Document:

<PAGE>

                                                                   Exhibit 10.37

                           EST DISTRIBUTOR AGREEMENT

This Agreement is entered into this _____________ day of __________ 1998 between
Embedded Support Tools Corp., a corporation duly organized under the laws of the
Commonwealth of Massachusetts, and having its principal place of business at 120
Royall Street, Canton, Massachusetts 02021, USA, ("EST"), and DeSeCAM, a
corporation duly organized under the laws of Denmark, with its principal place
of business at Frederiksvaerksgade 23 E, DK-3400 Hilleroed, Denmark
("Distributor"). IN CONSIDERATION OF THE MUTUAL COVENANTS AND PROMISES HEREIN
CONTAINED, THE PARTIES HERETO AGREE AS FOLLOWS:

1.   APPOINTMENT AND ACCEPTANCE

EST hereby appoints Distributor and Distributor hereby accepts appointment as a
non-exclusive distributor for the sale of EST hardware products, and for the
sale of licenses and support services for the EST software products, in
executable form, specified in the attached Schedule B ("Products") to end-users
located within and for installation only within the geographical area specified
in the attached Schedule A ("Territory"). Additional EST products (including new
versions of the Products) may be included under this Agreement by the mutual
written consent of the parties in the form of an amendment to this Agreement.
EST reserves the right to delete any Product from this list of which EST
discontinues development, production, licensing or maintenance.

2.   DISTRIBUTION RIGHTS

A.   No Software Product shall be distributed to an end-user by Distributor, if
     the Product is designated a shrink-wrapped product by EST, until (i) the
     end-user executes an EST Software License Agreement, which identifies EST
     as the licenser and the end-user as the licensee, or (ii) the Product is
     packaged with an EST Software License Agreement, the terms and conditions
     of which the end-user agrees to comply with by opening the shrink-wrap
     package containing this same Agreement.

B    The EST Software License Agreement is attached to, and made part of this
     Agreement as Schedule D.  Any modification, deletion or change Distributor
     desires to make in any particular licensing transaction shall require the
     prior written approval of EST. EST reserves the right to change any of the
     terms

                                       1
<PAGE>

     and conditions of the attached EST Software License Agreement, or its
     licensing procedures, provided Distributor is given thirty (30) calendar
     days prior written notice of any such changes.

C.   All orders submitted to EST by Distributor are subject to approval and
     acceptance by EST in its sole discretion. Such approval shall not be
     unreasonably withheld.

D.   All shipments shall be made F.O.B. origin to Distributor at
     Frederiksvaerksgade 23 E, DK-3400 Hilleroed, Denmark, or to a forwarding
     agent as may be specified on orders received from Distributor.  It is the
     responsibility of Distributor to ship the Product to the applicable end-
     user.

E.   Nothing in this Agreement shall be construed as a grant to Distributor of
     any right, title or interest in and to copyrights, patents or trade secrets
     of the Products, all rights related thereto being reserved by EST.

F.   Except for copying as May be specifically provided by Schedule E,
     Distributor will not copy, in whole or in part, or modify, after, reverse
     engineer, decompile or disassemble any Product furnished Distributor,
     without prior written consent of EST. Such consent shall not be
     unreasonably withheld.

G.   In the event that copying is authorized by Schedule E for the purpose of
     making deliveries to Distributors customers, Distributor shall reproduce
     and include EST copyright notice both in and on every copy made, in any
     form, including partial copies. Distributor agrees to keep a record of
     every copy made and to furnish such record to EST upon its request.

H    Distributor is hereby granted a non-exclusive, non-transferable right to
     use as selling aids in the Territory, during the life of this Agreement,
     the trademarks identifying the Products. Distributor shall not sublicense
     or otherwise permit the use of said trademarks by other parties. All rights
     in said trademarks shall, at all times during the life of this Agreement
     and thereafter, be and remain the sole property of EST and good will and
     other benefits associated therewith are hereby assigned and shall inure to
     the benefit of EST. Distributor shall not use said trademarks in any manner
     which would injure or destroy their value or diminish EST's property rights
     therein. Distributor shall promptly notify EST of any infringement or
     suspected infringement of said trademarks that may come to Distributors
     attention and assist EST, at EST's expense, in taking action against such
     infringement as EST, in its sole discretion, may decide.

