              The
                Founding Shareholders shall not be entitled to request a registration
                under Section 2.4(d) if the Company shall furnish to the Founding
                Shareholders a certificate signed by the CEO of the Company confirming
                that in the good faith judgment of the Board of Directors of the
                Company
                it would be seriously detrimental to the Company or its shareholders
                for
                such registration statement to be effected at such time, in which
                event
                the Company shall have the right to defer the filing of the registration
                statement for a period of no more than ninety (90) days after the
                receipt
                of the request of the Founding Shareholders under Section 2.4(d);
                provided, however, the Company may not make more than one (1) such
                deferral in any six (6) month period.

            

    

     

    
      	 	 	(f)	
              In
                addition, the Company shall not be obligated to effect, or to take
                any
                action to effect, any registration qualification or compliance pursuant
                to
                Section 2.4(d): 

            

    

     

    
      	 	 	 	(i)	
              
                if
                  the Company has, within the twelve (12) month period preceding
                  the date of
                  such request, already effected registrations on Form F-3 for the
                  Founding
                  Shareholders with respect to Founding Registrable Securites representing
                  more than twenty percent (20%) of the aggregate number of Founding
                  Registrable Securities held by the Founding Shareholders at the
                  time of
                  the Company’s IPO;

              

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

    
      	 	 	 	(ii)	
              in
                any particular jurisdiction in which the Company would be required
                to
                qualify to do business or to execute a general consent to service
                of
                process in effecting such registration, qualification or
                compliance;

            

    

     

    
      	 	 	 	(iii)	
              during
                the period ending 90 days after the effective date of any registration
                statement pertaining to Ordinary Shares of the Company (or such shorter
                period if such shorter period is acceptable to the underwriters of
                such
                offering); or 

            

    

     

    
      	 	 	 	(iv)	
              if
                such request does not cover shares representing a market value at
                the time
                of such request equal to a minimum of $5,000,000.
                

            

    

    

    
      	 	 	 	(v)	
              if
                Form S-3 is not available for such offering by the Holders.
                

            

    

     

    
      	 	2.5 	
              
                
                  Designation
                    of Underwriter.

                

              

            

    

    

    
      	 	 	(a)	
              In
                the case of any underwritten registration effected pursuant to Section
                2.3
                or 2.4, the Company shall appoint an underwriter acceptable to the
                holders
                of a majority of interest of the Holders of Preferred Registrable
                Securities that submitted the request for
                registration.

            

    

     

    
      	 	 	(b)	
              In
                the case of any registration initiated by the Company, the Company
                shall
                have the right to designate the managing underwriter in any underwritten
                offering. 

            

    

     

    
      	 	2.6 	
              
                
                  Expenses.
                    All expenses incurred in connection with any registration or
                    sale of
                    shares under Section 2.2, Section 2.3, Section 2.4 or Section
                    3.3 shall be
                    borne by the Company (including fees of one counsel for the selling
                    shareholders); provided,
                    however, that each of the Holders participating in such registration
                    or
                    sale shall pay its pro rata portion of the customary and standard
                    discounts or commissions payable to any underwriter.
                    

                

              

            

    

     

    
      	 	2.7 	
              
                
                  Indemnities.
                    In the event of any registered offering of Ordinary Shares pursuant
                    to
                    this Section 2: 

                

              

            

    

     

    
      	 	 	2.7.1	 	The Company will indemnify and hold
              harmless,
              to the fullest extent permitted by law, any Holder (including its
              officers, directors, partners and legal counsel) and any underwriter
              for
              such Holder, and each person, if any, who controls the Holder or such
              underwriter, from and against any and all losses, damages, claims,
              liabilities, joint or several, costs and expenses (including any amounts
              paid in any settlement effected with the Company's consent) to which
              the
              Holder or any such underwriter or controlling person may become subject
              under applicable law or otherwise, insofar as such losses, damages,
              claims, liabilities (or actions or proceedings in respect thereof),
              costs
              or expenses arise out of or are based upon (i) any untrue statement
              or
              alleged untrue statement of any material fact contained in the
              registration statement or included in the prospectus, as amended or
              supplemented, or (ii) the omission or alleged omission to state therein
              a
              material fact required to be stated therein or necessary to make the
              statements therein, in the light of the circumstances in which they
              are
              made, not misleading, (iii) any violation or alleged violation by the
              Company of the Securities Act, the Securities Exchange Act of 1934,
              as
              amended, any state securities law; or any rule or regulation promulgated
              under the Securities Act, Securities Exchange Act or any state security
              law; and the Company will reimburse the Holder, such underwriter and
              each
              such controlling person of the Holder or the underwriter, promptly
              upon
              demand, for any legal or any other expenses reasonably incurred by
              them in
              connection with investigating, preparing to defend or defending against
              or
              appearing as a third-party witness in connection with such loss, claim,
              damage, liability, action or proceeding; provided, however, that the
              Company will not be liable in any such case to the extent that any
              such
              loss, damage, liability, cost or expense arises out of or is based
              upon an
              untrue statement or alleged untrue statement or omission or alleged
              omission so made in conformity with information furnished in writing
              by a
              Holder, such underwriter or such controlling persons in writing
              specifically for inclusion therein; provided, further, that the indemnity
              agreement contained in this subsection 2.7.1 shall not apply to amounts
              paid in settlement of any such claim, loss, damage, liability or action
              if
              such settlement is effected without the consent of the Company, which
              consent shall not be unreasonably withheld. Such indemnity shall remain
              in
              full force and effect regardless of any investigation made by or on
              behalf
              of the selling shareholder, the underwriter or any controlling person
              of
              the selling shareholder or the underwriter, and regardless of any sale
              in
              connection with such offering by the selling shareholder. Such indemnity
              shall survive the transfer of securities by a selling
              shareholder.

