Document:

20-F

Exhibit 4.5  

SHARE PURCHASE
AGREEMENT  

        This
Share Purchase Agreement is made and entered into effective as of March 2004 by and
among BVR Systems (1998) Ltd. (“BVR”), a company organized under the laws
of the State of Israel, with offices at 16 Hamelacha Street, Rosh Ha’ayin, Israel,
and the purchasers as listed in Schedule A (each a “Purchaser” and
together the “Purchasers”). 

	WHEREAS 	
The Purchasers desire to acquire Shares in BVR, and BVR wishes to issue and sell to the
Purchasers shares in BVR on the terms as set forth herein. 

Accordingly, in consideration of the
covenants and conditions hereinafter set forth, the parties hereto agree as follows: 

	1.  	Agreement
to Purchase and Sell  

	 	
Subject
to and in accordance with the terms and conditions of this Agreement, BVR shall issue, and
the Purchasers shall purchase Ordinary Shares of BVR, nominal value NIS 1.00 each, at a
price per share of $0.18 (eighteen cents). Each Purchaser shall purchase such number of
shares as detailed opposite such Purchaser’s name on Schedule A and pay the
applicable purchase price as detailed therein (the “Purchase Price”). 

	2.  	Closing  

	2.1  	Closing
Date. The Closing of the transaction contemplated hereby (the "Closing") shall take
place on March 2nd, 2004 at 14:00 o'clock, at the offices of Yigal Arnon & Co.,
1 Azrieli Center, Round Building, 46th Floor, Tel Aviv, Israel. 

	2.2 	Transfer
of Funds and Issuance of Certificates. At the Closing, each Purchaser shall transfer
to BVR the Purchase Price, by wire transfer into the account of BVR, Bank Hapoalim,
Branch 615, Account #330330. 

	2.3 	BVR
hereby agrees, undertakes and covenants that it shall promptly after the Closing, but in
no event later than within 15 days thereafter, (i) record such issuance of the Shares in
the name of the Purchasers on the records of BVR; and (ii) issue the Share Certificates
and deliver it to the Purchasers. 

	3.  	Representations
and Warranties of BVR.  

	 	
BVR
hereby represents and warrants to the Purchasers as follows:  

	3.1  	Organization;
Power; etc.  

	(a) 	BVR
is a company duly organized and validly existing under the laws of the State           of
Israel. 

	(b) 	BVR
has the requisite power and authority to execute, deliver and perform this
          Agreement and to consummate the transactions contemplated hereby. The
execution,           delivery and performance by BVR of this Agreement and consummation
of the           transactions contemplated hereby have been duly authorized by all
necessary           corporate actions of BVR. Following the execution of this Agreement,
this           Agreement will constitute a valid and binding obligation of BVR,
enforceable in           accordance with its terms. Except for the approvals of the
Office of the Chief           Scientist and the Investment Center no consent or other
approval is necessary           for the consummation of the transactions contemplated
hereby or the           implementation thereof. 

	3.2 	Capitalization.
The authorized capitalization of BVR on the date of the Closing shall be 200,000,000 New
Israeli Shekel divided to 200,000,000 Ordinary Shares, par value NIS 1.00 each.
10,660,874 Ordinary Shares are outstanding on the date hereof. All of the outstanding
Ordinary Shares have been validly issued and are fully paid and non-assessable with no
personal liability attaching to the ownership thereof. 

	3.3 	Title
of Shares. Each of the Shares of BVR which will be issued to the Purchasers according
to this Agreement, will be duly authorized, validly issued, fully paid, and non
assessable, and free and clear of liens, security interests, pledges, charges, claims,
encumbrances, pre-emptive rights or any other third party rights. 

	4.  	Representations
and Warranties of the Purchasers.  

	 	
Each
of the Purchasers, severally as to itself and not jointly, hereby represents and warrants
to BVR as follows:  

	4.1  	Organizations;
Power.  

	 	(a) 	Each
of the corporate Purchasers is a duly organized, validly existing and in
               good standing under the laws of their state of incorporation. 

