Document:

ex1022.htm

    Exhibit 10.22

     

    Term
Sheet

     

     

     

    For the
purchase of Ordinary Shares in Pimi Agro CleanTech Ltd.

    
 

     

    
      	
              Issuer

            	 
      	
              Pimi Agro CleanTech
      Ltd., an Israeli private company no. 51-349712-3 ("Company"), active in the
      field of Agro Clean technology for pre and post harvest treatment,
      extension of shelf life of fruits and vegetables and for treatment of
      seeds against diseases.

               

            
	 
      	 
      	 
      
	
              Securities
      to be Issued

            	 
      	
              226,642
      Ordinary Shares of 0.01 NIS nominal value each representing, after such
      issuance, 3.614% of the issued and outstanding share capital of the
      Company at the date of this Term Sheet, representing a pre money valuation
      of $ 8 Million to the Company ($1.325 per one share of 0.01
      NIS).

               

            
	 
      	 
      	 
      
	
              Current
      Capitalization

            	 
      	
              The
      current capitalization of Company on a fully diluted and as converted
      basis, including all options and securities convertible into shares, is as
      set forth in Exhibit
      A hereto.

               

            
	 
      	 
      	 
      
	
              Investor

            	 
      	
              Earthbound LLC a Limited
      Liability Company registered in Delaware whose address is 126 Fifth Avenue
      4th Floor New York, NY 10011-5629 USA.

            
	 
      	 
      	 
      
	
              Investment
      Amount

            	 
      	
              A
      total sum of $ 300,000 (three hundred thousand US Dollar) ("Investment"). The
      investment will be paid to Pimi in tranches as follows: first tranche of
      $60K will be paid on the 15th
      of March 2009.  The balance of $240,000 will be paid will be
      paid in four installments as follows: $60,000 on the 15th June, 2009,
      $90,000 on 15th of September, 2009 and $90,000 on the 15th of January
      2010.The Investor will receive the allocated shares pro rata to the
      Investment against each installment of the Investment.

               

              In
      the event Pimi raises funds from a Venture Capital, or from Institutional
      Investor/s ("The Outside
      Investment"), or will issue shares in an IPO, for a valuation which
      is higher than $8 Million then the Investor will have
      the option to pay the balance of the Investment prior to the funding of
      the Outside Investment. If the Investor, in its sole discretion
      elects not to pay the balance of the Investment at such time, it will then
      lose its right to pay the balance of the Investment and will not receive
      the balance of the shares, and will be left only with those shares that
      have been already allocated.

               

            
	
              Anti
      Dilution Rights

            	 
      	
              The
      Investor shall have full ratchet anti dilution rights in case of any
      investment which is based on a pre money valuation of the Company, which
      is less than $ 8 Millions within 24 months from the date of execution
      hereof, except for in case of rights issue to all of the Company
      shareholders and exchange of shares for shares in a public company whose
      shares are registered on the NASDAQ OTC B/B, and/or exercise of current
      options or ESOP.

            
	 
      	 
      	 
      
	
              Lock
      Up

            	 
      	
              The
      Investor agrees to be bound by the terms of a Lock Up Agreement or under
      Rule 144 Lock Up Regulation, as all other shareholders of the Company
      which will enable investment for registration of the Company shares on the
      NASDAQ OTC B/B or a swap of the Company's shares for shares in a shell
      company registered or which shall be registered on the NASDAQ OTC B/B
      ("The Shell
      Company"). This obligation shall prevail on shares of the Company,
      or shares of the Shell Company held by the Investor.

            
	 
      	 
      	 
      
	
              Exchange
      of shares

            	 
      	
              The
      Investor agrees that in case of swap of the Company's shares for a Shell
      Company shares registered on the NASDAQ or which will be registered on the
      NASDAQ OTC B/B he will exchange his shares for shares of the Shell
      Company, subject to pre ruling for the tax consequences of such swap. The
      Investor agrees to abide to the pre ruling terms and conditions. This
      obligation shall prevail on shares of the Company or shares of the Shell
      Company held by the Investor. The Investor agrees that if prior to the
      first payment of the investment the Company Ordinary Shares will be
      converted to the shares of the Shell Company then instead of Ordinary
      Shares in the Company the Investor will receive shares in the Shell
      Company at the rate of conversion which applies to the other holders of
      the Ordinary Shares of the Company.

            
	 
      	 
      	 
      
	
              Employees
      Share Option plan

            	 
      	
              The
      Company has adopted a reasonable Employee Shares Option Plan for 2008, and
      will be entitled to adopt another ESOP for 2009, or
  2010.