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
      	 	 	2.7.2	 	Each Holder participating in a registration
              hereunder will indemnify and hold harmless the Company, any underwriter
              for the Company, and each person, if any, who controls the Company
              or such
              underwriter, from and against any and all losses, damages, claims,
              liabilities, costs or expenses (including any amounts paid in any
              settlement effected with the selling shareholder's consent) to which
              the
              Company or any such controlling person and/or any such underwriter
              may
              become subject under applicable law or otherwise, insofar as such losses,
              damages, claims, liabilities (or actions or proceedings in respect
              thereof), costs or expenses arise out of or are based on (i) any untrue
              or
              alleged untrue statement of any material fact contained in the
              registration statement or included in the prospectus, as amended or
              supplemented, or (ii) the omission or the alleged omission to state
              therein a material fact required to be stated therein or necessary
              to make
              the statements therein, in the light of the circumstances in which
              they
              were made, not misleading, and each such Holder will reimburse the
              Company, any underwriter and each such controlling person of the Company
              or any underwriter, promptly upon demand, for any reasonable legal
              or
              other expenses incurred by them in connection with investigating,
              preparing to defend or defending against or appearing as a third-party
              witness in connection with such loss, claim, damage, liability, action
              or
              proceeding; in each case to the extent, but only to the extent, that
              such
              untrue statement or alleged untrue statement or omission or alleged
              omission was so made in strict conformity with written information
              furnished by such Holder specifically for inclusion therein. The foregoing
              indemnity agreement is subject to the condition that, insofar as it
              relates to any such untrue statement (or alleged untrue statement)
              or
              omission (or alleged omission) made in the preliminary prospectus but
              eliminated or remedied in the amended prospectus at the time the
              registration statement becomes effective or in the Final Prospectus,
              such
              indemnity agreement shall not inure to the benefit of (i) the Company
              and
              (ii) any underwriter, if a copy of the Final Prospectus was not furnished
              to the person or entity asserting the loss, liability, claim or damage
              at
              or prior to the time such furnishing is required by the Securities
              Act;
              provided, further, that this indemnity shall not be deemed to relieve
              any
              underwriter of any of its due diligence obligations; provided, further,
              that the indemnity agreement contained in this subsection 2.7.2 shall
              not
              apply to amounts paid in settlement of any such claim, loss, damage,
              liability or action if such settlement is effected without the consent
              of
              the Holders, as the case may be, which consent shall not be unreasonably
              withheld. In no event shall the liability of a Holder exceed the gross
              proceeds from the offering received by such Holder.

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

       

    

    
      	 	 	2.7.3	 	Promptly after receipt by an indemnified
              party pursuant to the provisions of Sections 2.7.1 or 2.7.2 of notice
              of
              the commencement of any action involving the subject matter of the
              foregoing indemnity provisions, such indemnified party will, if a claim
              thereof is to be made against the indemnifying party pursuant to the
              provisions of said Section 2.7.1 or 2.7.2, promptly notify the
              indemnifying party of the commencement thereof; but the omission to
              notify
              the indemnifying party will not relieve it from any liability which
              it may
              have to any indemnified party otherwise than hereunder. In case such
              action is brought against any indemnified party and it notifies the
              indemnifying party of the commencement thereof, the indemnifying party
              shall have the right to participate in, and, to the extent that it
              may
              wish, jointly with any other indemnifying party similarly notified,
              to
              assume the defense thereof with counsel reasonably satisfactory to
              such
              indemnified party; provided, however, that if the defendants in any
              action
              include both the indemnified party and the indemnifying party and there
              is
              a conflict of interests which would prevent counsel for the indemnifying
              party from also representing the indemnified party, the indemnified
              party
              or parties shall have the right to select one separate counsel to
              participate in the defense of such action on behalf of such indemnified
              party or parties. After notice from the indemnifying party to such
              indemnified party of its election so to assume the defense thereof,
              the
              indemnifying party will not be liable to such indemnified party pursuant
              to the provisions of said Sections 2.7.1 or 2.7.2 for any legal or
              other
              expense subsequently incurred by such indemnified party in connection
              with
              the defense thereof, unless (i) the indemnified party shall have employed
              counsel in accordance with the provision of the preceding sentence,
              (ii)
              the indemnifying party shall not have employed counsel reasonably
              satisfactory to the indemnified party to represent the indemnified
              party
              within a reasonable time after the notice of the commencement of the
              action and within fifteen (15) days after written notice of the
              indemnified party's intention to employ separate counsel pursuant to
              the
              previous sentence, or (iii) the indemnifying party has authorized the
              employment of counsel for the indemnified party at the expense of the
              indemnifying party. No indemnifying party will consent to entry of
              any
              judgment or enter into any settlement which does not include as an
              unconditional term thereof the giving by the claimant or plaintiff
              to such
              indemnified party of a release from all liability in respect to such
              claim
              or litigation. 