	 	(b) 	Each
of the Purchasers has the requisite power and authority to execute, deliver
               and perform this Agreement and to consummate the transactions contemplated
               hereby. Following the execution of this Agreement, this Agreement will
               constitute a valid and binding obligation of the Purchasers, enforceable
in                accordance with its terms. No consent or other approval is necessary
for the                consummation of the transaction contemplated hereby or the
implementation                thereof. The performance by the Purchasers of their
obligations under this                Agreement will not constitute, or result in, a
breach of any undertaking of the                Purchasers. 

	4.2 	Purchase
for Investment. The Purchasers are acquiring all of the Shares to be acquired by it
hereunder for their own account for investment and without a view to the distribution or
resale of such Shares, it being understood that this Section 4.2 shall not prevent the
Purchasers from selling or otherwise disposing of any of the Shares in any transaction
which does not violate the Securities Act of 1933, as amended (the “1933 Act”). 

	4.3 	U.S.
Federal Securities Laws. None of the Shares acquired hereunder may be sold,
transferred or otherwise disposed of (any such sale, transfer or other disposition, a
“sale”), except in compliance with (i) United States Federal Securities laws
(which generally provide for a 12 month waiting period before resale of restricted
securities), (ii) state blue sky laws. 

	4.4  	Legend
on Shares. Each certificate representing the Shares shall be stamped or otherwise
imprinted on its face with a legend in the following form: 

	 	
“The
shares represented by this certificate have not been registered under the Securities Act
of 1933 (the “Securities Act”) and may not be sold, transferred, pledged,
hypothecated or otherwise disposed of in the absence of (1) an effective Registration
Statement under the securities act, (2) to the extent applicable, an exemption pursuant to
Rule 144 under Securities Act (or similar rule under the Securities Act relating to the
disposition of securities) or (3) an opinion of counsel, if such opinion shall be
reasonably satisfactory to counsel for issuer, that an exemption from registration under
the Securities Act is available. The Shares have been acquired for investment and may not
be sold, transferred or otherwise disposed of except in compliance with the Securities
Act.” 

	5.  	Registration
Rights. 

	5.1.  	Definitions.
As used in this Agreement, the term (A) “Registrable                     Securities” means
(i) the Ordinary Shares of the Company issued hereunder                     (the “Shares”);
and (ii) any securities issued or issuable with                     respect to shares
acquired or exercised by the Purchasers by way of bonus                     shares, share
splits or share conversions on account of the Shares; the term                     “Securities
Act” means the U.S. Securities Act of 1933, as amended;                     the term
“registration” means registration under the Securities Act;
                    and the term “Commission” means the U.S. Securities and
Exchange                     Commission; and (B) “Underwritten Offering” means
a registration in                     connection with which securities are sold to an
underwriter for re-offering to                     the public pursuant to an effective
Registration Statement. 

	5.2. 	Registrable
Securities. As to any particular Registrable Securities, such           securities
will cease to be Registrable Securities when they have been           effectively
registered under the Securities Act and/or any other applicable           securities law,
although they will again become Registrable Securities if later           deregistered. 

	5.3. 	 Demand
Registration. Immediately after the Closing of the Stock Purchase
          Agreement, the Purchaser(s) holding a majority of the Shares may on one
instance           request that BVR shall file a registration statement (the “Registration
          Statement’) registering the Registrable Securities and will endeavor to
          have such Registration Statement declared effective by the Commission as soon
as           practicable thereafter. BVR agrees to use its best efforts to keep the
          Registration Statement continuously effective for a period of at least one
          hundred and eighty (180) days following the date on which the Registration
          Statement is initially declared effective or such shorter period as will
          terminate when all of the shares covered by the Registration Statement have
been           sold pursuant to the Registration Statement. BVR further agrees, if
necessary,           to supplement or amend the Registration Statement, if required by
the rules,           regulations or instructions applicable to the registration form used
by BVR for           such Registration Statement or by the Securities Act or by any other
rules and           regulations there under for shelf registration. 

