Document:

Unassociated Document

     

    
      February
        01, 2007

       

      e-SIM
        Ltd.

       

      SKY
        Mobile Media, Inc.

       

      SKY
        Mobile Media (Israel) Ltd.

       

      Dear
        Sirs, 

       

      Re:
        Closing
        of Asset Purchase and Exclusion of Charges

       

      
        The
          undersigned, Israel Discount Bank Ltd. (“Bank”), hereby agrees and confirms as
          follows:

         

        	1.  	
                To
                  the sale of the assets of e-SIM Ltd. (“e-SIM”) pursuant to that certain
                  Asset Purchase Agreement between e-SIM, SKY MobileMedia (Israel)
                  Ltd.
                  (“SKY Israel”) and SKY MobileMdeia, Inc. (“SKY”) dated September 28, 2006
                  (the “Asset Purchase Agreement”), and all transactions contemplated
                  thereby, which shall constitute an Asset Sale for the purpose of
                  the
                  letter issued by e-SIM to the Bank dated June 14, 2006 and amended
                  on
                  October 31, 2006 (the letter, as amended, the “Letter”).
                  

              

         

        	2.  	
                Notwithstanding
                  any charge (fixed or floating), pledge, lien, encumbrance or other
                  surety
                  or right of the Bank in or to any of the assets of e-SIM, regardless
                  of
                  ranking or status (the “Encumbrances”), the Bank hereby irrevocably agrees
                  and consents to the transfer of all or any of the assets of e-SIM
                  to SKY
                  Israel and/or SKY pursuant to and materially in accordance with
                  the Asset
                  Purchase Agreement, and the Bank shall not have and hereby waives
                  any and
                  all demands, claims and rights in or to such assets and/or against
                  SKY or
                  SKY Israel in connection therewith. 

              

         

        	3.  	
                The
                  Bank hereby irrevocably undertakes and declares that, subject to
                  and upon
                  the receipt of an amount equal to US$560,000 (five hundred and
                  sixty
                  thousand Dollar)):

              

         

        	3.1  	
                To
                  purchase 495,833 (four hundred and ninety five thousand, eight
                  hundred and
                  thirty three) ordinary shares of e-SIM in an amount of US$ 460,000
                  (four
                  hundred and sixty thousand and ninety Dollar) the payment whereof
                  will be
                  effected by a set-off against the remaining amount of the Utilized
                  Credit
                  (as such term is defined in the Letter) only;
                  .;

              

         

        	3.2  	
                To
                  waive and forgive any other indebtedness and obligations of e-SIM
                  to the
                  Bank, including, the Utilized Credit which shall be deemed repaid
                  and
                  satisfied in full;

              

         

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      	3.3  	
              Without
                hindering the performance of the Asset Purchase Agreement, to cause
                that
                all Encumbrances imposed by the Bank or registered for the benefit
                of the
                Bank, be promptly removed from any register, including the register
                of the
                Bank and of the Registrar of Companies; 

            

       

      	3.4  	
              To
                cancel the CD (as defined in the Letter), and;

            

       

      	3.5  	
              All
                Encumbrances shall be null and void and of no further force or effect.
                

            

       

      This
        letter is issued for the benefit of the addresses listed above, is irrevocable
        and supersedes any prior agreements in this respect. Should the amount detailed
        in Section 3 hereto not be received by February 15, 2007, the Bank's consent
        herein contained shall be of no force and effect. 

       

      Yours
        sincerely, 

       

      Israel
        Discount Bank Ltd.

      

      

        
          	 	
                  By:

                	
                   

                    

                  

                	 	
                  By:

                	
                   

                    

                  

                
	 	
                  Title:

                	
                   

                    

                  

                	 	
                  Title:

                	
                   

                    

                  

                

        

      

       

      Agreed
        and accepted:

       

      e-SIM
        Ltd.