            
	 
      	 
      	 
      
	
              Confidentiality

            	 
      	
              Company
      and the Investor shall keep this Term Sheet, any related correspondence
      and all due diligence materials in strict confidence, and shall not issue
      any public statement or press release concerning this transaction without
      the other party’s prior written approval of the substance and form of any
      such statement or release, except as registered under the relevant law or
      regulations.

               

            
	
              Power
      of attorney

            	 
      	
              The
      Investor will grant Eitan Shmueli, Advocate, or any other lawyer of Sadot
      Law Offices, a power of attorney to vote the Investor's shares in the
      general meetings of the shareholders of the Company and for the transfer
      of the shares for shares in a Shell Company registered on the NASDAQ OTC
      B/B, or which will be registered on the NASDAQ OTC B/B.

            
	 
      	 
      	 
      
	
              Representations
      and Warranties

            	 
      	
              The
      Company makes no representations or warranties to the Investor, and the
      Investor acknowledges that he is purchasing the Company shares on an AS IS
      basis and waives any future claim or demand in this respect.

               

            
	
              Co Sale

            	 
      	
              Prior
      to the registration of the Company shares on the NASDAQ OTC B/B or a swap
      of the Company's shares for shares in a Shell Company registered on the
      NASDAQ OTC B/B, or which will be registered on the NASDAQ OTC B/B. The
      current shareholders of the Company shall have a right to participate
      pro-rata in transfer or sale of shares that the Investor may wish to
      execute.

               

            
	
              Right
      of First Refusal

            	 
      	
              Prior
      to the registration of the Company shares on the NASDAQ OTC B/B or a swap
      of the Company's shares for shares in a Shell Company registered on the
      NASDAQ OTC B/B, or which will be registered on the NASDAQ OTC B/B. The
      current shareholders of the Company shall have the right of first refusal
      to purchase any shares of the Company offered for sale by the Investor to
      any person or entity, subject to standard exceptions for transfer to
      affiliates and family members.

               

            
	
              Bring
      Along

            	 
      	
              In
      the event that a third party shall offer to purchase the outstanding
      shares of the Company and the holders of at least 51% of the
      then-outstanding shares of the Company (on an as-converted basis) accept
      such offer, then the remaining shareholders, including the Investor shall
      be required to accept such offer and sell all of their shares to the
      offeror on the same terms and conditions as the other
      shareholders.

            

    

     

    
      	
              IN WITNESS THEREOF the
      parties have signed this Term Sheet as of 20th
      January 2009

            

    

     

    Eitan
Shmueli                                            
/S/ JD

    The
Company                                           
The Investor

    By: Eitan
Shmueli                                     
By: Jack Dweck

    Title:
Director                                            
Title: Co-Chairman

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    Exhibit
A

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  
                                                                                    
                                                                                      
                                                                                        
                                                                                          	 
      	
                                                                                                  Cap
      Table of Pimi Agro Cleantech Ltd.

                                                                                                	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                                                                                                  3.3.2009

                                                                                                	 
      	 
      
	 
      	 
      	 
      	 
      
	
                                                                                                  Holder

                                                                                                	
                                                                                                  Ordinary
      Shares

                                                                                                	
                                                                                                  Preferred
      Shares

                                                                                                	
                                                                                                  Holding

                                                                                                
	
                                                                                                  Alon
      Carmel

                                                                                                	
                                                                                                  2,273,000

                                                                                                	
                                                                                                  164,697

                                                                                                	
                                                                                                  38.91%

                                                                                                
	
                                                                                                  Nir
      Ecology Ltd. (i)

                                                                                                	
                                                                                                  1,440,100

                                                                                                	 
      	
                                                                                                  22.99%

                                                                                                
	
                                                                                                  Omdan
      Consulting and Instruction Ltd.

                                                                                                	
                                                                                                  808,654

                                                                                                	
                                                                                                  8,708

                                                                                                	
                                                                                                  13.05%

                                                                                                
	
                                                                                                  eNitiatives
      – New Business Architects Ltd.