                                       2
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I.   Distributor is hereby granted the right to translate into Dutch and publish
     any of the technical or sales promotional materials for use in promoting
     EST products in The Netherlands. Distributor will retain sole rights to
     such material.

3.   OBLIGATIONS OF DISTRIBUTOR

Distributor shall:

A.   Submit to EST, if requested by EST, a marketing plan for the Products to be
     distributed, including a twelve (12) month forecast of sales revenue
     anticipated for these products.

B.   Provide its best efforts to promote the licensing of and support services
     for the Products within the Territory in accordance with terms and
     conditions determined by EST, and provide evidence of such efforts if
     requested to do so by EST.

C.   Employ, on an on-going basis, a fully trained and competent sales and
     technical support organization sufficient to meet Distributor's obligations
     hereunder and to have such personnel complete, at Distributors expense, any
     training deemed necessary by EST to meet this requirement.

D.   Maintain adequate person-power and facilities to ensure prompt handling of
     inquiries, orders, and shipments and support services as described by
     Section 13 below to end-users of the Products in the Territory.

E.   Assign a specific contact at the office of Distributor who will handle
     inquiries and correspondence pertaining to this Agreement with reasonable
     promptness.

F.   In the conduct of its business under this Agreement, comply with all
     applicable laws, regulations and orders in the Territory and shall not take
     any action which will cause EST to be in violation of any such law,
     regulation or order in the Territory or the United States including, but
     not limited to the US Foreign Corrupt Practices Act, the US Export
     Administration Regulations and the US Anti-Boycott Laws.

G.   Not without prior written consent of EST, appoint any sub-representatives,
     agents, sub-distributors or dealers to carry out any of the activities
     covered by this Agreement.

                                       3
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H.   Assume all responsibility for delivery of the Products to end-users in the
     Territory, including shipping and like costs, taxes, compliance with and
     expense of any import legalities and duties.

I.   Bear exclusively all responsibility toward its employees imposed by
     legislation within the Territory and shall hold EST harmless from and
     indemnify EST against any and all claims by any such employee against EST
     for payment of commissions, salaries, expenses, termination indemnities or
     any other amounts payable under such legislation.

4.   OBLIGATIONS OF EST

EST shall:

A.   Furnish reasonable quantities of promotional literature at no charge to
     Distributor. Additional quantities shall be available at cost.

B.   Promptly advise Distributor when Products are shipped.

C    Assign a specific contact at EST in Canton, MA, USA who will handle
     inquiries and correspondence pertaining to this Agreement with reasonable
     promptness.

D.   Immediately upon receipt of a purchase order from the Distributor will
     confirm acceptance of the order and advise Distributor of expected shipping
     date.

5.   CHARGES AND PAYMENTS

A.   Fees/Prices for the Products to be supplied to Distributor for unbundled
     distribution by Distributor are in accordance with the EST Price List, for
     the applicable product line, then in effect at the time of receipt of the
     order by EST, minus the discount set forth in Schedule C. Fees/Prices for
     bundled distribution, if applicable, are set forth in Exhibit E. Discounted
     fees/prices are due and payable within forty-five (45) calendar days of
     shipment of the Product(s) to Distributor. Fees under the bundled pricing
     arrangement are due as specified in Exhibit E. All payments are due when
     specified, regardless of whether or not Distributor has received payment
     from the end-user. All payments are to be made in United States Dollars on
     drafts payable at a US bank to:

                                       4
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                              Accounts Receivable
                              Embedded Support Tools Corp.
                              120 Royall Street
                              Canton, MA 02021, USA

     or wired directly to a bank designated by EST for credit to an EST account
     at such bank.