    

    
       

    

    
      	 	 	2.7.4	 	If recovery is not available under the
              foregoing indemnification provisions, for any reason other than as
              specified therein, the parties entitled to indemnification by the terms
              thereof shall be entitled to contribution to liabilities and expenses
              as
              more fully set forth in an underwriting agreement to be executed in
              connection with such registration. In determining the amount of
              contribution to which the respective parties are entitled, there shall
              be
              considered the parties' relative knowledge and access to information
              concerning the matter with respect to which the claim was asserted,
              the
              opportunity to correct and prevent any statement or omission, and any
              other equitable considerations appropriate under the circumstances.
              

    

    
       

      
        	 	2.8 	
                
                  
                    Obligations
                      of the Company.
                      Whenever required under this Section 2 to effect the registration
                      of any
                      Registrable Securities, the Company shall, as expeditiously
                      as possible:
                      

                  

                

              

      

       

    

    
      
        	 	 	2.8.1	
                Prepare
                  and file with the SEC a registration statement with respect to
                  such
                  Registrable Securities and use its best efforts to cause such registration
                  statement to become effective, and, upon the request of the holders
                  of a
                  majority of the Registrable Securities registered thereunder, keep
                  such
                  registration statement effective for a period of up to nine months
                  or, if
                  sooner, until the distribution contemplated in the Registration
                  Statement
                  has been completed;

              

      

      
         

      

    

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    
       

      
        	 	 	2.8.2	Prepare and file with the SEC such
                amendments
                and supplements to such registration statement and the prospectus
                used in
                connection with such registration statement as may be necessary to
                comply
                with the provisions of the Securities Act with respect to the disposition
                of all Registrable Securities covered by such registration
                statement;

      

      
         

        
          	 	 	2.8.3	Furnish to the Holders such numbers
                  of copies
                  of a prospectus, including a preliminary prospectus, in conformity
                  with
                  the requirements of the Securities Act, and such other documents
                  as they
                  may reasonably request in order to facilitate the disposition of
                  Registrable Securities owned by them;

        

        
           

          
            	 	 	2.8.4	In the event of any underwritten
                    public
                    offering, enter into and perform its obligations under an underwriting
                    agreement, in usual and customary form, with the managing underwriter
                    of
                    such offering. Each Holder participating in such underwriting
                    shall also
                    enter into and perform its obligations under such an
                    agreement;

          

          
             

            
              	 	 	2.8.5	Notify each holder of Registrable
                      Securities
                      covered by such registration statement at any time when a prospectus
                      relating thereto is required to be delivered under the Securities
                      Act of
                      the happening of any event as a result of which the prospectus
                      included in
                      such registration statement, as then in effect, includes an
                      untrue
                      statement of a material fact or omits to state a material fact
                      required to
                      be stated therein or necessary to make the statements therein
                      not
                      misleading in the light of the circumstances then
                      existing;

            

            
               

              
                	 	 	2.8.6	Cause all Registrable Securities
                        registered
                        pursuant hereunder to be listed on each securities exchange
                        on which
                        similar securities issued by the Company are then
                        listed;

              

              
                 

                
                  	 	 	2.8.7	Provide a transfer
                          agent and
                          registrar for all Registrable Securities registered pursuant
                          hereunder and
                          a CUSIP number for all such Registrable Securities, in
                          each case not later
                          than the effective date of such
                          registration;

                

                
                   

                  
                    	 	 	2.8.8	Furnish, at
                            the request of any
                            Holder requesting registration of Registrable Securities
                            pursuant to this
                            Section 2, on the date that such Registrable Securities
                            are delivered to
                            the underwriters for sale in connection with a registration
                            pursuant to
                            this Section 2, if such securities are being sold through
                            underwriters,
                            or, if such securities are not being sold through underwriters,
                            on the
                            date that the registration statement with respect to
                            such securities
                            becomes effective, (i) an opinion, dated such date, of
                            the counsel
                            representing the Company for the purposes of such registration,
                            in form
                            and substance as is customarily given to underwriters
                            in an underwritten
                            public offering, addressed to the underwriters, if any,
                            and to the Holders
                            requesting registration of Registrable Securities, and
                            (ii) a letter dated
                            such date, from the independent certified public accountants
                            of the
                            Company, in form and substance as is customarily given
                            by independent
                            certified public accountants to underwriters in an underwritten
                            public
                            offering, addressed to the underwriters, if any, and
                            to the Holders
                            requesting registration of Registrable
                            Securities;

                  

                

              

            

          

        

      

    

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    
      
         

        
          
            
              	 	2.9	
                      
                        Assignment
                          of Registration Rights.
                          Any of the Holders may assign its rights to cause the Company
                          to register
                          Shares pursuant to this Section 2 to any Permitted Transferee
                          (as defined
                          in the Company’s Articles of Association) or to a transferee of at least
                          250,000 of its Registrable Securities; provided,
                          however,
                          that within ten (10) days subsequent to such transfer,
                          such transferor
                          shall furnish the Company with written notice of the name
                          and address of
                          such transferee and the securities with respect to which
                          such registration
                          rights are being assigned, and the transferee's written
                          agreement to be
                          bound by this Section 2. 