                                                                                                	
                                                                                                  55,073

                                                                                                	
                                                                                                  591

                                                                                                	
                                                                                                  0.89%

                                                                                                
	
                                                                                                  Erez
      Ravina

                                                                                                	
                                                                                                  139,719

                                                                                                	 
      	
                                                                                                  2.23%

                                                                                                
	
                                                                                                  Ahiam
      Lifshitz

                                                                                                	
                                                                                                  76,922

                                                                                                	 
      	
                                                                                                  1.23%

                                                                                                
	
                                                                                                  Shorer
      International Ltd

                                                                                                	
                                                                                                  19,215

                                                                                                	 
      	
                                                                                                  0.31%

                                                                                                
	
                                                                                                  Yechiel
      Katz

                                                                                                	
                                                                                                  55,508

                                                                                                	 
      	
                                                                                                  0.89%

                                                                                                
	
                                                                                                  Michael
      Gildengorin

                                                                                                	
                                                                                                  70,139

                                                                                                	 
      	
                                                                                                  1.12%

                                                                                                
	
                                                                                                  Efi
      nave

                                                                                                	
                                                                                                  36,213

                                                                                                	 
      	
                                                                                                  0.58%

                                                                                                
	
                                                                                                  Dany
      Birger

                                                                                                	
                                                                                                  43,518

                                                                                                	 
      	
                                                                                                  0.69%

                                                                                                
	
                                                                                                  Asaf
      David Margalit

                                                                                                	
                                                                                                  14,423

                                                                                                	 
      	
                                                                                                  0.23%

                                                                                                
	
                                                                                                  Lior
      Yaron

                                                                                                	
                                                                                                  146,965

                                                                                                	 
      	
                                                                                                  2.35%

                                                                                                
	
                                                                                                  Shai
      Scharfstein

                                                                                                	
                                                                                                  28,527

                                                                                                	 
      	
                                                                                                  0.46%

                                                                                                
	
                                                                                                  Shai
      Sapir Investments Ltd.

                                                                                                	
                                                                                                  206,820

                                                                                                	 
      	
                                                                                                  3.30%

                                                                                                
	
                                                                                                  Galit
      Szolomowicz

                                                                                                	
                                                                                                  28,528

                                                                                                	 
      	
                                                                                                  0.46%

                                                                                                
	
                                                                                                  Jacques
      Beraru

                                                                                                	
                                                                                                  1,371

                                                                                                	 
      	
                                                                                                  0.02%

                                                                                                
	
                                                                                                  Shay
      Zilberman

                                                                                                	
                                                                                                  354

                                                                                                	 
      	
                                                                                                  0.01%

                                                                                                
	
                                                                                                  Zeev
      Vider

                                                                                                	
                                                                                                  161

                                                                                                	 
      	
                                                                                                  0.00%

                                                                                                
	
                                                                                                  Arieh
      Zinger Zamir

                                                                                                	
                                                                                                  384

                                                                                                	 
      	
                                                                                                  0.01%

                                                                                                
	
                                                                                                  Moshe
      Mazor

                                                                                                	
                                                                                                  7,132

                                                                                                	 
      	
                                                                                                  0.11%

                                                                                                
	
                                                                                                  Hagai
      Halevy

                                                                                                	
                                                                                                  6,855

                                                                                                	 
      	
                                                                                                  0.11%

                                                                                                
	
                                                                                                  Reuven
      Radu Guttmann

                                                                                                	
                                                                                                  1,371

                                                                                                	 
      	
                                                                                                  0.02%

                                                                                                
	
                                                                                                  Alon
      Galanti

                                                                                                	
                                                                                                  2,641

                                                                                                	 
      	
                                                                                                  0.04%

                                                                                                
	
                                                                                                  Ephraim
      David

                                                                                                	
                                                                                                  383

                                                                                                	 
      	
                                                                                                  0.01%

                                                                                                
	
                                                                                                  Dan
      Geiger

                                                                                                	
                                                                                                  1,370

                                                                                                	 
      	
                                                                                                  0.02%

                                                                                                
	
                                                                                                  Dalya
      Zelikovich

                                                                                                	
                                                                                                  10,958

                                                                                                	 
      	
                                                                                                  0.17%

                                                                                                
	
                                                                                                  Shiran
      Zelikovich

                                                                                                	
                                                                                                  2,740

                                                                                                	 
      	
                                                                                                  0.04%

                                                                                                
	
                                                                                                  Meir
      Avraham Duke

                                                                                                	
                                                                                                  273,972

                                                                                                	 
      	
                                                                                                  4.37%

                                                                                                
	
                                                                                                  B.M.O.
      Lavi Investments and Holdings 2008 Ltd.