C.   EST reserves the right to change any fee/price set forth in the EST Price
     List, provided Distributor is given sixty (60) calendar days prior written
     notice. EST reserves the right to increase fees for bundled pricing upon
     sixty (60) days written notice in the event there is a material increase in
     EST price list or upon renewal of this agreement.

D.   Distributor shall pay or promptly reimburse EST for all property, sales,
     use and other taxes or duties imposed on EST with respect to this Agreement
     and payments made hereunder, including any withholding taxes withheld on
     payments made to EST hereunder, but excluding taxes based on EST net
     income.

E    Distributor shall cause true and accurate books of account and records
     relating to the Products to be kept in such detail as to enable EST to
     ascertain what fees are due hereunder, and all such books and records shall
     be open to inspection and audit by EST or its duly authorized
     representatives at all reasonable times during regular business hours, but
     not more than twice in any single calendar year.  In the event such audit
     discloses any breach of this Agreement, Distributor shall pay the full cost
     of the audit, in addition to other damages and rights available to EST as
     the result of such breach.

F.   For each end-user under a support services agreement, Distributor agrees to
     pay to EST the applicable annual fee specified in ESTs Support Price List
     then in effect, minus the discount set forth in Schedule C. Said fees are
     due and payable by Distributor within thirty (30) calendar days from the
     acceptance of a support services contract from the end-user.

6.   TERM

This Agreement shall enter into effect on the date set forth above and shall
have an initial term of two years (730 days) from such date. Said initial term
shall be automatically renewed for successive terms of one year (365 days) each,
unless either party notifies the other in writing at least sixty (60) calendar
days prior to the date of expiration of the term in effect, of its election that
the Agreement not be renewed. This Agreement shall be interpreted as a definite
term Agreement.

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7.   TERMINATION

Either party may terminate this Agreement upon written notice if the other party
breaches any of its basic obligations hereunder and fails to cure such breach
within thirty (30) calendar days from the date of written notice given by the
other party identifying such breach.

Either party may terminate this Agreement immediately upon written notice if the
other party (i) becomes bankrupt or insolvent, or files a petition therefor,
(ii) makes an assignment for the benefit of its creditors; (iii) enters
proceedings for winding up or dissolution; (iv) is dissolved; (v) is
nationalized or is subject to the expropriation of all or substantially all of
its business or assets. EST may terminate this Agreement upon written notice in
the event that Distributor changes ownership either by sale, acquisition, merger
or other reason.

8.   CONSEQUENCES OF TERMINATION

Upon the termination of this Agreement: (i) all orders submitted by Distributor
and not accepted by EST on or before the date of termination shall be canceled
or accepted at the sole option of EST; (iii) Distributor shall return all lists,
catalogs, samples, and promotional literature and Products furnished to it by
EST and any and all copies thereof; and (iii) EST shall not be liable to
Distributor for, and Distributor hereby expressly waives any claims for, extra-
contractual compensation or damages of any kind whatsoever in connection with
this agreement or its termination, expiration or modification, whether on
account of the loss by Distributor of anticipated profits or of expenditures,
investments or commitments made in connection with the establishment,
development or maintenance of Distributors business or for any cause whatsoever.
Sections 3I, 5, 8, 10, 11, 14, 15, and 16 shall survive the termination,
expiration or cancellation of this agreement.

9.   NOTICES

All communication between parties shall be made by E-mail, facsimile, telex,
cable, or regular airmail. Notices concerning termination or alleged breaches
hereof shall be made by registered mail, return receipt requested. Notices are
to be addressed to:

EST:
----

                                       6
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President

Embedded Support Tools Corp.
120 Royall Street
Canton, MA 02021, USA.