                      

                    

            

             

          

        

        
          
            
              	 	
                      2.10

                    	
                      
                        
                          Lock-Up
                            and Other Requests by the Underwriter.
                            Each Holder hereby agrees that such Holder shall not
                            sell or otherwise
                            transfer or dispose of any Registrable Securities of
                            the Company held by
                            such Holder (other than those included in the registration)
                            for a period
                            specified by the representative of the underwriters of
                            Ordinary Shares (or
                            other securities) of the Company not to exceed one hundred
                            eighty (180)
                            days following the effective date of the IPO, and provided
                            that each of
                            the senior officers of the Company (i.e. CEO and CFO)
                            enters in an
                            identical undertaking. Each Holder agrees to execute
                            and deliver such
                            other agreements as may be reasonably requested by the
                            Company or the
                            underwriter which are consistent with the foregoing or
                            which are necessary
                            to give further effect thereto. Each Holder shall consider
                            in good faith
                            modifications to the rights afforded in this Agreement
                            as suggested by the
                            underwriter of the Company’s shares in the IPO. The Company may impose
                            stop-transfer instructions with respect to the shares
                            of Ordinary Shares
                            (or other securities) subject to the foregoing restriction
                            until the end
                            of said one hundred eighty (180) day
                            period;

                        

                      

                    

            

             

            
              
                
                  	 	2.11	
                          
                            
                               Rule
                                144 Reporting.
                                With a view to making available to the Holders the
                                benefits of certain
                                rules and regulations of the SEC which may permit
                                the sale of the
                                Registrable Securities to the public without registration,
                                the Company
                                agrees to use its best efforts to:
                                

                            

                          

                        

                

                 

                
                  
                    
                      
                        	 	 	(a)	
                                make
                                  and keep public information available, as those
                                  terms are understood and
                                  defined in SEC Rule 144 or any similar or analogous
                                  rule promulgated under
                                  the Securities Act, at all times after the effective
                                  date of the first
                                  registration filed by the Company for an offering
                                  of its securities to the
                                  general public;

                              

                      

                       

                      
                        	 	 	(b)	
                                file
                                  with the SEC, in a timely manner, all reports and
                                  other documents required
                                  of the Company under the Exchange Act; and
                                  

                              

                      

                       

                      
                        	 	 	(c)	
                                so
                                  long as a Holder owns any Registrable Securities,
                                  furnish to such Holder
                                  forthwith upon request: a written statement by
                                  the Company as to its
                                  compliance with the reporting requirements of said
                                  Rule 144 of the
                                  Securities Act, and of the Exchange Act (at any
                                  time after it has become
                                  subject to such reporting requirements); a copy
                                  of the most recent annual
                                  or quarterly report of the Company; and such other
                                  reports and documents
                                  as a Holder may reasonably request in availing
                                  itself of any rule or
                                  regulation of the SEC allowing it to sell any such
                                  securities without
                                  registration;

                              

                      

                      
                         

                        
                          
                            
                              
                                
                                  
                                    
                                      	 	2.12	
                                              
                                                
                                                  Termination
                                                    of Registration Rights.
                                                    All registration rights granted
                                                    under this Section 2, shall terminate
                                                    and
                                                    be of no further force and effect
                                                    five (5) years after the date
                                                    of the
                                                    IPO. In addition, a Holder's
                                                    registration rights shall expire
                                                    if all
                                                    Registrable Securities held by
                                                    and issuable to such Holder may
                                                    be sold
                                                    under Rule 144 during any ninety
                                                    (90) day period. 

                                                

                                              

                                            

                                    

                                     

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    
      
        
          	 	3. 	
                  
                    
                      
                        Share
                          Capital Confirmation and Waiver by
                          Shareholders

                      

                    

                  

                

        

         

        
          
            
              	 	3.1	
                      
                        
                          
                            Each
                              of the Shareholders represents and warrants that: (i)
                              the capitalization
                              table attached hereto as Exhibit
                              3.1
                              (the "Post-Closing
                              Capitalization Table")
                              sets forth an accurate and complete description of
                              its shareholdings, on
                              an issued and outstanding basis and on a Fully Diluted
                              Basis (as defined
                              below); (ii) it is not entitled to any further issuance
                              of shares or other
                              securities of the Company (other than, rights to receive
                              Ordinary Shares
                              upon conversion of preferred shares in accordance with
                              the Company’s
                              corporate documents (as amended from time to time):
                              and (iii) it hereby
                              waives any pre-emptive rights together with its related
                              over allotment
                              rights (e.g., under Section 8 of the Series A Investment
                              Agreement,
                              Section 9 of the Series B Investment Agreement and
                              Article 39 of the
                              Company's Articles of Association) and anti-dilution
                              rights (e.g., under
                              Section 10 of the Series A Investment Agreement, Section
                              11 of the Series
                              B Investment Agreement and Articles 36 through 38 of
                              the Company's
                              Articles of Association), to the extent any such right
                              was triggered or
                              existed at the relevant time, that such Shareholder
                              had (if at all) under
                              any agreement or under the corporate documents of the
                              Company, with
                              respect to any issuance of shares or securities of
                              the Company.
                              