                                                                                                	
                                                                                                  140,351

                                                                                                	 
      	
                                                                                                  2.24%

                                                                                                
	
                                                                                                  Oded
      Feigin

                                                                                                	
                                                                                                  66,667

                                                                                                	 
      	
                                                                                                  1.06%

                                                                                                
	
                                                                                                  Oran
      Agranat

                                                                                                	
                                                                                                  100,000

                                                                                                	 
      	
                                                                                                  1.60%

                                                                                                
	
                                                                                                  Faina
      Kronenberg

                                                                                                	
                                                                                                  7,536

                                                                                                	 
      	
                                                                                                  0.12%

                                                                                                
	
                                                                                                  William
      Yarmuth

                                                                                                	
                                                                                                  18,863

                                                                                                	 
      	
                                                                                                  0.30%

                                                                                                
	
                                                                                                  Edward
      Britt Brockman

                                                                                                	
                                                                                                  3,773

                                                                                                	 
      	
                                                                                                  0.06%

                                                                                                
	
                                                                                                  Amos
      Hacmun

                                                                                                	
                                                                                                  1

                                                                                                	 
      	
                                                                                                  0.00%

                                                                                                
	
                                                                                                  Total

                                                                                                	
                                                                                                  6,090,207

                                                                                                	
                                                                                                  173,996

                                                                                                	
                                                                                                  100.00%

                                                                                                
	 
      	 
      	 
      	 
      
	
                                                                                                  (i) Held by Ash-Dor
      Assets Management and Trusts Ltd. in trust for Nir Ecology
      Ltd.

                                                                                                
	 
      	 
      	 
      	 
      

                                                                                        

                                                                                      

                                                                                    

                                                                                  

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
2Unassociated Document

    Exhibit
10.23

     

    REF:
F:/Sadot/Carmel_Omdan_Nir/SM/25/02/2009

    [TRANSLATED
FROM THE HEBREW]

     

     

    
       
AGREEMENT

    

     

    
      	
               
      

            	
              Made
      and signed this 24th day of February
2009

            

    

     

     

    
      	
              BETWEEN:

            	
              ALON
      CARMEL, ID 53408639

            

    

     

    
      	
               
      

            	
              of
      8383 Wilshire Boulevard, Suite 800, Beverly Hills, CA
  90211

            

    

     

    
      	
               
      

            	
              (hereinafter
      referred to as “Carmel”)

            

    

     

    
      	
               
      

            	
              of
      the first part

            

    

     

    
      	
              AND:

            	
              OMDAN
      CONSULTING AND INSTRUCTION LTD. Company No.
  511468316

            

    

     

    
      	
               
      

            	
              of
      44 Nachal Amud Street, Ramat Hasharon
47204

            

    

     

    
      	
               
      

            	
              (hereinafter
      referred to as “Omdan”)

            

    

     

    
      	
               
      

            	
              of
      the second part

            

    

     

    
      	
              AND:

            	
              NIR
      ECOLOGY LTD, Company No. 511415382

            

    

     

    
      	
               
      

            	
              of
      17 Maaleh Avshalom Street, Kiriat Tivon
36094

            

    

     

    
      	
               
      

            	
              By
      the Trustee, Ash-Dor Assets Management and Trusts Ltd., Company No.
      511620163

            

    

     

    
      	
               
      

            	
              (hereinafter
      referred to as “Nir
      Ecology”)

            

    

     

    
      	
               
      

            	
              of
      the third part

            

    

     

     

    
      	
              WHEREAS

            	
              Carmel
      is the owner and holder of 2,272,800 ordinary shares of NIS 0.01 n.v.
      each (hereinafter referred to as “ordinary
      shares”), 164,697 preferred shares of NIS 0.01 n.v. each
      (hereinafter referred to as “preferred
      shares”) and two management shares of NIS 1 n.v. each
      (hereinafter referred to as “management
      shares”), all of the company Pimi Agro Cleantech Ltd, Company No.
      513497123 (hereinafter referred to as “the
      company”);

            

    

     

    
      	
              AND
      WHEREAS

            	
              Omdan
      is the owner and holder of 808,554 ordinary shares of NIS 0.01 n.v.
      each, 8,708 preferred shares of NIS 0.01 n.v. each and one management
      share of NIS 1 n.v., all of the
company;

            

    

     

    
      	
              AND
      WHEREAS

            	
              Nir
      Ecology is the holder, by Ash-Dor Assets Management and Trusts Ltd., as
      trustee, of 1,440,000 ordinary shares of NIS 0.01 n.v. each and one
      management share of NIS 1 n.v., all of the
  company;

            

    

     

    
      	