DeSeCAM:
--------

M. Mogens Stender
DeSeCAM
Frederiksvaerksgade 23 D,
DK- 3400 Hilleroed
DENMARK

10.  CONFIDENTIALITY

Distributor understands and recognizes the confidential and proprietary nature
of the Products and related business and technical information, which may be
furnished from time to time to Distributor by EST under this Agreement. Except
that Distributor may ship Products to licensed end-users as provided by Section
3 above, Distributor shall not disclose, provide or otherwise make available the
Products or related information to any person other than Distributor employees
who have a need to know, without EST prior written consent, and shall use the
same only for purposes consistent with this Agreement. Distributor agrees to
take all the necessary steps to safeguard the proprietary and confidential
nature of the Products and related information and to ensure that no
unauthorized person has access to the Products and related information and that
no unauthorized copy, in whole or part, in any form, is made. Distributor
further agrees, at EST request, to assist EST in protecting the same against
unlawful appropriation by third parties.

The obligations of this Article do not apply to information that has become part
of the public domain through no fault of Distributor.

11.  WARRANTIES

The only warranties which shall be granted by EST with respect to the Products
licensed to end-users within and for installation in the Territory, shall be
those expressly set forth in the EST Software License Agreements, Hardware
Product Users' Manual and Schedule F of this Agreement. IN NO EVENT SHALL ANY
SUCH WARRANTIES OR ANY WARRANTIES, EXPRESS OR IMPLIED,

                                       7
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INCLUDING WITHOUT LIMITATION, WARRANTIES OR MERCHANTABILITY AND FITNESS FOR A
PARTICULAR PURPOSE BE DEEMED TO HAVE BEEN EXTENDED TO DISTRIBUTOR.

12.  PATENT AND COPYRIGHT INDEMNIFICATIONS

EST will defend at its own expense any action brought against Distributor to the
extent it is based on a claim that an unmodified Product used by an end-user
within the scope of the EST Software License Agreement infringes a United States
patent or copyright. EST will pay any costs, damages and attorney fees finally
awarded against Distributor in such action which are attributable to such claim
provided EST is given prompt written notice of the claim, information,
assistance, and authority over the control of the defense and/or settlement of
the same. In the event that the Product becomes or, in EST opinion, is likely to
become the subject of a claim of infringement, EST may, at its option, secure
Distributor's and any licensed end-users' right to continue using the Product,
replace or modify the Product to make it non-infringing or remove the Product
and refund the license fee paid by Distributor thereof as depreciated or
amortized over the lifetime of the Product as established by EST in its sole
discretion. EST shall have no liability for any claim or patent copyright
infringement based upon the use of a combination of the Product with programs or
data not supplied by EST where the Product alone would not constitute an
infringement. THE FOREGOING STATES THE ENTIRE LIABILITY OF EST WITH RESPECTS TO
INFRINGEMENT OF ANY COPYRIGHTS OR PATENTS OR OTHER PROPRIETARY RIGHTS BY THE
PRODUCTS OR ANY PART THEREOF.

13.  SUPPORT SERVICES

A.   EST shall provide Distributor support services, which are equivalent to
     those normally provided to EST's end-user customers for the Products as
     follows:

     1.   EST will use its reasonable efforts to correct deviations from the
          Products' published specifications current at the time of shipment to
          Distributor, within reasonable time of written notification from
          Distributor of the deviation, such notification to include the
          specific version number and parts list number of the Product that
          showed the deviation and a complete and accurate description of the
          deviation.

     2.   EST will provide Distributor updates, enhancements and documentation
          of known deviations to the Products as generally made available by EST
          to its customers under support services agreements with EST.

                                       8
<PAGE>

     3.   EST will provide Distributor with reasonable telephone consultations
          regarding the use and functionality of the Products.

B.   Distributor agrees that it will provide support services for the Products
     to its licensed end-users in accordance with ESTs standard practices as set
     forth in Section 13A above, provided that the end user has entered into a
     support services agreement with Distributor. In no event shall Distributor
     distribute support services provided by EST to an end-user who is not under
     a support services agreement with Distributor and for which Distributor has
     not paid EST a support services fee.