                          

                        

                      

                    

            

             

            
            

            
              	 	 	For the purpose of this Agreement,
“Fully
                      Diluted Basis” shall mean the issued and outstanding share capital of the
                      Company assuming the conversion of all convertible securities
                      and the
                      exercise of all warrants and options to acquire shares of the
                      Company,
                      including all options to purchase ordinary shares of the Company
                      (the
                      “Ordinary Shares”) granted to employees and/or consultants and including
                      the Company’s existing option pool of 3,850,000 Ordinary Shares granted
                      or
                      reserved for future grant to employees and/or consultants.
                      

            

             

            
              	 	3.2 	Without derogating from the
                      generality of the
                      above, each Shareholder who is entitled to pre-emptive rights,
                      hereby
                      releases and waives any pre-emptive rights whatsoever that
                      it may have in
                      connection with the issuance by the Company of up to 6,800,000
                      Preferred C
                      Shares, and warrants to purchase up to 200,000 Preferred C
                      Shares issued
                      as finder fees in respect issuance of Preferred C Shares of
                      the Company on
                      or prior to May 31, 2006.

            

             

            
              	 	3.3	The Company will use best efforts
                      to cause
                      the underwriters of the IPO to enable the holders of pre-emptive
                      rights
                      (“PE
                      Holders”)
                      to sell shares, pro rata to their holdings (i) to the public
                      as part of
                      the IPO, and (ii) to the underwriter in the “green shoe” option.
                      Notwithstanding any other provision of this Section 3.3, if
                      the
                      underwriter advises the Company that marketing factors require
                      a
                      limitation of the number of shares that may be sold under this
                      Section
                      3.3, then, there shall be excluded from such sale, to the extent
                      necessary
                      to satisfy such limitation, first,
                      shares held by Preferred C Shareholders, to the extent necessary
                      (on a pro
                      rata basis according to the respective holdings of such holders
                      at the
                      time of such sale), and second,
                      shares held by other PE Holders who are entitled to sell under
                      this
                      Section 3.3 (on a pro rata basis according to the respective
                      holdings of
                      such holders at the time of such registration). Each Shareholder
                      acknowledges that if the Company (represented by the IPO Subcommittee
                      of
                      the Company’s Board of Directors) determines at its sole discretion, after
                      discussions with the underwriters, that such sales will materially
                      harm
                      the chances of a successful IPO, then such sales shall not
                      take
                      place.

            

             

            
              
                
                

              

              
                12

                
                  

                

              

              
                
                

              

            

             

            
              	 	3.4.	Each Shareholder hereby releases
                      and forever
                      discharges the Company, each of the shareholders and their
                      respective
                      officers, directors and shareholders, from and against any
                      and all
                      actions, claims, demands, damages, of every kind, nature and
                      description
                      whatsoever that it may have by reason of any matter or cause
                      whatsoever
                      against any of the above in relation to or arising out of any
                      action by
                      the shareholders or board of directors of the Company, or any
                      rights
                      offering by the Company, or the provisions of any corporate
                      documents of
                      the Company (as amended from time to time), or any existing
                      or prior
                      shareholders agreements and any agreements for the sale and
                      issuance of
                      shares by the Company to the Shareholders.

            

             

            
              	 	4. 	Termination of Existing
                      Rights

            

             

            
              	 	For
                      the sake of good
                      order, and for the removal of any doubt:

            

             

            
              	 	4.1 	Each of the Preferred A Shareholders,
                      hereby
                      agrees that the following sections in the Series A Investment
                      Agreement
                      dated July 24, 2003, as amended ("Series
                      A Investment Agreement")
                      are hereby terminated and of no further force and effect, and
                      hereby
                      waives any rights under any of such sections of the Series
                      A Investment
                      Agreement: Section 7 (conversion rights), Section 8 (pre-emptive
                      rights),
                      Section 9 (rights of first refusal and co-sale rights), Section
                      10
                      (anti-dilution protection), Section 11 (voting rights and negative
                      covenants), Section 12 (dividend and liquidation preferences),
                      Section 13
                      (bring along rights), Section 15 (Board of Directors composition),
                      Section
                      17 (Founder Shareholders Sale
                      Restriction).

            

            
               

              
                	 	4.2	Each of the Preferred B Shareholders,
                        hereby
                        agrees that the following sections in the Series B Investment
                        Agreement
                        dated September 23, 2004, as amended ("Series
                        B Investment Agreement")
                        are hereby terminated and of no further force and effect,
                        and hereby
                        waives any rights under any of such sections of the Series
                        B Investment
                        Agreement: Section 8 (conversion rights), Section 9 (pre-emptive
                        rights),
                        Section 10 (rights of first refusal and co-sale rights),
                        Section 11
                        (anti-dilution protection), Section 12 (voting rights and
                        negative
                        covenants), Section 13 (dividend and liquidation preferences),
                        Section 14
                        (bring along rights), Section 16 (Board of Directors composition),
                        Section
                        19 (Founder Shareholders Sale Restriction).