              AND
      WHEREAS

            	
              the
      management shares carry voting rights in the company, while the ordinary
      shares and preferred shares do not carry any voting rights in the
      company;

            

    

     

    
      	
              AND
      WHEREAS

            	
              the
      company allotted one deciding share of NIS 0.01 n.v. to Adv. Amos
      Hachmon, which vests him with the right to participate in meetings of the
      company’s shareholders and/or board of directors, at the request of a
      shareholder or director, as the case may be, and in the case of a deadlock
      only, Adv. Hachmon shall decide the disputes (hereinafter referred to as
      “the
      deciding share”);

            

    

     

    
      	
              AND
      WHEREAS

            	
              the
      company intends issuing its shares on NASDAQ OTC B/B (hereinafter referred
      to as “the
      issue”) or transferring them to a company registered in the United
      States, whose shares shall be listed for trade on NASDAQ OTC
      B/B;

            

    

     

    
      	
              AND
      WHEREAS

            	
              for
      the purposes of the issue, the parties wish to alter the company’s capital
      structure, such that the ordinary shares and the preferred shares shall
      carry voting rights, each ordinary share of NIS 0.01 n.v. vesting one
      vote, each preferred share of NIS 0.01 n.v. vesting one vote, and the
      management shares and deciding share being converted into ordinary shares
      of NIS 0.01 n.v. each;

            

    

     

    
      	
              AND
      WHEREAS

            	
              the
      parties intend convening a special general meeting, the agenda of which
      shall include a change in the company’s capital structure as described
      above and below;

            

    

     

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

     

     

    
      	
               
      

            	
              ACCORDINGLY,
      IT IS AGREED BETWEEN THE PARTIES AS
      FOLLOWS:

            

    

     

    
      	
              1.

            	
              The
      parties shall act to convene a special general meeting of the holders of
      the company’s management shares, the agenda of which shall include the
      following matters:

            

    

     

    
      	
               
      

            	
              1.1

            	
              a
      change in the rights attached to the ordinary shares, such that they shall
      carry a voting right in the company, each ordinary share of NIS 0.01
      n.v. vesting the holder thereof with the right to be invited to the
      general meetings of the company’s shareholders and to one vote
      thereat;

            

    

     

    
      	
               
      

            	
              1.2

            	
              a
      change in the rights attached to the preferred shares, such that they
      shall carry a voting right in the company, each preferred share of
      NIS 0.01 n.v. vesting the holder thereof with the right to be invited
      to the general meetings of the company’s shareholders and to one vote
      thereat;

            

    

     

    
      	
               
      

            	
              1.3

            	
              the
      consolidation of all the management shares in the company’s authorized,
      issued and paid up capital, and their re-division into 400 management
      shares of NIS 0.01 n.v. each;

            

    

     

    
      	
               
      

            	
              1.4

            	
              a
      change in the rights attached to the management shares in the company’s
      authorized, issued and paid up capital, such that the rights attached to
      the management shares shall be identical to the rights attached to the
      company’s ordinary shares after implementation of the provisions of clause
      1.1 above;

            

    

     

    
      	
               
      

            	
              1.5

            	
              the
      conversion of the deciding share in the company’s authorized, issued and
      paid up capital into one ordinary share of NIS 0.01
    n.v.

            

    

     

    
      	
              2.

            	
              The
      parties undertake to vote at the special general meeting in favour of the
      proposed resolutions as worded in appendix “A”
  hereto.

            

    

     

    
      	
              3.

            	
              On
      implementation of the change in the company’s capital structure, the
      parties undertake to vote in respect of all the shares held by them as
      described below:

            

    

     

    
      	
               
      

            	
              3.1

            	
              Omdan
      and Nir Ecology undertake to vote in respect of the ordinary shares and
      preferred shares held by them in favour of a proposed resolution pursuant
      whereto two directors nominated by Carmel will be
    appointed.

            

    

     

    
      	
               
      

            	
              3.2

            	
              Nir
      Ecology and Carmel undertake to vote in respect of the ordinary shares and
      preferred shares held by them in favour of a proposed resolution pursuant
      whereto one director nominated by Omdan will be
  appointed.

            

    

     

    
      	
               
      

            	
              3.3

            	
              Omdan
      and Carmel undertake to vote in respect of the ordinary shares and
      preferred shares held by them in favour of a proposed resolution pursuant
      whereto one director nominated by Nir Ecology shall be
      appointed.