       

      

        
          	
                  By:

                	 

                  

                	 
	
                  Title:Unassociated Document

     

    בנק לפיתוח התעשיה 

    
       

      
        February
          1, 2007

         

        To:
          E-Sim
          Ltd

        Jerusalem,

         

        Pursuant
          to your request, we hereby confirm that upon fulfillment of the following
          two
          conditions:

         

        	1.  	
                Actual
                  final and unconditional payment to the credit of your account with
                  our
                  Bank of the sum of US$ 594,059 (Five hundred and Ninety Four Thousand
                  and
                  Fifty Nine United States of America Dollars) (hereinafter- “the said sum”)
                  by not later then February 7, 2007(hereinafter- “the said date”)
                  and

              

         

        	2.  	
                Delivery
                  to us by not later than the said date of a resolution adopted and
                  approved
                  of by your Board of Directors undertaking to allocate and allot
                  to and in
                  the name of our Bank 495,833 Ordinary shares of your Company as
                  set out in
                  your letter to us dated June 14, 2006.

              

         

        we
          shall,
          immediately thereafter, hand over and deliver to you a notice signed by
          us and
          directed to the Registrar of Companies instructing him to cancel all the
          Pledges
          and Charges created by your Company in our bank’s favour including these Pledges
          and Charges created under the Debenture dated November 30, 2000 and registered
          as Pledge no.8 with the Registrar of Companies and the Additional Debenture
          dated February 24, 2004 registered as Pledge no.14 with the Registrar of
          Companies.

         

        We
          furthermore undertake that the purchase price of the shares referred to
          in
          clause 2 above amounting to the sum of US$486,049 will upon the registration
          of
          the aforesaid shares in the name of our Bank and delivery of the share
          script to
          our Bank, be set-off against the utilized credit. 

         

        Payment
          of the said sum shall be effected to our account with Bank Otzar Hachayal
          as per
          the following details:

         

        Bank
          Code: 14

        Branch
          no: 357

        Our
          account no: 47362

        Swift
          Code: OTSHILIT

        For
          the
          Credit of account no. 217248 in the in the name of E-Sim Ltd.

        

        In
          the
          even of the said sum not having been paid by the said date or the Board
          of
          Directors’ resolution not have been delivered, both in the manner set out
          hereinabove, then this confirmation shall have no effect and be cancelled
          automatically. 

        

        Upon
          the
          fulfillment of the above two conditions, we hereby confirm that we will
          have no
          further claims and/or demands against your company concerning your account
          (No.
          217248) at out bank and the said account will be closed. 

        

        Yours
          Sincerely, 

        

        Industrial
          Development Bank of Israel Ltd.Unassociated Document

    

      Settlement
        and Release Deed

      

      The
        undersigned, Marc Belzberg, hereby confirms as follows:

      

      	1.  	
              I
                have received the amount of $250,000 in cash from SKY MobileMedia,
                Inc.
                (“SKY”) and have received stock of SKY, which is placed in escrow, in the
                value of $350,000 (the “SKY Stock”). 

            

       

      	2.  	
              Other
                than my rights to receive the SKY Stock in accordance with the terms
                of
                the Asset Purchase Agreement between e-SIM Ltd. and SKY dated September
                28, 2006, on my behalf and on behalf of Yozma
                Hofsheet Ltd., a party related to me,
                I
                hereby fully and finally release, acquit and forever discharge e-SIM
                Ltd.,
                its officers, shareholders, employees, affiliates and other related
                parties from any and all actions, debts, claims, counterclaims, demands,
                liabilities, damages, causes of action, costs, expenses, and compensation
                of every kind and nature whatsoever, past or present, at law or in
                equity,
                whether known or unknown, which I or any party related to me, had,
                has, or
                may have had at any time in the past until and including the date
                of this
                letter against e-SIM Ltd., including but not limited to any claims
                which
                relate to any debt of e-SIM Ltd. to me or my related parties or related
                to
                the performance of the Asset Purchase Agreement referenced above.
                

            

       

      In
        witness whereof, I have signed this Settlement and Release Deed on this 12
        day of July 2007

       

       

       

      
        
          

        

      

      Marc
        Belzberg

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