              

              
                 

                
                  	 	4.3	Each of the Shareholders
                          agrees that that all
                          agreements and understanding relating to the rights of
                          Shareholders to
                          appoint directors or observers to the Board of Directors
                          of the Company
                          other than as reflected in the Company’s Amended Articles of Association
                          are hereby terminated and of no further force and
                          effect.

                

                
                   

                  
                    	 	5.	Miscellaneous.

                  

                   

                  
                  

                  
                    	 	5.1	Further
                            Assurances.
                            Each of the parties hereto shall perform such further
                            acts and
                            execute such further documents as may reasonably be necessary
                            to carry out
                            and give full effect to the provisions of this Agreement
                            and the
                            intentions of the parties as reflected
                            thereby.

                  

                   

                  
                    
                      
                      

                    

                    
                      13

                      
                        

                      

                    

                    
                      
                      

                    

                  

                   

                  
                    	 	5.2 	Governing Law.
                            This Agreement shall be governed by and construed according
                            to the laws of
                            the State of Israel, without regard to the conflict of
                            laws provisions
                            thereof, except for provisions regarding registration
                            rights, which will
                            be interpreted in accordance with U.S. federal law.
                            

                  

                   

                  
                    	 	5.3 	Successors and Assigns.
                            Except as otherwise expressly limited herein, the provisions
                            hereof shall
                            inure to the benefit of, and be binding upon, the successors,
                            assigns,
                            heirs, executors, and administrators of the parties hereto.
                            None of the
                            rights, privileges, or obligations set forth in, arising
                            under, or created
                            by this Agreement may be assigned or transferred without
                            the prior consent
                            in writing of each party to this
                            Agreement.

                  

                   

                  
                    	 	5.4	Entire
                            Agreement; Amendment and Waiver.

                  

                   

                  
                    
                      
                        
                          	 	 	(a)	
                                  This
                                    Agreement constitutes the full and entire understanding
                                    and agreement
                                    between the parties, and supersedes any agreement
                                    and understanding
                                    between any of the parties, with regard to the
                                    subject matters hereof and
                                    thereof including without limitation a Memorandum
                                    of Understanding dated
                                    March 7, 2006 and Investors Rights Agreement
                                    dated March 26, 2006. Without
                                    derogating from the generality of the above,
                                    this Agreement restates and
                                    supersedes Sections 14 and 16 of the Series A
                                    Investment Agreement, and
                                    Sections 15 and 17 of the Series B Investment
                                    Agreement..
                                    

                                

                        

                         

                      

                    

                  

                  
                    
                      
                        
                          
                            	 	 	(b)	
                                    Any
                                      term of this Agreement (as amended) may be
                                      amended and the observance of
                                      any term hereof may be waived (either prospectively
                                      or retroactively and
                                      either generally or in a particular instance)
                                      only with the written
                                      consent of: (i) the Company, and (ii) a majority
                                      of interest of the
                                      holders of Registrable Securities; provided
                                      that (x) should such waiver or
                                      amendment adversely affect the rights or privileges
                                      granted hereunder to
                                      the particular Holder or group of Holders,
                                      in a manner which discriminates
                                      such Holder/s against other Holders (a “Discriminated Class”), such waiver
                                      or amendment shall be subject to the written
                                      approval of the Holder/s who
                                      are the owners of record of a majority of the
                                      outstanding shares of such
                                      Discriminated Class, and (y) any right or limitation
                                      provided for the
                                      express benefit of a specifically named party
                                      may not be amended or waived
                                      without the consent of such party. Any amendment
                                      or waiver effected in
                                      accordance with this Section 5.4 shall be binding
                                      upon the Company, the
                                      Shareholders, and each of their respective
                                      successors and
                                      assigns.

                                  

                          

                          
                             

                            
                              	 	5.5	
                                      Notices,
                                        etc.

                                    

                            

                            
                               

                              
                              

                              
                                	 	 	5.5.1
	
                                        All
                                          notices and other communications made pursuant
                                          to this Agreement shall be
                                          in writing and shall be conclusively deemed
                                          to have been duly given: (i)
                                          in the case of hand delivery to the address
                                          shown below, on the next
                                          Business Day after delivery; (ii) in the
                                          case of delivery by an
                                          internationally recognized overnight courier
                                          to the address set forth
                                          below, freight prepaid, on the next Business
                                          Day after delivery; (iii) in
                                          the case of a notice sent by facsimile
                                          transmission or email to the
                                          number, and addressed as, set forth below,
                                          on the next Business Day after
                                          delivery, if facsimile transmission or
                                          email is confirmed; (iv) in the
                                          case of a notice sent by email to any of
                                          the email addresses set forth in
                                          Schedule 1 through 4 hereto, on the date
                                          of written acknowledgment of
                                          receipt of such email by the receiving
                                          party. A "Business Day" means a day
                                          on which the banks are open for business
                                          in the country of receipt of any
                                          notice. 