            

    

     

    
      	
               
      

            	
              3.4

            	
              If
      any of the parties’ shareholdings in the company fall below 7.5%, the
      other parties shall not be liable to vote for the director nominated by
      him to the company’s board of directors. If Carmel’s shareholdings fall
      below 15%, Omdan and Nir Ecology shall not be liable to vote, in respect
      of the ordinary shares and preferred shares held by them, in favour of a
      proposed resolution pursuant whereto two directors nominated by Carmel
      will be appointed, and so long as Carmel holds more than 7.5% of the
      company’s capital, they shall remain liable to vote for one director
      nominated by Carmel.

            

    

     

    
      	
               
      

            	
              3.5

            	
              The
      aforesaid is based on the assumption that the company’s board of directors
      shall consist of four directors appointed by the parties. In the event
      that the number of directors appointed by the parties is greater than
      four, the parties shall act so that each time an even number of additional
      directors is appointed, such that if the parties appoint six directors,
      the fifth director shall be appointed from amongst Carmel’s nominees, and
      Omdan and Nir Ecology undertake to vote for him and the sixth director
      shall be appointed from amongst Nir Ecology’s nominees, and Carmel and
      Omdan undertake to vote for him. If the parties appoint eight directors,
      the seventh director shall be appointed from amongst Carmel’s nominees,
      and Omdan and Nir Ecology shall vote for him, and the eighth director
      shall be appointed from amongst Omdan’s nominees, and Nir Ecology and
      Carmel shall vote for him.

            

    

     

    
      	
               
      

            	
              3.6

            	
              The
      parties agree that in the event that they are unable to unanimously agree
      on the identity of a nominated outsider director, they shall vote against
      at any meeting at which the appointment of an outsider director is put to
      the vote.

            

    

     

    
      	
              4.

            	
              The
      parties undertake that in the event of a transfer of shares to a third
      party, which is a related company of any of the parties and/or a relative
      of the parties hereto, as such expression is defined in the Securities
      Law, 5728-1968, the third party shall assume the transferor’s obligations
      pursuant hereto. “Related company” for the purposes of this clause means a
      company in which any of the parties directly and/or indirectly holds at
      least 25% of its capital.

            

    

     

    
      	
              5.

            	
              If
      by reason of the issue and for the purposes of its implementation, the
      parties transfer their shares to a company to be registered in the United
      States (hereinafter referred to as “the
      American company”), and instead of their shares they receive shares
      in the American company, the parties undertake that the provisions of this
      agreement shall apply to their shareholdings in the American company. If
      the issue does not take place within 12 months of the date of signing of
      this Agreement, the parties shall act in order to return the company’s
      capital structure to its structure prior to the date of the signing of
      this Agreement.

            

    

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

     

     

    
      	
              6.

            	
              It
      is agreed that the arrangements between the parties inter
      se or between any of the parties and the company pursuant to the
      shareholders’ agreement of 13th November 2005 and the amendment thereto of
      15th November 2006 as shareholders of the company shall apply mutatis
      mutandis to the parties as shareholders of the American
      company.

            

    

     

    
      	
              7.

            	
              Adv.
      Amos Hachmon, as arbitrator, shall decide any differences of opinion and
      disputes arising between the parties, or any of them, in connection with
      the interpretation or performance of this agreement. Omdan and Nir Ecology
      acknowledge that Adv. Hachmon serves as Carmel’s attorney and that they
      shall be precluded from raising any plea or request for the removal of
      Adv. Hachmon from his position as arbitrator on the grounds that he is
      Carmel’s attorney. If Adv. Hachmon refuses or not deem fit to serve as
      arbitrator, he shall appoint an arbitrator for the
  parties.

            

    

     

    
      	
               
      

            	
              The
      parties agree that this clause constitutes an arbitration agreement for
      all intents and purposes.

            

    

     

     

    
      	
               
      

            	
              As
      witness the hands of the parties:

            

    

     

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          	 	 	 	 	 
	
                                  /s/
      Nir
      Ecology Ltd   

                                	 	
                                  /s/
      Omdan
      Consulting and Instruction Ltd  

                                	 	
                                  /s/
      Alon Carmel

                                
	
                                  Nir
      Ecology Ltd   

                                	 	
                                  Omdan
      Consulting and Instruction Ltd 

                                	 	
                                  Alon
      Carmel

                                

                        

                      

                    

                  

                

              

            

          

        

      

    

     

     

     

    
      	
               
      

            	
              We
      agree to the above provisions of this agreement and undertake to act
      pursuant thereto until the transfer to Nir Ecology of the shares held by
      us on trust for Nir Ecology

            

    

     

    
      
        
          	 	 	 	 	 
	
                  /s/
      Ash-Dor
      Assets Management and Trusts Ltd.