	 	
No
Purchaser may participate in any Underwritten Offering hereunder unless such Purchaser (i)
agrees to sell its Registrable Securities on the basis provided in any underwriting
agreements entered into in connection therewith and (ii) completes and executes all
questionnaires, powers of attorney, indemnities, underwriting agreements and other
documents required under the terms of such agreements. 

	5.4. 	Right
to Piggyback. Whenever BVR proposes to register any of its           securities under
the Securities Act (other than pursuant to a registration           primarily for sales
of shares or options to employees of BVR), and the           registration form to be used
is suitable for the registration of the Registrable           Securities (a “Piggyback
Registration”) (it being understood that Form           S-8 and Form F-4 may not be
used for such purposes), BVR will give written           notice to the holders of
Registrable Securities of its intention to effect such           a registration and,
subject to the priority provisions of Section 5.5 below,           will include in such
registration all the Registrable Securities with respect to           which BVR has
received written requests for inclusions therein within 30 days           after BVR gives
such notice. Such notice shall be delivered to the holders of           Registrable
Securities at least thirty (30) days prior to the initial filing of           a
Registration Statement with the Commission. 

	5.5. 	Priority
on Primary Registrations. If a Piggyback Registration is an           underwritten
offering of BVR’ Securities (“BVR’ Securities”)           and the
managing underwriters advise BVR in writing that in their opinion the           number of
securities requested to be included in such registration exceeds the           number
that can be sold in such offering without adversely affecting such           underwriters’ ability
to effect an orderly distribution of such securities,           BVR will include in such
registration: (i) BVR’ Securities; (ii) the number           of Registrable
Securities and unregistered securities held by other shareholders           of BVR (“Unregistered
Securities”) requested to be included that, in           the opinion of such
underwriters, can be sold prorata,  among the           holders of such
securities on the basis of the number of Registrable Securities           or Unregistered
Securities then owned by each such holder. 

	5.6. 	Registration
Procedures. Whenever the holders of Registrable Securities           have requested
that any Registrable Securities be registered pursuant to this           Agreement, BVR
will use its best efforts to effect the registration with the           proper
authorities in the United States and Israel and the sale of such           Registrable
Securities in accordance with the intended method of disposition           thereof and to
list such shares on the stock exchange on which BVR’ shares           are then
trading. In connection therewith, BVR will make available for           inspection by any
seller of Registrable Securities, and any attorney,           accountant, or any other
agent retained by such seller, all pertinent financial           and other records, other
pertinent corporate documents of BVR, and cause           BVR’ respective officers,
directors, and employees to supply all           information reasonably requested by such
seller, attorney, accountant, or agent           in connection with such Registration
Statement. 

	5.7 	Registration
Expenses. BVR shall be responsible for all registration expenses incurred in
connection with the transactions described in Sections 5.3 and 5.4. Registration expenses
include all expenses incident to BVR’ performance of or compliance with this
Agreement, including without limitation expenses incurred in connection with the
preparation of a prospectus. Notwithstanding the foregoing, however, all underwriters’ discounts
and commissions in respect of the sale of Registrable Securities shall be paid by the
sellers, pro rata in accordance with the number of shares sold in the offering,
and the sellers shall bear the expense of their legal counsel, if separate from BVR’ legal
counsel. 

	5.8  	Indemnity  

	5.8.1 	BVR
Indemnity. BVR hereby agrees to indemnify and hold harmless the Purchasers, and their
directors, officers, employees, agents and controlling persons (each, an “Indemnified
Person”) (within the meaning of section 15 of the Securities Act or Section 20(a) of
the Exchange Act), from and against any and all claims, liabilities, losses, damages and
expenses (including reasonable attorneys’ fees and disbursements) asserted against
or incurred by any such Indemnified Person which shall be caused by any untrue statement
of a material fact contained in any Registration Statement or prospectus relating to the
Registrable Securities, including any amendment or supplement thereto, or shall be caused
by any omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, except insofar as such losses,
claims, damages, liabilities and expenses shall be caused by any untrue statement or
omission based upon information furnished in writing to BVR by the Purchasers or on the
Purchaser’s behalf for use therein. 