                                      

                              

                               

                              
                                
                                  
                                  

                                

                                
                                  14

                                  
                                    

                                  

                                

                                
                                  
                                  

                                

                              

                               

                              
                                	 	 	5.5.2
	In the event
                                        that notices are given pursuant
                                        to one of the methods listed in Sub-clauses
                                        3.5.1 (i) to (iii) above, a
                                        copy of the notice should also be sent by
                                        email to such address set forth
                                        in Schedules 1 through 4.

                              

                               

                              
                                	 	 	5.5.3
	A party may
                                        change or supplement the contact
                                        details for service of any notice pursuant
                                        to this Agreement, or designate
                                        additional addresses, facsimile numbers and
                                        email addresses for the
                                        purposes of this Section 3.5 by giving the
                                        other party written notice of
                                        the new contact details in the manner set
                                        forth above.
                                        

                              

                              
                                 

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      	
              if
                to the Holders:

            	
              to
                the addresses set forth in Schedules
                1 through 4;

            
	 	 
	
              If
                to the Company:

            	
              10
                Plaut Street, Science Park

            
	 	
              Rehovot,
                Israel

            
	 	
              Attn.:
                CEO

            
	 	
              Tel:
                972-8-948-4755

            
	 	
              Fax:
                972-8-948-4766

            
	 	 
	
              With
                a copy to:

            	
              Yigal
                Arnon & Co.

            
	 	
              22
                Rivlin Street

            
	 	
              Jerusalem,
                Israel 91000

            
	 	
              Attn.:
                Adv. Barry P. Levenfeld

            
	 	
              Tel:
                972-2-623-9200

            
	 	
              Fax:
                972-2-623-9236

            

    

     

    
      
        	 	5.6	
                Delays
                  or Omissions.
                  No delay or omission to exercise any right, power, or remedy accruing
                  to
                  any party upon any breach or default under this Agreement, shall
                  be deemed
                  a waiver of any other breach or default therefore or thereafter.
                  Any
                  waiver, permit, consent, or approval of any kind or character on
                  the part
                  of any party of any breach or default under this Agreement, or
                  any waiver
                  on the part of any party of any provisions or conditions of this
                  Agreement, must be in writing and shall be effective only to the
                  extent
                  specifically set forth in such writing. All remedies, either under
                  this
                  Agreement or by law or otherwise afforded to any of the parties,
                  shall be
                  cumulative and not
                  alternative.

              

      

       

      
        	 	5.7 	Severability.
                If any provision of this Agreement is held by a court of competent
                jurisdiction to be unenforceable under applicable law, then such
                provision
                shall be excluded from this Agreement and the remainder of this Agreement
                shall be interpreted as if such provision were so excluded and shall
                be
                enforceable in accordance with its terms; provided, however, that
                in such
                event this Agreement shall be interpreted so as to give effect, to
                the
                greatest extent consistent with and permitted by applicable law,
                to the
                meaning and intention of the excluded provision as determined by
                such
                court of competent jurisdiction. 

      

       

      
        	 	5.8 	Counterparts.
                This Agreement may be executed in any number of counterparts, each
                of
                which shall be deemed an original and enforceable against the parties
                actually executing such counterpart, and all of which together shall
                constitute one and the same instrument.

      

       

      
        	 	5.8	Additional
                Parties.
                In
                the event that, after the date hereof, the Company shall issue Series
                C
                Preferred Shares to a party which is not currently a party to this
                Agreement, then such party shall become a party to this Agreement
                by
                adding its name and signature to the signature page hereof and to
                Schedule
                4 hereto. 

      

       

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

       

      
        	 	5.9 	No Third Party Beneficiaries. Except
                as expressly provided in this Agreement, this Agreement (including
                the
                documents and instruments referred to herein) is not intended to
                confer on
                any person other than the parties hereto any rights, remedies, obligations
                or liabilities hereunder.

      

      
         

      

    

    
      [REMAINDER
        OF PAGE LEFT INTENTIONALLY BLANK] 

    

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the
      parties have signed this Investors Rights Agreement as of the date first
      hereinabove set forth. 

     

    
      	ROSETTA
              GENOMICS LTD.	SHAREHOLDERS
              - SEE
              SEPARATE
	 	 	 	SIGNATURE
              PAGE
	
              by:

            	 
	 	 
	
              name:

            	 
	 	 
	
              title:

            	  	 	 

    

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    Investor
      Rights Agreement - Signature Page

     

    IN
      WITNESS WHEREOF, by executing this Signature Page, the undersigned has read,
      understood and acknowledged the representations and covenants in the Investor
      Rights Agreement (the “IRA”) by and between Rosetta Genomics Ltd. (the
“Company”) and its shareholders. Upon receipt by the Company of this Signature
      Page and execution by the Company of its counterpart signature page, the
      undersigned shall become a party to the IRA, and hereby authorizes this
      signature page to be attached to a counterpart of the IRA executed by the
      Company. 