                	 	 	
                   

                	 
	
                  Ash-Dor
      Assets Management and Trusts Ltd.

                	 	 	
                   

                	 
	
                   

                	 	 	
                   

                	 

        

      

    

     

    I certify
the aforesaid:

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
       

      
        
          
            	 	 	 	 	 
	
                    /s/
      Adv. Amos Hachmon

                  	 	 	
                     

                  	 
	
                    Adv.
      Amos Hachmon

                  	 	 	
                     

                  	 
	
                     

                  	 	 	
                     

                  	 

          

        

      

       

    

     

    I certify
that I have irrevocable powers of attorney from the company’s other shareholders
who are not parties to this agreement, save for eNitiatives – New Business
Architects Ltd., allowing me to vote in their stead at meetings of the company’s
shareholders. I certify that I shall use the aforesaid powers of attorney for
the purpose of voting at meetings of the company’s shareholders after prior
arrangement with Alon Carmel, and with his consent.

     

    
      
         

        
          
            
              	 	 	 	 	 
	
                      /s/
      Eitan
      Shmueli, Adv.

                    	 	 	
                       

                    	 
	
                      Eitan
      Shmueli, Adv.

                    	 	 	
                       

                    	 
	
                       

                    	 	 	
                       

                    	 

            

          

        

         

      

    

     

    The
shareholders listed in appendix “B” hereto confirm their consent to the
provisions of clause 5 of the agreement and that the provisions of this clause
shall also apply to them, through the signature of their attorney, Adv. Eitan
Shmueli.

     

    
      
        
           

          
            
              
                	 	 	 	 	 
	
                        /s/
      Eitan
      Shmueli, Adv.

                      	 	 	
                         

                      	 
	
                        Eitan
      Shmueli, Adv.

                      	 	 	
                         

                      	 
	
                         

                      	 	 	
                         

                      	 

              

            

          

           

        

      

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

     

     

     

     

     

     

     

    
      	
               
      

            	
              PIMI
      AGRO CLEANTECH LTD.

            

    

    
      	
               
      

            	
              Alonim,
      Hutzot Alonim, POB 117, 30049

            

    

    
      
        	
                 
      

              	
                PC
      513497123

              

      

    

     

    
      

      

    

     

    Minutes
of resolution in writing of the general meeting of the Company’s shareholders
held on February 24, 2009

     

    
      	
               
      

            	
              On
      the agenda:

            

    

     

    To amend
the registered, issued and contributed share capital of the Company, and to
amend the Article of Association of the Company with regard to its registered,
issued and paid up share capital of the Company as follows:

     

    
      	
              1.  

            	
              Amendment
      to the rights attached to the Ordinary shares, in the way that the
      Ordinary shares shall entitled its holder also voting
    rights.

            

    

     

    
      	
              2.  

            	
              Amendment
      to the rights attached to the Preferred shares, in the way that the
      Preferred shares shall entitle its holder also voting
    rights.

            

    

     

    
      	
              3.  

            	
              Unification
      of all the Management shares of the registered, issued and contributed
      share capital of the Company, and re division into 400 Management Shares
      of 0.01 NIS N.V. each.

            

    

     

    
      	
              4.  

            	
              Alteration
      the rights attached to the Management shares, of the registered, issued
      and contributed share capital of the Company, in the way that the rights
      attached to the Management shares shall be equal to the rights attached to
      the Ordinary shares of the Company, after execution of the resolution of
      article No. 1 hereunder.

            

    

     

    
      	
              5.  

            	
              Conversion
      the Decision Share, of the registered, issued and paid up share capital of
      the Company, into one Ordinary share of 0.01 NIS
  N.V.

            

    

     

    
      	
               
      

            	
              It
      was resolved as
follows:

            

    

     

    To amend
the registered, issued and contributed share capital of the Company, and to
change the Article of Association of the Company with regard to its registered,
issued and paid up share capital of the Company as follows:

     

    
      	
              1.  