	5.8.2 	Purchasers
Indemnity. Each of the Purchasers participating in registration hereunder will
indemnify and hold harmless BVR, any underwriter of BVR and each person, if any, who
controls BVR 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 BVR, any such underwriter or any
such 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 on (i) any untrue statement of any material
fact contained in the Registration Statement or included in the prospectus, as amended or
supplemented, or (ii) the 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 Purchaser will reimburse BVR, any
such underwriter and each such controlling person of BVR or any such 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, that such untrue statement or omission is
contained in any information so furnished in writing by such Purchaser to BVR
specifically for inclusion in the Registration Statement or such Prospectus and that such
information was reasonably relied upon by BVR for use in the Registration Statement, such
Prospectus or such form of prospectus or to the extent that such information related to
such Purchaser or such Purchaser’s proposed method of distribution of Registrable
Securities and was reviewed and expressly approved in writing by such Purchaser expressly
for use in the Registration Statement, such Prospectus or such form of prospectus; provided,
however, that the indemnity agreement contained in this Section 5.8.2 shall not
apply to amounts paid in settlement of any losses if such settlement is effected without
the prior written consent of such Purchaser. In no event shall the liability of any
selling Purchaser hereunder be greater in amount than the dollar amount of the net
proceeds received by such Purchaser upon the sale of the Registrable Securities giving
rise to such indemnification obligation. . 

	6.  	Miscellaneous.  

	6.1 	Entire
Agreement. This Agreement constitutes the sole understanding of the parties with
respect to the subject matter hereof. No amendment, modification or alteration of the
terms or provisions of this Agreement shall be binding unless the same shall be in
writing and duly executed by the parties hereto. 

	6.2 	Successors
and Assigns. The terms and conditions of this Agreement shall inure to the benefit of
and be binding upon the respective successors of the parties hereto; provided, however,
that this Agreement may not be assigned by any party without the prior written consent of
the other party hereto, except for assignments by the Purchasers to their wholly-owned
subsidiaries. 

	6.3 	Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall for all
purposes be deemed to be an original and all of which shall constitute the same
instrument. 

	6.4 	Headings.
The headings of the Sections and paragraphs of this Agreement are inserted for
convenience only and shall not be deemed to constitute part of this Agreement or to
affect the construction hereof. 

	6.5 	No
Waiver. No action taken pursuant to this Agreement, including any investigation by or
on behalf of any party hereto, will be deemed to constitute a waiver by the party taking
any action of compliance with any representation, warranty or agreement contained herein.
The waiver by any party hereto of any condition or of a breach of any other provision of
this Agreement will not operate or be construed as a waiver of any other condition or
subsequent breach. The waiver by any party of any of the conditions precedent to its
obligations under the Agreement will not preclude it from seeking redress for breach of
this Agreement other than with respect to the condition so waived. 

	6.6 	No
Broker. Each of the Parties represents, as to itself, its subsidiaries and its
affiliates, that no agent, broker, investment banker or other firm or person, is or shall
be entitled to any broker’s or finder’s fee or any other commission or similar
fee in connection with this Agreement. 

	6.7 	Notices.
Any notice, request, instruction or other document (each, a “notice”) to be
given hereunder by any party hereto to any other party hereto shall be in writing and
delivered personally, faxed or sent by registered or certified mail, postage prepaid, 

	 	
If
to BVR to:  

	 	
16
Hamelacha Street

	 	
Rosh
Ha’aying, Israel

	 	
Fax
number: 972-3-9008040

	 	
With
a copy to:  

	 	
Yigal Arnon & Co.,

	 	
1
Azrieli Center, Tel Aviv 

	 	
Fax
number: 972-3-6087713 

	 	
Attention
– Orly Tsioni, Adv. 

	 	
If
to any of the Purchasers in accordance with the address as set forth opposite each
Purchasers name in Schedule A.  