    

    
      	 	 	 
	
              Print
                or Type Name of Shareholder

            	 	
               Signature

            
	 	 	 
	 	 	 
	 	 	
               (Title,
                if applicable)

            

    

     

    
    

     

    
      	
              Typed
                or printed name and address of Shareholder:

            	 	
              Fax
                Number:

            	 

	 	 	
              Telephone:

            	 

	 	 	
              Email:

            	 

    

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

     

    

    
      	
               Schedule
                1

            
	 
	
               Ordinary
                Shareholders

            
	 	 
	
              Investors

            	
              Address

            
	 	 
	
              Bentwich
                Innovations

            	 
	
              Harmony
                2000 (Association)

            	 
	
              Bentwich
                Holdings Ltd.

            	 
	
              Issac
                Bentwich

            	 
	
              Zvi
                Bentwich

            	 
	
              David
                Danino

            	 
	
              Wilfred
                Stein

            	 
	
              Shimon
                Greenberg (from ESOP)

            	 
	
              Al.MI.NO.
                Ltd

            	 
	
              Karni
                Getriede

            	 
	
              Doron
                Sagi

            	 
	
              LENE
                L.P. (from ESOP)

            	 
	
              AxcesNet
                Resources (from ESOP)

            	 
	
              Ehud
                Zadokya (from ESOP)

            	 
	
              Baruch
                Rosensweig

            	 
	
              Haim
                Albocher

            	 
	
              Eitan
                metuki (from ESOP)

            	 

    

    

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    
      	
               Schedule
                2

            
	 
	
              Preferred
                A Shareholders

            
	 
	
              Investors

            	
              Address

            
	 	 
	
              Kadima
                Hi-Tech Ltd.

            	 
	
              Insight
                Capital Ltd.

            	 
	
              Teva
                Pharmaceutical Industries Ltd.

            	 
	
              Yair
                Shamir

            	 
	
              Ilan
                Leviteh

            	 
	
              Stream
                Capital Ltd.

            	 
	
              Golan
                and Liat Hod

            	 
	
              Reuven
                Ashkenazi

            	 
	
              Chevrat
                Adv. Jonathan Bach Ltd.

            	 
	
              Yunsen
                Ltd.

            	 
	
              Arlene
                Strelitz

            	 
	
              Yoram
                Petruschka

            	 
	
              E.
                Arad (Butler) Ltd.

            	 
	
              Al.MI.NO.
                Ltd.

            	 

    

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    
      	
               Schedule
                3

            
	 
	
              Preferred
                B Shareholders

            
	 
	
              Investors

            	
              Address

            
	 	 
	
              Kadima
                Hi-Tech Ltd.

            	 
	
              Insight
                Capital Ltd.

            	 
	
              Nissan
                Holdings Ltd.

            	 
	
              Teva
                Pharmaceutical Industries Ltd.

            	 
	
              Yair
                Shamir

            	 
	
              Chevrat
                Adv. Jonathan Bach Ltd.

            	 
	
              Alron
                Rosetta LLC

            	 
	
              Epione
                Bioinvestments L.P

            	 
	
              Oded
                Gera

            	 
	
              John
                Porter

            	 
	
              Jonathan
                Rose

            	 
	
              Marcia
                Riklis

            	 
	
              Sami
                Friedrich

            	 
	
              Karni
                Getriede

            	 

    

    

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

    
      	
              Schedule
                4

            
	 
	
              Preferred
                C Shareholders

            
	 
	
              Investors

            	
               Address

            
	 	 
	 	
               [TO
                BE COMPLETED]

            
	 	
              Aviv
                Tower 7 Jabotinsky St., Ramat Gan 52520, Israel.

            
	 	
              With
                a copy to: Aaron Nahumi, Adv.

            
	 	
               12
                Oppenheimer St.

            
	 	
               Tel-Aviv
                69395, Israel

            
	 	
              (e-mail:
                nahumi@nahumi.com)

            
	
              M.
                Wertheim (Holdings) Ltd.

            	 
	 	
              34
                B Habarzel St., Ramat Hahayal, Tel Aviv 69710, Israel

            
	 	
              With
                a copy to: Aaron Nahumi, Adv.

            
	 	
               12
                Oppenheimer St.

            
	 	
               Tel-Aviv
                69395, Israel

            
	 	
              (e-mail:
                nahumi@nahumi.com)

            
	
              Info-Prod
                Research (Middle East) Ltd.

            	 
	
              Mrs.
                Nira Reichman

            	 
	
              Mr.
                Eri Steimatzky

            	 
	
              Rosenram
                Trust Co. Ltd.

            	 
	
              Instanz
                Nominees Pty Ltd.

            	 
	
              Dolphin
                Energies Ltd.

            	 
	
              Computech
                Associates Ltd.

            	 
	
              Mr.
                Enrique Norberto Friere & Mrs. Irene Gali

            	 
	
              Joseph
                Hachmi

            	 
	
              Mr.
                Jose Maximiliano Mammoliti

            	 
	
              Canit
                Management Investments and Financing
                Ltd

            	 
	
              Mercantile
                Discount Provident Fund Management
                Company Ltd, BMD for Provident
                Funds

            	 

    

     

    
      
        
        

      

      
        22

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