C.   EST will make its best effort to enable Distributor to carry out local
     repairs to EST hardware products including in-warranty repairs. This will
     include the supply by EST, at reasonable cost, of critical parts to enable
     Distributor to maintain a local inventory. EST agrees to reimburse
     Distributor for any parts used for in-warranty repairs. In the event that R
     is agreed that a hardware product should be returned to EST for repair or
     replacement, EST will make all reasonable effort to carry out the repair or
     send a replacement within (3) weeks of receiving the returned unit at its
     place of business in the USA.

D.   All communication from EST, including manuals and technical support
     documents, shall be in English.

E.   Distributor shall provide the first line of support to its customers such
     as installation and operation assistance. For support issues requiring the
     assistance of EST, Distributor shall use the standard EST procedure and
     forms then in effect for documenting and communicating the support issues
     to EST.

F.   EST shall have no obligation under this Section 13 to provide support
     services for Product(s) altered or modified without EST prior written
     consent; problems resulting from equipment malfunction or created by causes
     within Distributors or its owner's control; and, at EST option, Product(s)
     that have been superseded by a new release for more than six (6) months.

G.   Distributor shall, on a quarterly basis, provide EST with a record of all
     end-users to which   Distributor is providing support services.

H.   Distributor will grant EST, reasonable access to any unique software,
     equipment or information required by EST in carrying out its obligations
     under Section 13A.

                                       9
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14.  GOVERNING LAW

The laws of the Commonwealth of Massachusetts, United States of America shall
apply to any interpretation of the terms and conditions of this Agreement.

15.  LIMITATION OF LIABILITY

DISTRIBUTOR AGREES THAT EST's LIABILITY, IF ANY, IN ANY ACTION REGARDLESS OF
FORM SHALL NOT EXCEED THE PAYMENTS MADE HEREUNDER BY DISTRIBUTOR TO EST. IN NO
EVENT SHALL EST BE LIABLE FOR ANY INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES
EVEN IF IT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES OR FOR CLAIMS BY
THIRD PARTIES. DISTRIBUTOR AGREES TO INDEMNIFY AND HOLD EST HARMLESS FROM AND
AGAINST ANY SUIT, CLAIM, EXPENSE, LOSS OR LIABILITY (INCLUDING BUT NOT LIMITED
TO COUNSEL FEES AND EXPENSE) ARISING FROM THE ACT, OMISSION OR NEGLIGENCE OF
DISTRIBUTOR.

16.  FOREIGN RESHIPMENT LIABILITY

This Agreement is made subject to any laws, regulations, orders or other
restrictions on export from the United States of America of controlled
commodities, technical data or information about such commodities or data, which
may be imposed from time to time by the Government of the United States of
America. Distributor will not export, directly or indirectly, any of the
Products or information pertaining thereto to any country for which the
Government of the United States or any agency thereof requires an export license
or other government approval or written assurance at the time of export without
first obtaining such license, approval or assurance and shall indemnify EST for
any failure to do so.

17.  FORCE MAJEURE

EST will incur no liability arising out of any delay in delivery or non-delivery
of any Products or Support Services due to a force majeure. A force majeure is
defined as any circumstances beyond the reasonable control of EST including, but
not limited to, fire, floods, earthquakes, fuel shortages, acts of nature, war,
or acts of any Government.

18.  DISPUTES

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Any controversy or claim out of or pertaining to this Agreement or breach
thereof shall be resolved by arbitration in accordance with the rules of the
American Arbitration Association, then in effect, at the office of the American
Arbitration Association located closest to EST's corporate address, and the
decision rendered by the American Arbitration Association shall be final and
binding upon both parties and judgment upon such decision may be entered in any
court of competent jurisdiction. Neither party shall be precluded hereby from
seeking provisional remedies in the courts of any jurisdiction, including but
not limited to temporary restraining orders and preliminary injunctions to
protect its right and interest, but such shall not be sought as a means to avoid
or stay any arbitration. Neither party shall institute a proceeding hereunder
unless, at least thirty (30) calendar days prior thereto, such party shall have
provided to the other party written notice of its intent to do so and the
grounds therefor.