	6.8  	Governing
Law.  

	 	
The
Laws of the State of Israel shall govern the validity, performance and enforcement of this
Agreement. The parties hereto irrevocably submit to the exclusive jurisdiction of the
Courts of Tel-Aviv in respect of any dispute or matter arising out of or connected with
this Agreement. 

        WITNESS
WHEREOF, each of the parties hereto has caused this Agreement to be executed on its behalf
as of the date first above written. 

BVR SYSTEMS (1998) LTD.

By: /s/ Reuven Shahar

Title: CFO

Name: Reuven Shahar

SCHEDULE
A 

	Name of Purchaser & Address	Number of Shares	Purchase Price	Signature
	CHUN HOLDINGS	33,333,333	$6,000,000	/s/Aviv Tsidon20-F

Exhibit 4.6  

	Translation of the
Principal Terms of Cooperation Agreement with MLM  
	

On August 11, 2005 BVR entered into a
cooperation agreement with MLM a division of Israel Aircraft Industries Ltd.
(“IAI” or “MLM”). 

The parties agreed in the agreement
to cooperate as follows: 

	  	1.  	EHUD
System  

	 	1.1 	As
to the EHUD System the parties shall cooperate in one of the following two arrangements: 

	 	         1.1.1 	Royalties
Arrangement: 

	 	(a) 	The
leading party shall have the exclusive right to act in designated
               territories, as agreed between the parties. The leading party, at its sole
               discretion, may decide not to cooperate with the other party in a project
to be                performed in said territories. The non-leading party shall not
compete with the                leading party, during the term of this Agreement, whether
directly or                indirectly, alone or in cooperation with third parties
(including by way of                assistance to a competing entity) in all matters
relating to the EHUD System, in                said territories.  

	 	(b) 	The
leading party shall pay royalties to the other party at a rate of 5% of the
               total consideration. The royalties shall be paid back-to-back and pro rata
to                the intakes received by the leading party from its customer.  

	 	1.1.2 	Cooperation
Arrangement:  

	 	(a) 	The
leading party shall be responsible for the integration of the parties’               proposals
and for the management of the joint proposal, including its submission                to
the customer, the negotiation with the customer, the execution of a prime
               contract and the prime contracting. All activities related to the
preparation of                the joint proposal shall be performed in full transparency
to the non-leading                party.  

	 	(b) 	The
parties have agreed upon who shall act as prime contractor and who shall act
               as subcontractor in certain territories.  

	 	(c) 	Each
party shall prepare the proposal relating to its part of the project.  

	 	(d) 	The
price proposal shall include all costs plus a net profit of a certain agreed
               percentage. The prime contractor shall be entitled to load a certain
agreed                percentage to the price of the subcontractor proposal, as well as
the joint                costs relating to the project.  

	 	(e) 	The
integration of the parties proposals shall be performed by the prime
               contractor, in coordination with the other party. A copy of the proposal
               submitted to the customer shall be transferred to the subcontractor
immediately                upon such submission.  

	 	(f) 	In
the event that the price agreed upon with the customer shall be higher than
               the price of the joint proposal, the difference shall be equally shared by
the                parties.  

	 	(g) 	Each
party shall bear its expenses associated with the preparation of the
               proposal.  

	 	(h) 	The
terms of the prime contract with the customer shall be transferred to the
               subcontractor by the prime contractor immediately upon its receipt by the
prime                contractor. The parties shall jointly prepare their comments to the
customer.  

	 	(i) 	Within
21 days from the execution of a prime contract with the customer the
               parties shall enter into a subcontracting agreement on terms that will
flow down                from the prime contract with the customer, with the applicable
changes.  

	 	1.2 	The
royalties arrangement shall apply in territories not specifically mentioned and agreed
upon between the parties. In each such territory, the parties shall agree who shall act
as the prime contractor, based on an equal division of potential scope of business in
such territories . 