            	
              To
      amend the rights attached to the Ordinary shares, in the way that the
      Ordinary shares shall entitle its holders with the following
      rights:

            

    

     

    Voting
right in the Company, by which each Ordinary share of 0.01 NIS N.V. each shall
entitle its holder the right to be invited to the general meeting of the
Company’s shareholders, whether to the ordinary meeting or special meeting, and
to vote in the way that each Ordinary share will entitle its holder to one vote
in the vote counting of the general meeting of the Company; The right to
participate in the Company’s dividend division and the division of its surplus
assets upon winding up, pro rata to the nominal value of the shares held by the
shareholders, subject to the priority in dividend division upon winding up,
which exist to the  holders of the Preferred shares, and after refund
of their investments.

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

     

     

    
      	
              2.  

            	
              To
      amend the rights attached to the Preferred Shares, in the way that the
      Preferred shares shall vest its holders the following
    rights:

            

    

     

    Voting
right in the Company, in which each Preferred Share of 0.01 NIS N.V. each shall
entitle its holder the right to be invited to the general meeting of the
Company’s shareholders, whether to the ordinary meeting or special meeting, and
to vote in the way that each Preferred share will entitle its holder to one vote
in the vote counting of the general meeting of the Company; The right to
participate in the Company’s dividend division and the division of its surplus
assets when winding up, pro rata to the nominal value of the shares held by the
shareholders; In addition, the holder of the Preferred shares shall have the
proffered right when division of Company's assets and/or dividends, in case of
winding up of the Company or liquidation of its business, this until each
preferred shareholder shall received his full investment in the Company
(including investment in share capital and/or investment in share capital of its
subsidiary), dividends shall not be paid in winding up to the Ordinary
shareholders of the Company. The refund of the investment to the Preferred
shareholders shall be executed, pro rata to the investment of the Preferred
shareholders of the capital of the Company (including investment in Ordinary
share capital and/or investment in Ordinary share capital of its
subsidiary).

     

    
      	
              3.  

            	
              Unification
      of all the Management shares of the registered, issued and paid up share
      capital of the Company, and re division into 400 Management Shares of 0.01
      NIS N.V. each.

            

    

     

    
      	
              4.  

            	
              To
      amend the rights attached of the Management shares, of the registered,
      issued and paid up share capital of the Company, in the way that the
      attached rights to the Management Shares shall be equal to the rights
      attached to the Ordinary Shares of the Company, after execution of the
      resolution of article No. 1
hereunder.

            

    

     

    
      	
              5.  

            	
              To
      convert the Decision Share, of the registered, issued and paid up share
      capital of the Company, into one Ordinary share of 0.01 NIS
      N.V.

            

    

     

    
      	
              Ash-dor
      Assets Management and Trusts Ltd.

               

            	 
      	
              Omdan
      Consulting and Guidance Ltd.

               

            	 
      	
              Alon
      Carmel

            

    

     

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

     

     

     

     

    EXHIBIT
B

     

    
      
        	
                1

              	
                Erez
      Ravina

              
	
                2

              	
                Ahiam
      Lifshitz

              
	
                3

              	
                Shorer
      International Ltd

              
	
                4

              	
                Yechiel
      Katz

              
	
                5

              	
                Michael
      Gildengorin

              
	
                6

              	
                Efi
      nave

              
	
                7

              	
                Dany
      Birger

              
	
                8

              	
                Asaf
      David Margalit

              
	
                9

              	
                Lior
      Yaron

              
	
                10

              	
                Shai
      Scharfstein

              
	
                11

              	
                Shai
      Sapir Investments Ltd.

              
	
                12

              	
                Galit
      Szolomowicz

              
	
                13

              	
                Jacques
      Beraru

              
	
                14

              	
                Shay
      Zilberman

              
	
                15

              	
                Zeev
      Vider

              
	
                16

              	
                Arieh
      Zinger Zamir

              
	
                17

              	
                Moshe
      Mazor

              
	
                18

              	
                Hagai
      Halevy

              
	
                19

              	
                Reuven
      Radu Guttmann

              
	
                20

              	
                Alon
      Galanti

              
	
                21

              	
                Ephraim
      David

              
	
                22

              	
                Dalya
      Zelikovich

              
	
                23

              	
                Shiran
      Zelikovich

              
	
                24

              	
                Dan
      Geiger

              
	
                25

              	
                Meir
      Avraham Duke

              
	
                26

              	
                Oded
      Feigin

              
	
                27

              	
                Oran
      Agranat

              
	
                28

              	
                B.M.O.
      Lavi Investments and Holdings 2008 Ltd.

              
	
                29

              	
                Faina
      Kronenberg

              
	
                30

              	
                EarthBound
      LLC

              
	
                31

              	
                Edward
      Britt Brockman

              
	
                32

              	
                William
      Yarmuth

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}]]