19.  ASSIGNMENT

Distributor shall not assign or transfer this Agreement or any of its rights or
obligations hereunder, including assignment or transfer to a Successor Company,
without the prior written consent of EST. EST may assign, transfer or delegate
any of its rights or obligations hereunder to any affiliated or subsidiary
company of EST or any company acquiring all or substantially all of the assets
of Embedded Support Tools Corp.

20.  WAIVER

A waiver of any breach or acceptance of any order inconsistent with the terms of
this Agreement, or the making of deliveries pursuant to such order, shall effect
no modification of this Agreement. No waiver of any provision of this Agreement
shall be effective unless made in writing. Any waiver of any breach of any
provision of this Agreement shall not constitute a waiver of any subsequent
breach of the same of any other provision of the Agreement.

21.  SEVERABILITY

In the event that any provision of this Agreement is declared invalid or becomes
unlawful in its operation, such provision shall be deemed to be omitted and
shall not affect that validity or enforceability of any of the other provisions.

22.  RELATIONSHIP

                                       11
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Distributor shall perform its work as an independent contractor and not as an
employee, agent, or partner of EST. Distributor shall have no right or authority
to enter into any contracts in the name of, or for the account of EST, nor to
assume or create any obligation or liability of any kind, expressed or implied,
on behalf of EST, and shall not take any action which has the effect of creating
the appearance of its having such authority.

23.  ENTIRE AGREEMENT

This Agreement, including the attached Schedules A, B, C, and D, contains the
entire Agreement of the parties hereto. No verbal or oral statements or
representations by either party shall in any way modify, add to, delete or
otherwise amend this Agreement. This Agreement may be changed only by a writing
signed by authorized representatives of the parties hereto.

Agreed to by:
Embedded Support Tools Corp.              DeSeCAM

Signature: ___________________________    Signature: ___________________________

Name: ________________________________    Name: ________________________________

Title: _______________________________    Title: _______________________________

Date: ________________________________    Date: ________________________________

                                       12
<PAGE>

                                  SCHEDULE A

                                   TERRITORY

Territory:

     1.   Denmark

     2.

     3.

Initials:

EST: _____________________    DeSeCAM: ___________________

                                       13
<PAGE>

                                  SCHEDULE B

                                   PRODUCTS

Products: (Non-Exclusive for Term of this Agreement)

1.   ALL PRODUCTS DEVELOPED, MANUFACTURED AND THE OWNERSHIP RIGHTS TO WHICH ARE
     THE PROPERTY OF EST.

2.

3.

4.

5.

6.

Initials:

EST: ________________________     DeSeCAM: __________________________

                                       14
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                                  SCHEDULE C

                           DISTRIBUTOR DISCOUNTS FOR

                         PRODUCTS AND SUPPORT SERVICES

1.   Distributor Discount for Products
     ---------------------------------

          EST grants to the Distributor a discount off the International Price
          List (IPL) of 40%. All prices billed to the Distributor by EST shall
          be those in effect when the Distributor places the order, regardless
          of the selling price quoted by the Distributor to the end-user.

2.   Distributor Discount for Support Services

          Distributor will receive a 40% discount on all standard EST's Support
          Services Contracts sold during the period of this contract. Support
          Services Contract prices are calculated in accordance with the current
          EST price list (IPL) in effect when the Distributor places the order.

Initials:

EST: ___________________________      DeSeCAM: _________________________

                                       15<PAGE>

                                                                     EXHIBIT 4.1

<TABLE>
<CAPTION>
     NUMBER                                                                                          SHARES
----------------                                                                                 ----------------
ISNV                                     IFCO SYSTEMS N.V.
----------------                                                                                 -----------------
<S>                             <C>                                                              <C>
ORDINARY SHARES                     INCORPORATED UNDER THE LAWS OF THE NETHERLANDS               ORDINARY SHARES
TWO EUROS EACH                  AND DOMICILED AT AMSTERDAM THIS CERTIFICATE IS TRANSFERABLE      TWO EUROS EACH
                                AT THE OFFICE OF THE TRANSFER AGENT OF THE COMPANY IN NEW YORK
</TABLE>
                                                                CUSIP:

                                        SEE REVERSE SIDE FOR CERTAIN DEFINITIONS

This Certifies that  [NAME OF SHAREHOLDER]

is the owner of  [NUMBER OF SHARES]

     FULLY PAID AND NON-ASSESSABLE ORDINARY SHARES, OF THE NOMINAL (PAR) VALUE
OF 2.00 EUROS PER SHARE, OF IFCO SYSTEMS N.V. (the "Company") transferable on
the books of the Company in person or by duly authorized attorney upon surrender
of this share certificate properly endorsed. This certificate is not valid
unless countersigned and registered by the New York Transfer Agent and
Registrar. The certificate and the shares represented hereby are issued and
shall be subject to all of the provisions of the laws of The Netherlands, to the
Articles of Association of the Company, if and as amended (copies of which are
available at the office of the Company at Amsterdam, The Netherlands and at the
office of the New York Transfer Agent and Registrar), and to all provisions
whereof the holder of the shares is bound.

Dated:                                                         IFCO SYSTEMS N.V.

COUNTERSIGNED AND REGISTERED:
            Deutsche Bank AG

               TRANSFER AGENT
                AND REGISTRAR
           AUTHORIZED OFFICER   IFCO SYSTEMS N.V.   SIGNATURE
                                                    Chief Executive Officer
<PAGE>

                                 IFCO SYSTEMS N.V.

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:

<TABLE>
<CAPTION>
<S>                                                              <C>
          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                                                under Uniform Gifts to Minors
                   right of survivorship and                                            Act ______________________________________
                   not as tenants in common                                                                (State)

                                   Additional abbreviations may also be used though not listed.

For value received, ___________________________________________________________________________ hereby sell, assign and transfer to

     PLEASE INSERT SOCIAL SECURITY OR OTHER
        IDENTIFYING NUMBER OF PURCHASER
________________________________________________

________________________________________________

___________________________________________________________________________________________________________________________________
                              (PLEASE PRINT OR TYPE NAME AND ADDRESS INCLUDING ZIP CODE OF PURCHASER)
___________________________________________________________________________________________________________________________________

___________________________________________________________________________________________________________________________________

who accepts * _____________________________________________________________________________________________________________________

___________________________________________________________________________________________________________________ Ordinary Shares

each with par value of two Euros (Euro 2.00) in the share capital of the Company, represented by the Certificate. The parties waive
their right to invoke a recission of this agreement on any ground whatsoever upon the transfer of the aforementioned Ordinary
Shares. This agreement is governed by the laws of The Netherlands. Seller hereby irrevocably constitutes and appoints _____________

__________________________________________________________________________________________________________________________ Attorney
to transfer the same on the books of the Company with full power of substitution.

Signatures(s) Guaranteed:                                                  Seller  ________________________________________________
                                                                                                      Signature

By: _________________________________________________________              Place   ________________________________________________
THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE
GUARANTOR INSTITUTION [BANKS, STOCKBROKERS, SAVINGS AND
LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN                  Date    ________________________________________________
APPROVED SIGNATURE GUARANTEE MEDALIAN PROGRAM] PURSUANT
TO UNITED STATES SECURITIES AND EXCHANGE ACT RULE 170 ACT 13

     THE TRANSFER OF THE SHARES EVIDENCED BY THE CERTIFICATE CAN ONLY BE EFFECTED BY A WRITTEN INSTRUMENT OF TRANSFER AND WRITTEN
     ACKNOWLEDGEMENT OF SUCH TRANSFER BY THE PUBLIC LIMITED LIABILITY COMPANY IFCO SYSTEMS N.V. OF AMSTERDAM. THE NETHERLANDS OR BY
     DEUTSCHE BANK AG AS AGENT.

NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN ON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR
WITH THAT ALTERATIONS ** ENLARGEMENT OR ANY CHANGE WHATEVER
</TABLE>

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