	 	1.3 	In
the event that an aircraft manufacturer would like to supply an EHUD System as part of a
comprehensive transaction for the sale of an aircraft and its systems the parties shall
act as follows: 

	 	(a) 	shall
make effort that the focal point and the prime contractor to the aircraft
               manufacturer shall be the leading party in such territory, as set out in
the                Agreement;  

	 	(b) 	if
the parties are unsuccessful in their effort in (a) above, the parties shall
               revise the arrangement with respect to the specific sale and the leading
party                shall pay the party originally designated to be the non-leading
party increased                royalties at the rate of 8.5%.  

	  	1.4  	R/C
and LDN  

	 	1.4.2  	R/C
– an exclusive agreement of BVR for a simulation system in a specific country (the
“Specific Country”); LDN – an exclusive agreement of MLM for Situation
Awareness System in the Specific Country. 

	 	1.4.3 	In
the event that either party shall sign an agreement for the sale of options and/or
derivatives and/or additions and/or maintenance for its project, the following royalties
arrangement shall apply:  

	 	(a) 	The
party signing an agreement shall be obligated to pay the other party
               royalties at the rate of 5% of the total consideration in the following
manner:                2.5% of the total consideration shall be paid upon receipt of the
advance                payment from the customer and the additional 2.5% shall be paid
within 12 months                from the date of execution of the agreement with the
customer.  

	 	(b)	    BVR
shall make its best efforts to transfer to MLM, in a subcontract, scope of           work
in the R/C project.  

	 	1.4.4 	It
is agreed that MLM will not be entitled, during the term of this Agreement, to market
and/or sale a R/C project in the Specific Country, whether directly or indirectly
(including through assistance to a competing entity).  

	 	1.4.5 	It
is agreed that BVR will not be entitled, during the term of this Agreement, to market
and/or sale a LDN project in the Specific Country, whether directly or indirectly
(including through assistance to a competing entity).  

	  	2.  	NCMI
System  

	 	
The
NCMI is a system installed on naval vessels.  

	 	
As
to NCMI projects the parties shall act as follows:  

	 	(a) 	Within
a reasonable time after the execution of this Agreement, BVR shall                provide
MLM with its existing NCMI infrastructure as a technological base in                order
to enable MLM to continue the development of the NCMI system, to submit
               proposals and to enter into agreements for the sale and/or modification of
NCMI                systems. BVR undertakes to continue the maintenance of its
infrastructure as                part of BVR’s scope of work in such agreements,
including but not limited                to the update of software as a result of
projects performed (including projects                performed exclusively by BVR), in
consideration for royalties at the rate of 4%                of the consideration of any
agreement entered into between MLM and a customer.  

	 	(b) 	BVR
shall grant MLM a non transferable license, for the term of the Agreement,
               at no additional cost, to use the BVR NCMI infrastructure, in certain
agreed                territories. This license grant is conditioned upon BVR performing
up to 30% of                the scope of work as a subcontract to MLM for NCMI projects.  

	 	(c) 	The
cooperation arrangement detailed in Section 1.1.2 above shall apply to NCMI
               projects, with the following changes: 

The total consideration shall be
divided                between the parties as follows: 70% to the prime contractor and
30% to the other                party. In the event the prime contractor, at its sole
discretion, resolved not                to subcontract work to the other party at the
rate of 30%, the prime contractor                shall compensate the other party at a
rate of 1% of the total consideration for                each 4% of the total
consideration not subcontracted to the other party. In any                event the scope
of work of the subcontractor shall not be less than 14% of the                total
consideration.  

	 	3.	Electronic
Warfare Training Range

	 	
In
agreements for the supply of Electronic Warfare Training Ranges in specific agreed
territories MLM shall serve as the prime contractor and shall enter into a subcontracting
agreement with BVR, such that MLM as prime contractor shall have 70% of the scope of work
and BVR shall have 30% of the scope of work.  

	 	4. 	Both
parties hereby waive any claim and/or demand against each other relating to           the
period prior to December 31, 2004. 

	 	5. 	This
Agreement is valid for ten years. 

	 	6. 	This
Agreement replaces any prior agreements and/or understandings between the
          parties relating to the subject matters hereof.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}]]